Lima FHA Loan Rates, Closing Costs & Stats

LIMA, OH

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 50 lenders originated 279 FHA loans during 2022. The total origination value was $47,095,000, with an average FHA loan value of $168,799.

Lima FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lima averaged -0.46% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Lima's average FHA mortgage closing costs are $5,863.

The average rate for the prior week (2024-02-16) was 6.48% and one month ago for the week of 2024-01-19, the average rate was 6.02%.

The average rate one year ago was 5.98%.

For refis of the same type during the week of 2024-02-23, the average rate was -0.78%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 39 4.97% $7,322
LOANDEPOT.COM, LLC 37 4.92% $7,028
Servion, Inc. 32 4.71% $5,569
CROSSCOUNTRY MORTGAGE, LLC 27 5.31% $8,479
MYCUMORTGAGE, LLC 15 4.70% $5,298
AMERIFIRST FINANCIAL CORPORATION 11 5.42% $7,663
The Union Bank Company 11 4.91% $6,807
UNITED WHOLESALE MORTGAGE, LLC 7 5.46% $7,444
The Huntington National Bank 7 4.32% $5,410
Carrington Mortgage Services, LLC 6 5.71% $6,506
HOMESIDE FINANCIAL, LLC 5 5.65% $7,143
LAKEVIEW LOAN SERVICING, LLC 4 4.88% $6,551
Fifth Third Bank 4 4.72% $4,755
Equity Prime Mortgage LLC 3 5.88% $4,915
FREEDOM MORTGAGE CORPORATION 3 5.83% $8,895
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.42% $9,528
UNION HOME MORTGAGE CORP. 2 5.56% $7,925
U.S. Bank 2 4.94% $5,354
GENEVA FINANCIAL, LLC 2 6.13% $10,156
CALIBER HOME LOANS, INC. 2 5.75% $7,887
The Citizens National Bank of Bluffton 2 5.87% $6,083
T2 FINANCIAL LLC 2 6.50% $8,800
South State Bank 2 5.87% $6,083
MORIA DEVELOPMENT, INC. 2 5.44% $10,279
Flagstar Bank, FSB 2 5.50% $10,261
Mr. Cooper ( Nationstar Mortgage ) 2 4.56% $9,124
MUTUAL OF OMAHA MORTGAGE, INC. 2 4.75% $14,858
Bank of England 2 3.56% $8,665
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.00% $7,009
AMERISAVE MORTGAGE CORPORATION 2 3.75% $9,516
PENNYMAC LOAN SERVICES, LLC 2 4.69% $10,592
BROKER SOLUTIONS, INC. 2 6.25% $8,888
PLANET HOME LENDING, LLC 1 5.38% $9,126
CARDINAL FINANCIAL 1 5.63% $7,421
East Coast Capital Corp. 1 4.50% $6,718
First Federal Bank of the Midwest 1 5.13% $6,555
GUARANTEED RATE, INC. 1 5.75% $7,927
KeyBank 1 3.75% $5,435
LIBERTY HOME MORTGAGE CORPORATION 1 5.75% $7,312
Mortgage Research Center, LLC 1 4.63% $4,124
Nations Lending Corporation 1 4.75% $7,919
NFM, INC. 1 6.13% $13,173
American Midwest Mortgage Corporation 1 7.25% $9,361
PNC Bank 1 3.88% $7,316
POLARIS HOME FUNDING CORP. 1 5.75% $7,253
SECURITYNATIONAL MORTGAGE COMPANY 1 6.63% $5,822
SIWELL, INC. 1 6.25% $6,018
SUPERIOR FINANCIAL SOLUTIONS, LLC 1 5.38% $25
TOP FLITE FINANCIAL, INC. 1 5.63% $11,278
Union Savings Bank 1 5.63% $5,705

The top Lima FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 39 FHA loans originated. Their average total fees are $7,322, which is $295 higher than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Lima FHA lenders (with over 10 loans originated) are MYCUMORTGAGE, LLC ($5,298), Servion, Inc. ($5,569), The Union Bank Company ($6,807), LOANDEPOT.COM, LLC ($7,028) and QUICKEN LOANS, LLC ($7,322).

