Akron FHA Loans

AKRON, OH

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Akron's 137 lenders originated 3,447 FHA loans during 2021. The total origination value was $535,525,000, with an average FHA loan value of $155,360.

    Akron FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Akron averaged 5.55% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.38% and one month ago for the week of 2022-04-08, the average rate was 4.85%.

    The average rate one year ago was 3.25%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.39%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Akron FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Akron level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 518 2.79% $5,807
    CROSSCOUNTRY MORTGAGE, LLC 343 3.22% $7,651
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 260 3.31% $5,050
    The Huntington National Bank 183 3.12% $5,658
    LIBERTY HOME MORTGAGE CORPORATION 106 3.26% $7,463
    RUOFF MORTGAGE COMPANY, INC. 93 3.23% $4,855
    UNION HOME MORTGAGE CORP. 80 3.42% $6,791
    FREEDOM MORTGAGE CORPORATION 73 3.00% $4,044
    LAKEVIEW LOAN SERVICING, LLC 71 3.09% $4,232
    PENNYMAC LOAN SERVICES, LLC 69 3.17% $4,122
    Mr. Cooper ( Nationstar Mortgage ) 65 3.37% $3,713
    Nations Lending Corporation 60 3.17% $6,079
    HOWARD HANNA FINANCIAL SERVICES, INC. 53 2.87% $6,646
    NVR Mortgage Finance, Inc. 52 3.03% $10,766
    CALIBER HOME LOANS, INC. 40 2.88% $5,255
    POLARIS HOME FUNDING CORP. 39 3.28% $8,112
    American Midwest Mortgage Corporation 33 2.99% $7,492
    VILLAGE CAPITAL & INVESTMENT LLC 32 3.10% $2,038
    LOANDEPOT.COM, LLC 29 3.54% $6,448
    AMERIFIRST FINANCIAL CORPORATION 27 3.53% $8,177
    SIGNATURE MORTGAGE CORPORATION 26 3.11% $6,119
    Waterstone Mortgage Corporation 24 3.42% $8,899
    Citizens Bank 22 2.74% $5,695
    GUARANTEED RATE, INC. 21 2.93% $6,176
    BROKER SOLUTIONS, INC. 20 3.09% $7,061
    RELIANCE FIRST CAPITAL, LLC 20 3.10% $7,004
    UNITED WHOLESALE MORTGAGE, LLC 19 2.70% $7,200
    First Guaranty Mortgage Corporation 19 2.84% $5,533
    MYCUMORTGAGE, LLC 19 2.98% $5,496
    NEWREZ LLC 17 3.10% $5,210
    AMERISAVE MORTGAGE CORPORATION 16 3.21% $7,224
    Paramount Residential Mortgage Group, Inc. 15 3.37% $7,990
    Fifth Third Bank 14 2.91% $5,974
    TOP FLITE FINANCIAL, INC. 14 3.40% $7,679
    HALLMARK HOME MORTGAGE, LLC 14 3.41% $7,472
    RAPID MORTGAGE COMPANY 12 3.40% $7,359
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 12 3.12% $6,965
    AmeriHome Mortgage Company, LLC 12 3.16% $3,890
    HOME POINT FINANCIAL CORPORATION 11 2.73% $4,988
    MID AMERICA MORTGAGE, INC. 11 2.79% $4,102
    LENDUS, LLC 11 3.25% $7,360
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 2.58% $5,675
    InterContinental Capital Group, Inc 10 3.11% $7,517
    U.S. Bank 10 3.23% $4,987
    YOUR HOME FINANCIAL LLC 10 3.51% $7,768
    Equity Prime Mortgage LLC 9 3.06% $5,576
    Carrington Mortgage Services, LLC 9 3.72% $6,281
    Lakeview Community Capital, LLC 9 3.08% $3,998
    T2 FINANCIAL LLC 9 3.28% $8,242
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 3.62% $5,232
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 8 3.06% $8,142
    Magnolia Bank 8 2.84% $6,871
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 2.79% $8,348
    Bank of England 7 3.34% $6,308
    The Cortland Savings and Banking Company 7 3.30% $7,352
    CELEBRITY HOME LOANS, LLC 6 3.25% $7,251
    PULTE MORTGAGE LLC 6 2.90% $7,779
    JPMorgan Chase Bank 6 2.98% $2,995
    KELLER MORTGAGE, LLC 6 3.13% $6,556
    LEADERONE FINANCIAL CORPORATION 6 3.06% $5,626
