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 -0.4% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Augusta's average FHA mortgage closing costs are $6,864.

The average rate for the prior week (2024-02-16) was 6.34% and one month ago for the week of 2024-01-19, the average rate was 6.18%.

The average rate one year ago was 5.94%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.62%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
GUILD MORTGAGE COMPANY 50 5.11% $9,402
QUICKEN LOANS, LLC 44 4.34% $10,450
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 4.76% $7,776
UNITED WHOLESALE MORTGAGE, LLC 17 5.13% $9,936
Bangor Savings Bank 15 4.79% $7,471
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 14 5.56% $9,110
CMG MORTGAGE, INC. 13 5.16% $8,127
DAS Acquisition Company, LLC 13 4.75% $9,240
Mr. Cooper ( Nationstar Mortgage ) 12 4.77% $13,053
LOANDEPOT.COM, LLC 9 4.61% $9,790
NORTHPOINT MORTGAGE, INC. 9 5.24% $10,529
The Camden National Bank 9 4.55% $6,887
T2 FINANCIAL LLC 8 5.70% $9,916
NEWREZ LLC 6 3.92% $5,231
LAKEVIEW LOAN SERVICING, LLC 5 3.97% $7,699
NORWICH COMMERCIAL GROUP, INC. 5 5.03% $9,963
AMERISAVE MORTGAGE CORPORATION 5 5.05% $9,287
BROKER SOLUTIONS, INC. 5 4.98% $9,932
CALIBER HOME LOANS, INC. 5 4.82% $8,889
LEADERONE FINANCIAL CORPORATION 4 5.72% $11,390
Carrington Mortgage Services, LLC 4 5.53% $9,744
ACADEMY MORTGAGE CORPORATION 4 5.44% $9,087
CUSO MORTGAGE CORPORATION 3 5.37% $8,982
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 5.42% $7,774
CROSSCOUNTRY MORTGAGE, LLC 3 5.42% $10,373
FREEDOM MORTGAGE CORPORATION 3 5.38% $7,828
INTEGRITY MORTGAGE LLC 3 6.04% $8,188
MOVEMENT MORTGAGE, LLC 3 5.96% $7,536
RELIANCE FIRST CAPITAL, LLC 3 5.50% $9,273
PENNYMAC LOAN SERVICES, LLC 2 3.38% $4,440
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.69% $14,197
LIBERTY HOME MORTGAGE CORPORATION 2 5.38% $13,609
VILLAGE CAPITAL MORTGAGE 2 3.68% $5,758
Mortgage Network, Inc. 2 4.81% $9,514
Shamrock Home Loans, Inc. 2 4.25% $9,868
EMBRACE HOME LOANS, INC. 2 5.75% $9,230
NORTHERN MORTGAGE SERVICES, LLC 2 5.44% $8,717
Mortgage Research Center, LLC 2 6.13% $4,525
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $10,749
The Federal Savings Bank 2 5.13% $20,606
TOTAL MORTGAGE SERVICES, LLC 2 4.69% $9,748
Equity Prime Mortgage LLC 2 5.75% $9,514
Paramount Residential Mortgage Group, Inc. 2 5.75% $10,561
AMERICAN FINANCING CORPORATION 1 3.88% $7,873
KeyBank 1 5.38% $5,502
HOME POINT FINANCIAL CORPORATION 1 3.88% $12,229
Lakeview Community Capital, LLC 1 3.50% $3,925
FINANCE OF AMERICA MORTGAGE LLC 1 4.38% $7,642
MEGASTAR FINANCIAL CORP. 1 4.00% $8,639
AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $6,754
Nations Lending Corporation 1 7.25% $12,887
NEW DAY FINANCIAL, LLC 1 3.13% $7,130
Northpointe Bank 1 4.75% $8,998
DREW MORTGAGE ASSOCIATES, INC. 1 5.13% $9,008
CARDINAL FINANCIAL 1 5.25% $8,771
Barrington Bank & Trust Company, N.A. 1 4.63% $7,292
RUOFF MORTGAGE COMPANY, INC. 1 4.88% $8,855
SUN WEST MORTGAGE COMPANY, INC. 1 4.75% $7,158
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $13,673
TD Bank 1 2.63% $7,596

