Mount Vernon FHA Loan Rates, Closing Costs & Stats

Mount Vernon, 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.

Mount Vernon's 47 lenders originated 141 FHA loans during 2023. The total origination value was $28,505,000, with an average FHA loan value of $202,163.

Mount Vernon FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mount Vernon averaged 6.77% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Mount Vernon's average FHA mortgage closing costs are $6,991.

The average rate for the prior week (2024-05-31) was 7.06% and one month ago for the week of 2024-05-03, the average rate was 7.16%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.89%.

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

Mount Vernon 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 Mount Vernon level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 19 6.27% $10,198
UNITED WHOLESALE MORTGAGE, LLC 10 6.23% $9,945
CROSSCOUNTRY MORTGAGE, LLC 9 6.70% $12,228
UNION HOME MORTGAGE CORP. 9 7.11% $9,636
RUOFF MORTGAGE COMPANY, INC. 7 7.25% $8,293
NFM, INC. 7 7.21% $10,978
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 7.67% $8,829
EQUITY RESOURCES, INC. 4 6.53% $7,550
AMERISAVE MORTGAGE CORPORATION 4 5.94% $11,490
Carrington Mortgage Services, LLC 3 6.46% $9,320
The Huntington National Bank 3 7.29% $7,129
BAYSHORE MORTGAGE FUNDING, LLC 2 7.25% $14,422
VILLAGE CAPITAL MORTGAGE 2 6.25% $5,341
Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $10,347
Nations Lending Corporation 2 6.50% $8,074
FIRST COMMUNITY MORTGAGE, INC. 2 6.75% $11,586
NEWREZ LLC 2 6.75% $7,782
CARDINAL FINANCIAL 2 7.25% $4,443
FREEDOM MORTGAGE CORPORATION 2 6.38% $19,119
GUARANTEED RATE, INC. 2 6.68% $8,626
AMERICAN FINANCIAL NETWORK, INC. 2 7.19% $9,082
THE EQUITABLE MORTGAGE CORPORATION 2 7.13% $8,497
ALLIED MORTGAGE GROUP, INC. 2 6.00% $11,766
U.S. Bank 1 6.75% $7,169
The Park National Bank 1 6.00% $6,730
AMERICAN FINANCING CORPORATION 1 5.50% $9,193
Barrington Bank & Trust Company, N.A. 1 6.63% $12,442
Citizens Bank 1 6.38% $9,453
EMM LOANS LLC 1 6.13% $9,755
FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.13% $14,506
Flagstar Bank, FSB 1 7.25% $10,479
GENEVA FINANCIAL, LLC 1 7.00% $9,793
GSF Mortgage Corporation 1 6.63% $6,294
HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.63% $9,472
LIBERTY HOME MORTGAGE CORPORATION 1 6.00% $15,658
LOANDEPOT.COM, LLC 1 5.99% $9,106
MICHIGAN MUTUAL, INC. 1 7.13% $10,900
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $13,503
NATIONS RELIABLE LENDING, LLC 1 7.50% $13,255
PENNYMAC LOAN SERVICES, LLC 1 7.13% $8,478
PHH Mortgage Corporation 1 6.63% $10,405
Plains Commerce Bank 1 6.25% $7,992
PLANET HOME LENDING, LLC 1 5.63% $10,615
POLARIS HOME FUNDING CORP. 1 7.25% $10,479
RAPID MORTGAGE COMPANY 1 6.63% $6,540
RESIDENTIAL BANCORP 1 7.50% $11,035
Union Savings Bank 1 7.25% $11,999

The top Mount Vernon FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 19 FHA loans originated. Their average total fees are $10,198, which is $253 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Mount Vernon FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($9,945), QUICKEN LOANS, LLC ($10,198), .

The lowest rate Mount Vernon FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.23%), QUICKEN LOANS, LLC (6.27%), .

