New Philadelphia FHA Loan Rates, Closing Costs & Stats

New Philadelphia-Dover, 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.

    New Philadelphia's 43 lenders originated 204 FHA loans during 2023. The total origination value was $33,090,000, with an average FHA loan value of $162,206.

    New Philadelphia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Philadelphia averaged 6.84% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    New Philadelphia's average FHA mortgage closing costs are $5,829.

    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 6.04%.

    The average rate one year ago was 7.78%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    New Philadelphia 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 New Philadelphia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Republic State Mortgage Co. 30 7.10% $5,013
    QUICKEN LOANS, LLC 20 6.18% $8,693
    POLARIS HOME FUNDING CORP. 20 6.86% $8,557
    Nations Lending Corporation 19 6.93% $5,886
    CROSSCOUNTRY MORTGAGE, LLC 15 6.90% $9,245
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.09% $6,622
    The Huntington National Bank 6 6.83% $5,700
    ON Q FINANCIAL, INC. 5 7.28% $7,031
    Mr. Cooper ( Nationstar Mortgage ) 5 6.45% $9,930
    Carrington Mortgage Services, LLC 4 6.63% $8,451
    UNITED WHOLESALE MORTGAGE, LLC 4 5.95% $7,066
    AMCAP MORTGAGE, LTD. 3 7.13% $10,645
    LIBERTY HOME MORTGAGE CORPORATION 3 7.00% $9,115
    LOANDEPOT.COM, LLC 3 7.13% $7,960
    PENNYMAC LOAN SERVICES, LLC 3 5.92% $9,279
    FREEDOM MORTGAGE CORPORATION 2 7.00% $13,709
    JPMorgan Chase Bank 2 7.62% $5,500
    U.S. Bank 2 7.50% $5,202
    Mortgage Research Center, LLC 2 7.19% $3,759
    NEWREZ LLC 2 6.00% $12,639
    BROKER SOLUTIONS, INC. 2 6.25% $10,780
    RUOFF MORTGAGE COMPANY, INC. 2 7.00% $7,495
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $10,327
    LOANPAL, LLC 1 6.00% $11,781
    MID AMERICA MORTGAGE, INC. 1 7.88% $4,307
    STOCKTON MORTGAGE CORPORATION 1 5.75% $9,225
    Fifth Third Bank 1 6.38% $13,423
    MYCUMORTGAGE, LLC 1 6.63% $5,409
    Equity Prime Mortgage LLC 1 7.25% $11,373
    Flagstar Bank, FSB 1 6.88% $9,535
    NFM, INC. 1 7.75% $9,403
    ENDEAVOR CAPITAL, LLC. 1 7.25% $7,384
    VILLAGE CAPITAL MORTGAGE 1 6.25% $10,902
    CMG MORTGAGE, INC. 1 5.75% $7,592
    Citizens Bank 1 5.50% $6,426
    RAPID MORTGAGE COMPANY 1 7.25% $11,858
    Gateway First Bank 1 6.25% $7,712
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $5,375
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 8.13% $5,651
    FIRST COMMUNITY MORTGAGE, INC. 1 7.75% $7,753
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,737
    American Midwest Mortgage Corporation 1 6.25% $10,997
    First Federal Savings and Loan Association of Lakewood 1 6.88% $5,354

    The top New Philadelphia FHA lender as defined by loan originations is Republic State Mortgage Co., with 30 FHA loans originated. Their average total fees are $5,013, which is $3,680 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New Philadelphia FHA lenders (with over 10 loans originated) are Republic State Mortgage Co. ($5,013), Nations Lending Corporation ($5,886), POLARIS HOME FUNDING CORP. ($8,557), QUICKEN LOANS, LLC ($8,693) and CROSSCOUNTRY MORTGAGE, LLC ($9,245).

    The lowest rate New Philadelphia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.18%), POLARIS HOME FUNDING CORP. (6.86%), CROSSCOUNTRY MORTGAGE, LLC (6.90%), Nations Lending Corporation (6.93%) and Republic State Mortgage Co. (7.10%).

