The Best Mortgage Lenders in Sullivan, OH
Compare verified mortgage lenders serving Sullivan, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Sullivan
Featured Mortgage Lenders
First Federal Community Bank Mortgage Team
First Federal Community Bank
First Federal Community Bank stands out as a top-rated regional mortgage lender with deep roots in north-central Ohio, serving Sullivan and surrounding communities for nearly 90 years. They consistently earn exceptional customer satisfaction ratings for their personalized service, competitive rates, and local underwriting expertise. As a community bank, they offer the advantage of local decision-making and long-term relationships, with mortgage specialists who understand the specific needs of rural Ohio homeowners. Their comprehensive loan portfolio includes specialized programs for first-time homebuyers and flexible construction lending options.
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Direction Home Credit Union Mortgage Department
Direction Home Credit Union
Direction Home Credit Union has built an outstanding reputation for mortgage lending throughout Ashland County and surrounding areas including Sullivan. Members consistently praise their competitive rates, transparent process, and exceptional member service. As a not-for-profit financial cooperative, they often offer lower fees and more flexible qualification standards than larger institutions. Their mortgage team provides personalized guidance through every step of the homebuying process, with particular expertise in helping first-time buyers navigate FHA and conventional loan programs in rural Ohio markets.
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Third Federal Savings & Loan Mortgage Center
Third Federal Savings and Loan
Third Federal Savings and Loan brings decades of mortgage expertise to homeowners throughout Ohio, including Sullivan residents. As one of Ohio's most established mortgage lenders, they're renowned for consistently offering among the lowest mortgage rates in the state and maintaining exceptional service standards. Their streamlined application process and efficient underwriting make them a popular choice for both purchase and refinance transactions. With strong financial stability and a commitment to responsible lending practices, Third Federal has helped generations of Ohio families achieve homeownership through their comprehensive loan programs and competitive pricing.
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Frequently Asked Questions
Common questions about mortgage lending in Sullivan, OH
What are the typical down payment requirements for homes in Sullivan, OH, given its rural market?
In Sullivan's more affordable market, many conventional loans require a minimum of 5% down, though 20% is ideal to avoid private mortgage insurance (PMI). For the area's many USDA-eligible properties, qualified buyers can secure 100% financing with no down payment, which is a significant advantage in this rural community. FHA loans are also common, requiring as little as 3.5% down.
Are there specific mortgage programs for first-time homebuyers in Sullivan?
Yes, Ohio offers the "Grants for Grads" program, which can be beneficial for recent college graduates moving to areas like Sullivan, providing up to 5% of the purchase price in a forgivable second mortgage. Additionally, the Ohio Housing Finance Agency (OHFA) offers first-time homebuyers competitive interest rates and down payment assistance, which can be combined with Sullivan's lower home prices for a very accessible entry into homeownership.
How does Sullivan's location in Ashland County affect property taxes and mortgage escrow?
Ashland County has relatively moderate property tax rates compared to more urban Ohio counties. When calculating your monthly mortgage payment, lenders will escrow for these taxes, and it's wise to budget for an annual rate typically between 1.2% to 1.5% of the home's assessed value. Your lender can provide a precise estimate based on the specific property's tax history.
What type of property appraisals are common for Sullivan's mix of older homes and land?
Appraisals in Sullivan often require special attention due to the prevalence of older homes, outbuildings, and larger land parcels. Lenders will typically order a standard appraisal, but if the property has unique features like a working barn or extensive acreage, a more specialized appraisal may be needed to accurately assess its market value, which can slightly extend the loan processing timeline.
Is a USDA Rural Development loan a good option for buying a home in Sullivan, OH?
Absolutely. Almost all of Sullivan qualifies for the USDA Single Family Housing Guaranteed Loan Program due to its rural designation. This is a premier loan option for the area, offering 100% financing, competitive interest rates, and more flexible credit guidelines. It's an excellent way to purchase a home without a down payment, making it a very popular choice for local buyers.
Why Choose a Mortgage Lender in Sullivan?
Local Market Knowledge
Lenders who understand Sullivan'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 Sullivan and get competitive rates on your home loan.