Burlington FHA Loan Rates, Closing Costs & Stats

BURLINGTON-SOUTH BURLINGTON, VT

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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.

    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 6.87% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.67% and one month ago for the week of 2024-03-15, the average rate was 6.43%.

    The average rate one year ago was 6.26%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.42%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Burlington (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 $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
    Burlington's median listing price for 2024-03-01 was $499,000, a difference of $20,000 (4.2%) versus the prior year and $-16,000 versus the prior month.

    Burlington's median listing price comes in at 117% of the national average.

    Burlington's average listing price for 2024-03-01 was $686,988, a difference of $58,079 (9.2%) versus the prior year and $-9,473 versus the prior month.

    For the 2024-03-01 period, Burlington had 216 MLS listings, a difference of 25 listings (13%) versus the prior month and 57 listings (36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date 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
    Burlington's median listing age (time on market) for 2024-03-01 was 39 days. This is -14% shorter than the same period one year ago.

    Burlington's median square footage for active listings during the 2024-03-01 period was 1,959 sqft. One year prior, the average listing was 1,922 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).