Mansfield FHA Loans

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 67 lenders originated 528 FHA loans during 2021. The total origination value was $71,880,000, with an average FHA loan value of $136,136.

Mansfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mansfield averaged 5.15% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.48% and one month ago for the week of 2022-04-08, the average rate was 4.75%.

The average rate one year ago was 3.06%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.03%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Mansfield level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 80 2.79% $5,861
CROSSCOUNTRY MORTGAGE, LLC 70 3.22% $6,848
LOANDEPOT.COM, LLC 51 3.68% $5,477
UNION HOME MORTGAGE CORP. 34 3.35% $5,672
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 32 3.51% $6,272
LENDUS, LLC 26 3.43% $6,492
The Huntington National Bank 26 3.05% $6,895
Gateway First Bank 24 3.34% $4,458
CALIBER HOME LOANS, INC. 17 2.98% $6,540
PENNYMAC LOAN SERVICES, LLC 11 3.00% $4,242
ALLIED MORTGAGE GROUP, INC. 10 3.13% $4,892
Mr. Cooper ( Nationstar Mortgage ) 6 3.38% $4,170
LAKEVIEW LOAN SERVICING, LLC 5 3.19% $3,567
FREEDOM MORTGAGE CORPORATION 5 3.15% $4,736
HOME POINT FINANCIAL CORPORATION 5 3.00% $4,105
LIBERTY HOME MORTGAGE CORPORATION 5 3.30% $7,056
Nations Lending Corporation 5 3.15% $8,100
The Park National Bank 5 2.95% $5,422
RUOFF MORTGAGE COMPANY, INC. 4 3.50% $3,765
T2 FINANCIAL LLC 4 3.81% $7,763
EQUITY RESOURCES, INC. 4 3.16% $4,794
BROKER SOLUTIONS, INC. 3 3.58% $8,052
OCEANSIDE MORTGAGE COMPANY 2 2.93% $2,026
AMERICAN FINANCING CORPORATION 2 2.88% $6,551
Carrington Mortgage Services, LLC 2 3.13% $4,695
MORIA DEVELOPMENT, INC. 2 4.00% $6,532
NEWREZ LLC 2 3.12% $2,391
POLARIS HOME FUNDING CORP. 2 3.13% $12,459
AMERISAVE MORTGAGE CORPORATION 2 3.63% $5,052
AMERICAN MORTGAGE SERVICE COMPANY 2 2.81% $5,115
GUARANTEED RATE, INC. 2 2.50% $6,261
LAND HOME FINANCIAL SERVICES, INC. 1 4.50% $5,833
Bank of England 1 3.25% $9,882
VILLAGE CAPITAL & INVESTMENT LLC 1 3.50% $1,191
ARC HOME LLC 1 2.50% $7,261
Mortgage Research Center, LLC 1 3.13% $6,415
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $5,758
MYCUMORTGAGE, LLC 1 3.38% $6,395
WRIGHT-PATT CREDIT UNION, INC. 1 3.00% $4,605
NFM, INC. 1 3.50% $7,477
Northpointe Bank 1 3.13% $4,895
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 4.25% $7,793
AmeriHome Mortgage Company, LLC 1 3.13% $3,312
PHH Mortgage Corporation 1 3.88% $8,660
PLAZA HOME MORTGAGE, INC. 1 3.75% $4,038
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $6,940
SIRVA MORTGAGE, INC. 1 3.13% $3,780
YOUR HOME FINANCIAL LLC 1 3.25% $6,792
Union Savings Bank 1 2.88% $5,886
United Fidelity Funding Corp. 1 3.13% $8,200
Citizens Bank 1 2.63% $5,802
Civista Bank 1 3.00% $5,085
CMG MORTGAGE, INC. 1 3.50% $7,559
CELEBRITY HOME LOANS, LLC 1 3.00% $7,368
East Coast Capital Corp. 1 3.50% $5,865
Evolve Bank & Trust 1 4.38% $6,552
First Federal Bank 1 2.88% $9,173
First Merchants Bank 1 2.38% $6,221
Flagstar Bank, FSB 1 3.00% $6,818
U.S. Bank 1 3.13% $9,316
GUILD MORTGAGE COMPANY 1 3.13% $5,955
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $8,051
US MORTGAGE CORPORATION 1 3.75% $8,366
HOMESIDE FINANCIAL, LLC 1 3.00% $8,025
Hometown Lenders, Inc. 1 3.88% $8,014
KELLER MORTGAGE, LLC 1 2.88% $5,358
BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $6,634

The top Mansfield FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 80 FHA loans originated. Their average total fees are $5,861, which is $987 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Mansfield FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($4,242), Gateway First Bank ($4,458), ALLIED MORTGAGE GROUP, INC. ($4,892), LOANDEPOT.COM, LLC ($5,477) and UNION HOME MORTGAGE CORP. ($5,672).

