Compare Lima, OH mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Lima.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lima. Plus, shopping lenders is free and there is no obligation.
January 22, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Lima. Understand how much you need to earn to afford a home in Lima, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Lima fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Lima is right for you.
The median home value for Lima, OH (Allen County) is $163,192
Based on current mortgage rates and a 10% down payment, you need to make $26,738 per year to buy the median priced home in Lima
With this income, you could qualify for a $146,872 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Lima is $619
The median household income for Lima, OH (Allen County) is $65,316
Based on this income, you can afford a home valued at approximately $398,643
The home price you can afford to buy based on household income in Lima is 244% of the median home value which means housing prices are affordable. Lima (Allen County) ranks 21 out of 88 counties in Ohio and 909 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lima, OH is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lima (Allen County) below.
Conforming loan limits for Lima, OH
FHA loan limits for Lima, OH
VA loan limits for Lima, OH