Marion FHA Loan Rates, Closing Costs & Stats

Marion, 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.

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 0.12% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.71% and one month ago for the week of 2024-10-25, the average rate was 6.69%.

The average rate one year ago was 7.08%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.1%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Marion (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 $79,400 (-5.6%) $121,146 (9.0%) 0.00 135
2018-02-01 $79,650 (-0.4%) $126,444 (11.2%) 0.00 132
2018-03-01 $78,950 (-1.3%) $126,265 (10.1%) 0.00 128
2018-04-01 $79,425 (-0.1%) $134,571 (22.4%) 0.00 109
2018-05-01 $88,663 (11.9%) $132,892 (19.0%) 0.00 112
2018-06-01 $94,500 (8.7%) $139,920 (13.6%) 0.00 129
2018-07-01 $99,200 (12.8%) $142,133 (13.7%) 0.00 142
2018-08-01 $91,450 (5.8%) $135,050 (6.6%) 0.00 168
2018-09-01 $91,900 (15.0%) $129,849 (5.9%) 0.00 167
2018-10-01 $88,675 (13.1%) $126,916 (0.9%) 0.00 159
2018-11-01 $84,225 (10.4%) $117,602 (1.1%) 0.00 162
2018-12-01 $74,900 (0.0%) $110,366 (-5.8%) 0.00 152
2019-01-01 $74,900 (-5.7%) $103,412 (-14.6%) 0.00 134
2019-02-01 $79,900 (0.3%) $106,028 (-16.2%) 0.00 117
2019-03-01 $79,357 (0.5%) $109,586 (-13.2%) 0.00 106
2019-04-01 $78,900 (-0.7%) $112,892 (-16.1%) 0.00 96
2019-05-01 $91,475 (3.2%) $133,149 (0.2%) 0.00 97
2019-06-01 $89,900 (-4.9%) $141,781 (1.3%) 0.00 112
2019-07-01 $91,500 (-7.8%) $149,466 (5.2%) 0.00 108
2019-08-01 $102,960 (12.6%) $152,309 (12.8%) 0.00 112
2019-09-01 $106,920 (16.3%) $151,769 (16.9%) 0.00 120
2019-10-01 $109,950 (24.0%) $150,691 (18.7%) 0.00 133
2019-11-01 $109,900 (30.5%) $149,253 (26.9%) 0.00 137
2019-12-01 $94,688 (26.4%) $145,689 (32.0%) 0.00 128
2020-01-01 $89,900 (20.0%) $144,638 (39.9%) 0.00 102
2020-02-01 $89,500 (12.0%) $135,351 (27.7%) 0.00 93
2020-03-01 $84,125 (6.0%) $136,360 (24.4%) 0.00 78
2020-04-01 $87,800 (11.3%) $137,728 (22.0%) 0.00 75
2020-05-01 $87,900 (-3.9%) $149,850 (12.5%) 0.00 79
2020-06-01 $89,600 (-0.3%) $136,246 (-3.9%) 0.00 64
2020-07-01 $96,400 (5.4%) $153,670 (2.8%) 0.00 59
2020-08-01 $114,950 (11.7%) $169,189 (11.1%) 0.00 56
2020-09-01 $135,400 (26.6%) $180,316 (18.8%) 0.00 54
2020-10-01 $119,900 (9.1%) $164,500 (9.2%) 0.00 66
2020-11-01 $138,950 (26.4%) $176,200 (18.1%) 0.00 67
2020-12-01 $129,200 (36.5%) $165,546 (13.6%) 0.00 56
2021-01-01 $137,200 (52.6%) $176,741 (22.2%) 0.00 41
2021-02-01 $105,375 (17.7%) $166,234 (22.8%) 0.00 30
