Ashtabula FHA Loan Rates, Closing Costs & Stats

Ashtabula, 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.

    Ashtabula's 47 lenders originated 250 FHA loans during 2023. The total origination value was $37,440,000, with an average FHA loan value of $149,760.

    Ashtabula FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ashtabula averaged 6.12% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

    Ashtabula's average FHA mortgage closing costs are $6,528.

    The average rate for the prior week (2024-09-27) was 6.12% and one month ago for the week of 2024-08-30, the average rate was 6.47%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-10-04, the average rate was 6.63%.

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

    Ashtabula 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 Ashtabula level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 53 7.02% $8,623
    QUICKEN LOANS, LLC 28 6.56% $7,653
    Ixonia Bank 15 7.11% $8,640
    The Huntington National Bank 13 6.76% $6,801
    UNION HOME MORTGAGE CORP. 10 6.79% $10,083
    LIBERTY HOME MORTGAGE CORPORATION 10 7.29% $7,474
    UNITED WHOLESALE MORTGAGE, LLC 9 6.35% $7,580
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.98% $5,653
    RUOFF MORTGAGE COMPANY, INC. 6 7.17% $4,860
    DRAPER AND KRAMER MORTGAGE CORP. 6 7.06% $10,626
    AMERISAVE MORTGAGE CORPORATION 4 6.16% $11,667
    Carrington Mortgage Services, LLC 4 6.94% $9,468
    FREEDOM MORTGAGE CORPORATION 4 7.00% $9,852
    American Midwest Mortgage Corporation 4 7.25% $7,848
    U.S. Bank 3 6.96% $5,606
    US MORTGAGE CORPORATION 3 6.63% $8,467
    Northwest Bank 3 5.75% $8,712
    LOANDEPOT.COM, LLC 3 6.20% $10,127
    ENDEAVOR CAPITAL, LLC. 3 6.67% $11,691
    PENNYMAC LOAN SERVICES, LLC 3 6.08% $8,579
    TOP FLITE FINANCIAL, INC. 2 6.44% $10,581
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.88% $6,667
    AMERICAN FINANCING CORPORATION 2 5.81% $8,193
    JPMorgan Chase Bank 2 5.75% $5,249
    KeyBank 2 7.19% $6,126
    MOVEMENT MORTGAGE, LLC 2 6.69% $8,395
    Nations Lending Corporation 2 7.00% $9,956
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $7,192
    MYCUMORTGAGE, LLC 1 7.63% $9,146
    VAN DYK MORTGAGE CORPORATION 1 6.63% $6,076
    NEWREZ LLC 1 5.75% $6,947
    Magnolia Bank 1 5.88% $9,243
    LAKEVIEW LOAN SERVICING, LLC 1 6.63% $10,504
    Plains Commerce Bank 1 6.63% $4,855
    POLARIS HOME FUNDING CORP. 1 7.13% $11,723
    Princeton Mortgage Corporation 1 6.50% $7,017
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.63% $7,027
    ROYAL UNITED MORTGAGE LLC 1 7.75% $8,936
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $5,519
    SUMMIT FUNDING, INC. 1 6.63% $9,625
    GUARANTEED RATE, INC. 1 7.13% $10,834
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $11,045
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.75% $9,100
    Flagstar Bank, FSB 1 7.24% $5,729
    EMBRACE HOME LOANS, INC. 1 6.25% $10,917
    Mercantile Bank of Michigan 1 6.25% $9,073
    BROKER SOLUTIONS, INC. 1 6.75% $7,773

    The top Ashtabula FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 53 FHA loans originated. Their average total fees are $8,623, which is $970 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ashtabula FHA lenders (with over 10 loans originated) are The Huntington National Bank ($6,801), LIBERTY HOME MORTGAGE CORPORATION ($7,474), QUICKEN LOANS, LLC ($7,653), CROSSCOUNTRY MORTGAGE, LLC ($8,623) and Ixonia Bank ($8,640).

    The lowest rate Ashtabula FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.56%), The Huntington National Bank (6.76%), UNION HOME MORTGAGE CORP. (6.79%), CROSSCOUNTRY MORTGAGE, LLC (7.02%) and Ixonia Bank (7.11%).

