Toledo FHA Loan Rates, Closing Costs & Stats

TOLEDO, 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.

    Toledo's 105 lenders originated 1,519 FHA loans during 2022. The total origination value was $237,225,000, with an average FHA loan value of $156,172.

    Toledo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Toledo averaged -0.04% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Toledo's average FHA mortgage closing costs are $6,120.

    The average rate for the prior week (2023-11-17) was 7.26% and one month ago for the week of 2023-10-20, the average rate was 7.26%.

    The average rate one year ago was 6.39%.

    For refis of the same type during the week of 2023-11-24, the average rate was -0.84%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 223 4.72% $7,595
    The Huntington National Bank 126 5.21% $6,510
    UNION HOME MORTGAGE CORP. 90 5.01% $7,125
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 72 5.42% $8,715
    AMERIFIRST FINANCIAL CORPORATION 68 5.70% $9,138
    LOANDEPOT.COM, LLC 59 4.96% $7,623
    EQUITY RESOURCES, INC. 56 4.97% $6,697
    CROSSCOUNTRY MORTGAGE, LLC 38 5.55% $9,559
    CALIBER HOME LOANS, INC. 37 4.96% $7,170
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 36 5.43% $6,815
    UNITED WHOLESALE MORTGAGE, LLC 36 5.58% $8,263
    Fifth Third Bank 30 4.97% $5,121
    Flagstar Bank, FSB 30 5.30% $7,913
    Mr. Cooper ( Nationstar Mortgage ) 27 4.45% $11,006
    VAN DYK MORTGAGE CORPORATION 27 5.45% $6,540
    Citizens Bank 26 4.77% $6,249
    PENNYMAC LOAN SERVICES, LLC 26 4.58% $6,305
    RUOFF MORTGAGE COMPANY, INC. 24 5.38% $6,244
    BROKER SOLUTIONS, INC. 22 5.30% $8,385
    FREEDOM MORTGAGE CORPORATION 21 5.22% $6,886
    MID AMERICA MORTGAGE, INC. 20 5.37% $3,831
    AMERISAVE MORTGAGE CORPORATION 19 4.71% $9,176
    Hometown Lenders, Inc. 16 5.64% $8,105
    KeyBank 16 4.99% $6,347
    Carrington Mortgage Services, LLC 11 5.74% $9,180
    PRIMELENDING, A PLAINSCAPITAL COMPANY 11 5.42% $10,077
    AMERICAN FINANCING CORPORATION 10 5.69% $7,708
    GUARANTEED RATE, INC. 9 6.21% $6,989
    EVERETT FINANCIAL, INC. 9 5.03% $6,199
    GENEVA FINANCIAL, LLC 9 5.56% $9,317
    LIBERTY HOME MORTGAGE CORPORATION 9 4.88% $7,482
    MORIA DEVELOPMENT, INC. 9 5.38% $9,299
    NFM, INC. 9 6.28% $9,151
    GVC MORTGAGE, INC. 8 5.86% $9,123
    NEWREZ LLC 7 5.80% $6,616
    Equity Prime Mortgage LLC 7 4.75% $9,039
    Plains Commerce Bank 7 4.87% $6,654
    LAKEVIEW LOAN SERVICING, LLC 7 4.45% $6,356
    MORTGAGE 1 INCORPORATED 6 5.71% $8,054
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 5.65% $10,788
    HOMESIDE FINANCIAL, LLC 6 4.85% $7,595
    Nations Lending Corporation 5 5.05% $5,521
    RELIANCE FIRST CAPITAL, LLC 5 4.88% $8,728
    CARDINAL FINANCIAL 5 4.98% $7,664