    New Philadelphia FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NEW PHILADELPHIA-DOVER, OH TUSCARAWAS 2022 $420,680 $538,650 $651,050 $809,150
    NEW PHILADELPHIA-DOVER, OH TUSCARAWAS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - New Philadelphia (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 $117,400 (-9.6%) $157,194 (-4.8%) 0.00 191
    2018-02-01 $124,900 (-3.9%) $158,191 (-4.8%) 0.00 171
    2018-03-01 $129,900 (0.5%) $157,794 (-6.2%) 0.00 166
    2018-04-01 $137,675 (6.0%) $163,239 (-2.5%) 0.00 166
    2018-05-01 $139,450 (1.5%) $164,439 (-14.6%) 0.00 173
    2018-06-01 $144,900 (4.3%) $171,195 (-10.6%) 0.00 180
    2018-07-01 $142,325 (4.7%) $172,141 (-6.1%) 0.00 189
    2018-08-01 $149,450 (10.8%) $178,175 (0.3%) 0.00 194
    2018-09-01 $149,000 (10.5%) $181,361 (2.3%) 0.00 198
    2018-10-01 $139,450 (6.9%) $174,829 (-0.6%) 0.00 202
    2018-11-01 $127,400 (0.0%) $163,795 (-4.4%) 0.00 189
    2018-12-01 $126,400 (-2.5%) $171,455 (3.9%) 0.00 168
    2019-01-01 $119,900 (2.1%) $174,241 (10.8%) 0.00 145
    2019-02-01 $136,150 (9.0%) $179,634 (13.6%) 0.00 129
    2019-03-01 $139,900 (7.7%) $193,662 (22.7%) 0.00 128
    2019-04-01 $143,650 (4.3%) $200,254 (22.7%) 0.00 129
    2019-05-01 $137,050 (-1.7%) $184,122 (12.0%) 0.00 143
    2019-06-01 $149,900 (3.5%) $201,554 (17.7%) 0.00 139
    2019-07-01 $158,650 (11.5%) $204,579 (18.8%) 0.00 135
    2019-08-01 $152,809 (2.3%) $194,917 (9.4%) 0.00 150
    2019-09-01 $151,173 (1.5%) $189,100 (4.3%) 0.00 171
    2019-10-01 $150,082 (7.6%) $186,173 (6.5%) 0.00 189
    2019-11-01 $155,400 (22.0%) $185,685 (13.4%) 0.00 186
    2019-12-01 $159,450 (26.2%) $187,529 (9.4%) 0.00 180
    2020-01-01 $159,900 (33.4%) $185,004 (6.2%) 0.00 160
    2020-02-01 $159,900 (17.4%) $185,730 (3.4%) 0.00 143
    2020-03-01 $146,675 (4.8%) $176,734 (-8.7%) 0.00 150
    2020-04-01 $146,700 (2.1%) $176,235 (-12.0%) 0.00 150
    2020-05-01 $159,900 (16.7%) $193,689 (5.2%) 0.00 118
    2020-06-01 $177,175 (18.2%) $205,122 (1.8%) 0.00 114
    2020-07-01 $151,950 (-4.2%) $198,646 (-2.9%) 0.00 112
    2020-08-01 $172,400 (12.8%) $213,750 (9.7%) 0.00 103
    2020-09-01 $174,900 (15.7%) $216,994 (14.8%) 0.00 111
    2020-10-01 $159,900 (6.5%) $212,162 (14.0%) 0.00 118
    2020-11-01 $156,700 (0.8%) $217,540 (17.2%) 0.00 100
    2020-12-01 $155,500 (-2.5%) $228,287 (21.7%) 0.00 85
    2021-01-01 $155,700 (-2.6%) $236,220 (27.7%) 0.00 64
    2021-02-01 $199,450 (24.7%) $245,782 (32.3%) 0.00 56
    2021-03-01 $164,450 (12.1%) $224,252 (26.9%) 0.00 57
    2021-04-01 $162,450 (10.7%) $211,314 (19.9%) 0.00 59
