Columbus FHA Loan Rates, Closing Costs & Stats

COLUMBUS, 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.

    Columbus's 58 lenders originated 258 FHA loans during 2023. The total origination value was $53,360,000, with an average FHA loan value of $206,822.

    Columbus FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Columbus averaged 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Columbus's average FHA mortgage closing costs are $6,111.

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.42%.

    The average rate one year ago was 6.45%.

    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.

    Columbus 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 Columbus level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 27 6.43% $9,227
    GVC MORTGAGE, INC. 26 6.99% $7,620
    VANDERBILT MORTGAGE AND FINANCE, INC. 23 5.83% $13,319
    RUOFF MORTGAGE COMPANY, INC. 17 6.89% $6,164
    HALLMARK HOME MORTGAGE, LLC 14 6.92% $8,749
    First Financial Bank 9 6.99% $6,945
    NEWREZ LLC 8 6.70% $9,929
    CMG MORTGAGE, INC. 8 7.61% $7,828
    UNITED WHOLESALE MORTGAGE, LLC 7 6.14% $12,315
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.32% $5,267
    FREEDOM MORTGAGE CORPORATION 7 6.55% $11,789
    LOANDEPOT.COM, LLC 6 6.52% $9,643
    CROSSCOUNTRY MORTGAGE, LLC 6 6.94% $9,024
    DIRECT MORTGAGE LOANS, LLC 6 7.21% $11,319
    Fifth Third Bank 5 6.63% $7,292
    Mr. Cooper ( Nationstar Mortgage ) 5 6.38% $11,260
    LOANPAL, LLC 4 6.34% $10,492
    FIRST COMMUNITY MORTGAGE, INC. 4 6.81% $9,445
    LAKEVIEW LOAN SERVICING, LLC 3 6.75% $7,803
    Wolfe Financial, Inc 3 7.17% $8,086
    Union Savings Bank 3 6.88% $5,644
    Carrington Mortgage Services, LLC 2 6.38% $7,563
    AmeriHome Mortgage Company, LLC 2 6.63% $7,425
    CALIBER HOME LOANS, INC. 2 6.69% $10,780
    German American Bank 2 6.88% $6,319
    Goldwater Bank, N.A. 2 6.25% $7,358
    NVR Mortgage Finance, Inc. 2 6.50% $14,028
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $17,553
    TUCKER MORTGAGE, LLC 2 6.94% $7,026
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $12,164
    GENEVA FINANCIAL, LLC 1 7.38% $13,889
    MID AMERICA MORTGAGE, INC. 1 8.13% $2,453
    MILESTONE HOME LENDING, LLC 1 7.25% $7,777
    MJW Financial LLC 1 6.12% $9,959
    Flagstar Bank, FSB 1 6.70% $5,539
    MYCUMORTGAGE, LLC 1 6.63% $6,360
    Nations Lending Corporation 1 6.63% $6,561
    Neighborhood Loans, Inc. 1 8.25% $9,015
    ENDEAVOR CAPITAL, LLC. 1 6.12% $9,176
    BROKER SOLUTIONS, INC. 1 6.60% $7,504
    OCEANSIDE MORTGAGE COMPANY 1 7.25% $4,884
    ON Q FINANCIAL, INC. 1 7.25% $11,585
    PHH Mortgage Corporation 1 6.99% $7,624
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $10,525
    Elements Financial Federal Credit Union 1 6.75% $5,200
    Bank of England 1 6.13% $7,734
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $6,315
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $7,692
    TEACHERS CREDIT UNION 1 6.88% $5,070
    The Federal Savings Bank 1 6.25% $8,721
    The Huntington National Bank 1 5.75% $6,739
    TOP FLITE FINANCIAL, INC. 1 6.75% $8,934
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $10,861
    UNION HOME MORTGAGE CORP. 1 5.75% $16,390
    CARDINAL FINANCIAL 1 5.99% $17,390
    Ixonia Bank 1 7.25% $6,965
    JLB CORPORATION 1 7.00% $7,197
    Horizon Bank 1 7.13% $4,751

    The top Columbus FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 27 FHA loans originated. Their average total fees are $9,227, which is $1,607 higher than the next largest lender, GVC MORTGAGE, INC..

