Zanesville FHA Loan Rates, Closing Costs & Stats

Zanesville, 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.

    Zanesville's 68 lenders originated 318 FHA loans during 2023. The total origination value was $56,730,000, with an average FHA loan value of $178,396.

    Zanesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Zanesville averaged 6.6% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Zanesville's average FHA mortgage closing costs are $6,826.

    The average rate for the prior week (2024-11-01) was 6.48% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.64%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Zanesville 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 Zanesville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 46 6.96% $10,926
    RUOFF MORTGAGE COMPANY, INC. 43 7.03% $5,197
    QUICKEN LOANS, LLC 34 6.21% $9,161
    The Huntington National Bank 27 6.96% $8,110
    EQUITY RESOURCES, INC. 11 7.10% $6,822
    J. VIRGIL, INC. 9 6.99% $8,086
    UNITED WHOLESALE MORTGAGE, LLC 9 6.19% $11,756
    UNION HOME MORTGAGE CORP. 8 6.95% $9,153
    NFM, INC. 8 7.58% $10,628
    LIBERTY HOME MORTGAGE CORPORATION 7 7.00% $9,120
    RAPID MORTGAGE COMPANY 4 7.06% $9,707
    NEWREZ LLC 4 6.09% $10,030
    Flagstar Bank, FSB 3 7.19% $7,349
    PENNYMAC LOAN SERVICES, LLC 3 6.13% $7,970
    GUILD MORTGAGE COMPANY 2 7.13% $8,898
    AMERICAN FINANCING CORPORATION 2 6.56% $12,707
    MYCUMORTGAGE, LLC 2 6.06% $10,071
    LOANDEPOT.COM, LLC 2 6.81% $10,357
    LAKEVIEW LOAN SERVICING, LLC 2 5.50% $11,398
    PREMIER LENDING, INC. 2 7.19% $14,126
    PNC Bank 2 6.50% $3,728
    AMERISAVE MORTGAGE CORPORATION 2 5.50% $11,453
    FREEDOM MORTGAGE CORPORATION 2 6.50% $10,300
    Ixonia Bank 1 8.25% $8,558
    JLB CORPORATION 1 7.63% $8,165
    JPMorgan Chase Bank 1 6.25% $6,178
    LOANPAL, LLC 1 6.38% $12,797
    Mortgage Research Center, LLC 1 7.50% $7,935
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $12,509
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $8,425
    North American Savings Bank, F.S.B. 1 6.25% $7,434
    ON Q FINANCIAL, INC. 1 6.75% $7,676
    Peoples Bank 1 7.63% $10,111
    POLARIS HOME FUNDING CORP. 1 6.75% $6,241
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $6,664
    Prosperity Home Mortgage, LLC 1 6.38% $11,291
    ROYAL UNITED MORTGAGE LLC 1 7.63% $11,946
    SIWELL, INC. 1 7.13% $6,066
    SOUTHWEST STAGE FUNDING, LLC 1 6.38% $9,868
    SUMMIT FUNDING, INC. 1 7.63% $9,983
    THE EQUITABLE MORTGAGE CORPORATION 1 5.75% $5,968
    The Federal Savings Bank 1 5.75% $13,445
    TOP FLITE FINANCIAL, INC. 1 7.25% $13,494
    Union Savings Bank 1 6.63% $7,006
    1st National Bank 1 6.50% $6,214
    U.S. Bank 1 6.25% $6,491
    1ST SIGNATURE LENDING, LLC 1 6.63% $11,848
    AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $10,393
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $5,618
    AmeriHome Mortgage Company, LLC 1 6.63% $8,308
    ARC HOME LLC 1 7.13% $9,680
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $16,898
    Bank of England 1 5.63% $9,029
    BROKER SOLUTIONS, INC. 1 6.75% $9,551
    CARDINAL FINANCIAL 1 4.88% $6,732
    Chickasaw Community Bank 1 6.88% $6,416
    Commerce Home Mortgage, Inc. 1 7.13% $20,676
    DAS Acquisition Company, LLC 1 7.13% $13,672
    EMM LOANS LLC 1 6.25% $11,655
    Equity Prime Mortgage LLC 1 7.25% $11,287
    EVERETT FINANCIAL, INC. 1 6.13% $16,738
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $10,864
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $9,491
    First Financial Bank 1 6.63% $6,187
    GENEVA FINANCIAL, LLC 1 7.63% $4,436
    GSF Mortgage Corporation 1 5.13% $12,522
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $7,713
    HOMESIDE FINANCIAL, LLC 1 7.13% $9,102

    The top Zanesville FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 46 FHA loans originated. Their average total fees are $10,926, which is $5,729 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Zanesville FHA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($5,197), EQUITY RESOURCES, INC. ($6,822), The Huntington National Bank ($8,110), QUICKEN LOANS, LLC ($9,161) and CROSSCOUNTRY MORTGAGE, LLC ($10,926).

    The lowest rate Zanesville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.21%), The Huntington National Bank (6.96%), CROSSCOUNTRY MORTGAGE, LLC (6.96%), RUOFF MORTGAGE COMPANY, INC. (7.03%) and EQUITY RESOURCES, INC. (7.10%).

    Zanesville FHA Loan Limits

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