Mansfield FHA Loan Rates, Closing Costs & Stats

MANSFIELD, 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.

Mansfield's 61 lenders originated 342 FHA loans during 2023. The total origination value was $54,760,000, with an average FHA loan value of $160,117.

Mansfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mansfield averaged 7.02% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Mansfield's average FHA mortgage closing costs are $6,186.

The average rate for the prior week (2024-05-31) was 6.8% and one month ago for the week of 2024-05-03, the average rate was 7%.

The average rate one year ago was 6.67%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.16%.

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

Mansfield 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 Mansfield level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 55 6.56% $8,403
CROSSCOUNTRY MORTGAGE, LLC 49 7.19% $7,574
LOANDEPOT.COM, LLC 39 6.80% $7,296
UNION HOME MORTGAGE CORP. 20 7.06% $7,321
NFM, INC. 10 7.29% $10,340
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 7.28% $8,410
BROKER SOLUTIONS, INC. 8 6.83% $9,909
FREEDOM MORTGAGE CORPORATION 7 7.25% $11,934
Mr. Cooper ( Nationstar Mortgage ) 7 5.95% $9,439
The Huntington National Bank 7 7.29% $6,590
UNITED WHOLESALE MORTGAGE, LLC 6 6.25% $10,590
MUTUAL OF OMAHA MORTGAGE, INC. 4 6.75% $10,341
PLAZA HOME MORTGAGE, INC. 4 6.44% $6,742
EQUITY RESOURCES, INC. 4 6.47% $8,995
NEWREZ LLC 4 6.91% $8,560
AMERISAVE MORTGAGE CORPORATION 3 6.13% $11,013
AMERICAN FINANCING CORPORATION 3 6.29% $9,023
LIBERTY HOME MORTGAGE CORPORATION 3 7.67% $7,079
ENDEAVOR CAPITAL, LLC. 3 6.58% $9,450
ZILLOW HOME LOANS, LLC 2 6.88% $8,655
AMERICAN FINANCIAL NETWORK, INC. 2 6.13% $14,729
FLAT BRANCH MORTGAGE, INC. 2 6.94% $12,414
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.31% $9,604
GUARANTEED RATE, INC. 2 6.25% $10,583
HOMESIDE FINANCIAL, LLC 2 7.00% $10,906
JPMorgan Chase Bank 2 5.63% $5,588
Mortgage Research Center, LLC 2 7.06% $4,245
NATIONS DIRECT MORTGAGE, LLC 2 6.19% $10,491
PENNYMAC LOAN SERVICES, LLC 2 6.25% $9,442
PHH Mortgage Corporation 2 6.31% $9,750
PLANET HOME LENDING, LLC 2 6.19% $6,517
ROYAL UNITED MORTGAGE LLC 2 7.50% $8,291
SECURITYNATIONAL MORTGAGE COMPANY 2 6.63% $10,162
STOCKTON MORTGAGE CORPORATION 2 7.19% $6,083
U.S. Bank 2 6.44% $5,281
VILLAGE CAPITAL MORTGAGE 2 7.07% $6,182
Equity Prime Mortgage LLC 1 7.75% $7,484
NORTHERN MORTGAGE SERVICES, LLC 1 6.12% $3,969
Paramount Residential Mortgage Group, Inc. 1 7.25% $9,712
Carrington Mortgage Services, LLC 1 7.13% $8,719
The Union Bank Company 1 6.13% $11,744
Plains Commerce Bank 1 6.63% $6,331
Bank of England 1 6.75% $8,600
DEVELOPER'S MORTGAGE COMPANY 1 7.75% $2,369
Prosperity Home Mortgage, LLC 1 6.12% $12,568
Citizens Bank 1 6.25% $6,345
Residential Mortgage Solutions, Inc. 1 5.75% $14,018
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.38% $14,397
Wells Fargo Bank 1 6.50% $10,069
1ST SIGNATURE LENDING, LLC 1 6.50% $13,941
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $5,501
Lakeview Community Capital, LLC 1 7.25% $10,907
Hometown Equity Mortgage, LLC 1 6.25% $9,870
GVC MORTGAGE, INC. 1 7.25% $6,004
THE EQUITABLE MORTGAGE CORPORATION 1 6.13% $7,705
GUILD MORTGAGE COMPANY 1 6.50% $6,675
M&T Bank 1 6.75% $13,295
GENEVA FINANCIAL, LLC 1 7.25% $11,156
The Federal Savings Bank 1 7.63% $7,304
Nations Lending Corporation 1 7.63% $9,572
Flagstar Bank, FSB 1 5.74% $5,718