2021-03-01 $93,700 (11.4%) $159,505 (17.0%) 0.00 30
2021-04-01 $167,200 (90.4%) $177,704 (29.0%) 0.00 41
2021-05-01 $194,900 (121.7%) $180,897 (20.7%) 0.00 52
2021-06-01 $149,450 (66.8%) $175,008 (28.5%) 0.00 52
2021-07-01 $129,900 (34.8%) $163,493 (6.4%) 0.00 71
2021-08-01 $130,325 (13.4%) $172,965 (2.2%) 0.00 82
2021-09-01 $121,800 (-10.0%) $163,744 (-9.2%) 0.00 75
2021-10-01 $114,900 (-4.2%) $151,246 (-8.1%) 0.00 78
2021-11-01 $124,250 (-10.6%) $145,283 (-17.6%) 0.00 78
2021-12-01 $119,225 (-7.7%) $141,677 (-14.4%) 0.00 70
2022-01-01 $119,900 (-12.6%) $139,405 (-21.1%) 0.00 56
2022-02-01 $129,250 (22.7%) $165,545 (-0.4%) 0.00 33
2022-03-01 $135,700 (44.8%) $177,307 (11.2%) 0.00 26
2022-04-01 $143,500 (-14.2%) $172,176 (-3.1%) 0.00 31
2022-05-01 $103,092 (-47.1%) $147,397 (-18.5%) 0.00 59
2022-06-01 $111,725 (-25.2%) $159,448 (-8.9%) 0.00 74
2022-07-01 $138,900 (6.9%) $173,428 (6.1%) 0.00 75
2022-08-01 $154,975 (18.9%) $197,608 (14.3%) 0.00 87
2022-09-01 $148,900 (22.3%) $182,386 (11.4%) 0.00 99
2022-10-01 $145,000 (26.2%) $172,198 (13.9%) 0.00 110
2022-11-01 $146,075 (17.6%) $173,785 (19.6%) 0.00 96
2022-12-01 $139,900 (17.3%) $169,973 (20.0%) 0.00 87
2023-01-01 $134,900 (12.5%) $166,484 (19.4%) 0.00 70
2023-02-01 $126,225 (-2.3%) $165,978 (0.3%) 0.00 60
2023-03-01 $127,450 (-6.1%) $176,856 (-0.3%) 0.00 54
2023-04-01 $138,200 (-3.7%) $174,060 (1.1%) 0.00 46
2023-05-01 $131,700 (27.8%) $162,671 (10.4%) 0.00 40
2023-06-01 $139,950 (25.3%) $205,864 (29.1%) 0.00 48
2023-07-01 $164,900 (18.7%) $228,475 (31.7%) 0.00 52
2023-08-01 $195,175 (25.9%) $239,114 (21.0%) 0.00 69
2023-09-01 $185,000 (24.2%) $229,162 (25.7%) 0.00 77
2023-10-01 $177,500 (22.4%) $209,160 (21.5%) 0.00 82
2023-11-01 $161,225 (10.4%) $207,077 (19.2%) 0.00 96
2023-12-01 $171,944 (22.9%) $205,346 (20.8%) 0.00 98
2024-01-01 $174,947 (29.7%) $202,860 (21.9%) 0.00 87
2024-02-01 $191,225 (51.5%) $221,336 (33.4%) 0.00 77
2024-03-01 $216,950 (70.2%) $248,955 (40.8%) 0.00 52
2024-04-01 $243,425 (76.1%) $271,743 (56.1%) 0.00 61
2024-05-01 $246,995 (87.5%) $275,681 (69.5%) 0.00 71
2024-06-01 $232,400 (66.1%) $278,827 (35.4%) 0.00 71
2024-07-01 $184,725 (12.0%) $241,843 (5.9%) 0.00 93
2024-08-01 $191,040 (-2.1%) $233,758 (-2.2%) 0.00 105
2024-09-01 $184,950 (0.0%) $224,571 (-2.0%) 0.00 122
2024-10-01 $184,450 (3.9%) $229,973 (10.0%) 0.00 124
Marion's median listing price for 2024-10-01 was $184,450, a difference of $6,950 (3.9%) versus the prior year and $-500 versus the prior month.

