Bennington FHA Loan Rates, Closing Costs & Stats

Bennington, 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.

    Bennington's 16 lenders originated 37 FHA loans during 2023. The total origination value was $19,845,000, with an average FHA loan value of $536,351.

    Bennington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bennington averaged 6.57% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Bennington's average FHA mortgage closing costs are $7,299.

    The average rate for the prior week (2024-04-05) was 6.59% and one month ago for the week of 2024-03-08, the average rate was 6.53%.

    The average rate one year ago was 6.06%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.84%.

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

    Bennington 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 Bennington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 9 6.16% $10,983
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.96% $10,568
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.58% $8,759
    BROKER SOLUTIONS, INC. 2 6.44% $12,228
    JPMorgan Chase Bank 1 6.25% $11,259
    LEADERONE FINANCIAL CORPORATION 1 6.75% $10,806
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $13,682
    NORWICH COMMERCIAL GROUP, INC. 1 6.13% $8,884
    PENNYMAC LOAN SERVICES, LLC 1 6.13% $8,371
    RELIANCE FIRST CAPITAL, LLC 1 5.50% $15,516
    Union Bank 1 5.75% $7,342
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,506
    U.S. Bank 1 6.88% $14,266
    Carrington Mortgage Services, LLC 1 6.50% $7,970
    EMM LOANS LLC 1 7.00% $9,795
    FREEDOM MORTGAGE CORPORATION 1 7.25% $14,523

    The top Bennington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 9 FHA loans originated. Their average total fees are $10,983, which is $415 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Bennington FHA lenders (with over 10 loans originated) are .

    The lowest rate Bennington FHA lenders (with over 10 loans originated) are .

