Wooster FHA Loan Rates, Closing Costs & Stats

Wooster, 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.

Wooster's 53 lenders originated 206 FHA loans during 2023. The total origination value was $40,880,000, with an average FHA loan value of $198,447.

Wooster FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Wooster averaged 6.59% for the week of 2024-12-06, compared to the national average (all FHA variants) of 6.363% for the same period.

Wooster's average FHA mortgage closing costs are $6,889.

The average rate for the prior week (2024-11-29) was 6.63% and one month ago for the week of 2024-11-01, the average rate was 6.43%.

The average rate one year ago was 6.95%.

For refis of the same type during the week of 2024-12-06, the average rate was 7.03%.

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

Wooster 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 Wooster level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 45 7.05% $9,820
QUICKEN LOANS, LLC 38 6.12% $10,035
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.76% $7,531
The Huntington National Bank 8 6.88% $7,844
UNITED WHOLESALE MORTGAGE, LLC 7 6.20% $12,722
AmeriHome Mortgage Company, LLC 6 6.48% $10,843
UNION HOME MORTGAGE CORP. 6 6.79% $10,849
PENNYMAC LOAN SERVICES, LLC 4 6.22% $10,353
RUOFF MORTGAGE COMPANY, INC. 4 6.50% $5,220
NEWREZ LLC 4 5.97% $10,779
TOP FLITE FINANCIAL, INC. 3 6.96% $15,242
Nations Lending Corporation 3 6.92% $7,658
Carrington Mortgage Services, LLC 3 5.96% $10,368
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.88% $14,079
NATIONWIDE MORTGAGE BANKERS, INC. 2 7.00% $6,838
NVR Mortgage Finance, Inc. 2 5.25% $10,741
PNC Bank 2 6.75% $6,313
HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.56% $6,596
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.69% $14,178
JPMorgan Chase Bank 2 6.94% $6,786
BROKER SOLUTIONS, INC. 2 6.50% $11,888
LOANDEPOT.COM, LLC 2 6.31% $8,902
Mortgage Research Center, LLC 2 6.75% $6,234
Mr. Cooper ( Nationstar Mortgage ) 2 6.13% $15,538
Flagstar Bank, FSB 2 6.92% $5,871
FREEDOM MORTGAGE CORPORATION 2 6.50% $11,281
ABSOLUTE HOME MORTGAGE CORPORATION 1 6.63% $12,975
ZILLOW HOME LOANS, LLC 1 6.63% $13,779
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $7,715
CARDINAL FINANCIAL 1 6.25% $12,496
Citizens Bank 1 6.13% $8,292
CONTOUR MORTGAGE CORPORATION 1 6.00% $8,451
DELMAR FINANCIAL COMPANY 1 6.50% $9,497
Fifth Third Bank 1 6.13% $6,656
FIRST COMMUNITY MORTGAGE, INC. 1 7.50% $6,426
GENEVA FINANCIAL, LLC 1 6.25% $12,210
GUARANTEED RATE, INC. 1 6.13% $7,835
GVC MORTGAGE, INC. 1 7.38% $9,393
LAKEVIEW LOAN SERVICING, LLC 1 7.75% $9,985
MOVEMENT MORTGAGE, LLC 1 7.25% $12,050
M&T Bank 1 7.25% $6,413
NATIONS DIRECT MORTGAGE, LLC 1 7.25% $7,625
NFM, INC. 1 7.63% $9,927
PHH Mortgage Corporation 1 5.88% $8,881
POLARIS HOME FUNDING CORP. 1 7.50% $7,528
PREMIER LENDING, INC. 1 6.75% $11,132
RELIANCE FIRST CAPITAL, LLC 1 7.25% $7,669
Stifel Bank and Trust 1 6.38% $6,546
THE EQUITABLE MORTGAGE CORPORATION 1 6.63% $6,390
The Farmers National Bank of Canfield 1 6.88% $6,202
U.S. Bank 1 7.63% $8,673
VILLAGE CAPITAL MORTGAGE 1 6.13% $7,672
V.I.P. MORTGAGE, INC. 1 5.75% $11,377

The top Wooster FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 45 FHA loans originated. Their average total fees are $9,820, which is $215 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Wooster FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($9,820), QUICKEN LOANS, LLC ($10,035), .