    Ashtabula FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ashtabula (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 $102,250 (4.7%) $142,381 (9.6%) 0.00 361
    2018-02-01 $107,000 (12.0%) $143,643 (11.2%) 0.00 339
    2018-03-01 $104,950 (10.5%) $143,838 (10.4%) 0.00 337
    2018-04-01 $109,925 (10.5%) $147,595 (10.4%) 0.00 348
    2018-05-01 $113,300 (7.9%) $152,012 (10.1%) 0.00 360
    2018-06-01 $116,950 (8.6%) $160,504 (15.1%) 0.00 400
    2018-07-01 $121,961 (13.0%) $165,940 (16.5%) 0.00 425
    2018-08-01 $119,900 (8.1%) $160,581 (11.4%) 0.00 426
    2018-09-01 $119,957 (7.1%) $157,130 (8.3%) 0.00 419
    2018-10-01 $119,900 (8.0%) $152,993 (2.9%) 0.00 409
    2018-11-01 $122,450 (14.0%) $153,913 (3.7%) 0.00 373
    2018-12-01 $119,900 (11.5%) $149,424 (1.7%) 0.00 356
    2019-01-01 $119,400 (16.8%) $145,685 (2.3%) 0.00 339
    2019-02-01 $121,900 (13.9%) $156,289 (8.8%) 0.00 316
    2019-03-01 $126,471 (20.5%) $160,115 (11.3%) 0.00 308
    2019-04-01 $132,400 (20.5%) $164,561 (11.5%) 0.00 307
    2019-05-01 $144,900 (27.9%) $171,865 (13.1%) 0.00 314
    2019-06-01 $139,927 (19.7%) $174,471 (8.7%) 0.00 335
    2019-07-01 $138,832 (13.8%) $170,710 (2.9%) 0.00 372
    2019-08-01 $141,064 (17.7%) $170,716 (6.3%) 0.00 358
    2019-09-01 $146,034 (21.7%) $172,152 (9.6%) 0.00 347
    2019-10-01 $149,348 (24.6%) $173,271 (13.3%) 0.00 336
    2019-11-01 $139,450 (13.9%) $164,905 (7.1%) 0.00 332
    2019-12-01 $137,900 (15.0%) $160,145 (7.2%) 0.00 316
    2020-01-01 $135,225 (13.3%) $161,570 (10.9%) 0.00 310
    2020-02-01 $134,800 (10.6%) $163,434 (4.6%) 0.00 286
    2020-03-01 $139,900 (10.6%) $168,246 (5.1%) 0.00 278
    2020-04-01 $142,425 (7.6%) $175,191 (6.5%) 0.00 259
    2020-05-01 $145,000 (0.1%) $184,900 (7.6%) 0.00 237
    2020-06-01 $149,574 (6.9%) $196,187 (12.5%) 0.00 245
    2020-07-01 $154,950 (11.6%) $203,165 (19.0%) 0.00 209
    2020-08-01 $149,900 (6.3%) $195,823 (14.7%) 0.00 199
    2020-09-01 $139,900 (-4.2%) $184,293 (7.1%) 0.00 201
    2020-10-01 $139,900 (-6.3%) $183,773 (6.1%) 0.00 197
    2020-11-01 $136,950 (-1.8%) $168,481 (2.2%) 0.00 192
    2020-12-01 $136,325 (-1.1%) $165,824 (3.6%) 0.00 158
    2021-01-01 $140,000 (3.5%) $183,800 (13.8%) 0.00 144
    2021-02-01 $143,400 (6.4%) $197,711 (21.0%) 0.00 108
    2021-03-01 $150,669 (7.7%) $202,360 (20.3%) 0.00 102
    2021-04-01 $151,300 (6.2%) $213,694 (22.0%) 0.00 95
    2021-05-01 $155,000 (6.9%) $217,872 (17.8%) 0.00 96
