Baltimore FHA Loan Rates, Closing Costs & Stats

BALTIMORE-COLUMBIA-TOWSON, MD

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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.

    Baltimore's 217 lenders originated 6,859 FHA loans during 2023. The total origination value was $2,107,425,000, with an average FHA loan value of $307,250.

    Baltimore FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Baltimore averaged 6.21% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Baltimore's average FHA mortgage closing costs are $9,424.

    The average rate for the prior week (2024-11-01) was 6.39% and one month ago for the week of 2024-10-04, the average rate was 5.91%.

    The average rate one year ago was 7.25%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.85%.

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

    Baltimore 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 Baltimore level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 523 6.22% $12,869
    UNITED WHOLESALE MORTGAGE, LLC 423 6.34% $15,035
    NFM, INC. 253 6.84% $13,563
    FIRST HOME MORTGAGE CORPORATION 202 6.70% $15,131
    Meridian Bank Corporation 195 6.50% $10,265
    PRIMARY RESIDENTIAL MORTGAGE, INC. 193 6.77% $14,231
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 176 6.70% $11,755
    NVR Mortgage Finance, Inc. 154 5.81% $16,698
    NEWREZ LLC 120 6.38% $14,176
    FREEDOM MORTGAGE CORPORATION 115 6.75% $15,766
    Towne Bank 113 6.28% $12,167
    CROSSCOUNTRY MORTGAGE, LLC 97 6.65% $13,855
    MOVEMENT MORTGAGE, LLC 94 6.61% $12,131
    M&T Bank 93 6.26% $9,925
    DIRECT MORTGAGE LOANS, LLC 92 6.96% $12,715
    EMBRACE HOME LOANS, INC. 92 6.35% $14,087
    Residential Mortgage Solutions, Inc. 91 6.90% $11,186
    LOANDEPOT.COM, LLC 90 6.38% $12,060
    PENNYMAC LOAN SERVICES, LLC 90 6.12% $14,466
    Paramount Residential Mortgage Group, Inc. 88 6.85% $13,626
    HOMESPIRE MORTGAGE CORPORATION 86 6.89% $12,080
    EAGLE HOME MORTGAGE, LLC 78 6.34% $15,800
    Prosperity Home Mortgage, LLC 77 6.63% $12,386
    Plains Commerce Bank 73 6.35% $14,732
    Sandy Spring Bank 71 6.49% $10,938
    FIDELITY DIRECT MORTGAGE, LLC 66 6.92% $13,360
    CARDINAL FINANCIAL 65 6.38% $12,757
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 61 6.68% $12,271
    Mr. Cooper ( Nationstar Mortgage ) 59 6.05% $15,791
    BAY CAPITAL MORTGAGE CORPORATION 59 6.39% $13,543
    Carrington Mortgage Services, LLC 56 6.36% $14,553
    Truist 51 6.23% $13,458
    AMERICAN FINANCIAL NETWORK, INC. 50 6.78% $13,108
    BROKER SOLUTIONS, INC. 50 6.77% $14,056
    NATIONWIDE MORTGAGE BANKERS, INC. 49 6.76% $14,382
    Presidential Bank, FSB 49 6.54% $14,311
    AMERISAVE MORTGAGE CORPORATION 47 5.97% $13,972
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 45 6.36% $5,247
    HOMESIDE FINANCIAL, LLC 45 6.82% $12,886
    CHURCHILL MORTGAGE CORPORATION 43 6.47% $13,171
    George Mason Mortgage, LLC 42 6.48% $12,725
    CALIBER HOME LOANS, INC. 40 6.32% $12,857
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 39 6.66% $14,613
    GUILD MORTGAGE COMPANY 38 7.04% $11,338
    GUARANTEED RATE, INC. 36 6.36% $13,567
    EMM LOANS LLC 34 6.17% $12,998
    SWBC MORTGAGE CORPORATION 33 6.80% $11,861
    BAY EQUITY LLC 33 6.43% $14,715
    OCMBC, INC. 32 6.98% $14,378
    PRIMELENDING, A PLAINSCAPITAL COMPANY 32 6.77% $11,993
    Sierra Pacific Mortgage Company, Inc. 30 6.42% $13,188
    DRAPER AND KRAMER MORTGAGE CORP. 28 6.26% $11,824
    CMG MORTGAGE, INC. 28 6.67% $12,283
    MORTGAGE EQUITY PARTNERS LLC 28 6.84% $14,601
    WesBanco 27 6.63% $9,872
    GUARANTEED RATE AFFINITY, LLC 27 6.53% $12,951
