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 45 lenders originated 230 FHA loans during 2024. The total origination value was $42,560,000, with an average FHA loan value of $185,043.

    New Philadelphia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Philadelphia averaged 6.91% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    New Philadelphia's average FHA mortgage closing costs are $6,143.

    The average rate for the prior week (2025-07-11) was 6.91% and one month ago for the week of 2025-06-13, the average rate was 7.06%.

    The average rate one year ago was 6.83%.

    For refis of the same type during the week of 2025-07-18, the average rate was 7.05%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 30 6.41% $10,717
    POLARIS HOME FUNDING CORP. 28 6.39% $9,144
    CROSSCOUNTRY MORTGAGE, LLC 22 6.77% $9,405
    Nations Lending Corporation 22 6.86% $5,890
    Republic State Mortgage Co. 22 7.18% $4,991
    The Huntington National Bank 7 7.14% $7,686
    FREEDOM MORTGAGE CORPORATION 6 6.60% $9,979
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.79% $5,678
    First Federal Savings and Loan Association of Lakewood 5 6.10% $6,463
    NFM, INC. 4 7.31% $10,060
    PENNYMAC LOAN SERVICES, LLC 4 6.09% $7,856
    LOANDEPOT.COM, LLC 4 6.28% $9,036
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.21% $11,286
    MUTUAL OF OMAHA MORTGAGE, INC. 3 7.21% $10,076
    JPMorgan Chase Bank 3 6.75% $3,374
    DEVELOPER'S MORTGAGE COMPANY 3 7.04% $6,075
    BROKER SOLUTIONS, INC. 3 7.08% $11,286
    T2 FINANCIAL LLC 2 6.88% $9,896
    Carrington Mortgage Services, LLC 2 7.31% $11,807
    MYCUMORTGAGE, LLC 2 7.63% $6,629
    Flagstar Bank, FSB 2 6.50% $8,686
    PLAZA HOME MORTGAGE, INC. 2 6.88% $14,819
    UNION HOME MORTGAGE CORP. 2 6.69% $12,507
    RUOFF MORTGAGE COMPANY, INC. 2 6.31% $4,831
    UNITED WHOLESALE MORTGAGE, LLC 2 5.75% $13,644
    AMERICAN FINANCING CORPORATION 2 5.75% $8,543
    ZILLOW HOME LOANS, LLC 1 6.00% $9,437
    AmeriHome Mortgage Company, LLC 1 6.63% $4,175
    CARDINAL FINANCIAL 1 6.75% $8,078
    CHURCHILL MORTGAGE CORPORATION 1 7.75% $7,844
    Citizens Bank 1 6.25% $6,370
    Equity Prime Mortgage LLC 1 7.25% $18,032
    GUARANTEED RATE, INC. 1 6.23% $7,790
    GVC MORTGAGE, INC. 1 7.13% $7,793
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.38% $11,610
    LOANPAL, LLC 1 4.75% $14,445
    MID AMERICA MORTGAGE, INC. 1 5.63% $3,442
    NEWREZ LLC 1 6.25% $3,851
    Paramount Residential Mortgage Group, Inc. 1 7.13% $9,111
    RAPID MORTGAGE COMPANY 1 7.13% $10,283
    SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $8,062
    The Federal Savings Bank 1 6.25% $11,034
    The Park National Bank 1 6.25% $7,070
    Union Savings Bank 1 6.50% $7,632
    VILLAGE CAPITAL MORTGAGE 1 6.75% $2,354

    The top New Philadelphia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 30 FHA loans originated. Their average total fees are $10,717, which is $1,574 higher than the next largest lender, POLARIS HOME FUNDING CORP..

    The lowest fee New Philadelphia FHA lenders (with over 10 loans originated) are Republic State Mortgage Co. ($4,991), Nations Lending Corporation ($5,890), POLARIS HOME FUNDING CORP. ($9,144), CROSSCOUNTRY MORTGAGE, LLC ($9,405) and QUICKEN LOANS, LLC ($10,717).

    The lowest rate New Philadelphia FHA lenders (with over 10 loans originated) are POLARIS HOME FUNDING CORP. (6.39%), QUICKEN LOANS, LLC (6.41%), CROSSCOUNTRY MORTGAGE, LLC (6.77%), Nations Lending Corporation (6.86%) and Republic State Mortgage Co. (7.18%).

    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

    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).