Bangor FHA Loan Rates, Closing Costs & Stats

BANGOR, ME

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Bangor's 50 lenders originated 297 FHA loans during 2023. The total origination value was $62,825,000, with an average FHA loan value of $211,532.

    Bangor FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bangor averaged 6.51% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Bangor's average FHA mortgage closing costs are $6,711.

    The average rate for the prior week (2024-12-06) was 6.17% and one month ago for the week of 2024-11-08, the average rate was 6.64%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

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

    Bangor 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 Bangor level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 46 6.28% $9,753
    LEADERONE FINANCIAL CORPORATION 26 6.62% $10,918
    Bangor Savings Bank 21 6.03% $7,265
    UNITED WHOLESALE MORTGAGE, LLC 16 6.66% $10,327
    GUILD MORTGAGE COMPANY 13 6.84% $9,322
    CMG MORTGAGE, INC. 10 6.30% $11,576
    LOANDEPOT.COM, LLC 9 6.23% $11,253
    The Camden National Bank 9 6.10% $7,789
    TOTAL MORTGAGE SERVICES, LLC 8 6.53% $7,626
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.47% $8,769
    EMBRACE HOME LOANS, INC. 6 6.12% $9,924
    NEWREZ LLC 5 6.33% $11,790
    CUSO MORTGAGE CORPORATION 5 5.97% $7,068
    PENNYMAC LOAN SERVICES, LLC 4 6.34% $16,801
    AMERICAN FINANCIAL RESOURCES, INC. 4 7.47% $7,067
    T2 FINANCIAL LLC 4 6.72% $12,668
    FREEDOM MORTGAGE CORPORATION 3 6.46% $10,864
    AMERICAN FINANCIAL NETWORK, INC. 3 7.04% $9,261
    AMERICAN FINANCING CORPORATION 3 6.17% $9,215
    BROKER SOLUTIONS, INC. 3 6.88% $8,753
    Carrington Mortgage Services, LLC 3 6.08% $10,435
    CROSSCOUNTRY MORTGAGE, LLC 3 6.83% $7,709
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.88% $7,693
    KeyBank 3 6.54% $7,840
    Mr. Cooper ( Nationstar Mortgage ) 3 6.67% $15,643
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 7.00% $11,732
    NORTHERN MORTGAGE SERVICES, LLC 2 6.38% $7,592
    CHURCHILL MORTGAGE CORPORATION 2 6.94% $8,639
    TD Bank 2 6.81% $7,004
    Century Mortgage Company DBA Century Lending Company 2 7.50% $6,386
    Equity Prime Mortgage LLC 2 7.44% $9,929
    The Federal Savings Bank 2 5.50% $16,505
    POLARIS HOME FUNDING CORP. 2 6.94% $13,844
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $14,073
    First Savings Bank 1 5.13% $23,435
    Prosperity Home Mortgage, LLC 1 6.12% $4,833
    RADIUS FINANCIAL GROUP INC. 1 5.95% $6,386
    RELIANCE FIRST CAPITAL, LLC 1 6.50% $16,569
    SOUTHWEST STAGE FUNDING, LLC 1 7.88% $3,100
    The Central Trust Bank 1 6.75% $7,914
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $14,307
    ACADEMY MORTGAGE CORPORATION 1 7.75% $7,742
    JPMorgan Chase Bank 1 7.13% $4,230
    MEGASTAR FINANCIAL CORP. 1 6.13% $6,874
    Mortgage Research Center, LLC 1 6.13% $8,707
    MOVEMENT MORTGAGE, LLC 1 6.75% $8,501
    CALIBER HOME LOANS, INC. 1 5.63% $8,418
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $9,777
    Flagstar Bank, FSB 1 6.75% $10,202
    Paramount Residential Mortgage Group, Inc. 1 6.00% $13,852

    The top Bangor FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 46 FHA loans originated. Their average total fees are $9,753, which is $1,165 lower than the next largest lender, LEADERONE FINANCIAL CORPORATION.

    The lowest fee Bangor FHA lenders (with over 10 loans originated) are Bangor Savings Bank ($7,265), GUILD MORTGAGE COMPANY ($9,322), QUICKEN LOANS, LLC ($9,753), UNITED WHOLESALE MORTGAGE, LLC ($10,327) and LEADERONE FINANCIAL CORPORATION ($10,918).

