Ontario FHA Loan Rates, Closing Costs & Stats

Ontario, OR-ID

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Ontario's 47 lenders originated 176 FHA loans during 2023. The total origination value was $47,360,000, with an average FHA loan value of $269,091.

    Ontario FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ontario averaged 6.83% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Ontario's average FHA mortgage closing costs are $9,144.

    The average rate for the prior week (2024-04-12) was 6.62% and one month ago for the week of 2024-03-15, the average rate was 6.49%.

    The average rate one year ago was 6.11%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Ontario 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 Ontario level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIRST COLONY MORTGAGE CORPORATION 22 6.67% $12,790
    QUICKEN LOANS, LLC 20 6.31% $14,414
    GUILD MORTGAGE COMPANY 9 6.31% $12,492
    LOANDEPOT.COM, LLC 8 6.31% $14,209
    S1L, Inc. 5 6.08% $14,275
    UNITED WHOLESALE MORTGAGE, LLC 5 6.04% $14,916
    ACADEMY MORTGAGE CORPORATION 5 7.00% $12,846
    MOVEMENT MORTGAGE, LLC 4 6.56% $11,478
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.31% $15,717
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.50% $11,367
    NEWREZ LLC 3 6.54% $11,347
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.12% $17,130
    AXIA FINANCIAL, LLC 3 6.67% $12,184
    IDAHO CENTRAL 3 6.46% $10,441
    Waterstone Mortgage Corporation 2 6.81% $15,422
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.25% $10,697
    UNION HOME MORTGAGE CORP. 2 7.06% $12,970
    CROSSCOUNTRY MORTGAGE, LLC 2 6.00% $13,961
    U.S. Bank 2 6.88% $9,566
    PENNYMAC LOAN SERVICES, LLC 2 5.62% $14,723
    FREEDOM MORTGAGE CORPORATION 2 7.00% $12,372
    Sunflower Bank 2 6.25% $11,088
    The Federal Savings Bank 1 5.75% $15,294
    Washington Trust Bank 1 7.25% $12,909
    1st Security Bank of Washington 1 7.25% $14,912
    Zions Bank 1 6.00% $8,656
    AMERICAN FINANCING CORPORATION 1 7.50% $16,305
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $15,471
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $19,728
    BAY EQUITY LLC 1 8.00% $8,957
    CARDINAL FINANCIAL 1 6.50% $15,178
    CASTLE & COOKE MORTGAGE, LLC 1 6.25% $6,627
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.75% $13,529
    Commerce Home Mortgage, Inc. 1 6.88% $10,225
    D. L. Evans Bank 1 6.25% $11,953
    First Savings Bank 1 6.25% $18,378
    Flagstar Bank, FSB 1 7.25% $10,033
    Franklin Loan Corporation 1 5.63% $12,676
    HOMESIDE FINANCIAL, LLC 1 6.75% $27,604
    HomeStreet Bank 1 6.63% $9,657
    Loan Simple, Inc. 1 7.88% $11,165
    MOUNTAIN AMERICA 1 6.25% $9,843
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $18,208
    PLAZA HOME MORTGAGE, INC. 1 4.88% $13,079
    Sierra Pacific Mortgage Company, Inc. 1 6.50% $10,558
    SUMMIT MORTGAGE CORPORATION 1 7.13% $8,514
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $13,017

    The top Ontario FHA lender as defined by loan originations is FIRST COLONY MORTGAGE CORPORATION, with 22 FHA loans originated. Their average total fees are $12,790, which is $1,625 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ontario FHA lenders (with over 10 loans originated) are FIRST COLONY MORTGAGE CORPORATION ($12,790), QUICKEN LOANS, LLC ($14,414), .

    The lowest rate Ontario FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.31%), FIRST COLONY MORTGAGE CORPORATION (6.67%), .

