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 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 2024-11-29, 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 (2024-11-22) was 6.52% and one month ago for the week of 2024-10-25, the average rate was 6.3%.

The average rate one year ago was 6.89%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.2%.

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).