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 146 lenders originated 4,043 FHA loans during 2023. The total origination value was $1,977,405,000, with an average FHA loan value of $489,093.

Boston FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Boston averaged 6.59% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Boston's average FHA mortgage closing costs are $12,259.

The average rate for the prior week (2024-05-31) was 6.47% and one month ago for the week of 2024-05-03, the average rate was 6.57%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.73%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 352 6.33% $19,745
QUICKEN LOANS, LLC 350 6.11% $18,430
CROSSCOUNTRY MORTGAGE, LLC 312 6.66% $19,176
GUARANTEED RATE, INC. 196 6.47% $18,830
LOANDEPOT.COM, LLC 182 6.37% $17,605
MOVEMENT MORTGAGE, LLC 128 6.69% $18,609
GUILD MORTGAGE COMPANY 127 6.53% $19,513
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 91 6.73% $17,194
TOTAL MORTGAGE SERVICES, LLC 90 6.31% $20,024
NEWREZ LLC 78 6.25% $19,573
NEW FED MORTGAGE, CORP. 75 6.75% $18,605
CMG MORTGAGE, INC. 66 6.95% $17,435
Mr. Cooper ( Nationstar Mortgage ) 54 6.06% $25,059
MORTGAGE EQUITY PARTNERS LLC 54 6.53% $22,314
EMM LOANS LLC 52 6.34% $21,069
RADIUS FINANCIAL GROUP INC. 51 6.63% $19,531
SALEM FIVE MORTGAGE COMPANY, LLC 49 6.70% $16,220
PENNYMAC LOAN SERVICES, LLC 47 6.06% $18,439
BROKER SOLUTIONS, INC. 44 6.60% $19,457
CARDINAL FINANCIAL 44 6.39% $25,148
FREEDOM MORTGAGE CORPORATION 44 6.85% $22,060
PRIMELENDING, A PLAINSCAPITAL COMPANY 43 6.59% $21,236
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 42 6.81% $24,924
HOMEBRIDGE FINANCIAL SERVICES, INC. 38 6.49% $18,215
Leader Bank 36 6.28% $16,927
NATIONS RELIABLE LENDING, LLC 32 6.50% $21,744
Sierra Pacific Mortgage Company, Inc. 31 6.35% $19,988
Fall River Five Cents Savings Bank 30 6.10% $17,708
MUTUAL OF OMAHA MORTGAGE, INC. 30 6.40% $22,096
AMERISAVE MORTGAGE CORPORATION 29 5.91% $22,488
Shamrock Home Loans, Inc. 29 6.62% $20,393
Citizens Bank 28 6.26% $18,155
EMBRACE HOME LOANS, INC. 25 6.37% $16,482
GUARANTEED RATE AFFINITY, LLC 25 6.71% $18,489
HARBORONE MORTGAGE, LLC 23 6.56% $15,310
NATIONS DIRECT MORTGAGE, LLC 21 7.01% $21,618
FIRST HOME MORTGAGE CORPORATION 20 6.68% $23,383
Paramount Residential Mortgage Group, Inc. 20 6.62% $19,356
DRAPER AND KRAMER MORTGAGE CORP. 20 6.69% $18,372
Flagstar Bank, FSB 19 6.25% $14,920
NFM, INC. 18 6.56% $23,674
LAKEVIEW LOAN SERVICING, LLC 17 6.11% $16,683
