Columbus FHA Loans

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 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).