Portsmouth FHA Loan Rates, Closing Costs & Stats

Portsmouth, 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.

    Portsmouth's 47 lenders originated 179 FHA loans during 2024. The total origination value was $29,625,000, with an average FHA loan value of $165,503.

    Portsmouth FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Portsmouth averaged 0.39% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Portsmouth's average FHA mortgage closing costs are $6,635.

    The average rate for the prior week (2025-06-13) was 6.77% and one month ago for the week of 2025-05-16, the average rate was 6.93%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.2%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 26 6.43% $8,873
    U.S. Bank 9 6.49% $6,560
    Fifth Third Bank 9 6.72% $5,559
    MYCUMORTGAGE, LLC 9 6.92% $6,034
    GUARANTEED RATE, INC. 9 6.51% $8,042
    CROSSCOUNTRY MORTGAGE, LLC 7 6.40% $8,298
    MOVEMENT MORTGAGE, LLC 7 6.52% $8,934
    BAYSHORE MORTGAGE FUNDING, LLC 6 6.88% $10,548
    POLARIS HOME FUNDING CORP. 6 6.65% $11,102
    Paramount Residential Mortgage Group, Inc. 6 6.77% $8,624
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 7.33% $4,480
    BROKER SOLUTIONS, INC. 5 6.90% $10,657
    RAPID MORTGAGE COMPANY 4 6.66% $11,589
    STOCKTON MORTGAGE CORPORATION 4 6.63% $7,490
    WesBanco 4 6.34% $7,305
    Nations Lending Corporation 3 6.33% $13,715
    AMERICAN FINANCIAL RESOURCES, INC. 3 7.04% $11,151
    ROYAL UNITED MORTGAGE LLC 3 6.92% $10,755
    UNITED WHOLESALE MORTGAGE, LLC 3 6.86% $7,434
    NEWREZ LLC 2 6.69% $13,476
    FREEDOM MORTGAGE CORPORATION 2 6.75% $10,483
    LOANDEPOT.COM, LLC 2 6.50% $7,885
    PNC Bank 2 7.19% $6,606
    LOANPAL, LLC 1 5.99% $9,530
    ENDEAVOR CAPITAL, LLC. 1 6.13% $10,203
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $10,439
    East Coast Capital Corp. 1 6.13% $15,894
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $8,086
    NFM, INC. 1 7.25% $5,202
    DAS Acquisition Company, LLC 1 7.13% $6,437
    PLANET HOME LENDING, LLC 1 6.75% $5,136
    COMMUNITYAMERICA 1 6.63% $11,778
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $7,581
    Prosperity Home Mortgage, LLC 1 6.75% $8,057
    CARDINAL FINANCIAL 1 5.75% $18,815
    Barrington Bank & Trust Company, N.A. 1 6.25% $13,411
    ROSS MORTGAGE CORPORATION 1 6.50% $10,439
    AmeriHome Mortgage Company, LLC 1 6.63% $4,088
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $7,549
    The Huntington National Bank 1 6.88% $7,009
    TJC Mortgage, Inc. 1 6.25% $7,649
    Gateway First Bank 1 6.75% $6,469
    Equity Prime Mortgage LLC 1 6.25% $12,980
    FIRST COMMUNITY MORTGAGE, INC. 1 8.25% $4,877
    HOMESIDE FINANCIAL, LLC 1 7.63% $8,303
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.00% $7,972
    LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $9,391

    The top Portsmouth FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 26 FHA loans originated. Their average total fees are $8,873, which is $2,312 higher than the next largest lender, U.S. Bank.

    The lowest fee Portsmouth FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,873), .

    The lowest rate Portsmouth FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.43%), .

    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).