Cambridge FHA Loan Rates, Closing Costs & Stats

Cambridge, MD

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.

Cambridge's 54 lenders originated 190 FHA loans during 2023. The total origination value was $47,560,000, with an average FHA loan value of $250,316.

Cambridge FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cambridge averaged 6.82% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Cambridge's average FHA mortgage closing costs are $8,705.

The average rate for the prior week (2024-03-15) was 6.44% and one month ago for the week of 2024-02-16, the average rate was 6.47%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.7%.

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

Cambridge 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 Cambridge level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
NVR Mortgage Finance, Inc. 30 6.41% $10,995
DHI MORTGAGE COMPANY, LTD. 14 5.44% $9,360
QUICKEN LOANS, LLC 11 6.73% $10,484
ENVOY MORTGAGE, LTD 8 6.64% $17,010
TIDEWATER MORTGAGE SERVICES, INC. 8 7.02% $13,214
NFM, INC. 8 6.92% $12,126
UNITED WHOLESALE MORTGAGE, LLC 6 6.60% $10,392
FREEDOM MORTGAGE CORPORATION 5 6.75% $10,435
MOVEMENT MORTGAGE, LLC 4 7.00% $11,960
Carrington Mortgage Services, LLC 4 6.19% $11,527
FIRST HOME MORTGAGE CORPORATION 4 6.50% $11,017
CMG MORTGAGE, INC. 4 6.72% $13,523
DIRECT MORTGAGE LOANS, LLC 4 7.13% $10,777
EMBRACE HOME LOANS, INC. 4 6.13% $10,942
Towne Bank 3 6.13% $11,550
EMM LOANS LLC 3 6.75% $12,924
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 3 6.13% $4,801
CARDINAL FINANCIAL 3 6.75% $11,208
CROSSCOUNTRY MORTGAGE, LLC 3 6.40% $11,420
Keystone Funding, Inc. 2 5.69% $12,377
Waterstone Mortgage Corporation 2 6.38% $8,533
Meridian Bank Corporation 2 6.56% $10,664
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.19% $11,772
AMERICAN FINANCIAL RESOURCES, INC. 2 5.88% $10,176
PENNYMAC LOAN SERVICES, LLC 2 6.81% $15,731
OCMBC, INC. 2 7.69% $13,193
ACADEMY MORTGAGE CORPORATION 2 6.81% $8,818
Truist 2 6.18% $16,322
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $10,570
The Federal Savings Bank 1 6.13% $20,558
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.00% $9,001
AMERISAVE MORTGAGE CORPORATION 1 4.75% $14,405
BAY CAPITAL MORTGAGE CORPORATION 1 6.63% $10,392
BROKER SOLUTIONS, INC. 1 6.63% $6,279
Evolve Bank & Trust 1 7.50% $11,024
FIDELITY DIRECT MORTGAGE, LLC 1 6.88% $8,271
First Heritage Mortgage, LLC 1 6.75% $7,817
GUARANTEED RATE AFFINITY, LLC 1 6.25% $11,078
GUARANTEED RATE, INC. 1 5.75% $9,953
HOMESIDE FINANCIAL, LLC 1 6.99% $14,129
HOMESPIRE MORTGAGE CORPORATION 1 7.25% $18,258
Mortgage Research Center, LLC 1 6.75% $4,961
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $12,219
Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $18,405
M&T Bank 1 5.13% $13,298
NATIONS DIRECT MORTGAGE, LLC 1 6.25% $11,887
Nations Lending Corporation 1 7.75% $4,169
Paramount Residential Mortgage Group, Inc. 1 6.25% $8,961
Plains Commerce Bank 1 6.63% $10,346
Prosperity Home Mortgage, LLC 1 5.75% $12,149
RADIUS FINANCIAL GROUP INC. 1 7.88% $9,006
SOUTHERN TRUST MORTGAGE, LLC 1 7.88% $13,833
SUCCESS MORTGAGE PARTNERS, INC. 1 7.00% $16,537
Vellum Mortgage, Inc. 1 6.63% $8,801

The top Cambridge FHA lender as defined by loan originations is NVR Mortgage Finance, Inc., with 30 FHA loans originated. Their average total fees are $10,995, which is $1,635 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Cambridge FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($9,360), QUICKEN LOANS, LLC ($10,484), NVR Mortgage Finance, Inc. ($10,995), .

