Sandusky FHA Loan Rates, Closing Costs & Stats

Sandusky, OH

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.

Sandusky's 42 lenders originated 165 FHA loans during 2023. The total origination value was $27,435,000, with an average FHA loan value of $166,273.

Sandusky FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sandusky averaged 6.59% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Sandusky's average FHA mortgage closing costs are $6,510.

The average rate for the prior week (2024-05-31) was 6.87% and one month ago for the week of 2024-05-03, the average rate was 7.17%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.69%.

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

Sandusky 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 Sandusky level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 36 6.35% $8,404
CROSSCOUNTRY MORTGAGE, LLC 15 6.98% $9,500
UNION HOME MORTGAGE CORP. 11 7.00% $8,513
UNION CAPITAL MORTGAGE CORPORATION 9 7.21% $9,912
PLAZA HOME MORTGAGE, INC. 5 6.55% $8,438
MYCUMORTGAGE, LLC 5 6.68% $6,038
Civista Bank 5 6.15% $6,240
LOANDEPOT.COM, LLC 4 7.25% $8,250
YOUR HOME FINANCIAL LLC 4 7.38% $8,993
AMERISAVE MORTGAGE CORPORATION 3 6.08% $10,841
LIBERTY HOME MORTGAGE CORPORATION 3 7.08% $6,741
UNITED WHOLESALE MORTGAGE, LLC 3 6.20% $6,488
FREEDOM MORTGAGE CORPORATION 3 7.42% $10,709
MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $14,260
Dollar Bank, Federal Savings Bank 2 6.38% $6,432
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.19% $9,536
Fifth Third Bank 2 6.25% $6,546
GUARANTEED RATE, INC. 2 6.75% $7,766
KeyBank 2 7.00% $6,122
MID AMERICA MORTGAGE, INC. 2 7.13% $6,635
Nations Lending Corporation 2 7.50% $4,960
NEWREZ LLC 2 7.19% $10,082
TOP FLITE FINANCIAL, INC. 2 7.25% $8,169
V.I.P. MORTGAGE, INC. 2 6.69% $11,167
U.S. Bank 1 7.63% $6,217
VILLAGE CAPITAL MORTGAGE 1 6.25% $2,239
FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $15,086
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 8.00% $12,092
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.63% $8,454
ENDEAVOR CAPITAL, LLC. 1 6.49% $8,345
RELIANCE FIRST CAPITAL, LLC 1 6.00% $10,426
Residential Mortgage Solutions, Inc. 1 6.88% $10,969
RUOFF MORTGAGE COMPANY, INC. 1 6.38% $6,964
The Huntington National Bank 1 6.88% $5,175
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $9,694
DRAPER AND KRAMER MORTGAGE CORP. 1 7.75% $6,227
BROKER SOLUTIONS, INC. 1 6.75% $6,003
LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,224
Barrington Bank & Trust Company, N.A. 1 6.25% $9,651
AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $9,502
KELLER MORTGAGE, LLC 1 5.75% $7,809
NATIONS DIRECT MORTGAGE, LLC 1 6.75% $6,545

The top Sandusky FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 36 FHA loans originated. Their average total fees are $8,404, which is $1,096 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Sandusky FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,404), UNION HOME MORTGAGE CORP. ($8,513), CROSSCOUNTRY MORTGAGE, LLC ($9,500), .

The lowest rate Sandusky FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.35%), CROSSCOUNTRY MORTGAGE, LLC (6.98%), UNION HOME MORTGAGE CORP. (7.00%), .

