What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Ohio conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Ohio conventional loan limits are the same thing as Ohio conforming loan limits.

Ohio Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Ohio are determined by:

  • Ohio Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in Ohio are set at the floor amount of $424,100 across the entire state. Metro areas in OH with a conforming limit of $424,100 include Cleveland, Columbus, Cincinnati, Canton, Akron, Alliance and Toledo.

Search all Conventional Loan Limits in Ohio:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ADAMSNON-METRO$424,100$543,000$656,350$815,650
ALLENLIMA, OH$424,100$543,000$656,350$815,650
ASHLANDASHLAND, OH$424,100$543,000$656,350$815,650
ASHTABULAASHTABULA, OH$424,100$543,000$656,350$815,650
ATHENSATHENS, OH$424,100$543,000$656,350$815,650
AUGLAIZEWAPAKONETA, OH$424,100$543,000$656,350$815,650
BELMONTWHEELING, WV-OH$424,100$543,000$656,350$815,650
BROWNCINCINNATI, OH-KY-IN$424,100$543,000$656,350$815,650
BUTLERCINCINNATI, OH-KY-IN$424,100$543,000$656,350$815,650
CARROLLCANTON-MASSILLON, OH$424,100$543,000$656,350$815,650
CHAMPAIGNURBANA, OH$424,100$543,000$656,350$815,650
CLARKSPRINGFIELD, OH$424,100$543,000$656,350$815,650
CLERMONTCINCINNATI, OH-KY-IN$424,100$543,000$656,350$815,650
CLINTONWILMINGTON, OH$424,100$543,000$656,350$815,650
COLUMBIANASALEM, OH$424,100$543,000$656,350$815,650
COSHOCTONCOSHOCTON, OH$424,100$543,000$656,350$815,650
CRAWFORDBUCYRUS, OH$424,100$543,000$656,350$815,650
CUYAHOGACLEVELAND-ELYRIA, OH$424,100$543,000$656,350$815,650
DARKEGREENVILLE, OH$424,100$543,000$656,350$815,650
DEFIANCEDEFIANCE, OH$424,100$543,000$656,350$815,650
DELAWARECOLUMBUS, OH$424,100$543,000$656,350$815,650
ERIESANDUSKY, OH$424,100$543,000$656,350$815,650
FAIRFIELDCOLUMBUS, OH$424,100$543,000$656,350$815,650
FAYETTEWASHINGTON COURT HOUSE, OH$424,100$543,000$656,350$815,650
FRANKLINCOLUMBUS, OH$424,100$543,000$656,350$815,650
FULTONTOLEDO, OH$424,100$543,000$656,350$815,650
GALLIAPOINT PLEASANT, WV-OH$424,100$543,000$656,350$815,650
GEAUGACLEVELAND-ELYRIA, OH$424,100$543,000$656,350$815,650
GREENEDAYTON, OH$424,100$543,000$656,350$815,650
GUERNSEYCAMBRIDGE, OH$424,100$543,000$656,350$815,650
HAMILTONCINCINNATI, OH-KY-IN$424,100$543,000$656,350$815,650
HANCOCKFINDLAY, OH$424,100$543,000$656,350$815,650
HARDINNON-METRO$424,100$543,000$656,350$815,650
HARRISONNON-METRO$424,100$543,000$656,350$815,650
HENRYNON-METRO$424,100$543,000$656,350$815,650
HIGHLANDNON-METRO$424,100$543,000$656,350$815,650
HOCKINGCOLUMBUS, OH$424,100$543,000$656,350$815,650
HOLMESNON-METRO$424,100$543,000$656,350$815,650
HURONNORWALK, OH$424,100$543,000$656,350$815,650
JACKSONJACKSON, OH$424,100$543,000$656,350$815,650
JEFFERSONWEIRTON-STEUBENVILLE, WV-OH$424,100$543,000$656,350$815,650
KNOXMOUNT VERNON, OH$424,100$543,000$656,350$815,650
LAKECLEVELAND-ELYRIA, OH$424,100$543,000$656,350$815,650