    Ontario FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ONTARIO, OR-ID PAYETTE 2022 $420,680 $538,650 $651,050 $809,150
    ONTARIO, OR-ID MALHEUR 2022 $420,680 $538,650 $651,050 $809,150
    ONTARIO, OR-ID PAYETTE 2023 $472,030 $604,400 $730,525 $907,900
    ONTARIO, OR-ID MALHEUR 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ontario (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 $179,900 (18.0%) $238,375 (13.1%) 0.00 164
    2018-02-01 $179,925 (16.2%) $241,406 (16.3%) 0.00 149
    2018-03-01 $190,999 (17.9%) $249,466 (17.3%) 0.00 129
    2018-04-01 $198,600 (17.6%) $250,847 (17.1%) 0.00 129
    2018-05-01 $204,450 (21.2%) $253,510 (16.1%) 0.00 138
    2018-06-01 $214,000 (20.4%) $272,331 (23.8%) 0.00 153
    2018-07-01 $223,950 (24.8%) $287,137 (25.4%) 0.00 154
    2018-08-01 $231,750 (35.4%) $287,820 (26.3%) 0.00 158
    2018-09-01 $249,999 (48.0%) $288,909 (30.7%) 0.00 151
    2018-10-01 $267,250 (59.2%) $294,991 (37.2%) 0.00 147
    2018-11-01 $260,950 (51.3%) $290,468 (30.5%) 0.00 139
    2018-12-01 $265,500 (47.6%) $324,263 (34.1%) 0.00 138
    2019-01-01 $267,875 (48.9%) $322,414 (35.3%) 0.00 123
    2019-02-01 $248,250 (38.0%) $299,178 (23.9%) 0.00 116
    2019-03-01 $249,386 (30.6%) $304,249 (22.0%) 0.00 126
    2019-04-01 $257,450 (29.6%) $327,754 (30.7%) 0.00 130
    2019-05-01 $262,250 (28.3%) $347,048 (36.9%) 0.00 118
    2019-06-01 $250,000 (16.8%) $343,102 (26.0%) 0.00 111
    2019-07-01 $247,500 (10.5%) $321,780 (12.1%) 0.00 128
    2019-08-01 $249,973 (7.9%) $323,027 (12.2%) 0.00 126
    2019-09-01 $249,932 (0.0%) $322,798 (11.7%) 0.00 137
    2019-10-01 $252,205 (-5.6%) $321,836 (9.1%) 0.00 137
    2019-11-01 $253,900 (-2.7%) $319,491 (10.0%) 0.00 124
    2019-12-01 $259,950 (-2.1%) $333,099 (2.7%) 0.00 104
    2020-01-01 $289,900 (8.2%) $366,223 (13.6%) 0.00 78
    2020-02-01 $273,900 (10.3%) $340,306 (13.8%) 0.00 83
    2020-03-01 $268,900 (7.8%) $337,748 (11.0%) 0.00 95
    2020-04-01 $266,675 (3.6%) $329,267 (0.5%) 0.00 99
    2020-05-01 $266,450 (1.6%) $316,242 (-8.9%) 0.00 84
    2020-06-01 $297,450 (19.0%) $366,415 (6.8%) 0.00 71
    2020-07-01 $309,075 (24.9%) $393,789 (22.4%) 0.00 64
    2020-08-01 $327,495 (31.0%) $393,771 (21.9%) 0.00 59
    2020-09-01 $329,725 (31.9%) $399,710 (23.8%) 0.00 51
    2020-10-01 $299,000 (18.6%) $393,819 (22.4%) 0.00 57
    2020-11-01 $352,704 (38.9%) $446,563 (39.8%) 0.00 50
