Barnstable Town FHA Loan Rates, Closing Costs & Stats

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 57 lenders originated 375 FHA loans during 2022. The total origination value was $147,015,000, with an average FHA loan value of $392,040.

    Barnstable Town FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Barnstable Town averaged 5.95% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Barnstable Town's average FHA mortgage closing costs are $9,798.

    The average rate for the prior week (2023-11-24) was 6.06% and one month ago for the week of 2023-10-27, the average rate was 6.47%.

    The average rate one year ago was 5.68%.

    For refis of the same type during the week of 2023-12-01, the average rate was 4.99%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Barnstable Town level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 29 4.60% $14,779
    UNITED WHOLESALE MORTGAGE, LLC 28 4.74% $13,852
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 5.34% $13,182
    LOANDEPOT.COM, LLC 16 4.63% $14,845
    CROSSCOUNTRY MORTGAGE, LLC 13 4.56% $15,991
    Shamrock Home Loans, Inc. 13 4.33% $15,055
    FREEDOM MORTGAGE CORPORATION 10 4.06% $13,787
    HOME POINT FINANCIAL CORPORATION 10 4.21% $13,246
    CALIBER HOME LOANS, INC. 8 3.49% $10,610
    RADIUS FINANCIAL GROUP INC. 7 5.20% $12,814
    PENNYMAC LOAN SERVICES, LLC 6 4.77% $11,467
    CARDINAL FINANCIAL 5 4.78% $18,063
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 5.16% $13,439
    NEWREZ LLC 4 4.16% $11,063
    Mr. Cooper ( Nationstar Mortgage ) 4 3.34% $10,966
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.16% $17,934
    OCMBC, INC. 4 5.31% $16,569
    EMM LOANS LLC 3 5.38% $16,718
    AMERISAVE MORTGAGE CORPORATION 3 4.42% $16,007
    EQUITY RESOURCES, INC. 3 5.04% $8,101
    MOVEMENT MORTGAGE, LLC 3 5.25% $16,315
    NFM, INC. 3 5.33% $14,848
    NORTHPOINT MORTGAGE, INC. 2 5.63% $15,836
    Bank of England 2 5.69% $12,385
    Citizens Bank 2 3.75% $10,950
    EMBRACE HOME LOANS, INC. 2 5.06% $12,779
    FINANCE OF AMERICA MORTGAGE LLC 2 5.00% $16,055
    First Guaranty Mortgage Corporation 2 3.25% $13,361
    FIRST HOME MORTGAGE CORPORATION 2 5.25% $16,338
    Flagstar Bank, FSB 2 4.69% $11,327
    GUARANTEED RATE, INC. 2 4.75% $13,518
    GUARANTY HOME MORTGAGE CORPORATION 2 5.94% $11,068
    GUILD MORTGAGE COMPANY 2 3.81% $12,486
    HOMESIDE FINANCIAL, LLC 2 4.44% $15,453
    Northpointe Bank 2 3.75% $12,651
    The Federal Savings Bank 2 3.69% $18,319
    TOP FLITE FINANCIAL, INC. 2 6.00% $30,482
    WILLIAM RAVEIS MORTGAGE, LLC 2 5.56% $14,682
    Nations Lending Corporation 1 6.25% $17,218
    INLAND BANK & TRUST 1 6.50% $18,666
    Hometown Lenders, Inc. 1 5.50% $13,719
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.50% $11,428
    ALLIED MORTGAGE GROUP, INC. 1 3.88% $11,520
    HARBORONE MORTGAGE, LLC 1 3.50% $19,113
    Paramount Residential Mortgage Group, Inc. 1 5.25% $9,945
    FIRST MORTGAGE COMPANY, INC. 1 6.13% $19,069
    EVERETT FINANCIAL, INC. 1 3.38% $9,569
    Envision Bank 1 2.75% $7,656
    Eastern Bank 1 6.99% $16,626
    RELIANCE FIRST CAPITAL, LLC 1 5.50% $15,601
    CONWAY FINANCIAL SERVICES, LLC 1 7.13% $7,352
    Sierra Pacific Mortgage Company, Inc. 1 4.00% $18,000
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 4.75% $24,116
    MID AMERICA MORTGAGE, INC. 1 4.25% $9,877
    LEADERONE FINANCIAL CORPORATION 1 3.50% $11,117
    LAKEVIEW LOAN SERVICING, LLC 1 3.25% $8,758
    NATIONS DIRECT MORTGAGE, LLC 1 3.63% $16,425