NORWICH COMMERCIAL GROUP, INC. 16 6.26% $22,321
American Mortgage & Equity Consultants, Inc. 16 6.86% $17,805
Rockland Trust Company 15 6.74% $13,527
ENVOY MORTGAGE, LTD 15 6.69% $16,145
RELIANCE FIRST CAPITAL, LLC 15 6.68% $17,674
Eastern Bank 15 6.59% $15,533
AMERICAN FINANCIAL NETWORK, INC. 15 6.76% $24,480
Home Loan Investment Bank, F.S.B. 14 6.76% $13,018
ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 6.52% $16,817
NORTHPOINT MORTGAGE, INC. 12 6.56% $16,799
U.S. Bank 12 6.51% $13,251
FIRST MORTGAGE COMPANY, INC. 11 6.67% $16,367
Keystone Funding, Inc. 11 6.58% $19,198
The Federal Savings Bank 10 6.50% $26,084
Equity Prime Mortgage LLC 10 6.79% $21,466
DREW MORTGAGE ASSOCIATES, INC. 10 6.33% $14,296
TOP FLITE FINANCIAL, INC. 10 7.00% $27,605
OCMBC, INC. 10 6.96% $20,595
ALLIED MORTGAGE GROUP, INC. 9 6.54% $21,310
LEADERONE FINANCIAL CORPORATION 9 6.94% $13,882
BAY EQUITY LLC 9 6.90% $13,430
Northpointe Bank 9 6.35% $20,767
Evolve Bank & Trust 8 6.50% $18,977
Republic State Mortgage Co. 8 6.67% $19,546
Bank of England 8 6.17% $19,507
Cornerstone First Mortgage, Inc 8 6.52% $18,152
TJC Mortgage, Inc. 8 6.45% $22,259
PLAZA HOME MORTGAGE, INC. 8 6.31% $26,023
Bridgewater Savings Bank 7 6.54% $15,993
The Washington Trust Company, of Westerly 7 6.61% $16,302
PHH Mortgage Corporation 7 6.07% $12,045
Nations Lending Corporation 7 6.77% $17,194
Easthampton Savings Bank 7 6.82% $14,052
JPMorgan Chase Bank 6 6.21% $13,804
Waterstone Mortgage Corporation 6 6.27% $14,683
MILEND, INC. 6 6.48% $20,949
Mortgage Research Center, LLC 6 6.69% $14,307
VILLAGE CAPITAL MORTGAGE 6 6.61% $11,641
Carrington Mortgage Services, LLC 6 6.25% $22,844
PLANET HOME LENDING, LLC 5 5.98% $17,568
Ixonia Bank 5 7.08% $18,901
POLARIS HOME FUNDING CORP. 5 6.60% $19,375
First Federal Bank 5 6.08% $18,186
Magnolia Bank 5 6.38% $31,112
CHURCHILL MORTGAGE CORPORATION 4 5.91% $19,115
HOMESIDE FINANCIAL, LLC 4 6.47% $21,523
LADERA LENDING, INC. 4 6.38% $19,639
Merchants Bank of Indiana 4 6.28% $15,690
The Camden National Bank 4 6.28% $15,913
M&T Bank 4 6.03% $15,083
CONWAY FINANCIAL SERVICES, LLC 4 6.38% $13,791
LIBERTY HOME MORTGAGE CORPORATION 3 7.25% $21,708
AMERICAN FINANCIAL RESOURCES, INC. 3 6.33% $13,181
Berkshire Bank 3 6.00% $13,602
GENEVA FINANCIAL, LLC 3 7.63% $18,746
NBKC BANK 3 6.29% $13,163
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.88% $24,105
PROVINCE MORTGAGE ASSOCIATES, INC. 3 6.83% $13,194
Semper Home Loans, Inc. 3 7.04% $29,274
WILLIAM RAVEIS MORTGAGE, LLC 3 6.29% $16,208
