Akron FHA Loan Rates, Closing Costs & Stats

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 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 6.65% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

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

The average rate for the prior week (2024-06-07) was 6.94% and one month ago for the week of 2024-05-10, the average rate was 6.92%.

The average rate one year ago was 6.58%.

For refis of the same type during the week of 2024-06-14, the average rate was 7.56%.

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

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 $132,450 (5.0%) $213,127 (8.5%) 0.49 1,867
2018-02-01 $133,800 (3.0%) $215,526 (7.0%) 0.49 1,844
2018-03-01 $145,000 (5.1%) $229,294 (9.2%) 0.51 1,792
2018-04-01 $149,950 (7.1%) $236,539 (9.6%) 0.51 1,770
2018-05-01 $162,400 (16.0%) $243,967 (6.9%) 0.54 1,807
2018-06-01 $169,900 (18.7%) $251,718 (9.6%) 0.57 1,920
2018-07-01 $172,875 (16.0%) $253,010 (9.6%) 0.58 1,959
2018-08-01 $165,725 (10.6%) $242,523 (6.5%) 0.56 2,098
2018-09-01 $160,000 (8.1%) $239,124 (5.2%) 0.54 2,130
2018-10-01 $159,900 (11.4%) $235,622 (7.2%) 0.54 2,104
2018-11-01 $154,950 (10.7%) $236,054 (8.9%) 0.53 2,004
2018-12-01 $152,000 (9.6%) $232,712 (8.8%) 0.52 1,789
2019-01-01 $149,900 (13.2%) $234,131 (9.9%) 0.52 1,623
2019-02-01 $152,775 (14.2%) $245,081 (13.7%) 0.52 1,480
2019-03-01 $163,872 (13.0%) $252,014 (9.9%) 0.54 1,485
2019-04-01 $169,125 (12.8%) $258,378 (9.2%) 0.54 1,493
2019-05-01 $174,900 (7.7%) $254,801 (4.4%) 0.55 1,548
2019-06-01 $179,000 (5.4%) $255,767 (1.6%) 0.56 1,692
2019-07-01 $177,450 (2.7%) $256,523 (1.4%) 0.56 1,787
2019-08-01 $172,200 (3.9%) $251,627 (3.8%) 0.55 1,816
2019-09-01 $168,150 (5.1%) $246,166 (2.9%) 0.54 1,868
2019-10-01 $165,000 (3.2%) $241,600 (2.5%) 0.53 1,938
2019-11-01 $154,150 (-0.5%) $224,815 (-4.8%) 0.51 1,873
2019-12-01 $149,900 (-1.4%) $216,795 (-6.8%) 0.50 1,705
2020-01-01 $144,900 (-3.3%) $216,557 (-7.5%) 0.48 1,544
2020-02-01 $149,900 (-1.9%) $225,280 (-8.1%) 0.49 1,388
2020-03-01 $159,950 (-2.4%) $240,318 (-4.6%) 0.50 1,295
2020-04-01 $167,200 (-1.1%) $246,488 (-4.6%) 0.52 1,261
2020-05-01 $179,500 (2.6%) $255,278 (0.2%) 0.55 1,134
2020-06-01 $189,450 (5.8%) $267,833 (4.7%) 0.56 1,062
2020-07-01 $189,950 (7.0%) $271,112 (5.7%) 0.55 1,015
2020-08-01 $189,900 (10.3%) $272,614 (8.3%) 0.54 923
2020-09-01 $179,950 (7.0%) $270,789 (10.0%) 0.52 918
2020-10-01 $179,900 (9.0%) $265,953 (10.1%) 0.52 927
2020-11-01 $166,750 (8.2%) $253,511 (12.8%) 0.49 915
2020-12-01 $158,500 (5.7%) $239,545 (10.5%) 0.47 792
