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 44 lenders originated 148 FHA loans during 2023. The total origination value was $30,590,000, with an average FHA loan value of $206,689.

    Wilmington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wilmington averaged 6.3% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Wilmington's average FHA mortgage closing costs are $6,678.

    The average rate for the prior week (2024-12-06) was 6.27% and one month ago for the week of 2024-11-08, the average rate was 6.33%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.18%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    LOANDEPOT.COM, LLC 32 6.69% $8,049
    QUICKEN LOANS, LLC 12 6.44% $9,438
    CROSSCOUNTRY MORTGAGE, LLC 8 7.27% $11,992
    The Huntington National Bank 6 6.90% $9,861
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.23% $7,785
    DAS Acquisition Company, LLC 5 7.50% $8,486
    RAPID MORTGAGE COMPANY 5 7.00% $9,236
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 7.35% $9,089
    NEWREZ LLC 5 6.68% $14,236
    1st National Bank 4 6.94% $9,350
    UNITED WHOLESALE MORTGAGE, LLC 4 7.12% $12,727
    FIRST COMMUNITY MORTGAGE, INC. 3 6.83% $7,576
    PENNYMAC LOAN SERVICES, LLC 2 6.19% $13,281
    BROKER SOLUTIONS, INC. 2 6.63% $14,097
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.63% $11,726
    EQUITY RESOURCES, INC. 2 6.87% $7,622
    GUARANTEED RATE, INC. 2 6.50% $7,770
    AMERICAN FINANCIAL NETWORK, INC. 2 6.88% $10,966
    NFM, INC. 2 7.69% $8,688
    UNION HOME MORTGAGE CORP. 2 6.56% $8,993
    Union Savings Bank 2 6.69% $9,765
    WRIGHT-PATT CREDIT UNION, INC. 2 6.38% $6,572
    VAN DYK MORTGAGE CORPORATION 2 6.63% $11,746
    Paramount Residential Mortgage Group, Inc. 2 7.25% $11,208
    Mortgage Research Center, LLC 2 7.13% $7,695
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $10,992
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $7,611
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $7,051
    THRIVE MORTGAGE, LLC 1 6.50% $9,004
    Century Mortgage Company DBA Century Lending Company 1 7.63% $8,070
    Citizens Bank 1 6.63% $5,742
    Fifth Third Bank 1 7.50% $9,135
    FREEDOM MORTGAGE CORPORATION 1 6.38% $9,787
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $9,712
    Guardian Savings Bank, A Federal Savings Bank 1 6.75% $5,893
    Hometown Equity Mortgage, LLC 1 7.13% $13,685
    LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $8,214
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $9,909
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $10,376
    Nations Lending Corporation 1 6.13% $13,245
    NATIONS RELIABLE LENDING, LLC 1 6.25% $10,357
    AmeriHome Mortgage Company, LLC 1 6.63% $15,960
    OPTION FINANCIAL, LLC 1 6.25% $11,347
    POLARIS HOME FUNDING CORP. 1 7.75% $7,611

    The top Wilmington FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 32 FHA loans originated. Their average total fees are $8,049, which is $1,390 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Wilmington FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($8,049), QUICKEN LOANS, LLC ($9,438), .

    The lowest rate Wilmington FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.44%), LOANDEPOT.COM, LLC (6.69%), .

