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 52 lenders originated 261 FHA loans during 2023. The total origination value was $45,375,000, with an average FHA loan value of $173,851.

    Lima FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lima averaged 6.33% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Lima's average FHA mortgage closing costs are $6,138.

    The average rate for the prior week (2024-11-01) was 6.31% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.67%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 33 6.46% $8,118
    LOANDEPOT.COM, LLC 30 6.96% $7,773
    Servion, Inc. 20 6.65% $6,491
    MYCUMORTGAGE, LLC 18 6.82% $7,103
    CROSSCOUNTRY MORTGAGE, LLC 18 6.69% $8,600
    SUPERIOR FINANCIAL SOLUTIONS, LLC 12 6.63% $6,557
    Carrington Mortgage Services, LLC 7 7.27% $8,007
    Fifth Third Bank 6 6.81% $3,916
    CRESCENT MORTGAGE COMPANY 5 6.90% $7,010
    NEWREZ LLC 5 6.45% $8,357
    The Citizens National Bank of Bluffton 5 6.90% $7,010
    U.S. Bank 4 6.78% $5,333
    The Huntington National Bank 4 6.84% $6,776
    UNION HOME MORTGAGE CORP. 4 6.69% $7,931
    BROKER SOLUTIONS, INC. 4 6.72% $9,045
    UNITED WHOLESALE MORTGAGE, LLC 4 6.13% $10,391
    GENEVA FINANCIAL, LLC 3 6.96% $8,500
    ENDEAVOR CAPITAL, LLC. 3 6.58% $9,283
    Mortgage Research Center, LLC 3 6.63% $6,424
    The Union Bank Company 3 6.46% $7,785
    AMERISAVE MORTGAGE CORPORATION 3 6.42% $8,952
    GUARANTEED RATE, INC. 3 6.83% $7,364
    Paramount Residential Mortgage Group, Inc. 3 6.50% $10,683
    First Federal Bank of the Midwest 2 6.69% $7,315
    DAS Acquisition Company, LLC 2 6.38% $8,224
    FREEDOM MORTGAGE CORPORATION 2 6.75% $11,075
    HOMESIDE FINANCIAL, LLC 2 7.00% $8,099
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.38% $9,379
    JPMorgan Chase Bank 2 7.12% $3,379
    SIWELL, INC. 2 6.75% $4,593
    Premium Mortgage Corporation 1 7.00% $6,650
    Prosperity Home Mortgage, LLC 1 6.63% $12,565
    PENNYMAC LOAN SERVICES, LLC 1 7.25% $5,886
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $9,227
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.25% $9,332
    MOVEMENT MORTGAGE, LLC 1 7.25% $14,493
    WRIGHT-PATT CREDIT UNION, INC. 1 6.13% $7,373
    Strong Home Mortgage, LLC 1 7.25% $6,222
    MICHIGAN MUTUAL, INC. 1 7.13% $9,502
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.38% $12,915
    The Federal Savings Bank 1 7.25% $11,849
    First Merchants Bank 1 7.00% $6,378
    The State Bank and Trust Company 1 6.00% $10,024
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $6,490
    TOP FLITE FINANCIAL, INC. 1 6.88% $11,447
    TOWNE MORTGAGE COMPANY 1 6.75% $6,514
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.75% $6,275
    Union Savings Bank 1 6.88% $5,006
    Citizens Bank 1 7.75% $7,645
    Barrington Bank & Trust Company, N.A. 1 7.75% $10,578
    VILLAGE CAPITAL MORTGAGE 1 6.25% $2,205
    POLARIS HOME FUNDING CORP. 1 6.50% $16,466

    The top Lima FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 33 FHA loans originated. Their average total fees are $8,118, which is $345 higher than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Lima FHA lenders (with over 10 loans originated) are Servion, Inc. ($6,491), SUPERIOR FINANCIAL SOLUTIONS, LLC ($6,557), MYCUMORTGAGE, LLC ($7,103), LOANDEPOT.COM, LLC ($7,773) and QUICKEN LOANS, LLC ($8,118).

    The lowest rate Lima FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.46%), SUPERIOR FINANCIAL SOLUTIONS, LLC (6.63%), Servion, Inc. (6.65%), CROSSCOUNTRY MORTGAGE, LLC (6.69%) and MYCUMORTGAGE, LLC (6.82%).

    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).