Toledo FHA Loan Rates, Closing Costs & Stats

TOLEDO, 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.

Toledo's 110 lenders originated 1,207 FHA loans during 2023. The total origination value was $197,105,000, with an average FHA loan value of $163,302.

Toledo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Toledo averaged 6.86% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Toledo's average FHA mortgage closing costs are $6,373.

The average rate for the prior week (2024-05-10) was 7.1% and one month ago for the week of 2024-04-12, the average rate was 6.86%.

The average rate one year ago was 6.71%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.56%.

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

Toledo 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 Toledo level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 197 6.38% $8,665
The Huntington National Bank 101 6.93% $7,227
UNION HOME MORTGAGE CORP. 73 7.03% $8,565
LOANDEPOT.COM, LLC 48 6.66% $9,180
ARK-LA-TEX FINANCIAL SERVICES, LLC. 41 6.89% $6,219
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 6.75% $8,752
UNITED WHOLESALE MORTGAGE, LLC 40 6.52% $10,403
EQUITY RESOURCES, INC. 39 6.96% $7,482
Fifth Third Bank 35 6.54% $5,164
CROSSCOUNTRY MORTGAGE, LLC 33 6.91% $8,937
NEWREZ LLC 31 6.62% $7,448
NFM, INC. 24 7.41% $10,005
KeyBank 23 6.17% $6,933
VAN DYK MORTGAGE CORPORATION 20 7.22% $6,803
FREEDOM MORTGAGE CORPORATION 18 6.79% $12,029
Flagstar Bank, FSB 17 7.17% $8,710
Mr. Cooper ( Nationstar Mortgage ) 17 6.12% $9,561
Citizens Bank 16 6.31% $6,185
BROKER SOLUTIONS, INC. 15 6.78% $9,388
GVC MORTGAGE, INC. 15 6.99% $8,642
MID AMERICA MORTGAGE, INC. 13 6.61% $4,673
RUOFF MORTGAGE COMPANY, INC. 13 7.18% $6,110
PENNYMAC LOAN SERVICES, LLC 12 6.64% $7,640
GUARANTEED RATE, INC. 12 6.78% $9,630
Carrington Mortgage Services, LLC 9 6.01% $8,975
MUTUAL OF OMAHA MORTGAGE, INC. 9 6.85% $9,706
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 7.25% $8,823
LAKEVIEW LOAN SERVICING, LLC 7 6.07% $9,775
ENDEAVOR CAPITAL, LLC. 6 6.56% $8,479
AMERICAN FINANCIAL NETWORK, INC. 6 7.12% $7,503
AMERISAVE MORTGAGE CORPORATION 6 6.23% $10,340
CMG MORTGAGE, INC. 5 7.73% $10,583
CARDINAL FINANCIAL 5 7.05% $8,845
POLARIS HOME FUNDING CORP. 5 7.10% $12,210
First Federal Bank of the Midwest 5 5.93% $7,402
HOWARD HANNA FINANCIAL SERVICES, INC. 4 6.53% $8,930
Mortgage Research Center, LLC 4 7.00% $4,939
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.90% $11,178
Equity Prime Mortgage LLC 4 6.56% $10,965
The Genoa Banking Company 4 6.59% $7,549
First Federal Savings and Loan Association of Lakewood 4 6.68% $10,032
HOMESIDE FINANCIAL, LLC 3 7.25% $7,554
TOP FLITE FINANCIAL, INC. 3 6.92% $13,496
LIBERTY HOME MORTGAGE CORPORATION 3 7.21% $10,645
MOVEMENT MORTGAGE, LLC 3 6.54% $9,006
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.17% $17,010
RELIANCE FIRST CAPITAL, LLC 3 6.83% $9,786
EVERETT FINANCIAL, INC. 3 6.42% $10,677
GENEVA FINANCIAL, LLC 3 7.75% $9,594