Sandusky FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SANDUSKY, OH ERIE 2022 $420,680 $538,650 $651,050 $809,150
SANDUSKY, OH ERIE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sandusky (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 $167,450 (-1.5%) $258,495 (13.1%) 0.00 320
2018-02-01 $183,800 (8.2%) $268,458 (13.5%) 0.00 318
2018-03-01 $189,000 (11.2%) $287,193 (19.4%) 0.00 305
2018-04-01 $197,075 (12.7%) $289,570 (18.2%) 0.00 318
2018-05-01 $199,150 (15.5%) $283,353 (17.7%) 0.00 343
2018-06-01 $209,900 (17.0%) $286,510 (14.5%) 0.00 356
2018-07-01 $198,900 (7.6%) $272,996 (5.2%) 0.00 368
2018-08-01 $203,950 (14.7%) $278,783 (9.9%) 0.00 365
2018-09-01 $209,900 (16.7%) $285,741 (10.6%) 0.00 363
2018-10-01 $199,450 (14.0%) $281,819 (10.2%) 0.00 342
2018-11-01 $194,975 (14.7%) $273,243 (0.5%) 0.00 317
2018-12-01 $195,000 (14.8%) $271,690 (6.7%) 0.00 298
2019-01-01 $189,900 (13.4%) $264,353 (2.3%) 0.00 305
2019-02-01 $188,950 (2.8%) $253,455 (-5.6%) 0.00 316
2019-03-01 $189,329 (0.2%) $255,578 (-11.0%) 0.00 309
2019-04-01 $189,900 (-3.6%) $258,074 (-10.9%) 0.00 303
2019-05-01 $202,350 (1.6%) $254,181 (-10.3%) 0.00 312
2019-06-01 $219,750 (4.7%) $267,999 (-6.5%) 0.00 308
2019-07-01 $219,925 (10.6%) $267,303 (-2.1%) 0.00 312
2019-08-01 $215,482 (5.7%) $267,819 (-3.9%) 0.00 309
2019-09-01 $216,280 (3.0%) $273,292 (-4.4%) 0.00 303
2019-10-01 $218,175 (9.4%) $276,837 (-1.8%) 0.00 299
2019-11-01 $219,450 (12.6%) $270,768 (-0.9%) 0.00 287
2019-12-01 $209,900 (7.6%) $267,474 (-1.6%) 0.00 277
2020-01-01 $219,900 (15.8%) $272,702 (3.2%) 0.00 257
2020-02-01 $214,500 (13.5%) $270,628 (6.8%) 0.00 236
2020-03-01 $243,725 (28.7%) $291,680 (14.1%) 0.00 221
2020-04-01 $259,900 (36.9%) $308,990 (19.7%) 0.00 216
2020-05-01 $252,400 (24.7%) $308,556 (21.4%) 0.00 196
2020-06-01 $244,925 (11.5%) $304,979 (13.8%) 0.00 180
2020-07-01 $259,075 (17.8%) $319,643 (19.6%) 0.00 170
2020-08-01 $269,000 (24.8%) $329,479 (23.0%) 0.00 161
2020-09-01 $243,675 (12.7%) $295,930 (8.3%) 0.00 172
2020-10-01 $234,950 (7.7%) $301,306 (8.8%) 0.00 179
2020-11-01 $229,500 (4.6%) $305,408 (12.8%) 0.00 155
2020-12-01 $240,650 (14.7%) $297,216 (11.1%) 0.00 142
2021-01-01 $247,900 (12.7%) $308,376 (13.1%) 0.00 133
2021-02-01 $246,175 (14.8%) $332,134 (22.7%) 0.00 110
2021-03-01 $257,450 (5.6%) $397,783 (36.4%) 0.00 94
2021-04-01 $274,200 (5.5%) $415,459 (34.5%) 0.00 94
2021-05-01 $249,900 (-1.0%) $372,802 (20.8%) 0.00 96
2021-06-01 $231,150 (-5.6%) $361,156 (18.4%) 0.00 103
2021-07-01 $224,900 (-13.2%) $331,314 (3.7%) 0.00 120
2021-08-01 $256,175 (-4.8%) $357,842 (8.6%) 0.00 111
2021-09-01 $247,450 (1.6%) $372,833 (26.0%) 0.00 108
2021-10-01 $214,900 (-8.5%) $351,277 (16.6%) 0.00 122
2021-11-01 $244,500 (6.5%) $374,951 (22.8%) 0.00 132
2021-12-01 $233,700 (-2.9%) $383,799 (29.1%) 0.00 107
2022-01-01 $250,000 (0.9%) $396,951 (28.7%) 0.00 73
2022-02-01 $258,500 (5.0%) $386,255 (16.3%) 0.00 68
2022-03-01 $280,950 (9.1%) $448,405 (12.7%) 0.00 65
2022-04-01 $262,400 (-4.3%) $416,894 (0.4%) 0.00 81
2022-05-01 $258,750 (3.5%) $392,922 (5.4%) 0.00 81
2022-06-01 $269,175 (16.5%) $364,134 (0.8%) 0.00 86
2022-07-01 $244,450 (8.7%) $332,720 (0.4%) 0.00 104
2022-08-01 $218,700 (-14.6%) $328,671 (-8.2%) 0.00 104
2022-09-01 $239,250 (-3.3%) $346,265 (-7.1%) 0.00 101
2022-10-01 $229,000 (6.6%) $334,848 (-4.7%) 0.00 116
2022-11-01 $230,450 (-5.8%) $333,142 (-11.2%) 0.00 110
2022-12-01 $249,900 (6.9%) $362,884 (-5.5%) 0.00 95
2023-01-01 $249,900 (0.0%) $372,278 (-6.2%) 0.00 89
2023-02-01 $264,900 (2.5%) $415,486 (7.6%) 0.00 74
2023-03-01 $273,450 (-2.7%) $409,720 (-8.6%) 0.00 84
2023-04-01 $249,839 (-4.8%) $368,456 (-11.6%) 0.00 93
2023-05-01 $257,450 (-0.5%) $368,962 (-6.1%) 0.00 99
2023-06-01 $334,900 (24.4%) $432,215 (18.7%) 0.00 107
2023-07-01 $340,000 (39.1%) $441,031 (32.6%) 0.00 101
2023-08-01 $314,950 (44.0%) $418,541 (27.3%) 0.00 112
2023-09-01 $319,900 (33.7%) $393,497 (13.6%) 0.00 125
2023-10-01 $333,700 (45.7%) $439,330 (31.2%) 0.00 120
2023-11-01 $325,000 (41.0%) $433,970 (30.3%) 0.00 117
2023-12-01 $334,450 (33.8%) $476,241 (31.2%) 0.00 118
2024-01-01 $344,750 (38.0%) $495,549 (33.1%) 0.00 111
2024-02-01 $349,800 (32.1%) $509,992 (22.8%) 0.00 95
2024-03-01 $340,000 (24.3%) $482,426 (17.8%) 0.00 108
2024-04-01 $341,250 (36.6%) $498,625 (35.3%) 0.00 111
2024-05-01 $370,725 (44.0%) $547,373 (48.4%) 0.00 114
Sandusky's median listing price for 2024-05-01 was $370,725, a difference of $113,275 (44.0%) versus the prior year and $29,475 versus the prior month.