    The lowest fee Columbus FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($6,164), GVC MORTGAGE, INC. ($7,620), HALLMARK HOME MORTGAGE, LLC ($8,749), QUICKEN LOANS, LLC ($9,227) and VANDERBILT MORTGAGE AND FINANCE, INC. ($13,319).

    The lowest rate Columbus FHA lenders (with over 10 loans originated) are VANDERBILT MORTGAGE AND FINANCE, INC. (5.83%), QUICKEN LOANS, LLC (6.43%), RUOFF MORTGAGE COMPANY, INC. (6.89%), HALLMARK HOME MORTGAGE, LLC (6.92%) and GVC MORTGAGE, INC. (6.99%).

    Columbus FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Columbus (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 $230,300 (5.2%) $286,489 (4.4%) 0.00 234
    2018-02-01 $222,950 (1.9%) $279,744 (0.2%) 0.00 209
    2018-03-01 $239,900 (9.3%) $294,448 (3.5%) 0.00 198
    2018-04-01 $259,650 (5.6%) $304,011 (4.9%) 0.00 189
    2018-05-01 $241,195 (-2.3%) $303,269 (2.3%) 0.00 198
    2018-06-01 $239,900 (-3.6%) $302,124 (2.0%) 0.00 203
    2018-07-01 $244,925 (-2.0%) $302,586 (-0.7%) 0.00 215
    2018-08-01 $235,925 (-5.1%) $301,914 (0.2%) 0.00 221
    2018-09-01 $224,900 (-5.3%) $297,276 (-0.1%) 0.00 212
    2018-10-01 $231,875 (3.1%) $296,413 (2.5%) 0.00 217
    2018-11-01 $242,473 (11.7%) $311,288 (9.6%) 0.00 213
    2018-12-01 $259,900 (22.2%) $325,577 (15.8%) 0.00 202
    2019-01-01 $271,050 (17.7%) $334,679 (16.8%) 0.00 185
    2019-02-01 $274,900 (23.3%) $337,067 (20.5%) 0.00 171
    2019-03-01 $284,800 (18.7%) $339,222 (15.2%) 0.00 169
    2019-04-01 $303,950 (17.1%) $347,570 (14.3%) 0.00 160
    2019-05-01 $294,500 (22.1%) $342,044 (12.8%) 0.00 155
    2019-06-01 $289,450 (20.7%) $338,349 (12.0%) 0.00 155
    2019-07-01 $259,900 (6.1%) $322,916 (6.7%) 0.00 177
    2019-08-01 $249,900 (5.9%) $315,598 (4.5%) 0.00 191
    2019-09-01 $249,900 (11.1%) $314,095 (5.7%) 0.00 197
    2019-10-01 $249,900 (7.8%) $312,866 (5.6%) 0.00 199
    2019-11-01 $255,000 (5.2%) $318,813 (2.4%) 0.00 173
    2019-12-01 $257,495 (-0.9%) $321,297 (-1.3%) 0.00 151
    2020-01-01 $249,900 (-7.8%) $307,654 (-8.1%) 0.00 141
    2020-02-01 $249,900 (-9.1%) $312,716 (-7.2%) 0.00 145
    2020-03-01 $256,450 (-10.0%) $326,556 (-3.7%) 0.00 132
    2020-04-01 $249,425 (-17.9%) $308,188 (-11.3%) 0.00 145
    2020-05-01 $249,900 (-15.1%) $303,723 (-11.2%) 0.00 153
    2020-06-01 $242,400 (-16.3%) $304,782 (-9.9%) 0.00 149
    2020-07-01 $245,300 (-5.6%) $312,885 (-3.1%) 0.00 139
    2020-08-01 $247,200 (-1.1%) $305,017 (-3.4%) 0.00 134
    2020-09-01 $254,973 (2.0%) $306,280 (-2.5%) 0.00 115
    2020-10-01 $259,900 (4.0%) $312,918 (0.0%) 0.00 116
    2020-11-01 $262,000 (2.8%) $314,088 (-1.5%) 0.00 101