The top Mansfield FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 55 FHA loans originated. Their average total fees are $8,403, which is $829 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Mansfield FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($7,296), UNION HOME MORTGAGE CORP. ($7,321), CROSSCOUNTRY MORTGAGE, LLC ($7,574), QUICKEN LOANS, LLC ($8,403) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,410).

The lowest rate Mansfield FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.56%), LOANDEPOT.COM, LLC (6.80%), UNION HOME MORTGAGE CORP. (7.06%), CROSSCOUNTRY MORTGAGE, LLC (7.19%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (7.28%).

Mansfield FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MANSFIELD, OH RICHLAND 2022 $420,680 $538,650 $651,050 $809,150
MANSFIELD, OH RICHLAND 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mansfield (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 $96,975 (14.5%) $139,725 (18.6%) 0.00 260
2018-02-01 $95,400 (8.0%) $137,484 (9.1%) 0.00 258
2018-03-01 $99,450 (6.5%) $136,017 (5.9%) 0.00 215
2018-04-01 $103,538 (9.1%) $147,323 (13.3%) 0.00 207
2018-05-01 $124,925 (25.6%) $165,070 (18.3%) 0.00 233
2018-06-01 $124,900 (25.0%) $160,652 (10.1%) 0.00 257
2018-07-01 $114,950 (13.4%) $165,912 (14.9%) 0.00 266
2018-08-01 $119,900 (16.8%) $167,061 (16.4%) 0.00 292
2018-09-01 $119,900 (9.0%) $166,153 (12.0%) 0.00 283
2018-10-01 $124,950 (15.6%) $167,496 (17.5%) 0.00 317
2018-11-01 $116,550 (14.4%) $160,940 (13.3%) 0.00 304
2018-12-01 $110,000 (11.4%) $155,585 (11.6%) 0.00 275
2019-01-01 $109,900 (13.3%) $155,852 (11.5%) 0.00 232
2019-02-01 $107,450 (12.6%) $157,379 (14.5%) 0.00 202
2019-03-01 $109,900 (10.5%) $162,323 (19.3%) 0.00 190
2019-04-01 $107,310 (3.6%) $164,063 (11.4%) 0.00 192
2019-05-01 $114,925 (-8.0%) $165,124 (0.0%) 0.00 203
2019-06-01 $121,750 (-2.5%) $168,246 (4.7%) 0.00 216
2019-07-01 $126,000 (9.6%) $172,809 (4.2%) 0.00 238
2019-08-01 $127,173 (6.1%) $172,890 (3.5%) 0.00 257
2019-09-01 $123,082 (2.7%) $168,172 (1.2%) 0.00 255
2019-10-01 $124,405 (-0.4%) $165,315 (-1.3%) 0.00 251
2019-11-01 $122,500 (5.1%) $163,226 (1.4%) 0.00 223
2019-12-01 $119,500 (8.6%) $159,420 (2.5%) 0.00 197
2020-01-01 $109,900 (0.0%) $154,501 (-0.9%) 0.00 172
2020-02-01 $104,950 (-2.3%) $164,162 (4.3%) 0.00 148
2020-03-01 $102,450 (-6.8%) $166,715 (2.7%) 0.00 144
2020-04-01 $109,850 (2.4%) $178,233 (8.6%) 0.00 134
2020-05-01 $127,400 (10.9%) $182,627 (10.6%) 0.00 134
2020-06-01 $153,075 (25.7%) $214,307 (27.4%) 0.00 126
2020-07-01 $149,600 (18.7%) $223,579 (29.4%) 0.00 111