The lowest rate Mansfield FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.79%), CALIBER HOME LOANS, INC. (2.98%), PENNYMAC LOAN SERVICES, LLC (3.00%), The Huntington National Bank (3.05%) and ALLIED MORTGAGE GROUP, INC. (3.13%).

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

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 $109,000 (25.7%) $147,148 (16.2%) 0.00 304
2018-02-01 $104,950 (19.0%) $144,003 (6.8%) 0.00 299
2018-03-01 $109,900 (14.0%) $142,804 (2.8%) 0.00 254
2018-04-01 $117,300 (23.6%) $154,721 (13.6%) 0.00 242
2018-05-01 $128,900 (29.0%) $173,980 (19.3%) 0.00 260
2018-06-01 $129,900 (30.0%) $167,532 (11.0%) 0.00 286
2018-07-01 $121,950 (19.6%) $177,496 (19.5%) 0.00 294
2018-08-01 $125,950 (16.1%) $177,991 (18.9%) 0.00 317
2018-09-01 $119,900 (4.4%) $173,317 (13.5%) 0.00 312
2018-10-01 $124,950 (11.2%) $175,177 (15.3%) 0.00 346
2018-11-01 $117,900 (7.3%) $170,248 (11.6%) 0.00 326
2018-12-01 $115,000 (5.5%) $162,835 (10.1%) 0.00 298
2019-01-01 $112,450 (3.2%) $163,933 (11.4%) 0.00 255
2019-02-01 $112,450 (7.2%) $168,612 (17.1%) 0.00 236
2019-03-01 $115,000 (4.6%) $179,883 (26.0%) 0.00 219
2019-04-01 $114,750 (-2.2%) $185,358 (19.8%) 0.00 221
2019-05-01 $125,700 (-2.5%) $189,804 (9.1%) 0.00 241
2019-06-01 $129,900 (0.0%) $194,421 (16.1%) 0.00 241
2019-07-01 $132,450 (8.6%) $200,955 (13.2%) 0.00 273
2019-08-01 $132,814 (5.5%) $195,748 (10.0%) 0.00 294
2019-09-01 $129,900 (8.3%) $185,524 (7.0%) 0.00 284
2019-10-01 $131,000 (4.8%) $187,976 (7.3%) 0.00 280
2019-11-01 $128,000 (8.6%) $185,513 (9.0%) 0.00 256
2019-12-01 $119,700 (4.1%) $185,213 (13.7%) 0.00 232
2020-01-01 $110,450 (-1.8%) $180,265 (10.0%) 0.00 208
2020-02-01 $109,900 (-2.3%) $199,587 (18.4%) 0.00 175
2020-03-01 $103,500 (-10.0%) $202,299 (12.5%) 0.00 178
2020-04-01 $117,450 (2.4%) $219,979 (18.7%) 0.00 157
2020-05-01 $132,500 (5.4%) $226,536 (19.4%) 0.00 166
2020-06-01 $162,400 (25.0%) $246,898 (27.0%) 0.00 136
2020-07-01 $154,950 (17.0%) $263,596 (31.2%) 0.00 118
2020-08-01 $149,900 (12.9%) $268,717 (37.3%) 0.00 118
2020-09-01 $119,950 (-7.7%) $207,877 (12.1%) 0.00 138
2020-10-01 $99,900 (-23.7%) $180,215 (-4.1%) 0.00 170
2020-11-01 $104,950 (-18.0%) $161,651 (-12.9%) 0.00 171
2020-12-01 $87,200 (-27.2%) $141,556 (-23.6%) 0.00 153
2021-01-01 $129,900 (17.6%) $174,967 (-2.9%) 0.00 118
2021-02-01 $110,950 (1.0%) $160,247 (-19.7%) 0.00 98
2021-03-01 $119,500 (15.5%) $165,384 (-18.3%) 0.00 90
2021-04-01 $142,400 (21.2%) $196,297 (-10.8%) 0.00 78
2021-05-01 $169,900 (28.2%) $219,728 (-3.0%) 0.00 90
2021-06-01 $149,900 (-7.7%) $222,309 (-10.0%) 0.00 115
2021-07-01 $159,450 (2.9%) $212,331 (-19.5%) 0.00 139
2021-08-01 $147,700 (-1.5%) $236,459 (-12.0%) 0.00 149
2021-09-01 $149,900 (25.0%) $245,901 (18.3%) 0.00 150
2021-10-01 $149,900 (50.1%) $230,450 (27.9%) 0.00 155
2021-11-01 $110,000 (4.8%) $156,010 (-3.5%) 0.00 398
2021-12-01 $110,000 (26.2%) $156,183 (10.3%) 0.00 355
2022-01-01 $110,000 (-15.3%) $157,247 (-10.1%) 0.00 337
2022-02-01 $110,000 (-0.9%) $156,063 (-2.6%) 0.00 324
2022-03-01 $126,000 (5.4%) $205,866 (24.5%) 0.00 90
2022-04-01 $135,000 (-5.2%) $278,775 (42.0%) 0.00 107
Mansfield's median listing price for 2022-04-01 was $135,000, a difference of $-7,400 (-5.2%) versus the prior year and $9,000 versus the prior month.

