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).