Boston FHA Loan Rates, Closing Costs & Stats

Boston-Cambridge-Newton, MA-NH

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.

Boston's 178 lenders originated 11,073 FHA loans during 2021. The total origination value was $5,129,365,000, with an average FHA loan value of $463,232.

Boston FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Boston averaged 6.25% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

Boston's average FHA mortgage closing costs are $11,033.

The average rate for the prior week (2023-03-10) was 6.59% and one month ago for the week of 2023-02-10, the average rate was 5.8%.

The average rate one year ago was 4.29%.

For refis of the same type during the week of 2023-03-17, the average rate was 6.35%.

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

Boston 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 Boston level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 714 2.64% $10,040
CROSSCOUNTRY MORTGAGE, LLC 631 3.01% $13,732
UNITED WHOLESALE MORTGAGE, LLC 487 2.65% $13,482
LAKEVIEW LOAN SERVICING, LLC 442 2.90% $7,297
RESIDENTIAL MORTGAGE SERVICES, INC. 432 2.88% $12,093
Mr. Cooper ( Nationstar Mortgage ) 401 3.02% $7,260
FREEDOM MORTGAGE CORPORATION 376 2.71% $8,228
GUARANTEED RATE, INC. 310 2.79% $13,923
PENNYMAC LOAN SERVICES, LLC 300 2.88% $8,737
NEWREZ LLC 290 2.81% $10,084
NEW FED MORTGAGE, CORP. 279 2.84% $12,877
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 269 3.11% $12,487
CALIBER HOME LOANS, INC. 264 2.69% $13,318
HOMEBRIDGE FINANCIAL SERVICES, INC. 238 2.84% $11,425
Equity Prime Mortgage LLC 238 3.11% $13,056
LOANDEPOT.COM, LLC 189 3.01% $11,646
TOTAL MORTGAGE SERVICES, LLC 179 3.19% $13,804
PRIMELENDING, A PLAINSCAPITAL COMPANY 173 2.93% $13,926
MSA MORTGAGE, LLC 170 2.65% $14,065
HOME POINT FINANCIAL CORPORATION 149 2.73% $12,211
MORTGAGE EQUITY PARTNERS LLC 108 3.09% $14,068
RADIUS FINANCIAL GROUP INC. 100 2.79% $11,567
Mortgage Network, Inc. 98 3.04% $12,251
First Guaranty Mortgage Corporation 89 2.91% $11,506
Rockland Trust Company 80 2.60% $13,107
CMG MORTGAGE, INC. 79 2.97% $9,896
EMBRACE HOME LOANS, INC. 77 2.97% $10,489
Envision Bank 76 2.81% $10,487
AMERISAVE MORTGAGE CORPORATION 75 2.80% $10,957
MOVEMENT MORTGAGE, LLC 74 3.17% $11,313
Sierra Pacific Mortgage Company, Inc. 65 2.87% $13,704
HARBORONE MORTGAGE, LLC 63 2.94% $11,057
DRAPER AND KRAMER MORTGAGE CORP. 63 3.05% $12,473
ENVOY MORTGAGE, LTD 60 3.11% $11,542
BROKER SOLUTIONS, INC. 59 2.90% $12,604
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 56 2.91% $15,052
Nations Lending Corporation 56 3.17% $13,472
Citizens Bank 53 2.67% $12,686
BAY EQUITY LLC 51 3.03% $14,571
SALEM FIVE MORTGAGE COMPANY, LLC 51 2.60% $11,963
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 50 3.07% $11,867
The Federal Savings Bank 47 2.73% $13,662
LEADERONE FINANCIAL CORPORATION 44 3.24% $10,962
