Home financing in Fayette County.

Qualification depends on four main factors: income, credit, employment history, and the property itself. Here is what that looks like for people who live and work in Fayette County:

**Solo contractors and self-employed workers:** Lenders typically want two years of self-employment history shown on federal tax returns (Schedule C or Schedule F for farm income). If your income is growing, some lenders will average your last two years; others use the lower year. Local credit unions often have more flexibility than big banks here.

**Agricultural workers and seasonal employees:** USDA loans are specifically designed for moderate-income households in rural communities — Fayette County fits this profile well.

Income limits apply (around $110,650 for a household of 1–4 in Ohio's rural counties as of 2024 — verify current limits at usda.gov).

Seasonal or variable income is considered, not ignored.

**ITIN holders:** If you pay taxes using an ITIN and do not have a Social Security Number, you are not automatically excluded from homeownership.

Several Ohio-based community lenders and CDFIs offer ITIN mortgage products.

You will generally need two years of tax returns filed with your ITIN, a strong rental or payment history, and a slightly larger down payment (10–20% is common).

**Small real-estate investors:** Conventional investment-property loans typically require 15–25% down and a debt-to-income ratio below 45%. Local portfolio lenders — institutions that keep loans on their own books rather than selling them — can be more flexible on property condition and income documentation.

**Credit considerations:** A score below 620 does not disqualify you — FHA allows scores as low as 580 with 3.5% down, and some CDFI programs go lower. Thin credit (few accounts) is different from bad credit; a CDFI credit counselor can help you build a qualifying profile over 6–12 months.

Gathering documents before you apply saves time and stress. Here is a practical checklist for Fayette County applicants:

**Identity and residency:**

- Government-issued photo ID (driver's license, passport, or consular ID/matrícula consular)

- ITIN letter from the IRS (if applicable) or Social Security card

- Proof of address (utility bill, lease agreement, or bank statement)

**Income:**

- Last two years of federal tax returns (all pages, all schedules)

- Last two years of W-2s or 1099s

- Last 60 days of bank statements (all pages, all accounts)

- Profit-and-loss statement for the current year (if self-employed) — your accountant or a SCORE mentor can help you prepare one

- Award letters for Social Security, disability, or pension income

**Assets and liabilities:**

- Recent statements for any retirement accounts, savings, or investment accounts

- Documentation of any gift funds being used for a down payment (a gift letter is required)

**Property:**

- Signed purchase contract (once you have an offer accepted)

- Landlord contact information if you currently rent

**For ITIN applicants, also prepare:**

- 12–24 months of canceled rent checks or landlord payment records

- ITIN-filed tax returns for the last two years

- Any Individual Credit Report (some lenders use non-traditional credit reports)

Tip: Make two complete copies of everything — one for the lender, one for yourself. Do not hand over original documents you cannot replace.