    HOWARD HANNA FINANCIAL SERVICES, INC. 5 5.50% $6,588
    FIRST OHIO HOME FINANCE, INC. 5 5.65% $3,157
    VILLAGE CAPITAL MORTGAGE 4 3.90% $5,029
    First Guaranty Mortgage Corporation 4 4.25% $6,030
    Servion, Inc. 4 5.22% $6,043
    First Federal Bank of the Midwest 4 4.34% $6,042
    PLANET HOME LENDING, LLC 4 3.88% $4,997
    POLARIS HOME FUNDING CORP. 3 4.83% $6,588
    PLAZA HOME MORTGAGE, INC. 3 4.96% $8,191
    ZILLOW HOME LOANS, LLC 3 3.96% $8,049
    MEMBER FIRST MORTGAGE, LLC 3 4.67% $7,447
    MICHIGAN MUTUAL, INC. 3 5.29% $9,898
    HOME POINT FINANCIAL CORPORATION 3 4.16% $6,223
    Civista Bank 3 5.08% $6,483
    TOP FLITE FINANCIAL, INC. 3 4.13% $11,959
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.17% $8,347
    Paramount Residential Mortgage Group, Inc. 3 5.63% $5,771
    The State Bank and Trust Company 3 5.17% $6,203
    PNC Bank 2 4.69% $4,785
    Lakeview Community Capital, LLC 2 5.50% $7,385
    YOUR HOME FINANCIAL LLC 2 5.00% $8,668
    Mortgage Research Center, LLC 2 6.63% $6,420
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.50% $9,065
    RAPID MORTGAGE COMPANY 2 6.38% $14,502
    RESIDENTIAL BANCORP 2 4.50% $10,636
    ROYAL UNITED MORTGAGE LLC 2 6.69% $9,821
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 5.19% $10,896
    Ameris Bank 2 5.94% $5,787
    U.S. Bank 2 4.06% $7,633
    MORTGAGE CENTER L.C 1 5.25% $3,822
    MIDLAND MORTGAGE CORPORATION 1 5.25% $15,664
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $9,590
    LOANPAL, LLC 1 2.88% $7,088
    EMBRACE HOME LOANS, INC. 1 3.99% $8,502
    First Option Mortgage, LLC 1 5.13% $6,750
    Wells Fargo Bank 1 5.25% $6,797
    PREMIA MORTGAGE, LLC 1 2.75% $5,616
    Premium Mortgage Corporation 1 4.25% $8,024
    CHURCHILL MORTGAGE CORPORATION 1 5.75% $7,140
    LAKE MICHIGAN CREDIT UNION 1 5.63% $7,746
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 5.50% $8,584
    ENVOY MORTGAGE, LTD 1 6.13% $9,795
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.63% $12,682
    First Federal Savings and Loan Association of Lakewood 1 5.13% $10,499
    BETTER MORTGAGE CORPORATION 1 3.50% $4,687
    JLB CORPORATION 1 5.13% $4,867
    GSF Mortgage Corporation 1 5.63% $14,207
    Sunflower Bank 1 5.13% $7,892
    The Federal Savings Bank 1 4.63% $11,562
    Barrington Bank & Trust Company, N.A. 1 5.75% $6,632
    Independent Bank 1 5.13% $5,992
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.00% $6,041
    Bank of England 1 6.75% $4,076
    Union Savings Bank 1 5.25% $5,906
    First Merchants Bank 1 5.13% $6,930
    MYCUMORTGAGE, LLC 1 3.13% $4,321
    M&T Bank 1 6.75% $7,652
    DAS Acquisition Company, LLC 1 5.75% $17,070
    NETWORK CAPITAL FUNDING CORPORATION 1 4.63% $13,269
    MOVEMENT MORTGAGE, LLC 1 4.63% $13,669
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.75% $22,368

