Cincinnati is developing a competitive real estate market, particularly in neighborhoods like Hyde Park and Pleasant Ridge. If you’re in the market for a new home, one of the first steps is choosing a mortgage lender. Our partners at ConsumerAffairs reviewed the best mortgage lenders in Cincinnati to help you make informed decisions during the home buying process.
Cincinnati’s population is on the rise. With an expected population growth of 11 percent expected by 2030, there will be an increased demand for housing in the city. Communities such as Amberley, Mariemont and Evendale are currently popular among homebuyers, and many other areas of Cincinnati are experiencing growth as well.
The median home price in Cincinnati is $131,369, and homes are only rising in value. In fact, Cincinnati home values have increased more than 28 percent since 2000. Popular areas like Hyde Park and Pleasant Ridge are already experiencing the benefits of rising home equity.
Whether you’re just beginning your home search or already viewing homes with a realtor, you should start vetting potential mortgage lenders. This will help determine your price range.
Your loan needs will affect your decision in a mortgage lender. The different types of loans include, but are not limited to:
Type of Loan
This is the most common type of loan. It costs less than a FHA loan but may be more difficult to get.
Those with higher credit scores and larger down payments
Backed by the Federal Housing Association, these loans are easier to get but require mortgage insurance.
Those with low income, lower credit scores and smaller down payments
The U.S. Department of Housing and Urban Development insures loans to provide homeownership access to those of all incomes.
Those with low income, lower credit scores and a high risk of default
This mortgage type is insured by the Department of Veterans Affairs. They’re low-cost, low down payment and do not require mortgage insurance.
Active members of the armed forces, veterans, surviving spouse of a member of the armed forces
Offered by the U.S. Department of Agriculture, these loans are for homes in rural areas. They have no down payments and are more affordable than other loans.
Those in rural areas with low to mid-level income
You can also look into special programs for first-time home buyers, seniors, first responders, new college grads and others. These loans and grants can save you money long-term and make home ownership more affordable.
The government provides free resources for those interested in homeownership, and your chosen mortgage lender will provide additional resources to keep you informed. To choose a mortgage lender, look for highly rated customer service, low interest rates and a solid reputation among consumers.
AmeriSave has loan options to suit many needs. Cincinnati homebuyers recommend them for their interest rates, responsiveness and smooth closing process. At a minimum, your credit score must be 600 to qualify for a loan through AmeriSave.
HomeDirect is an online-exclusive mortgage lender, which allows them to prioritize low rates instead of overhead costs. Buyers in Cincinnati are thrilled about competitive interest rates, fast closing and excellent customer service. HomeDirect requires a minimum 620 credit score and at least five percent down.
River City Mortgage
River City Mortgage is a Cincinnati-based mortgage lender that has built a reputation of quality and trustworthiness among home buyers across the country. They offer a quick application process and a variety of loan types to meet your needs. River City Mortgage agents can work with home buyers with credit scores as low as 500.
American Mortgage Service Co.
American Mortgage Service Co. offers four types of loans and convenient refinancing options. Consumers in Cincinnati speak highly of their customer service, knowledgeable agents and experience with first-time home buyers. They also work with residents with low credit scores to find options that work for them.