Columbus FHA Loans

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 68 lenders originated 438 FHA loans during 2021. The total origination value was $75,800,000, with an average FHA loan value of $173,059.

    Columbus FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Columbus averaged 5.46% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.49% and one month ago for the week of 2022-04-08, the average rate was 5.15%.

    The average rate one year ago was 3.36%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.97%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Columbus level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    RUOFF MORTGAGE COMPANY, INC. 61 3.30% $4,535
    QUICKEN LOANS, LLC 42 2.77% $5,806
    GVC MORTGAGE, INC. 25 3.45% $6,944
    HALLMARK HOME MORTGAGE, LLC 22 3.16% $6,839
    FREEDOM MORTGAGE CORPORATION 21 2.92% $4,191
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 3.67% $6,482
    LAKEVIEW LOAN SERVICING, LLC 13 3.01% $3,838
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 3.42% $5,279
    Mr. Cooper ( Nationstar Mortgage ) 13 3.31% $3,286
    VANDERBILT MORTGAGE AND FINANCE, INC. 12 3.13% $7,007
    Fifth Third Bank 10 2.86% $5,623
    First Financial Bank 10 3.18% $5,131
    Wolfe Financial, Inc 8 3.39% $6,480
    PENNYMAC LOAN SERVICES, LLC 8 3.26% $3,484
    NEWREZ LLC 7 3.27% $4,274
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.71% $5,783
    CALIBER HOME LOANS, INC. 6 2.81% $5,098
    German American Bank 6 3.21% $5,967
    BROKER SOLUTIONS, INC. 4 3.16% $5,776
    FAIR WAY LENDING LLC 3 3.38% $8,011
    AmeriHome Mortgage Company, LLC 3 3.42% $3,237
    PNC Bank 3 2.71% $4,789
    AMERICAN MORTGAGE SERVICE COMPANY 3 3.04% $7,853
    MID AMERICA MORTGAGE, INC. 3 2.58% $4,085
    First Guaranty Mortgage Corporation 3 3.00% $4,276
    STEARNS LENDING, LLC 2 3.31% $4,266
    AMERISAVE MORTGAGE CORPORATION 2 3.19% $6,282
    CELEBRITY HOME LOANS, LLC 2 3.25% $5,527
    Gateway First Bank 2 3.00% $4,794
    GENEVA FINANCIAL, LLC 2 3.25% $5,535
    GUARANTEED RATE, INC. 2 2.56% $7,449
    LOANDEPOT.COM, LLC 2 3.13% $6,597
    Paramount Residential Mortgage Group, Inc. 2 3.88% $7,463
    SUCCESS MORTGAGE PARTNERS, INC. 2 3.06% $7,825
    The Federal Savings Bank 2 3.13% $8,030
    UNITED WHOLESALE MORTGAGE, LLC 2 2.94% $4,509
    VILLAGE CAPITAL & INVESTMENT LLC 2 3.12% $2,278
    LEADERONE FINANCIAL CORPORATION 1 3.00% $4,983
    ZILLOW HOME LOANS, LLC 1 3.13% $4,329
    FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $7,910
    MILESTONE HOME LENDING, LLC 1 3.25% $10,145
    MJW Financial LLC 1 2.88% $9,128
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.63% $4,439
    Equity Prime Mortgage LLC 1 4.75% $7,500
    AMCAP MORTGAGE, LTD. 1 2.38% $6,307
    ENDEAVOR CAPITAL, LLC. 1 2.75% $910
    Plains Commerce Bank 1 2.63% $12,420
    PLANET HOME LENDING, LLC 1 2.75% $3,935
    DIRECT MORTGAGE LOANS, LLC 1 3.50% $12,142
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.50% $6,039
    Citizens Bank 1 2.88% $4,418
    Carrollton Bank 1 2.88% $5,510
    RANLIFE, INC. 1 3.63% $4,074
    Regions Bank 1 2.75% $6,270
    Residential Mortgage Solutions, Inc. 1 3.00% $6,407
    ROYAL UNITED MORTGAGE LLC 1 3.25% $7,482
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.63% $6,374
    Sierra Pacific Mortgage Company, Inc. 1 2.88% $10,401
    SOUTHWEST FUNDING, LP 1 4.25% $7,759
    ALAMEDA MORTGAGE CORPORATION 1 3.25% $7,631
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.38% $7,725
    SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $3,746
    FORUM Credit Union 1 2.75% $5,754
    Flagstar Bank, FSB 1 2.82% $4,105
    HOME POINT FINANCIAL CORPORATION 1 2.99% $2,684
    HOMESIDE FINANCIAL, LLC 1 3.25% $8,512
    JPMorgan Chase Bank 1 3.13% $4,057
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 4.25% $7,486

    The top Columbus FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 61 FHA loans originated. Their average total fees are $4,535, which is $1,271 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Columbus FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,286), LAKEVIEW LOAN SERVICING, LLC ($3,838), FREEDOM MORTGAGE CORPORATION ($4,191), RUOFF MORTGAGE COMPANY, INC. ($4,535) and First Financial Bank ($5,131).

