Augusta FHA Loan Rates, Closing Costs & Stats
Augusta-Waterville, ME
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.
Augusta's 60 lenders originated 373 FHA loans during 2022. The total origination value was $79,155,000, with an average FHA loan value of $212,212.
Augusta FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Augusta
averaged
6.74%
for the week of 2023-09-22, compared to the national average (all FHA variants) of
7.036% for the same period.
Augusta's average FHA mortgage closing costs are $6,864.
The average rate for the prior week (2023-09-15) was
6.69% and
one month ago for the week of 2023-08-18, the
average rate was 6.5%.
The average rate one year ago was 5.69%.
For refis of the same type during the week of 2023-09-22, the average rate
was 5.42%.
Augusta 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 Augusta level.
The top Augusta FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with
50 FHA loans originated. Their average total fees are
$9,402, which is $1,049
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Augusta FHA lenders (with over 10 loans originated) are
Bangor Savings Bank ($7,471), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,776), CMG MORTGAGE, INC. ($8,127), GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION ($9,110) and DAS Acquisition Company, LLC ($9,240).
The lowest rate Augusta FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (4.34%), DAS Acquisition Company, LLC (4.75%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.76%), Mr. Cooper ( Nationstar Mortgage ) (4.77%) and Bangor Savings Bank (4.79%).
Augusta FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
AUGUSTA-WATERVILLE, ME | KENNEBEC | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
AUGUSTA-WATERVILLE, ME | KENNEBEC | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Augusta (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $179,450 (9.8%) | $239,658 (15.1%) | 0.00 | 554 |
2018-02-01 | $179,900 (7.9%) | $246,339 (17.5%) | 0.00 | 520 |
2018-03-01 | $194,900 (13.5%) | $254,778 (19.8%) | 0.00 | 503 |
2018-04-01 | $204,975 (13.9%) | $256,095 (14.8%) | 0.00 | 512 |
2018-05-01 | $215,950 (14.0%) | $259,893 (10.1%) | 0.00 | 593 |
2018-06-01 | $219,000 (12.7%) | $264,993 (10.4%) | 0.00 | 698 |
2018-07-01 | $215,000 (10.3%) | $265,841 (10.3%) | 0.00 | 740 |
2018-08-01 | $217,100 (14.5%) | $264,905 (12.9%) | 0.00 | 755 |
2018-09-01 | $214,998 (13.8%) | $262,348 (12.4%) | 0.00 | 763 |
2018-10-01 | $213,975 (12.8%) | $261,808 (10.8%) | 0.00 | 729 |
2018-11-01 | $214,425 (13.2%) | $263,882 (11.9%) | 0.00 | 660 |
2018-12-01 | $200,000 (8.1%) | $258,452 (9.6%) | 0.00 | 579 |
2019-01-01 | $206,000 (14.8%) | $253,859 (5.9%) | 0.00 | 522 |
2019-02-01 | $209,410 (16.4%) | $256,077 (4.0%) | 0.00 | 475 |
2019-03-01 | $213,922 (9.8%) | $263,700 (3.5%) | 0.00 | 447 |
2019-04-01 | $222,500 (8.6%) | $273,077 (6.6%) | 0.00 | 431 |
2019-05-01 | $233,500 (8.1%) | $276,772 (6.5%) | 0.00 | 507 |
2019-06-01 | $235,000 (7.3%) | $279,831 (5.6%) | 0.00 | 576 |
2019-07-01 | $239,675 (11.5%) | $285,027 (7.2%) | 0.00 | 614 |
2019-08-01 | $234,132 (7.9%) | $283,902 (7.2%) | 0.00 | 599 |
