Barre FHA Loan Rates, Closing Costs & Stats

Barre, VT

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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.

    Barre's 20 lenders originated 56 FHA loans during 2023. The total origination value was $14,650,000, with an average FHA loan value of $261,607.

    Barre FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Barre averaged -0.12% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Barre's average FHA mortgage closing costs are $7,907.

    The average rate for the prior week (2024-11-08) was 6.49% and one month ago for the week of 2024-10-11, the average rate was 6.29%.

    The average rate one year ago was 7.13%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

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

    Barre 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 Barre level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 10 6.32% $12,674
    PENNYMAC LOAN SERVICES, LLC 5 6.13% $9,358
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.00% $9,847
    MOVEMENT MORTGAGE, LLC 3 6.58% $10,263
    AMERISAVE MORTGAGE CORPORATION 3 6.00% $19,732
    ACADEMY MORTGAGE CORPORATION 3 7.42% $13,967
    LOANDEPOT.COM, LLC 3 6.79% $15,508
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.31% $14,901
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 7.06% $11,777
    CMG MORTGAGE, INC. 2 6.75% $15,715
    UNITED WHOLESALE MORTGAGE, LLC 1 6.87% $15,540
    American Mortgage & Equity Consultants, Inc. 1 7.13% $10,792
    BROKER SOLUTIONS, INC. 1 7.63% $15,370
    EMM LOANS LLC 1 6.13% $12,162
    FREEDOM MORTGAGE CORPORATION 1 7.25% $14,689
    LEADERONE FINANCIAL CORPORATION 1 7.13% $9,562
    MEMBER FIRST MORTGAGE, LLC 1 7.25% $6,316
    Mortgage Research Center, LLC 1 7.38% $3,736
    Paramount Residential Mortgage Group, Inc. 1 6.25% $7,831
    Union Bank 1 7.13% $13,376

    The top Barre FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 10 FHA loans originated. Their average total fees are $12,674, which is $3,316 higher than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

    The lowest fee Barre FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($12,674), .

    The lowest rate Barre FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.32%), .