    Bennington FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bennington (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 $330,250 (7.6%) $468,924 (2.9%) 0.00 487
    2018-02-01 $335,000 (7.3%) $475,937 (3.2%) 0.00 469
    2018-03-01 $335,000 (5.7%) $467,470 (1.4%) 0.00 468
    2018-04-01 $327,000 (2.2%) $460,026 (-0.9%) 0.00 470
    2018-05-01 $321,375 (1.4%) $452,995 (-2.2%) 0.00 480
    2018-06-01 $328,800 (6.2%) $448,591 (-2.1%) 0.00 519
    2018-07-01 $332,350 (4.2%) $449,029 (-3.6%) 0.00 546
    2018-08-01 $329,750 (3.4%) $458,917 (-1.2%) 0.00 560
    2018-09-01 $334,900 (3.1%) $473,383 (2.5%) 0.00 546
    2018-10-01 $337,000 (0.6%) $476,226 (1.9%) 0.00 551
    2018-11-01 $329,000 (-0.6%) $467,665 (-0.8%) 0.00 524
    2018-12-01 $334,900 (1.6%) $479,946 (2.4%) 0.00 488
    2019-01-01 $341,950 (3.5%) $474,728 (1.2%) 0.00 456
    2019-02-01 $344,925 (3.0%) $468,532 (-1.6%) 0.00 452
    2019-03-01 $345,264 (3.1%) $479,964 (2.7%) 0.00 436
    2019-04-01 $341,975 (4.6%) $486,582 (5.8%) 0.00 424
    2019-05-01 $332,000 (3.3%) $467,493 (3.2%) 0.00 425
    2019-06-01 $329,900 (0.3%) $465,569 (3.8%) 0.00 435
    2019-07-01 $345,000 (3.8%) $483,805 (7.7%) 0.00 472
    2019-08-01 $346,336 (5.0%) $494,201 (7.7%) 0.00 460
    2019-09-01 $348,341 (4.0%) $500,484 (5.7%) 0.00 441
    2019-10-01 $349,677 (3.8%) $501,743 (5.4%) 0.00 427
    2019-11-01 $349,900 (6.4%) $500,664 (7.1%) 0.00 399
    2019-12-01 $349,675 (4.4%) $507,398 (5.7%) 0.00 388
    2020-01-01 $345,500 (1.0%) $497,531 (4.8%) 0.00 371
    2020-02-01 $339,000 (-1.7%) $495,739 (5.8%) 0.00 352
    2020-03-01 $348,125 (0.8%) $515,443 (7.4%) 0.00 340
    2020-04-01 $349,475 (2.2%) $530,920 (9.1%) 0.00 318
    2020-05-01 $349,000 (5.1%) $521,910 (11.6%) 0.00 309
    2020-06-01 $348,825 (5.7%) $524,817 (12.7%) 0.00 297
    2020-07-01 $349,450 (1.3%) $569,294 (17.7%) 0.00 288
    2020-08-01 $379,900 (9.7%) $606,470 (22.7%) 0.00 254
    2020-09-01 $398,775 (14.5%) $607,654 (21.4%) 0.00 225
    2020-10-01 $395,000 (13.0%) $622,991 (24.2%) 0.00 203
    2020-11-01 $423,250 (21.0%) $695,596 (38.9%) 0.00 167
    2020-12-01 $439,500 (25.7%) $716,684 (41.3%) 0.00 158
    2021-01-01 $404,000 (16.9%) $704,212 (41.5%) 0.00 144
    2021-02-01 $362,450 (6.9%) $674,224 (36.0%) 0.00 129
    2021-03-01 $387,500 (11.3%) $707,467 (37.3%) 0.00 111
    2021-04-01 $424,000 (21.3%) $737,061 (38.8%) 0.00 106
    2021-05-01 $492,000 (41.0%) $750,453 (43.8%) 0.00 111
    2021-06-01 $477,000 (36.7%) $751,521 (43.2%) 0.00 128
    2021-07-01 $434,000 (24.2%) $734,674 (29.1%) 0.00 135
    2021-08-01 $434,750 (14.4%) $724,792 (19.5%) 0.00 131
    2021-09-01 $437,500 (9.7%) $701,754 (15.5%) 0.00 134
    2021-10-01 $449,900 (13.9%) $720,247 (15.6%) 0.00 108
    2021-11-01 $449,000 (6.1%) $675,807 (-2.8%) 0.00 89
    2021-12-01 $428,750 (-2.5%) $676,423 (-5.6%) 0.00 77
    2022-01-01 $425,000 (5.2%) $708,442 (0.6%) 0.00 59
    2022-02-01 $449,950 (24.1%) $717,520 (6.4%) 0.00 55
    2022-03-01 $437,425 (12.9%) $696,894 (-1.5%) 0.00 55
    2022-04-01 $450,000 (6.1%) $757,228 (2.7%) 0.00 57
    2022-05-01 $462,000 (-6.1%) $818,981 (9.1%) 0.00 73
    2022-06-01 $467,000 (-2.1%) $844,626 (12.4%) 0.00 102
    2022-07-01 $499,000 (15.0%) $843,383 (14.8%) 0.00 121
    2022-08-01 $549,500 (26.4%) $895,507 (23.6%) 0.00 109
    2022-09-01 $550,000 (25.7%) $941,175 (34.1%) 0.00 100
    2022-10-01 $507,000 (12.7%) $859,487 (19.3%) 0.00 98
    2022-11-01 $476,000 (6.0%) $833,164 (23.3%) 0.00 85
    2022-12-01 $479,000 (11.7%) $817,594 (20.9%) 0.00 77
    2023-01-01 $491,000 (15.5%) $839,126 (18.5%) 0.00 73
    2023-02-01 $566,000 (25.8%) $886,082 (23.5%) 0.00 63
    2023-03-01 $477,000 (9.1%) $831,966 (19.4%) 0.00 58
    2023-04-01 $464,000 (3.1%) $850,183 (12.3%) 0.00 54
    2023-05-01 $570,000 (23.4%) $906,117 (10.6%) 0.00 58
    2023-06-01 $609,125 (30.4%) $995,876 (17.9%) 0.00 62
    2023-07-01 $569,000 (14.0%) $870,825 (3.3%) 0.00 72
    2023-08-01 $571,750 (4.1%) $906,093 (1.2%) 0.00 72
    2023-09-01 $575,000 (4.6%) $865,680 (-8.0%) 0.00 89
    2023-10-01 $579,450 (14.3%) $949,311 (10.5%) 0.00 96
    2023-11-01 $550,000 (15.6%) $1,011,265 (21.4%) 0.00 90
    2023-12-01 $612,000 (27.8%) $1,064,126 (30.2%) 0.00 84
    2024-01-01 $699,000 (42.4%) $1,099,900 (31.1%) 0.00 80
    2024-02-01 $705,500 (24.7%) $1,101,987 (24.4%) 0.00 78
    2024-03-01 $725,000 (52.0%) $1,051,957 (26.4%) 0.00 68
    Bennington's median listing price for 2024-03-01 was $725,000, a difference of $248,000 (52.0%) versus the prior year and $19,500 versus the prior month.