    2021-06-01 $158,681 (6.1%) $233,730 (19.1%) 0.00 132
    2021-07-01 $165,000 (6.5%) $259,991 (28.0%) 0.00 132
    2021-08-01 $159,825 (6.6%) $247,812 (26.6%) 0.00 146
    2021-09-01 $159,425 (14.0%) $237,789 (29.0%) 0.00 158
    2021-10-01 $155,000 (10.8%) $219,088 (19.2%) 0.00 166
    2021-11-01 $147,800 (7.9%) $193,743 (15.0%) 0.00 165
    2021-12-01 $143,625 (5.4%) $195,412 (17.8%) 0.00 142
    2022-01-01 $144,950 (3.5%) $187,213 (1.9%) 0.00 124
    2022-02-01 $132,469 (-7.6%) $176,698 (-10.6%) 0.00 109
    2022-03-01 $139,250 (-7.6%) $182,987 (-9.6%) 0.00 99
    2022-04-01 $160,950 (6.4%) $200,473 (-6.2%) 0.00 104
    2022-05-01 $169,850 (9.6%) $228,824 (5.0%) 0.00 109
    2022-06-01 $162,425 (2.4%) $211,310 (-9.6%) 0.00 154
    2022-07-01 $169,900 (3.0%) $229,265 (-11.8%) 0.00 180
    2022-08-01 $159,225 (-0.4%) $215,229 (-13.2%) 0.00 198
    2022-09-01 $164,950 (3.5%) $223,822 (-5.9%) 0.00 208
    2022-10-01 $178,500 (15.2%) $229,986 (5.0%) 0.00 199
    2022-11-01 $183,800 (24.4%) $272,843 (40.8%) 0.00 176
    2022-12-01 $178,750 (24.5%) $270,999 (38.7%) 0.00 149
    2023-01-01 $172,450 (19.0%) $272,687 (45.7%) 0.00 135
    2023-02-01 $184,175 (39.0%) $291,603 (65.0%) 0.00 115
    2023-03-01 $182,400 (31.0%) $294,874 (61.2%) 0.00 108
    2023-04-01 $194,950 (21.1%) $302,234 (50.8%) 0.00 108
    2023-05-01 $188,200 (10.8%) $274,123 (19.8%) 0.00 120
    2023-06-01 $192,250 (18.4%) $290,177 (37.3%) 0.00 129
    2023-07-01 $192,250 (13.2%) $284,665 (24.2%) 0.00 127
    2023-08-01 $199,000 (25.0%) $284,657 (32.3%) 0.00 149
    2023-09-01 $222,450 (34.9%) $261,173 (16.7%) 0.00 174
    2023-10-01 $199,900 (12.0%) $261,959 (13.9%) 0.00 178
    2023-11-01 $199,900 (8.8%) $252,431 (-7.5%) 0.00 172
    2023-12-01 $189,900 (6.2%) $250,501 (-7.6%) 0.00 155
    2024-01-01 $191,244 (10.9%) $253,489 (-7.0%) 0.00 139
    2024-02-01 $197,475 (7.2%) $253,537 (-13.1%) 0.00 118
    2024-03-01 $189,900 (4.1%) $265,891 (-9.8%) 0.00 120
    2024-04-01 $212,439 (9.0%) $282,404 (-6.6%) 0.00 111
    2024-05-01 $246,000 (30.7%) $331,547 (21.0%) 0.00 126
    2024-06-01 $245,900 (27.9%) $339,470 (17.0%) 0.00 138
    2024-07-01 $252,450 (31.3%) $350,658 (23.2%) 0.00 157
    2024-08-01 $249,900 (25.6%) $305,275 (7.2%) 0.00 176
    2024-09-01 $223,450 (0.5%) $291,719 (11.7%) 0.00 193
    Ashtabula's median listing price for 2024-09-01 was $223,450, a difference of $1,000 (0.5%) versus the prior year and $-26,450 versus the prior month.