    2021-05-01 $168,500 (5.4%) $220,515 (13.9%) 0.00 69
    2021-06-01 $192,450 (8.6%) $225,343 (9.9%) 0.00 83
    2021-07-01 $229,000 (50.7%) $235,556 (18.6%) 0.00 110
    2021-08-01 $223,650 (29.7%) $232,570 (8.8%) 0.00 108
    2021-09-01 $197,175 (12.7%) $224,721 (3.6%) 0.00 96
    2021-10-01 $189,900 (18.8%) $222,551 (4.9%) 0.00 93
    2021-11-01 $172,200 (9.9%) $217,465 (0.0%) 0.00 70
    2021-12-01 $156,900 (0.9%) $219,787 (-3.7%) 0.00 64
    2022-01-01 $154,900 (-0.5%) $219,801 (-7.0%) 0.00 52
    2022-02-01 $148,725 (-25.4%) $218,912 (-10.9%) 0.00 54
    2022-03-01 $139,900 (-14.9%) $214,496 (-4.4%) 0.00 54
    2022-04-01 $159,950 (-1.5%) $226,801 (7.3%) 0.00 58
    2022-05-01 $155,650 (-7.6%) $233,072 (5.7%) 0.00 73
    2022-06-01 $187,225 (-2.7%) $255,761 (13.5%) 0.00 64
    2022-07-01 $192,450 (-16.0%) $283,327 (20.3%) 0.00 88
    2022-08-01 $201,325 (-10.0%) $305,215 (31.2%) 0.00 85
    2022-09-01 $205,950 (4.5%) $303,966 (35.3%) 0.00 83
    2022-10-01 $199,900 (5.3%) $284,081 (27.7%) 0.00 93
    2022-11-01 $213,425 (23.9%) $258,616 (18.9%) 0.00 86
    2022-12-01 $209,900 (33.8%) $260,546 (18.5%) 0.00 80
    2023-01-01 $194,900 (25.8%) $250,694 (14.1%) 0.00 67
    2023-02-01 $198,900 (33.7%) $236,417 (8.0%) 0.00 52
    2023-03-01 $224,900 (60.8%) $258,238 (20.4%) 0.00 61
    2023-04-01 $221,000 (38.2%) $249,531 (10.0%) 0.00 77
    2023-05-01 $225,925 (45.2%) $255,620 (9.7%) 0.00 70
    2023-06-01 $232,175 (24.0%) $258,395 (1.0%) 0.00 71
    2023-07-01 $229,900 (19.5%) $253,906 (-10.4%) 0.00 83
    2023-08-01 $241,257 (19.8%) $249,989 (-18.1%) 0.00 96
    2023-09-01 $239,900 (16.5%) $256,966 (-15.5%) 0.00 96
    2023-10-01 $236,400 (18.3%) $253,301 (-10.8%) 0.00 91
    2023-11-01 $224,900 (5.4%) $243,138 (-6.0%) 0.00 93
    2023-12-01 $232,200 (10.6%) $249,576 (-4.2%) 0.00 78
    2024-01-01 $224,750 (15.3%) $239,364 (-4.5%) 0.00 67
    2024-02-01 $220,000 (10.6%) $255,198 (7.9%) 0.00 67
    2024-03-01 $200,000 (-11.1%) $274,244 (6.2%) 0.00 77
    2024-04-01 $212,450 (-3.9%) $273,108 (9.5%) 0.00 75
    2024-05-01 $254,950 (12.9%) $299,143 (17.0%) 0.00 82
    2024-06-01 $244,900 (5.5%) $277,789 (7.5%) 0.00 84
    2024-07-01 $256,925 (11.8%) $287,957 (13.4%) 0.00 92
    2024-08-01 $219,900 (-8.9%) $270,214 (8.1%) 0.00 106
    2024-09-01 $225,425 (-6.0%) $260,647 (1.4%) 0.00 106
    2024-10-01 $221,850 (-6.2%) $244,098 (-3.6%) 0.00 100
    New Philadelphia's median listing price for 2024-10-01 was $221,850, a difference of $-14,550 (-6.2%) versus the prior year and $-3,575 versus the prior month.