MICHIGAN MUTUAL, INC. 3 7.17% $6,622
MEMBER FIRST MORTGAGE, LLC 3 6.71% $6,222
ZILLOW HOME LOANS, LLC 2 7.13% $13,102
AMERICAN FINANCING CORPORATION 2 7.00% $9,126
Barrington Bank & Trust Company, N.A. 2 6.50% $5,372
CALIBER HOME LOANS, INC. 2 6.75% $9,501
Century Mortgage Company DBA Century Lending Company 2 7.19% $8,760
DAS Acquisition Company, LLC 2 7.13% $10,329
JPMorgan Chase Bank 2 7.81% $4,395
LOANPAL, LLC 2 6.19% $9,824
Nations Lending Corporation 2 7.19% $4,878
PLAZA HOME MORTGAGE, INC. 2 7.25% $6,222
RAPID MORTGAGE COMPANY 2 7.13% $11,790
ROYAL UNITED MORTGAGE LLC 2 6.50% $6,011
LAKE MICHIGAN CREDIT UNION 1 6.50% $7,426
Ixonia Bank 1 5.99% $9,413
M&T Bank 1 6.63% $9,398
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.38% $4,683
MYCUMORTGAGE, LLC 1 6.13% $9,349
NATIONS DIRECT MORTGAGE, LLC 1 7.63% $6,330
VILLAGE CAPITAL MORTGAGE 1 7.50% $13,698
NATIONS RELIABLE LENDING, LLC 1 6.75% $11,564
GSF Mortgage Corporation 1 5.63% $4,974
First Savings Bank 1 6.75% $7,925
Northpointe Bank 1 7.25% $8,477
NORWICH COMMERCIAL GROUP, INC. 1 6.13% $3,050
Paramount Residential Mortgage Group, Inc. 1 6.75% $7,855
First Merchants Bank 1 7.25% $10,221
PHH Mortgage Corporation 1 6.99% $10,258
Plains Commerce Bank 1 6.63% $7,908
PLANET HOME LENDING, LLC 1 6.38% $12,154
Platinum Home Mortgage Corporation 1 6.25% $21,480
Wells Fargo Bank 1 6.63% $7,663
PNC Bank 1 6.75% $3,201
First Federal Bank 1 6.63% $8,697
FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $11,900
First-Citizens Bank & Trust Company 1 7.38% $11,892
YOUR HOME FINANCIAL LLC 1 7.13% $10,649
FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.63% $9,890
ROSS MORTGAGE CORPORATION 1 6.88% $11,611
1st National Bank 1 6.25% $10,964
Civista Bank 1 6.62% $8,447
T2 FINANCIAL LLC 1 7.00% $7,171
The Federal Savings Bank 1 5.75% $12,653
CHURCHILL MORTGAGE CORPORATION 1 5.99% $6,892
AmRes Corporation 1 7.13% $8,202
The Loan Store, Inc. 1 7.13% $18,358
The Union Bank Company 1 6.50% $6,986
THRIVE MORTGAGE, LLC 1 6.25% $8,422
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $9,043
TOWNE MORTGAGE COMPANY 1 6.25% $8,162
TruHome Solutions, LLC 1 5.88% $15,232
UNION CAPITAL MORTGAGE CORPORATION 1 7.00% $7,660
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $7,075
AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $18,426
U.S. Bank 1 5.25% $13,093
ABSOLUTE HOME MORTGAGE CORPORATION 1 7.63% $8,497
MORTGAGE 1 INCORPORATED 1 7.00% $10,029
MORTGAGE ACCESS CORP. 1 7.13% $8,940
Magnolia Bank 1 6.63% $6,236
Lakeview Community Capital, LLC 1 6.25% $8,446

The top Toledo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 197 FHA loans originated. Their average total fees are $8,665, which is $1,438 higher than the next largest lender, The Huntington National Bank.

The lowest fee Toledo FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,673), Fifth Third Bank ($5,164), RUOFF MORTGAGE COMPANY, INC. ($6,110), Citizens Bank ($6,185) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,219).

