Burlington FHA Loan Rates, Closing Costs & Stats
BURLINGTON-SOUTH BURLINGTON, VT
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.
Burlington's 32 lenders originated 141 FHA loans during 2023. The total origination value was $42,835,000, with an average FHA loan value of $303,794.
Burlington FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Burlington
averaged
5.6%
for the week of 2024-10-04, compared to the national average (all FHA variants) of
5.885% for the same period.
Burlington's average FHA mortgage closing costs are $8,448.
The average rate for the prior week (2024-09-27) was
5.6% and
one month ago for the week of 2024-08-30, the
average rate was 5.85%.
The average rate one year ago was 6.89%.
For refis of the same type during the week of 2024-10-04, the average rate
was 5.35%.
Burlington 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 Burlington level.
The top Burlington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
22 FHA loans originated. Their average total fees are
$14,770, which is $1,344
higher than the next largest lender,
PENNYMAC LOAN SERVICES, LLC.
The lowest fee Burlington FHA lenders (with over 10 loans originated) are
CMG MORTGAGE, INC. ($12,635), PENNYMAC LOAN SERVICES, LLC ($13,426), QUICKEN LOANS, LLC ($14,770), HOMEBRIDGE FINANCIAL SERVICES, INC. ($15,052) and .
The lowest rate Burlington FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (5.98%), PENNYMAC LOAN SERVICES, LLC (6.37%), HOMEBRIDGE FINANCIAL SERVICES, INC. (6.46%), CMG MORTGAGE, INC. (6.78%) and .
Burlington FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
BURLINGTON-SOUTH BURLINGTON, VT | CHITTENDEN | 2022 | $434,700 | $556,500 | $672,650 | $835,950 |
BURLINGTON-SOUTH BURLINGTON, VT | FRANKLIN | 2022 | $434,700 | $556,500 | $672,650 | $835,950 |
BURLINGTON-SOUTH BURLINGTON, VT | GRAND ISLE | 2022 | $434,700 | $556,500 | $672,650 | $835,950 |
BURLINGTON-SOUTH BURLINGTON, VT | CHITTENDEN | 2023 | $492,200 | $630,100 | $761,650 | $946,550 |
BURLINGTON-SOUTH BURLINGTON, VT | FRANKLIN | 2023 | $492,200 | $630,100 | $761,650 | $946,550 |
BURLINGTON-SOUTH BURLINGTON, VT | GRAND ISLE | 2023 | $492,200 | $630,100 | $761,650 | $946,550 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $299,700 (0.6%) | $383,498 (2.5%) | 1.11 | 739 |
2018-02-01 | $299,900 (0.0%) | $387,393 (1.2%) | 1.09 | 707 |
2018-03-01 | $299,950 (-4.8%) | $386,713 (-1.0%) | 1.05 | 728 |
2018-04-01 | $314,950 (0.1%) | $396,415 (3.6%) | 1.07 | 754 |
2018-05-01 | $319,450 (0.0%) | $401,608 (2.8%) | 1.07 | 813 |
