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Best Mortgage Lenders in Cincinnati, OH

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    Written by Sandi Pope

    To realize the dream of homeownership in Cincinnati, most residents take out a mortgage. Before signing a contract, take time to understand the mortgage lending process and learn about different types of loans. This guide walks you through the loan process and lists the best mortgage lenders in Cincinnati.

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      Cincinnati skyline

      Choosing a home loan in Cincinnati, OH

      There are multiple home loans available, and each one has clear requirements dictated by the federal government or individual lenders. Your credit score, down payment, potential home’s size, neighborhood and price are all vital factors when a lender is choosing and calculating your mortgage.

      • Mount Adams: One of Cincinnati’s most expensive neighborhoods, Mount Adams has restaurants and bars and is close to the stadium and the ballpark. For buyers who want to make an investment that appreciates, home prices in Mount Adams are expected to rise. The median home price in the area is $407,500. Since many homes are above the federal conforming loan limit, a jumbo loan would be appropriate for buyers in this market.
      • Hyde Park: An average home price of $374,100 and charming historic character make Hyde Park an affluent area. Conventional 15- or 30-year mortgages make sense here. The neighborhood has a suburban feel, and people are settling down to raise families and likely stay in their homes for many years.
      • West Chester: Highly rated schools and an affordable median home price of $210,900 make West Chester a popular place for young families. As an area for first-time buyers starting their lives in a medium-income community, homeowners should explore a government-backed FHA loan.
      • Deer Park: Home values have risen in Deer Park over the past year, and analysts expect further increases. But for now, the median home price at $154,800 is still very affordable. Veterans using a VA loan in Cincinnati to finance 100% or the majority of the purchase price can get an affordable mortgage payment on homes in Deer Park.

      Cincinnati federal mortgage requirements

      If you are looking to use a loan backed by the Federal Housing Administration (FHA), the minimum requirements are:

      • A Mortgage Insurance Premium (MIP) if your down payment is less than 20%
      • A down payment of 3.5% if your FICO score is 580, or a down payment of 10% if your FICO score is between 500 and 579
      • A debt-to-income ratio above 43%
      • A steady income with proof of employment
      • The home purchased with the mortgage must be a primary residence

      Finding a Cincinnati mortgage lender

      Before applying for a loan, you should choose a company that offers the lowest rate — focus on the interest rate, APR and any term conditions like prepayment penalties. Next, decide if you prefer an online or brick-and-mortar mortgage lender. Some homebuyers might prefer a local mortgage broker that offers customers guidance and support during the loan process, while buyers accustomed to a streamlined digital process might choose an online mortgage company.

      Once you have a short list of lenders, check online customer reviews and get recommendations from friends and family. Finally, look for mortgage lenders that belong to associations that set standards for quality and service, like the National Association of Mortgage Brokers and the Ohio Association of Mortgage Professionals.

      Cincinnati home loan FAQ

      How long does it take to get approved for a mortgage loan in Cincinnati?
      Some mortgage lenders offer to process your application in 24 hours for preapproval. The process takes an average of 30 to 45 days to get approved for a mortgage loan in Cincinnati.
      What is the average mortgage in Ohio?
      The most popular type of mortgage in Ohio is the 30-year fixed-rate mortgage.
      Can you put an offer in for a house without a mortgage in Cincinnati?
      Buyers can put an offer on a house in Cincinnati without a mortgage, but unless you are paying cash, the offer is contingent upon your loan approval. Having a loan preapproval solidifies your offer and gives you an edge over other buyers who make offers on the same home but are not preapproved.

      Not sure how to choose?

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        Cincinnati mortgage company information

        River City Mortgage

        River City Mortgage is a lender and a broker. The company works with many loan companies and wholesale lenders to bring you the lowest rate. River City Mortgage works with your profile to get the most out of your qualifications. It offers conventional, FHA, VA, HARP and USDA loan types along with refinancing options. There is a 3% minimum down payment for conventional loans, but 0% for VA and USDA loans and no application fees. The company provides a free, quick consultation after you apply for preapproval and offers access to property-specific preapprovals.

