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%.

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
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 for 2024-09-01 was $499,000, a difference of $4,000 (0.8%) versus the prior year and $-25,900 versus the prior month.

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. 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
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 listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

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.

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).