Columbus FHA Loan Rates, Closing Costs & Stats

COLUMBUS, IN

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 6.8% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.78% and one month ago for the week of 2024-05-03, the average rate was 6.68%.

The average rate one year ago was 6.55%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.59%.

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
2024-04-01 $349,950 (-7.8%) $624,344 (35.6%) 0.00 99
2024-05-01 $355,000 (-6.5%) $650,131 (42.6%) 0.00 110
Columbus's median listing price for 2024-05-01 was $355,000, a difference of $-24,500 (-6.5%) versus the prior year and $5,050 versus the prior month.

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

Columbus's average listing price for 2024-05-01 was $650,131, a difference of $194,307 (42.6%) versus the prior year and $25,787 versus the prior month.

For the 2024-05-01 period, Columbus had 110 MLS listings, a difference of 11 listings (11%) versus the prior month and 17 listings (18%) 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
2024-04-01 0 days 2,334 sqft
2024-05-01 0 days 2,473 sqft
Columbus's median listing age (time on market) for 2024-05-01 was 0 days.

Columbus's median square footage for active listings during the 2024-05-01 period was 2,473 sqft. One year prior, the average listing was 2,259 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).