Akron FHA Loan Rates, Closing Costs & Stats

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 121 lenders originated 1,795 FHA loans during 2023. The total origination value was $334,575,000, with an average FHA loan value of $186,393.

    Akron FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Akron averaged 6.76% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Akron's average FHA mortgage closing costs are $6,585.

    The average rate for the prior week (2024-11-01) was 6.64% and one month ago for the week of 2024-10-04, the average rate was 5.86%.

    The average rate one year ago was 7.5%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.37%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Akron level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 252 7.02% $9,819
    QUICKEN LOANS, LLC 243 6.32% $9,245
    The Huntington National Bank 90 6.89% $7,552
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 88 6.99% $6,469
    RUOFF MORTGAGE COMPANY, INC. 60 6.95% $5,502
    UNITED WHOLESALE MORTGAGE, LLC 50 6.42% $10,077
    NVR Mortgage Finance, Inc. 46 6.00% $12,392
    LIBERTY HOME MORTGAGE CORPORATION 38 7.00% $7,991
    DRAPER AND KRAMER MORTGAGE CORP. 31 6.88% $9,344
    Nations Lending Corporation 31 6.80% $8,309
    LOANDEPOT.COM, LLC 26 6.58% $9,618
    UNION HOME MORTGAGE CORP. 26 6.99% $9,535
    HOWARD HANNA FINANCIAL SERVICES, INC. 26 6.82% $7,756
    Citizens Bank 25 6.32% $6,948
    FREEDOM MORTGAGE CORPORATION 24 7.02% $10,048
    PENNYMAC LOAN SERVICES, LLC 23 6.28% $8,014
    POLARIS HOME FUNDING CORP. 21 6.86% $10,393
    JPMorgan Chase Bank 21 6.75% $5,343
    Mr. Cooper ( Nationstar Mortgage ) 21 6.15% $12,980
    AMERICAN PACIFIC MORTGAGE CORPORATION 20 6.51% $10,870
    AMERISAVE MORTGAGE CORPORATION 19 6.25% $10,948
    Fifth Third Bank 17 6.57% $5,014
    NFM, INC. 15 7.28% $10,059
    NEWREZ LLC 15 6.69% $8,044
    BROKER SOLUTIONS, INC. 14 6.86% $9,403
    MUTUAL OF OMAHA MORTGAGE, INC. 14 6.64% $12,641
    GUARANTEED RATE, INC. 14 6.70% $8,917
    RELIANCE FIRST CAPITAL, LLC 13 6.93% $7,675
    TOP FLITE FINANCIAL, INC. 11 6.85% $13,578
    WEST PENN FINANCIAL SERVICE CENTER, INC. 11 6.69% $8,623
    Carrington Mortgage Services, LLC 10 6.46% $8,441
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 10 6.14% $10,923
    LAKEVIEW LOAN SERVICING, LLC 9 6.49% $8,631
    U.S. Bank 9 7.31% $6,548
    LEADERONE FINANCIAL CORPORATION 8 6.83% $9,996
    American Midwest Mortgage Corporation 8 6.98% $8,591
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 8 6.86% $11,133
    CARDINAL FINANCIAL 8 6.36% $11,290
    Mercantile Bank of Michigan 7 6.23% $9,178
    ZILLOW HOME LOANS, LLC 6 6.92% $8,875
    KeyBank 6 6.35% $8,051
    GUILD MORTGAGE COMPANY 6 7.38% $10,878
    TruHome Solutions, LLC 6 6.56% $6,968
    PREMIER LENDING, INC. 6 7.46% $11,614
    PLAZA HOME MORTGAGE, INC. 6 6.58% $9,687
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.95% $7,429
    Flagstar Bank, FSB 5 7.03% $11,089
    Paramount Residential Mortgage Group, Inc. 5 6.35% $7,835
    Gateway First Bank 5 7.40% $6,608
    MOVEMENT MORTGAGE, LLC 5 7.23% $9,701
    Equity Prime Mortgage LLC 4 6.81% $8,205
    AmeriHome Mortgage Company, LLC 4 6.31% $7,043
    EMM LOANS LLC 4 6.56% $13,483
    ENDEAVOR CAPITAL, LLC. 4 7.06% $8,317
    HOMESIDE FINANCIAL, LLC 4 7.44% $9,416
    MYCUMORTGAGE, LLC 4 6.91% $5,927
    NATIONWIDE MORTGAGE BANKERS, INC. 4 6.66% $10,316
    ROYAL UNITED MORTGAGE LLC 4 6.63% $9,113
    UNION CAPITAL MORTGAGE CORPORATION 4 6.81% $10,764
    Wells Fargo Bank 4 6.72% $6,436
    V.I.P. MORTGAGE, INC. 3 6.54% $8,997
    Hometown Equity Mortgage, LLC 3 6.29% $13,116
