Burlington FHA Loan Rates, Closing Costs & Stats

BURLINGTON-SOUTH BURLINGTON, VT

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 6.44% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Burlington's average FHA mortgage closing costs are $8,448.

    The average rate for the prior week (2024-11-01) was 6.32% and one month ago for the week of 2024-10-04, the average rate was 5.74%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.09%.

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

    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.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 22 5.98% $14,770
    PENNYMAC LOAN SERVICES, LLC 18 6.37% $13,426
    CMG MORTGAGE, INC. 11 6.78% $12,635
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 6.46% $15,052
    Union Bank 6 6.48% $10,887
    UNITED WHOLESALE MORTGAGE, LLC 5 6.67% $11,266
    LOANDEPOT.COM, LLC 5 5.73% $14,292
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.05% $11,563
    ACADEMY MORTGAGE CORPORATION 3 6.42% $9,894
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.38% $10,196
    Paramount Residential Mortgage Group, Inc. 2 7.44% $6,905
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.13% $23,246
    LAKEVIEW LOAN SERVICING, LLC 2 6.75% $14,537
    RELIANCE FIRST CAPITAL, LLC 2 6.31% $16,424
    ENVOY MORTGAGE, LTD 2 7.19% $11,677
    American Mortgage & Equity Consultants, Inc. 2 8.00% $14,491
    Citizens Bank 2 6.31% $10,043
    MOVEMENT MORTGAGE, LLC 1 6.75% $10,547
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $17,794
    M&T Bank 1 6.50% $7,417
    ON Q FINANCIAL, INC. 1 7.25% $9,518
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $12,321
    The Federal Savings Bank 1 6.50% $12,465
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $16,955
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $9,322
    First Savings Bank 1 5.75% $20,600
    GUARANTEED RATE, INC. 1 6.88% $12,974
    Carrington Mortgage Services, LLC 1 5.63% $10,616
    JPMorgan Chase Bank 1 7.13% $12,893
    CARDINAL FINANCIAL 1 5.75% $11,958
    MID AMERICA MORTGAGE, INC. 1 8.88% $6,856
    Mortgage Research Center, LLC 1 7.75% $6,610

    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

    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).