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. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $179,450 (10.1%) $239,658 (15.1%) 0.00 554
2018-02-01 $179,900 (8.1%) $246,339 (17.5%) 0.00 520
2018-03-01 $194,900 (13.8%) $254,778 (19.9%) 0.00 503
2018-04-01 $204,975 (13.9%) $256,095 (14.9%) 0.00 512
2018-05-01 $215,950 (14.0%) $259,893 (10.1%) 0.00 593
2018-06-01 $219,000 (12.9%) $264,993 (10.4%) 0.00 698
2018-07-01 $215,000 (10.7%) $265,841 (10.3%) 0.00 740
2018-08-01 $217,100 (14.6%) $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 $214,400 (13.2%) $263,824 (11.9%) 0.00 659
2018-12-01 $199,950 (8.1%) $258,314 (9.5%) 0.00 578
2019-01-01 $206,000 (14.8%) $253,702 (5.9%) 0.00 521
2019-02-01 $209,317 (16.4%) $255,893 (3.9%) 0.00 474
2019-03-01 $213,869 (9.7%) $263,580 (3.5%) 0.00 446
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 $234,145 (7.9%) $283,939 (7.2%) 0.00 599
2019-09-01 $226,189 (5.2%) $283,062 (7.9%) 0.00 581
2019-10-01 $220,884 (3.2%) $282,795 (8.0%) 0.00 564
2019-11-01 $219,000 (2.2%) $278,054 (5.4%) 0.00 527
2019-12-01 $211,000 (5.5%) $273,483 (5.9%) 0.00 431
2020-01-01 $210,500 (2.2%) $273,408 (7.8%) 0.00 379
2020-02-01 $211,000 (0.8%) $273,880 (7.0%) 0.00 344
2020-03-01 $242,450 (13.4%) $302,395 (14.7%) 0.00 323
2020-04-01 $244,925 (10.1%) $291,589 (6.8%) 0.00 327
2020-05-01 $235,000 (0.6%) $284,975 (3.0%) 0.00 314
2020-06-01 $254,250 (8.2%) $300,109 (7.3%) 0.00 311
2020-07-01 $274,975 (14.7%) $325,044 (14.0%) 0.00 311
2020-08-01 $269,000 (14.9%) $333,622 (17.5%) 0.00 275
2020-09-01 $273,950 (21.1%) $342,894 (21.1%) 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 (47.5%) $379,004 (38.6%) 0.00 217
2021-01-01 $319,900 (52.0%) $389,834 (42.6%) 0.00 174
2021-02-01 $304,950 (44.5%) $396,506 (44.8%) 0.00 143
2021-03-01 $310,000 (27.9%) $380,113 (25.7%) 0.00 126
2021-04-01 $285,972 (16.8%) $396,737 (36.1%) 0.00 128
2021-05-01 $319,950 (36.2%) $392,457 (37.7%) 0.00 147
2021-06-01 $320,000 (25.9%) $381,601 (27.2%) 0.00 204
2021-07-01 $295,000 (7.3%) $360,006 (10.8%) 0.00 253
2021-08-01 $295,000 (9.7%) $367,449 (10.1%) 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
2023-09-01 $399,000 (16.0%) $517,683 (20.1%) 0.00 232
2023-10-01 $386,250 (11.3%) $484,244 (11.6%) 0.00 234
2023-11-01 $375,000 (10.6%) $461,642 (6.2%) 0.00 228
2023-12-01 $385,000 (13.2%) $470,631 (7.0%) 0.00 204
Augusta's median listing price for 2023-12-01 was $385,000, a difference of $45,000 (13.2%) versus the prior year and $10,000 versus the prior month.

Augusta's median listing price comes in at 0% of the national average.

Augusta's average listing price for 2023-12-01 was $470,631, a difference of $30,666 (7.0%) versus the prior year and $8,989 versus the prior month.

For the 2023-12-01 period, Augusta had 204 MLS listings, a difference of -24 listings (-11%) versus the prior month and -6 listings (-3%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Augusta (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date 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 1,792 sqft
2019-01-01 0 days 1,796 sqft
2019-02-01 0 days 1,812 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 1,786 sqft
2019-09-01 0 days 1,774 sqft
2019-10-01 0 days 1,765 sqft
2019-11-01 0 days 1,782 sqft
2019-12-01 0 days 1,746 sqft
2020-01-01 0 days 1,726 sqft
2020-02-01 0 days 1,727 sqft
2020-03-01 0 days 1,792 sqft
2020-04-01 0 days 1,742 sqft
2020-05-01 0 days 1,677 sqft
2020-06-01 0 days 1,716 sqft
2020-07-01 0 days 1,800 sqft
2020-08-01 0 days 1,855 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 1,702 sqft
2023-02-01 0 days 1,734 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
2023-09-01 0 days 1,704 sqft
2023-10-01 0 days 1,628 sqft
2023-11-01 0 days 1,709 sqft
2023-12-01 0 days 1,786 sqft
Augusta's median listing age (time on market) for 2023-12-01 was 0 days.

Augusta's median square footage for active listings during the 2023-12-01 period was 1,786 sqft. One year prior, the average listing was 1,718 sqft.

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).