Augusta FHA Loan Rates, Closing Costs & Stats

Augusta-Waterville, ME

  • 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.

    Augusta's 50 lenders originated 324 FHA loans during 2024. The total origination value was $84,080,000, with an average FHA loan value of $259,506.

    Augusta FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Augusta averaged 0.05% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Augusta's average FHA mortgage closing costs are $7,701.

    The average rate for the prior week (2025-06-13) was 6.83% and one month ago for the week of 2025-05-16, the average rate was 6.69%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.12%.

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

    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.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 55 6.52% $10,643
    UNITED WHOLESALE MORTGAGE, LLC 31 6.59% $10,631
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 31 6.04% $9,661
    QUICKEN LOANS, LLC 27 6.39% $10,391
    CMG MORTGAGE, INC. 18 6.62% $11,697
    T2 FINANCIAL LLC 13 6.51% $10,631
    The Camden National Bank 12 5.63% $8,544
    Bangor Savings Bank 9 5.96% $7,608
    PENNYMAC LOAN SERVICES, LLC 8 6.22% $10,021
    CUSO MORTGAGE CORPORATION 6 5.63% $9,669
    NORTHPOINT MORTGAGE, INC. 6 6.40% $10,284
    DAS Acquisition Company, LLC 6 6.15% $9,090
    BROKER SOLUTIONS, INC. 5 6.50% $9,105
    FREEDOM MORTGAGE CORPORATION 5 6.70% $12,233
    LEADERONE FINANCIAL CORPORATION 5 7.00% $13,205
    Mortgage Research Center, LLC 5 6.93% $7,876
    Ixonia Bank 3 6.96% $8,859
    TOTAL MORTGAGE SERVICES, LLC 3 6.44% $12,944
    Mr. Cooper ( Nationstar Mortgage ) 3 6.25% $11,586
    EMBRACE HOME LOANS, INC. 3 6.06% $11,880
    Paramount Residential Mortgage Group, Inc. 3 5.88% $14,479
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $12,188
    HARBORONE MORTGAGE, LLC 2 7.00% $8,786
    KeyBank 2 5.69% $11,269
    LOANDEPOT.COM, LLC 2 6.31% $10,907
    ZILLOW HOME LOANS, LLC 2 6.00% $10,963
    NEWREZ LLC 2 6.50% $8,173
    Carrington Mortgage Services, LLC 2 6.50% $10,536
    MOVEMENT MORTGAGE, LLC 1 7.38% $8,981
    VILLAGE CAPITAL MORTGAGE 1 6.88% $2,524
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $13,785
    NEW DAY FINANCIAL, LLC 1 7.75% $3,745
    Equity Prime Mortgage LLC 1 7.75% $13,905
    First Federal Bank 1 5.75% $8,730
    NORWICH COMMERCIAL GROUP, INC. 1 6.25% $11,308
    OCMBC, INC. 1 6.63% $21,784
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $6,914
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $15,748
    PLANET HOME LENDING, LLC 1 6.38% $8,495
    POLARIS HOME FUNDING CORP. 1 6.25% $10,229
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $17,364
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $13,286
    Republic State Mortgage Co. 1 7.13% $8,796
    AmeriHome Mortgage Company, LLC 1 6.99% $4,232
    AMERICAN FINANCING CORPORATION 1 5.75% $10,651
    Century Mortgage Company DBA Century Lending Company 1 6.13% $10,680
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.88% $10,834
    LOANPAL, LLC 1 5.63% $11,563
    MID AMERICA MORTGAGE, INC. 1 7.63% $12,272
    U.S. Bank 1 6.75% $9,686

    The top Augusta FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 55 FHA loans originated. Their average total fees are $10,643, which is $12 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Augusta FHA lenders (with over 10 loans originated) are The Camden National Bank ($8,544), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,661), QUICKEN LOANS, LLC ($10,391), UNITED WHOLESALE MORTGAGE, LLC ($10,631) and T2 FINANCIAL LLC ($10,631).

    The lowest rate Augusta FHA lenders (with over 10 loans originated) are The Camden National Bank (5.63%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.04%), QUICKEN LOANS, LLC (6.39%), T2 FINANCIAL LLC (6.51%) and GUILD MORTGAGE COMPANY (6.52%).

    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

    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).