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

Sandusky's average listing price for 2024-05-01 was $547,373, a difference of $178,411 (48.4%) versus the prior year and $48,748 versus the prior month.

For the 2024-05-01 period, Sandusky had 114 MLS listings, a difference of 3 listings (3%) versus the prior month and 15 listings (15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sandusky (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,680 sqft
2018-02-01 0 days 1,698 sqft
2018-03-01 0 days 1,700 sqft
2018-04-01 0 days 1,701 sqft
2018-05-01 0 days 1,693 sqft
2018-06-01 0 days 1,756 sqft
2018-07-01 0 days 1,800 sqft
2018-08-01 0 days 1,800 sqft
2018-09-01 0 days 1,800 sqft
2018-10-01 0 days 1,848 sqft
2018-11-01 0 days 1,815 sqft
2018-12-01 0 days 1,816 sqft
2019-01-01 0 days 1,765 sqft
2019-02-01 0 days 1,704 sqft
2019-03-01 0 days 1,719 sqft
2019-04-01 0 days 1,737 sqft
2019-05-01 0 days 1,699 sqft
2019-06-01 0 days 1,726 sqft
2019-07-01 0 days 1,739 sqft
2019-08-01 0 days 1,773 sqft
2019-09-01 0 days 1,826 sqft
2019-10-01 0 days 1,851 sqft
2019-11-01 0 days 1,851 sqft
2019-12-01 0 days 1,895 sqft
2020-01-01 0 days 1,907 sqft
2020-02-01 0 days 1,788 sqft
2020-03-01 0 days 1,854 sqft
2020-04-01 0 days 1,851 sqft
2020-05-01 0 days 1,814 sqft
2020-06-01 0 days 1,800 sqft
2020-07-01 0 days 1,773 sqft
2020-08-01 0 days 1,854 sqft
2020-09-01 0 days 1,771 sqft
2020-10-01 0 days 1,766 sqft
2020-11-01 0 days 1,742 sqft
2020-12-01 0 days 1,769 sqft
2021-01-01 0 days 1,664 sqft
2021-02-01 0 days 1,595 sqft
2021-03-01 0 days 1,704 sqft
2021-04-01 0 days 1,813 sqft
2021-05-01 0 days 1,760 sqft
2021-06-01 0 days 1,678 sqft
2021-07-01 0 days 1,692 sqft
2021-08-01 0 days 1,784 sqft
2021-09-01 0 days 1,831 sqft
2021-10-01 0 days 1,724 sqft
2021-11-01 0 days 1,832 sqft
2021-12-01 0 days 1,768 sqft
2022-01-01 0 days 1,724 sqft
2022-02-01 0 days 1,886 sqft
2022-03-01 0 days 1,831 sqft
2022-04-01 0 days 1,704 sqft
2022-05-01 0 days 1,702 sqft
2022-06-01 0 days 1,780 sqft
2022-07-01 0 days 1,680 sqft
2022-08-01 0 days 1,702 sqft
2022-09-01 0 days 1,850 sqft
2022-10-01 0 days 1,705 sqft
2022-11-01 0 days 1,598 sqft
2022-12-01 0 days 1,650 sqft
2023-01-01 0 days 1,735 sqft
2023-02-01 0 days 1,690 sqft
2023-03-01 0 days 1,621 sqft
2023-04-01 0 days 1,577 sqft
2023-05-01 0 days 1,611 sqft
2023-06-01 0 days 1,754 sqft
2023-07-01 0 days 1,695 sqft
2023-08-01 0 days 1,690 sqft
2023-09-01 0 days 1,759 sqft
2023-10-01 0 days 1,715 sqft
2023-11-01 0 days 1,723 sqft
2023-12-01 0 days 1,784 sqft
2024-01-01 0 days 1,849 sqft
2024-02-01 0 days 1,804 sqft
2024-03-01 0 days 1,772 sqft
2024-04-01 0 days 1,828 sqft
2024-05-01 0 days 1,842 sqft
Sandusky's median listing age (time on market) for 2024-05-01 was 0 days.

Sandusky's median square footage for active listings during the 2024-05-01 period was 1,842 sqft. One year prior, the average listing was 1,611 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).