Paramount Residential Mortgage Group, Inc. 42 3.04% $14,469
OCMBC, INC. 39 3.01% $12,633
GUILD MORTGAGE COMPANY 39 3.22% $13,790
Ross Mortgage Company, Inc. 37 2.99% $11,999
FIRST HOME MORTGAGE CORPORATION 37 3.15% $14,160
GUARANTEED RATE AFFINITY, LLC 35 2.78% $11,773
EMM LOANS LLC 35 3.00% $15,074
NFM, INC. 33 3.15% $14,455
Leader Bank 32 2.44% $13,122
AMERICAN FINANCIAL NETWORK, INC. 30 2.85% $17,153
PLAZA HOME MORTGAGE, INC. 29 2.71% $13,581
PRIMARY RESIDENTIAL MORTGAGE, INC. 29 3.36% $12,550
Eastern Bank 28 2.78% $13,546
HOMESPIRE MORTGAGE CORPORATION 28 3.20% $15,595
FINANCE OF AMERICA MORTGAGE LLC 28 2.74% $13,958
Shamrock Home Loans, Inc. 27 3.07% $10,874
RELIANCE FIRST CAPITAL, LLC 27 2.83% $14,829
VILLAGE CAPITAL MORTGAGE 25 2.80% $3,913
Bank of England 24 2.88% $14,843
Home Loan Investment Bank, F.S.B. 23 2.61% $21,770
Evolve Bank & Trust 23 2.86% $12,231
NORTHPOINT MORTGAGE, INC. 21 3.11% $11,581
ARC HOME LLC 19 2.80% $13,162
EQUITY RESOURCES, INC. 19 3.11% $13,326
MUTUAL OF OMAHA MORTGAGE, INC. 18 3.04% $12,004
Flagstar Bank, FSB 18 2.70% $13,019
Mortgage Research Center, LLC 17 2.97% $10,689
NORWICH COMMERCIAL GROUP, INC. 16 3.45% $14,174
DREW MORTGAGE ASSOCIATES, INC. 16 2.92% $13,304
OCEANSIDE MORTGAGE COMPANY 15 2.78% $6,059
HOMESTEAD FUNDING CORP. 15 2.94% $10,224
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 15 2.88% $15,520
METRO 15 2.54% $8,626
Carrington Mortgage Services, LLC 14 3.35% $11,742
Magnolia Bank 14 2.69% $20,058
Republic State Mortgage Co. 14 2.86% $12,641
Northpointe Bank 13 3.07% $11,533
Bank of America 11 2.93% $10,775
The Washington Trust Company, of Westerly 11 2.68% $13,157
Bangor Savings Bank 10 2.54% $12,732
WILLIAM RAVEIS MORTGAGE, LLC 10 3.04% $12,804
ALLIED MORTGAGE GROUP, INC. 10 2.76% $10,844
AmeriHome Mortgage Company, LLC 10 2.83% $6,363
First Savings Bank 10 3.00% $10,328
LENDUS, LLC 10 2.89% $11,713
Waterstone Mortgage Corporation 9 3.35% $12,027
CONWAY FINANCIAL SERVICES, LLC 9 3.36% $10,042
Luxury Mortgage Corp. 8 2.73% $12,871
HOMESIDE FINANCIAL, LLC 8 2.91% $13,961
CONTOUR MORTGAGE CORPORATION 8 3.16% $13,940
The Camden National Bank 8 2.58% $12,483
STEARNS LENDING, LLC 8 2.66% $11,637
ACADEMY MORTGAGE CORPORATION 8 3.27% $13,419
INLAND BANK & TRUST 7 3.00% $14,204
Santander Bank, N.A. 7 2.70% $13,923
PROVINCE MORTGAGE ASSOCIATES, INC. 7 2.98% $12,797
EVERETT FINANCIAL, INC. 7 3.52% $10,529
Residential Mortgage Solutions, Inc. 7 2.96% $10,017
Century Mortgage Company DBA Century Lending Company 6 2.81% $11,706
M&T Bank 6 2.81% $9,864
GUARANTY HOME MORTGAGE CORPORATION 6 2.88% $12,625
First Option Mortgage, LLC 6 3.21% $16,019
InterContinental Capital Group, Inc 5 3.10% $14,670
First Home Bank 5 3.35% $11,930
JPMorgan Chase Bank 5 3.43% $8,211
MID-ISLAND MORTGAGE CORP. 5 3.10% $10,041
Hometown Equity Mortgage, LLC 5 3.00% $14,523
