Ohio’s Best Mortgage Lenders of 2023

The average mortgage rate in Ohio is currently 7.83% for the duration of the 30-year fixed loan a 7.06% for the duration of a 15-year fixed loan.

These are the interest rates offered to Ohio residents looking to buy or refinance a home as of 11/10/2023.

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Mortgage rates fell across the board this week, with the 30-year fixed rate falling further to 7.07%, according to the Mortgage Bankers Association. Less than two months ago, the rate for a 30-year mortgage was 7.9%. In addition, the FHA loan rate has dropped to 6.84%, making this government-backed mortgage a wise choice for potential buyers.

Mortgage rates are expected to remain unchanged higher longer until 2024. Here are the current mortgage rates as of December 13:

  • 30-year fixed: 7.07% with 0.59 points (previous week: 7.17% with 0.6 points).
  • 15-year fixed: 6.67% with 0.58 points (previous week: 6.8% with 0.77 points).
  • 5/1 ARM: 6.47% with 0.76 points (previous week: 6.58% with 0.69 points).
  • 30-year jumbo loans: 7.22% with 0.37 points (previous week: 7.35% with 0.44 points).
  • 30-year FHA loans: 6.84% with 0.72 points (previous week: 6.98% with 0.84 points).


Ohio homebuyers can get mortgage interest tax credits and help with down payments and closing costs from these programs.

  • Available for: Homebuyers who meet one of three criteria, including first-time homebuyers and buyers who have not owned a primary residence in the past three years; honorably discharged veterans; and home buyers buying a home in a target area. Designed especially for low and moderate income home buyers.
  • Income Limits: It varies by district.
  • For First Home Buyers Only?: No.
  • Loan options: Mortgages with fixation for 30 years.
  • Help with deposit and closing costs: You can also use either Your Choice! Down payment assistance program or Advantage program for conventional loans.

  • Available for: People who are not first-time home buyers and meet other program requirements such as income limits and purchase prices.
  • Income Limits: It varies by district.
  • For First Home Buyers Only?: No.
  • Loan options: Mortgages with fixation for 30 years.
  • Help with deposit and closing costs: You can also use either Your Choice! Payment Assistance Program or OHFA Advantage Program for Conventional Loans.

  • Available for: Homebuyers using the OHFA program.
  • Income Limits: It varies by district.
  • For First Home Buyers Only?: No.
  • Advantage: It allows home buyers to choose either 2.5% or 5% of the home’s purchase price to be applied to down payments, closing costs or other upfront expenses. This aid is forgiven after seven years.

  • Available for: OHFA conventional loan borrowers.
  • Income Limits: It varies by district.
  • For First Home Buyers Only?: No.
  • Advantage: $2,500 for homebuyers whose income falls within 50% of the area median income in the county where they are purchasing the home; $1,500 for homebuyers whose income falls within 80% of the area median income in the county where they are purchasing a home.

  • Available for: Ohio residents who serve the public, including veterans, active duty military or reserve service members, including surviving spouses; police officers, firefighters, volunteer firefighters, paramedics and paramedics; physicians, nurse practitioners, nurse practitioners (RNs and LPNs), and STNAs; and teachers (pre-K through grade 12), administrators and counselors.
  • Income Limits: vary by district.
  • For First Home Buyers Only?: No.
  • Advantage: Discounted mortgage interest rate.

  • Available for: Ohio residents who have completed an associate’s, bachelor’s, master’s, doctoral or other graduate degree from an accredited college or university within the past 48 months.
  • Income Limits: It varies by district.
  • For First Home Buyers Only?: Yes
  • Advantage: The reward is a preferential mortgage interest rate and assistance of 2.5% or 5% down payment. After five years, down payment assistance will be forgiven if you stay in Ohio.

  • Available for: Homebuyers using the OHFA program.
  • Income Limits: It varies by district.
  • For First Home Buyers Only?: No.
  • Advantage: First-time home buyers using Mortgage Tax Credit Plus receive a 40% home mortgage interest tax credit, up to a maximum annual tax credit of $2,000. With the Basic Mortgage Tax Credit, the credit is 30% for a bank-owned property, 25% for a property located in a target area and 20% for all other properties.

Note: Some OHFA programs can be combined. See chart More details.

US News selects the best loan companies based on ratings of affordability, borrower eligibility criteria and customer service. Those with the highest overall score are considered the best lenders.

We use data about the lender and its loan offerings to calculate each score, giving more weight to the factors most important to borrowers. For mortgage lenders, we consider each company’s customer service rating, interest rates, availability of loan products, minimum down payment, minimum FICO score and online features.

The weight each scoring factor receives is based on a nationwide survey of what borrowers are looking for in a lender.

To be rated, lenders must offer qualified loans nationwide and have a good reputation in the industry. Read more about our methodology.

To summarize, here are the picks:

Ohio’s Best Mortgage Lenders of 2023