    The lowest rate Bangor FHA lenders (with over 10 loans originated) are Bangor Savings Bank (6.03%), QUICKEN LOANS, LLC (6.28%), CMG MORTGAGE, INC. (6.30%), LEADERONE FINANCIAL CORPORATION (6.62%) and UNITED WHOLESALE MORTGAGE, LLC (6.66%).

    Bangor FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BANGOR, ME PENOBSCOT 2022 $420,680 $538,650 $651,050 $809,150
    BANGOR, ME PENOBSCOT 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bangor (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 $148,000 (-0.7%) $181,180 (-3.2%) 0.55 789
    2018-02-01 $144,850 (-3.3%) $182,807 (-2.9%) 0.53 723
    2018-03-01 $149,250 (-1.8%) $188,936 (-1.2%) 0.52 712
    2018-04-01 $149,900 (-5.7%) $191,298 (-2.3%) 0.51 727
    2018-05-01 $159,000 (-0.6%) $197,646 (2.2%) 0.53 761
    2018-06-01 $164,000 (2.6%) $202,033 (4.5%) 0.55 816
    2018-07-01 $169,000 (6.3%) $208,976 (10.1%) 0.56 903
    2018-08-01 $166,722 (9.3%) $205,057 (9.0%) 0.56 913
    2018-09-01 $168,000 (8.5%) $198,264 (3.5%) 0.56 883
    2018-10-01 $159,900 (3.2%) $191,212 (-0.7%) 0.54 892
    2018-11-01 $159,900 (6.7%) $190,366 (0.3%) 0.54 848
    2018-12-01 $157,500 (5.4%) $185,087 (-1.0%) 0.54 773
    2019-01-01 $154,900 (4.7%) $182,611 (0.8%) 0.54 712
    2019-02-01 $159,450 (10.1%) $188,379 (3.1%) 0.54 686
    2019-03-01 $162,043 (8.6%) $194,815 (3.1%) 0.53 653
    2019-04-01 $165,575 (10.5%) $199,614 (4.4%) 0.53 628
    2019-05-01 $165,000 (3.8%) $203,114 (2.8%) 0.52 680
    2019-06-01 $169,000 (3.1%) $207,206 (2.6%) 0.53 751
    2019-07-01 $169,900 (0.5%) $207,426 (-0.7%) 0.53 815
    2019-08-01 $169,900 (1.9%) $206,617 (0.8%) 0.54 812
    2019-09-01 $169,900 (1.1%) $209,651 (5.7%) 0.54 766
    2019-10-01 $169,900 (6.3%) $212,039 (10.9%) 0.55 731
    2019-11-01 $169,900 (6.3%) $208,443 (9.5%) 0.56 682
    2019-12-01 $165,000 (4.8%) $207,664 (12.2%) 0.55 624
    2020-01-01 $165,000 (6.5%) $209,794 (14.9%) 0.55 565
    2020-02-01 $165,000 (3.5%) $209,883 (11.4%) 0.54 541
    2020-03-01 $166,475 (2.7%) $212,764 (9.2%) 0.52 527
    2020-04-01 $165,600 (0.0%) $205,152 (2.8%) 0.52 512
    2020-05-01 $179,900 (9.0%) $215,016 (5.9%) 0.55 480
    2020-06-01 $177,425 (5.0%) $217,170 (4.8%) 0.52 451
    2020-07-01 $192,000 (13.0%) $226,109 (9.0%) 0.56 436
    2020-08-01 $184,450 (8.6%) $223,009 (7.9%) 0.53 396
    2020-09-01 $182,700 (7.5%) $219,146 (4.5%) 0.52 396
    2020-10-01 $174,950 (3.0%) $217,465 (2.6%) 0.50 371
    2020-11-01 $179,900 (5.9%) $225,636 (8.3%) 0.53 360
    2020-12-01 $189,225 (14.7%) $232,910 (12.2%) 0.56 325
    2021-01-01 $185,250 (12.3%) $235,518 (12.3%) 0.55 269
    2021-02-01 $204,000 (23.6%) $245,362 (16.9%) 0.59 206
    2021-03-01 $217,175 (30.5%) $255,297 (20.0%) 0.62 185
