Allentown FHA Loan Rates, Closing Costs & Stats

ALLENTOWN-BETHLEHEM-EASTON, PA-NJ

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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.

    Allentown's 166 lenders originated 1,969 FHA loans during 2023. The total origination value was $489,915,000, with an average FHA loan value of $248,814.

    Allentown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Allentown averaged 6.68% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Allentown's average FHA mortgage closing costs are $8,413.

    The average rate for the prior week (2024-07-12) was 6.73% and one month ago for the week of 2024-06-14, the average rate was 6.69%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.66%.

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

    Allentown 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 Allentown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 217 6.26% $11,269
    CROSSCOUNTRY MORTGAGE, LLC 158 6.87% $12,126
    UNITED WHOLESALE MORTGAGE, LLC 130 6.40% $14,024
    MOVEMENT MORTGAGE, LLC 72 6.83% $12,854
    Prosperity Home Mortgage, LLC 53 6.59% $10,523
    PENNYMAC LOAN SERVICES, LLC 49 6.15% $14,237
    LOANDEPOT.COM, LLC 47 6.15% $13,970
    NEWREZ LLC 43 6.34% $12,743
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 43 6.60% $13,080
    ABSOLUTE HOME MORTGAGE CORPORATION 37 6.85% $15,313
    Mortgage America, Inc. 35 6.68% $8,648
    PLANET HOME LENDING, LLC 35 6.57% $13,103
    CARDINAL FINANCIAL 33 6.43% $13,882
    CMG MORTGAGE, INC. 32 6.84% $12,368
    GUILD MORTGAGE COMPANY 28 6.73% $11,338
    T2 FINANCIAL LLC 28 6.68% $11,633
    BROKER SOLUTIONS, INC. 28 6.64% $12,929
    FREEDOM MORTGAGE CORPORATION 27 6.96% $15,060
    Mr. Cooper ( Nationstar Mortgage ) 25 5.93% $16,739
    Paramount Residential Mortgage Group, Inc. 25 6.71% $13,386
    UNION HOME MORTGAGE CORP. 23 6.88% $10,697
    NVR Mortgage Finance, Inc. 23 5.75% $13,656
    AMERICAN FINANCIAL NETWORK, INC. 22 6.98% $14,320
    GUARANTEED RATE, INC. 20 6.38% $14,373
    AMERISAVE MORTGAGE CORPORATION 20 6.21% $14,713
    Carrington Mortgage Services, LLC 19 6.43% $12,804
    Firstrust Savings Bank 17 6.86% $8,731
    Plains Commerce Bank 15 6.62% $9,521
    Ixonia Bank 14 7.22% $12,532
    Univest Bank and Trust Co. 13 6.42% $9,313
    MORTGAGE ACCESS CORP. 12 6.57% $14,008
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.49% $16,327
    GENEVA FINANCIAL, LLC 12 7.24% $12,914
    NJ LENDERS CORP. 12 6.48% $13,037
    SUCCESS MORTGAGE PARTNERS, INC. 11 6.56% $13,717
    Quaint Oak Mortgage, LLC 11 6.72% $11,638
    PNC Bank 11 6.74% $8,318
    RESIDENTIAL HOME MORTGAGE CORPORATION 11 6.82% $13,500
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.90% $12,846
    ALLIED MORTGAGE GROUP, INC. 10 6.41% $12,428
    EMM LOANS LLC 9 6.17% $13,063
    PLAZA HOME MORTGAGE, INC. 9 6.61% $15,265
    GSF Mortgage Corporation 9 6.29% $13,372
    CHURCHILL MORTGAGE CORPORATION 8 6.64% $13,987
    Mortgage Research Center, LLC 8 7.50% $5,287
    EMBRACE HOME LOANS, INC. 8 6.41% $11,161
    Flagstar Bank, FSB 8 6.33% $12,414
    Equity Prime Mortgage LLC 8 6.34% $15,679
    Citizens Bank 8 6.17% $13,187
    PANORAMA MORTGAGE GROUP, LLC 8 6.81% $12,383
    RELIANCE FIRST CAPITAL, LLC 7 6.61% $12,102
    Keystone Funding, Inc. 7 6.23% $11,712
