Mansfield FHA Loans

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 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).