GENEVA FINANCIAL, LLC 5 3.10% $14,332
TD Bank 5 2.85% $11,404
FBC MORTGAGE, LLC 5 2.77% $10,290
Fall River Five Cents Savings Bank 5 2.80% $10,064
Peoples Bank 4 3.38% $12,069
NATIONS DIRECT MORTGAGE, LLC 4 2.94% $14,510
PHH Mortgage Corporation 4 2.91% $9,675
U.S. Bank 4 2.81% $13,732
TJC Mortgage, Inc. 4 3.16% $12,879
AMERICAN FINANCING CORPORATION 4 2.88% $12,610
TOP FLITE FINANCIAL, INC. 3 3.25% $25,680
HUNT MORTGAGE CORPORATION 3 2.96% $13,164
Wells Fargo Bank 3 3.13% $12,666
Network Funding, L.P. 3 2.67% $9,906
Bridgewater Savings Bank 3 2.67% $11,998
MILEND, INC. 3 2.71% $9,587
Blue Ridge Bank 3 3.29% $15,315
Plains Commerce Bank 3 2.71% $12,994
Prime Choice Funding Inc. 3 3.16% $11,699
Patriot Community Bank 3 2.71% $7,671
Poli Mortgage Group, Inc. 3 2.38% $10,077
PLANET HOME LENDING, LLC 3 2.79% $5,949
POLARIS HOME FUNDING CORP. 2 2.75% $16,392
AMERICAN FINANCIAL RESOURCES, INC. 2 3.44% $8,498
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.75% $8,594
Barrington Bank & Trust Company, N.A. 2 2.75% $7,379
CRESCENT MORTGAGE COMPANY 2 2.88% $12,890
First Federal Bank 2 3.38% $15,673
HANCOCK MORTGAGE PARTNERS, LLC 2 2.75% $12,499
Home Mortgage Alliance Corp 2 3.13% $16,066
Hometown Lenders, Inc. 2 3.13% $16,649
INTELLILOAN, INC. 2 3.94% $8,727
LAND HOME FINANCIAL SERVICES, INC. 2 2.88% $22,153
LENOX FINANCIAL MORTGAGE CORPORATION 2 2.94% $11,115
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.00% $22,454
North American Savings Bank, F.S.B. 2 2.31% $4,185
PARKSIDE LENDING, LLC 2 2.88% $8,869
Stifel Bank and Trust 2 2.19% $13,177
US MORTGAGE CORPORATION 2 2.75% $14,002
WESTERN EXPRESS LENDING 2 3.69% $13,375
ZILLOW HOME LOANS, LLC 2 2.63% $13,556
NBKC BANK 1 2.75% $12,385
MLD MORTGAGE INC. 1 2.75% $18,778
Meridian Bank Corporation 1 2.50% $13,969
Wyndham Capital Mortgage, Inc. 1 2.75% $9,086
Sunflower Bank 1 3.13% $26,176
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $5,510
Merchants Bank of Indiana 1 3.25% $13,080
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 3.25% $13,490
LADERA LENDING, INC. 1 3.00% $8,699
KELLER MORTGAGE, LLC 1 2.75% $8,541
TIAA, FSB 1 2.75% $8,605
INTEGRITY MORTGAGE LLC 1 3.63% $15,415
Goldwater Bank, N.A. 1 2.50% $27,781
FirstBank 1 3.00% $7,242
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 3.25% $13,885
Fidelity Bank 1 3.63% $10,458
FAMILY FIRST FUNDING LLC 1 3.13% $16,205
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.00% $28,178
VAN DYK MORTGAGE CORPORATION 1 2.25% $10,276
CELEBRITY HOME LOANS, LLC 1 3.25% $10,860
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $11,132
Webster Bank 1 3.38% $13,628
Atlantic Home Loans, Inc. 1 3.38% $10,821
Prosperity Home Mortgage, LLC 1 4.25% $11,460
PREMIA MORTGAGE, LLC 1 2.99% $7,819
People's United Bank 1 3.25% $9,639
NORTHERN MORTGAGE SERVICES, LLC 1 3.25% $7,710