2018-06-01 | $320,000 (0.0%) | $401,100 (1.3%) | 1.07 | 907 |
2018-07-01 | $320,892 (-1.0%) | $399,656 (0.9%) | 1.07 | 952 |
2018-08-01 | $317,750 (-0.3%) | $394,423 (0.6%) | 1.06 | 992 |
2018-09-01 | $315,000 (0.2%) | $402,499 (2.2%) | 1.06 | 975 |
2018-10-01 | $309,900 (2.5%) | $399,985 (3.2%) | 1.05 | 961 |
2018-11-01 | $308,500 (2.9%) | $395,877 (3.1%) | 1.05 | 908 |
2018-12-01 | $305,000 (1.7%) | $389,199 (2.2%) | 1.05 | 807 |
2019-01-01 | $305,000 (1.8%) | $379,914 (-0.9%) | 1.05 | 728 |
2019-02-01 | $309,450 (3.2%) | $385,842 (-0.4%) | 1.05 | 718 |
2019-03-01 | $314,929 (5.0%) | $393,548 (1.8%) | 1.03 | 722 |
2019-04-01 | $319,450 (1.4%) | $402,634 (1.6%) | 1.01 | 723 |
2019-05-01 | $320,000 (0.2%) | $408,487 (1.7%) | 1.00 | 756 |
2019-06-01 | $324,900 (1.5%) | $410,875 (2.4%) | 1.02 | 802 |
2019-07-01 | $325,000 (1.3%) | $410,111 (2.6%) | 1.02 | 835 |
2019-08-01 | $326,091 (2.6%) | $415,531 (5.4%) | 1.03 | 853 |
2019-09-01 | $327,727 (4.0%) | $425,862 (5.8%) | 1.05 | 837 |
2019-10-01 | $329,450 (6.3%) | $434,785 (8.7%) | 1.06 | 809 |
2019-11-01 | $329,000 (6.7%) | $430,532 (8.8%) | 1.08 | 725 |
2019-12-01 | $323,600 (6.1%) | $409,136 (5.1%) | 1.08 | 643 |
2020-01-01 | $324,900 (6.5%) | $410,022 (7.9%) | 1.09 | 562 |
2020-02-01 | $325,000 (5.0%) | $413,361 (7.1%) | 1.06 | 536 |
2020-03-01 | $339,900 (7.9%) | $427,432 (8.6%) | 1.07 | 546 |
2020-04-01 | $349,500 (9.4%) | $433,935 (7.8%) | 1.09 | 533 |
2020-05-01 | $350,000 (9.4%) | $445,070 (9.0%) | 1.06 | 546 |
2020-06-01 | $377,000 (16.0%) | $476,105 (15.9%) | 1.11 | 535 |
2020-07-01 | $377,450 (16.1%) | $472,357 (15.2%) | 1.09 | 504 |
2020-08-01 | $369,900 (13.4%) | $481,500 (15.9%) | 1.06 | 469 |
2020-09-01 | $372,450 (13.7%) | $479,793 (12.7%) | 1.07 | 470 |
2020-10-01 | $392,750 (19.2%) | $487,945 (12.2%) | 1.13 | 440 |
2020-11-01 | $393,875 (19.7%) | $492,611 (14.4%) | 1.15 | 384 |
2020-12-01 | $398,000 (23.0%) | $489,074 (19.5%) | 1.18 | 315 |
2021-01-01 | $399,000 (22.8%) | $472,510 (15.2%) | 1.19 | 274 |
2021-02-01 | $397,888 (22.4%) | $487,772 (18.0%) | 1.16 | 222 |
2021-03-01 | $422,950 (24.4%) | $524,182 (22.6%) | 1.20 | 219 |
2021-04-01 | $419,975 (20.2%) | $499,073 (15.0%) | 1.14 | 259 |
2021-05-01 | $419,900 (20.0%) | $509,262 (14.4%) | 1.12 | 268 |
2021-06-01 | $427,250 (13.3%) | $502,218 (5.5%) | 1.12 | 319 |
2021-07-01 | $420,000 (11.3%) | $498,207 (5.5%) | 1.11 | 340 |
2021-08-01 | $429,950 (16.2%) | $502,600 (4.4%) | 1.15 | 321 |
2021-09-01 | $424,925 (14.1%) | $512,204 (6.8%) | 1.13 | 300 |
