Barnstable Town FHA Loan Rates, Closing Costs & Stats

BARNSTABLE TOWN, MA

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 6.6% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

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

The average rate for the prior week (2024-05-17) was 6.89% and one month ago for the week of 2024-04-19, the average rate was 6.61%.

The average rate one year ago was 6.34%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.76%.

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
2024-04-01 $997,000 (11.4%) $1,760,863 (1.8%) 2.32 730
Barnstable Town's median listing price for 2024-04-01 was $997,000, a difference of $102,000 (11.4%) versus the prior year and $12,000 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 2024-04-01 was $1,760,863, a difference of $31,099 (1.8%) versus the prior year and $-1,434 versus the prior month.

For the 2024-04-01 period, Barnstable Town had 730 MLS listings, a difference of 89 listings (14%) versus the prior month and 179 listings (32%) 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
2024-04-01 44 days 1,939 sqft
Barnstable Town's median listing age (time on market) for 2024-04-01 was 44 days. This is -4% shorter than the same period one year ago.

Barnstable Town's median square footage for active listings during the 2024-04-01 period was 1,939 sqft. One year prior, the average listing was 1,928 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).