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 6.61% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.8% and one month ago for the week of 2024-03-15, the average rate was 6.37%.

    The average rate one year ago was 6.09%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.57%.

    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

    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%) $1,007,834 (2.5%) 2.22 1,839
    2018-02-01 $598,950 (3.3%) $996,509 (-0.7%) 2.17 1,835
    2018-03-01 $599,000 (1.1%) $1,029,766 (2.9%) 2.10 1,852
    2018-04-01 $627,000 (4.7%) $1,060,028 (6.2%) 2.13 1,978
    2018-05-01 $625,000 (6.0%) $1,030,757 (8.6%) 2.09 2,199
    2018-06-01 $609,450 (3.0%) $997,054 (5.7%) 2.03 2,378
    2018-07-01 $599,900 (0.8%) $988,458 (3.8%) 2.00 2,481
    2018-08-01 $599,000 (1.7%) $971,948 (0.7%) 2.01 2,594
    2018-09-01 $575,000 (-0.9%) $950,794 (-2.2%) 1.93 2,751
    2018-10-01 $565,000 (-1.7%) $936,945 (-1.0%) 1.91 2,811
    2018-11-01 $576,750 (-1.2%) $952,593 (0.4%) 1.96 2,651
    2018-12-01 $584,500 (-2.3%) $961,055 (-2.7%) 2.02 2,363
    2019-01-01 $569,225 (-5.0%) $955,723 (-5.2%) 1.97 2,068
    2019-02-01 $586,750 (-2.0%) $969,889 (-2.7%) 1.98 2,108
    2019-03-01 $595,043 (-0.7%) $979,561 (-4.9%) 1.95 2,229
    2019-04-01 $598,750 (-4.5%) $971,589 (-8.3%) 1.90 2,408
    2019-05-01 $599,000 (-4.2%) $973,624 (-5.5%) 1.87 2,534
    2019-06-01 $599,000 (-1.7%) $981,607 (-1.6%) 1.87 2,623
    2019-07-01 $599,675 (0.0%) $1,009,547 (2.1%) 1.88 2,617
    2019-08-01 $596,927 (-0.4%) $998,321 (2.7%) 1.89 2,618
    2019-09-01 $592,468 (3.0%) $982,190 (3.3%) 1.90 2,620
    2019-10-01 $586,950 (3.9%) $971,436 (3.7%) 1.89 2,605
    2019-11-01 $575,000 (-0.3%) $979,661 (2.8%) 1.89 2,377
    2019-12-01 $575,000 (-1.6%) $982,714 (2.3%) 1.92 2,093
    2020-01-01 $578,000 (1.5%) $1,006,663 (5.3%) 1.93 1,874
    2020-02-01 $599,900 (2.2%) $1,060,401 (9.3%) 1.96 1,785
    2020-03-01 $601,950 (1.2%) $1,045,989 (6.8%) 1.89 1,934
    2020-04-01 $601,000 (0.4%) $1,040,333 (7.1%) 1.88 1,976
    2020-05-01 $624,000 (4.2%) $1,054,690 (8.3%) 1.90 1,974
    2020-06-01 $639,950 (6.8%) $1,087,158 (10.8%) 1.89 1,739
    2020-07-01 $644,450 (7.5%) $1,127,724 (11.7%) 1.87 1,538
    2020-08-01 $650,000 (8.9%) $1,166,940 (16.9%) 1.86 1,309
    2020-09-01 $693,000 (17.0%) $1,231,651 (25.4%) 1.99 1,205
    2020-10-01 $661,000 (12.6%) $1,226,451 (26.3%) 1.89 1,124
    2020-11-01 $685,000 (19.1%) $1,268,973 (29.5%) 2.00 996
    2020-12-01 $699,000 (21.6%) $1,294,582 (31.7%) 2.08 840
    2021-01-01 $709,000 (22.7%) $1,406,116 (39.7%) 2.12 692
    2021-02-01 $749,475 (24.9%) $1,429,470 (34.8%) 2.18 583
    2021-03-01 $709,450 (17.9%) $1,471,288 (40.7%) 2.01 617
    2021-04-01 $699,500 (16.4%) $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 (13.3%) $1,389,244 (27.8%) 1.91 705
    2021-07-01 $728,000 (13.0%) $1,366,010 (21.1%) 1.92 754
    2021-08-01 $713,225 (9.7%) $1,304,994 (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 (11.9%) $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 (19.6%) 2.23 487
    2022-01-01 $849,000 (19.8%) $1,613,059 (14.7%) 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%) $1,726,101 (17.3%) 2.13 370
    2022-04-01 $799,948 (14.4%) $1,674,882 (14.6%) 1.91 414
    2022-05-01 $854,500 (22.1%) $1,614,580 (13.9%) 1.95 527
    2022-06-01 $848,500 (17.0%) $1,514,105 (9.0%) 1.89 644
    2022-07-01 $825,000 (13.3%) $1,467,633 (7.4%) 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%) $1,433,581 (-7.4%) 1.91 660
    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 (-1.4%) 2.06 507
    2023-04-01 $895,000 (11.9%) $1,729,764 (3.3%) 2.08 551
    2023-05-01 $923,000 (8.0%) $1,712,909 (6.1%) 2.09 620
    2023-06-01 $939,500 (10.7%) $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
    2023-12-01 $882,000 (13.8%) $1,634,152 (14.0%) 2.15 705
    2024-01-01 $929,950 (12.9%) $1,706,350 (15.4%) 2.27 592
    2024-02-01 $915,725 (4.7%) $1,700,646 (6.9%) 2.20 603
    2024-03-01 $985,000 (12.9%) $1,762,297 (3.5%) 2.32 641
    Barnstable Town's median listing price for 2024-03-01 was $985,000, a difference of $112,550 (12.9%) versus the prior year and $69,275 versus the prior month.