Mount Vernon FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MOUNT VERNON, OH KNOX 2022 $420,680 $538,650 $651,050 $809,150
MOUNT VERNON, OH KNOX 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mount Vernon (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 $140,563 (0.9%) $187,948 (1.2%) 0.00 154
2018-02-01 $142,475 (4.1%) $189,520 (7.2%) 0.00 142
2018-03-01 $154,950 (6.3%) $202,841 (7.2%) 0.00 161
2018-04-01 $177,419 (18.5%) $230,938 (21.2%) 0.00 169
2018-05-01 $179,250 (22.0%) $239,226 (23.8%) 0.00 215
2018-06-01 $164,950 (17.0%) $230,228 (16.5%) 0.00 221
2018-07-01 $159,925 (14.3%) $228,947 (14.5%) 0.00 200
2018-08-01 $163,725 (17.0%) $227,687 (17.9%) 0.00 198
2018-09-01 $164,950 (19.8%) $232,824 (27.2%) 0.00 201
2018-10-01 $157,350 (12.5%) $225,115 (23.5%) 0.00 199
2018-11-01 $156,000 (9.4%) $222,221 (22.6%) 0.00 178
2018-12-01 $159,200 (11.4%) $215,354 (15.2%) 0.00 160
2019-01-01 $167,600 (19.2%) $233,945 (24.5%) 0.00 143
2019-02-01 $162,900 (14.3%) $236,469 (24.8%) 0.00 132
2019-03-01 $168,086 (8.5%) $239,515 (18.1%) 0.00 150
2019-04-01 $174,136 (-1.9%) $247,653 (7.2%) 0.00 175
2019-05-01 $183,738 (2.5%) $244,322 (2.1%) 0.00 199
2019-06-01 $179,900 (9.1%) $259,507 (12.7%) 0.00 190
2019-07-01 $188,000 (17.6%) $248,337 (8.5%) 0.00 207
2019-08-01 $188,164 (14.9%) $254,247 (11.7%) 0.00 192
2019-09-01 $186,328 (13.0%) $255,960 (9.9%) 0.00 162
2019-10-01 $184,900 (17.5%) $263,818 (17.2%) 0.00 139
2019-11-01 $185,000 (18.6%) $274,911 (23.7%) 0.00 138
2019-12-01 $178,425 (12.1%) $260,842 (21.1%) 0.00 136
2020-01-01 $173,175 (3.3%) $257,404 (10.0%) 0.00 116
2020-02-01 $174,950 (7.4%) $259,586 (9.8%) 0.00 93
2020-03-01 $174,950 (4.1%) $253,400 (5.8%) 0.00 94
2020-04-01 $165,250 (-5.1%) $248,128 (0.2%) 0.00 99
2020-05-01 $179,900 (-2.1%) $270,963 (10.9%) 0.00 99
2020-06-01 $187,400 (4.2%) $288,378 (11.1%) 0.00 76
2020-07-01 $197,450 (5.0%) $303,778 (22.3%) 0.00 62
2020-08-01 $181,950 (-3.3%) $328,017 (29.0%) 0.00 45
2020-09-01 $199,450 (7.0%) $300,101 (17.2%) 0.00 52
2020-10-01 $188,750 (2.1%) $249,444 (-5.5%) 0.00 48
2020-11-01 $155,950 (-15.7%) $216,434 (-21.3%) 0.00 56
2020-12-01 $147,450 (-17.4%) $202,323 (-22.4%) 0.00 39
2021-01-01 $147,450 (-14.9%) $183,959 (-28.5%) 0.00 31
2021-02-01 $151,175 (-13.6%) $204,847 (-21.1%) 0.00 22
2021-03-01 $182,825 (4.5%) $222,535 (-12.2%) 0.00 27
2021-04-01 $231,950 (40.4%) $295,745 (19.2%) 0.00 29
2021-05-01 $202,400 (12.5%) $264,288 (-2.5%) 0.00 32
2021-06-01 $227,450 (21.4%) $299,401 (3.8%) 0.00 40
2021-07-01 $217,450 (10.1%) $333,485 (9.8%) 0.00 60
2021-08-01 $247,425 (36.0%) $380,513 (16.0%) 0.00 60
2021-09-01 $245,169 (22.9%) $372,429 (24.1%) 0.00 67
2021-10-01 $244,950 (29.8%) $399,420 (60.1%) 0.00 68
2021-11-01 $227,500 (45.9%) $360,620 (66.6%) 0.00 63
2021-12-01 $227,450 (54.3%) $343,143 (69.6%) 0.00 52
2022-01-01 $252,900 (71.5%) $360,421 (95.9%) 0.00 41
2022-02-01 $253,650 (67.8%) $320,057 (56.2%) 0.00 34
2022-03-01 $268,363 (46.8%) $291,396 (30.9%) 0.00 39
2022-04-01 $233,000 (0.5%) $276,511 (-6.5%) 0.00 43
2022-05-01 $196,950 (-2.7%) $298,070 (12.8%) 0.00 42
2022-06-01 $246,175 (8.2%) $337,085 (12.6%) 0.00 56
2022-07-01 $249,900 (14.9%) $357,895 (7.3%) 0.00 58
2022-08-01 $284,614 (15.0%) $390,323 (2.6%) 0.00 63
2022-09-01 $322,475 (31.5%) $437,631 (17.5%) 0.00 59
2022-10-01 $284,950 (16.3%) $433,353 (8.5%) 0.00 66
2022-11-01 $327,450 (43.9%) $462,396 (28.2%) 0.00 66
2022-12-01 $264,900 (16.5%) $364,352 (6.2%) 0.00 59
2023-01-01 $297,425 (17.6%) $373,668 (3.7%) 0.00 61
2023-02-01 $298,400 (17.6%) $393,655 (23.0%) 0.00 60
2023-03-01 $317,450 (18.3%) $410,240 (40.8%) 0.00 57
2023-04-01 $337,000 (44.6%) $450,804 (63.0%) 0.00 55
2023-05-01 $371,225 (88.5%) $467,580 (56.9%) 0.00 63
2023-06-01 $381,225 (54.9%) $490,867 (45.6%) 0.00 79
2023-07-01 $350,000 (40.1%) $436,643 (22.0%) 0.00 78
2023-08-01 $374,700 (31.7%) $459,523 (17.7%) 0.00 89
2023-09-01 $350,000 (8.5%) $411,227 (-6.0%) 0.00 93
2023-10-01 $340,000 (19.3%) $434,161 (0.2%) 0.00 108
2023-11-01 $332,500 (1.5%) $426,497 (-7.8%) 0.00 100
2023-12-01 $335,000 (26.5%) $433,482 (19.0%) 0.00 85
2024-01-01 $338,725 (13.9%) $452,868 (21.2%) 0.00 66
2024-02-01 $352,925 (18.3%) $471,843 (19.9%) 0.00 66
2024-03-01 $362,000 (14.0%) $506,517 (23.5%) 0.00 67
2024-04-01 $399,975 (18.7%) $560,702 (24.4%) 0.00 73
2024-05-01 $411,225 (10.8%) $591,642 (26.5%) 0.00 82
Mount Vernon's median listing price for 2024-05-01 was $411,225, a difference of $40,000 (10.8%) versus the prior year and $11,250 versus the prior month.

