Bucyrus FHA Loan Rates, Closing Costs & Stats

Bucyrus-Galion, 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.

    Bucyrus's 30 lenders originated 116 FHA loans during 2023. The total origination value was $15,920,000, with an average FHA loan value of $137,241.

    Bucyrus FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bucyrus averaged 6.88% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Bucyrus's average FHA mortgage closing costs are $5,792.

    The average rate for the prior week (2024-04-12) was 6.87% and one month ago for the week of 2024-03-15, the average rate was 6.84%.

    The average rate one year ago was 6.77%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Bucyrus 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 Bucyrus level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 17 6.46% $7,548
    PLAZA HOME MORTGAGE, INC. 12 6.13% $6,855
    LOANDEPOT.COM, LLC 11 6.68% $8,234
    UNION HOME MORTGAGE CORP. 9 6.92% $7,907
    CROSSCOUNTRY MORTGAGE, LLC 8 7.23% $8,342
    The Huntington National Bank 5 6.78% $6,227
    EQUITY RESOURCES, INC. 4 6.59% $7,429
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.19% $8,304
    FREEDOM MORTGAGE CORPORATION 3 6.92% $9,565
    RUOFF MORTGAGE COMPANY, INC. 3 6.58% $5,855
    HOMESIDE FINANCIAL, LLC 2 6.69% $9,563
    BROKER SOLUTIONS, INC. 2 6.50% $8,096
    Mr. Cooper ( Nationstar Mortgage ) 2 5.88% $10,066
    NFM, INC. 2 7.63% $9,747
    U.S. Bank 1 6.13% $5,930
    AMERICAN FINANCIAL NETWORK, INC. 1 7.63% $7,626
    YOUR HOME FINANCIAL LLC 1 6.13% $4,385
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $8,911
    FLAT BRANCH MORTGAGE, INC. 1 6.25% $5,529
    JPMorgan Chase Bank 1 7.75% $2,019
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,133
    LIBERTY HOME MORTGAGE CORPORATION 1 7.38% $8,521
    MORIA DEVELOPMENT, INC. 1 7.50% $6,625
    Nations Lending Corporation 1 7.75% $3,282
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $3,609
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $6,340
    THE EQUITABLE MORTGAGE CORPORATION 1 5.75% $4,142
    The Park National Bank 1 7.63% $7,204
    Union Savings Bank 1 6.75% $6,488
    UNITED WHOLESALE MORTGAGE, LLC 1 5.99% $8,591

    The top Bucyrus FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 17 FHA loans originated. Their average total fees are $7,548, which is $692 higher than the next largest lender, PLAZA HOME MORTGAGE, INC..

    The lowest fee Bucyrus FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. ($6,855), QUICKEN LOANS, LLC ($7,548), LOANDEPOT.COM, LLC ($8,234), .

    The lowest rate Bucyrus FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. (6.13%), QUICKEN LOANS, LLC (6.46%), LOANDEPOT.COM, LLC (6.68%), .