    Barre FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BARRE, VT WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
    BARRE, VT WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Barre (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 $285,000 (28.8%) $380,098 (22.7%) 0.00 364
    2018-02-01 $281,175 (25.0%) $376,751 (20.1%) 0.00 355
    2018-03-01 $278,900 (25.4%) $370,665 (19.6%) 0.00 353
    2018-04-01 $275,875 (22.7%) $357,187 (15.3%) 0.00 352
    2018-05-01 $281,500 (21.6%) $358,497 (12.9%) 0.00 360
    2018-06-01 $299,000 (19.9%) $373,243 (17.6%) 0.00 384
    2018-07-01 $295,750 (18.3%) $371,115 (15.4%) 0.00 406
    2018-08-01 $292,250 (12.9%) $365,930 (10.9%) 0.00 416
    2018-09-01 $295,000 (9.3%) $363,756 (1.0%) 0.00 417
    2018-10-01 $297,250 (9.9%) $368,751 (1.4%) 0.00 409
    2018-11-01 $289,900 (9.0%) $370,127 (4.6%) 0.00 386
    2018-12-01 $295,000 (5.7%) $366,507 (-1.1%) 0.00 357
    2019-01-01 $299,450 (5.1%) $369,480 (-2.8%) 0.00 323
    2019-02-01 $285,000 (1.4%) $360,935 (-4.2%) 0.00 319
    2019-03-01 $273,714 (-1.9%) $362,976 (-2.1%) 0.00 319
    2019-04-01 $279,714 (1.4%) $364,227 (2.0%) 0.00 316
    2019-05-01 $295,000 (4.8%) $357,514 (-0.3%) 0.00 335
    2019-06-01 $299,000 (0.0%) $370,828 (-0.7%) 0.00 349
    2019-07-01 $311,250 (5.2%) $367,144 (-1.1%) 0.00 393
    2019-08-01 $308,941 (5.7%) $370,209 (1.2%) 0.00 389
    2019-09-01 $303,602 (2.9%) $367,832 (1.1%) 0.00 385
    2019-10-01 $300,318 (1.0%) $362,027 (-1.8%) 0.00 373
    2019-11-01 $305,000 (5.2%) $362,985 (-1.9%) 0.00 321
    2019-12-01 $317,225 (7.5%) $373,339 (1.9%) 0.00 289
    2020-01-01 $309,875 (3.5%) $368,883 (-0.2%) 0.00 274
    2020-02-01 $315,000 (10.5%) $375,975 (4.2%) 0.00 268
    2020-03-01 $299,925 (9.6%) $369,322 (1.8%) 0.00 258
    2020-04-01 $299,925 (7.2%) $372,765 (2.3%) 0.00 259
    2020-05-01 $300,000 (1.7%) $374,412 (4.7%) 0.00 247
    2020-06-01 $306,075 (2.4%) $386,162 (4.1%) 0.00 246
    2020-07-01 $299,900 (-3.7%) $383,812 (4.5%) 0.00 235
    2020-08-01 $299,900 (-2.9%) $407,425 (10.1%) 0.00 211
    2020-09-01 $297,500 (-2.0%) $412,060 (12.0%) 0.00 204
    2020-10-01 $299,700 (-0.2%) $415,311 (14.7%) 0.00 187
    2020-11-01 $297,625 (-2.4%) $427,914 (17.9%) 0.00 162
    2020-12-01 $299,350 (-5.6%) $454,750 (21.8%) 0.00 151
    2021-01-01 $296,000 (-4.5%) $469,760 (27.4%) 0.00 132
    2021-02-01 $305,150 (-3.1%) $507,140 (34.9%) 0.00 112
    2021-03-01 $329,450 (9.8%) $550,899 (49.2%) 0.00 101
    2021-04-01 $378,500 (26.2%) $589,887 (58.3%) 0.00 91
    2021-05-01 $349,000 (16.3%) $500,748 (33.7%) 0.00 99
    2021-06-01 $319,750 (4.5%) $510,957 (32.3%) 0.00 116
    2021-07-01 $309,000 (3.0%) $474,631 (23.7%) 0.00 129
    2021-08-01 $290,225 (-3.2%) $457,381 (12.3%) 0.00 130
    2021-09-01 $301,225 (1.3%) $463,104 (12.4%) 0.00 113
    2021-10-01 $279,250 (-6.8%) $442,249 (6.5%) 0.00 112
    2021-11-01 $279,950 (-5.9%) $449,017 (4.9%) 0.00 87
    2021-12-01 $286,450 (-4.3%) $454,466 (-0.1%) 0.00 67
    2022-01-01 $269,450 (-9.0%) $455,366 (-3.1%) 0.00 58
    2022-02-01 $287,450 (-5.8%) $419,773 (-17.2%) 0.00 44
    2022-03-01 $283,750 (-13.9%) $447,182 (-18.8%) 0.00 47
    2022-04-01 $347,450 (-8.2%) $461,635 (-21.7%) 0.00 45
    2022-05-01 $381,500 (9.3%) $551,320 (10.1%) 0.00 60
    2022-06-01 $362,250 (13.3%) $524,023 (2.6%) 0.00 73
    2022-07-01 $373,000 (20.7%) $518,662 (9.3%) 0.00 87
    2022-08-01 $357,000 (23.0%) $486,577 (6.4%) 0.00 91
    2022-09-01 $384,000 (27.5%) $480,870 (3.8%) 0.00 93
    2022-10-01 $350,000 (25.3%) $466,822 (5.6%) 0.00 90
    2022-11-01 $367,250 (31.2%) $459,212 (2.3%) 0.00 78
    2022-12-01 $352,000 (22.9%) $463,544 (2.0%) 0.00 58
    2023-01-01 $363,250 (34.8%) $503,938 (10.7%) 0.00 46
    2023-02-01 $344,000 (19.7%) $477,575 (13.8%) 0.00 42
    2023-03-01 $351,975 (24.0%) $478,964 (7.1%) 0.00 40
    2023-04-01 $395,000 (13.7%) $505,997 (9.6%) 0.00 45
    2023-05-01 $417,000 (9.3%) $536,916 (-2.6%) 0.00 50
    2023-06-01 $450,750 (24.4%) $604,431 (15.3%) 0.00 67
    2023-07-01 $497,000 (33.2%) $614,295 (18.4%) 0.00 68
    2023-08-01 $515,500 (44.4%) $673,067 (38.3%) 0.00 84
    2023-09-01 $450,000 (17.2%) $604,714 (25.8%) 0.00 97
    2023-10-01 $409,375 (17.0%) $569,336 (22.0%) 0.00 107
    2023-11-01 $357,200 (-2.7%) $555,767 (21.0%) 0.00 91
    2023-12-01 $379,000 (7.7%) $576,983 (24.5%) 0.00 75
    2024-01-01 $342,500 (-5.7%) $573,141 (13.7%) 0.00 60
    2024-02-01 $391,000 (13.7%) $520,243 (8.9%) 0.00 64
    2024-03-01 $379,000 (7.7%) $491,586 (2.6%) 0.00 70
    2024-04-01 $375,000 (-5.1%) $483,044 (-4.5%) 0.00 76
    2024-05-01 $421,950 (1.2%) $516,075 (-3.9%) 0.00 79
    2024-06-01 $449,250 (-0.3%) $511,065 (-15.5%) 0.00 86
    2024-07-01 $455,750 (-8.3%) $594,090 (-3.3%) 0.00 110
    2024-08-01 $498,000 (-3.4%) $633,775 (-5.8%) 0.00 138
    2024-09-01 $480,000 (6.7%) $654,370 (8.2%) 0.00 152
    2024-10-01 $482,100 (17.8%) $630,758 (10.8%) 0.00 165
    Barre's median listing price for 2024-10-01 was $482,100, a difference of $72,725 (17.8%) versus the prior year and $2,100 versus the prior month.

