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%.

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).