10 Steps in Your Ohio Homebuying Process
Most traditional home loans require 20% of the home's purchase price up front, while other types of mortgages, like an FHA loan, require much less. Regardless, ...
FHA loan
Before you fill out any paperwork, start saving up for your down payment. Most traditional home loans require 20% of the home’s purchase price up front, while other types of mortgages, like an <anchor>FHA loan</anchor>, require much less. Regardless, you’ll want to make sure you have enough on hand to put down a good amount of money. The more you put down up front, the lower your monthly mortgage payments will be. You’ll also need money to pay for your closing costs if you’re not financing them into your mortgage. The average closing costs for a $200,000 Ohio home are $3,376, without taxes.
Explore FHA Mortgage Options & Rates | KEMBA FCU
Explore FHA Mortgage Options & Rates \| KEMBA FCU


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# FHA Mortgage Loans

![young mother holding infant while working](/assets/files/Y8Dm4P2r/work-from-home1600x660.jpg)

[Download our Savings Guide](/assets/files/Wbili2oL)

## There's a real upside to lower down payments

You can work hard and save for years. Still, it's a steep climb to set aside the small fortune required by many regular mortgages. The good news? There are programs that make homeownership a more affordable dream. With reduced down payments, flexible credit standards, and competitive rates, Federal Housing Administration (FHA) Loans are popular with many first-time homebuyers.

- Choose from 15- and 30-year mortgages

- Down payments as low as 3.5%

- More lenient credit score standards than most home loans

- Family and friends can contribute to down payment costs

- Potentially lower premiums on mortgage insurance

- Work directly with friendly KEMBA Financial Credit Union lenders, not government agencies

- FHA Loans are available for mortgage refinancing

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