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 114 lenders originated 1,776 FHA loans during 2024. The total origination value was $360,690,000, with an average FHA loan value of $203,091.

    Akron FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Akron averaged 0.42% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Akron's average FHA mortgage closing costs are $6,901.

    The average rate for the prior week (2025-06-13) was 7% and one month ago for the week of 2025-05-16, the average rate was 7.06%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.74%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 274 6.72% $10,393
    QUICKEN LOANS, LLC 241 6.41% $10,087
    NVR Mortgage Finance, Inc. 75 6.52% $9,198
    UNITED WHOLESALE MORTGAGE, LLC 71 6.12% $11,659
    The Huntington National Bank 66 6.91% $7,948
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 63 6.73% $7,159
    RUOFF MORTGAGE COMPANY, INC. 52 6.76% $7,568
    POLARIS HOME FUNDING CORP. 39 6.54% $10,769
    FREEDOM MORTGAGE CORPORATION 35 6.51% $10,363
    PENNYMAC LOAN SERVICES, LLC 32 6.10% $8,910
    LIBERTY HOME MORTGAGE CORPORATION 29 6.80% $8,452
    S1L, Inc. 27 6.61% $10,094
    Citizens Bank 24 6.39% $7,508
    UNION HOME MORTGAGE CORP. 24 6.71% $11,210
    HOWARD HANNA FINANCIAL SERVICES, INC. 20 6.54% $8,755
    LOANDEPOT.COM, LLC 20 6.55% $8,687
    Nations Lending Corporation 20 6.59% $8,867
    GUARANTEED RATE, INC. 19 6.47% $10,105
    BROKER SOLUTIONS, INC. 18 6.78% $10,699
    Mr. Cooper ( Nationstar Mortgage ) 15 6.65% $12,907
    RELIANCE FIRST CAPITAL, LLC 14 6.96% $7,629
    LOANPAL, LLC 14 5.66% $9,705
    NEWREZ LLC 13 6.17% $9,507
    Flagstar Bank, FSB 12 6.22% $7,466
    GUILD MORTGAGE COMPANY 11 6.84% $9,029
    VILLAGE CAPITAL MORTGAGE 11 6.51% $7,852
    Fifth Third Bank 10 6.84% $6,328
    Ixonia Bank 10 7.00% $9,665
    ZILLOW HOME LOANS, LLC 10 6.50% $9,000
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 6.70% $9,612
    ENDEAVOR CAPITAL, LLC. 10 6.18% $8,442
    KeyBank 10 6.03% $7,557
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 10 5.16% $11,749
    PREMIER LENDING, INC. 9 7.07% $10,202
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.67% $11,194
    MOVEMENT MORTGAGE, LLC 9 6.47% $7,948
    GVC MORTGAGE, INC. 9 6.85% $8,848
    CALCON MUTUAL MORTGAGE LLC 8 6.62% $9,773
    Equity Prime Mortgage LLC 8 6.66% $8,648
    LAKEVIEW LOAN SERVICING, LLC 8 6.48% $8,165
    AMERISAVE MORTGAGE CORPORATION 7 6.13% $14,052
    Carrington Mortgage Services, LLC 7 6.18% $15,271
    Alcova Mortgage LLC 7 6.70% $6,678
    PNC Bank 6 6.58% $7,802
    HOMESIDE FINANCIAL, LLC 6 6.21% $12,245
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 6.92% $11,648
    JPMorgan Chase Bank 6 6.29% $6,447
    AMERICAN FINANCIAL NETWORK, INC. 6 6.75% $10,493
    NFM, INC. 5 7.25% $11,534
    AmeriHome Mortgage Company, LLC 5 6.80% $5,757
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.30% $9,042
    EMM LOANS LLC 5 5.97% $12,746
    Mortgage Research Center, LLC 5 6.58% $7,108
    SUN WEST MORTGAGE COMPANY, INC. 5 6.07% $12,605
    U.S. Bank 5 6.83% $6,965
    OCEANSIDE MORTGAGE COMPANY 4 5.94% $4,555
    CARDINAL FINANCIAL 4 6.63% $12,415
    PLAZA HOME MORTGAGE, INC. 4 7.31% $7,603
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.09% $10,227
    ABSOLUTE HOME MORTGAGE CORPORATION 4 7.13% $10,622