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

    Bennington's average listing price for 2024-03-01 was $1,051,957, a difference of $219,991 (26.4%) versus the prior year and $-50,030 versus the prior month.

    For the 2024-03-01 period, Bennington had 68 MLS listings, a difference of -10 listings (-13%) versus the prior month and 10 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bennington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,330 sqft
    2018-02-01 0 days 2,337 sqft
    2018-03-01 0 days 2,335 sqft
    2018-04-01 0 days 2,305 sqft
    2018-05-01 0 days 2,318 sqft
    2018-06-01 0 days 2,342 sqft
    2018-07-01 0 days 2,392 sqft
    2018-08-01 0 days 2,414 sqft
    2018-09-01 0 days 2,424 sqft
    2018-10-01 0 days 2,449 sqft
    2018-11-01 0 days 2,422 sqft
    2018-12-01 0 days 2,490 sqft
    2019-01-01 0 days 2,491 sqft
    2019-02-01 0 days 2,466 sqft
    2019-03-01 0 days 2,474 sqft
    2019-04-01 0 days 2,480 sqft
    2019-05-01 0 days 2,412 sqft
    2019-06-01 0 days 2,400 sqft
    2019-07-01 0 days 2,451 sqft
    2019-08-01 0 days 2,436 sqft
    2019-09-01 0 days 2,444 sqft
    2019-10-01 0 days 2,440 sqft
    2019-11-01 0 days 2,419 sqft
    2019-12-01 0 days 2,404 sqft
    2020-01-01 0 days 2,375 sqft
    2020-02-01 0 days 2,396 sqft
    2020-03-01 0 days 2,476 sqft
    2020-04-01 0 days 2,476 sqft
    2020-05-01 0 days 2,436 sqft
    2020-06-01 0 days 2,446 sqft
    2020-07-01 0 days 2,456 sqft
    2020-08-01 0 days 2,553 sqft
    2020-09-01 0 days 2,460 sqft
    2020-10-01 0 days 2,388 sqft
    2020-11-01 0 days 2,650 sqft
    2020-12-01 0 days 2,597 sqft
    2021-01-01 0 days 2,517 sqft
    2021-02-01 0 days 2,327 sqft
    2021-03-01 0 days 2,393 sqft
    2021-04-01 0 days 2,400 sqft
    2021-05-01 0 days 2,529 sqft
    2021-06-01 0 days 2,484 sqft
    2021-07-01 0 days 2,395 sqft
    2021-08-01 0 days 2,342 sqft
    2021-09-01 0 days 2,344 sqft
    2021-10-01 0 days 2,360 sqft
    2021-11-01 0 days 2,208 sqft
    2021-12-01 0 days 2,167 sqft
    2022-01-01 0 days 2,322 sqft
    2022-02-01 0 days 2,305 sqft
    2022-03-01 0 days 1,930 sqft
    2022-04-01 0 days 2,012 sqft
    2022-05-01 0 days 2,207 sqft
    2022-06-01 0 days 2,283 sqft
    2022-07-01 0 days 2,476 sqft
    2022-08-01 0 days 2,582 sqft
    2022-09-01 0 days 2,584 sqft
    2022-10-01 0 days 2,543 sqft
    2022-11-01 0 days 2,359 sqft
    2022-12-01 0 days 2,350 sqft
    2023-01-01 0 days 2,441 sqft
    2023-02-01 0 days 2,665 sqft
    2023-03-01 0 days 2,502 sqft
    2023-04-01 0 days 2,496 sqft
    2023-05-01 0 days 2,771 sqft
    2023-06-01 0 days 2,910 sqft
    2023-07-01 0 days 2,920 sqft
    2023-08-01 0 days 2,948 sqft
    2023-09-01 0 days 2,588 sqft
    2023-10-01 0 days 2,689 sqft
    2023-11-01 0 days 2,660 sqft
    2023-12-01 0 days 2,701 sqft
    2024-01-01 0 days 2,726 sqft
    2024-02-01 0 days 2,730 sqft
    2024-03-01 0 days 2,774 sqft
    Bennington's median listing age (time on market) for 2024-03-01 was 0 days.

    Bennington's median square footage for active listings during the 2024-03-01 period was 2,774 sqft. One year prior, the average listing was 2,502 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).