    The top Toledo FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 223 FHA loans originated. Their average total fees are $7,595, which is $1,085 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. ($3,831), Fifth Third Bank ($5,121), RUOFF MORTGAGE COMPANY, INC. ($6,244), Citizens Bank ($6,249) and PENNYMAC LOAN SERVICES, LLC ($6,305).

    The lowest rate Toledo FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (4.45%), PENNYMAC LOAN SERVICES, LLC (4.58%), AMERISAVE MORTGAGE CORPORATION (4.71%), QUICKEN LOANS, LLC (4.72%) and Citizens Bank (4.77%).

    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%) $199,498 (4.5%) 0.48 1,993
    2018-02-01 $134,900 (0.0%) $203,775 (3.7%) 0.49 1,850
    2018-03-01 $144,900 (3.6%) $213,571 (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%) $229,444 (6.0%) 0.55 1,934
    2018-07-01 $166,525 (14.9%) $226,566 (5.3%) 0.56 2,056
    2018-08-01 $155,124 (10.9%) $219,863 (5.5%) 0.52 2,171
    2018-09-01 $149,900 (4.9%) $214,493 (3.2%) 0.50 2,181
    2018-10-01 $149,900 (6.0%) $211,835 (2.2%) 0.51 2,219
    2018-11-01 $149,200 (6.7%) $210,801 (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 (11.1%) $242,582 (7.1%) 0.58 1,781
    2019-08-01 $180,910 (16.6%) $239,493 (8.9%) 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 (9.6%) 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 $165,000 (9.0%) $231,041 (5.9%) 0.54 1,506
    2020-03-01 $169,463 (0.3%) $236,864 (2.5%) 0.53 1,474
    2020-04-01 $180,225 (0.4%) $241,199 (0.1%) 0.56 1,442
    2020-05-01 $197,500 (1.8%) $254,051 (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 (19.4%) $260,241 (12.6%) 0.57 635
    2021-03-01 $191,750 (13.2%) $257,647 (8.8%) 0.54 641
    2021-04-01 $183,000 (1.5%) $254,981 (5.7%) 0.50 679
    2021-05-01 $187,250 (-5.2%) $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%) $270,500 (4.6%) 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%) $305,853 (13.1%) 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
    Toledo's median listing price for 2023-10-01 was $205,725, a difference of $35,825 (21.1%) versus the prior year and $-14,175 versus the prior month.

    Toledo's median listing price comes in at 48% of the national average.

    Toledo's average listing price for 2023-10-01 was $277,582, a difference of $33,841 (13.9%) versus the prior year and $-7,224 versus the prior month.

    For the 2023-10-01 period, Toledo had 991 MLS listings, a difference of 64 listings (7%) versus the prior month and -72 listings (-7%) 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 1,591 sqft
    2018-05-01 52 days 1,622 sqft
    2018-06-01 48 days 1,644 sqft
    2018-07-01 48 days 1,656 sqft
    2018-08-01 49 days 1,623 sqft
    2018-09-01 54 days 1,611 sqft
    2018-10-01 60 days 1,619 sqft
    2018-11-01 63 days 1,587 sqft
    2018-12-01 72 days 1,568 sqft
    2019-01-01 81 days 1,580 sqft
    2019-02-01 79 days 1,571 sqft
    2019-03-01 68 days 1,615 sqft
    2019-04-01 52 days 1,665 sqft
    2019-05-01 48 days 1,706 sqft
    2019-06-01 50 days 1,716 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 1,647 sqft
    2020-01-01 76 days 1,641 sqft
    2020-02-01 72 days 1,628 sqft
    2020-03-01 58 days 1,640 sqft
    2020-04-01 62 days 1,670 sqft
    2020-05-01 64 days 1,700 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 1,719 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 1,652 sqft
    2021-03-01 35 days 1,646 sqft
    2021-04-01 28 days 1,620 sqft
    2021-05-01 27 days 1,610 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 1,486 sqft
    2022-03-01 31 days 1,526 sqft
    2022-04-01 24 days 1,531 sqft
    2022-05-01 24 days 1,516 sqft
    2022-06-01 25 days 1,541 sqft
    2022-07-01 34 days 1,560 sqft
    2022-08-01 35 days 1,561 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 1,502 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 1,555 sqft
    2023-06-01 35 days 1,576 sqft
    2023-07-01 38 days 1,586 sqft
    2023-08-01 37 days 1,616 sqft
    2023-09-01 37 days 1,590 sqft
    2023-10-01 39 days 1,553 sqft
    Toledo's median listing age (time on market) for 2023-10-01 was 39 days. This is -4% shorter than the same period one year ago.

    Toledo's median square footage for active listings during the 2023-10-01 period was 1,553 sqft. One year prior, the average listing was 1,512 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).