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

Mount Vernon's average listing price for 2024-05-01 was $591,642, a difference of $124,062 (26.5%) versus the prior year and $30,940 versus the prior month.

For the 2024-05-01 period, Mount Vernon had 82 MLS listings, a difference of 9 listings (12%) versus the prior month and 19 listings (30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mount Vernon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,628 sqft
2018-02-01 0 days 1,582 sqft
2018-03-01 0 days 1,680 sqft
2018-04-01 0 days 1,813 sqft
2018-05-01 0 days 1,854 sqft
2018-06-01 0 days 1,852 sqft
2018-07-01 0 days 1,773 sqft
2018-08-01 0 days 1,720 sqft
2018-09-01 0 days 1,771 sqft
2018-10-01 0 days 1,768 sqft
2018-11-01 0 days 1,728 sqft
2018-12-01 0 days 1,680 sqft
2019-01-01 0 days 1,680 sqft
2019-02-01 0 days 1,676 sqft
2019-03-01 0 days 1,697 sqft
2019-04-01 0 days 1,728 sqft
2019-05-01 0 days 1,806 sqft
2019-06-01 0 days 1,870 sqft
2019-07-01 0 days 1,806 sqft
2019-08-01 0 days 1,845 sqft
2019-09-01 0 days 1,901 sqft
2019-10-01 0 days 1,944 sqft
2019-11-01 0 days 1,943 sqft
2019-12-01 0 days 1,830 sqft
2020-01-01 0 days 1,861 sqft
2020-02-01 0 days 1,845 sqft
2020-03-01 0 days 1,712 sqft
2020-04-01 0 days 1,801 sqft
2020-05-01 0 days 1,845 sqft
2020-06-01 0 days 1,887 sqft
2020-07-01 0 days 1,740 sqft
2020-08-01 0 days 1,890 sqft
2020-09-01 0 days 1,862 sqft
2020-10-01 0 days 1,709 sqft
2020-11-01 0 days 1,604 sqft
2020-12-01 0 days 1,588 sqft
2021-01-01 0 days 1,656 sqft
2021-02-01 0 days 1,417 sqft
2021-03-01 0 days 1,587 sqft
2021-04-01 0 days 2,228 sqft
2021-05-01 0 days 1,767 sqft
2021-06-01 0 days 1,852 sqft
2021-07-01 0 days 1,821 sqft
2021-08-01 0 days 1,883 sqft
2021-09-01 0 days 1,976 sqft
2021-10-01 0 days 2,033 sqft
2021-11-01 0 days 2,088 sqft
2021-12-01 0 days 1,926 sqft
2022-01-01 0 days 1,887 sqft
2022-02-01 0 days 1,784 sqft
2022-03-01 0 days 1,859 sqft
2022-04-01 0 days 1,985 sqft
2022-05-01 0 days 1,705 sqft
2022-06-01 0 days 1,892 sqft
2022-07-01 0 days 1,813 sqft
2022-08-01 0 days 1,877 sqft
2022-09-01 0 days 1,925 sqft
2022-10-01 0 days 1,925 sqft
2022-11-01 0 days 2,085 sqft
2022-12-01 0 days 1,681 sqft
2023-01-01 0 days 1,796 sqft
2023-02-01 0 days 1,890 sqft
2023-03-01 0 days 2,073 sqft
2023-04-01 0 days 2,008 sqft
2023-05-01 0 days 2,190 sqft
2023-06-01 0 days 2,232 sqft
2023-07-01 0 days 2,217 sqft
2023-08-01 0 days 2,285 sqft
2023-09-01 0 days 2,128 sqft
2023-10-01 0 days 2,033 sqft
2023-11-01 0 days 1,964 sqft
2023-12-01 0 days 1,865 sqft
2024-01-01 0 days 1,872 sqft
2024-02-01 0 days 2,113 sqft
2024-03-01 0 days 2,115 sqft
2024-04-01 0 days 2,196 sqft
2024-05-01 0 days 2,192 sqft
Mount Vernon's median listing age (time on market) for 2024-05-01 was 0 days.

Mount Vernon's median square footage for active listings during the 2024-05-01 period was 2,192 sqft. One year prior, the average listing was 2,190 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).