    EAGLE HOME MORTGAGE, LLC 7 6.34% $17,511
    PARAGON HOME LOANS INC. 7 7.18% $8,865
    AmeriHome Mortgage Company, LLC 7 6.12% $11,854
    LAKEVIEW LOAN SERVICING, LLC 7 5.68% $16,031
    NFM, INC. 6 7.13% $11,893
    SUN WEST MORTGAGE COMPANY, INC. 6 6.23% $11,634
    Northpointe Bank 6 6.35% $15,509
    M&T Bank 6 6.42% $12,216
    MLB RESIDENTIAL LENDING, LLC 5 6.78% $19,228
    NATIONWIDE MORTGAGE BANKERS, INC. 5 6.77% $14,095
    Nations Lending Corporation 5 6.95% $11,908
    GUARANTEED RATE AFFINITY, LLC 5 6.83% $11,692
    Advisors Mortgage Group, L.L.C. 5 6.70% $8,184
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.33% $8,157
    CALIBER HOME LOANS, INC. 5 6.55% $10,190
    ENVOY MORTGAGE, LTD 5 6.50% $12,553
    US MORTGAGE CORPORATION 4 6.16% $20,932
    Cornerstone First Mortgage, Inc 4 7.25% $10,324
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 6.94% $12,671
    DHI MORTGAGE COMPANY, LTD. 4 5.50% $14,173
    EVERETT FINANCIAL, INC. 4 7.13% $13,594
    FIRST HERITAGE FINANCIAL, LLC 4 6.75% $10,423
    Century Mortgage Company DBA Century Lending Company 4 6.16% $10,959
    VILLAGE CAPITAL MORTGAGE 4 6.10% $15,942
    Fulton Bank 4 6.22% $10,535
    BOND STREET MORTGAGE, LLC 4 6.40% $18,036
    Wells Fargo Bank 4 6.47% $7,712
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.68% $14,304
    JMAC LENDING, INC. 4 6.41% $10,965
    JPMorgan Chase Bank 4 7.22% $6,128
    TOP FLITE FINANCIAL, INC. 4 7.03% $11,693
    MILEND, INC. 3 5.83% $15,599
    The Federal Savings Bank 3 6.33% $18,911
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.71% $7,361
    HOMESIDE FINANCIAL, LLC 3 6.08% $16,149
    Princeton Mortgage Corporation 3 7.29% $11,737
    LOANPAL, LLC 3 5.63% $11,743
    FIRST ALLIANCE HOME MORTGAGE, LLC 3 6.92% $17,153
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.25% $10,883
    OCMBC, INC. 3 7.54% $10,909
    ZILLOW HOME LOANS, LLC 2 5.88% $12,984
    Acre Mortgage and Financial Inc 2 6.94% $10,129
    Bank of America 2 5.13% $10,578
    BOKF 2 7.13% $10,888
    DEVELOPER'S MORTGAGE COMPANY 2 6.31% $7,900
    Florida Capital Bank 2 7.63% $12,837
    Franklin Loan Corporation 2 6.00% $20,007
    Gateway First Bank 2 7.25% $10,826
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.56% $7,716
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 2 7.44% $15,812
    KeyBank 2 6.38% $7,242
    Lakeview Community Capital, LLC 2 6.00% $11,216
    MEMBERS 1ST FEDERAL CREDIT UNION 2 5.81% $8,288
    MICHIGAN MUTUAL, INC. 2 5.13% $14,105
    MILLENIUM HOME MORTGAGE, LLC 2 6.56% $9,136
    MLD MORTGAGE INC. 2 6.38% $9,902
    NATION ONE MORTGAGE CORPORATION 2 6.56% $16,822
    ONY GLO, INC. 2 7.63% $12,648
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.56% $12,346
    RESIDENTIAL BANCORP 2 7.00% $11,449
    Truist 2 6.70% $7,118
    U.S. Bank 2 6.00% $11,082
    Loan Simple, Inc. 1 6.75% $12,672
    LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $29,494
    Lakeland Bank 1 5.75% $11,015
    Kwik Mortgage Corporation 1 6.63% $9,479
    VERITAS FUNDING, LLC 1 7.00% $32,083
    HOMESTEAD FUNDING CORP. 1 7.13% $11,560
    HARTFORD FUNDING, LTD. 1 7.63% $23,247
    Paramount Bank 1 5.75% $10,944
    HARBORONE MORTGAGE, LLC 1 7.25% $14,764
    GREENTREE MORTGAGE COMPANY, L.P. 1 7.63% $7,162
    PENTAGON FEDERAL CREDIT UNION 1 5.75% $10,902
    PHH Mortgage Corporation 1 6.63% $9,282