FBC MORTGAGE, LLC 2 6.44% $15,956
EVERETT FINANCIAL, INC. 2 7.38% $17,633
Princeton Mortgage Corporation 2 6.93% $25,314
SUCCESS MORTGAGE PARTNERS, INC. 2 5.94% $11,481
Prosperity Home Mortgage, LLC 2 5.94% $19,406
Plains Commerce Bank 2 6.44% $31,113
TD Bank 2 6.69% $6,701
HOMESTEAD FUNDING CORP. 2 6.81% $9,682
First Savings Bank 2 5.63% $15,795
CONTOUR MORTGAGE CORPORATION 2 5.44% $23,167
BAYSHORE MORTGAGE FUNDING, LLC 2 6.63% $17,252
BAYCOAST MORTGAGE COMPANY, LLC 2 6.50% $15,173
Ross Mortgage Company, Inc. 2 7.44% $11,487
JMAC LENDING, INC. 2 6.88% $16,827
FIRST COMMUNITY MORTGAGE, INC. 2 7.13% $12,480
VAN DYK MORTGAGE CORPORATION 2 6.81% $9,927
ZILLOW HOME LOANS, LLC 2 5.38% $15,763
MID-ISLAND MORTGAGE CORP. 2 6.50% $14,185
MID AMERICA MORTGAGE, INC. 2 7.06% $14,938
NP, Inc. 2 6.56% $14,493
METRO 2 6.50% $13,585
Bangor Savings Bank 1 5.50% $10,360
ARC HOME LLC 1 5.63% $15,683
SUMMIT FUNDING, INC. 1 6.75% $21,677
MEMBERS MORTGAGE COMPANY, INC. 1 6.75% $22,187
LOANPAL, LLC 1 6.75% $14,858
ACADEMY MORTGAGE CORPORATION 1 7.75% $24,155
Lakeview Community Capital, LLC 1 6.75% $25,874
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $13,543
HUNT MORTGAGE CORPORATION 1 6.75% $23,483
Wells Fargo Bank 1 6.63% $14,413
HARTFORD FUNDING, LTD. 1 6.25% $34,881
GUARANTY HOME MORTGAGE CORPORATION 1 6.50% $14,028
Goldwater Bank, N.A. 1 6.25% $21,023
RESIDENTIAL BANCORP 1 7.25% $14,790
Residential Mortgage Solutions, Inc. 1 6.63% $14,581
RUOFF MORTGAGE COMPANY, INC. 1 5.50% $4,987
SIWELL, INC. 1 3.13% $4,216
Meridian Bank Corporation 1 5.75% $8,415
SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $35,561
EQUITY RESOURCES, INC. 1 6.99% $19,893
CRESCENT MORTGAGE COMPANY 1 6.13% $16,778
Barrington Bank & Trust Company, N.A. 1 5.50% $8,551
Bank of America 1 6.88% $22,465

The top Boston FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 352 FHA loans originated. Their average total fees are $19,745, which is $1,315 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Boston FHA lenders (with over 10 loans originated) are Home Loan Investment Bank, F.S.B. ($13,018), U.S. Bank ($13,251), Rockland Trust Company ($13,527), DREW MORTGAGE ASSOCIATES, INC. ($14,296) and Flagstar Bank, FSB ($14,920).

The lowest rate Boston FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.91%), PENNYMAC LOAN SERVICES, LLC (6.06%), Mr. Cooper ( Nationstar Mortgage ) (6.06%), Fall River Five Cents Savings Bank (6.10%) and LAKEVIEW LOAN SERVICING, LLC (6.11%).