The lowest rate Toledo FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (6.12%), KeyBank (6.17%), Citizens Bank (6.31%), QUICKEN LOANS, LLC (6.38%) and UNITED WHOLESALE MORTGAGE, LLC (6.52%).

Toledo FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Toledo (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 $129,950 (-1.7%) $199,476 (4.5%) 0.48 1,993
2018-02-01 $134,900 (0.0%) $203,753 (3.7%) 0.49 1,850
2018-03-01 $144,900 (3.6%) $213,548 (5.8%) 0.51 1,776
2018-04-01 $157,450 (11.4%) $228,081 (11.2%) 0.53 1,779
2018-05-01 $165,000 (10.9%) $233,610 (9.7%) 0.55 1,786
2018-06-01 $165,000 (13.4%) $229,359 (6.0%) 0.55 1,935
2018-07-01 $166,388 (14.8%) $226,483 (5.2%) 0.56 2,057
2018-08-01 $155,037 (10.8%) $219,787 (5.5%) 0.52 2,172
2018-09-01 $149,900 (4.9%) $214,419 (3.1%) 0.50 2,182
2018-10-01 $149,900 (6.0%) $211,764 (2.2%) 0.51 2,220
2018-11-01 $149,200 (6.7%) $210,764 (2.5%) 0.51 2,106
2018-12-01 $145,000 (6.2%) $210,114 (-2.6%) 0.50 1,968
2019-01-01 $149,450 (15.0%) $212,975 (6.8%) 0.52 1,754
2019-02-01 $151,450 (12.3%) $218,235 (7.1%) 0.51 1,653
2019-03-01 $168,943 (16.6%) $230,994 (8.2%) 0.55 1,603
2019-04-01 $179,493 (14.0%) $240,921 (5.6%) 0.57 1,592
2019-05-01 $193,950 (17.6%) $245,229 (5.0%) 0.61 1,610
2019-06-01 $194,900 (18.1%) $246,539 (7.5%) 0.61 1,652
2019-07-01 $184,950 (11.2%) $242,582 (7.1%) 0.58 1,781
2019-08-01 $180,910 (16.7%) $239,493 (9.0%) 0.57 1,814
2019-09-01 $174,774 (16.6%) $235,702 (9.9%) 0.56 1,833
2019-10-01 $169,951 (13.4%) $232,202 (9.7%) 0.55 1,846
2019-11-01 $165,000 (10.6%) $226,584 (7.5%) 0.54 1,835
2019-12-01 $159,900 (10.3%) $225,502 (7.3%) 0.53 1,720
2020-01-01 $160,599 (7.5%) $227,963 (7.0%) 0.54 1,585
2020-02-01 $166,000 (9.6%) $231,041 (5.9%) 0.54 1,505
2020-03-01 $169,475 (0.3%) $236,922 (2.6%) 0.53 1,472
2020-04-01 $180,950 (0.8%) $241,258 (0.1%) 0.57 1,440
2020-05-01 $197,700 (1.9%) $254,112 (3.6%) 0.60 1,344
2020-06-01 $202,475 (3.9%) $266,529 (8.1%) 0.60 1,210
2020-07-01 $211,225 (14.2%) $270,004 (11.3%) 0.61 1,173
2020-08-01 $215,000 (18.8%) $268,774 (12.2%) 0.62 1,107
2020-09-01 $202,450 (15.8%) $259,184 (10.0%) 0.58 1,073
2020-10-01 $189,900 (11.7%) $254,888 (9.8%) 0.54 1,117
2020-11-01 $179,950 (9.1%) $249,744 (10.2%) 0.53 1,026
2020-12-01 $179,675 (12.4%) $247,111 (9.6%) 0.53 894