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

    New Philadelphia's average listing price for 2024-10-01 was $244,098, a difference of $-9,203 (-3.6%) versus the prior year and $-16,549 versus the prior month.

    For the 2024-10-01 period, New Philadelphia had 100 MLS listings, a difference of -6 listings (-6%) versus the prior month and 9 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - New Philadelphia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,528 sqft
    2018-02-01 0 days 1,544 sqft
    2018-03-01 0 days 1,530 sqft
    2018-04-01 0 days 1,576 sqft
    2018-05-01 0 days 1,586 sqft
    2018-06-01 0 days 1,649 sqft
    2018-07-01 0 days 1,650 sqft
    2018-08-01 0 days 1,683 sqft
    2018-09-01 0 days 1,680 sqft
    2018-10-01 0 days 1,680 sqft
    2018-11-01 0 days 1,668 sqft
    2018-12-01 0 days 1,694 sqft
    2019-01-01 0 days 1,672 sqft
    2019-02-01 0 days 1,625 sqft
    2019-03-01 0 days 1,695 sqft
    2019-04-01 0 days 1,700 sqft
    2019-05-01 0 days 1,600 sqft
    2019-06-01 0 days 1,582 sqft
    2019-07-01 0 days 1,598 sqft
    2019-08-01 0 days 1,597 sqft
    2019-09-01 0 days 1,660 sqft
    2019-10-01 0 days 1,683 sqft
    2019-11-01 0 days 1,724 sqft
    2019-12-01 0 days 1,687 sqft
    2020-01-01 0 days 1,634 sqft
    2020-02-01 0 days 1,681 sqft
    2020-03-01 0 days 1,757 sqft
    2020-04-01 0 days 1,728 sqft
    2020-05-01 0 days 1,796 sqft
    2020-06-01 0 days 1,940 sqft
    2020-07-01 0 days 1,970 sqft
    2020-08-01 0 days 1,947 sqft
    2020-09-01 0 days 1,947 sqft
    2020-10-01 0 days 1,836 sqft
    2020-11-01 0 days 1,795 sqft
    2020-12-01 0 days 1,822 sqft
    2021-01-01 0 days 1,772 sqft
    2021-02-01 0 days 1,857 sqft
    2021-03-01 0 days 1,825 sqft
    2021-04-01 0 days 1,618 sqft
    2021-05-01 0 days 1,756 sqft
    2021-06-01 0 days 1,821 sqft
    2021-07-01 0 days 1,751 sqft
    2021-08-01 0 days 1,708 sqft
    2021-09-01 0 days 1,720 sqft
    2021-10-01 0 days 1,662 sqft
    2021-11-01 0 days 1,677 sqft
    2021-12-01 0 days 1,763 sqft
    2022-01-01 0 days 1,650 sqft
    2022-02-01 0 days 1,650 sqft
    2022-03-01 0 days 1,667 sqft
    2022-04-01 0 days 1,768 sqft
    2022-05-01 0 days 1,742 sqft
    2022-06-01 0 days 1,793 sqft
    2022-07-01 0 days 1,760 sqft
    2022-08-01 0 days 1,776 sqft
    2022-09-01 0 days 1,736 sqft
    2022-10-01 0 days 1,776 sqft
    2022-11-01 0 days 1,756 sqft
    2022-12-01 0 days 1,716 sqft
    2023-01-01 0 days 1,697 sqft
    2023-02-01 0 days 1,727 sqft
    2023-03-01 0 days 1,887 sqft
    2023-04-01 0 days 1,930 sqft
    2023-05-01 0 days 1,918 sqft
    2023-06-01 0 days 1,961 sqft
    2023-07-01 0 days 2,022 sqft
    2023-08-01 0 days 2,043 sqft
    2023-09-01 0 days 1,982 sqft
    2023-10-01 0 days 2,066 sqft
    2023-11-01 0 days 2,015 sqft
    2023-12-01 0 days 1,978 sqft
    2024-01-01 0 days 1,953 sqft
    2024-02-01 0 days 1,951 sqft
    2024-03-01 0 days 1,847 sqft
    2024-04-01 0 days 1,949 sqft
    2024-05-01 0 days 2,012 sqft
    2024-06-01 0 days 1,872 sqft
    2024-07-01 0 days 2,040 sqft
    2024-08-01 0 days 1,868 sqft
    2024-09-01 0 days 1,913 sqft
    2024-10-01 0 days 1,858 sqft
    New Philadelphia's median listing age (time on market) for 2024-10-01 was 0 days.

    New Philadelphia's median square footage for active listings during the 2024-10-01 period was 1,858 sqft. One year prior, the average listing was 2,066 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).