Ontario FHA Loan Rates, Closing Costs & Stats

Ontario, OR-ID

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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.

    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 6.4% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.17% and one month ago for the week of 2024-10-04, the average rate was 5.99%.

    The average rate one year ago was 7.34%.

    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.

    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

    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).