    2020-12-01 $319,794 (23.0%) $425,977 (27.9%) 0.00 42
    2021-01-01 $289,960 (0.0%) $411,443 (12.4%) 0.00 35
    2021-02-01 $314,995 (15.0%) $426,547 (25.3%) 0.00 37
    2021-03-01 $336,925 (25.3%) $460,751 (36.4%) 0.00 38
    2021-04-01 $407,500 (52.8%) $478,877 (45.4%) 0.00 44
    2021-05-01 $390,000 (46.4%) $468,441 (48.1%) 0.00 47
    2021-06-01 $373,610 (25.6%) $460,355 (25.6%) 0.00 61
    2021-07-01 $400,000 (29.4%) $465,324 (18.2%) 0.00 86
    2021-08-01 $397,450 (21.4%) $473,201 (20.2%) 0.00 97
    2021-09-01 $419,925 (27.4%) $477,272 (19.4%) 0.00 107
    2021-10-01 $399,000 (33.4%) $475,276 (20.7%) 0.00 113
    2021-11-01 $422,500 (19.8%) $508,187 (13.8%) 0.00 94
    2021-12-01 $427,475 (33.7%) $520,289 (22.1%) 0.00 86
    2022-01-01 $448,000 (54.5%) $525,707 (27.8%) 0.00 70
    2022-02-01 $447,975 (42.2%) $490,700 (15.0%) 0.00 64
    2022-03-01 $443,700 (31.7%) $547,589 (18.9%) 0.00 67
    2022-04-01 $452,500 (11.0%) $636,542 (32.9%) 0.00 76
    2022-05-01 $472,450 (21.1%) $643,184 (37.3%) 0.00 107
    2022-06-01 $429,000 (14.8%) $586,322 (27.4%) 0.00 150
    2022-07-01 $413,000 (3.3%) $543,898 (16.9%) 0.00 194
    2022-08-01 $411,000 (3.4%) $545,800 (15.3%) 0.00 193
    2022-09-01 $399,900 (-4.8%) $540,253 (13.2%) 0.00 179
    2022-10-01 $405,000 (1.5%) $538,864 (13.4%) 0.00 191
    2022-11-01 $399,999 (-5.3%) $548,124 (7.9%) 0.00 173
    2022-12-01 $399,900 (-6.5%) $566,155 (8.8%) 0.00 147
    2023-01-01 $406,000 (-9.4%) $587,188 (11.7%) 0.00 131
    2023-02-01 $408,200 (-8.9%) $555,879 (13.3%) 0.00 135
    2023-03-01 $436,175 (-1.7%) $574,204 (4.9%) 0.00 129
    2023-04-01 $425,000 (-6.1%) $572,812 (-10.0%) 0.00 131
    2023-05-01 $405,000 (-14.3%) $546,232 (-15.1%) 0.00 138
    2023-06-01 $403,750 (-5.9%) $533,975 (-8.9%) 0.00 153
    2023-07-01 $405,000 (-1.9%) $574,435 (5.6%) 0.00 166
    2023-08-01 $410,750 (-0.1%) $512,580 (-6.1%) 0.00 168
    2023-09-01 $399,999 (0.0%) $504,710 (-6.6%) 0.00 170
    2023-10-01 $394,900 (-2.5%) $488,323 (-9.4%) 0.00 170
    2023-11-01 $387,450 (-3.1%) $477,025 (-13.0%) 0.00 157
    2023-12-01 $372,500 (-6.9%) $461,761 (-18.4%) 0.00 148
    2024-01-01 $369,675 (-9.0%) $495,055 (-15.7%) 0.00 140
    2024-02-01 $366,500 (-10.2%) $500,478 (-10.0%) 0.00 139
    2024-03-01 $393,000 (-9.9%) $522,831 (-9.0%) 0.00 143
    Ontario's median listing price for 2024-03-01 was $393,000, a difference of $-43,175 (-9.9%) versus the prior year and $26,500 versus the prior month.