    Mortgage Research Center, LLC 6 3.04% $4,093
    NATIONS DIRECT MORTGAGE, LLC 6 3.23% $8,036
    PNC Bank 5 3.03% $4,664
    MUTUAL OF OMAHA MORTGAGE, INC. 5 3.23% $7,041
    AMERICAN FINANCIAL NETWORK, INC. 5 2.75% $11,907
    AMERICAN FINANCING CORPORATION 5 3.28% $6,160
    STOCKTON MORTGAGE CORPORATION 4 2.94% $6,579
    Flagstar Bank, FSB 4 2.88% $7,869
    HOMESIDE FINANCIAL, LLC 4 2.66% $7,099
    RESIDENTIAL MORTGAGE SERVICES, INC. 4 2.72% $5,587
    RESIDENTIAL BANCORP. 4 3.53% $5,707
    CMG MORTGAGE, INC. 4 3.34% $4,931
    WEST PENN FINANCIAL SERVICE CENTER, INC. 4 2.78% $5,829
    ZILLOW HOME LOANS, LLC 4 2.91% $7,552
    MORIA DEVELOPMENT, INC. 4 4.06% $9,438
    NORTHERN MORTGAGE SERVICES, LLC 4 3.47% $6,558
    SUN WEST MORTGAGE COMPANY, INC. 4 2.94% $6,487
    DAS Acquisition Company, LLC 3 3.25% $5,245
    Dollar Bank, Federal Savings Bank 3 3.00% $5,065
    AMERICAN FINANCIAL RESOURCES, INC. 3 3.71% $8,302
    FIRST CENTENNIAL MORTGAGE CORPORATION 3 2.71% $6,219
    AMCAP MORTGAGE, LTD. 3 4.04% $5,847
    First Federal Savings and Loan Association of Lakewood 3 2.50% $6,347
    The Federal Savings Bank 3 2.96% $7,271
    NFM, INC. 3 3.54% $6,678
    ROYAL UNITED MORTGAGE LLC 3 2.92% $9,992
    Plains Commerce Bank 3 2.92% $8,849
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.31% $6,482
    ALLIED MORTGAGE GROUP, INC. 2 3.06% $7,481
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.13% $5,207
    Barrington Bank & Trust Company, N.A. 2 3.50% $6,347
    DRAPER AND KRAMER MORTGAGE CORP. 2 3.06% $5,965
    NATIONWIDE MORTGAGE BANKERS, INC. 2 3.69% $7,175
    Northpointe Bank 2 3.69% $4,825
    OCEANSIDE MORTGAGE COMPANY 2 2.75% $2,474
    PHH Mortgage Corporation 2 3.38% $7,737
    PLANET HOME LENDING, LLC 2 3.31% $4,578
    ABSOLUTE HOME MORTGAGE CORPORATION 2 3.25% $5,836
    TCF National Bank 2 3.75% $5,083
    UNION CAPITAL MORTGAGE CORPORATION 2 3.38% $7,124
    Network Funding, L.P. 1 3.75% $9,803
    MOVEMENT MORTGAGE, LLC 1 3.63% $6,017
    Wyndham Capital Mortgage, Inc. 1 4.13% $5,846
    MORTGAGE CENTER L.C 1 3.25% $4,582
    MIDLAND MORTGAGE CORPORATION 1 3.25% $2,974
    Merchants Bank of Indiana 1 2.88% $8,599
    Level One Bank 1 3.00% $5,309
    Regions Bank 1 2.75% $5,971
    LAND HOME FINANCIAL SERVICES, INC. 1 2.88% $4,510
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 3.00% $10,711
    JLB CORPORATION 1 2.63% $8,684
    Independent Bank 1 4.00% $8,325
    GVC MORTGAGE, INC. 1 3.38% $6,690
    GUILD MORTGAGE COMPANY 1 3.13% $10,952
    Goldwater Bank, N.A. 1 3.63% $9,666
    Gateway First Bank 1 4.00% $5,018
    Florida Capital Bank 1 3.50% $3,625
    CALCON MUTUAL MORTGAGE LLC 1 4.75% $5,014
    First Savings Bank 1 2.75% $8,333
    The Farmers National Bank of Canfield 1 3.00% $6,347
    First National Bank of Pennsylvania 1 2.63% $4,665
    FIRST HERITAGE FINANCIAL, LLC 1 2.88% $8,757
    THRIVE MORTGAGE, LLC 1 3.75% $10,214
    FIRST COMMUNITY MORTGAGE, INC. 1 3.13% $8,562
    BETTER MORTGAGE CORPORATION 1 3.00% $5,851
    First Commonwealth Bank 1 2.50% $6,936
    EVERETT FINANCIAL, INC. 1 3.00% $4,685
    ENDEAVOR CAPITAL, LLC. 1 2.63% $3,187
    Victorian Finance, LLC 1 2.25% $8,463
    Commonwealth Bank and Trust Company 1 2.88% $5,934
    CityWorth Mortgage LLC 1 3.25% $5,022
    WesBanco Bank, Inc. 1 2.75% $7,351
    NORWICH COMMERCIAL GROUP, INC. 1 5.13% $8,669
    Western Ohio Mortgage Corporation 1 2.88% $10,397
    NEXERA HOLDING LLC 1 3.25% $3,472
    CHURCHILL MORTGAGE CORPORATION 1 2.38% $6,482
    PLAZA HOME MORTGAGE, INC. 1 2.63% $11,628