    Barnstable Town's median listing price comes in at 232% of the national average.

    Barnstable Town's average listing price for 2024-03-01 was $1,762,297, a difference of $59,813 (3.5%) versus the prior year and $61,651 versus the prior month.

    For the 2024-03-01 period, Barnstable Town had 641 MLS listings, a difference of 38 listings (6%) versus the prior month and 134 listings (26%) 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
    2018-01-01 109 days 1,897 sqft
    2018-02-01 112 days 1,905 sqft
    2018-03-01 95 days 1,906 sqft
    2018-04-01 66 days 1,959 sqft
    2018-05-01 57 days 1,951 sqft
    2018-06-01 57 days 1,899 sqft
    2018-07-01 64 days 1,888 sqft
    2018-08-01 71 days 1,858 sqft
    2018-09-01 71 days 1,848 sqft
    2018-10-01 71 days 1,820 sqft
    2018-11-01 77 days 1,829 sqft
    2018-12-01 94 days 1,806 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 1,829 sqft
    2019-09-01 83 days 1,817 sqft
    2019-10-01 84 days 1,805 sqft
    2019-11-01 86 days 1,804 sqft
    2019-12-01 103 days 1,804 sqft
    2020-01-01 110 days 1,800 sqft
    2020-02-01 105 days 1,848 sqft
    2020-03-01 73 days 1,851 sqft
    2020-04-01 79 days 1,845 sqft
    2020-05-01 89 days 1,848 sqft
    2020-06-01 98 days 1,876 sqft
    2020-07-01 83 days 1,858 sqft
    2020-08-01 74 days 1,858 sqft
    2020-09-01 63 days 1,838 sqft
    2020-10-01 58 days 1,801 sqft
    2020-11-01 67 days 1,773 sqft
    2020-12-01 83 days 1,812 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 1,783 sqft
    2021-09-01 52 days 1,769 sqft
    2021-10-01 57 days 1,792 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 45 days 1,884 sqft
    2022-04-01 36 days 1,788 sqft
    2022-05-01 31 days 1,869 sqft
    2022-06-01 32 days 1,884 sqft
    2022-07-01 38 days 1,920 sqft
    2022-08-01 47 days 1,975 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 1,905 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 1,852 sqft
    2023-11-01 53 days 1,771 sqft
    2023-12-01 71 days 1,828 sqft
    2024-01-01 82 days 1,856 sqft
    2024-02-01 77 days 1,875 sqft
    2024-03-01 52 days 1,920 sqft
    Barnstable Town's median listing age (time on market) for 2024-03-01 was 52 days. This is -7% shorter than the same period one year ago.

    Barnstable Town's median square footage for active listings during the 2024-03-01 period was 1,920 sqft. One year prior, the average listing was 1,894 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).