2021-10-01 | $424,900 (8.2%) | $508,813 (4.3%) | 1.13 | 247 |
2021-11-01 | $401,250 (1.9%) | $512,178 (4.0%) | 1.07 | 223 |
2021-12-01 | $421,225 (5.8%) | $529,827 (8.3%) | 1.14 | 184 |
2022-01-01 | $430,000 (7.8%) | $504,104 (6.7%) | 1.16 | 138 |
2022-02-01 | $451,888 (13.6%) | $495,080 (1.5%) | 1.18 | 130 |
2022-03-01 | $459,725 (8.7%) | $510,896 (-2.5%) | 1.15 | 137 |
2022-04-01 | $429,900 (2.4%) | $495,522 (-0.7%) | 1.02 | 159 |
2022-05-01 | $437,000 (4.1%) | $533,471 (4.8%) | 1.00 | 182 |
2022-06-01 | $480,750 (12.5%) | $565,683 (12.6%) | 1.07 | 237 |
2022-07-01 | $475,000 (13.1%) | $558,955 (12.2%) | 1.07 | 265 |
2022-08-01 | $466,950 (8.6%) | $573,833 (14.2%) | 1.08 | 252 |
2022-09-01 | $467,225 (10.0%) | $555,807 (8.5%) | 1.09 | 254 |
2022-10-01 | $469,900 (10.6%) | $549,457 (8.0%) | 1.11 | 261 |
2022-11-01 | $462,425 (15.3%) | $589,776 (15.2%) | 1.11 | 239 |
2022-12-01 | $479,000 (13.7%) | $609,726 (15.1%) | 1.18 | 188 |
2023-01-01 | $461,200 (7.3%) | $624,516 (23.9%) | 1.14 | 166 |
2023-02-01 | $468,675 (3.7%) | $620,194 (25.3%) | 1.13 | 170 |
2023-03-01 | $479,000 (4.2%) | $628,909 (23.1%) | 1.13 | 159 |
2023-04-01 | $472,200 (9.8%) | $536,822 (8.3%) | 1.10 | 180 |
2023-05-01 | $490,000 (12.1%) | $554,491 (3.9%) | 1.11 | 212 |
2023-06-01 | $498,950 (3.8%) | $601,383 (6.3%) | 1.12 | 221 |
2023-07-01 | $492,200 (3.6%) | $607,856 (8.8%) | 1.12 | 256 |
2023-08-01 | $497,750 (6.6%) | $623,350 (8.6%) | 1.14 | 275 |
2023-09-01 | $495,000 (5.9%) | $635,538 (14.3%) | 1.15 | 287 |
2023-10-01 | $499,000 (6.2%) | $739,230 (34.5%) | 1.17 | 285 |
2023-11-01 | $517,438 (11.9%) | $737,738 (25.1%) | 1.23 | 286 |
2023-12-01 | $509,850 (6.4%) | $746,266 (22.4%) | 1.24 | 229 |
2024-01-01 | $522,450 (13.3%) | $780,416 (25.0%) | 1.28 | 207 |
2024-02-01 | $515,000 (9.9%) | $696,461 (12.3%) | 1.24 | 191 |
2024-03-01 | $499,000 (4.2%) | $686,988 (9.2%) | 1.17 | 216 |
2024-04-01 | $499,000 (5.7%) | $723,645 (34.8%) | 1.16 | 221 |
2024-05-01 | $549,925 (12.2%) | $753,484 (35.9%) | 1.24 | 283 |
2024-06-01 | $550,000 (10.2%) | $751,295 (24.9%) | 1.24 | 363 |
2024-07-01 | $544,250 (10.6%) | $742,521 (22.2%) | 1.24 | 395 |
2024-08-01 | $524,900 (5.5%) | $728,387 (16.9%) | 1.22 | 428 |
2024-09-01 | $499,000 (0.8%) | $715,776 (12.6%) | 0.00 | 452 |
Burlington's median listing price comes in at 0% of the national average.
Burlington's average listing price for 2024-09-01 was $715,776, a difference of $80,238 (12.6%) versus the prior year and $-12,611 versus the prior month.
