Youngstown FHA Loan Rates, Closing Costs & Stats
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA
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.
Youngstown's 110 lenders originated 1,493 FHA
loans during 2023. The total origination value was $216,165,000, with an average FHA loan value of
$144,786.
Youngstown FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Youngstown
averaged
6.36%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Youngstown's average FHA mortgage closing costs are $6,080.
The average rate for the prior week (2024-10-04) was
5.98% and
one month ago for the week of 2024-09-06, the
average rate was 6.21%.
The average rate one year ago was 7.53%.
For refis of the same type during the week of 2024-10-11, the average rate
was 7.25%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Youngstown 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 Youngstown level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Ixonia Bank
|
254
|
7.01%
|
$8,551
|
QUICKEN LOANS, LLC
|
163
|
6.49%
|
$8,177
|
The Huntington National Bank
|
101
|
6.82%
|
$6,049
|
CROSSCOUNTRY MORTGAGE, LLC
|
94
|
7.02%
|
$7,791
|
UNITED WHOLESALE MORTGAGE, LLC
|
79
|
6.61%
|
$8,638
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
50
|
6.82%
|
$5,425
|
WEST PENN FINANCIAL SERVICE CENTER, INC.
|
33
|
6.55%
|
$6,488
|
FREEDOM MORTGAGE CORPORATION
|
25
|
6.92%
|
$8,979
|
LIBERTY HOME MORTGAGE CORPORATION
|
20
|
7.14%
|
$7,342
|
BROKER SOLUTIONS, INC.
|
18
|
6.78%
|
$9,024
|
UNION HOME MORTGAGE CORP.
|
18
|
7.23%
|
$8,189
|
American Midwest Mortgage Corporation
|
17
|
7.04%
|
$6,323
|
Mr. Cooper ( Nationstar Mortgage )
|
17
|
6.16%
|
$12,752
|
LOANDEPOT.COM, LLC
|
16
|
6.37%
|
$9,639
|
NEWREZ LLC
|
16
|
6.59%
|
$8,982
|
MYCUMORTGAGE, LLC
|
16
|
7.01%
|
$7,747
|
Equity Prime Mortgage LLC
|
15
|
6.12%
|
$7,806
|
Citizens Bank
|
15
|
6.61%
|
$5,921
|
PENNYMAC LOAN SERVICES, LLC
|
15
|
6.00%
|
$8,651
|
HOWARD HANNA FINANCIAL SERVICES, INC.
|
14
|
6.63%
|
$7,327
|
JPMorgan Chase Bank
|
14
|
6.72%
|
$4,038
|
Carrington Mortgage Services, LLC
|
13
|
6.78%
|
$10,385
|
First Commonwealth Bank
|
12
|
6.55%
|
$6,454
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
12
|
7.19%
|
$8,133
|
Flagstar Bank, FSB
|
11
|
6.62%
|
$8,825
|
RAPID MORTGAGE COMPANY
|
11
|
7.26%
|
$8,711
|
Waterstone Mortgage Corporation
|
9
|
7.13%
|
$5,552
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
8
|
6.97%
|
$10,621
|
AMERISAVE MORTGAGE CORPORATION
|
8
|
6.22%
|
$9,181
|
First Federal Bank of the Midwest
|
8
|
6.34%
|
$5,784
|
The Farmers National Bank of Canfield
|
7
|
6.54%
|
$6,884
|
TOP FLITE FINANCIAL, INC.
|
7
|
6.93%
|
$10,942
|
PLANET HOME LENDING, LLC
|
7
|
6.59%
|
$10,630
|
GUARANTEED RATE, INC.
|
7
|
6.58%
|
$8,396
|
JLB CORPORATION
|
7
|
6.70%
|
$7,797
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
7
|
7.20%
|
$7,544
|
MICHIGAN MUTUAL, INC.
|
6
|
6.40%
|
$9,667
|
NFM, INC.
|
6
|
7.38%
|
$10,518
|
WELCOME HOME FINANCE, L.P.
|
6
|
6.40%
|
$6,608
|
EQUITY RESOURCES, INC.
|
6
|
6.83%
|
$8,353
|
RUOFF MORTGAGE COMPANY, INC.
|
6
|
6.92%
|
$2,708
|
LOANPAL, LLC
|
5
|
5.90%
|
$8,445
|
RELIANCE FIRST CAPITAL, LLC
|
4
|
6.63%
|
$8,616
|
PLAZA HOME MORTGAGE, INC.
|
4
|
6.31%
|
$8,244
|
PNC Bank
|
4
|
6.66%
|
$5,640
|
EMM LOANS LLC
|
4
|
6.59%
|
$7,172
|
AFFORDABLE MORTGAGE ADVISORS, LLC.
|
4
|
7.09%
|
$8,290
|
AMERICAN FINANCING CORPORATION
|
4
|
6.62%
|
$6,641
|
ZILLOW HOME LOANS, LLC
|
4
|
6.50%
|
$8,056
|
First National Bank of Pennsylvania
|
4
|
6.47%
|
$5,737
|
CARDINAL FINANCIAL
|
4
|
6.50%
|
$8,749
|
LAKEVIEW LOAN SERVICING, LLC
|
4
|
6.47%
|
$7,066
|
Mortgage Research Center, LLC
|
4
|
7.22%
|
$4,428
|
AMERICAN FINANCIAL RESOURCES, INC.
|
4
|
7.09%
|
$8,458
|
Union Savings Bank
|
3
|
6.75%
|
$6,092
|
MORIA DEVELOPMENT, INC.
