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 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 7.05% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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

    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
    2024-01-01 $131,175 (-21.2%) $173,732 (-17.5%) 0.00 168
    2024-02-01 $131,150 (-25.6%) $178,541 (-20.0%) 0.00 144
    2024-03-01 $212,500 (17.3%) $251,900 (9.8%) 0.00 94
    Lima's median listing price for 2024-03-01 was $212,500, a difference of $31,275 (17.3%) versus the prior year and $81,350 versus the prior month.

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

    Lima's average listing price for 2024-03-01 was $251,900, a difference of $22,371 (9.8%) versus the prior year and $73,359 versus the prior month.

    For the 2024-03-01 period, Lima had 94 MLS listings, a difference of -50 listings (-35%) versus the prior month and -2 listings (-2%) 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
    2024-01-01 0 days 1,455 sqft
    2024-02-01 0 days 1,468 sqft
    2024-03-01 0 days 1,690 sqft
    Lima's median listing age (time on market) for 2024-03-01 was 0 days.

    Lima's median square footage for active listings during the 2024-03-01 period was 1,690 sqft. One year prior, the average listing was 1,638 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).