The top Boston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 714 FHA loans originated. Their average total fees are $10,040, which is $3,693 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Boston FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,913), OCEANSIDE MORTGAGE COMPANY ($6,059), AmeriHome Mortgage Company, LLC ($6,363), Mr. Cooper ( Nationstar Mortgage ) ($7,260) and LAKEVIEW LOAN SERVICING, LLC ($7,297).

The lowest rate Boston FHA lenders (with over 10 loans originated) are Leader Bank (2.44%), Bangor Savings Bank (2.54%), METRO (2.54%), SALEM FIVE MORTGAGE COMPANY, LLC (2.60%) and Rockland Trust Company (2.60%).

Boston FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BOSTON-CAMBRIDGE-NEWTON, MA-NH ESSEX 2022 $770,500 $986,400 $1,192,300 $1,481,750
BOSTON-CAMBRIDGE-NEWTON, MA-NH MIDDLESEX 2022 $770,500 $986,400 $1,192,300 $1,481,750
BOSTON-CAMBRIDGE-NEWTON, MA-NH NORFOLK 2022 $770,500 $986,400 $1,192,300 $1,481,750
BOSTON-CAMBRIDGE-NEWTON, MA-NH PLYMOUTH 2022 $770,500 $986,400 $1,192,300 $1,481,750
BOSTON-CAMBRIDGE-NEWTON, MA-NH SUFFOLK 2022 $770,500 $986,400 $1,192,300 $1,481,750
BOSTON-CAMBRIDGE-NEWTON, MA-NH ROCKINGHAM 2022 $770,500 $986,400 $1,192,300 $1,481,750
BOSTON-CAMBRIDGE-NEWTON, MA-NH STRAFFORD 2022 $770,500 $986,400 $1,192,300 $1,481,750