    Barre's median listing price comes in at 0% of the national average.

    Barre's average listing price for 2024-10-01 was $630,758, a difference of $61,422 (10.8%) versus the prior year and $-23,612 versus the prior month.

    For the 2024-10-01 period, Barre had 165 MLS listings, a difference of 13 listings (9%) versus the prior month and 58 listings (54%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Barre (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,788 sqft
    2018-02-01 0 days 1,763 sqft
    2018-03-01 0 days 1,766 sqft
    2018-04-01 0 days 1,808 sqft
    2018-05-01 0 days 1,886 sqft
    2018-06-01 0 days 1,926 sqft
    2018-07-01 0 days 1,967 sqft
    2018-08-01 0 days 1,932 sqft
    2018-09-01 0 days 1,920 sqft
    2018-10-01 0 days 1,917 sqft
    2018-11-01 0 days 1,920 sqft
    2018-12-01 0 days 1,888 sqft
    2019-01-01 0 days 1,855 sqft
    2019-02-01 0 days 1,812 sqft
    2019-03-01 0 days 1,808 sqft
    2019-04-01 0 days 1,809 sqft
    2019-05-01 0 days 1,864 sqft
    2019-06-01 0 days 1,898 sqft
    2019-07-01 0 days 1,900 sqft
    2019-08-01 0 days 1,899 sqft
    2019-09-01 0 days 1,899 sqft
    2019-10-01 0 days 1,892 sqft
    2019-11-01 0 days 1,872 sqft
    2019-12-01 0 days 1,872 sqft
    2020-01-01 0 days 1,867 sqft
    2020-02-01 0 days 1,900 sqft
    2020-03-01 0 days 1,858 sqft
    2020-04-01 0 days 1,830 sqft
    2020-05-01 0 days 1,836 sqft
    2020-06-01 0 days 1,809 sqft
    2020-07-01 0 days 1,824 sqft
    2020-08-01 0 days 1,802 sqft
    2020-09-01 0 days 1,800 sqft
    2020-10-01 0 days 1,800 sqft
    2020-11-01 0 days 1,800 sqft
    2020-12-01 0 days 1,821 sqft
    2021-01-01 0 days 1,777 sqft
    2021-02-01 0 days 1,805 sqft
    2021-03-01 0 days 1,961 sqft
    2021-04-01 0 days 2,015 sqft
    2021-05-01 0 days 1,795 sqft
    2021-06-01 0 days 1,776 sqft
    2021-07-01 0 days 1,740 sqft
    2021-08-01 0 days 1,716 sqft
    2021-09-01 0 days 1,733 sqft
    2021-10-01 0 days 1,786 sqft
    2021-11-01 0 days 1,720 sqft
    2021-12-01 0 days 1,635 sqft
    2022-01-01 0 days 1,579 sqft
    2022-02-01 0 days 1,470 sqft
    2022-03-01 0 days 1,546 sqft
    2022-04-01 0 days 1,587 sqft
    2022-05-01 0 days 1,653 sqft
    2022-06-01 0 days 1,685 sqft
    2022-07-01 0 days 1,725 sqft
    2022-08-01 0 days 1,773 sqft
    2022-09-01 0 days 1,800 sqft
    2022-10-01 0 days 1,800 sqft
    2022-11-01 0 days 1,816 sqft
    2022-12-01 0 days 1,704 sqft
    2023-01-01 0 days 1,685 sqft
    2023-02-01 0 days 1,510 sqft
    2023-03-01 0 days 1,557 sqft
    2023-04-01 0 days 1,649 sqft
    2023-05-01 0 days 1,638 sqft
    2023-06-01 0 days 1,837 sqft
    2023-07-01 0 days 2,007 sqft
    2023-08-01 0 days 2,035 sqft
    2023-09-01 0 days 1,976 sqft
    2023-10-01 0 days 1,823 sqft
    2023-11-01 0 days 1,860 sqft
    2023-12-01 0 days 1,936 sqft
    2024-01-01 0 days 1,891 sqft
    2024-02-01 0 days 1,763 sqft
    2024-03-01 0 days 1,689 sqft
    2024-04-01 0 days 1,669 sqft
    2024-05-01 0 days 1,839 sqft
    2024-06-01 0 days 1,680 sqft
    2024-07-01 0 days 1,973 sqft
    2024-08-01 0 days 2,035 sqft
    2024-09-01 0 days 2,000 sqft
    2024-10-01 0 days 2,008 sqft
    Barre's median listing age (time on market) for 2024-10-01 was 0 days.

    Barre's median square footage for active listings during the 2024-10-01 period was 2,008 sqft. One year prior, the average listing was 1,823 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).