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 6.76% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.74% and one month ago for the week of 2024-10-04, the average rate was 6.36%.

    The average rate one year ago was 7.7%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.37%.

    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

    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).