2021-01-01 $180,000 (12.1%) $246,732 (8.2%) 0.54 785
2021-02-01 $197,000 (18.7%) $260,241 (12.6%) 0.57 635
2021-03-01 $191,750 (13.1%) $257,647 (8.8%) 0.54 641
2021-04-01 $183,000 (1.1%) $254,981 (5.7%) 0.50 679
2021-05-01 $187,250 (-5.3%) $253,797 (-0.1%) 0.50 727
2021-06-01 $184,250 (-9.0%) $258,618 (-3.0%) 0.49 794
2021-07-01 $185,000 (-12.4%) $253,724 (-6.0%) 0.49 921
2021-08-01 $179,400 (-16.6%) $258,851 (-3.7%) 0.48 1,034
2021-09-01 $169,900 (-16.1%) $252,231 (-2.7%) 0.45 1,097
2021-10-01 $165,000 (-13.1%) $246,723 (-3.2%) 0.44 1,050
2021-11-01 $159,900 (-11.1%) $243,667 (-2.4%) 0.43 944
2021-12-01 $152,475 (-15.1%) $243,785 (-1.4%) 0.41 786
2022-01-01 $149,900 (-16.7%) $251,318 (1.9%) 0.41 665
2022-02-01 $152,500 (-22.6%) $251,286 (-3.4%) 0.40 541
2022-03-01 $166,500 (-13.2%) $272,557 (5.8%) 0.42 525
2022-04-01 $179,900 (-1.7%) $274,927 (7.8%) 0.43 610
2022-05-01 $184,450 (-1.5%) $269,706 (6.3%) 0.42 749
2022-06-01 $189,000 (2.6%) $270,668 (4.7%) 0.42 896
2022-07-01 $184,900 (-0.1%) $269,875 (6.4%) 0.42 993
2022-08-01 $181,200 (1.0%) $268,572 (3.8%) 0.42 1,030
2022-09-01 $179,950 (5.9%) $256,955 (1.9%) 0.42 1,020
2022-10-01 $169,900 (3.0%) $243,741 (-1.2%) 0.40 1,063
2022-11-01 $161,319 (0.9%) $238,106 (-2.3%) 0.39 1,024
2022-12-01 $167,000 (9.5%) $246,743 (1.2%) 0.41 888
2023-01-01 $174,600 (16.5%) $264,260 (5.2%) 0.43 758
2023-02-01 $190,825 (25.1%) $282,413 (12.4%) 0.46 686
2023-03-01 $208,800 (25.4%) $298,616 (9.6%) 0.49 689
2023-04-01 $215,000 (19.5%) $303,613 (10.4%) 0.50 718
2023-05-01 $229,950 (24.7%) $305,498 (13.3%) 0.52 795
2023-06-01 $239,900 (26.9%) $305,806 (13.0%) 0.54 849
2023-07-01 $239,900 (29.8%) $308,542 (14.3%) 0.55 811
2023-08-01 $237,200 (30.9%) $303,766 (13.1%) 0.54 868
2023-09-01 $219,900 (22.2%) $284,806 (10.8%) 0.51 927
2023-10-01 $205,725 (21.1%) $277,582 (13.9%) 0.48 991
2023-11-01 $199,900 (23.9%) $279,117 (17.2%) 0.48 942
2023-12-01 $199,800 (19.6%) $270,402 (9.6%) 0.49 882
2024-01-01 $189,950 (8.8%) $285,518 (8.0%) 0.46 831
2024-02-01 $212,750 (11.5%) $308,287 (9.2%) 0.51 735
2024-03-01 $230,000 (10.2%) $328,574 (10.0%) 0.54 742
2024-04-01 $244,900 (13.9%) $335,453 (10.5%) 0.57 762
Toledo's median listing price for 2024-04-01 was $244,900, a difference of $29,900 (13.9%) versus the prior year and $14,900 versus the prior month.