The lowest rate Cambridge FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.44%), NVR Mortgage Finance, Inc. (6.41%), QUICKEN LOANS, LLC (6.73%), .

Cambridge FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CAMBRIDGE, MD DORCHESTER 2022 $420,680 $538,650 $651,050 $809,150
CAMBRIDGE, MD DORCHESTER 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cambridge (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 $199,000 (14.8%) $318,036 (25.9%) 0.00 219
2018-02-01 $198,475 (13.4%) $318,455 (23.2%) 0.00 226
2018-03-01 $199,900 (6.8%) $322,874 (25.0%) 0.00 223
2018-04-01 $206,225 (6.9%) $298,729 (2.0%) 0.00 232
2018-05-01 $214,375 (11.2%) $300,894 (3.5%) 0.00 254
2018-06-01 $219,900 (11.6%) $306,274 (4.6%) 0.00 262
2018-07-01 $223,850 (9.5%) $307,898 (5.6%) 0.00 260
2018-08-01 $224,750 (11.2%) $305,572 (6.0%) 0.00 264
2018-09-01 $229,000 (4.4%) $279,572 (-14.5%) 0.00 254
2018-10-01 $239,513 (7.8%) $300,775 (-7.2%) 0.00 245
2018-11-01 $239,063 (16.9%) $325,500 (4.6%) 0.00 233
2018-12-01 $225,000 (12.6%) $327,229 (4.3%) 0.00 221
2019-01-01 $199,925 (0.5%) $310,954 (-2.2%) 0.00 202
2019-02-01 $207,175 (4.4%) $313,085 (-1.7%) 0.00 212
2019-03-01 $202,086 (1.1%) $306,970 (-4.9%) 0.00 223
2019-04-01 $207,450 (0.6%) $300,148 (0.5%) 0.00 242
2019-05-01 $213,725 (-0.3%) $298,752 (-0.7%) 0.00 251
2019-06-01 $229,000 (4.1%) $304,824 (-0.5%) 0.00 248
2019-07-01 $229,000 (2.3%) $307,841 (0.0%) 0.00 249
2019-08-01 $236,927 (5.4%) $308,385 (0.9%) 0.00 236
2019-09-01 $232,468 (1.5%) $308,188 (10.2%) 0.00 228
2019-10-01 $226,975 (-5.2%) $308,056 (2.4%) 0.00 224
2019-11-01 $235,500 (-1.5%) $330,580 (1.6%) 0.00 219
2019-12-01 $223,000 (-0.9%) $325,083 (-0.7%) 0.00 205
2020-01-01 $216,000 (8.0%) $321,987 (3.6%) 0.00 193
2020-02-01 $220,000 (6.2%) $321,593 (2.7%) 0.00 186
2020-03-01 $231,175 (14.4%) $323,436 (5.4%) 0.00 201
2020-04-01 $224,900 (8.4%) $308,739 (2.9%) 0.00 193
2020-05-01 $224,900 (5.2%) $308,558 (3.3%) 0.00 185
2020-06-01 $229,900 (0.4%) $323,327 (6.1%) 0.00 168
2020-07-01 $239,000 (4.4%) $331,669 (7.7%) 0.00 144
2020-08-01 $232,250 (-2.0%) $303,353 (-1.6%) 0.00 141
2020-09-01 $207,200 (-10.9%) $296,155 (-3.9%) 0.00 137
2020-10-01 $241,000 (6.2%) $408,997 (32.8%) 0.00 136
2020-11-01 $236,495 (0.4%) $429,458 (29.9%) 0.00 132
2020-12-01 $225,000 (0.9%) $456,950 (40.6%) 0.00 106
2021-01-01 $237,990 (10.2%) $477,988 (48.5%) 0.00 91