    The top Barnstable Town FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 29 FHA loans originated. Their average total fees are $14,779, which is $927 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Barnstable Town FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($13,182), HOME POINT FINANCIAL CORPORATION ($13,246), FREEDOM MORTGAGE CORPORATION ($13,787), UNITED WHOLESALE MORTGAGE, LLC ($13,852) and QUICKEN LOANS, LLC ($14,779).

    The lowest rate Barnstable Town FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (4.06%), HOME POINT FINANCIAL CORPORATION (4.21%), Shamrock Home Loans, Inc. (4.33%), CROSSCOUNTRY MORTGAGE, LLC (4.56%) and QUICKEN LOANS, LLC (4.60%).

    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
    BARNSTABLE TOWN, MA BARNSTABLE 2023 $701,500 $898,050 $1,085,550 $1,349,050

    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 $599,000 (7.2%) $1,007,446 (2.5%) 2.22 1,840
    2018-02-01 $599,000 (3.3%) $996,216 (-0.7%) 2.18 1,836
    2018-03-01 $599,000 (1.1%) $1,029,466 (2.9%) 2.10 1,853
    2018-04-01 $629,000 (5.0%) $1,059,984 (6.1%) 2.13 1,979
    2018-05-01 $625,000 (5.7%) $1,031,014 (8.6%) 2.09 2,199
    2018-06-01 $610,000 (3.0%) $997,553 (5.7%) 2.03 2,377
    2018-07-01 $599,900 (0.8%) $988,660 (3.8%) 2.00 2,480
    2018-08-01 $599,000 (1.7%) $972,358 (0.7%) 2.01 2,592
    2018-09-01 $575,000 (-0.9%) $951,194 (-2.2%) 1.93 2,749
    2018-10-01 $565,450 (-1.7%) $937,328 (-0.9%) 1.92 2,809
    2018-11-01 $577,000 (-1.2%) $952,995 (0.4%) 1.96 2,649
    2018-12-01 $587,000 (-2.0%) $961,734 (-2.6%) 2.02 2,360
    2019-01-01 $569,450 (-4.9%) $956,472 (-5.1%) 1.97 2,064
    2019-02-01 $587,400 (-1.9%) $970,636 (-2.6%) 1.98 2,104
    2019-03-01 $596,714 (-0.4%) $980,222 (-4.8%) 1.95 2,226
    2019-04-01 $599,000 (-4.8%) $972,284 (-8.3%) 1.90 2,406
    2019-05-01 $599,000 (-4.2%) $973,895 (-5.5%) 1.87 2,534
    2019-06-01 $599,000 (-1.8%) $981,944 (-1.6%) 1.87 2,623
    2019-07-01 $599,900 (0.0%) $1,009,729 (2.1%) 1.88 2,618
    2019-08-01 $596,927 (-0.4%) $998,512 (2.7%) 1.89 2,618
    2019-09-01 $592,468 (3.0%) $982,553 (3.3%) 1.90 2,621
    2019-10-01 $587,000 (3.8%) $971,913 (3.7%) 1.89 2,606
    2019-11-01 $575,000 (-0.4%) $980,292 (2.9%) 1.89 2,377
    2019-12-01 $575,000 (-2.0%) $983,376 (2.3%) 1.92 2,092
    2020-01-01 $579,575 (1.8%) $1,007,148 (5.3%) 1.94 1,874
    2020-02-01 $599,900 (2.1%) $1,060,899 (9.3%) 1.97 1,785
    2020-03-01 $601,950 (0.9%) $1,046,568 (6.8%) 1.89 1,932
    2020-04-01 $602,000 (0.5%) $1,040,894 (7.1%) 1.89 1,974
    2020-05-01 $624,000 (4.2%) $1,055,268 (8.4%) 1.90 1,972
    2020-06-01 $642,425 (7.3%) $1,087,840 (10.8%) 1.89 1,737
