Portsmouth FHA Loan Rates, Closing Costs & Stats

Portsmouth, OH

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Portsmouth's 37 lenders originated 144 FHA loans during 2023. The total origination value was $19,000,000, with an average FHA loan value of $131,944.

    Portsmouth FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Portsmouth averaged 6.33% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Portsmouth's average FHA mortgage closing costs are $6,329.

    The average rate for the prior week (2024-11-01) was 6.4% and one month ago for the week of 2024-10-04, the average rate was 5.92%.

    The average rate one year ago was 7.37%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Portsmouth 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 Portsmouth level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 23 6.38% $8,322
    Fifth Third Bank 14 6.45% $4,504
    MOVEMENT MORTGAGE, LLC 10 7.06% $7,033
    POLARIS HOME FUNDING CORP. 9 6.85% $8,564
    U.S. Bank 7 6.75% $7,053
    MYCUMORTGAGE, LLC 6 6.90% $6,644
    WesBanco 4 6.22% $6,630
    BAYSHORE MORTGAGE FUNDING, LLC 4 7.31% $8,015
    UNION HOME MORTGAGE CORP. 4 6.72% $8,018
    LOANDEPOT.COM, LLC 3 6.99% $7,091
    UNITED WHOLESALE MORTGAGE, LLC 3 5.98% $8,148
    CROSSCOUNTRY MORTGAGE, LLC 3 7.31% $8,749
    NFM, INC. 2 6.81% $8,969
    SUN WEST MORTGAGE COMPANY, INC. 2 6.35% $6,540
    Nations Lending Corporation 2 7.44% $8,338
    FREEDOM MORTGAGE CORPORATION 2 7.00% $10,765
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.69% $6,069
    Flagstar Bank, FSB 2 7.50% $6,732
    RAPID MORTGAGE COMPANY 2 7.13% $7,872
    GUARANTEED RATE, INC. 2 7.19% $6,420
    Residential Mortgage Solutions, Inc. 1 6.99% $10,286
    RUOFF MORTGAGE COMPANY, INC. 1 5.63% $1,897
    TOTAL MORTGAGE SERVICES, LLC 1 5.75% $9,560
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 8.25% $7,067
    AMERISAVE MORTGAGE CORPORATION 1 7.25% $7,181
    Victorian Finance, LLC 1 7.75% $7,308
    Equity Prime Mortgage LLC 1 7.75% $10,573
    FIRST COMMUNITY MORTGAGE, INC. 1 7.75% $8,509
    LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $7,606
    CONTOUR MORTGAGE CORPORATION 1 6.25% $10,325
    Carrington Mortgage Services, LLC 1 6.38% $8,452
    NEWREZ LLC 1 6.25% $5,840
    Paramount Residential Mortgage Group, Inc. 1 8.13% $6,256
    PNC Bank 1 5.75% $8,104
    BROKER SOLUTIONS, INC. 1 7.13% $7,713
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $6,787
    Bank of England 1 6.00% $7,158

    The top Portsmouth FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $8,322, which is $3,818 higher than the next largest lender, Fifth Third Bank.

    The lowest fee Portsmouth FHA lenders (with over 10 loans originated) are Fifth Third Bank ($4,504), MOVEMENT MORTGAGE, LLC ($7,033), QUICKEN LOANS, LLC ($8,322), .

    The lowest rate Portsmouth FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.38%), Fifth Third Bank (6.45%), MOVEMENT MORTGAGE, LLC (7.06%), .

    Portsmouth FHA Loan Limits

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