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
BOSTON-CAMBRIDGE-NEWTON, MA-NH ESSEX 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
BOSTON-CAMBRIDGE-NEWTON, MA-NH MIDDLESEX 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
BOSTON-CAMBRIDGE-NEWTON, MA-NH NORFOLK 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
BOSTON-CAMBRIDGE-NEWTON, MA-NH PLYMOUTH 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
BOSTON-CAMBRIDGE-NEWTON, MA-NH SUFFOLK 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
BOSTON-CAMBRIDGE-NEWTON, MA-NH ROCKINGHAM 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
BOSTON-CAMBRIDGE-NEWTON, MA-NH STRAFFORD 2023 $828,000 $1,060,000 $1,281,300 $1,592,350

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%) $858,963 (4.0%) 1.96 6,024
2018-02-01 $543,925 (5.6%) $875,791 (3.2%) 1.97 6,008
2018-03-01 $574,900 (6.5%) $907,076 (4.8%) 2.02 6,565
2018-04-01 $579,900 (5.5%) $900,058 (2.9%) 1.97 7,726
2018-05-01 $584,950 (6.2%) $896,235 (3.6%) 1.95 8,781
2018-06-01 $579,000 (5.3%) $876,303 (2.5%) 1.93 10,206
2018-07-01 $559,450 (1.9%) $857,166 (1.9%) 1.87 10,104
2018-08-01 $549,250 (3.6%) $825,147 (0.4%) 1.84 10,159
2018-09-01 $549,900 (3.8%) $806,934 (-1.4%) 1.85 11,372
2018-10-01 $549,000 (1.7%) $799,585 (-3.4%) 1.86 11,626
2018-11-01 $539,450 (-0.1%) $798,226 (-3.9%) 1.83 10,956
2018-12-01 $535,000 (1.1%) $798,662 (-5.6%) 1.85 8,824
2019-01-01 $533,900 (0.8%) $806,251 (-6.1%) 1.84 7,542
2019-02-01 $549,450 (1.0%) $851,143 (-2.8%) 1.86 7,336
2019-03-01 $571,386 (-0.6%) $884,062 (-2.5%) 1.87 8,059
2019-04-01 $599,900 (3.5%) $914,562 (1.6%) 1.90 8,915
2019-05-01 $602,450 (3.0%) $922,731 (3.0%) 1.88 9,950
2019-06-01 $599,900 (3.6%) $918,784 (4.9%) 1.87 11,096
2019-07-01 $599,900 (7.2%) $910,775 (6.3%) 1.88 10,604
2019-08-01 $595,643 (8.5%) $898,138 (8.9%) 1.89 10,685
2019-09-01 $589,259 (7.2%) $887,066 (9.9%) 1.89 10,878
2019-10-01 $587,806 (7.1%) $889,481 (11.2%) 1.90 11,006
2019-11-01 $589,900 (9.4%) $915,321 (14.7%) 1.93 9,635
2019-12-01 $589,450 (10.2%) $917,211 (14.8%) 1.97 7,007
2020-01-01 $586,600 (9.9%) $930,603 (15.4%) 1.96 5,779
2020-02-01 $599,900 (9.2%) $971,896 (14.2%) 1.96 5,750
2020-03-01 $629,900 (10.2%) $980,367 (10.9%) 1.97 6,617
2020-04-01 $617,450 (2.9%) $945,955 (3.4%) 1.93 6,435
2020-05-01 $629,900 (4.6%) $945,400 (2.5%) 1.91 7,200
2020-06-01 $656,699 (9.5%) $1,002,177 (9.1%) 1.93 7,782
2020-07-01 $677,000 (12.9%) $1,036,335 (13.8%) 1.96 7,395
2020-08-01 $675,000 (13.3%) $1,042,698 (16.1%) 1.93 7,191
2020-09-01 $672,500 (14.1%) $1,038,799 (17.1%) 1.93 7,579
2020-10-01 $665,000 (13.1%) $1,033,141 (16.2%) 1.91 7,944
2020-11-01 $654,450 (10.9%) $1,028,460 (12.4%) 1.91 7,085
2020-12-01 $647,450 (9.8%) $1,004,412 (9.5%) 1.93 5,301
