Urbana FHA Loan Rates, Closing Costs & Stats

Urbana, 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.

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 6.94% for the week of 2024-07-12, compared to the national average (all FHA variants) of 6.655% for the same period.

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

The average rate for the prior week (2024-07-05) was 7.01% and one month ago for the week of 2024-06-07, the average rate was 7.09%.

The average rate one year ago was 7.19%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.76%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Urbana (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 $106,500 (-6.5%) $129,114 (-8.2%) 0.00 99
2018-02-01 $109,375 (-0.5%) $138,221 (0.1%) 0.00 103
2018-03-01 $109,500 (-2.6%) $136,573 (-4.4%) 0.00 93
2018-04-01 $108,125 (-9.8%) $140,887 (-6.4%) 0.00 90
2018-05-01 $123,950 (2.5%) $156,632 (6.8%) 0.00 88
2018-06-01 $138,450 (13.1%) $189,463 (26.1%) 0.00 89
2018-07-01 $136,200 (16.4%) $178,449 (22.9%) 0.00 115
2018-08-01 $132,600 (5.9%) $172,573 (20.8%) 0.00 119
2018-09-01 $139,000 (24.2%) $177,437 (31.5%) 0.00 117
2018-10-01 $126,475 (15.0%) $172,153 (27.1%) 0.00 115
2018-11-01 $129,400 (21.5%) $191,222 (48.6%) 0.00 113
2018-12-01 $117,000 (6.9%) $198,602 (51.7%) 0.00 100
2019-01-01 $118,200 (11.0%) $187,396 (45.1%) 0.00 62
2019-02-01 $147,725 (35.1%) $187,905 (36.0%) 0.00 63
2019-03-01 $153,800 (40.5%) $187,606 (37.4%) 0.00 65
2019-04-01 $159,450 (47.5%) $185,442 (31.6%) 0.00 68
2019-05-01 $159,900 (29.0%) $184,140 (17.6%) 0.00 89
2019-06-01 $168,900 (22.0%) $197,202 (4.1%) 0.00 93
2019-07-01 $157,425 (15.6%) $190,567 (6.8%) 0.00 94
2019-08-01 $153,518 (15.8%) $188,835 (9.4%) 0.00 90
2019-09-01 $151,370 (8.9%) $185,574 (4.6%) 0.00 95
2019-10-01 $155,039 (22.6%) $183,400 (6.5%) 0.00 99
2019-11-01 $148,400 (14.7%) $188,715 (-1.3%) 0.00 88
2019-12-01 $145,250 (24.2%) $181,335 (-8.7%) 0.00 79
2020-01-01 $141,450 (19.7%) $172,579 (-7.9%) 0.00 71
2020-02-01 $145,500 (-1.5%) $169,174 (-10.0%) 0.00 68
2020-03-01 $142,000 (-7.7%) $174,274 (-7.1%) 0.00 63
2020-04-01 $159,900 (0.3%) $187,293 (1.0%) 0.00 57
2020-05-01 $169,900 (6.3%) $210,847 (14.5%) 0.00 52
2020-06-01 $173,350 (2.6%) $228,070 (15.7%) 0.00 47
2020-07-01 $210,700 (33.8%) $255,727 (34.2%) 0.00 45
2020-08-01 $203,500 (32.6%) $256,631 (35.9%) 0.00 32
2020-09-01 $179,725 (18.7%) $210,357 (13.4%) 0.00 31
2020-10-01 $194,000 (25.1%) $237,855 (29.7%) 0.00 30
2020-11-01 $173,650 (17.0%) $240,951 (27.7%) 0.00 33
2020-12-01 $167,725 (15.5%) $233,811 (28.9%) 0.00 33