    Fulton Bank 27 6.36% $11,697
    SUN WEST MORTGAGE COMPANY, INC. 27 6.48% $13,194
    ENVOY MORTGAGE, LTD 26 6.80% $13,529
    DHI MORTGAGE COMPANY, LTD. 25 5.62% $11,481
    First Heritage Mortgage, LLC 25 6.48% $12,298
    UNIVERSAL MORTGAGE & FINANCE, INC. 25 6.76% $17,048
    MUTUAL OF OMAHA MORTGAGE, INC. 24 6.51% $12,754
    Shore United Bank 24 6.36% $12,848
    LAND HOME FINANCIAL SERVICES, INC. 24 7.02% $13,769
    Ameris Bank 23 6.79% $11,574
    PNC Bank 23 6.40% $9,445
    THE MORTGAGE LINK, INC. 23 6.83% $15,993
    Vellum Mortgage, Inc. 22 6.64% $14,628
    UNION HOME MORTGAGE CORP. 22 7.01% $14,441
    CONTOUR MORTGAGE CORPORATION 22 6.67% $12,188
    Keystone Funding, Inc. 22 6.35% $14,027
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 21 6.61% $10,547
    BAYSHORE MORTGAGE FUNDING, LLC 21 6.84% $14,218
    Equity Prime Mortgage LLC 19 6.68% $15,252
    MICHIGAN MUTUAL, INC. 19 6.40% $16,081
    Mortgage Research Center, LLC 18 7.01% $6,678
    PLANET HOME LENDING, LLC 17 5.87% $13,548
    ACADEMY MORTGAGE CORPORATION 17 6.59% $13,844
    CHERRY CREEK MORTGAGE, LLC 17 6.82% $3,910
    PULTE MORTGAGE LLC 17 5.71% $10,733
    T2 FINANCIAL LLC 17 7.15% $10,618
    C & F Mortgage Corporation 16 6.15% $7,470
    MY MORTGAGE, INC. 16 6.90% $10,687
    Atlantic Coast Mortgage, LLC 16 6.36% $11,840
    Flagstar Bank, FSB 16 6.48% $10,660
    VILLAGE CAPITAL MORTGAGE 16 6.19% $12,326
    NORWICH COMMERCIAL GROUP, INC. 16 6.24% $15,775
    RELIANCE FIRST CAPITAL, LLC 15 6.24% $16,362
    ABSOLUTE HOME MORTGAGE CORPORATION 15 6.72% $13,373
    LAKEVIEW LOAN SERVICING, LLC 15 6.31% $12,711
    PLAZA HOME MORTGAGE, INC. 15 6.31% $14,006
    1ST FINANCIAL, INC. 14 6.60% $14,749
    HOMEBRIDGE FINANCIAL SERVICES, INC. 14 6.79% $12,314
    SUCCESS MORTGAGE PARTNERS, INC. 12 6.91% $12,616
    AmRes Corporation 12 6.86% $14,937
    The Federal Savings Bank 12 6.77% $16,271
    American Mortgage & Equity Consultants, Inc. 11 6.83% $12,682
    SOUTHERN TRUST MORTGAGE, LLC 10 6.51% $11,179
    BECKAM FUNDING CORP. 10 7.04% $21,061
    PENTAGON FEDERAL CREDIT UNION 10 5.98% $12,131
    TJC Mortgage, Inc. 10 6.91% $12,507
    TOWNE MORTGAGE COMPANY 9 6.58% $10,228
    Wells Fargo Bank 9 6.35% $12,188
    DAS Acquisition Company, LLC 9 6.92% $16,308
    TOP FLITE FINANCIAL, INC. 8 7.16% $11,695
    Evolve Bank & Trust 8 7.31% $15,547
    LOANPAL, LLC 8 5.80% $15,405
    PHH Mortgage Corporation 8 6.20% $10,480
    NATIONS DIRECT MORTGAGE, LLC 8 6.11% $12,656
    Homesale Mortgage, LLC 8 6.69% $11,530
    ARC HOME LLC 8 6.78% $16,554
    First Option Mortgage, LLC 7 6.84% $15,509
    Nations Lending Corporation 7 6.36% $16,008
    Lakeview Community Capital, LLC 7 6.70% $8,335
    Bank of America 7 7.07% $10,148
    Citizens Bank 7 6.23% $13,193
    EVERETT FINANCIAL, INC. 7 6.64% $13,026
    LIBERTY HOME MORTGAGE CORPORATION 6 7.10% $10,537
    RADIUS FINANCIAL GROUP INC. 6 7.56% $14,745
    INTERLINC MORTGAGE SERVICES, LLC 6 6.46% $13,253
    Watermark Capital, Inc. 6 6.87% $15,406
    JPMorgan Chase Bank 6 6.91% $7,645
    FIRST ALLIANCE HOME MORTGAGE, LLC 6 6.65% $16,197
    EQUITY RESOURCES, INC. 6 6.77% $11,222
    INTERCOASTAL MORTGAGE COMPANY 6 6.48% $15,516
    TD Bank 6 6.46% $8,991
    HOMEAMERICAN MORTGAGE CORPORATION 6 5.71% $11,380
    ZILLOW HOME LOANS, LLC 5 6.90% $10,015
    GENEVA FINANCIAL, LLC 5 7.10% $10,893
    MID AMERICA MORTGAGE, INC. 5 7.20% $19,337
    FIRST SAVINGS MORTGAGE CORPORATION 5 6.70% $12,227
    First Federal Bank 5 6.20% $23,644
    FIRST COMMUNITY MORTGAGE, INC. 5 7.20% $11,731
    Century Mortgage Company DBA Century Lending Company 5 6.18% $13,928
