Bangor FHA Loan Rates, Closing Costs & Stats

BANGOR, 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.

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 6.97% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

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

The average rate for the prior week (2024-05-10) was 7.01% and one month ago for the week of 2024-04-12, the average rate was 6.87%.

The average rate one year ago was 6.63%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.94%.

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
Bangor's median listing price for 2024-04-01 was $297,500, a difference of $32,500 (12.3%) versus the prior year and $7,939 versus the prior month.

Bangor's median listing price comes in at 69% of the national average.

Bangor's average listing price for 2024-04-01 was $364,511, a difference of $22,931 (6.7%) versus the prior year and $4,452 versus the prior month.

For the 2024-04-01 period, Bangor had 264 MLS listings, a difference of 31 listings (13%) versus the prior month and 97 listings (58%) 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
Bangor's median listing age (time on market) for 2024-04-01 was 47 days. This is 31% longer than the same period one year ago.

Bangor's median square footage for active listings during the 2024-04-01 period was 1,612 sqft. One year prior, the average listing was 1,680 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).