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

    Ontario's average listing price for 2024-03-01 was $522,831, a difference of $-51,373 (-9.0%) versus the prior year and $22,353 versus the prior month.

    For the 2024-03-01 period, Ontario had 143 MLS listings, a difference of 4 listings (3%) versus the prior month and 14 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ontario (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,733 sqft
    2018-02-01 0 days 1,758 sqft
    2018-03-01 0 days 1,701 sqft
    2018-04-01 0 days 1,844 sqft
    2018-05-01 0 days 1,814 sqft
    2018-06-01 0 days 1,793 sqft
    2018-07-01 0 days 1,798 sqft
    2018-08-01 0 days 1,900 sqft
    2018-09-01 0 days 1,945 sqft
    2018-10-01 0 days 2,034 sqft
    2018-11-01 0 days 1,978 sqft
    2018-12-01 0 days 1,928 sqft
    2019-01-01 0 days 1,860 sqft
    2019-02-01 0 days 1,850 sqft
    2019-03-01 0 days 1,848 sqft
    2019-04-01 0 days 1,848 sqft
    2019-05-01 0 days 1,846 sqft
    2019-06-01 0 days 1,844 sqft
    2019-07-01 0 days 1,841 sqft
    2019-08-01 0 days 1,876 sqft
    2019-09-01 0 days 1,889 sqft
    2019-10-01 0 days 1,920 sqft
    2019-11-01 0 days 1,954 sqft
    2019-12-01 0 days 1,951 sqft
    2020-01-01 0 days 2,047 sqft
    2020-02-01 0 days 1,894 sqft
    2020-03-01 0 days 1,760 sqft
    2020-04-01 0 days 1,756 sqft
    2020-05-01 0 days 1,756 sqft
    2020-06-01 0 days 2,015 sqft
    2020-07-01 0 days 2,163 sqft
    2020-08-01 0 days 2,240 sqft
    2020-09-01 0 days 2,221 sqft
    2020-10-01 0 days 1,930 sqft
    2020-11-01 0 days 2,304 sqft
    2020-12-01 0 days 2,048 sqft
    2021-01-01 0 days 1,999 sqft
    2021-02-01 0 days 1,750 sqft
    2021-03-01 0 days 1,715 sqft
    2021-04-01 0 days 2,006 sqft
    2021-05-01 0 days 1,843 sqft
    2021-06-01 0 days 1,928 sqft
    2021-07-01 0 days 1,920 sqft
    2021-08-01 0 days 1,961 sqft
    2021-09-01 0 days 1,852 sqft
    2021-10-01 0 days 1,923 sqft
    2021-11-01 0 days 1,908 sqft
    2021-12-01 0 days 1,990 sqft
    2022-01-01 0 days 1,926 sqft
    2022-02-01 0 days 1,870 sqft
    2022-03-01 0 days 1,853 sqft
    2022-04-01 0 days 1,885 sqft
    2022-05-01 0 days 1,896 sqft
    2022-06-01 0 days 1,869 sqft
    2022-07-01 0 days 1,849 sqft
    2022-08-01 0 days 1,872 sqft
    2022-09-01 0 days 1,848 sqft
    2022-10-01 0 days 1,908 sqft
    2022-11-01 0 days 1,916 sqft
    2022-12-01 0 days 1,909 sqft
    2023-01-01 0 days 1,924 sqft
    2023-02-01 0 days 1,948 sqft
    2023-03-01 0 days 1,972 sqft
    2023-04-01 0 days 1,994 sqft
    2023-05-01 0 days 1,991 sqft
    2023-06-01 0 days 1,983 sqft
    2023-07-01 0 days 1,911 sqft
    2023-08-01 0 days 1,820 sqft
    2023-09-01 0 days 1,809 sqft
    2023-10-01 0 days 1,809 sqft
    2023-11-01 0 days 1,775 sqft
    2023-12-01 0 days 1,712 sqft
    2024-01-01 0 days 1,702 sqft
    2024-02-01 0 days 1,708 sqft
    2024-03-01 0 days 1,780 sqft
    Ontario's median listing age (time on market) for 2024-03-01 was 0 days.

    Ontario's median square footage for active listings during the 2024-03-01 period was 1,780 sqft. One year prior, the average listing was 1,972 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).