    AMERICAN FINANCIAL RESOURCES, INC. 5 6.45% $12,762
    VAN DYK MORTGAGE CORPORATION 5 6.43% $11,095
    Waterstone Mortgage Corporation 5 6.53% $12,902
    TIDEWATER MORTGAGE SERVICES, INC. 4 6.59% $15,839
    First National Bank of Pennsylvania 4 6.31% $12,671
    NATIONS RELIABLE LENDING, LLC 4 7.09% $14,784
    U.S. Bank 4 6.53% $9,967
    NBKC BANK 4 6.25% $12,396
    Blue Ridge Bank 4 6.72% $13,349
    THRIVE MORTGAGE, LLC 3 7.54% $14,110
    LOANLEADERS OF AMERICA, INC. 3 5.46% $13,881
    Florida Capital Bank 3 6.71% $11,770
    Encompass Lending Group, LP 3 6.79% $15,812
    MILEND, INC. 3 6.25% $14,695
    Capital Bank 3 6.88% $10,011
    MORIA DEVELOPMENT, INC. 3 6.33% $13,986
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 3 6.50% $11,694
    Alcova Mortgage LLC 3 7.25% $7,858
    NETWORK CAPITAL FUNDING CORPORATION 3 5.50% $15,765
    CBM Mortgage, Inc. 3 6.58% $13,260
    Cornerstone First Mortgage, Inc 3 7.42% $14,071
    Integrity Home Mortgage Corp 3 7.13% $15,677
    CITY FIRST MORTGAGE SERVICES, L.L.C. 3 7.00% $14,625
    ALLIED MORTGAGE GROUP, INC. 3 5.96% $13,134
    US MORTGAGE CORPORATION 2 6.00% $11,315
    PANORAMA MORTGAGE GROUP, LLC 2 6.94% $15,244
    MLD MORTGAGE INC. 2 6.69% $10,283
    MLB RESIDENTIAL LENDING, LLC 2 6.75% $21,675
    PIKE CREEK MORTGAGE SERVICES, INC. 2 7.12% $14,308
    Credence Funding Corporation 2 5.63% $9,460
    POLARIS HOME FUNDING CORP. 2 6.69% $9,619
    MILLENNIUM FINANCIAL GROUP, INC. 2 6.25% $16,266
    RESIDENTIAL BANCORP 2 6.50% $9,757
    Barrington Bank & Trust Company, N.A. 2 6.50% $9,921
    Strong Home Mortgage, LLC 2 6.44% $11,612
    Franklin Loan Corporation 2 5.44% $18,576
    Bank of England 2 6.00% $10,684
    Loan Simple, Inc. 2 6.81% $17,614
    LEGEND LENDING CORPORATION 2 6.44% $12,076
    GSF Mortgage Corporation 2 6.38% $16,128
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.94% $14,961
    Financial Freedom Mortgage, LLC 2 6.25% $11,167
    ROYAL UNITED MORTGAGE LLC 1 6.75% $21,000
    BETTER MORTGAGE CORPORATION 1 5.63% $17,817
    OCEANSIDE MORTGAGE COMPANY 1 7.13% $3,954
    BAY-VALLEY MORTGAGE GROUP 1 6.25% $9,848
    NP, Inc. 1 5.99% $14,946
    Acre Mortgage and Financial Inc 1 5.75% $15,999
    Stifel Bank and Trust 1 6.75% $9,269
    NEW DAY FINANCIAL, LLC 1 6.75% $10,706
    Victorian Finance, LLC 1 5.63% $7,583
    Summit Community Bank, Inc. 1 6.63% $4,727
    SUMMIT FUNDING, INC. 1 6.13% $15,140
    A&D Mortgage LLC 1 7.00% $31,151
    MDE Home Loans, LLC 1 5.75% $9,991
    GUARANTY HOME MORTGAGE CORPORATION 1 6.75% $8,105
    MORTGAGE ACCESS CORP. 1 7.63% $8,864
    LENDING 3, INC. 1 7.25% $4,558
    The Freedom Bank of Virginia 1 6.13% $13,200
    NASA Federal Credit Union 1 5.63% $13,662
    Northpointe Bank 1 5.75% $8,119
    NJ LENDERS CORP. 1 7.13% $7,345
    GEO-CORP, INC. 1 7.00% $10,405
    NATION ONE MORTGAGE CORPORATION 1 7.25% $15,194
    TOTAL MORTGAGE SERVICES, LLC 1 7.75% $15,044
    Fifth Third Bank 1 6.88% $7,175
    Kwik Mortgage Corporation 1 7.13% $8,694
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 6.75% $13,529
    JAMS-01, INC. 1 7.00% $5,943
    AMCAP MORTGAGE, LTD. 1 7.13% $11,959
    MORTGAGEONE, INC. 1 6.75% $12,354
    MK LENDING CORP. 1 6.50% $9,315
    Citibank 1 5.75% $13,299
    Princeton Mortgage Corporation 1 7.25% $9,097
    Commerce Home Mortgage, Inc. 1 6.38% $17,729
    CORNERSTONE HOME LENDING, INC. 1 6.25% $22,020
    ONY GLO, INC. 1 5.88% $5,042
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $21,773
    CALCON MUTUAL MORTGAGE LLC 1 7.25% $5,449
    NEW FED MORTGAGE, CORP. 1 7.75% $10,312
    RESIDENTIAL HOME FUNDING CORP. 1 5.75% $16,319
    EagleBank 1 6.63% $17,154

