Boston FHA Loan Rates, Closing Costs & Stats

BOSTON, MA

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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.

    Boston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Boston averaged 0% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Boston's average FHA mortgage closing costs are $0.

    The average rate for the prior week (2023-11-17) was 0% and one month ago for the week of 2023-10-20, the average rate was 0%.

    The average rate one year ago was 0%.

    For refis of the same type during the week of 2023-11-24, the average rate was 0%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs

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

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

    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%) 1.98 6,009
    2018-03-01 $574,900 (6.5%) $907,026 (4.8%) 2.02 6,566
    2018-04-01 $579,900 (5.5%) $899,962 (2.9%) 1.97 7,728
    2018-05-01 $584,800 (6.2%) $896,076 (3.6%) 1.95 8,784
    2018-06-01 $579,000 (5.3%) $876,191 (2.5%) 1.93 10,209
    2018-07-01 $559,450 (1.9%) $857,061 (1.9%) 1.87 10,107
    2018-08-01 $549,221 (3.6%) $825,035 (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%) $799,549 (-3.4%) 1.86 11,629
    2018-11-01 $539,400 (-0.1%) $798,329 (-3.9%) 1.83 10,958
    2018-12-01 $535,000 (1.1%) $798,852 (-5.6%) 1.85 8,829
    2019-01-01 $533,405 (0.8%) $806,509 (-6.1%) 1.84 7,548
    2019-02-01 $549,450 (1.0%) $851,351 (-2.8%) 1.86 7,342
    2019-03-01 $571,386 (-0.6%) $883,993 (-2.5%) 1.87 8,064
    2019-04-01 $599,900 (3.5%) $914,230 (1.6%) 1.90 8,920
    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%) 1.89 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 (9.9%) $930,307 (15.4%) 1.96 5,784
    2020-02-01 $599,900 (9.2%) $971,649 (14.1%) 1.97 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%) 1.93 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%) 1.93 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%) 1.98 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%) 1.86 4,883
    2021-06-01 $697,225 (6.2%) $1,144,642 (14.2%) 1.84 5,736
    2021-07-01 $669,900 (-1.1%) $1,113,618 (7.5%) 1.77 5,673
    2021-08-01 $650,000 (-3.7%) $1,075,195 (3.1%) 1.73 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%) 1.88 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%) 1.79 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%) 1.67 6,177
    2022-08-01 $725,000 (11.5%) $1,108,093 (3.1%) 1.68 5,758
    2022-09-01 $744,000 (10.9%) $1,145,076 (8.5%) 1.74 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%) $1,199,904 (5.2%) 1.85 4,406
    2023-01-01 $759,450 (6.0%) $1,238,229 (1.5%) 1.88 3,696
    2023-02-01 $799,000 (6.7%) $1,345,477 (8.7%) 1.93 3,433
    2023-03-01 $823,000 (9.8%) $1,387,424 (10.6%) 1.94 3,706
    2023-04-01 $839,000 (12.0%) $1,422,134 (14.4%) 1.95 4,059
    2023-05-01 $867,000 (14.5%) $1,444,067 (16.3%) 1.96 4,315
    2023-06-01 $866,470 (15.5%) $1,425,568 (21.6%) 1.95 4,804
    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
    Boston's median listing price for 2023-10-01 was $837,374, a difference of $88,374 (11.8%) versus the prior year and $-11,626 versus the prior month.

    Boston's median listing price comes in at 197% of the national average.

    Boston's average listing price for 2023-10-01 was $1,400,665, a difference of $231,141 (19.8%) versus the prior year and $-20,077 versus the prior month.

    For the 2023-10-01 period, Boston had 5,351 MLS listings, a difference of 420 listings (9%) versus the prior month and -871 listings (-14%) 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 2,055 sqft
    2018-06-01 32 days 2,044 sqft
    2018-07-01 41 days 2,033 sqft
    2018-08-01 46 days 2,012 sqft
    2018-09-01 44 days 1,989 sqft
    2018-10-01 44 days 1,966 sqft
    2018-11-01 51 days 1,946 sqft
    2018-12-01 65 days 1,936 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 2,036 sqft
    2019-08-01 49 days 2,020 sqft
    2019-09-01 46 days 1,997 sqft
    2019-10-01 44 days 1,983 sqft
    2019-11-01 55 days 1,982 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 1,966 sqft
    2020-07-01 35 days 1,890 sqft
    2020-08-01 37 days 1,842 sqft
    2020-09-01 32 days 1,733 sqft
    2020-10-01 31 days 1,692 sqft
    2020-11-01 47 days 1,668 sqft
    2020-12-01 62 days 1,652 sqft
    2021-01-01 60 days 1,640 sqft
    2021-02-01 33 days 1,652 sqft
    2021-03-01 22 days 1,665 sqft
    2021-04-01 18 days 1,668 sqft
    2021-05-01 19 days 1,693 sqft
    2021-06-01 19 days 1,709 sqft
    2021-07-01 29 days 1,710 sqft
    2021-08-01 31 days 1,709 sqft
    2021-09-01 28 days 1,685 sqft
    2021-10-01 30 days 1,654 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 1,662 sqft
    2022-03-01 18 days 1,672 sqft
    2022-04-01 15 days 1,685 sqft
    2022-05-01 16 days 1,787 sqft
    2022-06-01 18 days 1,813 sqft
    2022-07-01 26 days 1,826 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 60 days 1,841 sqft
    2023-02-01 37 days 1,861 sqft
    2023-03-01 28 days 1,860 sqft
    2023-04-01 25 days 1,850 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 1,878 sqft
    Boston's median listing age (time on market) for 2023-10-01 was 32 days. This is 2% longer than the same period one year ago.

    Boston's median square footage for active listings during the 2023-10-01 period was 1,878 sqft. One year prior, the average listing was 1,813 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).