    2020-12-01 $256,175 (-0.5%) $302,053 (-6.0%) 0.00 83
    2021-01-01 $262,450 (5.0%) $307,956 (0.1%) 0.00 66
    2021-02-01 $273,650 (9.5%) $312,365 (-0.1%) 0.00 43
    2021-03-01 $294,900 (15.0%) $331,900 (1.6%) 0.00 48
    2021-04-01 $297,425 (19.2%) $347,618 (12.8%) 0.00 48
    2021-05-01 $299,900 (20.0%) $357,030 (17.6%) 0.00 63
    2021-06-01 $272,473 (12.4%) $362,263 (18.9%) 0.00 72
    2021-07-01 $272,450 (11.1%) $341,997 (9.3%) 0.00 85
    2021-08-01 $266,150 (7.7%) $335,044 (9.8%) 0.00 107
    2021-09-01 $253,425 (-0.6%) $343,271 (12.1%) 0.00 107
    2021-10-01 $270,450 (4.1%) $343,877 (9.9%) 0.00 100
    2021-11-01 $297,200 (13.4%) $368,416 (17.3%) 0.00 81
    2021-12-01 $319,445 (24.7%) $346,824 (14.8%) 0.00 82
    2022-01-01 $329,445 (25.5%) $333,005 (8.1%) 0.00 68
    2022-02-01 $334,900 (22.4%) $346,599 (11.0%) 0.00 67
    2022-03-01 $345,325 (17.1%) $710,115 (114.0%) 0.00 65
    2022-04-01 $333,995 (12.3%) $671,222 (93.1%) 0.00 75
    2022-05-01 $367,423 (22.5%) $650,219 (82.1%) 0.00 91
    2022-06-01 $374,966 (37.6%) $626,686 (73.0%) 0.00 103
    2022-07-01 $369,900 (35.8%) $583,747 (70.7%) 0.00 136
    2022-08-01 $346,000 (30.0%) $576,347 (72.0%) 0.00 135
    2022-09-01 $337,000 (33.0%) $564,935 (64.6%) 0.00 132
    2022-10-01 $329,000 (21.7%) $570,637 (65.9%) 0.00 140
    2022-11-01 $343,698 (15.7%) $571,901 (55.2%) 0.00 144
    2022-12-01 $339,900 (6.4%) $374,658 (8.0%) 0.00 121
    2023-01-01 $339,450 (3.0%) $384,674 (15.5%) 0.00 107
    2023-02-01 $339,900 (1.5%) $417,312 (20.4%) 0.00 101
    2023-03-01 $379,500 (9.9%) $458,548 (-35.4%) 0.00 95
    2023-04-01 $379,500 (13.6%) $460,472 (-31.4%) 0.00 92
    2023-05-01 $379,500 (3.3%) $455,824 (-29.9%) 0.00 93
    2023-06-01 $392,200 (4.6%) $460,208 (-26.6%) 0.00 111
    2023-07-01 $374,950 (1.4%) $424,689 (-27.3%) 0.00 104
    2023-08-01 $349,475 (1.0%) $392,000 (-32.0%) 0.00 95
    2023-09-01 $345,000 (2.4%) $398,079 (-29.5%) 0.00 101
    2023-10-01 $339,900 (3.3%) $387,053 (-32.2%) 0.00 126
    2023-11-01 $327,400 (-4.7%) $373,711 (-34.7%) 0.00 127
    2023-12-01 $299,900 (-11.8%) $354,632 (-5.4%) 0.00 120
    2024-01-01 $299,900 (-11.7%) $348,498 (-9.4%) 0.00 110
    2024-02-01 $305,200 (-10.2%) $353,803 (-15.2%) 0.00 90
    2024-03-01 $327,450 (-13.7%) $382,850 (-16.5%) 0.00 98
    Columbus's median listing price for 2024-03-01 was $327,450, a difference of $-52,050 (-13.7%) versus the prior year and $22,250 versus the prior month.

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

    Columbus's average listing price for 2024-03-01 was $382,850, a difference of $-75,698 (-16.5%) versus the prior year and $29,047 versus the prior month.