    2020-07-01 $644,900 (7.5%) $1,127,573 (11.7%) 1.87 1,539
    2020-08-01 $651,491 (9.1%) $1,167,216 (16.9%) 1.87 1,309
    2020-09-01 $693,000 (17.0%) $1,231,651 (25.4%) 1.99 1,205
    2020-10-01 $660,500 (12.5%) $1,225,897 (26.1%) 1.89 1,125
    2020-11-01 $685,000 (19.1%) $1,268,336 (29.4%) 2.00 997
    2020-12-01 $699,000 (21.6%) $1,293,794 (31.6%) 2.08 841
    2021-01-01 $704,450 (21.6%) $1,405,005 (39.5%) 2.10 693
    2021-02-01 $749,475 (24.9%) $1,429,470 (34.7%) 2.18 583
    2021-03-01 $709,450 (17.9%) $1,471,288 (40.6%) 2.01 617
    2021-04-01 $699,500 (16.2%) $1,460,962 (40.4%) 1.89 578
    2021-05-01 $699,900 (12.2%) $1,417,800 (34.4%) 1.86 645
    2021-06-01 $725,000 (12.9%) $1,389,244 (27.7%) 1.91 705
    2021-07-01 $727,000 (12.7%) $1,365,097 (21.1%) 1.92 755
    2021-08-01 $712,950 (9.4%) $1,304,565 (11.8%) 1.90 783
    2021-09-01 $699,250 (0.9%) $1,277,606 (3.7%) 1.86 816
    2021-10-01 $739,450 (12.0%) $1,351,377 (10.2%) 1.97 766
    2021-11-01 $782,450 (14.2%) $1,474,219 (16.2%) 2.09 618
    2021-12-01 $825,000 (18.0%) $1,548,261 (19.7%) 2.24 487
    2022-01-01 $849,000 (20.5%) $1,613,059 (14.8%) 2.30 387
    2022-02-01 $849,500 (13.4%) $1,735,270 (21.4%) 2.21 360
    2022-03-01 $849,675 (19.8%) $1,724,011 (17.2%) 2.13 371
    2022-04-01 $799,995 (14.4%) $1,673,669 (14.6%) 1.91 415
    2022-05-01 $854,500 (22.1%) $1,613,673 (13.8%) 1.95 528
    2022-06-01 $847,500 (16.9%) $1,514,317 (9.0%) 1.89 643
    2022-07-01 $825,000 (13.5%) $1,467,633 (7.5%) 1.86 755
    2022-08-01 $799,900 (12.2%) $1,489,693 (14.2%) 1.85 783
    2022-09-01 $797,000 (14.0%) $1,470,803 (15.1%) 1.86 810
    2022-10-01 $775,000 (4.8%) $1,408,098 (4.2%) 1.82 860
    2022-11-01 $798,000 (2.0%) $1,432,258 (-2.9%) 1.92 829
    2022-12-01 $775,000 (-6.1%) $1,435,233 (-7.3%) 1.91 659
    2023-01-01 $824,000 (-2.9%) $1,478,748 (-8.3%) 2.04 535
    2023-02-01 $874,975 (3.0%) $1,590,661 (-8.3%) 2.11 505
    2023-03-01 $872,450 (2.7%) $1,702,484 (-1.3%) 2.06 507
    2023-04-01 $895,000 (11.9%) $1,729,764 (3.4%) 2.08 551
    2023-05-01 $923,000 (8.0%) $1,712,909 (6.2%) 2.09 620
    2023-06-01 $939,500 (10.9%) $1,722,181 (13.7%) 2.11 677
    2023-07-01 $949,000 (15.0%) $1,738,145 (18.4%) 2.16 688
    2023-08-01 $924,950 (15.6%) $1,769,266 (18.8%) 2.12 719
    2023-09-01 $939,000 (17.8%) $1,668,834 (13.5%) 2.19 762
    2023-10-01 $897,000 (15.7%) $1,580,307 (12.2%) 2.11 852
    2023-11-01 $874,750 (9.6%) $1,573,816 (9.9%) 2.08 846
    Barnstable Town's median listing price for 2023-11-01 was $874,750, a difference of $76,750 (9.6%) versus the prior year and $-22,250 versus the prior month.

