Bangor FHA Loan Rates, Closing Costs & Stats

BANGOR, 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.

    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 6.72% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.67% and one month ago for the week of 2024-06-14, the average rate was 6.93%.

    The average rate one year ago was 6.62%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.49%.

    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

    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).