Ashland FHA Loan Rates, Closing Costs & Stats

Ashland, 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.

    Ashland's 36 lenders originated 107 FHA loans during 2023. The total origination value was $16,985,000, with an average FHA loan value of $158,738.

    Ashland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ashland averaged 6.48% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Ashland's average FHA mortgage closing costs are $6,272.

    The average rate for the prior week (2024-11-01) was 6.45% and one month ago for the week of 2024-10-04, the average rate was 5.87%.

    The average rate one year ago was 7.32%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Ashland 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 Ashland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 19 7.28% $8,017
    QUICKEN LOANS, LLC 16 6.21% $8,271
    UNITED WHOLESALE MORTGAGE, LLC 7 6.26% $11,142
    UNION HOME MORTGAGE CORP. 7 6.89% $7,593
    The Huntington National Bank 5 7.03% $7,086
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.56% $9,684
    AMERISAVE MORTGAGE CORPORATION 4 5.84% $7,830
    TOP FLITE FINANCIAL, INC. 3 6.50% $11,080
    BROKER SOLUTIONS, INC. 2 6.50% $10,930
    FREEDOM MORTGAGE CORPORATION 2 7.50% $10,077
    PENNYMAC LOAN SERVICES, LLC 2 6.44% $12,147
    LAKEVIEW LOAN SERVICING, LLC 1 6.63% $8,145
    LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $9,058
    LOANDEPOT.COM, LLC 1 8.13% $8,541
    LOANPAL, LLC 1 5.63% $11,899
    Mercantile Bank of Michigan 1 7.50% $7,877
    Mortgage Research Center, LLC 1 7.13% $10,616
    M&T Bank 1 6.63% $8,850
    PNC Bank 1 6.25% $5,230
    Prosperity Home Mortgage, LLC 1 6.12% $7,628
    ROYAL UNITED MORTGAGE LLC 1 7.63% $9,521
    SUN WEST MORTGAGE COMPANY, INC. 1 7.50% $16,893
    THE EQUITABLE MORTGAGE CORPORATION 1 5.63% $7,359
    The Park National Bank 1 5.63% $7,250
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $12,440
    Wells Fargo Bank 1 6.63% $5,626
    AMERICAN FINANCING CORPORATION 1 5.63% $11,084
    American Midwest Mortgage Corporation 1 6.50% $5,822
    Carrington Mortgage Services, LLC 1 6.63% $7,025
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.63% $5,375
    First Savings Bank 1 7.13% $5,176
    Flagstar Bank, FSB 1 7.25% $5,493
    GENEVA FINANCIAL, LLC 1 7.00% $9,173
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.63% $14,541
    Hometown Equity Mortgage, LLC 1 5.75% $8,998
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.63% $9,153

    The top Ashland FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 19 FHA loans originated. Their average total fees are $8,017, which is $253 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ashland FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($8,017), QUICKEN LOANS, LLC ($8,271), .

    The lowest rate Ashland FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.21%), CROSSCOUNTRY MORTGAGE, LLC (7.28%), .

