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 6.44% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.71% and one month ago for the week of 2024-11-08, the average rate was 6.78%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Norwalk (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 $124,900 (16.3%) $162,044 (18.7%) 0.00 200
    2018-02-01 $119,950 (22.5%) $161,302 (20.0%) 0.00 198
    2018-03-01 $126,822 (20.9%) $167,550 (18.5%) 0.00 179
    2018-04-01 $132,561 (20.6%) $170,193 (13.6%) 0.00 172
    2018-05-01 $138,613 (13.7%) $174,461 (17.4%) 0.00 166
    2018-06-01 $134,500 (7.7%) $168,997 (8.3%) 0.00 184
    2018-07-01 $138,725 (18.1%) $169,138 (8.7%) 0.00 199
    2018-08-01 $139,950 (16.7%) $174,482 (11.8%) 0.00 194
    2018-09-01 $137,675 (18.7%) $169,312 (9.2%) 0.00 196
    2018-10-01 $129,900 (13.0%) $161,275 (5.8%) 0.00 190
    2018-11-01 $132,225 (12.1%) $160,280 (2.3%) 0.00 183
    2018-12-01 $136,700 (5.2%) $163,706 (4.1%) 0.00 167
    2019-01-01 $129,322 (3.5%) $161,148 (-0.6%) 0.00 151
    2019-02-01 $119,900 (0.0%) $154,017 (-4.5%) 0.00 151
    2019-03-01 $122,043 (-3.8%) $152,344 (-9.1%) 0.00 159
    2019-04-01 $125,700 (-5.2%) $154,859 (-9.0%) 0.00 160
    2019-05-01 $134,000 (-3.3%) $163,839 (-6.1%) 0.00 158
    2019-06-01 $128,900 (-4.2%) $162,361 (-3.9%) 0.00 161
    2019-07-01 $126,847 (-8.6%) $156,861 (-7.3%) 0.00 173
    2019-08-01 $136,445 (-2.5%) $165,313 (-5.3%) 0.00 182
    2019-09-01 $132,764 (-3.6%) $163,973 (-3.2%) 0.00 187
    2019-10-01 $129,900 (0.0%) $160,416 (-0.5%) 0.00 189
    2019-11-01 $129,900 (-1.8%) $159,010 (-0.8%) 0.00 167
    2019-12-01 $126,450 (-7.5%) $158,520 (-3.2%) 0.00 161
    2020-01-01 $129,900 (0.5%) $170,855 (6.0%) 0.00 133
    2020-02-01 $132,450 (10.5%) $170,545 (10.7%) 0.00 126
    2020-03-01 $132,225 (8.3%) $162,193 (6.5%) 0.00 138
    2020-04-01 $137,000 (9.0%) $167,323 (8.1%) 0.00 135
    2020-05-01 $129,950 (-3.0%) $162,049 (-1.1%) 0.00 114
    2020-06-01 $134,900 (4.7%) $165,931 (2.2%) 0.00 94
    2020-07-01 $120,400 (-5.1%) $162,921 (3.9%) 0.00 90
    2020-08-01 $129,900 (-4.8%) $183,486 (11.0%) 0.00 92
    2020-09-01 $133,425 (0.5%) $178,354 (8.8%) 0.00 94
    2020-10-01 $144,900 (11.6%) $179,816 (12.1%) 0.00 81
    2020-11-01 $127,400 (-1.9%) $158,994 (0.0%) 0.00 91
    2020-12-01 $128,450 (1.6%) $150,398 (-5.1%) 0.00 80
    2021-01-01 $120,000 (-7.6%) $152,237 (-10.9%) 0.00 75
    2021-02-01 $122,425 (-7.6%) $141,356 (-17.1%) 0.00 62
    2021-03-01 $124,925 (-5.5%) $140,712 (-13.2%) 0.00 61
    2021-04-01 $128,200 (-6.4%) $154,384 (-7.7%) 0.00 54
    2021-05-01 $122,900 (-5.4%) $161,055 (-0.6%) 0.00 50
    2021-06-01 $127,200 (-5.7%) $154,913 (-6.6%) 0.00 59
