Barnstable Town FHA Loans

BARNSTABLE TOWN, MA

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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.

    Barnstable Town's 74 lenders originated 615 FHA loans during 2021. The total origination value was $231,435,000, with an average FHA loan value of $376,317.

    Barnstable Town FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Barnstable Town averaged 5.14% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

    The average rate for the prior week (2022-07-29) was 5.28% and one month ago for the week of 2022-07-01, the average rate was 5.27%.

    The average rate one year ago was 3.07%.

    For refis of the same type during the week of 2022-08-05, the average rate was 5.21%.

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

    Barnstable Town FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Barnstable Town level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 51 2.61% $8,688
    NEWREZ LLC 41 2.64% $9,889
    FREEDOM MORTGAGE CORPORATION 36 2.76% $8,372
    Shamrock Home Loans, Inc. 33 2.97% $11,256
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 3.03% $10,717
    LAKEVIEW LOAN SERVICING, LLC 26 2.83% $6,585
    RESIDENTIAL MORTGAGE SERVICES, INC. 21 2.86% $10,997
    Mr. Cooper ( Nationstar Mortgage ) 17 3.14% $6,628
    HOME POINT FINANCIAL CORPORATION 17 2.76% $10,460
    UNITED WHOLESALE MORTGAGE, LLC 15 2.61% $11,792
    PENNYMAC LOAN SERVICES, LLC 14 2.98% $6,759
    LOANDEPOT.COM, LLC 13 3.21% $10,722
    RADIUS FINANCIAL GROUP INC. 11 2.74% $10,184
    CROSSCOUNTRY MORTGAGE, LLC 11 3.09% $10,966
    EQUITY RESOURCES, INC. 9 3.01% $9,292
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.08% $11,495
    CALIBER HOME LOANS, INC. 6 2.70% $8,816
    WILLIAM RAVEIS MORTGAGE, LLC 6 2.73% $10,220
    OCMBC, INC. 5 2.93% $10,310
    GUARANTEED RATE, INC. 5 2.53% $9,341
    AMERISAVE MORTGAGE CORPORATION 5 2.83% $10,325
    Sierra Pacific Mortgage Company, Inc. 4 2.69% $13,400
    STEARNS LENDING, LLC 4 2.47% $7,509
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.31% $11,693
    VILLAGE CAPITAL & INVESTMENT LLC 4 2.96% $4,059
    First Guaranty Mortgage Corporation 4 2.94% $10,417
    NEW FED MORTGAGE, CORP. 4 2.88% $10,869
    Nations Lending Corporation 4 3.34% $15,635
    BROKER SOLUTIONS, INC. 4 2.59% $11,872
    MUTUAL OF OMAHA MORTGAGE, INC. 3 2.96% $9,948
    TOTAL MORTGAGE SERVICES, LLC 3 2.96% $15,133
    EMBRACE HOME LOANS, INC. 3 3.04% $9,426
    Eastern Bank 3 2.67% $13,323
    FIRST HOME MORTGAGE CORPORATION 3 2.96% $10,277
    Envision Bank 2 3.00% $10,969
    Citizens Bank 2 2.56% $9,018
    Evolve Bank & Trust 2 3.00% $13,651
    MOVEMENT MORTGAGE, LLC 2 2.81% $8,331
    Paramount Residential Mortgage Group, Inc. 2 2.69% $10,059
    PLAZA HOME MORTGAGE, INC. 2 3.50% $9,916
    The Federal Savings Bank 2 2.94% $13,419
    HOMESIDE FINANCIAL, LLC 1 3.50% $7,254
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $7,106
    First Savings Bank 1 3.00% $13,467
    First Home Bank 1 3.25% $13,418
    FBC MORTGAGE, LLC 1 2.25% $8,138
    Northpointe Bank 1 3.25% $12,635
    NORTHPOINT MORTGAGE, INC. 1 2.75% $10,076
    Fall River Five Cents Savings Bank 1 3.00% $9,033
    AMERICAN FINANCIAL NETWORK, INC. 1 3.00% $20,540
    Equity Prime Mortgage LLC 1 3.63% $11,640
    Wells Fargo Bank 1 2.63% $12,717
    Poli Mortgage Group, Inc. 1 2.63% $8,205
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $9,159
    ENVOY MORTGAGE, LTD 1 2.75% $18,110
    ACADEMY MORTGAGE CORPORATION 1 3.75% $12,702
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.25% $15,236
    RELIANCE FIRST CAPITAL, LLC 1 3.25% $8,272
    CONWAY FINANCIAL SERVICES, LLC 1 3.50% $13,159
    Rockland Trust Company 1 2.25% $11,943
    Ross Mortgage Company, Inc. 1 3.00% $14,560
    BAY EQUITY LLC 1 2.99% $11,068
    Bank of England 1 2.75% $8,995
    Bank of America 1 2.63% $8,186
    TD Bank 1 3.00% $12,910
    ALLIED MORTGAGE GROUP, INC. 1 3.00% $7,821
    The Washington Trust Company, of Westerly 1 2.25% $10,831
    TJC Mortgage, Inc. 1 2.88% $12,429
    TOP FLITE FINANCIAL, INC. 1 3.63% $28,935
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $10,666
    LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $16,333
    Leader Bank 1 2.50% $11,601
    Hometown Lenders, Inc. 1 3.25% $12,258
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.50% $10,856

    The top Barnstable Town FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 51 FHA loans originated. Their average total fees are $8,688, which is $1,201 lower than the next largest lender, NEWREZ LLC.