    2021-04-01 $219,250 (32.4%) $263,925 (28.7%) 0.59 185
    2021-05-01 $229,000 (27.3%) $269,771 (25.5%) 0.61 225
    2021-06-01 $238,700 (34.5%) $280,498 (29.2%) 0.63 275
    2021-07-01 $234,900 (22.3%) $286,166 (26.6%) 0.62 320
    2021-08-01 $227,450 (23.3%) $273,909 (22.8%) 0.61 377
    2021-09-01 $229,900 (25.8%) $273,210 (24.7%) 0.61 377
    2021-10-01 $219,900 (25.7%) $263,683 (21.3%) 0.59 332
    2021-11-01 $219,000 (21.7%) $266,541 (18.1%) 0.59 309
    2021-12-01 $199,975 (5.7%) $265,428 (14.0%) 0.54 259
    2022-01-01 $199,500 (7.7%) $278,439 (18.2%) 0.54 185
    2022-02-01 $199,975 (-2.0%) $282,487 (15.1%) 0.52 175
    2022-03-01 $224,950 (3.6%) $281,311 (10.2%) 0.56 179
    2022-04-01 $239,450 (9.2%) $273,186 (3.5%) 0.57 181
    2022-05-01 $245,500 (7.2%) $276,661 (2.6%) 0.56 225
    2022-06-01 $249,500 (4.5%) $298,761 (6.5%) 0.56 306
    2022-07-01 $248,700 (5.9%) $319,201 (11.5%) 0.56 339
    2022-08-01 $234,950 (3.3%) $312,661 (14.2%) 0.54 357
    2022-09-01 $244,450 (6.3%) $321,540 (17.7%) 0.57 336
    2022-10-01 $249,000 (13.2%) $314,750 (19.4%) 0.59 327
    2022-11-01 $242,250 (10.6%) $303,641 (13.9%) 0.58 305
    2022-12-01 $232,450 (16.2%) $300,355 (13.2%) 0.57 258
    2023-01-01 $229,900 (15.2%) $302,589 (8.7%) 0.57 223
    2023-02-01 $243,350 (21.7%) $316,042 (11.9%) 0.59 199
    2023-03-01 $249,500 (10.9%) $324,152 (15.2%) 0.59 177
    2023-04-01 $265,000 (10.7%) $341,580 (25.0%) 0.62 167
    2023-05-01 $275,750 (12.3%) $345,852 (25.0%) 0.63 182
    2023-06-01 $287,000 (15.0%) $339,285 (13.6%) 0.64 223
    2023-07-01 $299,000 (20.2%) $378,308 (18.5%) 0.68 273
    2023-08-01 $297,000 (26.4%) $377,006 (20.6%) 0.68 294
    2023-09-01 $285,000 (16.6%) $365,000 (13.5%) 0.66 305
    2023-10-01 $289,925 (16.4%) $365,269 (16.1%) 0.68 308
    2023-11-01 $293,950 (21.3%) $352,808 (16.2%) 0.70 314
    2023-12-01 $274,950 (18.3%) $343,521 (14.4%) 0.67 307
    2024-01-01 $278,500 (21.1%) $340,811 (12.6%) 0.68 271
    2024-02-01 $279,725 (15.0%) $353,584 (11.9%) 0.67 219
    2024-03-01 $289,561 (16.1%) $360,059 (11.1%) 0.68 233
    2024-04-01 $297,500 (12.3%) $364,511 (6.7%) 0.69 264
    2024-05-01 $298,000 (8.1%) $367,725 (6.3%) 0.67 293
    2024-06-01 $299,900 (4.5%) $369,240 (8.8%) 0.67 360
    2024-07-01 $306,225 (2.4%) $345,141 (-8.8%) 0.70 393
    2024-08-01 $299,900 (1.0%) $355,453 (-5.7%) 0.70 426
    2024-09-01 $299,000 (4.9%) $349,152 (-4.3%) 0.70 459
    2024-10-01 $299,056 (3.2%) $342,470 (-6.2%) 0.70 473
    2024-11-01 $299,900 (2.0%) $346,328 (-1.8%) 0.72 475
    Bangor's median listing price for 2024-11-01 was $299,900, a difference of $5,950 (2.0%) versus the prior year and $844 versus the prior month.