2020-08-01 $140,000 (10.1%) $223,058 (29.0%) 0.00 100
2020-09-01 $114,900 (-6.7%) $186,978 (11.2%) 0.00 129
2020-10-01 $99,400 (-20.1%) $152,973 (-7.5%) 0.00 163
2020-11-01 $99,150 (-19.1%) $147,235 (-9.8%) 0.00 162
2020-12-01 $89,925 (-24.8%) $135,570 (-15.0%) 0.00 147
2021-01-01 $122,000 (11.0%) $160,142 (3.7%) 0.00 107
2021-02-01 $106,425 (1.4%) $145,751 (-11.2%) 0.00 88
2021-03-01 $114,675 (11.9%) $151,062 (-9.4%) 0.00 84
2021-04-01 $139,900 (27.4%) $187,800 (5.4%) 0.00 71
2021-05-01 $149,900 (17.7%) $200,331 (9.7%) 0.00 78
2021-06-01 $149,450 (-2.4%) $198,398 (-7.4%) 0.00 99
2021-07-01 $159,000 (6.3%) $205,586 (-8.1%) 0.00 117
2021-08-01 $146,600 (4.7%) $223,912 (0.4%) 0.00 129
2021-09-01 $148,675 (29.4%) $224,448 (20.0%) 0.00 132
2021-10-01 $142,450 (43.3%) $208,208 (36.1%) 0.00 141
2021-11-01 $110,000 (10.9%) $165,935 (12.7%) 0.00 225
2021-12-01 $110,000 (22.3%) $160,119 (18.1%) 0.00 203
2022-01-01 $110,000 (-9.8%) $161,559 (0.9%) 0.00 174
2022-02-01 $110,000 (3.4%) $162,931 (11.8%) 0.00 163
2022-03-01 $112,500 (-1.9%) $191,050 (26.5%) 0.00 74
2022-04-01 $134,900 (-3.6%) $243,629 (29.7%) 0.00 90
2022-05-01 $154,950 (3.4%) $238,063 (18.8%) 0.00 98
2022-06-01 $146,667 (-1.9%) $214,486 (8.1%) 0.00 115
2022-07-01 $194,400 (22.3%) $236,013 (14.8%) 0.00 147
2022-08-01 $189,450 (29.2%) $241,382 (7.8%) 0.00 141
2022-09-01 $162,450 (9.3%) $213,788 (-4.8%) 0.00 167
2022-10-01 $148,700 (4.4%) $190,369 (-8.6%) 0.00 174
2022-11-01 $143,400 (30.4%) $195,396 (17.8%) 0.00 182
2022-12-01 $134,950 (22.7%) $197,775 (23.5%) 0.00 146
2023-01-01 $151,800 (38.0%) $230,838 (42.9%) 0.00 98
2023-02-01 $149,900 (36.3%) $226,935 (39.3%) 0.00 84
2023-03-01 $159,900 (42.1%) $231,436 (21.1%) 0.00 70
2023-04-01 $172,450 (27.8%) $296,305 (21.6%) 0.00 58
2023-05-01 $171,150 (10.5%) $236,351 (-0.7%) 0.00 79
2023-06-01 $167,500 (14.2%) $231,355 (7.9%) 0.00 119
2023-07-01 $153,950 (-20.8%) $228,717 (-3.1%) 0.00 135
2023-08-01 $159,675 (-15.7%) $243,609 (0.9%) 0.00 140
2023-09-01 $165,000 (1.6%) $234,920 (9.9%) 0.00 163
2023-10-01 $179,900 (21.0%) $263,918 (38.6%) 0.00 141
2023-11-01 $191,125 (33.3%) $283,002 (44.8%) 0.00 126
2023-12-01 $199,900 (48.1%) $272,052 (37.6%) 0.00 125
2024-01-01 $187,000 (23.2%) $259,037 (12.2%) 0.00 116
2024-02-01 $224,975 (50.1%) $290,694 (28.1%) 0.00 104
2024-03-01 $220,000 (37.6%) $295,674 (27.8%) 0.00 86
2024-04-01 $218,650 (26.8%) $284,699 (-3.9%) 0.00 107
2024-05-01 $229,500 (34.1%) $302,129 (27.8%) 0.00 128
Mansfield's median listing price for 2024-05-01 was $229,500, a difference of $58,350 (34.1%) versus the prior year and $10,850 versus the prior month.

