Marion FHA Loan Rates, Closing Costs & Stats

Marion, 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.

    Marion's 59 lenders originated 243 FHA loans during 2023. The total origination value was $36,035,000, with an average FHA loan value of $148,292.

    Marion FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Marion averaged 6.54% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Marion's average FHA mortgage closing costs are $6,116.

    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 7.38%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Marion 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 Marion level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNION HOME MORTGAGE CORP. 38 6.83% $7,771
    QUICKEN LOANS, LLC 37 6.56% $7,595
    NFM, INC. 15 7.46% $8,531
    CROSSCOUNTRY MORTGAGE, LLC 13 7.01% $8,828
    PENNYMAC LOAN SERVICES, LLC 8 6.42% $7,501
    First Federal Bank of the Midwest 7 6.41% $7,025
    FREEDOM MORTGAGE CORPORATION 7 7.04% $9,037
    UNITED WHOLESALE MORTGAGE, LLC 7 6.50% $9,294
    Carrington Mortgage Services, LLC 5 6.58% $9,711
    Mr. Cooper ( Nationstar Mortgage ) 4 5.75% $8,221
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.97% $7,242
    The Huntington National Bank 4 6.63% $7,192
    MUTUAL OF OMAHA MORTGAGE, INC. 3 7.38% $8,592
    PLANET HOME LENDING, LLC 3 6.79% $4,952
    BROKER SOLUTIONS, INC. 3 6.92% $8,896
    BAYSHORE MORTGAGE FUNDING, LLC 2 7.38% $8,048
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.44% $13,132
    RUOFF MORTGAGE COMPANY, INC. 2 6.94% $7,394
    FIRST COMMUNITY MORTGAGE, INC. 2 7.31% $7,125
    AMERISAVE MORTGAGE CORPORATION 2 5.88% $7,316
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.50% $8,393
    UNITED 2 6.75% $4,173
    POLARIS HOME FUNDING CORP. 2 6.75% $6,769
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.50% $10,273
    DAS Acquisition Company, LLC 2 7.44% $8,520
    NEWREZ LLC 2 7.19% $5,912
    THE EQUITABLE MORTGAGE CORPORATION 1 7.00% $8,884
    The Federal Savings Bank 1 5.75% $13,241
    TOP FLITE FINANCIAL, INC. 1 6.88% $9,861
    Union Savings Bank 1 6.75% $6,011
    U.S. Bank 1 7.63% $5,690
    VERITAS FUNDING, LLC 1 5.50% $21,267
    1ST SIGNATURE LENDING, LLC 1 7.25% $6,487
    WRIGHT-PATT CREDIT UNION, INC. 1 6.63% $6,755
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $7,318
    Barrington Bank & Trust Company, N.A. 1 7.75% $7,223
    CARDINAL FINANCIAL 1 6.75% $9,313
    CONTOUR MORTGAGE CORPORATION 1 6.25% $10,564
    EMM LOANS LLC 1 6.75% $15,755
    ENDEAVOR CAPITAL, LLC. 1 5.88% $12,033
    EVERETT FINANCIAL, INC. 1 6.00% $3,233
    Fifth Third Bank 1 6.25% $4,156
    First Commonwealth Bank 1 6.13% $5,560
    First Financial Bank 1 5.75% $6,772
    Gateway First Bank 1 7.25% $6,080
    GENEVA FINANCIAL, LLC 1 7.88% $8,496
    GSF Mortgage Corporation 1 6.75% $8,930
    GUARANTEED RATE, INC. 1 7.25% $6,121
    GUILD MORTGAGE COMPANY 1 5.25% $12,563
    HALLMARK HOME MORTGAGE, LLC 1 7.25% $11,650
    LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $8,246
    LOANDEPOT.COM, LLC 1 6.99% $8,222
    Paramount Residential Mortgage Group, Inc. 1 7.00% $6,099
    PNC Bank 1 6.25% $4,986
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $11,510
    RAPID MORTGAGE COMPANY 1 7.13% $9,700
    ROYAL UNITED MORTGAGE LLC 1 7.25% $8,350
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $17,556
    T2 FINANCIAL LLC 1 7.50% $6,222

    The top Marion FHA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 38 FHA loans originated. Their average total fees are $7,771, which is $176 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Marion FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,595), UNION HOME MORTGAGE CORP. ($7,771), NFM, INC. ($8,531), CROSSCOUNTRY MORTGAGE, LLC ($8,828) and .

    The lowest rate Marion FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.56%), UNION HOME MORTGAGE CORP. (6.83%), CROSSCOUNTRY MORTGAGE, LLC (7.01%), NFM, INC. (7.46%) and .

    Marion FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MARION, OH MARION 2022 $420,680 $538,650 $651,050 $809,150
    MARION, OH MARION 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).