2021-01-01 $149,900 (3.5%) $229,439 (6.0%) 0.45 676
2021-02-01 $153,850 (2.6%) $248,136 (10.2%) 0.45 523
2021-03-01 $167,400 (4.7%) $256,752 (6.8%) 0.48 482
2021-04-01 $179,925 (7.6%) $267,615 (8.6%) 0.49 478
2021-05-01 $189,450 (5.5%) $272,707 (6.8%) 0.50 583
2021-06-01 $187,450 (-1.1%) $272,231 (1.6%) 0.49 768
2021-07-01 $189,900 (0.0%) $268,163 (-1.1%) 0.50 909
2021-08-01 $183,950 (-3.1%) $279,379 (2.5%) 0.49 958
2021-09-01 $179,450 (-0.3%) $274,373 (1.3%) 0.48 965
2021-10-01 $175,000 (-2.7%) $265,176 (-0.3%) 0.47 975
2021-11-01 $169,950 (1.9%) $264,925 (4.5%) 0.45 861
2021-12-01 $157,400 (-0.7%) $254,561 (6.3%) 0.43 793
2022-01-01 $149,250 (-0.4%) $254,363 (10.9%) 0.40 644
2022-02-01 $155,000 (0.8%) $270,084 (8.9%) 0.40 489
2022-03-01 $171,950 (2.7%) $283,749 (10.5%) 0.43 473
2022-04-01 $179,900 (0.0%) $294,221 (9.9%) 0.43 559
2022-05-01 $187,425 (-1.1%) $293,413 (7.6%) 0.43 654
2022-06-01 $199,900 (6.6%) $298,113 (9.5%) 0.45 803
2022-07-01 $199,900 (5.3%) $289,189 (7.8%) 0.45 964
2022-08-01 $199,750 (8.6%) $278,782 (-0.2%) 0.46 966
2022-09-01 $198,000 (10.3%) $278,249 (1.4%) 0.46 1,001
2022-10-01 $189,000 (8.0%) $272,085 (2.6%) 0.44 1,085
2022-11-01 $187,594 (10.4%) $266,783 (0.7%) 0.45 1,089
2022-12-01 $179,999 (14.4%) $267,984 (5.3%) 0.44 929
2023-01-01 $177,450 (18.9%) $264,340 (3.9%) 0.44 792
2023-02-01 $180,450 (16.4%) $270,612 (0.2%) 0.44 656
2023-03-01 $179,925 (4.6%) $274,974 (-3.1%) 0.42 612
2023-04-01 $199,900 (11.1%) $290,906 (-1.1%) 0.46 578
2023-05-01 $211,000 (12.6%) $298,760 (1.8%) 0.48 587
2023-06-01 $225,500 (12.8%) $303,426 (1.8%) 0.51 685
2023-07-01 $230,000 (15.1%) $314,740 (8.8%) 0.52 670
2023-08-01 $232,475 (16.4%) $323,173 (15.9%) 0.53 763
2023-09-01 $234,950 (18.7%) $326,310 (17.3%) 0.55 823
2023-10-01 $229,925 (21.7%) $323,978 (19.1%) 0.54 900
2023-11-01 $214,993 (14.6%) $316,819 (18.8%) 0.51 884
2023-12-01 $214,995 (19.4%) $317,227 (18.4%) 0.52 786
2024-01-01 $210,500 (18.6%) $322,223 (21.9%) 0.51 701
2024-02-01 $207,823 (15.2%) $317,387 (17.3%) 0.50 639
2024-03-01 $212,500 (18.1%) $324,680 (18.1%) 0.50 645
2024-04-01 $228,750 (14.4%) $354,727 (21.9%) 0.53 594
2024-05-01 $252,400 (19.6%) $388,180 (29.9%) 0.57 638
Akron's median listing price for 2024-05-01 was $252,400, a difference of $41,400 (19.6%) versus the prior year and $23,650 versus the prior month.

Akron's median listing price comes in at 57% of the national average.

Akron's average listing price for 2024-05-01 was $388,180, a difference of $89,420 (29.9%) versus the prior year and $33,453 versus the prior month.

