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.
November 13, 2019
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%
The median home value for Lima, OH (Allen County) is $125,388
The median household income for Lima, OH (Allen County) is $49,369
Based on current mortgage rates and a 10% down payment, you need to make $23,263 per year to buy the median priced home in Lima
The home price you can afford to buy based on household income in Lima is 212% of the median home value which means housing prices are affordable
Lima (Allen County) ranks 41 out of 88 counties in Ohio and 1,346 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
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index