The lowest rate Wooster FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.12%), CROSSCOUNTRY MORTGAGE, LLC (7.05%), .

Wooster FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
WOOSTER, OH WAYNE 2022 $420,680 $538,650 $651,050 $809,150
WOOSTER, OH WAYNE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Wooster (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 $162,814 (25.8%) $203,638 (18.3%) 0.00 158
2018-02-01 $162,225 (20.2%) $210,323 (14.9%) 0.00 151
2018-03-01 $159,950 (16.3%) $220,631 (17.0%) 0.00 157
2018-04-01 $163,200 (16.6%) $214,410 (14.9%) 0.00 155
2018-05-01 $159,900 (13.8%) $212,455 (15.6%) 0.00 171
2018-06-01 $166,250 (16.3%) $221,145 (19.5%) 0.00 185
2018-07-01 $164,950 (17.9%) $225,297 (23.6%) 0.00 187
2018-08-01 $167,625 (11.8%) $216,148 (13.2%) 0.00 224
2018-09-01 $165,000 (10.8%) $213,982 (10.7%) 0.00 215
2018-10-01 $168,548 (12.9%) $214,069 (10.2%) 0.00 218
2018-11-01 $173,425 (10.2%) $214,443 (9.1%) 0.00 209
2018-12-01 $179,900 (14.1%) $223,546 (15.2%) 0.00 191
2019-01-01 $179,900 (10.5%) $226,544 (11.3%) 0.00 171
2019-02-01 $179,900 (10.9%) $230,964 (9.8%) 0.00 149
2019-03-01 $195,400 (22.2%) $237,663 (7.7%) 0.00 145
2019-04-01 $213,484 (30.8%) $241,968 (12.9%) 0.00 142
2019-05-01 $175,000 (9.4%) $219,350 (3.3%) 0.00 152
2019-06-01 $184,950 (11.3%) $234,367 (6.0%) 0.00 157
2019-07-01 $180,250 (9.3%) $231,681 (2.8%) 0.00 173
2019-08-01 $185,318 (10.6%) $228,965 (5.9%) 0.00 177
2019-09-01 $179,795 (9.0%) $221,190 (3.4%) 0.00 175
2019-10-01 $176,114 (4.5%) $214,846 (0.4%) 0.00 174
2019-11-01 $175,500 (1.2%) $213,839 (-0.3%) 0.00 160
2019-12-01 $171,175 (-4.9%) $207,622 (-7.1%) 0.00 155
2020-01-01 $172,550 (-4.1%) $211,060 (-6.8%) 0.00 140
2020-02-01 $165,000 (-8.3%) $208,272 (-9.8%) 0.00 128
2020-03-01 $161,450 (-17.4%) $206,598 (-13.1%) 0.00 126
2020-04-01 $167,400 (-21.6%) $207,756 (-14.1%) 0.00 110
2020-05-01 $162,900 (-6.9%) $208,617 (-4.9%) 0.00 95
2020-06-01 $186,225 (0.7%) $231,493 (-1.2%) 0.00 98
2020-07-01 $202,150 (12.2%) $234,486 (1.2%) 0.00 97
2020-08-01 $205,000 (10.6%) $227,265 (-0.7%) 0.00 100
2020-09-01 $208,350 (15.9%) $244,402 (10.5%) 0.00 116
2020-10-01 $189,950 (7.9%) $233,895 (8.9%) 0.00 108
2020-11-01 $183,650 (4.6%) $228,706 (7.0%) 0.00 96
2020-12-01 $178,450 (4.3%) $224,607 (8.2%) 0.00 94
2021-01-01 $166,950 (-3.3%) $228,294 (8.2%) 0.00 82
2021-02-01 $194,700 (18.0%) $253,736 (21.8%) 0.00 63
2021-03-01 $182,000 (12.7%) $244,353 (18.3%) 0.00 49
