Chillicothe FHA Loan Rates, Closing Costs & Stats

Chillicothe, 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.

    Chillicothe's 52 lenders originated 211 FHA loans during 2023. The total origination value was $36,975,000, with an average FHA loan value of $175,237.

    Chillicothe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Chillicothe averaged 6.86% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Chillicothe's average FHA mortgage closing costs are $6,982.

    The average rate for the prior week (2024-11-01) was 6.44% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    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 6.33%.

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

    Chillicothe 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 Chillicothe level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUARANTEED RATE, INC. 27 6.91% $7,889
    QUICKEN LOANS, LLC 26 6.57% $7,596
    DAS Acquisition Company, LLC 14 7.18% $8,753
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 13 7.52% $8,811
    CROSSCOUNTRY MORTGAGE, LLC 10 7.38% $8,956
    UNION HOME MORTGAGE CORP. 10 7.09% $8,875
    UNITED WHOLESALE MORTGAGE, LLC 10 6.62% $10,571
    NEWREZ LLC 7 6.64% $8,304
    RUOFF MORTGAGE COMPANY, INC. 6 6.98% $5,118
    CARDINAL FINANCIAL 5 6.35% $12,491
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 7.03% $8,742
    NFM, INC. 4 6.84% $13,539
    Fifth Third Bank 3 6.92% $7,407
    Mr. Cooper ( Nationstar Mortgage ) 3 6.50% $9,573
    T2 FINANCIAL LLC 3 7.46% $10,347
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.13% $8,127
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $10,070
    BROKER SOLUTIONS, INC. 2 6.81% $7,968
    Carrington Mortgage Services, LLC 2 6.38% $11,354
    Flagstar Bank, FSB 2 7.19% $9,241
    FREEDOM MORTGAGE CORPORATION 2 7.00% $13,217
    GUARANTEED RATE AFFINITY, LLC 2 6.81% $8,129
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $9,511
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $13,930
    Paramount Residential Mortgage Group, Inc. 2 7.69% $9,551
    POLARIS HOME FUNDING CORP. 2 6.88% $9,816
    LOANDEPOT.COM, LLC 1 5.99% $12,795
    Gateway First Bank 1 6.75% $7,712
    U.S. Bank 1 6.75% $10,109
    Nations Lending Corporation 1 7.75% $7,647
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.13% $7,123
    Equity Prime Mortgage LLC 1 8.25% $12,043
    VILLAGE CAPITAL MORTGAGE 1 6.88% $2,174
    PENNYMAC LOAN SERVICES, LLC 1 5.50% $10,161
    PLANET HOME LENDING, LLC 1 5.88% $6,670
    WesBanco 1 7.00% $7,600
    PREMIER LENDING, INC. 1 7.63% $6,078
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.88% $7,099
    RAPID MORTGAGE COMPANY 1 7.63% $13,215
    Cornerstone First Mortgage, Inc 1 7.63% $8,006
    SENTE MORTGAGE, INC. 1 7.00% $6,266
    Citizens Bank 1 6.75% $5,785
    The Federal Savings Bank 1 7.25% $6,773
    The Huntington National Bank 1 7.25% $6,191
    THRIVE MORTGAGE, LLC 1 6.13% $8,506
    TOWNE MORTGAGE COMPANY 1 6.88% $8,021
    AmRes Corporation 1 6.63% $9,199
    Union Savings Bank 1 6.00% $5,254
    GENEVA FINANCIAL, LLC 1 7.13% $7,752
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.99% $10,164
    J. VIRGIL, INC. 1 7.63% $11,702
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.50% $8,874

    The top Chillicothe FHA lender as defined by loan originations is GUARANTEED RATE, INC., with 27 FHA loans originated. Their average total fees are $7,889, which is $294 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Chillicothe FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,596), GUARANTEED RATE, INC. ($7,889), DAS Acquisition Company, LLC ($8,753), GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION ($8,811) and UNION HOME MORTGAGE CORP. ($8,875).

    The lowest rate Chillicothe FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.57%), UNITED WHOLESALE MORTGAGE, LLC (6.62%), GUARANTEED RATE, INC. (6.91%), UNION HOME MORTGAGE CORP. (7.09%) and DAS Acquisition Company, LLC (7.18%).

    Chillicothe FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHILLICOTHE, OH ROSS 2022 $420,680 $538,650 $651,050 $809,150
    CHILLICOTHE, OH ROSS 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).