Urbana FHA Loan Rates, Closing Costs & Stats

Urbana, 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.

    Urbana's 45 lenders originated 112 FHA loans during 2023. The total origination value was $21,880,000, with an average FHA loan value of $195,357.

    Urbana FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Urbana averaged 6.39% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

    Urbana's average FHA mortgage closing costs are $6,950.

    The average rate for the prior week (2024-10-04) was 6.01% and one month ago for the week of 2024-09-06, the average rate was 6.44%.

    The average rate one year ago was 7.66%.

    For refis of the same type during the week of 2024-10-11, the average rate was 6.1%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Urbana 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 Urbana level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 12 6.21% $11,177
    NFM, INC. 8 7.52% $10,324
    UNITED WHOLESALE MORTGAGE, LLC 7 6.42% $11,724
    WRIGHT-PATT CREDIT UNION, INC. 5 6.88% $6,771
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.40% $9,391
    NEWREZ LLC 4 6.53% $8,643
    UNION HOME MORTGAGE CORP. 3 7.21% $7,559
    The Union Bank Company 3 6.67% $9,506
    The Huntington National Bank 3 7.33% $6,597
    LOANDEPOT.COM, LLC 3 6.29% $12,105
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.38% $8,158
    CROSSCOUNTRY MORTGAGE, LLC 3 6.46% $8,895
    BROKER SOLUTIONS, INC. 3 7.20% $8,162
    Hometown Equity Mortgage, LLC 2 6.88% $7,724
    Carrington Mortgage Services, LLC 2 6.06% $13,028
    Civista Bank 2 6.63% $5,605
    Flagstar Bank, FSB 2 7.00% $9,726
    GENEVA FINANCIAL, LLC 2 7.38% $10,078
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.50% $6,639
    PENNYMAC LOAN SERVICES, LLC 2 7.00% $8,615
    T2 FINANCIAL LLC 2 6.06% $13,971
    HOMESIDE FINANCIAL, LLC 1 5.63% $18,081
    MOVEMENT MORTGAGE, LLC 1 7.75% $11,707
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $14,916
    Wells Fargo Bank 1 6.63% $10,144
    Neighborhood Loans, Inc. 1 5.38% $9,401
    Heartland Bank 1 6.00% $10,292
    GUARANTEED RATE, INC. 1 6.13% $12,280
    Paramount Residential Mortgage Group, Inc. 1 6.63% $9,447
    Western Ohio Mortgage Corporation 1 7.25% $7,804
    PLAZA HOME MORTGAGE, INC. 1 6.13% $14,209
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.63% $16,125
    Fifth Third Bank 1 7.00% $4,178
    RUOFF MORTGAGE COMPANY, INC. 1 6.50% $6,614
    SUN WEST MORTGAGE COMPANY, INC. 1 6.10% $3,799
    CARDINAL FINANCIAL 1 7.25% $10,196
    THE EQUITABLE MORTGAGE CORPORATION 1 6.25% $11,099
    Evolve Bank & Trust 1 6.13% $7,954
    EQUITY RESOURCES, INC. 1 6.63% $6,792
    THRIVE MORTGAGE, LLC 1 6.50% $13,143
    Encompass Lending Group, LP 1 6.88% $7,156
    Citizens Bank 1 6.25% $5,244
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.00% $7,940
    LAKEVIEW LOAN SERVICING, LLC 1 5.63% $7,925
    LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $4,837

    The top Urbana FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 12 FHA loans originated. Their average total fees are $11,177, which is $853 higher than the next largest lender, NFM, INC..

    The lowest fee Urbana FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($11,177), .

    The lowest rate Urbana FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.21%), .

    Urbana FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    URBANA, OH CHAMPAIGN 2022 $420,680 $538,650 $651,050 $809,150
    URBANA, OH CHAMPAIGN 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).