2021-02-01 $249,000 (13.2%) $511,079 (58.9%) 0.00 86
2021-03-01 $247,400 (7.0%) $555,486 (71.8%) 0.00 75
2021-04-01 $269,245 (19.7%) $572,563 (85.5%) 0.00 69
2021-05-01 $302,495 (34.5%) $584,024 (89.3%) 0.00 82
2021-06-01 $301,175 (31.0%) $591,931 (83.1%) 0.00 91
2021-07-01 $289,900 (21.3%) $527,060 (58.9%) 0.00 113
2021-08-01 $287,749 (23.9%) $461,459 (52.1%) 0.00 111
2021-09-01 $299,800 (44.7%) $476,342 (60.8%) 0.00 111
2021-10-01 $299,900 (24.4%) $358,503 (-12.4%) 0.00 110
2021-11-01 $286,945 (21.3%) $373,144 (-13.1%) 0.00 115
2021-12-01 $292,875 (30.2%) $360,323 (-21.2%) 0.00 110
2022-01-01 $299,000 (25.6%) $359,368 (-24.8%) 0.00 90
2022-02-01 $293,995 (18.1%) $336,017 (-34.3%) 0.00 80
2022-03-01 $286,225 (15.7%) $331,858 (-40.3%) 0.00 100
2022-04-01 $275,000 (2.1%) $323,218 (-43.6%) 0.00 117
2022-05-01 $292,000 (-3.5%) $332,929 (-43.0%) 0.00 128
2022-06-01 $283,998 (-5.7%) $327,337 (-44.7%) 0.00 136
2022-07-01 $285,000 (-1.7%) $334,334 (-36.6%) 0.00 140
2022-08-01 $274,723 (-4.5%) $339,991 (-26.3%) 0.00 147
2022-09-01 $278,745 (-7.0%) $346,733 (-27.2%) 0.00 134
2022-10-01 $283,990 (-5.3%) $410,293 (14.5%) 0.00 126
2022-11-01 $280,000 (-2.4%) $365,246 (-2.1%) 0.00 126
2022-12-01 $268,495 (-8.3%) $339,043 (-5.9%) 0.00 127
2023-01-01 $269,950 (-9.7%) $362,851 (1.0%) 0.00 118
2023-02-01 $269,743 (-8.3%) $355,320 (5.7%) 0.00 121
2023-03-01 $290,475 (1.5%) $351,971 (6.1%) 0.00 115
2023-04-01 $279,000 (1.5%) $382,358 (18.3%) 0.00 100
2023-05-01 $297,748 (2.0%) $392,430 (17.9%) 0.00 106
2023-06-01 $277,995 (-2.1%) $385,615 (17.8%) 0.00 112
2023-07-01 $275,000 (-3.5%) $357,817 (7.0%) 0.00 120
2023-08-01 $277,500 (1.0%) $388,181 (14.2%) 0.00 117
2023-09-01 $259,990 (-6.7%) $335,263 (-3.3%) 0.00 127
2023-10-01 $273,495 (-3.7%) $353,015 (-14.0%) 0.00 132
2023-11-01 $277,500 (-0.9%) $348,740 (-4.5%) 0.00 138
2023-12-01 $280,000 (4.3%) $341,607 (0.8%) 0.00 136
2024-01-01 $282,250 (4.6%) $344,883 (-5.0%) 0.00 124
2024-02-01 $291,473 (8.1%) $349,938 (-1.5%) 0.00 119
Cambridge's median listing price for 2024-02-01 was $291,473, a difference of $21,730 (8.1%) versus the prior year and $9,223 versus the prior month.

Cambridge's median listing price comes in at 0% of the national average.

Cambridge's average listing price for 2024-02-01 was $349,938, a difference of $-5,382 (-1.5%) versus the prior year and $5,055 versus the prior month.