The lowest rate Lima FHA lenders (with over 10 loans originated) are MYCUMORTGAGE, LLC (4.70%), Servion, Inc. (4.71%), The Union Bank Company (4.91%), LOANDEPOT.COM, LLC (4.92%) and QUICKEN LOANS, LLC (4.97%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lima (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 $97,000 (7.9%) $157,175 (4.7%) 0.00 331
2018-02-01 $99,900 (2.5%) $157,090 (-1.7%) 0.00 327
2018-03-01 $119,500 (19.6%) $173,077 (8.9%) 0.00 316
2018-04-01 $124,550 (31.2%) $187,163 (18.7%) 0.00 299
2018-05-01 $128,950 (41.4%) $191,915 (24.6%) 0.00 308
2018-06-01 $125,000 (39.0%) $189,133 (26.9%) 0.00 314
2018-07-01 $124,675 (27.9%) $183,099 (21.5%) 0.00 355
2018-08-01 $124,900 (25.2%) $176,205 (14.8%) 0.00 378
2018-09-01 $128,900 (14.6%) $177,705 (13.4%) 0.00 360
2018-10-01 $126,700 (18.3%) $176,439 (15.9%) 0.00 354
2018-11-01 $123,650 (18.9%) $169,372 (8.5%) 0.00 335
2018-12-01 $119,000 (25.3%) $166,435 (8.3%) 0.00 313
2019-01-01 $124,900 (28.8%) $164,715 (4.8%) 0.00 277
2019-02-01 $127,400 (27.5%) $161,263 (2.7%) 0.00 257
2019-03-01 $133,157 (11.4%) $168,423 (-2.7%) 0.00 248
2019-04-01 $139,225 (11.8%) $169,755 (-9.3%) 0.00 247
2019-05-01 $149,900 (16.3%) $179,625 (-6.4%) 0.00 256
2019-06-01 $139,986 (12.0%) $174,244 (-7.9%) 0.00 292
2019-07-01 $139,675 (12.0%) $181,927 (-0.6%) 0.00 280
2019-08-01 $137,224 (9.9%) $183,202 (4.0%) 0.00 288
2019-09-01 $133,104 (3.3%) $178,451 (0.4%) 0.00 299
2019-10-01 $129,925 (2.6%) $174,147 (-1.3%) 0.00 306
2019-11-01 $134,500 (8.8%) $176,032 (3.9%) 0.00 293
2019-12-01 $127,450 (7.1%) $189,462 (13.8%) 0.00 173
2020-01-01 $119,750 (-4.1%) $177,177 (7.6%) 0.00 164
2020-02-01 $128,500 (0.9%) $169,234 (4.9%) 0.00 228
2020-03-01 $133,950 (0.6%) $175,942 (4.5%) 0.00 239
2020-04-01 $137,950 (-0.9%) $181,831 (7.1%) 0.00 231
2020-05-01 $153,900 (2.7%) $187,960 (4.6%) 0.00 205
2020-06-01 $142,250 (1.6%) $186,681 (7.1%) 0.00 199
2020-07-01 $155,150 (11.1%) $198,465 (9.1%) 0.00 195
2020-08-01 $159,900 (16.5%) $209,822 (14.5%) 0.00 185
2020-09-01 $169,150 (27.1%) $217,485 (21.9%) 0.00 186
2020-10-01 $169,700 (30.6%) $212,743 (22.2%) 0.00 189
2020-11-01 $158,250 (17.7%) $208,405 (18.4%) 0.00 171
2020-12-01 $159,000 (24.8%) $211,698 (11.7%) 0.00 160
2021-01-01 $152,500 (27.4%) $216,284 (22.1%) 0.00 134
2021-02-01 $157,475 (22.6%) $219,350 (29.6%) 0.00 112
2021-03-01 $139,450 (4.1%) $212,562 (20.8%) 0.00 112
2021-04-01 $122,400 (-11.3%) $204,050 (12.2%) 0.00 101
2021-05-01 $122,450 (-20.4%) $203,309 (8.2%) 0.00 101
2021-06-01 $119,900 (-15.7%) $195,372 (4.7%) 0.00 113
2021-07-01 $59,900 (-61.4%) $135,253 (-31.9%) 0.00 220
2021-08-01 $72,975 (-54.4%) $149,467 (-28.8%) 0.00 231
2021-09-01 $81,500 (-51.8%) $160,363 (-26.3%) 0.00 217
2021-10-01 $90,000 (-47.0%) $164,731 (-22.6%) 0.00 219
2021-11-01 $86,975 (-45.0%) $166,510 (-20.1%) 0.00 206
2021-12-01 $89,900 (-43.5%) $168,049 (-20.6%) 0.00 192
2022-01-01 $146,950 (-3.6%) $222,639 (2.9%) 0.00 107
2022-02-01 $174,300 (10.7%) $244,192 (11.3%) 0.00 90
2022-03-01 $196,750 (41.1%) $260,114 (22.4%) 0.00 81
2022-04-01 $149,700 (22.3%) $236,571 (15.9%) 0.00 79
2022-05-01 $174,000 (42.1%) $244,212 (20.1%) 0.00 89
2022-06-01 $190,425 (58.8%) $235,501 (20.5%) 0.00 127
2022-07-01 $205,000 (242.2%) $246,632 (82.4%) 0.00 138
2022-08-01 $214,175 (193.5%) $250,046 (67.3%) 0.00 150
2022-09-01 $194,925 (139.2%) $233,467 (45.6%) 0.00 155
2022-10-01 $199,950 (122.2%) $229,544 (39.3%) 0.00 166
2022-11-01 $182,425 (109.7%) $212,169 (27.4%) 0.00 160
2022-12-01 $171,950 (91.3%) $213,323 (26.9%) 0.00 153
2023-01-01 $166,538 (13.3%) $210,447 (-5.5%) 0.00 133
2023-02-01 $176,250 (1.1%) $223,128 (-8.6%) 0.00 103
2023-03-01 $181,225 (-7.9%) $229,529 (-11.8%) 0.00 96
2023-04-01 $215,000 (43.6%) $249,026 (5.3%) 0.00 101
2023-05-01 $227,475 (30.7%) $250,051 (2.4%) 0.00 110
2023-06-01 $239,900 (26.0%) $262,076 (11.3%) 0.00 107
2023-07-01 $231,200 (12.8%) $251,745 (2.1%) 0.00 110
2023-08-01 $199,225 (-7.0%) $224,467 (-10.2%) 0.00 133
2023-09-01 $199,950 (2.6%) $230,361 (-1.3%) 0.00 128
2023-10-01 $189,475 (-5.2%) $219,897 (-4.2%) 0.00 144
2023-11-01 $164,350 (-9.9%) $201,090 (-5.2%) 0.00 162
2023-12-01 $150,000 (-12.8%) $190,034 (-10.9%) 0.00 178
Lima's median listing price for 2023-12-01 was $150,000, a difference of $-21,950 (-12.8%) versus the prior year and $-14,350 versus the prior month.