2021-01-01 $164,950 (16.6%) $234,651 (36.0%) 0.00 28
2021-02-01 $177,150 (21.8%) $237,331 (40.3%) 0.00 19
2021-03-01 $179,150 (26.2%) $217,742 (24.9%) 0.00 24
2021-04-01 $189,450 (18.5%) $220,535 (17.8%) 0.00 26
2021-05-01 $174,450 (2.7%) $190,247 (-9.8%) 0.00 21
2021-06-01 $185,978 (7.3%) $303,533 (33.1%) 0.00 29
2021-07-01 $174,500 (-17.2%) $490,601 (91.9%) 0.00 42
2021-08-01 $174,950 (-14.0%) $403,170 (57.1%) 0.00 61
2021-09-01 $174,950 (-2.7%) $387,085 (84.0%) 0.00 57
2021-10-01 $175,000 (-9.8%) $386,386 (62.5%) 0.00 52
2021-11-01 $185,813 (7.0%) $385,605 (60.0%) 0.00 61
2021-12-01 $174,950 (4.3%) $433,797 (85.5%) 0.00 47
2022-01-01 $170,000 (3.1%) $518,559 (121.0%) 0.00 31
2022-02-01 $183,700 (3.7%) $654,496 (175.8%) 0.00 25
2022-03-01 $217,400 (21.4%) $603,881 (177.3%) 0.00 26
2022-04-01 $244,900 (29.3%) $565,673 (156.5%) 0.00 34
2022-05-01 $221,050 (26.7%) $536,909 (182.2%) 0.00 40
2022-06-01 $222,400 (19.6%) $446,784 (47.2%) 0.00 51
2022-07-01 $224,500 (28.7%) $437,428 (-10.8%) 0.00 58
2022-08-01 $229,675 (31.3%) $470,634 (16.7%) 0.00 53
2022-09-01 $246,478 (40.9%) $503,182 (30.0%) 0.00 49
2022-10-01 $229,450 (31.1%) $480,720 (24.4%) 0.00 55
2022-11-01 $212,400 (14.3%) $420,480 (9.0%) 0.00 67
2022-12-01 $209,450 (19.7%) $453,001 (4.4%) 0.00 57
2023-01-01 $217,450 (27.9%) $355,954 (-31.4%) 0.00 37
2023-02-01 $216,250 (17.7%) $294,056 (-55.1%) 0.00 26
2023-03-01 $210,975 (-3.0%) $277,272 (-54.1%) 0.00 26
2023-04-01 $199,900 (-18.4%) $315,649 (-44.2%) 0.00 27
2023-05-01 $198,450 (-10.2%) $307,836 (-42.7%) 0.00 37
2023-06-01 $252,200 (13.4%) $618,774 (38.5%) 0.00 37
2023-07-01 $215,000 (-4.2%) $562,307 (28.6%) 0.00 42
2023-08-01 $267,175 (16.3%) $540,977 (15.0%) 0.00 51
2023-09-01 $282,450 (14.6%) $602,976 (19.8%) 0.00 45
2023-10-01 $269,000 (17.2%) $489,163 (1.8%) 0.00 57
2023-11-01 $259,600 (22.2%) $468,507 (11.4%) 0.00 55
2023-12-01 $230,825 (10.2%) $468,173 (3.4%) 0.00 51
2024-01-01 $219,000 (0.7%) $465,525 (30.8%) 0.00 54
2024-02-01 $199,988 (-7.5%) $465,926 (58.5%) 0.00 48
2024-03-01 $204,750 (-3.0%) $277,544 (0.1%) 0.00 39
2024-04-01 $264,675 (32.4%) $310,292 (-1.7%) 0.00 32
2024-05-01 $286,225 (44.2%) $327,409 (6.4%) 0.00 38
2024-06-01 $279,250 (10.7%) $329,700 (-46.7%) 0.00 39
Urbana's median listing price for 2024-06-01 was $279,250, a difference of $27,050 (10.7%) versus the prior year and $-6,975 versus the prior month.

Urbana's median listing price comes in at 0% of the national average.

Urbana's average listing price for 2024-06-01 was $329,700, a difference of $-289,074 (-46.7%) versus the prior year and $2,291 versus the prior month.