    Barnstable Town's median listing price comes in at 208% of the national average.

    Barnstable Town's average listing price for 2023-11-01 was $1,573,816, a difference of $141,558 (9.9%) versus the prior year and $-6,491 versus the prior month.

    For the 2023-11-01 period, Barnstable Town had 846 MLS listings, a difference of -6 listings (-1%) versus the prior month and 17 listings (2%) 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
    2018-01-01 108 days 1,898 sqft
    2018-02-01 112 days 1,905 sqft
    2018-03-01 97 days 1,907 sqft
    2018-04-01 66 days 1,960 sqft
    2018-05-01 57 days 1,954 sqft
    2018-06-01 57 days 1,900 sqft
    2018-07-01 64 days 1,889 sqft
    2018-08-01 71 days 1,860 sqft
    2018-09-01 71 days 1,849 sqft
    2018-10-01 71 days 1,820 sqft
    2018-11-01 77 days 1,830 sqft
    2018-12-01 94 days 1,808 sqft
    2019-01-01 108 days 1,803 sqft
    2019-02-01 114 days 1,807 sqft
    2019-03-01 96 days 1,834 sqft
    2019-04-01 70 days 1,854 sqft
    2019-05-01 64 days 1,820 sqft
    2019-06-01 67 days 1,822 sqft
    2019-07-01 75 days 1,829 sqft
    2019-08-01 80 days 1,830 sqft
    2019-09-01 83 days 1,819 sqft
    2019-10-01 84 days 1,807 sqft
    2019-11-01 86 days 1,806 sqft
    2019-12-01 103 days 1,804 sqft
    2020-01-01 110 days 1,800 sqft
    2020-02-01 104 days 1,848 sqft
    2020-03-01 73 days 1,853 sqft
    2020-04-01 79 days 1,846 sqft
    2020-05-01 89 days 1,848 sqft
    2020-06-01 98 days 1,878 sqft
    2020-07-01 83 days 1,859 sqft
    2020-08-01 74 days 1,858 sqft
    2020-09-01 63 days 1,837 sqft
    2020-10-01 58 days 1,801 sqft
    2020-11-01 67 days 1,771 sqft
    2020-12-01 83 days 1,811 sqft
    2021-01-01 91 days 1,830 sqft
    2021-02-01 98 days 1,831 sqft
    2021-03-01 73 days 1,820 sqft
    2021-04-01 48 days 1,800 sqft
    2021-05-01 41 days 1,820 sqft
    2021-06-01 39 days 1,815 sqft
    2021-07-01 45 days 1,800 sqft
    2021-08-01 47 days 1,784 sqft
    2021-09-01 52 days 1,769 sqft
    2021-10-01 57 days 1,790 sqft
    2021-11-01 67 days 1,804 sqft
    2021-12-01 85 days 1,864 sqft
    2022-01-01 88 days 1,847 sqft
    2022-02-01 71 days 1,894 sqft
    2022-03-01 44 days 1,878 sqft
    2022-04-01 36 days 1,784 sqft
    2022-05-01 31 days 1,869 sqft
    2022-06-01 32 days 1,883 sqft
    2022-07-01 38 days 1,915 sqft
    2022-08-01 47 days 1,976 sqft
    2022-09-01 53 days 1,932 sqft
    2022-10-01 49 days 1,887 sqft
    2022-11-01 51 days 1,858 sqft
    2022-12-01 71 days 1,830 sqft
    2023-01-01 80 days 1,824 sqft
    2023-02-01 84 days 1,926 sqft
    2023-03-01 56 days 1,894 sqft
    2023-04-01 46 days 1,928 sqft
    2023-05-01 41 days 1,892 sqft
    2023-06-01 45 days 1,907 sqft
    2023-07-01 52 days 1,884 sqft
    2023-08-01 54 days 1,884 sqft
    2023-09-01 49 days 1,891 sqft
    2023-10-01 49 days 1,854 sqft
    2023-11-01 53 days 1,773 sqft
    Barnstable Town's median listing age (time on market) for 2023-11-01 was 53 days. This is 2% longer than the same period one year ago.

    Barnstable Town's median square footage for active listings during the 2023-11-01 period was 1,773 sqft. One year prior, the average listing was 1,858 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).