|
3
|
7.04%
|
$8,925
|
DRAPER AND KRAMER MORTGAGE CORP.
|
3
|
6.75%
|
$11,076
|
SUN WEST MORTGAGE COMPANY, INC.
|
3
|
6.37%
|
$10,306
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
3
|
6.87%
|
$8,056
|
Plains Commerce Bank
|
3
|
6.96%
|
$8,140
|
GSF Mortgage Corporation
|
3
|
6.29%
|
$7,251
|
M&T Bank
|
3
|
6.67%
|
$5,863
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
3
|
6.75%
|
$10,197
|
KeyBank
|
3
|
6.63%
|
$9,035
|
VILLAGE CAPITAL MORTGAGE
|
3
|
5.50%
|
$6,708
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
2
|
7.25%
|
$5,346
|
POLARIS HOME FUNDING CORP.
|
2
|
6.69%
|
$8,580
|
ALLIED MORTGAGE GROUP, INC.
|
2
|
6.06%
|
$11,725
|
FIRST COMMUNITY MORTGAGE, INC.
|
2
|
7.06%
|
$8,049
|
Fifth Third Bank
|
2
|
6.50%
|
$6,302
|
MOVEMENT MORTGAGE, LLC
|
2
|
6.75%
|
$7,977
|
Wells Fargo Bank
|
2
|
6.63%
|
$6,170
|
Truist
|
2
|
7.00%
|
$6,777
|
ENDEAVOR CAPITAL, LLC.
|
2
|
6.49%
|
$10,704
|
ROYAL UNITED MORTGAGE LLC
|
2
|
7.19%
|
$9,438
|
Bank of America
|
2
|
7.88%
|
$9,091
|
Paramount Residential Mortgage Group, Inc.
|
2
|
6.44%
|
$12,623
|
TOWNE MORTGAGE COMPANY
|
1
|
6.25%
|
$6,243
|
AMCAP MORTGAGE, LTD.
|
1
|
6.75%
|
$8,915
|
AMERICAN FINANCIAL NETWORK, INC.
|
1
|
7.50%
|
$6,343
|
American Mortgage & Equity Consultants, Inc.
|
1
|
5.25%
|
$9,059
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
7.25%
|
$4,573
|
Bank of England
|
1
|
6.25%
|
$7,421
|
Barrington Bank & Trust Company, N.A.
|
1
|
6.75%
|
$5,953
|
BAY EQUITY LLC
|
1
|
6.25%
|
$9,075
|
CALIBER HOME LOANS, INC.
|
1
|
5.75%
|
$8,998
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
6.63%
|
$9,416
|
DAS Acquisition Company, LLC
|
1
|
7.38%
|
$8,276
|
DEVELOPER'S MORTGAGE COMPANY
|
1
|
7.50%
|
$4,687
|
East Coast Capital Corp.
|
1
|
7.50%
|
$9,941
|
Evolve Bank & Trust
|
1
|
6.75%
|
$13,765
|
First Federal Savings and Loan Association of Lakewood
|
1
|
7.25%
|
$9,068
|
GENEVA FINANCIAL, LLC
|
1
|
6.50%
|
$12,552
|
GREENTREE MORTGAGE COMPANY, L.P.
|
1
|
6.25%
|
$10,186
|
GUILD MORTGAGE COMPANY
|
1
|
6.63%
|
$9,334
|
Hometown Equity Mortgage, LLC
|
1
|
6.25%
|
$8,002
|
LEADERONE FINANCIAL CORPORATION
|
1
|
6.75%
|
$10,054
|
Loan Simple, Inc.
|
1
|
5.75%
|
$8,893
|
Nations Lending Corporation
|
1
|
7.75%
|
$6,966
|
OCEANSIDE MORTGAGE COMPANY
|
1
|
6.50%
|
$5,144
|
PACIFIC RESIDENTIAL MORTGAGE, LLC
|
1
|
7.63%
|
$9,851
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
6.88%
|
$8,661
|
PHH Mortgage Corporation
|
1
|
6.13%
|
$8,564
|
Prosperity Home Mortgage, LLC
|
1
|
5.99%
|
$12,937
|
T2 FINANCIAL LLC
|
1
|
6.75%
|
$8,581
|
The Federal Savings Bank
|
1
|
6.63%
|
$29,388
|
TIDEWATER MORTGAGE SERVICES, INC.
|
1
|
6.63%
|
$8,156
|
U.S. Bank
|
1
|
6.25%
|
$4,297
|
V.I.P. MORTGAGE, INC.
|
1
|
6.63%
|
$5,805
|
YOUR HOME FINANCIAL LLC
|
1
|
6.75%
|
$11,833
|
The top Youngstown FHA lender as defined by loan originations is Ixonia Bank, with
254 FHA loans originated. Their average total fees are
$8,551, which is $374
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Youngstown FHA lenders (with over 10 loans originated) are
JPMorgan Chase Bank ($4,038), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,425), Citizens Bank ($5,921), The Huntington National Bank ($6,049) and American Midwest Mortgage Corporation ($6,323).
The lowest rate Youngstown FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (6.00%), Equity Prime Mortgage LLC (6.12%), Mr. Cooper ( Nationstar Mortgage ) (6.16%), LOANDEPOT.COM, LLC (6.37%) and QUICKEN LOANS, LLC (6.49%).
Youngstown FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA |
MAHONING |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA |
TRUMBULL |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA |
MERCER |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA |
MAHONING |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA |
TRUMBULL |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA |
MERCER |
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).