    Bucyrus FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bucyrus (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 $73,175 (4.7%) $91,639 (0.0%) 0.00 135
    2018-02-01 $69,200 (1.8%) $87,129 (0.3%) 0.00 138
    2018-03-01 $65,900 (-3.0%) $86,136 (0.0%) 0.00 122
    2018-04-01 $69,900 (0.0%) $94,621 (5.9%) 0.00 111
    2018-05-01 $77,400 (10.7%) $112,289 (21.0%) 0.00 125
    2018-06-01 $79,900 (14.3%) $116,241 (24.7%) 0.00 130
    2018-07-01 $78,675 (8.5%) $108,181 (11.2%) 0.00 133
    2018-08-01 $79,675 (6.4%) $106,363 (8.9%) 0.00 134
    2018-09-01 $79,900 (10.2%) $108,527 (12.8%) 0.00 133
    2018-10-01 $79,900 (5.2%) $109,167 (11.5%) 0.00 135
    2018-11-01 $84,700 (13.0%) $117,863 (22.4%) 0.00 123
    2018-12-01 $89,900 (20.0%) $118,313 (24.4%) 0.00 114
    2019-01-01 $82,900 (13.3%) $111,154 (21.3%) 0.00 114
    2019-02-01 $79,838 (15.4%) $109,139 (25.3%) 0.00 100
    2019-03-01 $78,000 (18.4%) $113,399 (31.7%) 0.00 90
    2019-04-01 $76,825 (9.9%) $116,982 (23.6%) 0.00 85
    2019-05-01 $74,675 (-3.5%) $106,898 (-4.8%) 0.00 95
    2019-06-01 $66,900 (-16.3%) $91,264 (-21.5%) 0.00 113
    2019-07-01 $71,650 (-8.9%) $101,310 (-6.4%) 0.00 123
    2019-08-01 $85,500 (7.3%) $113,530 (6.7%) 0.00 123
    2019-09-01 $90,000 (12.6%) $119,451 (10.1%) 0.00 117
    2019-10-01 $95,500 (19.5%) $123,891 (13.5%) 0.00 111
    2019-11-01 $89,900 (6.1%) $109,114 (-7.4%) 0.00 114
    2019-12-01 $90,000 (0.1%) $110,861 (-6.3%) 0.00 107
    2020-01-01 $89,900 (8.4%) $111,115 (0.0%) 0.00 86
    2020-02-01 $87,000 (9.0%) $115,178 (5.5%) 0.00 81
    2020-03-01 $78,675 (0.9%) $117,067 (3.2%) 0.00 72
    2020-04-01 $76,300 (-0.7%) $108,333 (-7.4%) 0.00 68
    2020-05-01 $69,900 (-6.4%) $98,043 (-8.3%) 0.00 64
    2020-06-01 $67,400 (0.8%) $108,344 (18.7%) 0.00 53
    2020-07-01 $69,975 (-2.3%) $119,280 (17.7%) 0.00 55
    2020-08-01 $74,900 (-12.4%) $112,607 (-0.8%) 0.00 51
    2020-09-01 $88,725 (-1.4%) $126,199 (5.7%) 0.00 49
    2020-10-01 $89,900 (-5.9%) $128,328 (3.6%) 0.00 55
    2020-11-01 $79,000 (-12.1%) $112,998 (3.6%) 0.00 56
    2020-12-01 $79,975 (-11.1%) $122,094 (10.1%) 0.00 45
    2021-01-01 $103,500 (15.1%) $130,967 (17.9%) 0.00 39
    2021-02-01 $118,000 (35.6%) $126,006 (9.4%) 0.00 28
    2021-03-01 $119,000 (51.3%) $130,413 (11.4%) 0.00 35
    2021-04-01 $86,175 (12.9%) $135,110 (24.7%) 0.00 25
    2021-05-01 $134,900 (93.0%) $139,692 (42.5%) 0.00 30
    2021-06-01 $132,450 (96.5%) $151,951 (40.3%) 0.00 36
    2021-07-01 $130,000 (85.8%) $167,864 (40.7%) 0.00 46
    2021-08-01 $112,425 (50.1%) $148,772 (32.1%) 0.00 52
    2021-09-01 $108,650 (22.5%) $139,726 (10.7%) 0.00 49
    2021-10-01 $129,900 (44.5%) $163,471 (27.4%) 0.00 50
    2021-11-01 $129,900 (64.4%) $167,224 (48.0%) 0.00 64
    2021-12-01 $139,450 (74.4%) $161,554 (32.3%) 0.00 64
    2022-01-01 $115,000 (11.1%) $147,097 (12.3%) 0.00 57
    2022-02-01 $109,900 (-6.9%) $137,716 (9.3%) 0.00 50
    2022-03-01 $123,675 (3.9%) $155,621 (19.3%) 0.00 36
    2022-04-01 $132,450 (53.7%) $163,663 (21.1%) 0.00 34
    2022-05-01 $138,650 (2.8%) $155,737 (11.5%) 0.00 42
    2022-06-01 $154,900 (17.0%) $174,568 (14.9%) 0.00 43
    2022-07-01 $129,375 (-0.5%) $160,413 (-4.4%) 0.00 49
    2022-08-01 $130,900 (16.4%) $170,042 (14.3%) 0.00 62
    2022-09-01 $119,900 (10.4%) $166,444 (19.1%) 0.00 53
    2022-10-01 $117,900 (-9.2%) $166,917 (2.1%) 0.00 79
    2022-11-01 $135,900 (4.6%) $173,603 (3.8%) 0.00 80
    2022-12-01 $154,500 (10.8%) $182,211 (12.8%) 0.00 83
    2023-01-01 $150,425 (30.8%) $174,506 (18.6%) 0.00 57
    2023-02-01 $137,600 (25.2%) $170,583 (23.9%) 0.00 46
    2023-03-01 $159,900 (29.3%) $169,548 (9.0%) 0.00 44
    2023-04-01 $162,450 (22.7%) $173,527 (6.0%) 0.00 50
    2023-05-01 $144,475 (4.2%) $178,759 (14.8%) 0.00 55
    2023-06-01 $154,925 (0.0%) $200,409 (14.8%) 0.00 49
    2023-07-01 $162,900 (25.9%) $200,671 (25.1%) 0.00 50
    2023-08-01 $193,713 (48.0%) $227,645 (33.9%) 0.00 48
    2023-09-01 $179,000 (49.3%) $206,279 (23.9%) 0.00 62
    2023-10-01 $186,725 (58.4%) $202,855 (21.5%) 0.00 69
    2023-11-01 $169,175 (24.5%) $196,507 (13.2%) 0.00 68
    2023-12-01 $175,000 (13.3%) $203,423 (11.6%) 0.00 59
    2024-01-01 $176,925 (17.6%) $207,720 (19.0%) 0.00 60
    2024-02-01 $179,650 (30.6%) $212,067 (24.3%) 0.00 47
    2024-03-01 $164,900 (3.1%) $208,211 (22.8%) 0.00 35
    Bucyrus's median listing price for 2024-03-01 was $164,900, a difference of $5,000 (3.1%) versus the prior year and $-14,750 versus the prior month.

