The Best Mortgage Lenders in Troy, OH
Compare verified mortgage lenders serving Troy, Ohio. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Troy
Featured Mortgage Lenders
Guardian Savings Bank
Guardian Savings Bank
Guardian Savings Bank is a highly-rated regional bank with a strong presence in the Miami Valley area, including Troy. Founded in 1999, it has built a reputation for personalized service, competitive mortgage rates, and deep community involvement. Customers praise its responsive loan officers, streamlined application process, and expertise in various loan types, making it a top choice for homebuyers in Troy and surrounding communities.
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loanDepot
loanDepot, LLC
loanDepot is a nationally recognized mortgage lender with a strong digital platform and local support serving Troy, Ohio. Founded in 2010, it offers a wide range of loan products with competitive rates and efficient online tools. Customers highlight its quick pre-approvals, transparent process, and helpful customer service, making it a reliable option for both first-time and experienced homebuyers in the region.
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New American Funding
New American Funding
Top-rated mortgage lender serving Troy, Ohio.
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Frequently Asked Questions
Common questions about mortgage lending in Troy, OH
Are there any first-time homebuyer assistance programs specific to Troy, Ohio?
Yes, the City of Troy offers the Troy Homeownership Program (THOP), which provides down payment and closing cost assistance in the form of a forgivable loan. This program is designed for low-to-moderate income first-time homebuyers purchasing a home within the city limits. Additionally, Ohio's statewide programs, like Ohio Housing Finance Agency (OHFA) loans, are widely used by Troy buyers for competitive rates and down payment assistance.
How do property taxes in Miami County and the Troy City School District impact my mortgage payments?
Property taxes in Troy are a significant component of your monthly mortgage escrow payment. Miami County's effective tax rates are moderately high, and the well-regarded Troy City Schools levy a substantial portion. When getting pre-approved, lenders will calculate these taxes into your debt-to-income ratio, so it's crucial to budget for this local expense, which can add several hundred dollars to your monthly payment.
What is the typical down payment needed for a conventional loan on a home in Troy's current market?
While conventional loans can go as low as 3% down, the competitive Troy market often sees buyers putting down 5-20% to make their offers stronger. For a median-priced Troy home in the low $200s, a 5% down payment would be approximately $10,000-$12,000, plus closing costs. Using local down payment assistance can help bridge this gap for eligible buyers.
Are USDA loans a viable option for homebuyers in Troy, Ohio?
Yes, but with an important caveat. While the city of Troy itself is generally not eligible for USDA Rural Development loans due to its population size, many surrounding areas in Miami County *are* eligible. Buyers willing to look just outside the city limits in qualified rural areas can utilize this valuable zero-down-payment program, which is a popular choice in the region.
How do local lenders in Troy differ from national banks for mortgage lending?
Local lenders, such as credit unions like Superior Credit Union or community banks, often have deeper knowledge of Troy's specific neighborhoods and property values, which can streamline the appraisal and underwriting process. They may also have more flexibility with portfolio loans for unique properties and are typically more integrated with local real estate agents, which can be an advantage in a fast-moving market.
Why Choose a Mortgage Lender in Troy?
Local Market Knowledge
Lenders who understand Troy'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 Troy and get competitive rates on your home loan.