For the 2024-02-01 period, Cambridge had 119 MLS listings, a difference of -5 listings (-4%) versus the prior month and -2 listings (-2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cambridge (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,705 sqft
2018-02-01 0 days 1,685 sqft
2018-03-01 0 days 1,705 sqft
2018-04-01 0 days 1,725 sqft
2018-05-01 0 days 1,712 sqft
2018-06-01 0 days 1,695 sqft
2018-07-01 0 days 1,696 sqft
2018-08-01 0 days 1,677 sqft
2018-09-01 0 days 1,680 sqft
2018-10-01 0 days 1,762 sqft
2018-11-01 0 days 1,757 sqft
2018-12-01 0 days 1,792 sqft
2019-01-01 0 days 1,736 sqft
2019-02-01 0 days 1,744 sqft
2019-03-01 0 days 1,725 sqft
2019-04-01 0 days 1,715 sqft
2019-05-01 0 days 1,680 sqft
2019-06-01 0 days 1,713 sqft
2019-07-01 0 days 1,709 sqft
2019-08-01 0 days 1,728 sqft
2019-09-01 0 days 1,733 sqft
2019-10-01 0 days 1,732 sqft
2019-11-01 0 days 1,762 sqft
2019-12-01 0 days 1,718 sqft
2020-01-01 0 days 1,708 sqft
2020-02-01 0 days 1,720 sqft
2020-03-01 0 days 1,782 sqft
2020-04-01 0 days 1,739 sqft
2020-05-01 0 days 1,739 sqft
2020-06-01 0 days 1,734 sqft
2020-07-01 0 days 1,751 sqft
2020-08-01 0 days 1,720 sqft
2020-09-01 0 days 1,675 sqft
2020-10-01 0 days 1,743 sqft
2020-11-01 0 days 1,700 sqft
2020-12-01 0 days 1,658 sqft
2021-01-01 0 days 1,720 sqft
2021-02-01 0 days 1,740 sqft
2021-03-01 0 days 1,721 sqft
2021-04-01 0 days 1,638 sqft
2021-05-01 0 days 1,812 sqft
2021-06-01 0 days 1,724 sqft
2021-07-01 0 days 1,724 sqft
2021-08-01 0 days 1,679 sqft
2021-09-01 0 days 1,638 sqft
2021-10-01 0 days 1,639 sqft
2021-11-01 0 days 1,609 sqft
2021-12-01 0 days 1,643 sqft
2022-01-01 0 days 1,654 sqft
2022-02-01 0 days 1,564 sqft
2022-03-01 0 days 1,556 sqft
2022-04-01 0 days 1,596 sqft
2022-05-01 0 days 1,579 sqft
2022-06-01 0 days 1,586 sqft
2022-07-01 0 days 1,664 sqft
2022-08-01 0 days 1,603 sqft
2022-09-01 0 days 1,586 sqft
2022-10-01 0 days 1,596 sqft
2022-11-01 0 days 1,674 sqft
2022-12-01 0 days 1,676 sqft
2023-01-01 0 days 1,720 sqft
2023-02-01 0 days 1,567 sqft
2023-03-01 0 days 1,592 sqft
2023-04-01 0 days 1,560 sqft
2023-05-01 0 days 1,619 sqft
2023-06-01 0 days 1,682 sqft
2023-07-01 0 days 1,578 sqft
2023-08-01 0 days 1,565 sqft
2023-09-01 0 days 1,530 sqft
2023-10-01 0 days 1,576 sqft
2023-11-01 0 days 1,574 sqft
2023-12-01 0 days 1,568 sqft
2024-01-01 0 days 1,539 sqft
2024-02-01 0 days 1,537 sqft
Cambridge's median listing age (time on market) for 2024-02-01 was 0 days.

Cambridge's median square footage for active listings during the 2024-02-01 period was 1,537 sqft. One year prior, the average listing was 1,567 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).