    2021-07-01 $137,450 (14.2%) $181,123 (11.2%) 0.00 68
    2021-08-01 $129,900 (0.0%) $172,477 (-6.0%) 0.00 77
    2021-09-01 $141,975 (6.4%) $185,389 (3.9%) 0.00 73
    2021-10-01 $152,200 (5.0%) $200,738 (11.6%) 0.00 92
    2021-11-01 $137,500 (7.9%) $184,400 (16.0%) 0.00 84
    2021-12-01 $136,750 (6.5%) $183,917 (22.3%) 0.00 80
    2022-01-01 $129,900 (8.3%) $158,975 (4.4%) 0.00 128
    2022-02-01 $125,200 (2.3%) $149,591 (5.8%) 0.00 128
    2022-03-01 $123,675 (-1.0%) $158,593 (12.7%) 0.00 55
    2022-04-01 $119,950 (-6.4%) $183,745 (19.0%) 0.00 49
    2022-05-01 $133,675 (8.8%) $210,757 (30.9%) 0.00 55
    2022-06-01 $135,000 (6.1%) $214,309 (38.3%) 0.00 58
    2022-07-01 $162,450 (18.2%) $240,767 (32.9%) 0.00 52
    2022-08-01 $191,250 (47.2%) $260,160 (50.8%) 0.00 50
    2022-09-01 $141,700 (-0.2%) $200,204 (8.0%) 0.00 68
    2022-10-01 $139,900 (-8.1%) $173,844 (-13.4%) 0.00 78
    2022-11-01 $145,150 (5.6%) $176,709 (-4.2%) 0.00 91
    2022-12-01 $140,500 (2.7%) $179,258 (-2.5%) 0.00 94
    2023-01-01 $181,150 (39.5%) $194,660 (22.5%) 0.00 61
    2023-02-01 $157,475 (25.8%) $190,446 (27.3%) 0.00 42
    2023-03-01 $154,950 (25.3%) $195,201 (23.1%) 0.00 38
    2023-04-01 $149,450 (24.6%) $182,771 (-0.5%) 0.00 36
    2023-05-01 $143,250 (7.2%) $176,950 (-16.0%) 0.00 40
    2023-06-01 $149,900 (11.0%) $193,546 (-9.7%) 0.00 43
    2023-07-01 $212,000 (30.5%) $246,334 (2.3%) 0.00 41
    2023-08-01 $192,000 (0.4%) $233,099 (-10.4%) 0.00 48
    2023-09-01 $177,400 (25.2%) $221,622 (10.7%) 0.00 57
    2023-10-01 $163,200 (16.7%) $207,173 (19.2%) 0.00 56
    2023-11-01 $179,925 (24.0%) $210,218 (19.0%) 0.00 62
    2023-12-01 $189,900 (35.2%) $218,529 (21.9%) 0.00 56
    2024-01-01 $189,675 (4.7%) $226,821 (16.5%) 0.00 56
    2024-02-01 $184,675 (17.3%) $230,915 (21.3%) 0.00 46
    2024-03-01 $189,950 (22.6%) $226,561 (16.1%) 0.00 38
    2024-04-01 $232,225 (55.4%) $296,134 (62.0%) 0.00 41
    2024-05-01 $259,450 (81.1%) $333,729 (88.6%) 0.00 49
    2024-06-01 $244,900 (63.4%) $313,193 (61.8%) 0.00 48
    2024-07-01 $248,450 (17.2%) $302,129 (22.7%) 0.00 50
    2024-08-01 $239,900 (25.0%) $287,655 (23.4%) 0.00 51
    2024-09-01 $246,450 (38.9%) $279,503 (26.1%) 0.00 64
    2024-10-01 $223,225 (36.8%) $261,373 (26.2%) 0.00 80
    2024-11-01 $210,000 (16.7%) $253,833 (20.8%) 0.00 80
    Norwalk's median listing price for 2024-11-01 was $210,000, a difference of $30,075 (16.7%) versus the prior year and $-13,225 versus the prior month.

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

    Norwalk's average listing price for 2024-11-01 was $253,833, a difference of $43,615 (20.8%) versus the prior year and $-7,540 versus the prior month.

