Ontario FHA Loan Rates, Closing Costs & Stats

Ontario, OR-ID

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 6.56% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.75% and one month ago for the week of 2024-05-03, the average rate was 6.65%.

The average rate one year ago was 6.61%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.79%.

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
2024-04-01 $406,625 (-4.3%) $595,868 (4.0%) 0.00 155
2024-05-01 $445,975 (10.1%) $628,258 (15.0%) 0.00 173
Ontario's median listing price for 2024-05-01 was $445,975, a difference of $40,975 (10.1%) versus the prior year and $39,350 versus the prior month.

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

Ontario's average listing price for 2024-05-01 was $628,258, a difference of $82,026 (15.0%) versus the prior year and $32,390 versus the prior month.

For the 2024-05-01 period, Ontario had 173 MLS listings, a difference of 18 listings (12%) versus the prior month and 35 listings (25%) 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
2024-04-01 0 days 1,800 sqft
2024-05-01 0 days 1,943 sqft
Ontario's median listing age (time on market) for 2024-05-01 was 0 days.

Ontario's median square footage for active listings during the 2024-05-01 period was 1,943 sqft. One year prior, the average listing was 1,991 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).