Cincinnati FHA Loan Rates, Closing Costs & Stats

CINCINNATI, OH-KY-IN

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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.

    Cincinnati's 196 lenders originated 5,932 FHA loans during 2023. The total origination value was $1,348,440,000, with an average FHA loan value of $227,316.

    Cincinnati FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cincinnati averaged 6.44% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Cincinnati's average FHA mortgage closing costs are $7,112.

    The average rate for the prior week (2024-11-01) was 6.51% and one month ago for the week of 2024-10-04, the average rate was 5.83%.

    The average rate one year ago was 7.58%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.03%.

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

    Cincinnati 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 Cincinnati level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 600 6.34% $9,885
    UNITED WHOLESALE MORTGAGE, LLC 382 6.45% $11,219
    CROSSCOUNTRY MORTGAGE, LLC 302 6.78% $10,802
    NVR Mortgage Finance, Inc. 179 5.73% $10,468
    THRIVE MORTGAGE, LLC 147 6.61% $9,343
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 145 7.20% $10,608
    Paramount Residential Mortgage Group, Inc. 132 6.93% $11,127
    AMERICAN PACIFIC MORTGAGE CORPORATION 127 6.96% $10,160
    UNION HOME MORTGAGE CORP. 107 6.96% $10,485
    NEWREZ LLC 106 6.53% $9,800
    VICTORY MORTGAGE, L.L.C. 106 6.07% $8,781
    Union Savings Bank 92 6.72% $7,662
    Fifth Third Bank 92 6.52% $5,343
    FIRST COMMUNITY MORTGAGE, INC. 91 6.89% $9,999
    STOCKTON MORTGAGE CORPORATION 85 6.79% $11,159
    SUCCESS MORTGAGE PARTNERS, INC. 84 6.60% $10,102
    DAS Acquisition Company, LLC 83 7.23% $10,186
    LOANDEPOT.COM, LLC 83 6.40% $11,106
    FREEDOM MORTGAGE CORPORATION 83 6.87% $12,419
    The Huntington National Bank 82 6.85% $8,612
    Mr. Cooper ( Nationstar Mortgage ) 80 6.16% $12,932
    RUOFF MORTGAGE COMPANY, INC. 78 6.93% $6,669
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 77 7.05% $10,246
    NATIONS RELIABLE LENDING, LLC 75 7.10% $10,651
    BROKER SOLUTIONS, INC. 71 6.76% $10,454
    RAPID MORTGAGE COMPANY 62 6.90% $12,157
    Prosperity Home Mortgage, LLC 62 6.56% $8,223
    Bank of England 61 6.55% $10,960
    POLARIS HOME FUNDING CORP. 60 6.83% $10,939
    Carrington Mortgage Services, LLC 60 6.37% $11,603
    GUARANTEED RATE, INC. 59 6.41% $10,003
    AMERISAVE MORTGAGE CORPORATION 58 6.02% $12,639
    PENNYMAC LOAN SERVICES, LLC 56 6.25% $10,595
    BAYSHORE MORTGAGE FUNDING, LLC 51 6.94% $11,395
    MUTUAL OF OMAHA MORTGAGE, INC. 51 6.67% $14,310
    Plains Commerce Bank 47 6.70% $10,679
    U.S. Bank 42 6.80% $7,098
    Guardian Savings Bank, A Federal Savings Bank 39 6.71% $7,186
    DHI MORTGAGE COMPANY, LTD. 39 5.50% $9,757
    T2 FINANCIAL LLC 38 6.93% $14,787
    PRIMELENDING, A PLAINSCAPITAL COMPANY 35 7.03% $10,002
    PNC Bank 31 6.79% $7,243
    ENDEAVOR CAPITAL, LLC. 31 6.76% $10,214
    GUARANTEED RATE AFFINITY, LLC 28 6.87% $9,042
    PLANET HOME LENDING, LLC 28 6.40% $9,670
    LAKEVIEW LOAN SERVICING, LLC 27 6.36% $11,199
    Equity Prime Mortgage LLC 27 6.94% $11,700
    Western Ohio Mortgage Corporation 27 7.18% $10,748
    VAN DYK MORTGAGE CORPORATION 27 7.01% $9,176
    AMERICAN FINANCIAL NETWORK, INC. 23 6.77% $11,180
    RiverHills Bank 23 7.02% $8,007
    CARDINAL FINANCIAL 23 6.01% $10,472
    First Financial Bank 23 6.62% $7,834
    MOVEMENT MORTGAGE, LLC 21 6.51% $10,822
    Cincinnati Federal 20 6.32% $8,012
    SIBCY CLINE MORTGAGE SERVICES, INC. 20 6.42% $8,215
    MID AMERICA MORTGAGE, INC. 20 7.13% $5,228
    S1L, Inc. 20 6.58% $9,145
    Nations Lending Corporation 19 6.66% $11,523
    EQUITY RESOURCES, INC. 18 6.99% $8,144
    VILLAGE CAPITAL MORTGAGE 18 6.10% $9,442
    Flagstar Bank, FSB 18 6.60% $10,038
    Citizens Bank 18 6.42% $7,819
    Gateway First Bank 18 6.44% $7,806
    GENEVA FINANCIAL, LLC 18 7.03% $10,830
    M/I FINANCIAL, LLC 18 6.50% $13,950
    NORWICH COMMERCIAL GROUP, INC. 17 6.93% $8,823
    RELIANCE FIRST CAPITAL, LLC 17 6.64% $12,692
    LOANPAL, LLC 15 6.14% $11,088
    ARC HOME LLC 15 6.73% $9,373
    1st National Bank 15 6.65% $8,321
    AMCAP MORTGAGE, LTD. 14 6.96% $11,428
    EVERETT FINANCIAL, INC. 14 6.63% $11,850
    CHURCHILL MORTGAGE CORPORATION 14 6.47% $9,325
    WesBanco 13 6.27% $8,209
    OPTION FINANCIAL, LLC 13 6.43% $8,610
    GUILD MORTGAGE COMPANY 13 6.76% $10,360
    LIBERTY HOME MORTGAGE CORPORATION 11 7.25% $11,002
    Mortgage Research Center, LLC 11 6.97% $7,393
    Heartland Bank 11 6.39% $7,900
    HOMESIDE FINANCIAL, LLC 11 6.92% $11,476
    TOP FLITE FINANCIAL, INC. 11 6.93% $13,962
    Warsaw Federal Savings and Loan Association 11 6.51% $8,704
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 6.52% $9,045
    Ixonia Bank 10 6.86% $12,100
    Peoples Exchange Bank 9 6.43% $6,790
    Civista Bank 9 6.68% $7,590