    The lowest fee Barnstable Town FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,585), Mr. Cooper ( Nationstar Mortgage ) ($6,628), PENNYMAC LOAN SERVICES, LLC ($6,759), FREEDOM MORTGAGE CORPORATION ($8,372) and QUICKEN LOANS, LLC ($8,688).

    The lowest rate Barnstable Town FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.61%), UNITED WHOLESALE MORTGAGE, LLC (2.61%), NEWREZ LLC (2.64%), RADIUS FINANCIAL GROUP INC. (2.74%) and FREEDOM MORTGAGE CORPORATION (2.76%).

    Barnstable Town FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BARNSTABLE TOWN, MA BARNSTABLE 2022 $621,000 $795,000 $960,950 $1,194,250

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Barnstable Town (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 $569,500 (4.0%) $968,173 (3.4%) 2.10 2,509
    2018-02-01 $575,000 (1.0%) $964,457 (0.8%) 2.07 2,495
    2018-03-01 $589,000 (1.6%) $984,307 (3.9%) 2.04 2,518
    2018-04-01 $599,900 (0.8%) $1,013,544 (7.0%) 2.01 2,666
    2018-05-01 $599,950 (3.6%) $994,513 (10.5%) 2.00 2,938
    2018-06-01 $599,000 (3.8%) $962,824 (7.2%) 2.00 3,165
    2018-07-01 $599,000 (3.5%) $952,934 (5.5%) 2.00 3,327
    2018-08-01 $579,450 (1.8%) $931,512 (2.8%) 1.94 3,496
    2018-09-01 $559,900 (-1.6%) $913,874 (-1.2%) 1.87 3,709
    2018-10-01 $549,000 (-1.4%) $894,754 (-1.4%) 1.84 3,872
    2018-11-01 $549,900 (-2.7%) $915,245 (0.2%) 1.84 3,675
    2018-12-01 $559,000 (-1.9%) $930,210 (-2.6%) 1.91 3,215
    2019-01-01 $549,000 (-3.6%) $929,131 (-4.0%) 1.89 2,818
    2019-02-01 $567,000 (-1.4%) $942,551 (-2.3%) 1.90 2,887
    2019-03-01 $586,429 (-0.4%) $956,679 (-2.8%) 1.91 3,055
    2019-04-01 $596,000 (-0.7%) $953,503 (-5.9%) 1.88 3,304
    2019-05-01 $596,500 (-0.6%) $953,805 (-4.1%) 1.84 3,532
    2019-06-01 $596,627 (-0.4%) $948,825 (-1.5%) 1.84 3,705
    2019-07-01 $599,000 (0.0%) $966,118 (1.4%) 1.86 3,681
    2019-08-01 $590,857 (2.0%) $959,442 (3.0%) 1.86 3,637
    2019-09-01 $579,500 (3.5%) $947,614 (3.7%) 1.84 3,602
    2019-10-01 $574,900 (4.7%) $936,964 (4.7%) 1.83 3,664
    2019-11-01 $569,000 (3.5%) $957,426 (4.6%) 1.84 3,407
    2019-12-01 $569,000 (1.8%) $967,658 (4.0%) 1.90 2,927
    2020-01-01 $575,000 (4.7%) $1,013,833 (9.1%) 1.92 2,597
    2020-02-01 $599,000 (5.6%) $1,048,432 (11.2%) 1.93 2,530
    2020-03-01 $601,950 (2.7%) $1,033,506 (8.0%) 1.88 2,746
    2020-04-01 $599,900 (0.7%) $1,024,310 (7.4%) 1.87 2,837
    2020-05-01 $619,000 (3.8%) $1,048,747 (10.0%) 1.88 2,779
    2020-06-01 $647,200 (8.5%) $1,086,485 (14.5%) 1.89 2,418
    2020-07-01 $654,450 (9.3%) $1,130,483 (17.0%) 1.88 2,137
    2020-08-01 $675,000 (14.2%) $1,188,906 (23.9%) 1.93 1,802
    2020-09-01 $699,000 (20.6%) $1,298,460 (37.0%) 2.00 1,621
    2020-10-01 $699,500 (21.7%) $1,308,999 (39.7%) 2.00 1,543
    2020-11-01 $699,000 (22.9%) $1,315,257 (37.4%) 2.00 1,354
    2020-12-01 $732,450 (28.7%) $1,357,404 (40.3%) 2.15 1,128
    2021-01-01 $749,900 (30.4%) $1,485,183 (46.5%) 2.21 940
    2021-02-01 $797,000 (33.1%) $1,519,989 (45.0%) 2.29 764
    2021-03-01 $739,450 (22.8%) $1,517,521 (46.8%) 2.07 806
    2021-04-01 $699,450 (16.6%) $1,506,271 (47.1%) 1.88 791
    2021-05-01 $699,900 (13.1%) $1,495,124 (42.6%) 1.84 871
    2021-06-01 $707,000 (9.2%) $1,436,551 (32.2%) 1.84 966
    2021-07-01 $725,000 (10.8%) $1,397,958 (23.7%) 1.88 1,016
    2021-08-01 $727,450 (7.8%) $1,309,900 (10.2%) 1.91 1,078
    2021-09-01 $699,450 (0.1%) $1,295,790 (-0.2%) 1.84 1,133
    2021-10-01 $735,000 (5.1%) $1,377,497 (5.2%) 1.93 1,073
    2021-11-01 $754,000 (7.9%) $1,467,151 (11.6%) 1.99 863
    2021-12-01 $812,500 (10.9%) $1,537,018 (13.2%) 2.17 677
    2022-01-01 $849,000 (13.2%) $1,671,146 (12.5%) 2.26 520
    2022-02-01 $849,450 (6.6%) $1,831,019 (20.5%) 2.16 477
    2022-03-01 $849,450 (14.9%) $1,846,970 (21.7%) 2.10 483
    2022-04-01 $799,500 (14.3%) $1,680,742 (11.6%) 1.88 572
    2022-05-01 $844,500 (20.7%) $1,648,893 (10.3%) 1.89 713
    2022-06-01 $850,000 (20.2%) $1,511,502 (5.2%) 1.89 954
    Barnstable Town's median listing price for 2022-06-01 was $850,000, a difference of $143,000 (20.2%) versus the prior year and $5,500 versus the prior month.