For the 2024-05-01 period, Akron had 638 MLS listings, a difference of 44 listings (7%) versus the prior month and 51 listings (9%) 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 75 days 1,538 sqft
2018-02-01 68 days 1,548 sqft
2018-03-01 56 days 1,589 sqft
2018-04-01 49 days 1,606 sqft
2018-05-01 47 days 1,666 sqft
2018-06-01 45 days 1,698 sqft
2018-07-01 50 days 1,869 sqft
2018-08-01 48 days 1,800 sqft
2018-09-01 53 days 1,788 sqft
2018-10-01 57 days 1,781 sqft
2018-11-01 59 days 1,738 sqft
2018-12-01 67 days 1,722 sqft
2019-01-01 75 days 1,681 sqft
2019-02-01 72 days 1,707 sqft
2019-03-01 55 days 1,728 sqft
2019-04-01 44 days 1,747 sqft
2019-05-01 42 days 1,703 sqft
2019-06-01 43 days 1,725 sqft
2019-07-01 47 days 1,742 sqft
2019-08-01 51 days 1,733 sqft
2019-09-01 53 days 1,729 sqft
2019-10-01 54 days 1,726 sqft
2019-11-01 61 days 1,679 sqft
2019-12-01 70 days 1,634 sqft
2020-01-01 80 days 1,619 sqft
2020-02-01 77 days 1,645 sqft
2020-03-01 58 days 1,708 sqft
2020-04-01 54 days 1,714 sqft
2020-05-01 72 days 1,750 sqft
2020-06-01 55 days 1,820 sqft
2020-07-01 45 days 1,825 sqft
2020-08-01 48 days 1,800 sqft
2020-09-01 51 days 1,767 sqft
2020-10-01 46 days 1,750 sqft
2020-11-01 50 days 1,658 sqft
2020-12-01 57 days 1,578 sqft
2021-01-01 60 days 1,536 sqft
2021-02-01 50 days 1,559 sqft
2021-03-01 36 days 1,595 sqft
2021-04-01 32 days 1,659 sqft
2021-05-01 26 days 1,702 sqft
2021-06-01 24 days 1,707 sqft
2021-07-01 29 days 1,692 sqft
2021-08-01 31 days 1,657 sqft
2021-09-01 37 days 1,634 sqft
2021-10-01 39 days 1,616 sqft
2021-11-01 42 days 1,623 sqft
2021-12-01 45 days 1,564 sqft
2022-01-01 50 days 1,538 sqft
2022-02-01 46 days 1,547 sqft
2022-03-01 35 days 1,575 sqft
2022-04-01 25 days 1,590 sqft
2022-05-01 28 days 1,636 sqft
2022-06-01 28 days 1,668 sqft
2022-07-01 31 days 1,680 sqft
2022-08-01 36 days 1,670 sqft
2022-09-01 36 days 1,652 sqft
2022-10-01 36 days 1,641 sqft
2022-11-01 39 days 1,665 sqft
2022-12-01 49 days 1,624 sqft
2023-01-01 56 days 1,608 sqft
2023-02-01 48 days 1,621 sqft
2023-03-01 38 days 1,584 sqft
2023-04-01 36 days 1,671 sqft
2023-05-01 36 days 1,686 sqft
2023-06-01 33 days 1,693 sqft
2023-07-01 34 days 1,747 sqft
2023-08-01 32 days 1,743 sqft
2023-09-01 36 days 1,731 sqft
2023-10-01 36 days 1,728 sqft
2023-11-01 38 days 1,705 sqft
2023-12-01 44 days 1,685 sqft
2024-01-01 53 days 1,672 sqft
2024-02-01 41 days 1,626 sqft
2024-03-01 38 days 1,674 sqft
2024-04-01 36 days 1,807 sqft
2024-05-01 23 days 1,844 sqft
Akron's median listing age (time on market) for 2024-05-01 was 23 days. This is -35% shorter than the same period one year ago.

Akron's median square footage for active listings during the 2024-05-01 period was 1,844 sqft. One year prior, the average listing was 1,686 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).