Norwalk FHA Loan Rates, Closing Costs & Stats

Norwalk, 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.

    Norwalk's 39 lenders originated 140 FHA loans during 2023. The total origination value was $22,120,000, with an average FHA loan value of $158,000.

    Norwalk FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Norwalk averaged 6.49% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Norwalk's average FHA mortgage closing costs are $6,104.

    The average rate for the prior week (2024-11-01) was 6.67% and one month ago for the week of 2024-10-04, the average rate was 5.89%.

    The average rate one year ago was 7.73%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

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

    Norwalk 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 Norwalk level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 28 6.42% $8,923
    CROSSCOUNTRY MORTGAGE, LLC 18 7.00% $8,869
    UNION HOME MORTGAGE CORP. 12 6.96% $9,040
    PLAZA HOME MORTGAGE, INC. 6 7.06% $7,898
    UNITED WHOLESALE MORTGAGE, LLC 5 5.85% $12,797
    YOUR HOME FINANCIAL LLC 4 7.25% $8,904
    Civista Bank 4 6.38% $5,028
    HOMESIDE FINANCIAL, LLC 3 7.17% $7,860
    KeyBank 3 6.21% $5,270
    UNION CAPITAL MORTGAGE CORPORATION 3 7.00% $8,459
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.04% $6,774
    LIBERTY HOME MORTGAGE CORPORATION 2 7.38% $7,209
    BROKER SOLUTIONS, INC. 2 6.94% $12,109
    Nations Lending Corporation 2 7.38% $5,938
    RUOFF MORTGAGE COMPANY, INC. 2 6.75% $3,042
    LOANDEPOT.COM, LLC 2 6.44% $7,795
    NFM, INC. 1 6.75% $11,396
    Sierra Pacific Mortgage Company, Inc. 1 6.75% $10,512
    SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $11,274
    The Huntington National Bank 1 6.88% $6,428
    U.S. Bank 1 7.50% $9,018
    V.I.P. MORTGAGE, INC. 1 5.63% $11,072
    AMERICAN FINANCIAL NETWORK, INC. 1 6.88% $9,827
    ZILLOW HOME LOANS, LLC 1 6.50% $9,906
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $12,630
    Ameris Bank 1 7.13% $8,744
    Carrington Mortgage Services, LLC 1 6.50% $10,248
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.63% $10,219
    Evolve Bank & Trust 1 6.75% $8,985
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $13,864
    First Federal Bank 1 5.75% $10,895
    First Federal Bank of the Midwest 1 7.38% $5,639
    First National Bank of Pennsylvania 1 6.63% $6,833
    Flagstar Bank, FSB 1 6.69% $6,272
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $9,675
    MICHIGAN MUTUAL, INC. 1 5.75% $14,033
    MID AMERICA MORTGAGE, INC. 1 6.75% $3,298
    MYCUMORTGAGE, LLC 1 7.63% $5,323
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $5,862

    The top Norwalk FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 28 FHA loans originated. Their average total fees are $8,923, which is $54 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Norwalk FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($8,869), QUICKEN LOANS, LLC ($8,923), UNION HOME MORTGAGE CORP. ($9,040), .

    The lowest rate Norwalk FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.42%), UNION HOME MORTGAGE CORP. (6.96%), CROSSCOUNTRY MORTGAGE, LLC (7.00%), .

    Norwalk FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NORWALK, OH HURON 2022 $420,680 $538,650 $651,050 $809,150
    NORWALK, OH HURON 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).