Washington Court House FHA Loan Rates, Closing Costs & Stats

Washington Court House, OH

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Washington Court House's 43 lenders originated 129 FHA loans during 2023. The total origination value was $22,865,000, with an average FHA loan value of $177,248.

    Washington Court House FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Washington Court House averaged 6.67% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Washington Court House's average FHA mortgage closing costs are $6,755.

    The average rate for the prior week (2024-11-01) was 6.54% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    The average rate one year ago was 7.51%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Washington Court House 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 Washington Court House level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 13 6.45% $8,427
    UNITED WHOLESALE MORTGAGE, LLC 12 6.76% $9,960
    CROSSCOUNTRY MORTGAGE, LLC 11 7.20% $8,658
    NEWREZ LLC 8 6.53% $9,299
    Fifth Third Bank 5 7.03% $4,263
    PENNYMAC LOAN SERVICES, LLC 5 5.98% $6,876
    DAS Acquisition Company, LLC 5 7.45% $8,454
    LOANDEPOT.COM, LLC 4 7.06% $9,805
    The Huntington National Bank 3 7.29% $8,320
    GUARANTEED RATE, INC. 3 6.88% $7,779
    FREEDOM MORTGAGE CORPORATION 3 7.25% $9,897
    UNION HOME MORTGAGE CORP. 3 7.00% $9,903
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 7.38% $10,416
    Union Savings Bank 3 6.58% $6,333
    Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $13,448
    NFM, INC. 2 7.56% $9,286
    HOMESIDE FINANCIAL, LLC 2 7.75% $10,609
    BROKER SOLUTIONS, INC. 2 6.87% $10,538
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $7,962
    RAPID MORTGAGE COMPANY 2 6.81% $9,200
    RUOFF MORTGAGE COMPANY, INC. 2 7.19% $4,392
    WRIGHT-PATT CREDIT UNION, INC. 2 6.56% $7,101
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.94% $13,018
    T2 FINANCIAL LLC 1 7.13% $12,022
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $12,837
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $10,981
    CARDINAL FINANCIAL 1 5.50% $5,904
    ENDEAVOR CAPITAL, LLC. 1 6.75% $13,747
    Gateway First Bank 1 7.50% $8,836
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $9,154
    Hometown Equity Mortgage, LLC 1 6.75% $10,243
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.25% $8,536
    JPMorgan Chase Bank 1 6.25% $4,825
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,790
    Mortgage Research Center, LLC 1 6.75% $8,585
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $12,151
    Nations Lending Corporation 1 5.75% $12,990
    NATIONS RELIABLE LENDING, LLC 1 7.13% $10,874
    Paramount Residential Mortgage Group, Inc. 1 7.25% $8,668
    Plains Commerce Bank 1 6.75% $5,089
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $10,037
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $7,484
    1st National Bank 1 7.25% $5,580

    The top Washington Court House FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $8,427, which is $1,533 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Washington Court House FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,427), CROSSCOUNTRY MORTGAGE, LLC ($8,658), UNITED WHOLESALE MORTGAGE, LLC ($9,960), .

    The lowest rate Washington Court House FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.45%), UNITED WHOLESALE MORTGAGE, LLC (6.76%), CROSSCOUNTRY MORTGAGE, LLC (7.20%), .

    Washington Court House FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WASHINGTON COURT HOUSE, OH FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
    WASHINGTON COURT HOUSE, OH FAYETTE 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).