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

Marion's average listing price for 2024-10-01 was $229,973, a difference of $20,813 (10.0%) versus the prior year and $5,402 versus the prior month.

For the 2024-10-01 period, Marion had 124 MLS listings, a difference of 2 listings (2%) versus the prior month and 42 listings (51%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Marion (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,506 sqft
2018-02-01 0 days 1,509 sqft
2018-03-01 0 days 1,513 sqft
2018-04-01 0 days 1,582 sqft
2018-05-01 0 days 1,483 sqft
2018-06-01 0 days 1,484 sqft
2018-07-01 0 days 1,478 sqft
2018-08-01 0 days 1,474 sqft
2018-09-01 0 days 1,481 sqft
2018-10-01 0 days 1,474 sqft
2018-11-01 0 days 1,464 sqft
2018-12-01 0 days 1,422 sqft
2019-01-01 0 days 1,338 sqft
2019-02-01 0 days 1,344 sqft
2019-03-01 0 days 1,337 sqft
2019-04-01 0 days 1,329 sqft
2019-05-01 0 days 1,450 sqft
2019-06-01 0 days 1,442 sqft
2019-07-01 0 days 1,444 sqft
2019-08-01 0 days 1,461 sqft
2019-09-01 0 days 1,488 sqft
2019-10-01 0 days 1,506 sqft
2019-11-01 0 days 1,509 sqft
2019-12-01 0 days 1,542 sqft
2020-01-01 0 days 1,487 sqft
2020-02-01 0 days 1,399 sqft
2020-03-01 0 days 1,429 sqft
2020-04-01 0 days 1,398 sqft
2020-05-01 0 days 1,398 sqft
2020-06-01 0 days 1,448 sqft
2020-07-01 0 days 1,496 sqft
2020-08-01 0 days 1,466 sqft
2020-09-01 0 days 1,564 sqft
2020-10-01 0 days 1,599 sqft
2020-11-01 0 days 1,666 sqft
2020-12-01 0 days 1,475 sqft
2021-01-01 0 days 1,461 sqft
2021-02-01 0 days 1,533 sqft
2021-03-01 0 days 1,493 sqft
2021-04-01 0 days 1,543 sqft
2021-05-01 0 days 1,586 sqft
2021-06-01 0 days 1,549 sqft
2021-07-01 0 days 1,476 sqft
2021-08-01 0 days 1,475 sqft
2021-09-01 0 days 1,446 sqft
2021-10-01 0 days 1,474 sqft
2021-11-01 0 days 1,396 sqft
2021-12-01 0 days 1,321 sqft
2022-01-01 0 days 1,324 sqft
2022-02-01 0 days 1,440 sqft
2022-03-01 0 days 1,393 sqft
2022-04-01 0 days 1,459 sqft
2022-05-01 0 days 1,379 sqft
2022-06-01 0 days 1,520 sqft
2022-07-01 0 days 1,500 sqft
2022-08-01 0 days 1,505 sqft
2022-09-01 0 days 1,484 sqft
2022-10-01 0 days 1,456 sqft
2022-11-01 0 days 1,426 sqft
2022-12-01 0 days 1,476 sqft
2023-01-01 0 days 1,497 sqft
2023-02-01 0 days 1,507 sqft
2023-03-01 0 days 1,536 sqft
2023-04-01 0 days 1,526 sqft
2023-05-01 0 days 1,480 sqft
2023-06-01 0 days 1,576 sqft
2023-07-01 0 days 1,592 sqft
2023-08-01 0 days 1,584 sqft
2023-09-01 0 days 1,560 sqft
2023-10-01 0 days 1,502 sqft
2023-11-01 0 days 1,430 sqft
2023-12-01 0 days 1,446 sqft
2024-01-01 0 days 1,460 sqft
2024-02-01 0 days 1,552 sqft
2024-03-01 0 days 1,614 sqft
2024-04-01 0 days 1,811 sqft
2024-05-01 0 days 1,673 sqft
2024-06-01 0 days 1,649 sqft
2024-07-01 0 days 1,563 sqft
2024-08-01 0 days 1,561 sqft
2024-09-01 0 days 1,589 sqft
2024-10-01 0 days 1,594 sqft
Marion's median listing age (time on market) for 2024-10-01 was 0 days.

Marion's median square footage for active listings during the 2024-10-01 period was 1,594 sqft. One year prior, the average listing was 1,502 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).