FHA Home Loan Services offers the low rate home purchase loans in Canton with only a 3% down-payment and credit requirements are flexible. Canton Ohio is the county seat of Start County. It is located in northeastern Ohio and is situated on the Nimishillen Creek, approximately 24 miles (38 km) south of Akron and 60 miles (96 km) south of Cleveland. Canton is home to the Pro Football Hall of Fame, the McKinley National Memorial, the William McKinley Presidential Library & Museum, and the First Ladies National Historic Site.
Prices for the Dayton metro area were $116,900, down 2.8 percent year-over-year. As foreclosures soar, banks and mortgage investors are facing a pileup of foreclosed properties on their books and are cutting prices dramatically. If Canton home buying is on your mind, now is the time to shop. It’s a buyer’s market. And, although conventional lenders have tightened their standards unmercifully for those with credit scores of less than 700, FHA hasn’t. FHA home buying is the most viable option for those who have had credit problems in the past.
Canton Home Buying with FHA Loans
Canton home purchase loans through FHA require only a 3% down payment. A 97 percent loan to value is unheard of with conventional financing. You need at least 20% down if you have a credit score between 660 and 700. It’s only if you have a score of at least 700 that you can have less than 20% start-up equity. Even then, you need at least 5% down. Plus, you can do a FHA streamline refinance if interest rates drop.
FHA has temporarily raised the loan limit to $277,500 for single-family homes. But, it’s expiring on December 31, 2008. Plus, the down payment requirement is being raised to 3.5% and seller-funded down payment assistance will no longer be allowed as of October 1, 2008. So, you need to act fast to get Canton home financing through FHA.
