Akron FHA Loans
AKRON, OH
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.