    Ashland FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ASHLAND, OH ASHLAND 2022 $420,680 $538,650 $651,050 $809,150
    ASHLAND, OH ASHLAND 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ashland (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 $111,850 (-8.7%) $246,995 (20.4%) 0.00 91
    2018-02-01 $89,175 (-27.0%) $244,884 (11.0%) 0.00 93
    2018-03-01 $97,000 (-22.2%) $229,373 (1.1%) 0.00 102
    2018-04-01 $114,275 (-15.3%) $221,195 (1.1%) 0.00 104
    2018-05-01 $135,250 (8.2%) $233,639 (10.6%) 0.00 115
    2018-06-01 $149,450 (15.8%) $237,672 (16.9%) 0.00 141
    2018-07-01 $157,400 (16.6%) $249,859 (16.9%) 0.00 150
    2018-08-01 $153,725 (14.2%) $254,557 (12.6%) 0.00 141
    2018-09-01 $154,950 (19.5%) $247,541 (-1.4%) 0.00 149
    2018-10-01 $153,950 (14.3%) $241,718 (-4.1%) 0.00 141
    2018-11-01 $142,500 (18.8%) $243,927 (-3.2%) 0.00 130
    2018-12-01 $129,000 (8.4%) $225,284 (-10.1%) 0.00 116
    2019-01-01 $123,750 (10.6%) $202,879 (-17.9%) 0.00 101
    2019-02-01 $111,425 (25.0%) $231,104 (-5.6%) 0.00 100
    2019-03-01 $130,364 (34.4%) $258,735 (12.8%) 0.00 96
    2019-04-01 $156,250 (36.7%) $273,022 (23.4%) 0.00 97
    2019-05-01 $174,950 (29.4%) $266,003 (13.9%) 0.00 102
    2019-06-01 $172,000 (15.1%) $268,213 (12.9%) 0.00 103
    2019-07-01 $160,625 (2.1%) $260,629 (4.3%) 0.00 106
    2019-08-01 $165,973 (8.0%) $257,652 (1.2%) 0.00 108
    2019-09-01 $173,807 (12.2%) $258,798 (4.6%) 0.00 112
    2019-10-01 $179,900 (16.9%) $259,563 (7.4%) 0.00 113
    2019-11-01 $160,000 (12.3%) $261,778 (7.3%) 0.00 91
    2019-12-01 $149,925 (16.2%) $278,201 (23.5%) 0.00 78
    2020-01-01 $146,000 (18.0%) $265,500 (30.9%) 0.00 73
    2020-02-01 $150,450 (35.0%) $220,571 (-4.6%) 0.00 78
    2020-03-01 $149,925 (15.0%) $234,572 (-9.3%) 0.00 74
    2020-04-01 $166,950 (6.9%) $229,977 (-15.8%) 0.00 64
    2020-05-01 $165,000 (-5.7%) $263,155 (-1.1%) 0.00 56
    2020-06-01 $162,075 (-5.8%) $268,275 (0.0%) 0.00 51
    2020-07-01 $192,900 (20.1%) $279,548 (7.3%) 0.00 55
    2020-08-01 $186,950 (12.6%) $261,653 (1.6%) 0.00 58
    2020-09-01 $182,825 (5.2%) $256,666 (-0.8%) 0.00 54
    2020-10-01 $180,000 (0.1%) $249,575 (-3.9%) 0.00 63
    2020-11-01 $177,000 (10.6%) $232,093 (-11.3%) 0.00 68
    2020-12-01 $158,950 (6.0%) $226,279 (-18.7%) 0.00 63
    2021-01-01 $168,900 (15.7%) $219,132 (-17.5%) 0.00 51
    2021-02-01 $172,950 (15.0%) $240,904 (9.2%) 0.00 49
    2021-03-01 $169,475 (13.0%) $245,421 (4.6%) 0.00 43
    2021-04-01 $173,450 (3.9%) $281,249 (22.3%) 0.00 42
