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 63 lenders originated 322 FHA loans during 2024. The total origination value was $55,360,000, with an average FHA loan value of $171,925.

    Mansfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mansfield averaged 6.93% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Mansfield's average FHA mortgage closing costs are $6,502.

    The average rate for the prior week (2025-07-11) was 6.73% and one month ago for the week of 2025-06-13, the average rate was 6.89%.

    The average rate one year ago was 7.15%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.81%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 50 6.71% $9,290
    QUICKEN LOANS, LLC 48 6.37% $9,892
    LOANDEPOT.COM, LLC 31 6.84% $8,220
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 7.15% $8,452
    UNITED WHOLESALE MORTGAGE, LLC 12 6.18% $11,911
    UNION HOME MORTGAGE CORP. 11 6.93% $8,956
    T2 FINANCIAL LLC 7 6.80% $8,557
    FREEDOM MORTGAGE CORPORATION 7 6.30% $13,557
    AMERISAVE MORTGAGE CORPORATION 5 6.23% $11,952
    BROKER SOLUTIONS, INC. 4 6.50% $9,520
    PENNYMAC LOAN SERVICES, LLC 4 6.56% $7,248
    LIBERTY HOME MORTGAGE CORPORATION 4 7.28% $6,676
    The Huntington National Bank 4 7.22% $6,615
    MUTUAL OF OMAHA MORTGAGE, INC. 4 7.00% $11,581
    NEWREZ LLC 3 6.25% $10,747
    PLAZA HOME MORTGAGE, INC. 3 6.71% $10,055
    GUARANTEED RATE, INC. 2 6.65% $5,915
    VILLAGE CAPITAL MORTGAGE 2 6.25% $3,907
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.50% $5,352
    AMERICAN FINANCING CORPORATION 2 5.87% $7,914
    ALLIED MORTGAGE GROUP, INC. 2 6.88% $6,247
    NFM, INC. 2 6.63% $8,033
    RUOFF MORTGAGE COMPANY, INC. 2 6.94% $5,353
    AmeriHome Mortgage Company, LLC 2 6.88% $3,814
    Nations Lending Corporation 2 6.38% $7,371
    Northpointe Bank 2 6.00% $9,144
    Prosperity Home Mortgage, LLC 1 6.50% $10,498
    RAPID MORTGAGE COMPANY 1 7.00% $5,455
    ROYAL UNITED MORTGAGE LLC 1 7.25% $6,238
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.13% $6,686
    STOCKTON MORTGAGE CORPORATION 1 6.63% $6,671
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.38% $6,784
    THE EQUITABLE MORTGAGE CORPORATION 1 6.00% $6,697
    The Union Bank Company 1 6.75% $8,779
    TOP FLITE FINANCIAL, INC. 1 7.13% $6,688
    TOWNE MORTGAGE COMPANY 1 7.25% $20,165
    U.S. Bank 1 6.50% $9,964
    ZILLOW HOME LOANS, LLC 1 5.75% $11,119
    AMERICAN FINANCIAL NETWORK, INC. 1 6.00% $15,136
    Barrington Bank & Trust Company, N.A. 1 6.75% $7,339
    CANOPY MORTGAGE, LLC 1 5.63% $9,432
    Carrington Mortgage Services, LLC 1 7.38% $8,006
    Citizens Bank 1 6.75% $10,624
    Civista Bank 1 6.13% $4,942
    Cornerstone First Mortgage, Inc 1 6.00% $21,212
    DAS Acquisition Company, LLC 1 7.13% $8,389
    ENDEAVOR CAPITAL, LLC. 1 6.25% $8,288
    Equity Prime Mortgage LLC 1 7.75% $9,740
    FIRST COLONY MORTGAGE CORPORATION 1 6.13% $8,035
    FIRST COMMUNITY MORTGAGE, INC. 1 7.00% $9,133
    Flagstar Bank, FSB 1 7.66% $4,807
    HOMESIDE FINANCIAL, LLC 1 6.25% $9,883
    Hometown Equity Mortgage, LLC 1 7.13% $7,153
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.25% $10,373
    JPMorgan Chase Bank 1 7.75% $4,094
    J. VIRGIL, INC. 1 7.13% $7,635
    KeyBank 1 5.88% $5,872
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $5,699
    MID AMERICA MORTGAGE, INC. 1 7.25% $7,243
    Mortgage Research Center, LLC 1 6.25% $4,107
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $3,545
    NATIONS RELIABLE LENDING, LLC 1 7.50% $5,543
    POLARIS HOME FUNDING CORP. 1 7.00% $7,333

    The top Mansfield FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 50 FHA loans originated. Their average total fees are $9,290, which is $602 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Mansfield FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($8,220), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,452), UNION HOME MORTGAGE CORP. ($8,956), CROSSCOUNTRY MORTGAGE, LLC ($9,290) and QUICKEN LOANS, LLC ($9,892).

    The lowest rate Mansfield FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.18%), QUICKEN LOANS, LLC (6.37%), CROSSCOUNTRY MORTGAGE, LLC (6.71%), LOANDEPOT.COM, LLC (6.84%) and UNION HOME MORTGAGE CORP. (6.93%).

    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).