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Toledo Home Purchase Loans
FHA Home Loan Services offers the low rate home purchase loans in Toledo with only a 3% down-payment and credit requirements are flexible. Toledo is in the county seat of Lucas County. It is located on the western end of Lake Erie, on the Michigan border. It is the principal city in the Toledo Metropolitan Statistical Area. The city sits along the banks of the Maumee River, just north of what was once the Great Black Swamp, giving way to one of its nicknames, "Frog Town." Its proximity to Detroit, Cleveland and Columbus make Toledo the perfect stopping off point for tourists on their way to other destinations.
If you are considering a home purchase in Toledo, Ohio, you’ll find that sellers are becoming more willing to negotiate, and interest rates are still low. As a result of the foreclosure crisis, conventional lenders have tightened their standards for Toledo home purchase loans and home loans throughout the nation. You need a FICO credit score of at least 660 if you’re putting 20% down and a credit score of at least 700 if you have less than 20% start-up equity.
Toledo Home Buying with FHA Loans
Fortunately, FHA’s more lenient underwriting opens Toledo home financing options for those with credit scores of less than 700. So FHA home buying makes a lot of sense for those who have had past credit problems. Toledo home financing through FHA makes financial sense. Even if you have had credit problems in the past, you can still get low, fixed interest rates with FHA on 97 percent loan to value--you only need a 3% down payment. You can also do a FHA streamline refinance if the interest rates drop.
FHA has temporarily raised the loan limit to $271,050 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.