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Boston (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 $529,450 (6.0%) $858,987 (4.0%) 1.96 6,025
2018-02-01 $543,950 (5.6%) $875,742 (3.2%) 1.97 6,009
2018-03-01 $574,900 (6.5%) $907,100 (4.8%) 2.02 6,566
2018-04-01 $579,900 (5.5%) $899,962 (2.9%) 1.97 7,728
2018-05-01 $584,900 (6.3%) $896,109 (3.6%) 1.95 8,784
2018-06-01 $579,000 (5.3%) $876,249 (2.5%) 1.93 10,209
2018-07-01 $559,450 (1.9%) $857,084 (1.9%) 1.87 10,107
2018-08-01 $549,221 (3.6%) $825,027 (0.4%) 1.84 10,163
2018-09-01 $549,900 (3.8%) $806,874 (-1.5%) 1.85 11,374
2018-10-01 $549,000 (1.7%) $799,602 (-3.6%) 1.86 11,629
2018-11-01 $539,400 (-0.1%) $798,331 (-3.9%) 1.83 10,958
2018-12-01 $535,000 (1.1%) $798,852 (-5.6%) 1.85 8,829
2019-01-01 $533,153 (0.7%) $806,479 (-6.1%) 1.84 7,548
2019-02-01 $549,450 (1.0%) $851,412 (-2.8%) 1.86 7,342
2019-03-01 $571,386 (-0.6%) $883,992 (-2.6%) 1.87 8,069
2019-04-01 $599,900 (3.5%) $914,262 (1.6%) 1.90 8,929
2019-05-01 $602,450 (3.0%) $923,103 (3.0%) 1.88 9,956
2019-06-01 $599,900 (3.6%) $919,140 (4.9%) 1.87 11,103
2019-07-01 $599,900 (7.2%) $910,925 (6.3%) 1.88 10,611
2019-08-01 $595,780 (8.5%) $898,260 (8.9%) 1.88 10,693
2019-09-01 $589,599 (7.2%) $887,145 (10.0%) 1.89 10,888
2019-10-01 $588,033 (7.1%) $889,524 (11.3%) 1.90 11,017
2019-11-01 $589,900 (9.4%) $915,519 (14.7%) 1.93 9,643
2019-12-01 $589,450 (10.2%) $917,012 (14.8%) 1.97 7,015
2020-01-01 $586,450 (10.0%) $930,307 (15.4%) 1.96 5,784
2020-02-01 $599,900 (9.2%) $971,649 (14.1%) 1.95 5,753
2020-03-01 $629,900 (10.2%) $980,194 (10.9%) 1.97 6,620
2020-04-01 $617,450 (2.9%) $945,817 (3.5%) 1.93 6,437
2020-05-01 $629,900 (4.6%) $945,278 (2.4%) 1.91 7,202
2020-06-01 $656,448 (9.4%) $1,002,118 (9.0%) 1.93 7,782
2020-07-01 $677,000 (12.9%) $1,036,368 (13.8%) 1.96 7,393
2020-08-01 $675,000 (13.3%) $1,042,771 (16.1%) 1.93 7,190
2020-09-01 $672,500 (14.1%) $1,038,852 (17.1%) 1.92 7,578
2020-10-01 $665,000 (13.1%) $1,033,066 (16.1%) 1.91 7,945
2020-11-01 $654,450 (10.9%) $1,028,284 (12.3%) 1.91 7,088
2020-12-01 $646,999 (9.8%) $1,004,176 (9.5%) 1.92 5,304
2021-01-01 $659,000 (12.4%) $1,075,105 (15.6%) 1.97 4,101
2021-02-01 $679,450 (13.3%) $1,128,380 (16.1%) 1.97 3,873
2021-03-01 $682,350 (8.3%) $1,144,192 (16.7%) 1.94 4,269
2021-04-01 $694,000 (12.4%) $1,179,216 (24.7%) 1.88 4,775
2021-05-01 $699,900 (11.1%) $1,180,369 (24.9%) 1.85 4,883
2021-06-01 $697,225 (6.2%) $1,144,642 (14.2%) 1.83 5,736
2021-07-01 $669,900 (-1.1%) $1,113,618 (7.5%) 1.76 5,673
2021-08-01 $650,000 (-3.7%) $1,075,195 (3.1%) 1.72 5,572
2021-09-01 $671,000 (-0.2%) $1,055,532 (1.6%) 1.79 6,018
2021-10-01 $679,000 (2.1%) $1,062,841 (2.9%) 1.81 5,926
2021-11-01 $674,520 (3.1%) $1,073,459 (4.4%) 1.80 4,934
2021-12-01 $692,000 (7.0%) $1,141,086 (13.6%) 1.87 3,502
2022-01-01 $716,500 (8.7%) $1,220,200 (13.5%) 1.94 2,675
2022-02-01 $749,000 (10.2%) $1,237,957 (9.7%) 1.95 2,637
2022-03-01 $749,450 (9.8%) $1,253,974 (9.6%) 1.88 2,989
2022-04-01 $749,000 (7.9%) $1,243,220 (5.4%) 1.78 3,700
2022-05-01 $757,500 (8.2%) $1,242,168 (5.2%) 1.73 4,474
2022-06-01 $750,000 (7.6%) $1,172,828 (2.5%) 1.67 5,715
2022-07-01 $739,900 (10.5%) $1,110,720 (-0.3%) 1.66 6,177
2022-08-01 $725,000 (11.5%) $1,108,135 (3.1%) 1.67 5,758
2022-09-01 $744,000 (10.9%) $1,145,197 (8.5%) 1.73 5,912
2022-10-01 $749,000 (10.3%) $1,169,524 (10.0%) 1.76 6,222
2022-11-01 $744,925 (10.4%) $1,176,829 (9.6%) 1.79 5,902
2022-12-01 $749,000 (8.2%) $1,200,260 (5.2%) 1.85 4,406
2023-01-01 $759,450 (6.0%) $1,238,122 (1.5%) 1.87 3,696
2023-02-01 $799,000 (6.7%) $1,345,591 (8.7%) 1.93 3,433
Boston's median listing price for 2023-02-01 was $799,000, a difference of $50,000 (6.7%) versus the prior year and $39,550 versus the prior month.