    Barnstable Town's median listing price comes in at 189% of the national average.

    Barnstable Town's average listing price for 2022-06-01 was $1,511,502, a difference of $74,951 (5.2%) versus the prior year and $-137,391 versus the prior month.

    For the 2022-06-01 period, Barnstable Town had 954 MLS listings, a difference of 241 listings (34%) versus the prior month and -12 listings (-1%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Barnstable Town (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 118 days 1,872 sqft
    2018-02-01 122 days 1,906 sqft
    2018-03-01 115 days 1,900 sqft
    2018-04-01 75 days 1,959 sqft
    2018-05-01 69 days 1,965 sqft
    2018-06-01 65 days 1,901 sqft
    2018-07-01 68 days 1,893 sqft
    2018-08-01 76 days 1,859 sqft
    2018-09-01 75 days 1,855 sqft
    2018-10-01 75 days 1,818 sqft
    2018-11-01 81 days 1,820 sqft
    2018-12-01 95 days 1,800 sqft
    2019-01-01 108 days 1,791 sqft
    2019-02-01 113 days 1,807 sqft
    2019-03-01 105 days 1,842 sqft
    2019-04-01 72 days 1,873 sqft
    2019-05-01 66 days 1,846 sqft
    2019-06-01 70 days 1,842 sqft
    2019-07-01 79 days 1,854 sqft
    2019-08-01 91 days 1,838 sqft
    2019-09-01 91 days 1,813 sqft
    2019-10-01 87 days 1,818 sqft
    2019-11-01 87 days 1,820 sqft
    2019-12-01 102 days 1,827 sqft
    2020-01-01 112 days 1,815 sqft
    2020-02-01 107 days 1,865 sqft
    2020-03-01 68 days 1,862 sqft
    2020-04-01 75 days 1,848 sqft
    2020-05-01 90 days 1,869 sqft
    2020-06-01 98 days 1,902 sqft
    2020-07-01 82 days 1,907 sqft
    2020-08-01 68 days 1,900 sqft
    2020-09-01 59 days 1,896 sqft
    2020-10-01 52 days 1,830 sqft
    2020-11-01 58 days 1,800 sqft
    2020-12-01 73 days 1,824 sqft
    2021-01-01 84 days 1,846 sqft
    2021-02-01 92 days 1,836 sqft
    2021-03-01 65 days 1,843 sqft
    2021-04-01 44 days 1,742 sqft
    2021-05-01 37 days 1,778 sqft
    2021-06-01 36 days 1,775 sqft
    2021-07-01 41 days 1,757 sqft
    2021-08-01 43 days 1,761 sqft
    2021-09-01 44 days 1,753 sqft
    2021-10-01 49 days 1,780 sqft
    2021-11-01 58 days 1,806 sqft
    2021-12-01 68 days 1,838 sqft
    2022-01-01 79 days 1,836 sqft
    2022-02-01 62 days 1,822 sqft
    2022-03-01 48 days 1,900 sqft
    2022-04-01 35 days 1,747 sqft
    2022-05-01 32 days 1,830 sqft
    2022-06-01 27 days 1,875 sqft
    Barnstable Town's median listing age (time on market) for 2022-06-01 was 27 days. This is -24% shorter than the same period one year ago.

    Barnstable Town's median square footage for active listings during the 2022-06-01 period was 1,875 sqft. One year prior, the average listing was 1,775 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).