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
6.41%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Toledo's average FHA mortgage closing costs are $6,373.
The average rate for the prior week (2024-10-04) was
5.93% and
one month ago for the week of 2024-09-06, the
average rate was 6.26%.
The average rate one year ago was 7.39%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.92%.
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 |
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).