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.67% $7,984
    PNC Bank 3 6.33% $7,109
    AMERICAN FINANCIAL NETWORK, INC. 3 7.50% $8,566
    LOANPAL, LLC 3 6.25% $10,718
    CALIBER HOME LOANS, INC. 3 6.42% $7,647
    SUN WEST MORTGAGE COMPANY, INC. 3 6.50% $11,400
    STOCKTON MORTGAGE CORPORATION 3 6.04% $12,506
    WesBanco 3 5.75% $8,311
    PULTE MORTGAGE LLC 3 6.38% $6,805
    Prosperity Home Mortgage, LLC 3 6.12% $8,487
    NATIONS DIRECT MORTGAGE, LLC 3 6.38% $9,776
    First Federal Savings and Loan Association of Lakewood 3 6.67% $9,754
    TOWNE MORTGAGE COMPANY 2 6.19% $9,046
    MID AMERICA MORTGAGE, INC. 2 6.75% $3,771
    ALLIED MORTGAGE GROUP, INC. 2 5.75% $16,309
    Neighborhood Loans, Inc. 2 6.75% $14,561
    ABSOLUTE HOME MORTGAGE CORPORATION 2 5.94% $7,058
    PLANET HOME LENDING, LLC 2 5.00% $9,346
    RAPID MORTGAGE COMPANY 2 6.63% $14,866
    T2 FINANCIAL LLC 2 6.44% $11,784
    The Farmers National Bank of Canfield 2 6.44% $8,847
    AmRes Corporation 2 6.50% $19,534
    Union Savings Bank 2 7.69% $5,953
    AMERICAN FINANCING CORPORATION 2 6.37% $6,984
    KELLER MORTGAGE, LLC 2 5.44% $9,455
    Ixonia Bank 2 7.31% $9,027
    Independent Bank 2 6.56% $9,418
    NEW DAY FINANCIAL, LLC 1 6.75% $6,459
    Waterstone Mortgage Corporation 1 5.88% $9,621
    First Savings Bank 1 6.75% $16,791
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 7.00% $6,983
    MILEND, INC. 1 6.38% $13,609
    Cornerstone First Mortgage, Inc 1 7.75% $11,023
    RESIDENTIAL BANCORP 1 7.13% $5,554
    M&T Bank 1 6.63% $7,260
    CONTOUR MORTGAGE CORPORATION 1 6.13% $10,018
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.75% $8,522
    Florida Capital Bank 1 7.13% $9,202
    GENEVA FINANCIAL, LLC 1 6.75% $10,722
    US MORTGAGE CORPORATION 1 6.75% $10,769
    VILLAGE CAPITAL MORTGAGE 1 7.25% $12,917
    The Federal Savings Bank 1 5.63% $11,497
    CHERRY CREEK MORTGAGE, LLC 1 7.13% $500
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $13,415
    Mortgage Research Center, LLC 1 7.13% $2,158
    Bank of America 1 7.50% $7,268
    AMCAP MORTGAGE, LTD. 1 6.13% $16,948
    MICHIGAN MUTUAL, INC. 1 7.13% $16,447
    EVERETT FINANCIAL, INC. 1 6.63% $6,537
    GSF Mortgage Corporation 1 6.63% $6,155
    East Coast Capital Corp. 1 6.50% $11,010
    DIRECT MORTGAGE, CORP. 1 6.63% $13,492
    PHH Mortgage Corporation 1 6.49% $9,447
    J. VIRGIL, INC. 1 6.25% $14,433
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.25% $19,290
    First Commonwealth Bank 1 6.88% $6,792
    DELMAR FINANCIAL COMPANY 1 4.75% $12,098
    DAS Acquisition Company, LLC 1 6.63% $7,154
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $16,646

    The top Akron FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 252 FHA loans originated. Their average total fees are $9,819, which is $573 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Akron FHA lenders (with over 10 loans originated) are Fifth Third Bank ($5,014), JPMorgan Chase Bank ($5,343), RUOFF MORTGAGE COMPANY, INC. ($5,502), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,469) and Citizens Bank ($6,948).

    The lowest rate Akron FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (6.00%), K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. (6.14%), Mr. Cooper ( Nationstar Mortgage ) (6.15%), AMERISAVE MORTGAGE CORPORATION (6.25%) and PENNYMAC LOAN SERVICES, LLC (6.28%).

    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
    AKRON, OH PORTAGE 2023 $472,030 $604,400 $730,525 $907,900
    AKRON, OH SUMMIT 2023 $472,030 $604,400 $730,525 $907,900

    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).