    ENVOY MORTGAGE, LTD 9 7.18% $9,103
    GUARANTY HOME MORTGAGE CORPORATION 9 6.58% $7,216
    JPMorgan Chase Bank 9 6.93% $5,225
    AMERICAN FINANCING CORPORATION 9 6.44% $10,324
    NATIONWIDE MORTGAGE BANKERS, INC. 9 7.22% $12,773
    ROYAL UNITED MORTGAGE LLC 9 7.01% $9,224
    AmeriHome Mortgage Company, LLC 8 6.28% $10,994
    Northpointe Bank 8 6.47% $11,360
    AMERICAN FINANCIAL RESOURCES, INC. 7 6.80% $9,547
    PHH Mortgage Corporation 7 6.23% $10,764
    EMM LOANS LLC 7 5.96% $12,759
    ZILLOW HOME LOANS, LLC 7 6.80% $9,850
    The Federal Savings Bank 7 6.52% $16,162
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 6.82% $12,175
    KeyBank 7 6.43% $7,893
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 6.98% $12,565
    Truist 7 6.84% $6,346
    MICHIGAN MUTUAL, INC. 7 6.91% $11,779
    CALIBER HOME LOANS, INC. 7 6.07% $10,510
    WRIGHT-PATT CREDIT UNION, INC. 6 6.27% $7,640
    Lakeview Community Capital, LLC 6 5.83% $10,069
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.94% $10,684
    SUMMIT FUNDING, INC. 6 6.58% $15,321
    FIRST EQUITY MORTGAGE INCORPORATED 6 6.27% $14,770
    M&T Bank 6 6.56% $8,772
    MYCUMORTGAGE, LLC 6 7.21% $7,757
    JLB CORPORATION 5 6.13% $9,810
    The Loan Store, Inc. 5 7.28% $11,490
    Republic Bank & Trust Company 5 6.45% $8,211
    NBKC BANK 5 6.35% $9,795
    Century Mortgage Company DBA Century Lending Company 5 6.27% $13,284
    NFM, INC. 5 7.40% $12,347
    Bank of America 5 6.73% $6,820
    FIRST ALLIANCE HOME MORTGAGE, LLC 4 6.28% $12,656
    First Federal Bank of the Midwest 4 6.03% $8,689
    SUN WEST MORTGAGE COMPANY, INC. 4 6.41% $7,508
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 4 7.47% $8,529
    OCMBC, INC. 4 7.56% $11,725
    ON Q FINANCIAL, INC. 4 7.72% $7,030
    NATIONS DIRECT MORTGAGE, LLC 4 7.34% $10,816
    INTERNATIONAL CITY MORTGAGE, INC. 4 6.81% $10,470
    Waterstone Mortgage Corporation 3 6.25% $10,610
    Barrington Bank & Trust Company, N.A. 3 7.25% $9,474
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 6.46% $9,140
    Regions Bank 3 6.75% $7,516
    RESIDENTIAL BANCORP 2 6.88% $11,683
    ALLIED MORTGAGE GROUP, INC. 2 6.69% $8,850
    Central Bank 2 6.19% $7,887
    DEVELOPER'S MORTGAGE COMPANY 2 7.88% $13,819
    EMBRACE HOME LOANS, INC. 2 6.94% $8,894
    GSF Mortgage Corporation 2 6.63% $7,830
    KELLER MORTGAGE, LLC 2 6.38% $8,286
    LCNB National Bank 2 6.88% $7,506
    MORIA DEVELOPMENT, INC. 2 7.63% $9,139
    Neighborhood Loans, Inc. 2 6.56% $9,993
    NEW DAY FINANCIAL, LLC 2 7.63% $9,277
    OCEANSIDE MORTGAGE COMPANY 2 6.38% $5,936
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.06% $9,923
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.75% $13,353
    Servion, Inc. 2 6.81% $9,017
    Strong Home Mortgage, LLC 2 6.19% $12,410
    TOWNE MORTGAGE COMPANY 2 6.75% $12,698
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 7.00% $10,568
    VERITAS FUNDING, LLC 2 6.44% $17,698
    Wells Fargo Bank 2 5.56% $6,455
    CIBM Bank 1 6.12% $6,663
    1ST SIGNATURE LENDING, LLC 1 5.63% $10,973
    Merchants Bank of Indiana 1 7.13% $4,614
    Sierra Pacific Mortgage Company, Inc. 1 5.13% $17,593
    SOUTH CENTRAL BANK, INC. 1 6.75% $11,119
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.50% $11,196
    Magnolia Bank 1 6.25% $11,903
    Stock Yards Bank & Trust Company 1 7.38% $5,500
    BNC National Bank 1 5.25% $11,324
    LAND HOME FINANCIAL SERVICES, INC. 1 7.00% $19,494
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.00% $8,606
    HOMEXPRESS MORTGAGE CORP. 1 7.00% $18,906
    SUPERIOR FINANCIAL SOLUTIONS, LLC 1 6.63% $5,381
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.38% $11,260
    The Central Trust Bank 1 5.13% $19,706
    THE EQUITABLE MORTGAGE CORPORATION 1 6.25% $11,228
    Goldwater Bank, N.A. 1 7.25% $6,709
    German American Bank 1 7.00% $7,969
    Forcht Bank 1 6.38% $5,590
    The State Bank and Trust Company 1 7.38% $10,546
    The Union Bank Company 1 7.00% $12,600
    First Horizon Bank 1 6.63% $8,919
    TJC Mortgage, Inc. 1 6.88% $12,439
    First Commonwealth Bank 1 7.63% $6,099
    BAY EQUITY LLC 1 7.00% $6,543
    First Bank 1 6.13% $10,991
    FAIR WAY LENDING LLC 1 6.50% $6,799
    EVANSVILLE TEACHERS 1 8.13% $7,502
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.75% $7,449
    DIRECT MORTGAGE LOANS, LLC 1 6.49% $16,062
    US MORTGAGE CORPORATION 1 7.63% $7,982
    Willamette Valley Bank 1 6.25% $10,352
    Cornerstone First Mortgage, Inc 1 7.75% $13,241
    AmRes Corporation 1 6.88% $15,821
    CONTOUR MORTGAGE CORPORATION 1 6.75% $10,322
    COMPASS MORTGAGE, INC. 1 6.63% $15,338
    Citibank 1 6.75% $3,982
    Renasant Bank 1 6.13% $7,423
    PLAZA HOME MORTGAGE, INC. 1 6.25% $15,153
    Peoples Bank 1 6.75% $7,653
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $11,069
    NTFN, INC. 1 6.25% $7,352
    MORTGAGE CENTER L.C 1 6.50% $7,107
    MORTGAGE 1 INCORPORATED 1 6.99% $9,755