    For the 2024-11-01 period, Norwalk had 80 MLS listings, a difference of 0 listings (0%) versus the prior month and 18 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Norwalk (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,728 sqft
    2018-02-01 0 days 1,682 sqft
    2018-03-01 0 days 1,644 sqft
    2018-04-01 0 days 1,646 sqft
    2018-05-01 0 days 1,728 sqft
    2018-06-01 0 days 1,707 sqft
    2018-07-01 0 days 1,713 sqft
    2018-08-01 0 days 1,748 sqft
    2018-09-01 0 days 1,698 sqft
    2018-10-01 0 days 1,630 sqft
    2018-11-01 0 days 1,648 sqft
    2018-12-01 0 days 1,669 sqft
    2019-01-01 0 days 1,629 sqft
    2019-02-01 0 days 1,675 sqft
    2019-03-01 0 days 1,656 sqft
    2019-04-01 0 days 1,648 sqft
    2019-05-01 0 days 1,632 sqft
    2019-06-01 0 days 1,629 sqft
    2019-07-01 0 days 1,625 sqft
    2019-08-01 0 days 1,733 sqft
    2019-09-01 0 days 1,751 sqft
    2019-10-01 0 days 1,764 sqft
    2019-11-01 0 days 1,691 sqft
    2019-12-01 0 days 1,662 sqft
    2020-01-01 0 days 1,730 sqft
    2020-02-01 0 days 1,740 sqft
    2020-03-01 0 days 1,652 sqft
    2020-04-01 0 days 1,679 sqft
    2020-05-01 0 days 1,634 sqft
    2020-06-01 0 days 1,648 sqft
    2020-07-01 0 days 1,603 sqft
    2020-08-01 0 days 1,711 sqft
    2020-09-01 0 days 1,659 sqft
    2020-10-01 0 days 1,608 sqft
    2020-11-01 0 days 1,581 sqft
    2020-12-01 0 days 1,567 sqft
    2021-01-01 0 days 1,495 sqft
    2021-02-01 0 days 1,440 sqft
    2021-03-01 0 days 1,387 sqft
    2021-04-01 0 days 1,479 sqft
    2021-05-01 0 days 1,463 sqft
    2021-06-01 0 days 1,544 sqft
    2021-07-01 0 days 1,560 sqft
    2021-08-01 0 days 1,566 sqft
    2021-09-01 0 days 1,571 sqft
    2021-10-01 0 days 1,673 sqft
    2021-11-01 0 days 1,571 sqft
    2021-12-01 0 days 1,549 sqft
    2022-01-01 0 days 1,344 sqft
    2022-02-01 0 days 1,350 sqft
    2022-03-01 0 days 1,390 sqft
    2022-04-01 0 days 1,455 sqft
    2022-05-01 0 days 1,482 sqft
    2022-06-01 0 days 1,535 sqft
    2022-07-01 0 days 1,628 sqft
    2022-08-01 0 days 1,751 sqft
    2022-09-01 0 days 1,561 sqft
    2022-10-01 0 days 1,508 sqft
    2022-11-01 0 days 1,490 sqft
    2022-12-01 0 days 1,441 sqft
    2023-01-01 0 days 1,567 sqft
    2023-02-01 0 days 1,615 sqft
    2023-03-01 0 days 1,670 sqft
    2023-04-01 0 days 1,576 sqft
    2023-05-01 0 days 1,556 sqft
    2023-06-01 0 days 1,532 sqft
    2023-07-01 0 days 1,686 sqft
    2023-08-01 0 days 1,691 sqft
    2023-09-01 0 days 1,648 sqft
    2023-10-01 0 days 1,586 sqft
    2023-11-01 0 days 1,671 sqft
    2023-12-01 0 days 1,600 sqft
    2024-01-01 0 days 1,667 sqft
    2024-02-01 0 days 1,722 sqft
    2024-03-01 0 days 1,706 sqft
    2024-04-01 0 days 1,766 sqft
    2024-05-01 0 days 1,813 sqft
    2024-06-01 0 days 1,844 sqft
    2024-07-01 0 days 1,765 sqft
    2024-08-01 0 days 1,761 sqft
    2024-09-01 0 days 1,676 sqft
    2024-10-01 0 days 1,715 sqft
    2024-11-01 0 days 1,653 sqft
    Norwalk's median listing age (time on market) for 2024-11-01 was 0 days.

    Norwalk's median square footage for active listings during the 2024-11-01 period was 1,653 sqft. One year prior, the average listing was 1,671 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).