2019-09-01 | $226,155 (5.2%) | $282,967 (7.9%) | 0.00 | 582 |
2019-10-01 | $220,861 (3.2%) | $282,661 (8.0%) | 0.00 | 565 |
2019-11-01 | $219,000 (2.1%) | $278,155 (5.4%) | 0.00 | 530 |
2019-12-01 | $213,450 (6.7%) | $273,642 (5.9%) | 0.00 | 434 |
2020-01-01 | $212,000 (2.9%) | $273,577 (7.8%) | 0.00 | 382 |
2020-02-01 | $212,000 (1.2%) | $274,066 (7.0%) | 0.00 | 347 |
2020-03-01 | $244,950 (14.5%) | $302,345 (14.7%) | 0.00 | 326 |
2020-04-01 | $244,975 (10.1%) | $291,700 (6.8%) | 0.00 | 330 |
2020-05-01 | $239,900 (2.7%) | $285,167 (3.0%) | 0.00 | 317 |
2020-06-01 | $254,950 (8.5%) | $300,166 (7.3%) | 0.00 | 314 |
2020-07-01 | $275,000 (14.7%) | $324,882 (14.0%) | 0.00 | 314 |
2020-08-01 | $269,750 (15.2%) | $333,365 (17.4%) | 0.00 | 276 |
2020-09-01 | $273,950 (21.1%) | $342,807 (21.2%) | 0.00 | 264 |
2020-10-01 | $268,500 (21.6%) | $356,256 (26.0%) | 0.00 | 275 |
2020-11-01 | $295,000 (34.7%) | $365,457 (31.4%) | 0.00 | 256 |
2020-12-01 | $311,250 (45.8%) | $379,004 (38.5%) | 0.00 | 217 |
2021-01-01 | $319,900 (50.9%) | $389,834 (42.5%) | 0.00 | 174 |
2021-02-01 | $304,950 (43.8%) | $396,506 (44.7%) | 0.00 | 143 |
2021-03-01 | $310,000 (26.6%) | $380,113 (25.7%) | 0.00 | 126 |
2021-04-01 | $285,972 (16.7%) | $396,737 (36.0%) | 0.00 | 128 |
2021-05-01 | $319,950 (33.4%) | $392,457 (37.6%) | 0.00 | 148 |
2021-06-01 | $320,000 (25.5%) | $381,601 (27.1%) | 0.00 | 204 |
2021-07-01 | $295,000 (7.3%) | $360,006 (10.8%) | 0.00 | 253 |
2021-08-01 | $295,000 (9.4%) | $367,449 (10.2%) | 0.00 | 279 |
2021-09-01 | $284,450 (3.8%) | $367,284 (7.1%) | 0.00 | 274 |
2021-10-01 | $279,450 (4.1%) | $367,501 (3.2%) | 0.00 | 239 |
2021-11-01 | $287,000 (-2.7%) | $393,810 (7.8%) | 0.00 | 185 |
2021-12-01 | $292,000 (-6.2%) | $388,344 (2.5%) | 0.00 | 166 |
2022-01-01 | $299,000 (-6.5%) | $407,748 (4.6%) | 0.00 | 113 |
2022-02-01 | $315,000 (3.3%) | $408,056 (2.9%) | 0.00 | 89 |
2022-03-01 | $330,000 (6.5%) | $444,928 (17.1%) | 0.00 | 94 |
2022-04-01 | $320,000 (11.9%) | $448,191 (13.0%) | 0.00 | 100 |
2022-05-01 | $318,725 (-0.4%) | $441,762 (12.6%) | 0.00 | 123 |
2022-06-01 | $328,725 (2.7%) | $443,603 (16.3%) | 0.00 | 178 |
2022-07-01 | $349,000 (18.3%) | $452,611 (25.7%) | 0.00 | 251 |
2022-08-01 | $349,000 (18.3%) | $452,748 (23.2%) | 0.00 | 248 |
2022-09-01 | $344,000 (20.9%) | $431,094 (17.4%) | 0.00 | 239 |
2022-10-01 | $347,000 (24.2%) | $434,065 (18.1%) | 0.00 | 249 |
2022-11-01 | $339,000 (18.1%) | $434,793 (10.4%) | 0.00 | 242 |
2022-12-01 | $340,000 (16.4%) | $439,965 (13.3%) | 0.00 | 210 |
2023-01-01 | $320,000 (7.0%) | $413,728 (1.5%) | 0.00 | 162 |
2023-02-01 | $339,725 (7.9%) | $417,754 (2.4%) | 0.00 | 126 |
2023-03-01 | $375,000 (13.6%) | $466,912 (4.9%) | 0.00 | 117 |
2023-04-01 | $389,999 (21.9%) | $498,392 (11.2%) | 0.00 | 122 |
2023-05-01 | $410,925 (28.9%) | $524,725 (18.8%) | 0.00 | 131 |
2023-06-01 | $418,725 (27.4%) | $547,502 (23.4%) | 0.00 | 152 |
2023-07-01 | $399,900 (14.6%) | $530,844 (17.3%) | 0.00 | 196 |
2023-08-01 | $402,175 (15.2%) | $521,997 (15.3%) | 0.00 | 223 |
Augusta's median listing price comes in at 0% of the national average.