2021-04-01 $199,950 (19.4%) $253,647 (22.1%) 0.00 51
2021-05-01 $200,000 (22.8%) $246,102 (18.0%) 0.00 59
2021-06-01 $199,975 (7.4%) $233,334 (0.8%) 0.00 66
2021-07-01 $215,000 (6.4%) $277,038 (18.2%) 0.00 82
2021-08-01 $197,225 (-3.8%) $266,286 (17.2%) 0.00 82
2021-09-01 $193,450 (-7.2%) $277,942 (13.7%) 0.00 73
2021-10-01 $199,900 (5.2%) $270,703 (15.7%) 0.00 80
2021-11-01 $199,000 (8.4%) $277,944 (21.5%) 0.00 75
2021-12-01 $199,925 (12.0%) $279,629 (24.5%) 0.00 59
2022-01-01 $229,000 (37.2%) $235,116 (3.0%) 0.00 72
2022-02-01 $224,000 (15.1%) $264,947 (4.4%) 0.00 52
2022-03-01 $221,465 (21.7%) $290,512 (18.9%) 0.00 47
2022-04-01 $210,000 (5.0%) $269,803 (6.4%) 0.00 54
2022-05-01 $223,575 (11.8%) $271,330 (10.3%) 0.00 62
2022-06-01 $260,000 (30.0%) $277,387 (18.9%) 0.00 73
2022-07-01 $255,900 (19.0%) $285,521 (3.1%) 0.00 83
2022-08-01 $253,925 (28.8%) $285,278 (7.1%) 0.00 92
2022-09-01 $229,500 (18.6%) $270,011 (-2.9%) 0.00 87
2022-10-01 $223,700 (11.9%) $261,140 (-3.5%) 0.00 95
2022-11-01 $235,000 (18.1%) $272,186 (-2.1%) 0.00 89
2022-12-01 $225,000 (12.5%) $258,585 (-7.5%) 0.00 83
2023-01-01 $229,600 (0.3%) $265,189 (12.8%) 0.00 71
2023-02-01 $244,950 (9.4%) $267,582 (1.0%) 0.00 73
2023-03-01 $256,225 (15.7%) $273,908 (-5.7%) 0.00 76
2023-04-01 $239,450 (14.0%) $253,114 (-6.2%) 0.00 71
2023-05-01 $251,700 (12.6%) $267,750 (-1.3%) 0.00 70
2023-06-01 $267,950 (3.1%) $280,878 (1.3%) 0.00 80
2023-07-01 $280,000 (9.4%) $306,102 (7.2%) 0.00 87
2023-08-01 $287,500 (13.2%) $304,869 (6.9%) 0.00 99
2023-09-01 $275,000 (19.8%) $292,560 (8.4%) 0.00 107
2023-10-01 $267,450 (19.6%) $294,824 (12.9%) 0.00 124
2023-11-01 $279,950 (19.1%) $322,426 (18.5%) 0.00 122
2023-12-01 $277,450 (23.3%) $334,022 (29.2%) 0.00 109
2024-01-01 $285,000 (24.1%) $343,089 (29.4%) 0.00 81
2024-02-01 $299,000 (22.1%) $366,167 (36.8%) 0.00 64
2024-03-01 $282,500 (10.3%) $367,231 (34.1%) 0.00 57
2024-04-01 $286,225 (19.5%) $361,022 (42.6%) 0.00 63
2024-05-01 $342,450 (36.1%) $418,738 (56.4%) 0.00 68
2024-06-01 $324,500 (21.1%) $379,158 (35.0%) 0.00 91
2024-07-01 $307,450 (9.8%) $337,154 (10.1%) 0.00 106
2024-08-01 $295,000 (2.6%) $320,035 (5.0%) 0.00 98
2024-09-01 $281,000 (2.2%) $308,388 (5.4%) 0.00 106
2024-10-01 $272,975 (2.1%) $298,624 (1.3%) 0.00 123
2024-11-01 $274,900 (-1.8%) $300,125 (-6.9%) 0.00 128
Wooster's median listing price for 2024-11-01 was $274,900, a difference of $-5,050 (-1.8%) versus the prior year and $1,925 versus the prior month.