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Wilmington (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 $127,050 (10.7%) $172,297 (-10.1%) 0.00 102
    2018-02-01 $129,700 (3.8%) $181,121 (-12.9%) 0.00 99
    2018-03-01 $129,000 (7.5%) $189,042 (-9.8%) 0.00 91
    2018-04-01 $142,200 (9.6%) $197,528 (-5.5%) 0.00 93
    2018-05-01 $132,425 (1.9%) $198,063 (-3.4%) 0.00 89
    2018-06-01 $149,500 (12.5%) $208,000 (2.4%) 0.00 107
    2018-07-01 $130,600 (-0.1%) $196,593 (-1.6%) 0.00 118
    2018-08-01 $129,363 (0.6%) $193,326 (-1.4%) 0.00 123
    2018-09-01 $129,900 (0.4%) $184,578 (-5.4%) 0.00 134
    2018-10-01 $137,000 (9.6%) $192,085 (-1.1%) 0.00 126
    2018-11-01 $139,350 (14.6%) $176,081 (-10.3%) 0.00 121
    2018-12-01 $139,000 (14.9%) $188,616 (-3.7%) 0.00 111
    2019-01-01 $139,200 (9.6%) $198,444 (15.2%) 0.00 91
    2019-02-01 $132,500 (2.2%) $187,784 (3.7%) 0.00 84
    2019-03-01 $126,464 (-2.0%) $195,739 (3.5%) 0.00 78
    2019-04-01 $134,589 (-5.4%) $209,746 (6.2%) 0.00 79
    2019-05-01 $138,700 (4.7%) $207,700 (4.9%) 0.00 86
    2019-06-01 $152,250 (1.8%) $191,607 (-7.9%) 0.00 92
    2019-07-01 $173,675 (33.0%) $203,607 (3.6%) 0.00 92
    2019-08-01 $170,677 (31.9%) $206,112 (6.6%) 0.00 102
    2019-09-01 $159,018 (22.4%) $202,605 (9.8%) 0.00 107
    2019-10-01 $155,645 (13.6%) $201,882 (5.1%) 0.00 110
    2019-11-01 $151,083 (8.4%) $191,509 (8.8%) 0.00 101
    2019-12-01 $139,900 (0.7%) $179,802 (-4.7%) 0.00 93
    2020-01-01 $139,900 (0.5%) $176,214 (-11.2%) 0.00 86
    2020-02-01 $132,450 (0.0%) $169,046 (-10.0%) 0.00 69
    2020-03-01 $139,900 (10.6%) $194,652 (-0.6%) 0.00 67
    2020-04-01 $182,875 (35.9%) $205,561 (-2.0%) 0.00 63
    2020-05-01 $179,900 (29.7%) $208,094 (0.2%) 0.00 50
    2020-06-01 $222,375 (46.1%) $300,435 (56.8%) 0.00 43
    2020-07-01 $250,200 (44.1%) $330,484 (62.3%) 0.00 34
    2020-08-01 $205,000 (20.1%) $288,890 (40.2%) 0.00 41
    2020-09-01 $181,350 (14.0%) $263,680 (30.1%) 0.00 42
    2020-10-01 $175,000 (12.4%) $256,306 (27.0%) 0.00 44
    2020-11-01 $179,500 (18.8%) $273,251 (42.7%) 0.00 38
    2020-12-01 $179,500 (28.3%) $278,542 (54.9%) 0.00 37
    2021-01-01 $193,750 (38.5%) $313,758 (78.1%) 0.00 24
    2021-02-01 $225,000 (69.9%) $367,302 (117.3%) 0.00 22
    2021-03-01 $135,625 (-3.1%) $318,185 (63.5%) 0.00 25
    2021-04-01 $160,925 (-12.0%) $343,929 (67.3%) 0.00 28
    2021-05-01 $174,450 (-3.0%) $247,797 (19.1%) 0.00 31
    2021-06-01 $164,950 (-25.8%) $240,281 (-20.0%) 0.00 26