    The lowest rate Columbus FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.77%), Fifth Third Bank (2.86%), FREEDOM MORTGAGE CORPORATION (2.92%), LAKEVIEW LOAN SERVICING, LLC (3.01%) and VANDERBILT MORTGAGE AND FINANCE, INC. (3.13%).

    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

    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 $247,400 (8.8%) $312,339 (9.8%) 0.00 277
    2018-02-01 $242,345 (9.2%) $306,871 (7.0%) 0.00 234
    2018-03-01 $252,000 (13.6%) $319,026 (9.7%) 0.00 223
    2018-04-01 $259,900 (6.1%) $323,531 (8.9%) 0.00 212
    2018-05-01 $254,900 (2.8%) $329,206 (9.5%) 0.00 228
    2018-06-01 $249,900 (-0.4%) $323,083 (7.0%) 0.00 240
    2018-07-01 $254,900 (-1.9%) $320,484 (2.3%) 0.00 251
    2018-08-01 $249,900 (-2.0%) $316,268 (0.0%) 0.00 256
    2018-09-01 $239,900 (-4.0%) $308,610 (-1.6%) 0.00 247
    2018-10-01 $237,400 (2.6%) $307,413 (2.0%) 0.00 247
    2018-11-01 $259,000 (13.2%) $323,284 (6.6%) 0.00 237
    2018-12-01 $272,000 (17.5%) $339,734 (11.4%) 0.00 226
    2019-01-01 $277,400 (12.1%) $347,979 (11.4%) 0.00 197
    2019-02-01 $279,900 (15.5%) $350,884 (14.3%) 0.00 177
    2019-03-01 $288,471 (14.5%) $354,421 (11.1%) 0.00 179
    2019-04-01 $304,950 (17.3%) $363,648 (12.4%) 0.00 168
    2019-05-01 $304,250 (19.4%) $360,969 (9.7%) 0.00 163
    2019-06-01 $299,900 (20.0%) $363,415 (12.5%) 0.00 168
    2019-07-01 $274,900 (7.9%) $340,317 (6.2%) 0.00 188
    2019-08-01 $257,043 (2.9%) $316,330 (0.0%) 0.00 216
    2019-09-01 $247,043 (3.0%) $303,138 (-1.8%) 0.00 213
    2019-10-01 $249,000 (4.9%) $310,384 (1.0%) 0.00 200
    2019-11-01 $259,990 (0.4%) $330,386 (2.2%) 0.00 177
    2019-12-01 $262,495 (-3.5%) $327,622 (-3.6%) 0.00 151
    2020-01-01 $254,500 (-8.3%) $321,926 (-7.5%) 0.00 140
    2020-02-01 $250,000 (-10.7%) $327,692 (-6.6%) 0.00 148
    2020-03-01 $260,950 (-9.5%) $334,048 (-5.8%) 0.00 136
    2020-04-01 $249,900 (-18.1%) $309,303 (-14.9%) 0.00 149
    2020-05-01 $249,900 (-17.9%) $308,977 (-14.4%) 0.00 152
    2020-06-01 $242,400 (-19.2%) $305,737 (-15.9%) 0.00 148
    2020-07-01 $246,500 (-10.3%) $322,396 (-5.3%) 0.00 142
    2020-08-01 $250,000 (-2.7%) $312,647 (-1.2%) 0.00 134
    2020-09-01 $265,995 (7.7%) $325,385 (7.3%) 0.00 119
    2020-10-01 $269,000 (8.0%) $321,946 (3.7%) 0.00 118
    2020-11-01 $279,900 (7.7%) $322,805 (-2.3%) 0.00 100
    2020-12-01 $269,450 (2.7%) $308,566 (-5.8%) 0.00 84
    2021-01-01 $259,900 (2.1%) $307,467 (-4.5%) 0.00 67
    2021-02-01 $277,400 (11.0%) $312,628 (-4.6%) 0.00 45
    2021-03-01 $299,900 (14.9%) $345,440 (3.4%) 0.00 49
    2021-04-01 $299,900 (20.0%) $352,406 (13.9%) 0.00 51
    2021-05-01 $310,000 (24.1%) $368,152 (19.2%) 0.00 65
    2021-06-01 $282,450 (16.5%) $367,968 (20.4%) 0.00 71
    2021-07-01 $280,000 (13.6%) $352,373 (9.3%) 0.00 87
    2021-08-01 $267,400 (7.0%) $339,909 (8.7%) 0.00 107
    2021-09-01 $259,900 (-2.3%) $353,770 (8.7%) 0.00 108
    2021-10-01 $279,900 (4.1%) $354,177 (10.0%) 0.00 101
    2021-11-01 $304,500 (8.8%) $381,475 (18.2%) 0.00 80
    2021-12-01 $334,245 (24.1%) $354,448 (14.9%) 0.00 83
    2022-01-01 $329,900 (26.9%) $336,427 (9.4%) 0.00 68
    2022-02-01 $339,900 (22.5%) $357,789 (14.5%) 0.00 66
    2022-03-01 $336,250 (12.1%) $725,999 (110.2%) 0.00 67
    2022-04-01 $299,900 (0.0%) $650,267 (84.5%) 0.00 79
    Columbus's median listing price for 2022-04-01 was $299,900, a difference of $0 (0.0%) versus the prior year and $-36,350 versus the prior month.