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

Mansfield's average listing price for 2024-05-01 was $302,129, a difference of $65,778 (27.8%) versus the prior year and $17,430 versus the prior month.

For the 2024-05-01 period, Mansfield had 128 MLS listings, a difference of 21 listings (20%) versus the prior month and 49 listings (62%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mansfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,455 sqft
2018-02-01 0 days 1,457 sqft
2018-03-01 0 days 1,468 sqft
2018-04-01 0 days 1,489 sqft
2018-05-01 0 days 1,540 sqft
2018-06-01 0 days 1,504 sqft
2018-07-01 0 days 1,505 sqft
2018-08-01 0 days 1,523 sqft
2018-09-01 0 days 1,609 sqft
2018-10-01 0 days 1,608 sqft
2018-11-01 0 days 1,547 sqft
2018-12-01 0 days 1,543 sqft
2019-01-01 0 days 1,519 sqft
2019-02-01 0 days 1,488 sqft
2019-03-01 0 days 1,504 sqft
2019-04-01 0 days 1,442 sqft
2019-05-01 0 days 1,456 sqft
2019-06-01 0 days 1,538 sqft
2019-07-01 0 days 1,574 sqft
2019-08-01 0 days 1,605 sqft
2019-09-01 0 days 1,585 sqft
2019-10-01 0 days 1,576 sqft
2019-11-01 0 days 1,538 sqft
2019-12-01 0 days 1,497 sqft
2020-01-01 0 days 1,487 sqft
2020-02-01 0 days 1,468 sqft
2020-03-01 0 days 1,421 sqft
2020-04-01 0 days 1,486 sqft
2020-05-01 0 days 1,525 sqft
2020-06-01 0 days 1,629 sqft
2020-07-01 0 days 1,703 sqft
2020-08-01 0 days 1,512 sqft
2020-09-01 0 days 1,460 sqft
2020-10-01 0 days 1,396 sqft
2020-11-01 0 days 1,472 sqft
2020-12-01 0 days 1,441 sqft
2021-01-01 0 days 1,396 sqft
2021-02-01 0 days 1,329 sqft
2021-03-01 0 days 1,328 sqft
2021-04-01 0 days 1,440 sqft
2021-05-01 0 days 1,463 sqft
2021-06-01 0 days 1,528 sqft
2021-07-01 0 days 1,452 sqft
2021-08-01 0 days 1,582 sqft
2021-09-01 0 days 1,536 sqft
2021-10-01 0 days 1,491 sqft
2021-11-01 0 days 1,411 sqft
2021-12-01 0 days 1,426 sqft
2022-01-01 0 days 1,385 sqft
2022-02-01 0 days 1,394 sqft
2022-03-01 0 days 1,437 sqft
2022-04-01 0 days 1,546 sqft
2022-05-01 0 days 1,586 sqft
2022-06-01 0 days 1,580 sqft
2022-07-01 0 days 1,687 sqft
2022-08-01 0 days 1,586 sqft
2022-09-01 0 days 1,532 sqft
2022-10-01 0 days 1,481 sqft
2022-11-01 0 days 1,460 sqft
2022-12-01 0 days 1,490 sqft
2023-01-01 0 days 1,538 sqft
2023-02-01 0 days 1,458 sqft
2023-03-01 0 days 1,441 sqft
2023-04-01 0 days 1,449 sqft
2023-05-01 0 days 1,494 sqft
2023-06-01 0 days 1,462 sqft
2023-07-01 0 days 1,533 sqft
2023-08-01 0 days 1,483 sqft
2023-09-01 0 days 1,478 sqft
2023-10-01 0 days 1,538 sqft
2023-11-01 0 days 1,504 sqft
2023-12-01 0 days 1,577 sqft
2024-01-01 0 days 1,533 sqft
2024-02-01 0 days 1,557 sqft
2024-03-01 0 days 1,547 sqft
2024-04-01 0 days 1,529 sqft
2024-05-01 0 days 1,620 sqft
Mansfield's median listing age (time on market) for 2024-05-01 was 0 days.

Mansfield's median square footage for active listings during the 2024-05-01 period was 1,620 sqft. One year prior, the average listing was 1,494 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).