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Lima

Current Mortgage Rates in Lima, Ohio

Compare mortgage rates and fees for leading lenders in Lima, OH. 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 lender offering the best 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.

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Mortgage Rates in Lima, OH as of September 25, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Lima, OH Mortgage Rates Compare?

September 25, 2020

The current average rate for a 30 year fixed rate mortgage in Lima is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Lima, OH Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Lima, Ohio?

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 $134,291

Based on current mortgage rates and a 10% down payment, you need to make $24,169 per year to buy the median priced home in Lima

With this income, you could qualify for a $120,861 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 $560

The median household income for Lima, OH (Allen County) is $50,523

Based on this income, you can afford a home valued at approximately $280,721

The home price you can afford to buy based on household income in Lima is 209% of the median home value which means housing prices are affordable. Lima (Allen County) ranks 44 out of 88 counties in Ohio and 1,388 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

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Loan Limits for Lima, Ohio

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

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Lima, OH

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Lima, OH

1 unit: $510,400

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