2021-01-01 $659,000 (12.3%) $1,075,330 (15.6%) 1.97 4,099
2021-02-01 $679,450 (13.3%) $1,128,313 (16.1%) 1.98 3,872
2021-03-01 $682,250 (8.3%) $1,144,108 (16.7%) 1.94 4,267
2021-04-01 $694,000 (12.4%) $1,179,014 (24.6%) 1.88 4,773
2021-05-01 $699,800 (11.1%) $1,180,392 (24.9%) 1.86 4,879
2021-06-01 $697,225 (6.2%) $1,144,455 (14.2%) 1.84 5,738
2021-07-01 $669,900 (-1.1%) $1,113,575 (7.5%) 1.77 5,674
2021-08-01 $650,000 (-3.7%) $1,075,177 (3.1%) 1.73 5,574
2021-09-01 $671,000 (-0.2%) $1,055,466 (1.6%) 1.79 6,019
2021-10-01 $679,000 (2.1%) $1,062,835 (2.9%) 1.81 5,929
2021-11-01 $674,577 (3.1%) $1,073,504 (4.4%) 1.80 4,935
2021-12-01 $692,000 (6.9%) $1,141,128 (13.6%) 1.87 3,501
2022-01-01 $715,000 (8.5%) $1,220,127 (13.5%) 1.93 2,675
2022-02-01 $749,000 (10.2%) $1,237,957 (9.7%) 1.95 2,637
2022-03-01 $749,450 (9.9%) $1,254,177 (9.6%) 1.88 2,991
2022-04-01 $749,450 (8.0%) $1,243,532 (5.5%) 1.79 3,701
2022-05-01 $757,500 (8.3%) $1,242,269 (5.2%) 1.73 4,474
2022-06-01 $750,000 (7.6%) $1,172,907 (2.5%) 1.67 5,715
2022-07-01 $739,900 (10.5%) $1,110,707 (-0.3%) 1.67 6,177
2022-08-01 $725,000 (11.5%) $1,108,059 (3.1%) 1.68 5,759
2022-09-01 $744,000 (10.9%) $1,144,989 (8.5%) 1.74 5,913
2022-10-01 $749,000 (10.3%) $1,169,410 (10.0%) 1.76 6,223
2022-11-01 $744,925 (10.4%) $1,176,768 (9.6%) 1.79 5,903
2022-12-01 $749,000 (8.2%) $1,199,762 (5.1%) 1.85 4,407
2023-01-01 $759,450 (6.2%) $1,238,021 (1.5%) 1.88 3,697
2023-02-01 $799,000 (6.7%) $1,345,477 (8.7%) 1.93 3,433
2023-03-01 $823,500 (9.9%) $1,387,500 (10.6%) 1.94 3,705
2023-04-01 $839,000 (12.0%) $1,422,134 (14.4%) 1.95 4,059
2023-05-01 $867,125 (14.5%) $1,444,230 (16.3%) 1.97 4,314
2023-06-01 $866,443 (15.5%) $1,425,311 (21.5%) 1.95 4,806
2023-07-01 $849,900 (14.9%) $1,434,805 (29.2%) 1.93 4,538
2023-08-01 $844,200 (16.4%) $1,418,399 (28.0%) 1.94 4,530
2023-09-01 $849,000 (14.1%) $1,420,742 (24.1%) 1.98 4,931
2023-10-01 $837,374 (11.8%) $1,400,665 (19.8%) 1.97 5,351
2023-11-01 $824,500 (10.7%) $1,383,873 (17.6%) 1.96 5,205
2023-12-01 $800,000 (6.8%) $1,388,573 (15.7%) 1.95 4,062
2024-01-01 $809,900 (6.6%) $1,405,646 (13.5%) 1.98 3,369
2024-02-01 $854,450 (6.9%) $1,496,024 (11.2%) 2.06 3,319
2024-03-01 $879,950 (6.9%) $1,528,390 (10.2%) 2.07 3,737
2024-04-01 $869,900 (3.7%) $1,489,605 (4.7%) 2.02 4,365
2024-05-01 $899,900 (3.8%) $1,537,922 (6.5%) 2.03 4,947
Boston's median listing price for 2024-05-01 was $899,900, a difference of $32,775 (3.8%) versus the prior year and $30,000 versus the prior month.

Boston's median listing price comes in at 203% of the national average.

Boston's average listing price for 2024-05-01 was $1,537,922, a difference of $93,692 (6.5%) versus the prior year and $48,317 versus the prior month.

