Augusta FHA Loan Rates, Closing Costs & Stats

Augusta-Waterville, ME

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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.

    Augusta's 52 lenders originated 285 FHA loans during 2023. The total origination value was $66,055,000, with an average FHA loan value of $231,772.

    Augusta FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Augusta averaged -0.17% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Augusta's average FHA mortgage closing costs are $7,314.

    The average rate for the prior week (2024-11-08) was 6.64% and one month ago for the week of 2024-10-11, the average rate was 6.04%.

    The average rate one year ago was 7.48%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 51 6.68% $9,502
    QUICKEN LOANS, LLC 23 6.20% $10,153
    CMG MORTGAGE, INC. 21 7.07% $9,654
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 6.17% $9,711
    UNITED WHOLESALE MORTGAGE, LLC 15 6.65% $12,213
    Bangor Savings Bank 13 5.73% $7,920
    NORTHPOINT MORTGAGE, INC. 9 6.04% $12,029
    The Camden National Bank 9 6.08% $7,915
    LAKEVIEW LOAN SERVICING, LLC 7 6.46% $11,082
    T2 FINANCIAL LLC 6 7.06% $15,267
    Mr. Cooper ( Nationstar Mortgage ) 6 6.23% $12,306
    DAS Acquisition Company, LLC 6 5.37% $8,891
    BROKER SOLUTIONS, INC. 5 6.48% $13,597
    TOTAL MORTGAGE SERVICES, LLC 5 5.90% $9,207
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.87% $9,060
    ACADEMY MORTGAGE CORPORATION 4 7.28% $10,154
    NEWREZ LLC 4 6.06% $12,433
    MOVEMENT MORTGAGE, LLC 4 6.63% $8,568
    LOANDEPOT.COM, LLC 4 6.69% $12,890
    AMERISAVE MORTGAGE CORPORATION 4 6.13% $16,873
    PENNYMAC LOAN SERVICES, LLC 3 6.54% $6,582
    CUSO MORTGAGE CORPORATION 3 6.73% $7,649
    INTEGRITY MORTGAGE LLC 3 6.92% $10,083
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.50% $9,679
    CALIBER HOME LOANS, INC. 2 6.00% $15,220
    Androscoggin Savings Bank 2 5.50% $7,309
    TD Bank 2 6.81% $6,286
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.94% $10,716
    TOP FLITE FINANCIAL, INC. 2 7.13% $14,404
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $10,144
    POLARIS HOME FUNDING CORP. 2 7.00% $12,359
    Century Mortgage Company DBA Century Lending Company 1 7.25% $11,672
    CARDINAL FINANCIAL 1 5.50% $14,300
    M&T Bank 1 7.00% $11,090
    Nations Lending Corporation 1 6.25% $11,384
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $16,422
    CALCON MUTUAL MORTGAGE LLC 1 5.88% $21,271
    Barrington Bank & Trust Company, N.A. 1 7.25% $8,863
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.75% $12,504
    Armed Forces Bank 1 6.50% $7,673
    RADIUS FINANCIAL GROUP INC. 1 7.25% $8,674
    Semper Home Loans, Inc. 1 6.63% $10,685
    Servion, Inc. 1 5.75% $8,100
    Evolve Bank & Trust 1 6.13% $6,930
    Flagstar Bank, FSB 1 7.25% $11,947
    HARBORONE MORTGAGE, LLC 1 6.88% $12,737
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $7,878
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $11,826
    EMBRACE HOME LOANS, INC. 1 6.75% $10,457
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $8,213
    MORTGAGE ACCESS CORP. 1 7.50% $8,567
    Mortgage Research Center, LLC 1 7.99% $11,664

    The top Augusta FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 51 FHA loans originated. Their average total fees are $9,502, which is $651 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Augusta FHA lenders (with over 10 loans originated) are Bangor Savings Bank ($7,920), GUILD MORTGAGE COMPANY ($9,502), CMG MORTGAGE, INC. ($9,654), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,711) and QUICKEN LOANS, LLC ($10,153).

    The lowest rate Augusta FHA lenders (with over 10 loans originated) are Bangor Savings Bank (5.73%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.17%), QUICKEN LOANS, LLC (6.20%), UNITED WHOLESALE MORTGAGE, LLC (6.65%) and GUILD MORTGAGE COMPANY (6.68%).

    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
    2024-01-01 $395,000 (23.4%) $462,231 (11.7%) 0.00 174
    2024-02-01 $394,000 (16.0%) $439,392 (5.2%) 0.00 154
    2024-03-01 $399,900 (6.6%) $455,317 (-2.5%) 0.00 134
    2024-04-01 $388,500 (-0.4%) $460,901 (-7.5%) 0.00 147
    2024-05-01 $399,843 (-2.7%) $472,897 (-9.9%) 0.00 185
    2024-06-01 $409,900 (-2.1%) $502,685 (-8.2%) 0.00 235
    2024-07-01 $409,675 (2.4%) $520,314 (-2.0%) 0.00 282
    2024-08-01 $405,000 (0.7%) $527,988 (1.2%) 0.00 288
    2024-09-01 $441,500 (10.7%) $549,169 (6.1%) 0.00 310
    2024-10-01 $430,575 (11.5%) $541,264 (11.8%) 0.00 330
    Augusta's median listing price for 2024-10-01 was $430,575, a difference of $44,325 (11.5%) versus the prior year and $-10,925 versus the prior month.

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

    Augusta's average listing price for 2024-10-01 was $541,264, a difference of $57,020 (11.8%) versus the prior year and $-7,905 versus the prior month.

    For the 2024-10-01 period, Augusta had 330 MLS listings, a difference of 20 listings (6%) versus the prior month and 96 listings (41%) 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
    2024-01-01 0 days 1,741 sqft
    2024-02-01 0 days 1,707 sqft
    2024-03-01 0 days 1,632 sqft
    2024-04-01 0 days 1,689 sqft
    2024-05-01 0 days 1,695 sqft
    2024-06-01 0 days 1,630 sqft
    2024-07-01 0 days 1,639 sqft
    2024-08-01 0 days 1,766 sqft
    2024-09-01 0 days 1,832 sqft
    2024-10-01 0 days 1,790 sqft
    Augusta's median listing age (time on market) for 2024-10-01 was 0 days.

    Augusta's median square footage for active listings during the 2024-10-01 period was 1,790 sqft. One year prior, the average listing was 1,628 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).