    The top Cincinnati FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 600 FHA loans originated. Their average total fees are $9,885, which is $1,334 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Cincinnati FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($5,228), Fifth Third Bank ($5,343), RUOFF MORTGAGE COMPANY, INC. ($6,669), U.S. Bank ($7,098) and Guardian Savings Bank, A Federal Savings Bank ($7,186).

    The lowest rate Cincinnati FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.50%), NVR Mortgage Finance, Inc. (5.73%), CARDINAL FINANCIAL (6.01%), AMERISAVE MORTGAGE CORPORATION (6.02%) and VICTORY MORTGAGE, L.L.C. (6.07%).

    Cincinnati FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CINCINNATI, OH-KY-IN DEARBORN 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN OHIO 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN UNION 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN BOONE 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN BRACKEN 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN CAMPBELL 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN GALLATIN 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN GRANT 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN KENTON 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN PENDLETON 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN BROWN 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN BUTLER 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN CLERMONT 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN HAMILTON 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN WARREN 2022 $420,680 $538,650 $651,050 $809,150
    CINCINNATI, OH-KY-IN DEARBORN 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN OHIO 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN UNION 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN BOONE 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN BRACKEN 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN CAMPBELL 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN GALLATIN 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN GRANT 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN KENTON 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN PENDLETON 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN BROWN 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN BUTLER 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN CLERMONT 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN HAMILTON 2023 $472,030 $604,400 $730,525 $907,900
    CINCINNATI, OH-KY-IN WARREN 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).