    The top Baltimore FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 523 FHA loans originated. Their average total fees are $12,869, which is $2,166 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Baltimore FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($3,910), STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED ($5,247), Mortgage Research Center, LLC ($6,678), C & F Mortgage Corporation ($7,470) and PNC Bank ($9,445).

    The lowest rate Baltimore FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.62%), PULTE MORTGAGE LLC (5.71%), NVR Mortgage Finance, Inc. (5.81%), PLANET HOME LENDING, LLC (5.87%) and AMERISAVE MORTGAGE CORPORATION (5.97%).

    Baltimore FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BALTIMORE-COLUMBIA-TOWSON, MD ANNE ARUNDEL 2022 $583,050 $746,400 $902,250 $1,121,250
    BALTIMORE-COLUMBIA-TOWSON, MD BALTIMORE 2022 $583,050 $746,400 $902,250 $1,121,250
    BALTIMORE-COLUMBIA-TOWSON, MD CARROLL 2022 $583,050 $746,400 $902,250 $1,121,250
    BALTIMORE-COLUMBIA-TOWSON, MD HARFORD 2022 $583,050 $746,400 $902,250 $1,121,250
    BALTIMORE-COLUMBIA-TOWSON, MD HOWARD 2022 $583,050 $746,400 $902,250 $1,121,250
    BALTIMORE-COLUMBIA-TOWSON, MD QUEEN ANNE'S 2022 $583,050 $746,400 $902,250 $1,121,250
    BALTIMORE-COLUMBIA-TOWSON, MD BALTIMORE CITY 2022 $583,050 $746,400 $902,250 $1,121,250
    BALTIMORE-COLUMBIA-TOWSON, MD ANNE ARUNDEL 2023 $632,500 $809,700 $978,750 $1,216,350
    BALTIMORE-COLUMBIA-TOWSON, MD BALTIMORE 2023 $632,500 $809,700 $978,750 $1,216,350
    BALTIMORE-COLUMBIA-TOWSON, MD CARROLL 2023 $632,500 $809,700 $978,750 $1,216,350
    BALTIMORE-COLUMBIA-TOWSON, MD HARFORD 2023 $632,500 $809,700 $978,750 $1,216,350
    BALTIMORE-COLUMBIA-TOWSON, MD HOWARD 2023 $632,500 $809,700 $978,750 $1,216,350
    BALTIMORE-COLUMBIA-TOWSON, MD QUEEN ANNE'S 2023 $632,500 $809,700 $978,750 $1,216,350
    BALTIMORE-COLUMBIA-TOWSON, MD BALTIMORE CITY 2023 $632,500 $809,700 $978,750 $1,216,350

    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).