For the 2024-06-01 period, Urbana had 39 MLS listings, a difference of 1 listings (3%) versus the prior month and 2 listings (5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Urbana (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,783 sqft
2018-02-01 0 days 1,874 sqft
2018-03-01 0 days 1,820 sqft
2018-04-01 0 days 1,799 sqft
2018-05-01 0 days 1,716 sqft
2018-06-01 0 days 1,920 sqft
2018-07-01 0 days 1,824 sqft
2018-08-01 0 days 1,826 sqft
2018-09-01 0 days 1,840 sqft
2018-10-01 0 days 1,725 sqft
2018-11-01 0 days 1,669 sqft
2018-12-01 0 days 1,624 sqft
2019-01-01 0 days 1,605 sqft
2019-02-01 0 days 1,621 sqft
2019-03-01 0 days 1,720 sqft
2019-04-01 0 days 1,773 sqft
2019-05-01 0 days 1,593 sqft
2019-06-01 0 days 1,682 sqft
2019-07-01 0 days 1,644 sqft
2019-08-01 0 days 1,698 sqft
2019-09-01 0 days 1,756 sqft
2019-10-01 0 days 1,781 sqft
2019-11-01 0 days 1,706 sqft
2019-12-01 0 days 1,680 sqft
2020-01-01 0 days 1,615 sqft
2020-02-01 0 days 1,620 sqft
2020-03-01 0 days 1,656 sqft
2020-04-01 0 days 1,684 sqft
2020-05-01 0 days 1,760 sqft
2020-06-01 0 days 2,126 sqft
2020-07-01 0 days 2,215 sqft
2020-08-01 0 days 2,189 sqft
2020-09-01 0 days 1,742 sqft
2020-10-01 0 days 1,946 sqft
2020-11-01 0 days 1,817 sqft
2020-12-01 0 days 1,786 sqft
2021-01-01 0 days 1,896 sqft
2021-02-01 0 days 1,794 sqft
2021-03-01 0 days 1,728 sqft
2021-04-01 0 days 1,693 sqft
2021-05-01 0 days 1,671 sqft
2021-06-01 0 days 1,711 sqft
2021-07-01 0 days 1,634 sqft
2021-08-01 0 days 1,696 sqft
2021-09-01 0 days 1,677 sqft
2021-10-01 0 days 1,684 sqft
2021-11-01 0 days 1,645 sqft
2021-12-01 0 days 1,784 sqft
2022-01-01 0 days 1,879 sqft
2022-02-01 0 days 1,837 sqft
2022-03-01 0 days 1,871 sqft
2022-04-01 0 days 1,952 sqft
2022-05-01 0 days 1,896 sqft
2022-06-01 0 days 1,617 sqft
2022-07-01 0 days 1,684 sqft
2022-08-01 0 days 1,689 sqft
2022-09-01 0 days 1,759 sqft
2022-10-01 0 days 1,723 sqft
2022-11-01 0 days 1,686 sqft
2022-12-01 0 days 1,660 sqft
2023-01-01 0 days 1,722 sqft
2023-02-01 0 days 1,658 sqft
2023-03-01 0 days 1,644 sqft
2023-04-01 0 days 1,639 sqft
2023-05-01 0 days 1,641 sqft
2023-06-01 0 days 1,729 sqft
2023-07-01 0 days 1,651 sqft
2023-08-01 0 days 1,859 sqft
2023-09-01 0 days 1,879 sqft
2023-10-01 0 days 1,920 sqft
2023-11-01 0 days 1,891 sqft
2023-12-01 0 days 1,781 sqft
2024-01-01 0 days 1,645 sqft
2024-02-01 0 days 1,591 sqft
2024-03-01 0 days 1,640 sqft
2024-04-01 0 days 1,757 sqft
2024-05-01 0 days 1,786 sqft
2024-06-01 0 days 1,700 sqft
Urbana's median listing age (time on market) for 2024-06-01 was 0 days.

Urbana's median square footage for active listings during the 2024-06-01 period was 1,700 sqft. One year prior, the average listing was 1,729 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).