Augusta's average listing price for 2023-08-01 was $521,997, a difference of $69,249 (15.3%) versus the prior year and $-8,847 versus the prior month.
For the 2023-08-01 period, Augusta had 223 MLS listings, a difference of 27 listings (14%) versus the prior month and -25 listings (-10%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Augusta (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,678 sqft |
2018-02-01 | 0 days | 1,683 sqft |
2018-03-01 | 0 days | 1,704 sqft |
2018-04-01 | 0 days | 1,733 sqft |
2018-05-01 | 0 days | 1,734 sqft |
2018-06-01 | 0 days | 1,750 sqft |
2018-07-01 | 0 days | 1,793 sqft |
2018-08-01 | 0 days | 1,791 sqft |
2018-09-01 | 0 days | 1,800 sqft |
2018-10-01 | 0 days | 1,800 sqft |
2018-11-01 | 0 days | 1,800 sqft |
2018-12-01 | 0 days | 1,787 sqft |
2019-01-01 | 0 days | 1,794 sqft |
2019-02-01 | 0 days | 1,809 sqft |
2019-03-01 | 0 days | 1,800 sqft |
2019-04-01 | 0 days | 1,800 sqft |
2019-05-01 | 0 days | 1,800 sqft |
2019-06-01 | 0 days | 1,785 sqft |
2019-07-01 | 0 days | 1,795 sqft |
2019-08-01 | 0 days | 1,785 sqft |
2019-09-01 | 0 days | 1,773 sqft |
2019-10-01 | 0 days | 1,764 sqft |
2019-11-01 | 0 days | 1,786 sqft |
2019-12-01 | 0 days | 1,759 sqft |
2020-01-01 | 0 days | 1,735 sqft |
2020-02-01 | 0 days | 1,742 sqft |
2020-03-01 | 0 days | 1,797 sqft |
2020-04-01 | 0 days | 1,752 sqft |
2020-05-01 | 0 days | 1,680 sqft |
2020-06-01 | 0 days | 1,723 sqft |
2020-07-01 | 0 days | 1,800 sqft |
2020-08-01 | 0 days | 1,860 sqft |
2020-09-01 | 0 days | 1,850 sqft |
2020-10-01 | 0 days | 1,860 sqft |
2020-11-01 | 0 days | 1,853 sqft |
2020-12-01 | 0 days | 1,812 sqft |
2021-01-01 | 0 days | 1,786 sqft |
2021-02-01 | 0 days | 1,768 sqft |
2021-03-01 | 0 days | 1,786 sqft |
2021-04-01 | 0 days | 1,717 sqft |
2021-05-01 | 0 days | 1,657 sqft |
2021-06-01 | 0 days | 1,672 sqft |
2021-07-01 | 0 days | 1,600 sqft |
2021-08-01 | 0 days | 1,632 sqft |
2021-09-01 | 0 days | 1,597 sqft |
2021-10-01 | 0 days | 1,565 sqft |
2021-11-01 | 0 days | 1,563 sqft |
2021-12-01 | 0 days | 1,599 sqft |
2022-01-01 | 0 days | 1,594 sqft |
2022-02-01 | 0 days | 1,645 sqft |
2022-03-01 | 0 days | 1,653 sqft |
2022-04-01 | 0 days | 1,676 sqft |
2022-05-01 | 0 days | 1,696 sqft |
2022-06-01 | 0 days | 1,741 sqft |
2022-07-01 | 0 days | 1,764 sqft |
2022-08-01 | 0 days | 1,781 sqft |
2022-09-01 | 0 days | 1,755 sqft |
2022-10-01 | 0 days | 1,759 sqft |
2022-11-01 | 0 days | 1,727 sqft |
2022-12-01 | 0 days | 1,718 sqft |
2023-01-01 | 0 days | 1,704 sqft |
2023-02-01 | 0 days | 1,735 sqft |
2023-03-01 | 0 days | 1,755 sqft |
2023-04-01 | 0 days | 1,775 sqft |
2023-05-01 | 0 days | 1,788 sqft |
2023-06-01 | 0 days | 1,828 sqft |
2023-07-01 | 0 days | 1,728 sqft |
2023-08-01 | 0 days | 1,711 sqft |
Augusta's median square footage for active listings during the 2023-08-01 period was 1,711 sqft. One year prior, the average listing was 1,781 sqft.