For the 2024-09-01 period, Burlington had 452 MLS listings, a difference of 24 listings (6%) versus the prior month and 165 listings (57%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 122 days | 1,900 sqft |
2018-02-01 | 128 days | 1,900 sqft |
2018-03-01 | 111 days | 1,904 sqft |
2018-04-01 | 64 days | 1,904 sqft |
2018-05-01 | 51 days | 1,909 sqft |
2018-06-01 | 50 days | 1,918 sqft |
2018-07-01 | 59 days | 1,937 sqft |
2018-08-01 | 68 days | 1,915 sqft |
2018-09-01 | 72 days | 1,922 sqft |
2018-10-01 | 83 days | 1,913 sqft |
2018-11-01 | 91 days | 1,900 sqft |
2018-12-01 | 106 days | 1,873 sqft |
2019-01-01 | 121 days | 1,872 sqft |
2019-02-01 | 128 days | 1,887 sqft |
2019-03-01 | 107 days | 1,895 sqft |
2019-04-01 | 81 days | 1,903 sqft |
2019-05-01 | 64 days | 1,960 sqft |
2019-06-01 | 48 days | 1,922 sqft |
2019-07-01 | 56 days | 1,922 sqft |
2019-08-01 | 62 days | 1,941 sqft |
2019-09-01 | 69 days | 1,970 sqft |
2019-10-01 | 73 days | 1,988 sqft |
2019-11-01 | 80 days | 1,993 sqft |
2019-12-01 | 99 days | 1,930 sqft |
2020-01-01 | 106 days | 1,911 sqft |
2020-02-01 | 103 days | 1,927 sqft |
2020-03-01 | 70 days | 1,933 sqft |
2020-04-01 | 77 days | 1,935 sqft |
2020-05-01 | 71 days | 1,964 sqft |
2020-06-01 | 49 days | 2,008 sqft |
2020-07-01 | 52 days | 1,992 sqft |
2020-08-01 | 52 days | 2,000 sqft |
2020-09-01 | 46 days | 1,979 sqft |
2020-10-01 | 53 days | 1,904 sqft |
2020-11-01 | 69 days | 1,904 sqft |
2020-12-01 | 86 days | 1,894 sqft |
2021-01-01 | 102 days | 1,872 sqft |
2021-02-01 | 87 days | 1,857 sqft |
2021-03-01 | 33 days | 1,880 sqft |
2021-04-01 | 19 days | 1,872 sqft |
2021-05-01 | 27 days | 1,828 sqft |
2021-06-01 | 21 days | 1,857 sqft |
2021-07-01 | 26 days | 1,848 sqft |
2021-08-01 | 35 days | 1,901 sqft |
2021-09-01 | 40 days | 1,854 sqft |
2021-10-01 | 45 days | 1,924 sqft |
2021-11-01 | 53 days | 1,899 sqft |
2021-12-01 | 65 days | 1,968 sqft |
2022-01-01 | 74 days | 1,929 sqft |
2022-02-01 | 36 days | 1,896 sqft |
2022-03-01 | 14 days | 1,933 sqft |
2022-04-01 | 15 days | 1,886 sqft |
2022-05-01 | 10 days | 1,877 sqft |
2022-06-01 | 16 days | 2,019 sqft |
2022-07-01 | 29 days | 2,016 sqft |
2022-08-01 | 36 days | 2,010 sqft |
2022-09-01 | 34 days | 1,943 sqft |
2022-10-01 | 31 days | 1,956 sqft |
2022-11-01 | 51 days | 1,933 sqft |
2022-12-01 | 73 days | 1,971 sqft |
2023-01-01 | 93 days | 1,954 sqft |
2023-02-01 | 58 days | 1,920 sqft |
2023-03-01 | 46 days | 1,922 sqft |
2023-04-01 | 34 days | 1,839 sqft |
2023-05-01 | 24 days | 1,864 sqft |
2023-06-01 | 24 days | 1,872 sqft |
2023-07-01 | 30 days | 1,930 sqft |
2023-08-01 | 33 days | 1,965 sqft |
2023-09-01 | 37 days | 1,954 sqft |
2023-10-01 | 37 days | 1,957 sqft |
2023-11-01 | 49 days | 1,948 sqft |
2023-12-01 | 67 days | 1,941 sqft |
2024-01-01 | 74 days | 2,030 sqft |
2024-02-01 | 55 days | 2,101 sqft |
2024-03-01 | 39 days | 1,959 sqft |
2024-04-01 | 29 days | 1,895 sqft |
2024-05-01 | 25 days | 1,928 sqft |
2024-06-01 | 26 days | 1,971 sqft |
2024-07-01 | 40 days | 1,967 sqft |
2024-08-01 | 41 days | 1,904 sqft |
2024-09-01 | 0 days | 1,866 sqft |
Burlington's median square footage for active listings during the 2024-09-01 period was 1,866 sqft. One year prior, the average listing was 1,954 sqft.