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 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 6.81% for the week of 2025-07-11, compared to the national average (all FHA variants) of 6.523% for the same period.

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

    The average rate for the prior week (2025-07-04) was 6.74% and one month ago for the week of 2025-06-06, the average rate was 7.18%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2025-07-11, the average rate was 6.94%.

    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).