My free online FHA mortgage loan estimator is the fastest and easiest method to calculate your Ohio FHA mortgage payment.

If you want to discover the way the FHA financing is broken down for your monthly payments, you can use the loan disclosure your lender provided at the time of your qualification or when you signed your mortgage documents during escrow.

Under both the federal Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), Ohio borrowers must be given a detailed FHA mortgage estimate.

That document lists your annual interest percentage rate (APR), finance charges and fees and also includes an itemized accounting of your monthly FHA mortgage payments.

If you aren’t already working with a lender, I’m here to help you apply for a mortgage.

I’ll provide you with a detailed accounting of the loan charges and your monthly FHA mortgage payments as part of that process.

You can pay any amount as your down payment for an Ohio home purchase by using an FHA loan, but when you want to put less than 10% down, your credit score will determine your down payment percentage.

If your credit score is 580 or above, you’ll need to put a minimum of 3.5% down.

Scores between 500 and 579 will need at least 10% of the purchase price as a down payment.

There also exist multiple FHA down payment assistance programs in Ohio and Ohio first-time homebuyer grants that help you lower that amount.

Here are the steps to reduce your FHA monthly payments when buying a house in Ohio.

• Apply for an FHA loan in Ohio through one of the programs offered by the Ohio Housing Finance Agency (OHFA).
• Make a cash payment to your loan, and then request to have your mortgage recast for a lower monthly payment.
• Be approved for an FHA Streamline Refinance. This will lower your interest rate and extend the term of your loan.
• Request the Mortgage Insurance Premium (MIP) to be removed. Although a MIP is one of the basic FHA requirements in Ohio, removal is an option for some borrowers, available at certain times during the loan term.

An Ohio mortgage company you borrowed from must set up a separate escrow account to pay your property tax when you’ve used an FHA mortgage loan to purchase a home in Ohio.

Just like the PMI (private mortgage insurance) in conventional loans, mortgage insurance premium (MIP) in FHA mortgages protects the lender from financial loss should the borrower fail to make loan payments.

Ohio FHA mortgage insurance fees generally run between 0.3% and 1.5% of the loan amount. They could be higher depending on your credit, your loan amount, and your LTV (loan-to-value ratio).

While FHA requirements impose an insurance on borrowers, you may be able to remove it in some cases. Here are a few ways:

• Refinancing the mortgage to a conventional loan.
• Have your loan-to-value reach 78%. This is available to some borrowers.
• Own your home for 11 years. Not all borrowers, however, have the ability to have the policy canceled on that anniversary.