Toledo's median listing price comes in at 57% of the national average.

Toledo's average listing price for 2024-04-01 was $335,453, a difference of $31,840 (10.5%) versus the prior year and $6,879 versus the prior month.

For the 2024-04-01 period, Toledo had 762 MLS listings, a difference of 20 listings (3%) versus the prior month and 44 listings (6%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Toledo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 85 days 1,508 sqft
2018-02-01 82 days 1,509 sqft
2018-03-01 62 days 1,554 sqft
2018-04-01 52 days 1,589 sqft
2018-05-01 52 days 1,619 sqft
2018-06-01 48 days 1,640 sqft
2018-07-01 48 days 1,655 sqft
2018-08-01 49 days 1,622 sqft
2018-09-01 54 days 1,611 sqft
2018-10-01 60 days 1,618 sqft
2018-11-01 63 days 1,586 sqft
2018-12-01 72 days 1,568 sqft
2019-01-01 81 days 1,575 sqft
2019-02-01 79 days 1,570 sqft
2019-03-01 68 days 1,614 sqft
2019-04-01 52 days 1,664 sqft
2019-05-01 48 days 1,704 sqft
2019-06-01 50 days 1,715 sqft
2019-07-01 50 days 1,717 sqft
2019-08-01 53 days 1,711 sqft
2019-09-01 55 days 1,702 sqft
2019-10-01 57 days 1,695 sqft
2019-11-01 58 days 1,688 sqft
2019-12-01 66 days 1,648 sqft
2020-01-01 76 days 1,641 sqft
2020-02-01 72 days 1,629 sqft
2020-03-01 58 days 1,641 sqft
2020-04-01 62 days 1,670 sqft
2020-05-01 64 days 1,698 sqft
2020-06-01 46 days 1,724 sqft
2020-07-01 40 days 1,765 sqft
2020-08-01 45 days 1,738 sqft
2020-09-01 40 days 1,718 sqft
2020-10-01 40 days 1,694 sqft
2020-11-01 45 days 1,621 sqft
2020-12-01 56 days 1,631 sqft
2021-01-01 63 days 1,633 sqft
2021-02-01 47 days 1,651 sqft
2021-03-01 35 days 1,646 sqft
2021-04-01 28 days 1,620 sqft
2021-05-01 27 days 1,608 sqft
2021-06-01 28 days 1,604 sqft
2021-07-01 30 days 1,598 sqft
2021-08-01 30 days 1,594 sqft
2021-09-01 35 days 1,584 sqft
2021-10-01 42 days 1,568 sqft
2021-11-01 45 days 1,532 sqft
2021-12-01 53 days 1,529 sqft
2022-01-01 58 days 1,502 sqft
2022-02-01 42 days 1,488 sqft
2022-03-01 31 days 1,526 sqft
2022-04-01 24 days 1,531 sqft
2022-05-01 24 days 1,517 sqft
2022-06-01 25 days 1,542 sqft
2022-07-01 34 days 1,560 sqft
2022-08-01 35 days 1,562 sqft
2022-09-01 41 days 1,536 sqft
2022-10-01 40 days 1,512 sqft
2022-11-01 44 days 1,504 sqft
2022-12-01 54 days 1,500 sqft
2023-01-01 62 days 1,522 sqft
2023-02-01 47 days 1,539 sqft
2023-03-01 36 days 1,533 sqft
2023-04-01 37 days 1,544 sqft
2023-05-01 31 days 1,552 sqft
2023-06-01 35 days 1,576 sqft
2023-07-01 38 days 1,586 sqft
2023-08-01 37 days 1,615 sqft
2023-09-01 37 days 1,590 sqft
2023-10-01 39 days 1,552 sqft
2023-11-01 43 days 1,528 sqft
2023-12-01 53 days 1,530 sqft
2024-01-01 53 days 1,521 sqft
2024-02-01 42 days 1,545 sqft
2024-03-01 37 days 1,556 sqft
2024-04-01 37 days 1,593 sqft
Toledo's median listing age (time on market) for 2024-04-01 was 37 days. This is -1% shorter than the same period one year ago.

Toledo's median square footage for active listings during the 2024-04-01 period was 1,593 sqft. One year prior, the average listing was 1,544 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).