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 101 lenders originated 1,170 FHA loans during 2024. The total origination value was $206,810,000, with an average FHA loan value of $176,761.

Toledo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Toledo averaged 0.29% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

Toledo's average FHA mortgage closing costs are $6,594.

The average rate for the prior week (2025-06-27) was 6.67% and one month ago for the week of 2025-05-30, the average rate was 7.05%.

The average rate one year ago was 7.17%.

For refis of the same type during the week of 2025-07-04, the average rate was 0.72%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
QUICKEN LOANS, LLC 184 6.50% $8,954
The Huntington National Bank 80 6.99% $6,917
UNION HOME MORTGAGE CORP. 74 6.76% $9,901
LOANDEPOT.COM, LLC 48 6.63% $8,910
UNITED WHOLESALE MORTGAGE, LLC 45 6.24% $10,393
CROSSCOUNTRY MORTGAGE, LLC 35 6.82% $9,911
NEWREZ LLC 35 6.58% $8,208
EQUITY RESOURCES, INC. 33 6.81% $7,536
Fifth Third Bank 26 6.47% $5,947
FREEDOM MORTGAGE CORPORATION 26 6.43% $9,195
RUOFF MORTGAGE COMPANY, INC. 21 6.61% $7,361
CMG MORTGAGE, INC. 18 7.14% $10,429
PENNYMAC LOAN SERVICES, LLC 17 6.23% $6,613
Flagstar Bank, FSB 16 6.87% $8,390
AMERICAN FINANCIAL NETWORK, INC. 13 6.51% $10,129
NFM, INC. 13 7.23% $10,667
GVC MORTGAGE, INC. 13 6.89% $8,976
BROKER SOLUTIONS, INC. 12 7.03% $10,660
ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.43% $6,478
MID AMERICA MORTGAGE, INC. 12 6.67% $3,847
VAN DYK MORTGAGE CORPORATION 12 6.99% $6,738
LIBERTY HOME MORTGAGE CORPORATION 11 7.10% $10,073
KeyBank 11 6.27% $6,405
Citizens Bank 10 6.58% $7,088
ENDEAVOR CAPITAL, LLC. 10 6.26% $8,732
Carrington Mortgage Services, LLC 10 6.63% $8,646
MUTUAL OF OMAHA MORTGAGE, INC. 10 6.98% $11,311
MICHIGAN MUTUAL, INC. 9 6.60% $7,843
Mr. Cooper ( Nationstar Mortgage ) 8 6.36% $11,756
AMERICAN FINANCING CORPORATION 7 5.98% $8,267
CHURCHILL MORTGAGE CORPORATION 6 6.92% $7,484
First Federal Bank of the Midwest 6 6.54% $6,207
HOWARD HANNA FINANCIAL SERVICES, INC. 6 6.33% $6,653
Mortgage Research Center, LLC 6 6.48% $6,455
GUARANTEED RATE, INC. 6 6.27% $10,898
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 6.80% $9,193
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 6.00% $13,298
VILLAGE CAPITAL MORTGAGE 5 6.25% $5,759
RELIANCE FIRST CAPITAL, LLC 5 7.08% $7,859
ZILLOW HOME LOANS, LLC 4 6.69% $9,154
AMERISAVE MORTGAGE CORPORATION 4 6.34% $9,670
Home Mortgage Alliance Corp 4 7.09% $11,353
LAKEVIEW LOAN SERVICING, LLC 4 6.44% $9,255
LOANPAL, LLC 4 5.53% $9,224
Paramount Residential Mortgage Group, Inc. 4 6.84% $11,121
PHH Mortgage Corporation 4 6.56% $12,799
SUN WEST MORTGAGE COMPANY, INC. 4 6.37% $8,767
AmeriHome Mortgage Company, LLC 3 6.29% $6,965
POLARIS HOME FUNDING CORP. 3 6.33% $8,734
MOVEMENT MORTGAGE, LLC 3 6.92% $8,985
OCEANSIDE MORTGAGE COMPANY 3 6.50% $2,991
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.75% $7,564
PLANET HOME LENDING, LLC 3 5.96% $9,704
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 3 5.29% $10,028
PNC Bank 3 6.46% $9,060
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.75% $9,619
The Loan Store, Inc. 2 6.88% $12,492
TOP FLITE FINANCIAL, INC. 2 7.00% $17,883
PREMIA MORTGAGE, LLC 2 6.19% $6,623
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.19% $7,753
JPMorgan Chase Bank 2 6.75% $3,552
First Federal Bank 2 5.88% $6,775
FIRST COMMUNITY MORTGAGE, INC. 2 6.81% $7,495
LAND HOME FINANCIAL SERVICES, INC. 2 5.94% $9,610
Cornerstone First Mortgage, Inc 2 6.62% $9,193
GUILD MORTGAGE COMPANY 2 5.93% $8,622
Nations Lending Corporation 2 7.00% $11,166
NBKC BANK 2 5.63% $8,347
MEMBER FIRST MORTGAGE, LLC 2 6.63% $6,076
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.31% $9,489
GSF Mortgage Corporation 2 7.06% $8,797
TOWNE MORTGAGE COMPANY 1 6.25% $6,510
Ameris Bank 1 6.00% $5,449
U.S. Bank 1 6.75% $2,662
AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $9,012
HOMEXPRESS MORTGAGE CORP. 1 6.63% $9,574
Hometown Equity Mortgage, LLC 1 5.63% $15,495
ALLIED MORTGAGE GROUP, INC. 1 5.75% $14,510
HOMESIDE FINANCIAL, LLC 1 6.25% $10,145
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.75% $11,228
Waterstone Mortgage Corporation 1 7.25% $9,586
MILEND, INC. 1 7.13% $10,930
MORTGAGE CENTER L.C 1 7.00% $6,019
NATIONS DIRECT MORTGAGE, LLC 1 7.75% $7,036
EVERETT FINANCIAL, INC. 1 7.25% $15,269
Paramount Bank 1 6.13% $6,131
Wells Fargo Bank 1 6.75% $12,332
Equity Prime Mortgage LLC 1 7.75% $13,606
YOUR HOME FINANCIAL LLC 1 7.50% $8,627
PROPER RATE, LLC 1 6.63% $11,270
Prosperity Home Mortgage, LLC 1 6.25% $15,728
RAPID MORTGAGE COMPANY 1 6.63% $12,189
Civista Bank 1 6.25% $7,216
ROYAL UNITED MORTGAGE LLC 1 6.38% $9,883
CARDINAL FINANCIAL 1 5.99% $11,286
SECURITYNATIONAL MORTGAGE COMPANY 1 6.38% $13,507
Alcova Mortgage LLC 1 6.63% $9,191
T2 FINANCIAL LLC 1 6.63% $16,214
Texana Bank 1 6.63% $7,700
The Genoa Banking Company 1 7.25% $8,080
AXIA FINANCIAL, LLC 1 6.88% $7,790

The top Toledo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 184 FHA loans originated. Their average total fees are $8,954, which is $2,037 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. ($3,847), Fifth Third Bank ($5,947), KeyBank ($6,405), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,478) and PENNYMAC LOAN SERVICES, LLC ($6,613).

The lowest rate Toledo FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.23%), UNITED WHOLESALE MORTGAGE, LLC (6.24%), ENDEAVOR CAPITAL, LLC. (6.26%), KeyBank (6.27%) and ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.43%).

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).