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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.