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

    Bucyrus's average listing price for 2024-03-01 was $208,211, a difference of $38,663 (22.8%) versus the prior year and $-3,856 versus the prior month.

    For the 2024-03-01 period, Bucyrus had 35 MLS listings, a difference of -12 listings (-26%) versus the prior month and -9 listings (-20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bucyrus (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,524 sqft
    2018-02-01 0 days 1,523 sqft
    2018-03-01 0 days 1,501 sqft
    2018-04-01 0 days 1,564 sqft
    2018-05-01 0 days 1,510 sqft
    2018-06-01 0 days 1,523 sqft
    2018-07-01 0 days 1,476 sqft
    2018-08-01 0 days 1,478 sqft
    2018-09-01 0 days 1,508 sqft
    2018-10-01 0 days 1,510 sqft
    2018-11-01 0 days 1,520 sqft
    2018-12-01 0 days 1,521 sqft
    2019-01-01 0 days 1,501 sqft
    2019-02-01 0 days 1,472 sqft
    2019-03-01 0 days 1,479 sqft
    2019-04-01 0 days 1,518 sqft
    2019-05-01 0 days 1,514 sqft
    2019-06-01 0 days 1,462 sqft
    2019-07-01 0 days 1,476 sqft
    2019-08-01 0 days 1,514 sqft
    2019-09-01 0 days 1,559 sqft
    2019-10-01 0 days 1,587 sqft
    2019-11-01 0 days 1,482 sqft
    2019-12-01 0 days 1,411 sqft
    2020-01-01 0 days 1,378 sqft
    2020-02-01 0 days 1,430 sqft
    2020-03-01 0 days 1,536 sqft
    2020-04-01 0 days 1,485 sqft
    2020-05-01 0 days 1,356 sqft
    2020-06-01 0 days 1,349 sqft
    2020-07-01 0 days 1,447 sqft
    2020-08-01 0 days 1,370 sqft
    2020-09-01 0 days 1,322 sqft
    2020-10-01 0 days 1,440 sqft
    2020-11-01 0 days 1,390 sqft
    2020-12-01 0 days 1,394 sqft
    2021-01-01 0 days 1,494 sqft
    2021-02-01 0 days 1,448 sqft
    2021-03-01 0 days 1,472 sqft
    2021-04-01 0 days 1,346 sqft
    2021-05-01 0 days 1,534 sqft
    2021-06-01 0 days 1,436 sqft
    2021-07-01 0 days 1,498 sqft
    2021-08-01 0 days 1,595 sqft
    2021-09-01 0 days 1,458 sqft
    2021-10-01 0 days 1,488 sqft
    2021-11-01 0 days 1,412 sqft
    2021-12-01 0 days 1,431 sqft
    2022-01-01 0 days 1,404 sqft
    2022-02-01 0 days 1,370 sqft
    2022-03-01 0 days 1,533 sqft
    2022-04-01 0 days 1,568 sqft
    2022-05-01 0 days 1,635 sqft
    2022-06-01 0 days 1,664 sqft
    2022-07-01 0 days 1,596 sqft
    2022-08-01 0 days 1,582 sqft
    2022-09-01 0 days 1,481 sqft
    2022-10-01 0 days 1,466 sqft
    2022-11-01 0 days 1,502 sqft
    2022-12-01 0 days 1,512 sqft
    2023-01-01 0 days 1,535 sqft
    2023-02-01 0 days 1,663 sqft
    2023-03-01 0 days 1,617 sqft
    2023-04-01 0 days 1,514 sqft
    2023-05-01 0 days 1,490 sqft
    2023-06-01 0 days 1,600 sqft
    2023-07-01 0 days 1,560 sqft
    2023-08-01 0 days 1,650 sqft
    2023-09-01 0 days 1,660 sqft
    2023-10-01 0 days 1,666 sqft
    2023-11-01 0 days 1,718 sqft
    2023-12-01 0 days 1,632 sqft
    2024-01-01 0 days 1,630 sqft
    2024-02-01 0 days 1,642 sqft
    2024-03-01 0 days 1,544 sqft
    Bucyrus's median listing age (time on market) for 2024-03-01 was 0 days.

    Bucyrus's median square footage for active listings during the 2024-03-01 period was 1,544 sqft. One year prior, the average listing was 1,617 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).