LAWRENCEHUNTINGTON-ASHLAND, WV-KY-OH$424,100$543,000$656,350$815,650
LICKINGCOLUMBUS, OH$424,100$543,000$656,350$815,650
LOGANBELLEFONTAINE, OH$424,100$543,000$656,350$815,650
LORAINCLEVELAND-ELYRIA, OH$424,100$543,000$656,350$815,650
LUCASTOLEDO, OH$424,100$543,000$656,350$815,650
MADISONCOLUMBUS, OH$424,100$543,000$656,350$815,650
MAHONINGYOUNGSTOWN-WARREN-BOARDMAN, OH-PA$424,100$543,000$656,350$815,650
MARIONMARION, OH$424,100$543,000$656,350$815,650
MEDINACLEVELAND-ELYRIA, OH$424,100$543,000$656,350$815,650
MEIGSNON-METRO$424,100$543,000$656,350$815,650
MERCERCELINA, OH$424,100$543,000$656,350$815,650
MIAMIDAYTON, OH$424,100$543,000$656,350$815,650
MONROENON-METRO$424,100$543,000$656,350$815,650
MONTGOMERYDAYTON, OH$424,100$543,000$656,350$815,650
MORGANNON-METRO$424,100$543,000$656,350$815,650
MORROWCOLUMBUS, OH$424,100$543,000$656,350$815,650
MUSKINGUMZANESVILLE, OH$424,100$543,000$656,350$815,650
NOBLENON-METRO$424,100$543,000$656,350$815,650
OTTAWAPORT CLINTON, OH$424,100$543,000$656,350$815,650
PAULDINGNON-METRO$424,100$543,000$656,350$815,650
PERRYCOLUMBUS, OH$424,100$543,000$656,350$815,650
PICKAWAYCOLUMBUS, OH$424,100$543,000$656,350$815,650
PIKENON-METRO$424,100$543,000$656,350$815,650
PORTAGEAKRON, OH$424,100$543,000$656,350$815,650
PREBLENON-METRO$424,100$543,000$656,350$815,650
PUTNAMNON-METRO$424,100$543,000$656,350$815,650
RICHLANDMANSFIELD, OH$424,100$543,000$656,350$815,650
ROSSCHILLICOTHE, OH$424,100$543,000$656,350$815,650
SANDUSKYFREMONT, OH$424,100$543,000$656,350$815,650
SCIOTOPORTSMOUTH, OH$424,100$543,000$656,350$815,650
SENECATIFFIN, OH$424,100$543,000$656,350$815,650
SHELBYSIDNEY, OH$424,100$543,000$656,350$815,650
STARKCANTON-MASSILLON, OH$424,100$543,000$656,350$815,650
SUMMITAKRON, OH$424,100$543,000$656,350$815,650
TRUMBULLYOUNGSTOWN-WARREN-BOARDMAN, OH-PA$424,100$543,000$656,350$815,650
TUSCARAWASNEW PHILADELPHIA-DOVER, OH$424,100$543,000$656,350$815,650
UNIONCOLUMBUS, OH$424,100$543,000$656,350$815,650
VAN WERTVAN WERT, OH$424,100$543,000$656,350$815,650
VINTONNON-METRO$424,100$543,000$656,350$815,650
WARRENCINCINNATI, OH-KY-IN$424,100$543,000$656,350$815,650
WASHINGTONMARIETTA, OH$424,100$543,000$656,350$815,650
WAYNEWOOSTER, OH$424,100$543,000$656,350$815,650
WILLIAMSNON-METRO$424,100$543,000$656,350$815,650
WOODTOLEDO, OH$424,100$543,000$656,350$815,650
WYANDOTNON-METRO$424,100$543,000$656,350$815,650

Ohio conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Ohio?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Ohio, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Ohio Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Conventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in Ohio?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Ohio:

  • Ohio Conventional Mortgage Down PaymentConventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in Ohio, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Ohio Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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