Best Ohio Mortgage Lenders of 2023

What Are Current Mortgage Rates?

The 30-year fixed mortgage rate rose to 7.26% this week, jumping to the highest level since November 2022. Fixed and adjustable mortgage rates increased across the board.

• 30-year fixed: 7.26% (up from 7.15% a week ago).
• 20-year fixed: 7.32% (up from 7.24% a week ago).
• 15-year fixed: 6.61% (up from 6.58% a week ago).
• 10-year fixed: 6.79% (up from 6.74% a week ago).
• 5/1 ARM: 6.12% (up from 6.1% a week ago).
• 7/1 ARM: 6.25% (up from 6.23% a week ago).
• 10/1 ARM: 6.5% (up from 6.43% a week ago).
• 30-year jumbo loans: 7.31% (up from 7.22% a week ago).
• 30-year FHA loans: 6.51% with 0.05 point (up from 6.27% a week ago).
• VA purchase loans: 6.69% with 0.05 point (up from 6.53% a week ago).

• Available to: Homebuyers who meet one of three criteria, including first-time homebuyers and buyers who have not had an ownership interest in a primary residence in the last three years; honorably discharged veterans; and homebuyers purchasing a home in a target area. Designed especially for homebuyers with low and moderate incomes.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Loan options: 30-year fixed-rate mortgages.
• Down payment and closing cost assistance: You can also use either the Your Choice! Down Payment Assistance program or the agency’s Advantage program for conventional loans.

• Available to: People who are not first-time homebuyers and meet other program requirements, such as income and purchase price limits.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Loan options: 30-year fixed-rate mortgages.
• Down payment and closing cost assistance: You can also use either the Your Choice! Down Payment Assistance program or the OHFA Advantage program for conventional loans.

• Available to: Homebuyers using an OHFA program.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Benefit: Allows homebuyers to choose either 2.5% or 5% of the home’s purchase price to apply toward down payments, closing costs or other preclosing expenses. This assistance is forgiven after seven years.

• Available to: OHFA conventional loan borrowers.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Benefit: $2,500 for homebuyers whose income falls within 50% of the area median income in the county where they purchase a home; $1,500 for homebuyers whose income falls within 80% of the area median income in the county where they purchase a home.

• Available to: Ohio residents who serve the public, including veterans, active-duty military members or members of reserve components, including surviving spouses; police officers, firefighters, volunteer firefighters, EMTs and paramedics; physicians, nurse practitioners, nurses (RNs and LPNs) and STNAs; and teachers (pre-K through grade 12), administrators and counselors.
• Income limits: vary by county.
• First-time homebuyers only?: No.
• Benefit: Discounted mortgage interest rate.

• Available to: Ohio residents who have graduated within the last 48 months with an associate, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university.
• Income limits: Vary by county.
• First-time homebuyers only?: Yes
• Benefit: Rewarded with a discounted mortgage interest rate and 2.5% or 5% down payment assistance. Down payment assistance is forgiven after five years, as long as you remain in Ohio.

• Available to: Homebuyers using an OHFA program.
• Income limits: Vary by county.
• First-time homebuyers only?: No.
• Benefit: First-time homebuyers using Mortgage Tax Credit Plus receive a tax credit of 40% of the home mortgage interest, a maximum annual tax credit of $2,000. With Mortgage Tax Credit Basic, the credit is 30% for a bank-owned property, 25% for a property located in a target area and 20% for all other properties.