        • Address: 4318 Montgomery Road, Cincinnati, OH 45212
        • Phone: (513) 631-6400
        • Hours: M - F: 9am - 5pm
        • Website: rchomeloans.com
        Franklin Financial Group

        Franklin Financial Group offers mortgages from several national lenders to bring you the best loan for your financial situation. The company has no down payment VA and Ohio USDA loans available. Franklin Financial Group also offers Fannie Mae HomePath loans with no appraisal and no mortgage insurance. Its conventional loans come with as little as 3% down, and FHA loans have 3.5% down. You can apply online or in person at its Cincinnati location.

        • Address: 755 Maidstone Court, Cincinnati, OH 45230
        • Phone: (513) 231-4927
        • Hours: M - F: 9am - 6pm
        • Website: franklinfinancialgroup.com
        Amerifirst Home Mortgage

        Amerifirst has options for all buyers and homeowners. The company works with you to build your credit and start the mortgage application process. The lender offers conventional, FHA, VA, USDA and remodeling FHA 203 loans. Amerifirst’s payment plans include a 14-day grace period if you’re running behind on bills, and it provides payment assistance options for those struggling with a mortgage.

        • Address: 7631 Cheviot Road, Ste. 2A, Cincinnati, OH 45247
        • Phone: (513) 985-3000
        • Hours: M - F: 8am - 5pm
        • Website: amerifirst.com
        NRL Mortgage

        NRL Mortgage works to find mortgage solutions for customers who might not have a conventional credit history, including a bank statement program for self-employed individuals and an asset utilization program for people with limited income but substantial assets. The company also works with lenders to provide FHA, VA, USDA, conventional and jumbo loans up to $3 million. Its FHA and VA loans have less restrictive credit requirements than conventional loans.

        • Address: 1111 St. Gregory St., Floor 6, Cincinnati, OH 45202; Multiple locations
        • Phone: (513) 592-3825
        • Hours: M - F: 9am - 5pm
        • Website: nrlmortgage.com
        PrimeLending Cincinnati

        PrimeLending is a mortgage lender that offers conventional, fixed, adjustable, VA, FHA, USDA, jumbo, renovation and refinancing loans. Some of PrimeLending’s programs have as little as 3% down. Its 30-year fixed-rate loans have relatively low monthly payments. The lender offers down payment assistance programs and NeighborhoodEdge closing cost assistance up to $2,000 for qualified homebuyers in low-to-moderate income census tract areas. PrimeLending offers fast and free evaluations for your financial situation.

        • Address: 2718 Observatory Ave., Cincinnati, OH 45208; Multiple locations
        • Phone: (513) 698-8026
        • Hours: M - F: 8:30am - 5pm
        • Website: primelending.com
        McKinley Mortgage

        McKinley Mortgage is a broker that offers loans from a variety of lenders to help find the best mortgage for your needs. The lender provides a 30-day grace period before your first payment is due. McKinley works to get your preliminary approval in 24 hours and expedite closing once you finalize your requirements. It offers FHA, VA, conventional, fixed- and adjustable-rate mortgages in Cincinnati. Some 15- and 30-year fixed conventional loans only require a 640 credit score. Purchase and refinance loans with a minimum 580 credit score are available through McKinley Mortgage.

        • Address: 4520 Cooper Road, Ste. 301, Cincinnati, OH 45242
        • Phone: (513) 791-2700
        • Hours: M - F: 9am - 5pm
        • Website: bestlowrates.com
        Superior Mortgage Services Inc.

        Superior Mortgage Services is a mortgage broker in Cincinnati that provides a mortgage professional to help find the right program to fit your needs at the lowest rate available. Its conventional loans have down payments as low as 1% to 3%. Superior Mortgage offers prequalification letters to assist you in the buying process, and you can apply online, call or visit its office.

        • Address: 2126 Evanor Lane, Cincinnati, OH 45244
        • Phone: (513) 474-0899
        • Hours: M - Sat: 8am - 8pm; Sun: 11am - 5pm
        • Website: alwayslowrates.us