The Best Mortgage Lenders in Somerset, OH
Compare verified mortgage lenders serving Somerset, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Somerset
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender known for its exceptional customer service, competitive rates, and efficient loan processing. With over 28 years in the industry, they offer a wide range of mortgage products and have a strong regional presence in Ohio, including service to Somerset. They are highly regarded for their personalized approach, transparency, and support for first-time homebuyers, backed by numerous positive reviews highlighting their reliability and community focus.
Loan Types:
New American Funding
New American Funding
New American Funding stands out for its diverse loan options and commitment to inclusive lending, including programs for underserved communities. Founded in 2003, they have built a reputation for competitive rates, straightforward processes, and excellent customer support. Their Columbus office serves the Somerset area, and they are praised in reviews for their responsiveness, expertise, and ability to handle complex mortgage scenarios, making them a trusted choice for Ohio homebuyers.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is renowned for its innovative digital mortgage platform, which simplifies the application process while offering competitive rates and fast approvals. With 24 years of experience, they provide a comprehensive suite of loan products and have a strong foothold in Ohio, including service to Somerset. Customers frequently highlight their efficiency, low fees, and knowledgeable staff in reviews, solidifying their status as a leading mortgage lender with high customer satisfaction.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Somerset, OH
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Somerset, OH?
Yes, Somerset and Perry County are served by statewide Ohio programs. The most relevant is the **Ohio Housing Finance Agency (OHFA)** offering first-time homebuyers competitive interest rates, down payment assistance (often 2.5% or 5% of the loan amount), and grants. Additionally, some local lenders may offer portfolio loans or special programs for buyers in Somerset's more rural market, so it's important to consult with a mortgage broker familiar with the area.
How does Somerset's rural location and smaller market affect the mortgage appraisal process?
Appraisals in Somerset can be more challenging due to fewer comparable home sales ("comps") in the immediate area. Appraisers may need to look at properties in nearby towns like New Lexington or Zanesville, which can sometimes lead to valuation discrepancies. To avoid delays, provide your lender with any unique features or recent upgrades to your property to help the appraiser accurately assess its value in this specific market.
What are typical property taxes like in Somerset, and how do they impact my mortgage payment?
Property taxes in Somerset and Perry County are generally considered moderate to low compared to Ohio's major metropolitan areas. The effective tax rate is approximately 1.1% to 1.4% of the home's assessed value. Your lender will include an estimated monthly amount for taxes in your mortgage escrow payment, and this is a key factor in keeping overall housing costs affordable in the Somerset area.
Are USDA Rural Development loans a viable option for mortgages in Somerset, Ohio?
Absolutely. Given Somerset's rural character, many homes in and around the village are eligible for **USDA loans**, which offer 100% financing (no down payment). This is a highly attractive program for qualified buyers with moderate incomes looking in this area. A local lender can confirm the specific property's eligibility using the USDA's online eligibility map.
How competitive is the mortgage rate environment in Somerset compared to the national average?
Mortgage rates in Somerset are primarily driven by national trends, but your final rate will depend heavily on your personal financial profile and the lender you choose. Working with a local Ohio-based credit union or community bank can sometimes provide more competitive rates or flexible underwriting for the local market than large national lenders. It's always wise to get quotes from multiple lender types.
Nearby Cities
Explore mortgage lenders in cities near Somerset, OH
Why Choose a Mortgage Lender in Somerset?
Local Market Knowledge
Lenders who understand Somerset'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 Somerset and get competitive rates on your home loan.