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

Wooster's average listing price for 2024-11-01 was $300,125, a difference of $-22,301 (-6.9%) versus the prior year and $1,501 versus the prior month.

For the 2024-11-01 period, Wooster had 128 MLS listings, a difference of 5 listings (4%) versus the prior month and 6 listings (5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Wooster (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,464 sqft
2018-02-01 0 days 1,460 sqft
2018-03-01 0 days 1,456 sqft
2018-04-01 0 days 1,488 sqft
2018-05-01 0 days 1,500 sqft
2018-06-01 0 days 1,528 sqft
2018-07-01 0 days 1,783 sqft
2018-08-01 0 days 1,773 sqft
2018-09-01 0 days 1,822 sqft
2018-10-01 0 days 1,822 sqft
2018-11-01 0 days 1,802 sqft
2018-12-01 0 days 1,864 sqft
2019-01-01 0 days 1,778 sqft
2019-02-01 0 days 1,688 sqft
2019-03-01 0 days 1,697 sqft
2019-04-01 0 days 1,732 sqft
2019-05-01 0 days 1,577 sqft
2019-06-01 0 days 1,670 sqft
2019-07-01 0 days 1,617 sqft
2019-08-01 0 days 1,645 sqft
2019-09-01 0 days 1,685 sqft
2019-10-01 0 days 1,712 sqft
2019-11-01 0 days 1,676 sqft
2019-12-01 0 days 1,672 sqft
2020-01-01 0 days 1,639 sqft
2020-02-01 0 days 1,617 sqft
2020-03-01 0 days 1,626 sqft
2020-04-01 0 days 1,612 sqft
2020-05-01 0 days 1,698 sqft
2020-06-01 0 days 1,695 sqft
2020-07-01 0 days 1,719 sqft
2020-08-01 0 days 1,724 sqft
2020-09-01 0 days 1,750 sqft
2020-10-01 0 days 1,746 sqft
2020-11-01 0 days 1,700 sqft
2020-12-01 0 days 1,712 sqft
2021-01-01 0 days 1,665 sqft
2021-02-01 0 days 1,628 sqft
2021-03-01 0 days 1,615 sqft
2021-04-01 0 days 1,626 sqft
2021-05-01 0 days 1,580 sqft
2021-06-01 0 days 1,592 sqft
2021-07-01 0 days 1,718 sqft
2021-08-01 0 days 1,645 sqft
2021-09-01 0 days 1,718 sqft
2021-10-01 0 days 1,731 sqft
2021-11-01 0 days 1,739 sqft
2021-12-01 0 days 1,675 sqft
2022-01-01 0 days 1,620 sqft
2022-02-01 0 days 1,620 sqft
2022-03-01 0 days 1,713 sqft
2022-04-01 0 days 1,743 sqft
2022-05-01 0 days 1,747 sqft
2022-06-01 0 days 1,867 sqft
2022-07-01 0 days 1,966 sqft
2022-08-01 0 days 2,005 sqft
2022-09-01 0 days 1,809 sqft
2022-10-01 0 days 1,776 sqft
2022-11-01 0 days 1,823 sqft
2022-12-01 0 days 1,672 sqft
2023-01-01 0 days 1,775 sqft
2023-02-01 0 days 1,793 sqft
2023-03-01 0 days 1,967 sqft
2023-04-01 0 days 1,881 sqft
2023-05-01 0 days 1,899 sqft
2023-06-01 0 days 1,891 sqft
2023-07-01 0 days 2,013 sqft
2023-08-01 0 days 2,026 sqft
2023-09-01 0 days 1,942 sqft
2023-10-01 0 days 1,932 sqft
2023-11-01 0 days 1,907 sqft
2023-12-01 0 days 1,884 sqft
2024-01-01 0 days 1,867 sqft
2024-02-01 0 days 1,929 sqft
2024-03-01 0 days 2,017 sqft
2024-04-01 0 days 1,857 sqft
2024-05-01 0 days 2,143 sqft
2024-06-01 0 days 1,998 sqft
2024-07-01 0 days 1,819 sqft
2024-08-01 0 days 1,749 sqft
2024-09-01 0 days 1,780 sqft
2024-10-01 0 days 1,734 sqft
2024-11-01 0 days 1,737 sqft
Wooster's median listing age (time on market) for 2024-11-01 was 0 days.

Wooster's median square footage for active listings during the 2024-11-01 period was 1,737 sqft. One year prior, the average listing was 1,907 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).