    Bangor's median listing price comes in at 72% of the national average.

    Bangor's average listing price for 2024-11-01 was $346,328, a difference of $-6,480 (-1.8%) versus the prior year and $3,858 versus the prior month.

    For the 2024-11-01 period, Bangor had 475 MLS listings, a difference of 2 listings (0%) versus the prior month and 161 listings (51%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bangor (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 137 days 1,587 sqft
    2018-02-01 147 days 1,587 sqft
    2018-03-01 144 days 1,586 sqft
    2018-04-01 129 days 1,580 sqft
    2018-05-01 76 days 1,600 sqft
    2018-06-01 59 days 1,604 sqft
    2018-07-01 63 days 1,637 sqft
    2018-08-01 69 days 1,626 sqft
    2018-09-01 78 days 1,624 sqft
    2018-10-01 84 days 1,600 sqft
    2018-11-01 89 days 1,600 sqft
    2018-12-01 105 days 1,600 sqft
    2019-01-01 116 days 1,586 sqft
    2019-02-01 124 days 1,600 sqft
    2019-03-01 118 days 1,613 sqft
    2019-04-01 98 days 1,628 sqft
    2019-05-01 65 days 1,623 sqft
    2019-06-01 50 days 1,627 sqft
    2019-07-01 57 days 1,600 sqft
    2019-08-01 65 days 1,600 sqft
    2019-09-01 75 days 1,600 sqft
    2019-10-01 85 days 1,600 sqft
    2019-11-01 95 days 1,624 sqft
    2019-12-01 99 days 1,632 sqft
    2020-01-01 110 days 1,600 sqft
    2020-02-01 110 days 1,600 sqft
    2020-03-01 114 days 1,593 sqft
    2020-04-01 109 days 1,591 sqft
    2020-05-01 88 days 1,627 sqft
    2020-06-01 66 days 1,623 sqft
    2020-07-01 51 days 1,658 sqft
    2020-08-01 52 days 1,619 sqft
    2020-09-01 48 days 1,600 sqft
    2020-10-01 46 days 1,600 sqft
    2020-11-01 52 days 1,594 sqft
    2020-12-01 61 days 1,609 sqft
    2021-01-01 80 days 1,600 sqft
    2021-02-01 86 days 1,582 sqft
    2021-03-01 68 days 1,600 sqft
    2021-04-01 36 days 1,690 sqft
    2021-05-01 26 days 1,672 sqft
    2021-06-01 25 days 1,615 sqft
    2021-07-01 32 days 1,616 sqft
    2021-08-01 36 days 1,615 sqft
    2021-09-01 46 days 1,645 sqft
    2021-10-01 57 days 1,666 sqft
    2021-11-01 71 days 1,673 sqft
    2021-12-01 78 days 1,556 sqft
    2022-01-01 96 days 1,560 sqft
    2022-02-01 106 days 1,507 sqft
    2022-03-01 60 days 1,500 sqft
    2022-04-01 40 days 1,554 sqft
    2022-05-01 26 days 1,562 sqft
    2022-06-01 24 days 1,554 sqft
    2022-07-01 33 days 1,579 sqft
    2022-08-01 41 days 1,540 sqft
    2022-09-01 50 days 1,645 sqft
    2022-10-01 58 days 1,686 sqft
    2022-11-01 63 days 1,583 sqft
    2022-12-01 85 days 1,510 sqft
    2023-01-01 104 days 1,544 sqft
    2023-02-01 115 days 1,581 sqft
    2023-03-01 109 days 1,622 sqft
    2023-04-01 36 days 1,680 sqft
    2023-05-01 29 days 1,618 sqft
    2023-06-01 28 days 1,623 sqft
    2023-07-01 31 days 1,614 sqft
    2023-08-01 38 days 1,633 sqft
    2023-09-01 41 days 1,605 sqft
    2023-10-01 43 days 1,613 sqft
    2023-11-01 47 days 1,600 sqft
    2023-12-01 65 days 1,598 sqft
    2024-01-01 87 days 1,589 sqft
    2024-02-01 106 days 1,593 sqft
    2024-03-01 70 days 1,525 sqft
    2024-04-01 47 days 1,612 sqft
    2024-05-01 45 days 1,641 sqft
    2024-06-01 41 days 1,632 sqft
    2024-07-01 47 days 1,642 sqft
    2024-08-01 51 days 1,666 sqft
    2024-09-01 51 days 1,640 sqft
    2024-10-01 58 days 1,632 sqft
    2024-11-01 68 days 1,664 sqft
    Bangor's median listing age (time on market) for 2024-11-01 was 68 days. This is 45% longer than the same period one year ago.

    Bangor's median square footage for active listings during the 2024-11-01 period was 1,664 sqft. One year prior, the average listing was 1,600 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).