    2021-07-01 $174,900 (-30.1%) $226,528 (-31.5%) 0.00 42
    2021-08-01 $176,050 (-14.1%) $200,368 (-30.6%) 0.00 49
    2021-09-01 $192,450 (6.1%) $223,318 (-15.3%) 0.00 58
    2021-10-01 $182,450 (4.3%) $213,653 (-16.6%) 0.00 61
    2021-11-01 $188,625 (5.1%) $210,940 (-22.8%) 0.00 51
    2021-12-01 $208,550 (16.2%) $235,052 (-15.6%) 0.00 37
    2022-01-01 $200,000 (3.2%) $232,389 (-25.9%) 0.00 30
    2022-02-01 $209,750 (-6.8%) $263,152 (-28.4%) 0.00 31
    2022-03-01 $185,000 (36.4%) $263,585 (-17.2%) 0.00 37
    2022-04-01 $207,250 (28.8%) $270,236 (-21.4%) 0.00 39
    2022-05-01 $233,425 (33.8%) $311,765 (25.8%) 0.00 43
    2022-06-01 $202,125 (22.5%) $276,826 (15.2%) 0.00 53
    2022-07-01 $215,450 (23.2%) $275,756 (21.7%) 0.00 71
    2022-08-01 $215,675 (22.5%) $267,745 (33.6%) 0.00 68
    2022-09-01 $222,650 (15.7%) $260,471 (16.6%) 0.00 62
    2022-10-01 $249,800 (36.9%) $266,851 (24.9%) 0.00 62
    2022-11-01 $238,625 (26.5%) $256,489 (21.6%) 0.00 65
    2022-12-01 $216,500 (3.8%) $250,082 (6.4%) 0.00 68
    2023-01-01 $236,750 (18.4%) $251,991 (8.4%) 0.00 52
    2023-02-01 $247,450 (18.0%) $262,333 (-0.3%) 0.00 52
    2023-03-01 $263,325 (42.3%) $261,944 (-0.6%) 0.00 43
    2023-04-01 $195,000 (-5.9%) $245,123 (-9.3%) 0.00 48
    2023-05-01 $197,475 (-15.4%) $241,632 (-22.5%) 0.00 38
    2023-06-01 $242,475 (20.0%) $303,019 (9.5%) 0.00 45
    2023-07-01 $264,950 (23.0%) $326,430 (18.4%) 0.00 51
    2023-08-01 $244,000 (13.1%) $284,361 (6.2%) 0.00 55
    2023-09-01 $240,000 (7.8%) $276,872 (6.3%) 0.00 63
    2023-10-01 $240,000 (-3.9%) $289,981 (8.7%) 0.00 71
    2023-11-01 $247,200 (3.6%) $302,093 (17.8%) 0.00 74
    2023-12-01 $239,500 (10.6%) $278,410 (11.3%) 0.00 69
    2024-01-01 $239,750 (1.3%) $288,384 (14.4%) 0.00 58
    2024-02-01 $262,100 (5.9%) $321,486 (22.6%) 0.00 46
    2024-03-01 $242,450 (-7.9%) $354,877 (35.5%) 0.00 43
    2024-04-01 $257,191 (31.9%) $390,051 (59.1%) 0.00 37
    2024-05-01 $281,166 (42.4%) $395,814 (63.8%) 0.00 50
    2024-06-01 $277,450 (14.4%) $367,211 (21.2%) 0.00 72
    2024-07-01 $263,700 (-0.5%) $331,583 (1.6%) 0.00 77
    2024-08-01 $260,000 (6.6%) $340,589 (19.8%) 0.00 78
    2024-09-01 $260,000 (8.3%) $344,394 (24.4%) 0.00 99
    2024-10-01 $257,450 (7.3%) $330,820 (14.1%) 0.00 97
    2024-11-01 $249,900 (1.1%) $297,392 (-1.6%) 0.00 90
    Wilmington's median listing price for 2024-11-01 was $249,900, a difference of $2,700 (1.1%) versus the prior year and $-7,550 versus the prior month.

