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 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%.

    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 (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 for 2023-08-01 was $402,175, a difference of $53,175 (15.2%) versus the prior year and $2,275 versus the prior month.

    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. 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 1,787 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 listing age (time on market) for 2023-08-01 was 0 days.

    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.

    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).