    LEADERONE FINANCIAL CORPORATION 4 6.41% $11,529
    MID AMERICA MORTGAGE, INC. 3 6.71% $8,289
    The Farmers National Bank of Canfield 3 6.29% $7,457
    Union Savings Bank 3 5.71% $8,095
    CMG MORTGAGE, INC. 3 6.54% $10,794
    PLANET HOME LENDING, LLC 3 6.21% $4,411
    Civista Bank 3 6.46% $6,322
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.00% $7,007
    MYCUMORTGAGE, LLC 3 6.75% $9,166
    First Commonwealth Bank 3 6.50% $8,067
    WEST PENN FINANCIAL SERVICE CENTER, INC. 2 6.63% $7,509
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.81% $11,875
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.50% $9,685
    PULTE MORTGAGE LLC 2 4.75% $7,391
    ROYAL UNITED MORTGAGE LLC 2 7.13% $7,610
    GENEVA FINANCIAL, LLC 2 6.13% $9,830
    MILEND, INC. 2 6.37% $12,668
    T2 FINANCIAL LLC 2 6.19% $16,543
    The Federal Savings Bank 2 7.00% $8,013
    TOP FLITE FINANCIAL, INC. 2 6.88% $6,052
    TruHome Solutions, LLC 2 5.56% $9,352
    UNION CAPITAL MORTGAGE CORPORATION 2 6.63% $6,229
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.37% $20,300
    American Mortgage & Equity Consultants, Inc. 2 6.63% $12,994
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.69% $12,086
    AMERICAN FINANCING CORPORATION 2 5.38% $11,501
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.63% $8,270
    LAND HOME FINANCIAL SERVICES, INC. 2 6.81% $10,257
    Century Mortgage Company DBA Century Lending Company 1 6.50% $9,628
    Hometown Equity Mortgage, LLC 1 6.50% $8,798
    GUARANTEED RATE AFFINITY, LLC 1 6.13% $13,390
    MORIA DEVELOPMENT, INC. 1 7.13% $6,860
    MORTGAGE CENTER L.C 1 7.25% $12,935
    First Federal Savings and Loan Association of Lakewood 1 6.00% $6,835
    First Federal Bank of the Midwest 1 5.75% $8,333
    NBKC BANK 1 6.00% $7,534
    FIRST COLONY MORTGAGE CORPORATION 1 5.88% $10,596
    NORTHERN MORTGAGE SERVICES, LLC 1 6.63% $2,577
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 4.88% $10,844
    Paramount Residential Mortgage Group, Inc. 1 6.13% $4,168
    EVERETT FINANCIAL, INC. 1 6.50% $9,927
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $10,440
    Dollar Bank, Federal Savings Bank 1 6.38% $8,616
    DATA MORTGAGE, INC. 1 5.99% $7,240
    Prosperity Home Mortgage, LLC 1 5.63% $14,788
    Stifel Bank and Trust 1 6.50% $9,337
    STOCKTON MORTGAGE CORPORATION 1 6.25% $7,908
    YOUR HOME FINANCIAL LLC 1 7.38% $8,153
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.99% $6,391
    The Loan Store, Inc. 1 6.25% $9,564
    TOWNE MORTGAGE COMPANY 1 7.25% $8,166
    UNITED MORTGAGE CORP 1 6.25% $14,254
    Lakeview Community Capital, LLC 1 6.75% $7,079
    JMAC LENDING, INC. 1 6.75% $8,297

    The top Akron FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 274 FHA loans originated. Their average total fees are $10,393, which is $307 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Akron FHA lenders (with over 10 loans originated) are Fifth Third Bank ($6,328), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,159), Flagstar Bank, FSB ($7,466), Citizens Bank ($7,508) and KeyBank ($7,557).

    The lowest rate Akron FHA lenders (with over 10 loans originated) are K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. (5.16%), LOANPAL, LLC (5.66%), KeyBank (6.03%), PENNYMAC LOAN SERVICES, LLC (6.10%) and UNITED WHOLESALE MORTGAGE, LLC (6.12%).

    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).