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

Lima's average listing price for 2023-12-01 was $190,034, a difference of $-23,289 (-10.9%) versus the prior year and $-11,056 versus the prior month.

For the 2023-12-01 period, Lima had 178 MLS listings, a difference of 16 listings (10%) versus the prior month and 25 listings (16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lima (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,523 sqft
2018-02-01 0 days 1,514 sqft
2018-03-01 0 days 1,632 sqft
2018-04-01 0 days 1,630 sqft
2018-05-01 0 days 1,643 sqft
2018-06-01 0 days 1,640 sqft
2018-07-01 0 days 1,637 sqft
2018-08-01 0 days 1,628 sqft
2018-09-01 0 days 1,635 sqft
2018-10-01 0 days 1,639 sqft
2018-11-01 0 days 1,638 sqft
2018-12-01 0 days 1,591 sqft
2019-01-01 0 days 1,615 sqft
2019-02-01 0 days 1,574 sqft
2019-03-01 0 days 1,585 sqft
2019-04-01 0 days 1,617 sqft
2019-05-01 0 days 1,634 sqft
2019-06-01 0 days 1,623 sqft
2019-07-01 0 days 1,588 sqft
2019-08-01 0 days 1,646 sqft
2019-09-01 0 days 1,642 sqft
2019-10-01 0 days 1,639 sqft
2019-11-01 0 days 1,644 sqft
2019-12-01 0 days 1,727 sqft
2020-01-01 0 days 1,619 sqft
2020-02-01 0 days 1,572 sqft
2020-03-01 0 days 1,597 sqft
2020-04-01 0 days 1,600 sqft
2020-05-01 0 days 1,598 sqft
2020-06-01 0 days 1,536 sqft
2020-07-01 0 days 1,549 sqft
2020-08-01 0 days 1,639 sqft
2020-09-01 0 days 1,715 sqft
2020-10-01 0 days 1,676 sqft
2020-11-01 0 days 1,565 sqft
2020-12-01 0 days 1,593 sqft
2021-01-01 0 days 1,529 sqft
2021-02-01 0 days 1,565 sqft
2021-03-01 0 days 1,510 sqft
2021-04-01 0 days 1,448 sqft
2021-05-01 0 days 1,446 sqft
2021-06-01 0 days 1,408 sqft
2021-07-01 0 days 1,381 sqft
2021-08-01 0 days 1,396 sqft
2021-09-01 0 days 1,415 sqft
2021-10-01 0 days 1,404 sqft
2021-11-01 0 days 1,379 sqft
2021-12-01 0 days 1,373 sqft
2022-01-01 0 days 1,529 sqft
2022-02-01 0 days 1,648 sqft
2022-03-01 0 days 1,697 sqft
2022-04-01 0 days 1,472 sqft
2022-05-01 0 days 1,668 sqft
2022-06-01 0 days 1,547 sqft
2022-07-01 0 days 1,600 sqft
2022-08-01 0 days 1,659 sqft
2022-09-01 0 days 1,587 sqft
2022-10-01 0 days 1,625 sqft
2022-11-01 0 days 1,581 sqft
2022-12-01 0 days 1,574 sqft
2023-01-01 0 days 1,574 sqft
2023-02-01 0 days 1,588 sqft
2023-03-01 0 days 1,638 sqft
2023-04-01 0 days 1,744 sqft
2023-05-01 0 days 1,758 sqft
2023-06-01 0 days 1,738 sqft
2023-07-01 0 days 1,720 sqft
2023-08-01 0 days 1,589 sqft
2023-09-01 0 days 1,632 sqft
2023-10-01 0 days 1,631 sqft
2023-11-01 0 days 1,514 sqft
2023-12-01 0 days 1,474 sqft
Lima's median listing age (time on market) for 2023-12-01 was 0 days.

Lima's median square footage for active listings during the 2023-12-01 period was 1,474 sqft. One year prior, the average listing was 1,574 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).