    PINNACLE MORTGAGE, INC. 1 5.75% $10,535
    FM Home Loans, LLC 1 7.50% $13,760
    First Federal Bank 1 5.63% $20,947
    First Citizens Community Bank 1 6.75% $11,201
    Fifth Third Bank 1 6.25% $6,474
    Victorian Finance, LLC 1 6.00% $6,252
    FIDELITY DIRECT MORTGAGE, LLC 1 7.13% $10,150
    Evolve Bank & Trust 1 7.50% $11,045
    EQUITY NOW INC. 1 7.13% $8,395
    East Coast Capital Corp. 1 6.25% $18,373
    CONTOUR MORTGAGE CORPORATION 1 7.25% $17,521
    Quontic Bank 1 7.25% $12,222
    Colonial Savings, F.A. 1 6.50% $12,734
    AMCAP MORTGAGE, LTD. 1 6.12% $18,967
    RESIDENTIAL HOME FUNDING CORP. 1 7.13% $7,604
    CLIFFCO, INC. 1 5.25% $12,858
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $10,229
    Sierra Pacific Mortgage Company, Inc. 1 7.63% $7,619
    Strong Home Mortgage, LLC 1 5.75% $12,291
    CALCON MUTUAL MORTGAGE LLC 1 5.50% $11,930
    BETTER MORTGAGE CORPORATION 1 6.25% $11,467
    SWBC MORTGAGE CORPORATION 1 6.75% $2,685
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.88% $6,881
    TD Bank 1 6.50% $13,744
    BAY EQUITY LLC 1 5.75% $9,075
    The Huntington National Bank 1 7.00% $7,618
    Barrington Bank & Trust Company, N.A. 1 6.63% $20,535
    TOTAL MORTGAGE SERVICES, LLC 1 7.00% $9,743
    ACADEMY MORTGAGE CORPORATION 1 7.63% $10,594
    Bank of England 1 4.63% $7,545
    AmRes Corporation 1 6.50% $12,586
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.50% $7,406
    1st Colonial Community Bank 1 6.13% $7,489
    AMERICAN HERITAGE FCU 1 5.49% $9,944
    VAN DYK MORTGAGE CORPORATION 1 6.50% $13,229
    NATIONS DIRECT MORTGAGE, LLC 1 5.63% $21,012
    NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $8,834
    Network Funding, L.P. 1 6.63% $16,841
    Meridian Bank Corporation 1 6.25% $6,978
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $13,112

    The top Allentown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 217 FHA loans originated. Their average total fees are $11,269, which is $856 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Allentown FHA lenders (with over 10 loans originated) are PNC Bank ($8,318), Mortgage America, Inc. ($8,648), Firstrust Savings Bank ($8,731), Univest Bank and Trust Co. ($9,313) and Plains Commerce Bank ($9,521).

    The lowest rate Allentown FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.75%), Mr. Cooper ( Nationstar Mortgage ) (5.93%), LOANDEPOT.COM, LLC (6.15%), PENNYMAC LOAN SERVICES, LLC (6.15%) and AMERISAVE MORTGAGE CORPORATION (6.21%).

    Allentown FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ WARREN 2022 $420,680 $538,650 $651,050 $809,150
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ CARBON 2022 $420,680 $538,650 $651,050 $809,150
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ LEHIGH 2022 $420,680 $538,650 $651,050 $809,150
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ NORTHAMPTON 2022 $420,680 $538,650 $651,050 $809,150
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ WARREN 2023 $472,030 $604,400 $730,525 $907,900
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ CARBON 2023 $472,030 $604,400 $730,525 $907,900
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ LEHIGH 2023 $472,030 $604,400 $730,525 $907,900
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ NORTHAMPTON 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).