Wilmington FHA Loan Rates, Closing Costs & Stats

Wilmington, 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.

    Wilmington's 46 lenders originated 178 FHA loans during 2024. The total origination value was $37,550,000, with an average FHA loan value of $210,955.

    Wilmington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wilmington averaged 0.48% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Wilmington's average FHA mortgage closing costs are $7,122.

    The average rate for the prior week (2025-06-27) was 6.97% and one month ago for the week of 2025-05-30, the average rate was 6.74%.

    The average rate one year ago was 6.97%.

    For refis of the same type during the week of 2025-07-04, the average rate was 0.2%.

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

    Wilmington 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 Wilmington level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    LOANDEPOT.COM, LLC 41 6.75% $8,782
    QUICKEN LOANS, LLC 13 6.57% $8,340
    UNITED WHOLESALE MORTGAGE, LLC 11 6.45% $10,623
    DAS Acquisition Company, LLC 7 6.66% $12,043
    NEWREZ LLC 7 6.93% $11,850
    CROSSCOUNTRY MORTGAGE, LLC 7 7.09% $9,847
    DHI MORTGAGE COMPANY, LTD. 6 4.48% $14,185
    1st National Bank 4 6.94% $5,979
    HOMESIDE FINANCIAL, LLC 4 6.53% $12,299
    FREEDOM MORTGAGE CORPORATION 4 6.44% $11,083
    Equity Prime Mortgage LLC 3 6.88% $12,919
    Union Savings Bank 3 6.00% $6,284
    The Huntington National Bank 2 6.94% $7,338
    BROKER SOLUTIONS, INC. 2 6.88% $12,531
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.25% $17,644
    FIRST COMMUNITY MORTGAGE, INC. 2 6.50% $11,853
    Gateway First Bank 2 6.25% $9,965
    Paramount Residential Mortgage Group, Inc. 2 7.19% $11,916
    PENNYMAC LOAN SERVICES, LLC 2 6.94% $6,259
    Prosperity Home Mortgage, LLC 2 6.69% $7,210
    RAPID MORTGAGE COMPANY 2 6.88% $6,631
    UNION HOME MORTGAGE CORP. 2 6.88% $12,722
    LEADERONE FINANCIAL CORPORATION 1 6.75% $7,425
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.13% $12,074
    MICHIGAN MUTUAL, INC. 1 7.25% $10,827
    MID AMERICA MORTGAGE, INC. 1 7.25% $2,669
    Mortgage Research Center, LLC 1 6.25% $4,504
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $8,837
    NATIONS RELIABLE LENDING, LLC 1 5.75% $10,795
    Bank of England 1 7.00% $10,652
    NFM, INC. 1 6.63% $23,748
    VILLAGE CAPITAL MORTGAGE 1 7.25% $4,594
    American Mortgage & Equity Consultants, Inc. 1 7.13% $13,339
    Peoples Bank 1 6.63% $3,676
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.13% $9,399
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $17,125
    U.S. Bank 1 6.99% $7,452
    RUOFF MORTGAGE COMPANY, INC. 1 7.00% $6,283
    S1L, Inc. 1 7.25% $15,393
    SIBCY CLINE MORTGAGE SERVICES, INC. 1 7.25% $8,162
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $9,689
    GUARANTEED RATE, INC. 1 6.63% $8,221
    Guardian Savings Bank, A Federal Savings Bank 1 6.25% $5,935
    Fifth Third Bank 1 6.75% $5,289
    J. VIRGIL, INC. 1 7.13% $9,533
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $6,028

    The top Wilmington FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 41 FHA loans originated. Their average total fees are $8,782, which is $442 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Wilmington FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,340), LOANDEPOT.COM, LLC ($8,782), UNITED WHOLESALE MORTGAGE, LLC ($10,623), .

    The lowest rate Wilmington FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.45%), QUICKEN LOANS, LLC (6.57%), LOANDEPOT.COM, LLC (6.75%), .

    Wilmington FHA Loan Limits

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