Top 5 FHA Lenders in Ohio 2019
If you’re interested in getting a home loan in Ohio, you won’t be short of options. Ohio currently has a population of more than 11.7 million, and, since interest rates are still extremely low, it could be a perfect time to purchase a home. Home values rose an estimated 7.4% percent between December 2017 and December 2018, and are predicted to rise another 6.2% in the next year, making Ohio one of the hottest housing markets in the nation.
Since home values are estimated to keep rising in the next year, both experienced and first-time home buyers will want to do everything they can to reduce their housing expenses. This starts with getting a great mortgage. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in Ohio and how they can help guide you on your quest to home ownership.
2019 Ohio FHA Lender Best Picks
Best for First Time Home Buyers: Bridgeview Bank Group
Best Online Experience: CrossCountry Mortgage
Best Local Lender: Nations Lending
Best Face-to-Face Experience: Home Point Financial
Best Overall Performance: Red Brick Mortgage
#1 Ohio FHA Lender: CrossCountry Mortgage
CrossCountry Mortgage is one of the largest and fastest growing lenders in the United States. Since it was founded in 2003, CrossCountry Mortgage has done its best to meet the rapidly changing needs of the consumer. While it started as simply a small mortgage brokerage, today, CrossCountry Mortgage offers a wide variety of loans, including FHA home loans, refinancing, home equity loans, and more.
While the company does have a robust online presence, with applications that can easily be filled out online, it also boasts a strong workforce of mortgage brokers. Its website even has an easy search function that allows potential borrowers to search for a mortgage broker by name or by branch location.
#2 Ohio FHA Lender: Home Point Financial
Home Point Financial is one of the newest FHA mortgage lenders in Ohio, having been founded in just 2015-- but that hasn’t stopped it from being one of the highest rated. Even though it’s a relative newcomer to the scene, it’s still licensed in all 50 states. Home Point Financial’s main selling points are its low, low rates and high efficiency-- as well as the fact that it does its own servicing, so you won’t have to start working with a third-party provider once you actually get your loan.
#3 Ohio FHA Lender: Nations Lending
Nations Lending is another Ohio-based FHA mortgage lender. Founded in 2003, Nations Lending has two divisions: NLC Loans, which provides consumer-direct mortgage services, and Nations Lending, it’s retail division, which has more than 50 branches throughout the U.S. where potential borrowers can speak to a real, live mortgage broker in-person.
Nations Lending is particularly renowned for its “NLC Five Year Rate Guarantee”, which allows borrowers to refinance their loan (if interest rates have fallen) within five years of their initial mortgage, without paying any lender origination or appraisal fees. Now that’s a deal worth writing home about!
In addition to FHA loans, Nations Lending also works with VA loans and conventional loans, including Fannie Mae and Freddie Mac loans. So, no matter what kind of home financing you’d like to get, Nations Lending has you covered.
#4 Ohio FHA Lender: Bridgeview Bank Group
Bridgeview Bank Group, is another Illinois FHA lender dedicated to customer service. Unlike some of the other lenders on this list, Bridgeview Bank Group is actually a bank, so it can provide traditional bank accounts, ATMs, check cashing, and other regular banking services in addition to helping you get a mortgage. Plus, Bridgeview has been around since 1971 and operates 13 locations throughout Illinois, so it has both a significant history and a broad reach throughout the state.
#5 Ohio FHA Lender: Red Brick Mortgage
Red Brick Mortgage is one of the top reviewed lenders in the state of Ohio. Like some of the other lenders on this list, Red Brick is a local/regional lender, with locations only in the states of Ohio and Michigan. Red Brick Mortgage prides itself on its personal commitment to its customers and doing whatever it takes to make sure they are satisfied.
Red Brick also likes to boast of its easy-to-use and intuitive website, which includes a pre-qualification calculator which allows borrowers to determine just how much they may be able to borrow-- which can be extremely helpful for those who are just beginning the mortgage process.
Shop Around Before You Get an Ohio FHA Loan
Our picks for the best FHA lenders in Ohio may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. As a home buyer, regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!