    The top Akron FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 518 FHA loans originated. Their average total fees are $5,807, which is $1,844 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Akron FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,038), Mr. Cooper ( Nationstar Mortgage ) ($3,713), AmeriHome Mortgage Company, LLC ($3,890), FREEDOM MORTGAGE CORPORATION ($4,044) and MID AMERICA MORTGAGE, INC. ($4,102).

    The lowest rate Akron FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.58%), UNITED WHOLESALE MORTGAGE, LLC (2.70%), HOME POINT FINANCIAL CORPORATION (2.73%), Citizens Bank (2.74%) and MID AMERICA MORTGAGE, INC. (2.79%).

    Akron FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    AKRON, OH PORTAGE 2022 $420,680 $538,650 $651,050 $809,150
    AKRON, OH SUMMIT 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Akron (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $134,950 (5.0%) $214,967 (9.3%) 0.50 1,891
    2018-02-01 $134,950 (3.1%) $218,914 (7.8%) 0.49 1,868
    2018-03-01 $149,900 (7.5%) $232,013 (9.6%) 0.52 1,810
    2018-04-01 $154,950 (7.6%) $238,617 (9.8%) 0.52 1,780
    2018-05-01 $166,450 (16.9%) $246,015 (7.4%) 0.56 1,826
    2018-06-01 $174,900 (18.0%) $253,984 (9.9%) 0.58 1,938
    2018-07-01 $175,950 (17.4%) $254,442 (9.6%) 0.59 1,975
    2018-08-01 $169,450 (12.8%) $243,800 (6.6%) 0.57 2,115
    2018-09-01 $162,000 (8.1%) $239,435 (4.9%) 0.54 2,156
    2018-10-01 $159,950 (10.3%) $235,557 (6.8%) 0.53 2,119
    2018-11-01 $156,250 (9.1%) $236,144 (8.8%) 0.52 2,025
    2018-12-01 $154,900 (10.7%) $232,947 (8.4%) 0.53 1,802
    2019-01-01 $150,900 (11.8%) $233,749 (8.7%) 0.52 1,635
    2019-02-01 $156,700 (16.1%) $245,050 (11.9%) 0.53 1,499
    2019-03-01 $164,186 (9.5%) $252,597 (8.9%) 0.54 1,485
    2019-04-01 $169,450 (9.4%) $259,445 (8.7%) 0.53 1,487
    2019-05-01 $174,950 (5.1%) $255,674 (3.9%) 0.54 1,548
    2019-06-01 $179,900 (2.9%) $256,544 (1.0%) 0.55 1,683
    2019-07-01 $177,500 (0.9%) $257,450 (1.2%) 0.55 1,777
    2019-08-01 $170,657 (0.7%) $249,949 (2.5%) 0.54 1,798
    2019-09-01 $165,707 (2.3%) $241,530 (0.9%) 0.53 1,839
    2019-10-01 $166,450 (4.1%) $239,566 (1.7%) 0.53 1,965
    2019-11-01 $157,500 (0.8%) $225,805 (-4.4%) 0.51 1,876
    2019-12-01 $149,450 (-3.5%) $221,095 (-5.1%) 0.50 1,714
    2020-01-01 $146,450 (-3.0%) $223,605 (-4.3%) 0.49 1,550
    2020-02-01 $150,000 (-4.3%) $229,959 (-6.2%) 0.48 1,391
    2020-03-01 $164,950 (0.5%) $246,111 (-2.6%) 0.52 1,281
    2020-04-01 $169,900 (0.3%) $248,420 (-4.3%) 0.53 1,251
    2020-05-01 $189,000 (8.0%) $266,499 (4.2%) 0.57 1,131
    2020-06-01 $195,750 (8.8%) $277,287 (8.1%) 0.57 1,050
    2020-07-01 $191,900 (8.1%) $272,828 (6.0%) 0.55 990
    2020-08-01 $189,900 (11.3%) $280,396 (12.2%) 0.54 906
    2020-09-01 $181,450 (9.5%) $281,663 (16.6%) 0.52 900
    2020-10-01 $180,000 (8.1%) $278,187 (16.1%) 0.51 918
    2020-11-01 $160,000 (1.6%) $257,636 (14.1%) 0.46 896
    2020-12-01 $154,900 (3.7%) $247,358 (11.9%) 0.45 790
    2021-01-01 $149,900 (2.4%) $232,324 (3.9%) 0.44 673
    2021-02-01 $157,121 (4.8%) $259,042 (12.7%) 0.45 515
    2021-03-01 $169,900 (3.0%) $261,939 (6.4%) 0.48 466
    2021-04-01 $180,000 (5.9%) $270,610 (8.9%) 0.48 453
    2021-05-01 $189,900 (0.5%) $276,760 (3.9%) 0.50 565
    2021-06-01 $192,400 (-1.7%) $274,452 (-1.0%) 0.50 759
    2021-07-01 $187,450 (-2.3%) $270,104 (-1.0%) 0.49 878
    2021-08-01 $184,500 (-2.8%) $279,878 (-0.2%) 0.48 934
    2021-09-01 $179,900 (-0.9%) $276,191 (-1.9%) 0.47 944
    2021-10-01 $179,900 (-0.1%) $266,915 (-4.1%) 0.47 954
    2021-11-01 $170,000 (6.3%) $266,814 (3.6%) 0.45 847
    2021-12-01 $157,400 (1.6%) $256,640 (3.8%) 0.42 777
    2022-01-01 $149,500 (-0.3%) $255,918 (10.2%) 0.40 641
    2022-02-01 $155,000 (-1.4%) $273,031 (5.4%) 0.40 478
    2022-03-01 $172,375 (1.5%) $289,092 (10.4%) 0.43 461
    2022-04-01 $179,900 (-0.1%) $297,779 (10.0%) 0.42 540
    Akron's median listing price for 2022-04-01 was $179,900, a difference of $-100 (-0.1%) versus the prior year and $7,525 versus the prior month.