    2021-05-01 $179,900 (9.0%) $279,040 (6.0%) 0.00 47
    2021-06-01 $196,475 (21.2%) $294,912 (9.9%) 0.00 37
    2021-07-01 $180,000 (-6.7%) $248,241 (-11.2%) 0.00 44
    2021-08-01 $229,900 (23.0%) $260,829 (-0.3%) 0.00 83
    2021-09-01 $229,900 (25.8%) $252,751 (-1.5%) 0.00 95
    2021-10-01 $229,900 (27.7%) $250,204 (0.3%) 0.00 88
    2021-11-01 $229,900 (29.9%) $251,294 (8.3%) 0.00 62
    2021-12-01 $213,675 (34.4%) $220,912 (-2.4%) 0.00 59
    2022-01-01 $225,000 (33.2%) $220,006 (0.4%) 0.00 58
    2022-02-01 $229,900 (32.9%) $226,948 (-5.8%) 0.00 45
    2022-03-01 $229,900 (35.7%) $232,479 (-5.3%) 0.00 40
    2022-04-01 $237,450 (36.9%) $246,150 (-12.5%) 0.00 32
    2022-05-01 $210,000 (16.7%) $260,747 (-6.6%) 0.00 50
    2022-06-01 $223,625 (13.8%) $264,729 (-10.2%) 0.00 51
    2022-07-01 $219,500 (21.9%) $251,858 (1.5%) 0.00 52
    2022-08-01 $231,950 (0.9%) $291,023 (11.6%) 0.00 57
    2022-09-01 $199,825 (-13.1%) $280,692 (11.1%) 0.00 65
    2022-10-01 $195,000 (-15.2%) $261,695 (4.6%) 0.00 65
    2022-11-01 $229,000 (-0.4%) $291,791 (16.1%) 0.00 56
    2022-12-01 $202,500 (-5.2%) $278,096 (25.9%) 0.00 57
    2023-01-01 $199,675 (-11.3%) $281,513 (28.0%) 0.00 46
    2023-02-01 $199,450 (-13.2%) $352,018 (55.1%) 0.00 41
    2023-03-01 $212,400 (-7.6%) $329,769 (41.9%) 0.00 34
    2023-04-01 $189,900 (-20.0%) $311,865 (26.7%) 0.00 41
    2023-05-01 $248,400 (18.3%) $353,428 (35.5%) 0.00 45
    2023-06-01 $258,450 (15.6%) $316,444 (19.5%) 0.00 44
    2023-07-01 $320,000 (45.8%) $402,308 (59.7%) 0.00 48
    2023-08-01 $297,900 (28.4%) $387,590 (33.2%) 0.00 43
    2023-09-01 $289,000 (44.6%) $347,041 (23.6%) 0.00 54
    2023-10-01 $267,500 (37.2%) $317,508 (21.3%) 0.00 55
    2023-11-01 $258,750 (13.0%) $300,461 (3.0%) 0.00 49
    2023-12-01 $299,900 (48.1%) $325,840 (17.2%) 0.00 48
    2024-01-01 $284,500 (42.5%) $345,764 (22.8%) 0.00 33
    2024-02-01 $292,500 (46.7%) $357,242 (1.5%) 0.00 27
    2024-03-01 $295,000 (38.9%) $328,113 (-0.5%) 0.00 32
    2024-04-01 $302,225 (59.2%) $353,306 (13.3%) 0.00 43
    2024-05-01 $294,675 (18.6%) $389,987 (10.3%) 0.00 44
    2024-06-01 $284,450 (10.1%) $354,322 (12.0%) 0.00 48
    2024-07-01 $264,925 (-17.2%) $333,547 (-17.1%) 0.00 50
    2024-08-01 $249,000 (-16.4%) $305,380 (-21.2%) 0.00 63
    2024-09-01 $274,925 (-4.9%) $319,859 (-7.8%) 0.00 67
    2024-10-01 $249,675 (-6.7%) $299,715 (-5.6%) 0.00 67
    Ashland's median listing price for 2024-10-01 was $249,675, a difference of $-17,825 (-6.7%) versus the prior year and $-25,250 versus the prior month.