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

    Wilmington's average listing price for 2024-11-01 was $297,392, a difference of $-4,701 (-1.6%) versus the prior year and $-33,428 versus the prior month.

    For the 2024-11-01 period, Wilmington had 90 MLS listings, a difference of -7 listings (-7%) versus the prior month and 16 listings (22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Wilmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,725 sqft
    2018-02-01 0 days 1,729 sqft
    2018-03-01 0 days 1,792 sqft
    2018-04-01 0 days 1,845 sqft
    2018-05-01 0 days 1,812 sqft
    2018-06-01 0 days 1,796 sqft
    2018-07-01 0 days 1,714 sqft
    2018-08-01 0 days 1,668 sqft
    2018-09-01 0 days 1,642 sqft
    2018-10-01 0 days 1,658 sqft
    2018-11-01 0 days 1,671 sqft
    2018-12-01 0 days 1,680 sqft
    2019-01-01 0 days 1,708 sqft
    2019-02-01 0 days 1,672 sqft
    2019-03-01 0 days 1,587 sqft
    2019-04-01 0 days 1,560 sqft
    2019-05-01 0 days 1,724 sqft
    2019-06-01 0 days 1,600 sqft
    2019-07-01 0 days 1,794 sqft
    2019-08-01 0 days 1,766 sqft
    2019-09-01 0 days 1,714 sqft
    2019-10-01 0 days 1,674 sqft
    2019-11-01 0 days 1,610 sqft
    2019-12-01 0 days 1,469 sqft
    2020-01-01 0 days 1,483 sqft
    2020-02-01 0 days 1,458 sqft
    2020-03-01 0 days 1,648 sqft
    2020-04-01 0 days 1,686 sqft
    2020-05-01 0 days 1,728 sqft
    2020-06-01 0 days 1,879 sqft
    2020-07-01 0 days 2,143 sqft
    2020-08-01 0 days 1,887 sqft
    2020-09-01 0 days 1,603 sqft
    2020-10-01 0 days 1,461 sqft
    2020-11-01 0 days 1,443 sqft
    2020-12-01 0 days 1,457 sqft
    2021-01-01 0 days 1,460 sqft
    2021-02-01 0 days 1,647 sqft
    2021-03-01 0 days 1,455 sqft
    2021-04-01 0 days 1,442 sqft
    2021-05-01 0 days 1,528 sqft
    2021-06-01 0 days 1,516 sqft
    2021-07-01 0 days 1,660 sqft
    2021-08-01 0 days 1,513 sqft
    2021-09-01 0 days 1,578 sqft
    2021-10-01 0 days 1,629 sqft
    2021-11-01 0 days 1,782 sqft
    2021-12-01 0 days 1,650 sqft
    2022-01-01 0 days 1,608 sqft
    2022-02-01 0 days 1,910 sqft
    2022-03-01 0 days 1,396 sqft
    2022-04-01 0 days 1,568 sqft
    2022-05-01 0 days 1,798 sqft
    2022-06-01 0 days 1,703 sqft
    2022-07-01 0 days 1,630 sqft
    2022-08-01 0 days 1,550 sqft
    2022-09-01 0 days 1,665 sqft
    2022-10-01 0 days 1,722 sqft
    2022-11-01 0 days 1,779 sqft
    2022-12-01 0 days 1,580 sqft
    2023-01-01 0 days 1,660 sqft
    2023-02-01 0 days 1,711 sqft
    2023-03-01 0 days 1,534 sqft
    2023-04-01 0 days 1,512 sqft
    2023-05-01 0 days 1,603 sqft
    2023-06-01 0 days 1,746 sqft
    2023-07-01 0 days 1,729 sqft
    2023-08-01 0 days 1,598 sqft
    2023-09-01 0 days 1,586 sqft
    2023-10-01 0 days 1,681 sqft
    2023-11-01 0 days 1,683 sqft
    2023-12-01 0 days 1,600 sqft
    2024-01-01 0 days 1,533 sqft
    2024-02-01 0 days 1,666 sqft
    2024-03-01 0 days 1,718 sqft
    2024-04-01 0 days 1,802 sqft
    2024-05-01 0 days 1,804 sqft
    2024-06-01 0 days 1,700 sqft
    2024-07-01 0 days 1,749 sqft
    2024-08-01 0 days 1,680 sqft
    2024-09-01 0 days 1,756 sqft
    2024-10-01 0 days 1,728 sqft
    2024-11-01 0 days 1,725 sqft
    Wilmington's median listing age (time on market) for 2024-11-01 was 0 days.

    Wilmington's median square footage for active listings during the 2024-11-01 period was 1,725 sqft. One year prior, the average listing was 1,683 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).