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

Mansfield's average listing price for 2022-04-01 was $278,775, a difference of $82,478 (42.0%) versus the prior year and $72,909 versus the prior month.

For the 2022-04-01 period, Mansfield had 107 MLS listings, a difference of 17 listings (19%) versus the prior month and 29 listings (37%) 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 1,497 sqft
2018-02-01 0 days 1,475 sqft
2018-03-01 0 days 1,494 sqft
2018-04-01 0 days 1,506 sqft
2018-05-01 0 days 1,564 sqft
2018-06-01 0 days 1,563 sqft
2018-07-01 0 days 1,512 sqft
2018-08-01 0 days 1,546 sqft
2018-09-01 0 days 1,608 sqft
2018-10-01 0 days 1,596 sqft
2018-11-01 0 days 1,522 sqft
2018-12-01 0 days 1,523 sqft
2019-01-01 0 days 1,530 sqft
2019-02-01 0 days 1,514 sqft
2019-03-01 0 days 1,507 sqft
2019-04-01 0 days 1,456 sqft
2019-05-01 0 days 1,448 sqft
2019-06-01 0 days 1,552 sqft
2019-07-01 0 days 1,621 sqft
2019-08-01 0 days 1,629 sqft
2019-09-01 0 days 1,612 sqft
2019-10-01 0 days 1,610 sqft
2019-11-01 0 days 1,546 sqft
2019-12-01 0 days 1,532 sqft
2020-01-01 0 days 1,515 sqft
2020-02-01 0 days 1,491 sqft
2020-03-01 0 days 1,456 sqft
2020-04-01 0 days 1,530 sqft
2020-05-01 0 days 1,535 sqft
2020-06-01 0 days 1,702 sqft
2020-07-01 0 days 1,815 sqft
2020-08-01 0 days 1,702 sqft
2020-09-01 0 days 1,526 sqft
2020-10-01 0 days 1,445 sqft
2020-11-01 0 days 1,482 sqft
2020-12-01 0 days 1,444 sqft
2021-01-01 0 days 1,445 sqft
2021-02-01 0 days 1,350 sqft
2021-03-01 0 days 1,344 sqft
2021-04-01 0 days 1,455 sqft
2021-05-01 0 days 1,596 sqft
2021-06-01 0 days 1,532 sqft
2021-07-01 0 days 1,553 sqft
2021-08-01 0 days 1,575 sqft
2021-09-01 0 days 1,560 sqft
2021-10-01 0 days 1,546 sqft
2021-11-01 0 days 1,385 sqft
2021-12-01 0 days 1,381 sqft
2022-01-01 0 days 1,376 sqft
2022-02-01 0 days 1,382 sqft
2022-03-01 0 days 1,428 sqft
2022-04-01 0 days 1,495 sqft
Mansfield's median listing age (time on market) for 2022-04-01 was 0 days.

Mansfield's median square footage for active listings during the 2022-04-01 period was 1,495 sqft. One year prior, the average listing was 1,455 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).