Wooster FHA Loan Rates, Closing Costs & Stats

Wooster, 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.

    Wooster's 48 lenders originated 240 FHA loans during 2024. The total origination value was $51,460,000, with an average FHA loan value of $214,417.

    Wooster FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wooster averaged 0.51% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Wooster's average FHA mortgage closing costs are $7,265.

    The average rate for the prior week (2025-06-13) was 6.69% and one month ago for the week of 2025-05-16, the average rate was 6.95%.

    The average rate one year ago was 7.01%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.7%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 49 6.84% $10,112
    QUICKEN LOANS, LLC 34 6.39% $9,186
    NVR Mortgage Finance, Inc. 9 6.33% $10,902
    Alcova Mortgage LLC 8 6.83% $9,579
    FREEDOM MORTGAGE CORPORATION 7 6.34% $13,791
    PENNYMAC LOAN SERVICES, LLC 7 6.09% $10,286
    UNION HOME MORTGAGE CORP. 7 7.27% $10,774
    UNITED WHOLESALE MORTGAGE, LLC 7 5.75% $14,690
    GUARANTEED RATE, INC. 6 6.40% $8,889
    S1L, Inc. 6 6.60% $8,524
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.63% $6,146
    The Huntington National Bank 4 6.63% $12,120
    HOMESIDE FINANCIAL, LLC 3 6.50% $10,555
    Flagstar Bank, FSB 3 6.50% $11,493
    Carrington Mortgage Services, LLC 3 6.04% $10,848
    ALLIED MORTGAGE GROUP, INC. 3 6.08% $13,522
    HOWARD HANNA FINANCIAL SERVICES, INC. 3 6.79% $7,479
    Nations Lending Corporation 3 6.92% $10,928
    AmeriHome Mortgage Company, LLC 2 6.75% $4,808
    AMERISAVE MORTGAGE CORPORATION 2 6.19% $9,826
    PNC Bank 2 6.69% $8,562
    POLARIS HOME FUNDING CORP. 2 6.88% $15,165
    RUOFF MORTGAGE COMPANY, INC. 2 6.44% $3,851
    LAKEVIEW LOAN SERVICING, LLC 2 6.50% $8,186
    Equity Prime Mortgage LLC 2 7.31% $12,799
    YOUR HOME FINANCIAL LLC 1 6.25% $14,868
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $22,614
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $9,937
    BROKER SOLUTIONS, INC. 1 7.25% $9,852
    CARDINAL FINANCIAL 1 6.13% $13,085
    Century Mortgage Company DBA Century Lending Company 1 7.13% $10,154
    ENDEAVOR CAPITAL, LLC. 1 6.25% $9,389
    First Federal Bank of the Midwest 1 5.63% $9,269
    GVC MORTGAGE, INC. 1 7.13% $8,482
    JPMorgan Chase Bank 1 6.63% $11,018
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $8,198
    LOANDEPOT.COM, LLC 1 6.88% $9,258
    MILEND, INC. 1 6.63% $13,732
    MORIA DEVELOPMENT, INC. 1 6.13% $7,647
    Mr. Cooper ( Nationstar Mortgage ) 1 7.00% $10,241
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $15,892
    Paramount Residential Mortgage Group, Inc. 1 6.63% $12,919
    PLANET HOME LENDING, LLC 1 5.99% $6,781
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $9,647
    Prosperity Home Mortgage, LLC 1 5.75% $14,209
    THE EQUITABLE MORTGAGE CORPORATION 1 6.25% $7,065
    U.S. Bank 1 6.75% $6,609
    VILLAGE CAPITAL MORTGAGE 1 6.88% $2,672

    The top Wooster FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 49 FHA loans originated. Their average total fees are $10,112, which is $926 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Wooster FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,186), CROSSCOUNTRY MORTGAGE, LLC ($10,112), .

    The lowest rate Wooster FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.39%), CROSSCOUNTRY MORTGAGE, LLC (6.84%), .

    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

    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).