Sandusky FHA Loan Rates, Closing Costs & Stats

Sandusky, 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.

    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 7.15% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.94% and one month ago for the week of 2024-03-15, the average rate was 6.61%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    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
    Sandusky's median listing price for 2024-03-01 was $340,000, a difference of $66,550 (24.3%) versus the prior year and $-9,800 versus the prior month.

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

    Sandusky's average listing price for 2024-03-01 was $482,426, a difference of $72,706 (17.8%) versus the prior year and $-27,566 versus the prior month.

    For the 2024-03-01 period, Sandusky had 108 MLS listings, a difference of 13 listings (14%) versus the prior month and 24 listings (29%) 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 1,806 sqft
    2024-03-01 0 days 1,772 sqft
    Sandusky's median listing age (time on market) for 2024-03-01 was 0 days.

    Sandusky's median square footage for active listings during the 2024-03-01 period was 1,772 sqft. One year prior, the average listing was 1,621 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).