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 47 lenders originated 289 FHA loans during 2023. The total origination value was $122,675,000, with an average FHA loan value of $424,481.

    Barnstable Town FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Barnstable Town averaged 6.34% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Barnstable Town's average FHA mortgage closing costs are $10,368.

    The average rate for the prior week (2024-07-12) was 6.4% and one month ago for the week of 2024-06-14, the average rate was 6.45%.

    The average rate one year ago was 6.94%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.51%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 26 5.97% $16,250
    CROSSCOUNTRY MORTGAGE, LLC 22 7.17% $18,992
    UNITED WHOLESALE MORTGAGE, LLC 20 6.53% $19,779
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.47% $14,139
    LOANDEPOT.COM, LLC 11 6.18% $17,592
    Shamrock Home Loans, Inc. 7 6.14% $16,251
    FIRST MORTGAGE COMPANY, INC. 6 6.21% $19,032
    Flagstar Bank, FSB 6 6.06% $13,998
    FREEDOM MORTGAGE CORPORATION 6 6.58% $19,703
    RADIUS FINANCIAL GROUP INC. 6 7.02% $17,840
    Fall River Five Cents Savings Bank 5 6.90% $12,572
    Sierra Pacific Mortgage Company, Inc. 4 6.25% $15,927
    Keystone Funding, Inc. 4 6.81% $14,810
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.66% $15,085
    PENNYMAC LOAN SERVICES, LLC 4 6.41% $20,975
    MID AMERICA MORTGAGE, INC. 3 7.17% $13,193
    EMM LOANS LLC 3 6.00% $13,753
    GUILD MORTGAGE COMPANY 3 6.46% $15,145
    LAND HOME FINANCIAL SERVICES, INC. 3 7.33% $32,223
    NEWREZ LLC 3 6.42% $14,485
    Paramount Residential Mortgage Group, Inc. 3 7.13% $19,183
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.75% $12,569
    MILEND, INC. 2 6.88% $14,324
    MOVEMENT MORTGAGE, LLC 2 6.75% $10,246
    FIRST HOME MORTGAGE CORPORATION 2 6.88% $18,565
    PHH Mortgage Corporation 2 6.44% $10,783
    Mr. Cooper ( Nationstar Mortgage ) 2 5.63% $26,045
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $11,647
    TOP FLITE FINANCIAL, INC. 1 6.75% $31,666
    NORWICH COMMERCIAL GROUP, INC. 1 6.75% $8,666
    TOTAL MORTGAGE SERVICES, LLC 1 6.50% $18,228
    Plains Commerce Bank 1 7.13% $15,822
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $10,177
    EQUITY RESOURCES, INC. 1 6.25% $5,385
    EMBRACE HOME LOANS, INC. 1 6.25% $10,757
    CONTOUR MORTGAGE CORPORATION 1 5.63% $32,477
    BROKER SOLUTIONS, INC. 1 6.25% $13,765
    TD Bank 1 5.63% $8,064
    JMAC LENDING, INC. 1 6.38% $27,179
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $16,650
    The Federal Savings Bank 1 5.75% $35,063
    GUARANTEED RATE, INC. 1 6.75% $20,681
    Leader Bank 1 5.75% $11,945
    ALLIED MORTGAGE GROUP, INC. 1 7.13% $15,111
    MID-ISLAND MORTGAGE CORP. 1 7.75% $8,237
    MORTGAGE EQUITY PARTNERS LLC 1 6.38% $16,161
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $25,016

    The top Barnstable Town FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 26 FHA loans originated. Their average total fees are $16,250, which is $2,742 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Barnstable Town FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($14,139), QUICKEN LOANS, LLC ($16,250), LOANDEPOT.COM, LLC ($17,592), CROSSCOUNTRY MORTGAGE, LLC ($18,992) and UNITED WHOLESALE MORTGAGE, LLC ($19,779).

    The lowest rate Barnstable Town FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.97%), LOANDEPOT.COM, LLC (6.18%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.47%), UNITED WHOLESALE MORTGAGE, LLC (6.53%) and CROSSCOUNTRY MORTGAGE, LLC (7.17%).

    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

    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).