    For the 2024-03-01 period, Columbus had 98 MLS listings, a difference of 8 listings (9%) versus the prior month and 3 listings (3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Columbus (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,340 sqft
    2018-02-01 0 days 2,330 sqft
    2018-03-01 0 days 2,571 sqft
    2018-04-01 0 days 2,693 sqft
    2018-05-01 0 days 2,739 sqft
    2018-06-01 0 days 2,490 sqft
    2018-07-01 0 days 2,604 sqft
    2018-08-01 0 days 2,549 sqft
    2018-09-01 0 days 2,405 sqft
    2018-10-01 0 days 2,416 sqft
    2018-11-01 0 days 2,529 sqft
    2018-12-01 0 days 2,656 sqft
    2019-01-01 0 days 2,584 sqft
    2019-02-01 0 days 2,631 sqft
    2019-03-01 0 days 2,715 sqft
    2019-04-01 0 days 2,864 sqft
    2019-05-01 0 days 2,766 sqft
    2019-06-01 0 days 2,624 sqft
    2019-07-01 0 days 2,484 sqft
    2019-08-01 0 days 2,509 sqft
    2019-09-01 0 days 2,610 sqft
    2019-10-01 0 days 2,688 sqft
    2019-11-01 0 days 2,766 sqft
    2019-12-01 0 days 2,734 sqft
    2020-01-01 0 days 2,712 sqft
    2020-02-01 0 days 2,673 sqft
    2020-03-01 0 days 2,802 sqft
    2020-04-01 0 days 2,741 sqft
    2020-05-01 0 days 2,774 sqft
    2020-06-01 0 days 2,600 sqft
    2020-07-01 0 days 2,778 sqft
    2020-08-01 0 days 2,577 sqft
    2020-09-01 0 days 2,316 sqft
    2020-10-01 0 days 2,335 sqft
    2020-11-01 0 days 2,259 sqft
    2020-12-01 0 days 2,112 sqft
    2021-01-01 0 days 2,192 sqft
    2021-02-01 0 days 2,194 sqft
    2021-03-01 0 days 2,324 sqft
    2021-04-01 0 days 2,200 sqft
    2021-05-01 0 days 2,350 sqft
    2021-06-01 0 days 2,342 sqft
    2021-07-01 0 days 2,344 sqft
    2021-08-01 0 days 2,238 sqft
    2021-09-01 0 days 2,151 sqft
    2021-10-01 0 days 2,151 sqft
    2021-11-01 0 days 2,366 sqft
    2021-12-01 0 days 2,000 sqft
    2022-01-01 0 days 1,920 sqft
    2022-02-01 0 days 1,884 sqft
    2022-03-01 0 days 2,163 sqft
    2022-04-01 0 days 2,028 sqft
    2022-05-01 0 days 2,207 sqft
    2022-06-01 0 days 2,365 sqft
    2022-07-01 0 days 2,465 sqft
    2022-08-01 0 days 2,428 sqft
    2022-09-01 0 days 2,398 sqft
    2022-10-01 0 days 2,282 sqft
    2022-11-01 0 days 2,310 sqft
    2022-12-01 0 days 2,240 sqft
    2023-01-01 0 days 2,147 sqft
    2023-02-01 0 days 2,043 sqft
    2023-03-01 0 days 2,281 sqft
    2023-04-01 0 days 2,399 sqft
    2023-05-01 0 days 2,259 sqft
    2023-06-01 0 days 2,380 sqft
    2023-07-01 0 days 2,386 sqft
    2023-08-01 0 days 2,446 sqft
    2023-09-01 0 days 2,397 sqft
    2023-10-01 0 days 2,302 sqft
    2023-11-01 0 days 2,236 sqft
    2023-12-01 0 days 2,112 sqft
    2024-01-01 0 days 2,093 sqft
    2024-02-01 0 days 2,072 sqft
    2024-03-01 0 days 2,211 sqft
    Columbus's median listing age (time on market) for 2024-03-01 was 0 days.

    Columbus's median square footage for active listings during the 2024-03-01 period was 2,211 sqft. One year prior, the average listing was 2,281 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).