Mansfield FHA Loan Rates, Closing Costs & Stats

MANSFIELD, 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.

    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 6.75% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.42% and one month ago for the week of 2024-10-04, the average rate was 6.24%.

    The average rate one year ago was 7.39%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.59%.

    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

    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).