For the 2024-05-01 period, Boston had 4,947 MLS listings, a difference of 582 listings (13%) versus the prior month and 633 listings (15%) 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 73 days 2,007 sqft
2018-02-01 57 days 2,025 sqft
2018-03-01 36 days 2,061 sqft
2018-04-01 29 days 2,042 sqft
2018-05-01 28 days 2,056 sqft
2018-06-01 32 days 2,045 sqft
2018-07-01 41 days 2,034 sqft
2018-08-01 46 days 2,012 sqft
2018-09-01 44 days 1,989 sqft
2018-10-01 44 days 1,967 sqft
2018-11-01 51 days 1,947 sqft
2018-12-01 65 days 1,937 sqft
2019-01-01 71 days 1,907 sqft
2019-02-01 56 days 1,925 sqft
2019-03-01 41 days 1,973 sqft
2019-04-01 32 days 2,025 sqft
2019-05-01 32 days 2,045 sqft
2019-06-01 37 days 2,054 sqft
2019-07-01 47 days 2,037 sqft
2019-08-01 49 days 2,020 sqft
2019-09-01 47 days 1,998 sqft
2019-10-01 45 days 1,983 sqft
2019-11-01 55 days 1,981 sqft
2019-12-01 75 days 1,932 sqft
2020-01-01 78 days 1,909 sqft
2020-02-01 43 days 1,959 sqft
2020-03-01 31 days 2,000 sqft
2020-04-01 45 days 1,996 sqft
2020-05-01 50 days 2,000 sqft
2020-06-01 31 days 1,967 sqft
2020-07-01 35 days 1,890 sqft
2020-08-01 37 days 1,844 sqft
2020-09-01 32 days 1,733 sqft
2020-10-01 31 days 1,692 sqft
2020-11-01 47 days 1,667 sqft
2020-12-01 62 days 1,652 sqft
2021-01-01 60 days 1,639 sqft
2021-02-01 33 days 1,652 sqft
2021-03-01 22 days 1,664 sqft
2021-04-01 18 days 1,668 sqft
2021-05-01 19 days 1,693 sqft
2021-06-01 19 days 1,711 sqft
2021-07-01 29 days 1,711 sqft
2021-08-01 31 days 1,710 sqft
2021-09-01 28 days 1,685 sqft
2021-10-01 30 days 1,656 sqft
2021-11-01 38 days 1,630 sqft
2021-12-01 49 days 1,649 sqft
2022-01-01 54 days 1,650 sqft
2022-02-01 25 days 1,663 sqft
2022-03-01 18 days 1,673 sqft
2022-04-01 15 days 1,685 sqft
2022-05-01 16 days 1,788 sqft
2022-06-01 18 days 1,813 sqft
2022-07-01 26 days 1,825 sqft
2022-08-01 35 days 1,832 sqft
2022-09-01 34 days 1,815 sqft
2022-10-01 31 days 1,813 sqft
2022-11-01 41 days 1,804 sqft
2022-12-01 58 days 1,836 sqft
2023-01-01 61 days 1,840 sqft
2023-02-01 37 days 1,861 sqft
2023-03-01 28 days 1,860 sqft
2023-04-01 25 days 1,849 sqft
2023-05-01 23 days 1,919 sqft
2023-06-01 24 days 1,911 sqft
2023-07-01 36 days 1,896 sqft
2023-08-01 37 days 1,900 sqft
2023-09-01 31 days 1,908 sqft
2023-10-01 32 days 1,879 sqft
2023-11-01 38 days 1,868 sqft
2023-12-01 53 days 1,835 sqft
2024-01-01 53 days 1,814 sqft
2024-02-01 33 days 1,838 sqft
2024-03-01 24 days 1,830 sqft
2024-04-01 24 days 1,808 sqft
2024-05-01 24 days 1,884 sqft
Boston's median listing age (time on market) for 2024-05-01 was 24 days. This is 2% longer than the same period one year ago.

Boston's median square footage for active listings during the 2024-05-01 period was 1,884 sqft. One year prior, the average listing was 1,919 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).