Lima FHA Loan Rates, Closing Costs & Stats

LIMA, OH

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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.

    Lima's 53 lenders originated 225 FHA loans during 2024. The total origination value was $38,305,000, with an average FHA loan value of $170,244.

    Lima FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lima averaged 6.62% for the week of 2025-07-11, compared to the national average (all FHA variants) of 6.523% for the same period.

    Lima's average FHA mortgage closing costs are $6,409.

    The average rate for the prior week (2025-07-04) was 6.65% and one month ago for the week of 2025-06-06, the average rate was 6.88%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-07-11, the average rate was 7.53%.

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

    Lima 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 Lima level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 26 6.51% $8,990
    LOANDEPOT.COM, LLC 18 6.75% $7,943
    CROSSCOUNTRY MORTGAGE, LLC 14 7.14% $10,758
    Carrington Mortgage Services, LLC 12 7.17% $7,208
    The Federal Savings Bank 11 6.75% $7,976
    MYCUMORTGAGE, LLC 10 6.48% $7,103
    The Huntington National Bank 9 6.83% $6,323
    GENEVA FINANCIAL, LLC 7 6.80% $9,267
    PENNYMAC LOAN SERVICES, LLC 6 6.21% $10,269
    UNITED WHOLESALE MORTGAGE, LLC 6 5.81% $12,831
    HOMESIDE FINANCIAL, LLC 5 6.53% $9,496
    SUPERIOR FINANCIAL SOLUTIONS, LLC 5 7.15% $5,046
    The Citizens National Bank of Bluffton 5 6.65% $7,099
    BROKER SOLUTIONS, INC. 4 7.31% $12,477
    PLAZA HOME MORTGAGE, INC. 4 6.75% $7,301
    RUOFF MORTGAGE COMPANY, INC. 4 6.53% $7,011
    Servion, Inc. 4 7.09% $6,147
    GUARANTEED RATE, INC. 4 6.63% $11,356
    FREEDOM MORTGAGE CORPORATION 3 6.42% $6,012
    U.S. Bank 2 6.50% $7,244
    SUN WEST MORTGAGE COMPANY, INC. 2 5.19% $19,407
    Fifth Third Bank 2 6.63% $8,741
    The State Bank and Trust Company 2 6.44% $6,404
    LIBERTY HOME MORTGAGE CORPORATION 2 7.94% $6,571
    UNION HOME MORTGAGE CORP. 2 7.06% $10,829
    Paramount Residential Mortgage Group, Inc. 2 6.69% $8,146
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $13,122
    ZILLOW HOME LOANS, LLC 1 6.63% $8,930
    BAY-VALLEY MORTGAGE GROUP 1 6.25% $15,750
    CARDINAL FINANCIAL 1 6.25% $9,707
    Cf Bank 1 6.25% $3,854
    DAS Acquisition Company, LLC 1 6.63% $11,945
    ENDEAVOR CAPITAL, LLC. 1 6.13% $8,826
    Equity Prime Mortgage LLC 1 7.00% $7,185
    First Federal Bank of the Midwest 1 6.50% $5,245
    JPMorgan Chase Bank 1 6.75% $500
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $5,206
    LOANPAL, LLC 1 7.63% $5,436
    MICHIGAN MUTUAL, INC. 1 7.75% $6,724
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $12,746
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $18,888
    NBKC BANK 1 6.50% $7,713
    NETWORK CAPITAL FUNDING CORPORATION 1 6.63% $5,633
    NEWREZ LLC 1 6.75% $3,165
    PLANET HOME LENDING, LLC 1 5.99% $3,200
    Prosperity Home Mortgage, LLC 1 4.75% $16,559
    ROYAL UNITED MORTGAGE LLC 1 6.63% $9,437
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.13% $7,830
    SIRVA MORTGAGE, INC. 1 7.13% $7,069
    The Union Bank Company 1 6.50% $6,217
    TOWNE MORTGAGE COMPANY 1 6.13% $7,940
    Union Savings Bank 1 6.13% $7,967
    VILLAGE CAPITAL MORTGAGE 1 5.75% $9,630

    The top Lima FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 26 FHA loans originated. Their average total fees are $8,990, which is $1,047 higher than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Lima FHA lenders (with over 10 loans originated) are MYCUMORTGAGE, LLC ($7,103), Carrington Mortgage Services, LLC ($7,208), LOANDEPOT.COM, LLC ($7,943), The Federal Savings Bank ($7,976) and QUICKEN LOANS, LLC ($8,990).

    The lowest rate Lima FHA lenders (with over 10 loans originated) are MYCUMORTGAGE, LLC (6.48%), QUICKEN LOANS, LLC (6.51%), LOANDEPOT.COM, LLC (6.75%), The Federal Savings Bank (6.75%) and CROSSCOUNTRY MORTGAGE, LLC (7.14%).

    Lima FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LIMA, OH ALLEN 2022 $420,680 $538,650 $651,050 $809,150
    LIMA, OH ALLEN 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).