    Akron's median listing price comes in at 42% of the national average.

    Akron's average listing price for 2022-04-01 was $297,779, a difference of $27,169 (10.0%) versus the prior year and $8,687 versus the prior month.

    For the 2022-04-01 period, Akron had 540 MLS listings, a difference of 79 listings (17%) versus the prior month and 87 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Akron (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 78 days 1,564 sqft
    2018-02-01 70 days 1,572 sqft
    2018-03-01 58 days 1,613 sqft
    2018-04-01 51 days 1,632 sqft
    2018-05-01 48 days 1,693 sqft
    2018-06-01 46 days 1,732 sqft
    2018-07-01 50 days 1,920 sqft
    2018-08-01 49 days 1,851 sqft
    2018-09-01 53 days 1,823 sqft
    2018-10-01 58 days 1,816 sqft
    2018-11-01 61 days 1,782 sqft
    2018-12-01 68 days 1,752 sqft
    2019-01-01 76 days 1,708 sqft
    2019-02-01 74 days 1,728 sqft
    2019-03-01 57 days 1,759 sqft
    2019-04-01 45 days 1,795 sqft
    2019-05-01 43 days 1,744 sqft
    2019-06-01 43 days 1,762 sqft
    2019-07-01 48 days 1,784 sqft
    2019-08-01 49 days 1,785 sqft
    2019-09-01 50 days 1,797 sqft
    2019-10-01 53 days 1,763 sqft
    2019-11-01 53 days 1,716 sqft
    2019-12-01 61 days 1,650 sqft
    2020-01-01 73 days 1,643 sqft
    2020-02-01 66 days 1,668 sqft
    2020-03-01 51 days 1,717 sqft
    2020-04-01 56 days 1,734 sqft
    2020-05-01 63 days 1,823 sqft
    2020-06-01 44 days 1,861 sqft
    2020-07-01 40 days 1,825 sqft
    2020-08-01 44 days 1,800 sqft
    2020-09-01 35 days 1,782 sqft
    2020-10-01 34 days 1,763 sqft
    2020-11-01 37 days 1,600 sqft
    2020-12-01 45 days 1,574 sqft
    2021-01-01 55 days 1,538 sqft
    2021-02-01 50 days 1,572 sqft
    2021-03-01 41 days 1,614 sqft
    2021-04-01 37 days 1,672 sqft
    2021-05-01 29 days 1,723 sqft
    2021-06-01 27 days 1,725 sqft
    2021-07-01 30 days 1,707 sqft
    2021-08-01 32 days 1,676 sqft
    2021-09-01 37 days 1,649 sqft
    2021-10-01 41 days 1,634 sqft
    2021-11-01 43 days 1,628 sqft
    2021-12-01 46 days 1,574 sqft
    2022-01-01 52 days 1,538 sqft
    2022-02-01 50 days 1,548 sqft
    2022-03-01 40 days 1,573 sqft
    2022-04-01 31 days 1,584 sqft
    Akron's median listing age (time on market) for 2022-04-01 was 31 days. This is -16% shorter than the same period one year ago.

    Akron's median square footage for active listings during the 2022-04-01 period was 1,584 sqft. One year prior, the average listing was 1,672 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).