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

    Ashtabula's average listing price for 2024-09-01 was $291,719, a difference of $30,546 (11.7%) versus the prior year and $-13,556 versus the prior month.

    For the 2024-09-01 period, Ashtabula had 193 MLS listings, a difference of 17 listings (10%) versus the prior month and 19 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ashtabula (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,500 sqft
    2018-02-01 0 days 1,498 sqft
    2018-03-01 0 days 1,484 sqft
    2018-04-01 0 days 1,525 sqft
    2018-05-01 0 days 1,528 sqft
    2018-06-01 0 days 1,536 sqft
    2018-07-01 0 days 1,626 sqft
    2018-08-01 0 days 1,552 sqft
    2018-09-01 0 days 1,536 sqft
    2018-10-01 0 days 1,554 sqft
    2018-11-01 0 days 1,562 sqft
    2018-12-01 0 days 1,542 sqft
    2019-01-01 0 days 1,558 sqft
    2019-02-01 0 days 1,625 sqft
    2019-03-01 0 days 1,666 sqft
    2019-04-01 0 days 1,705 sqft
    2019-05-01 0 days 1,640 sqft
    2019-06-01 0 days 1,632 sqft
    2019-07-01 0 days 1,600 sqft
    2019-08-01 0 days 1,628 sqft
    2019-09-01 0 days 1,670 sqft
    2019-10-01 0 days 1,707 sqft
    2019-11-01 0 days 1,654 sqft
    2019-12-01 0 days 1,580 sqft
    2020-01-01 0 days 1,578 sqft
    2020-02-01 0 days 1,540 sqft
    2020-03-01 0 days 1,509 sqft
    2020-04-01 0 days 1,506 sqft
    2020-05-01 0 days 1,556 sqft
    2020-06-01 0 days 1,618 sqft
    2020-07-01 0 days 1,666 sqft
    2020-08-01 0 days 1,554 sqft
    2020-09-01 0 days 1,568 sqft
    2020-10-01 0 days 1,548 sqft
    2020-11-01 0 days 1,482 sqft
    2020-12-01 0 days 1,443 sqft
    2021-01-01 0 days 1,447 sqft
    2021-02-01 0 days 1,479 sqft
    2021-03-01 0 days 1,478 sqft
    2021-04-01 0 days 1,501 sqft
    2021-05-01 0 days 1,508 sqft
    2021-06-01 0 days 1,597 sqft
    2021-07-01 0 days 1,600 sqft
    2021-08-01 0 days 1,651 sqft
    2021-09-01 0 days 1,612 sqft
    2021-10-01 0 days 1,597 sqft
    2021-11-01 0 days 1,549 sqft
    2021-12-01 0 days 1,515 sqft
    2022-01-01 0 days 1,529 sqft
    2022-02-01 0 days 1,418 sqft
    2022-03-01 0 days 1,395 sqft
    2022-04-01 0 days 1,459 sqft
    2022-05-01 0 days 1,452 sqft
    2022-06-01 0 days 1,440 sqft
    2022-07-01 0 days 1,558 sqft
    2022-08-01 0 days 1,493 sqft
    2022-09-01 0 days 1,535 sqft
    2022-10-01 0 days 1,547 sqft
    2022-11-01 0 days 1,642 sqft
    2022-12-01 0 days 1,657 sqft
    2023-01-01 0 days 1,627 sqft
    2023-02-01 0 days 1,626 sqft
    2023-03-01 0 days 1,599 sqft
    2023-04-01 0 days 1,662 sqft
    2023-05-01 0 days 1,698 sqft
    2023-06-01 0 days 1,731 sqft
    2023-07-01 0 days 1,662 sqft
    2023-08-01 0 days 1,598 sqft
    2023-09-01 0 days 1,600 sqft
    2023-10-01 0 days 1,626 sqft
    2023-11-01 0 days 1,630 sqft
    2023-12-01 0 days 1,647 sqft
    2024-01-01 0 days 1,690 sqft
    2024-02-01 0 days 1,676 sqft
    2024-03-01 0 days 1,596 sqft
    2024-04-01 0 days 1,627 sqft
    2024-05-01 0 days 1,721 sqft
    2024-06-01 0 days 1,770 sqft
    2024-07-01 0 days 1,686 sqft
    2024-08-01 0 days 1,666 sqft
    2024-09-01 0 days 1,633 sqft
    Ashtabula's median listing age (time on market) for 2024-09-01 was 0 days.

    Ashtabula's median square footage for active listings during the 2024-09-01 period was 1,633 sqft. One year prior, the average listing was 1,600 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).