The Best Mortgage Lenders in Franklin Furnace, OH
Compare verified mortgage lenders serving Franklin Furnace, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin Furnace
Featured Mortgage Lenders
River Hills Credit Union
River Hills Credit Union
River Hills Credit Union is a highly-rated local financial institution serving Scioto County and surrounding areas including Franklin Furnace. With over 75 years of community banking experience, they offer personalized mortgage services with competitive rates and local decision-making. Their mortgage specialists provide comprehensive guidance through the entire home loan process, from pre-approval to closing. The credit union is known for its exceptional member service and strong commitment to the Southern Ohio community, making them a top choice for homebuyers seeking local expertise with the stability of an established financial institution.
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Union Home Mortgage
Union Home Mortgage Corp.
Union Home Mortgage has a strong local presence in Southern Ohio with an office in nearby Ironton, serving Franklin Furnace and surrounding communities. With over three decades of experience, they are known for their competitive rates and comprehensive mortgage solutions. The company specializes in guiding first-time homebuyers through government-backed loan programs while also serving experienced homeowners with refinancing and investment property loans. Their local loan officers provide personalized service and deep knowledge of the Southern Ohio real estate market, earning them excellent customer reviews for their responsiveness and expertise.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation maintains a strong regional presence with a local office in Ashland, Kentucky, just across the Ohio River from Franklin Furnace. This nationally recognized lender brings 25+ years of mortgage expertise to the tri-state area, offering competitive rates and a wide variety of loan products. They are particularly praised for their efficient processing and closing timelines, with many customers noting their ability to handle complex loan scenarios. The local team has extensive knowledge of the Southern Ohio housing market and provides personalized service while leveraging the resources of a major national mortgage lender, making them an excellent choice for Franklin Furnace residents.
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Frequently Asked Questions
Common questions about mortgage lending in Franklin Furnace, OH
Are there any special mortgage considerations for buying a home in Franklin Furnace, OH, given its rural location?
Yes, due to Franklin Furnace's rural designation in Scioto County, many properties may be eligible for USDA Rural Development loans, which offer 100% financing with no down payment. It's crucial to have a lender verify the property's specific eligibility, as not all addresses or lot sizes may qualify. This can be a significant advantage for buyers in this area.
What are typical property taxes like for a mortgage in Franklin Furnace, and how do they impact my loan qualification?
Property tax rates in Scioto County, which includes Franklin Furnace, are relatively moderate compared to urban Ohio counties. Lenders will calculate your estimated annual taxes (typically 1.0% to 1.5% of the home's value) and include them in your total monthly payment (PITI). This escrow requirement is standard and directly affects your debt-to-income ratio during pre-approval.
What local or state programs are available for first-time homebuyers in Franklin Furnace?
Ohio offers the "OHFA First-Time Homebuyer" program, which provides competitive interest rates and down payment assistance grants or loans. Additionally, the "Grants for Grads" program is beneficial if you've recently graduated. Working with a lender familiar with these statewide programs is key, as Franklin Furnace itself does not have a separate city-specific program.
How does the appraisal process work for a manufactured or modular home in Franklin Furnace, which has many of these property types?
Appraising manufactured homes in Franklin Furnace requires a specialist. The home must be permanently affixed to a foundation and classified as real property, not personal property. Lenders will require a specific manufactured home appraisal (1004C form), and financing options like FHA, VA, or USDA are commonly used, as conventional loans can be more restrictive for older models.
Are mortgage rates in Franklin Furnace, OH, different from the national average?
Mortgage rates are primarily set by national markets and your personal credit profile, not your specific city. However, local competition among lenders in the Scioto County area can lead to slight variations in closing costs and fees. It's always wise to compare offers from a local credit union, a regional bank, and a national online lender to ensure you get the best overall package for your Franklin Furnace purchase.
Nearby Cities
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Why Choose a Mortgage Lender in Franklin Furnace?
Local Market Knowledge
Lenders who understand Franklin Furnace's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Ohio.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Franklin Furnace and get competitive rates on your home loan.