    Ashland's median listing price comes in at 0% of the national average.

    Ashland's average listing price for 2024-10-01 was $299,715, a difference of $-17,793 (-5.6%) versus the prior year and $-20,144 versus the prior month.

    For the 2024-10-01 period, Ashland had 67 MLS listings, a difference of 0 listings (0%) versus the prior month and 12 listings (22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ashland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,444 sqft
    2018-02-01 0 days 1,437 sqft
    2018-03-01 0 days 1,344 sqft
    2018-04-01 0 days 1,493 sqft
    2018-05-01 0 days 1,496 sqft
    2018-06-01 0 days 1,520 sqft
    2018-07-01 0 days 1,672 sqft
    2018-08-01 0 days 1,685 sqft
    2018-09-01 0 days 1,694 sqft
    2018-10-01 0 days 1,660 sqft
    2018-11-01 0 days 1,706 sqft
    2018-12-01 0 days 1,600 sqft
    2019-01-01 0 days 1,569 sqft
    2019-02-01 0 days 1,503 sqft
    2019-03-01 0 days 1,564 sqft
    2019-04-01 0 days 1,718 sqft
    2019-05-01 0 days 1,728 sqft
    2019-06-01 0 days 1,740 sqft
    2019-07-01 0 days 1,610 sqft
    2019-08-01 0 days 1,635 sqft
    2019-09-01 0 days 1,705 sqft
    2019-10-01 0 days 1,760 sqft
    2019-11-01 0 days 1,628 sqft
    2019-12-01 0 days 1,605 sqft
    2020-01-01 0 days 1,584 sqft
    2020-02-01 0 days 1,522 sqft
    2020-03-01 0 days 1,485 sqft
    2020-04-01 0 days 1,585 sqft
    2020-05-01 0 days 1,734 sqft
    2020-06-01 0 days 1,598 sqft
    2020-07-01 0 days 1,728 sqft
    2020-08-01 0 days 1,768 sqft
    2020-09-01 0 days 1,713 sqft
    2020-10-01 0 days 1,639 sqft
    2020-11-01 0 days 1,590 sqft
    2020-12-01 0 days 1,587 sqft
    2021-01-01 0 days 1,566 sqft
    2021-02-01 0 days 1,706 sqft
    2021-03-01 0 days 1,692 sqft
    2021-04-01 0 days 1,688 sqft
    2021-05-01 0 days 1,512 sqft
    2021-06-01 0 days 1,577 sqft
    2021-07-01 0 days 1,612 sqft
    2021-08-01 0 days 1,620 sqft
    2021-09-01 0 days 1,620 sqft
    2021-10-01 0 days 1,620 sqft
    2021-11-01 0 days 1,620 sqft
    2021-12-01 0 days 1,620 sqft
    2022-01-01 0 days 1,620 sqft
    2022-02-01 0 days 1,620 sqft
    2022-03-01 0 days 1,620 sqft
    2022-04-01 0 days 1,620 sqft
    2022-05-01 0 days 1,668 sqft
    2022-06-01 0 days 1,620 sqft
    2022-07-01 0 days 1,592 sqft
    2022-08-01 0 days 1,664 sqft
    2022-09-01 0 days 1,569 sqft
    2022-10-01 0 days 1,532 sqft
    2022-11-01 0 days 1,609 sqft
    2022-12-01 0 days 1,451 sqft
    2023-01-01 0 days 1,465 sqft
    2023-02-01 0 days 1,571 sqft
    2023-03-01 0 days 1,573 sqft
    2023-04-01 0 days 1,532 sqft
    2023-05-01 0 days 1,680 sqft
    2023-06-01 0 days 1,697 sqft
    2023-07-01 0 days 1,856 sqft
    2023-08-01 0 days 1,814 sqft
    2023-09-01 0 days 1,671 sqft
    2023-10-01 0 days 1,708 sqft
    2023-11-01 0 days 1,779 sqft
    2023-12-01 0 days 1,839 sqft
    2024-01-01 0 days 1,780 sqft
    2024-02-01 0 days 1,848 sqft
    2024-03-01 0 days 1,722 sqft
    2024-04-01 0 days 1,744 sqft
    2024-05-01 0 days 1,835 sqft
    2024-06-01 0 days 1,756 sqft
    2024-07-01 0 days 1,801 sqft
    2024-08-01 0 days 1,680 sqft
    2024-09-01 0 days 1,685 sqft
    2024-10-01 0 days 1,649 sqft
    Ashland's median listing age (time on market) for 2024-10-01 was 0 days.

    Ashland's median square footage for active listings during the 2024-10-01 period was 1,649 sqft. One year prior, the average listing was 1,708 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).