Boston's median listing price comes in at 193% of the national average.

Boston's average listing price for 2023-02-01 was $1,345,591, a difference of $107,634 (8.7%) versus the prior year and $107,469 versus the prior month.

For the 2023-02-01 period, Boston had 3,433 MLS listings, a difference of -263 listings (-7%) versus the prior month and 796 listings (30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Boston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 79 days 2,008 sqft
2018-02-01 67 days 2,025 sqft
2018-03-01 38 days 2,061 sqft
2018-04-01 31 days 2,042 sqft
2018-05-01 30 days 2,055 sqft
2018-06-01 33 days 2,044 sqft
2018-07-01 44 days 2,033 sqft
2018-08-01 47 days 2,011 sqft
2018-09-01 45 days 1,989 sqft
2018-10-01 45 days 1,966 sqft
2018-11-01 52 days 1,946 sqft
2018-12-01 66 days 1,937 sqft
2019-01-01 73 days 1,907 sqft
2019-02-01 63 days 1,925 sqft
2019-03-01 43 days 1,973 sqft
2019-04-01 34 days 2,025 sqft
2019-05-01 34 days 2,045 sqft
2019-06-01 38 days 2,054 sqft
2019-07-01 49 days 2,036 sqft
2019-08-01 50 days 2,019 sqft
2019-09-01 48 days 1,997 sqft
2019-10-01 46 days 1,983 sqft
2019-11-01 58 days 1,981 sqft
2019-12-01 77 days 1,932 sqft
2020-01-01 81 days 1,909 sqft
2020-02-01 46 days 1,959 sqft
2020-03-01 32 days 2,000 sqft
2020-04-01 46 days 1,996 sqft
2020-05-01 53 days 2,000 sqft
2020-06-01 33 days 1,966 sqft
2020-07-01 37 days 1,890 sqft
2020-08-01 38 days 1,842 sqft
2020-09-01 33 days 1,733 sqft
2020-10-01 32 days 1,692 sqft
2020-11-01 48 days 1,668 sqft
2020-12-01 63 days 1,652 sqft
2021-01-01 62 days 1,640 sqft
2021-02-01 36 days 1,652 sqft
2021-03-01 24 days 1,665 sqft
2021-04-01 19 days 1,668 sqft
2021-05-01 20 days 1,693 sqft
2021-06-01 20 days 1,709 sqft
2021-07-01 30 days 1,710 sqft
2021-08-01 32 days 1,709 sqft
2021-09-01 29 days 1,685 sqft
2021-10-01 30 days 1,654 sqft
2021-11-01 39 days 1,630 sqft
2021-12-01 50 days 1,649 sqft
2022-01-01 57 days 1,650 sqft
2022-02-01 25 days 1,662 sqft
2022-03-01 18 days 1,672 sqft
2022-04-01 16 days 1,685 sqft
2022-05-01 16 days 1,787 sqft
2022-06-01 18 days 1,813 sqft
2022-07-01 27 days 1,826 sqft
2022-08-01 35 days 1,832 sqft
2022-09-01 34 days 1,815 sqft
2022-10-01 32 days 1,812 sqft
2022-11-01 42 days 1,804 sqft
2022-12-01 58 days 1,836 sqft
2023-01-01 63 days 1,841 sqft
2023-02-01 38 days 1,862 sqft
Boston's median listing age (time on market) for 2023-02-01 was 38 days. This is 52% longer than the same period one year ago.

Boston's median square footage for active listings during the 2023-02-01 period was 1,862 sqft. One year prior, the average listing was 1,662 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).