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

    Columbus's average listing price for 2022-04-01 was $650,267, a difference of $297,861 (84.5%) versus the prior year and $-75,732 versus the prior month.

    For the 2022-04-01 period, Columbus had 79 MLS listings, a difference of 12 listings (18%) versus the prior month and 28 listings (55%) 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 2,470 sqft
    2018-02-01 0 days 2,416 sqft
    2018-03-01 0 days 2,702 sqft
    2018-04-01 0 days 2,725 sqft
    2018-05-01 0 days 2,733 sqft
    2018-06-01 0 days 2,693 sqft
    2018-07-01 0 days 2,740 sqft
    2018-08-01 0 days 2,685 sqft
    2018-09-01 0 days 2,464 sqft
    2018-10-01 0 days 2,493 sqft
    2018-11-01 0 days 2,615 sqft
    2018-12-01 0 days 2,743 sqft
    2019-01-01 0 days 2,629 sqft
    2019-02-01 0 days 2,688 sqft
    2019-03-01 0 days 2,890 sqft
    2019-04-01 0 days 3,001 sqft
    2019-05-01 0 days 2,869 sqft
    2019-06-01 0 days 2,704 sqft
    2019-07-01 0 days 2,489 sqft
    2019-08-01 0 days 2,435 sqft
    2019-09-01 0 days 2,476 sqft
    2019-10-01 0 days 2,697 sqft
    2019-11-01 0 days 2,772 sqft
    2019-12-01 0 days 2,723 sqft
    2020-01-01 0 days 2,742 sqft
    2020-02-01 0 days 2,712 sqft
    2020-03-01 0 days 2,820 sqft
    2020-04-01 0 days 2,740 sqft
    2020-05-01 0 days 2,774 sqft
    2020-06-01 0 days 2,515 sqft
    2020-07-01 0 days 2,800 sqft
    2020-08-01 0 days 2,680 sqft
    2020-09-01 0 days 2,376 sqft
    2020-10-01 0 days 2,322 sqft
    2020-11-01 0 days 2,356 sqft
    2020-12-01 0 days 2,154 sqft
    2021-01-01 0 days 2,218 sqft
    2021-02-01 0 days 2,223 sqft
    2021-03-01 0 days 2,271 sqft
    2021-04-01 0 days 2,240 sqft
    2021-05-01 0 days 2,457 sqft
    2021-06-01 0 days 2,404 sqft
    2021-07-01 0 days 2,344 sqft
    2021-08-01 0 days 2,264 sqft
    2021-09-01 0 days 2,210 sqft
    2021-10-01 0 days 2,200 sqft
    2021-11-01 0 days 2,369 sqft
    2021-12-01 0 days 2,078 sqft
    2022-01-01 0 days 1,862 sqft
    2022-02-01 0 days 1,867 sqft
    2022-03-01 0 days 2,182 sqft
    2022-04-01 0 days 2,076 sqft
    Columbus's median listing age (time on market) for 2022-04-01 was 0 days.

    Columbus's median square footage for active listings during the 2022-04-01 period was 2,076 sqft. One year prior, the average listing was 2,240 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).