Cambridge FHA Loan Rates, Closing Costs & Stats

CAMBRIDGE-NEWTON-FRAMINGHAM, MA

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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.

    Cambridge FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cambridge averaged 0% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Cambridge's average FHA mortgage closing costs are $0.

    The average rate for the prior week (2024-04-05) was 0% and one month ago for the week of 2024-03-08, the average rate was 0%.

    The average rate one year ago was 0%.

    For refis of the same type during the week of 2024-04-12, the average rate was 0%.

    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

    The lowest fee Cambridge FHA lenders (with over 10 loans originated) are .

    The lowest rate Cambridge FHA lenders (with over 10 loans originated) are .

    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 $529,450 (6.0%) $858,963 (4.0%) 1.96 6,024
    2018-02-01 $543,925 (5.6%) $875,791 (3.2%) 1.97 6,008
    2018-03-01 $574,900 (6.5%) $907,076 (4.8%) 2.02 6,565
    2018-04-01 $579,900 (5.5%) $900,058 (2.9%) 1.97 7,726
    2018-05-01 $584,950 (6.2%) $896,235 (3.6%) 1.95 8,781
    2018-06-01 $579,000 (5.3%) $876,303 (2.5%) 1.93 10,206
    2018-07-01 $559,450 (1.9%) $857,166 (1.9%) 1.87 10,104
    2018-08-01 $549,250 (3.6%) $825,147 (0.4%) 1.84 10,159
    2018-09-01 $549,900 (3.8%) $806,934 (-1.4%) 1.85 11,372
    2018-10-01 $549,000 (1.7%) $799,585 (-3.4%) 1.86 11,626
    2018-11-01 $539,450 (-0.1%) $798,226 (-3.9%) 1.83 10,956
    2018-12-01 $535,000 (1.1%) $798,662 (-5.6%) 1.85 8,824
    2019-01-01 $533,900 (0.8%) $806,251 (-6.1%) 1.84 7,542
    2019-02-01 $549,450 (1.0%) $851,143 (-2.8%) 1.86 7,336
    2019-03-01 $571,386 (-0.6%) $884,062 (-2.5%) 1.87 8,059
    2019-04-01 $599,900 (3.5%) $914,562 (1.6%) 1.90 8,915
    2019-05-01 $602,450 (3.0%) $922,731 (3.0%) 1.88 9,950
    2019-06-01 $599,900 (3.6%) $918,784 (4.9%) 1.87 11,096
    2019-07-01 $599,900 (7.2%) $910,775 (6.3%) 1.88 10,604
    2019-08-01 $595,643 (8.5%) $898,138 (8.9%) 1.89 10,685
    2019-09-01 $589,259 (7.2%) $887,066 (9.9%) 1.89 10,878
    2019-10-01 $587,806 (7.1%) $889,481 (11.2%) 1.90 11,006
    2019-11-01 $589,900 (9.4%) $915,321 (14.7%) 1.93 9,635
    2019-12-01 $589,450 (10.2%) $917,211 (14.8%) 1.97 7,007
    2020-01-01 $586,600 (9.9%) $930,603 (15.4%) 1.96 5,779
    2020-02-01 $599,900 (9.2%) $971,896 (14.2%) 1.96 5,750
    2020-03-01 $629,900 (10.2%) $980,367 (10.9%) 1.97 6,617
    2020-04-01 $617,450 (2.9%) $945,955 (3.4%) 1.93 6,435
    2020-05-01 $629,900 (4.6%) $945,400 (2.5%) 1.91 7,200
    2020-06-01 $656,699 (9.5%) $1,002,177 (9.1%) 1.93 7,782
    2020-07-01 $677,000 (12.9%) $1,036,335 (13.8%) 1.96 7,395
    2020-08-01 $675,000 (13.3%) $1,042,698 (16.1%) 1.93 7,191
    2020-09-01 $672,500 (14.1%) $1,038,799 (17.1%) 1.93 7,579
    2020-10-01 $665,000 (13.1%) $1,033,141 (16.2%) 1.91 7,944
    2020-11-01 $654,450 (10.9%) $1,028,460 (12.4%) 1.91 7,085
    2020-12-01 $647,450 (9.8%) $1,004,412 (9.5%) 1.93 5,301
    2021-01-01 $659,000 (12.3%) $1,075,330 (15.6%) 1.97 4,099
    2021-02-01 $679,450 (13.3%) $1,128,313 (16.1%) 1.98 3,872
    2021-03-01 $682,250 (8.3%) $1,144,108 (16.7%) 1.94 4,267
    2021-04-01 $694,000 (12.4%) $1,179,014 (24.6%) 1.88 4,773
    2021-05-01 $699,800 (11.1%) $1,180,392 (24.9%) 1.86 4,879
    2021-06-01 $697,225 (6.2%) $1,144,455 (14.2%) 1.84 5,738
    2021-07-01 $669,900 (-1.1%) $1,113,575 (7.5%) 1.77 5,674
    2021-08-01 $650,000 (-3.7%) $1,075,177 (3.1%) 1.73 5,574
    2021-09-01 $671,000 (-0.2%) $1,055,466 (1.6%) 1.79 6,019
    2021-10-01 $679,000 (2.1%) $1,062,835 (2.9%) 1.81 5,929
    2021-11-01 $674,577 (3.1%) $1,073,504 (4.4%) 1.80 4,935
    2021-12-01 $692,000 (6.9%) $1,141,128 (13.6%) 1.87 3,501
    2022-01-01 $715,000 (8.5%) $1,220,127 (13.5%) 1.93 2,675
    2022-02-01 $749,000 (10.2%) $1,237,957 (9.7%) 1.95 2,637
    2022-03-01 $749,450 (9.9%) $1,254,177 (9.6%) 1.88 2,991
    2022-04-01 $749,450 (8.0%) $1,243,532 (5.5%) 1.79 3,701
    2022-05-01 $757,500 (8.3%) $1,242,269 (5.2%) 1.73 4,474
    2022-06-01 $750,000 (7.6%) $1,172,907 (2.5%) 1.67 5,715
    2022-07-01 $739,900 (10.5%) $1,110,707 (-0.3%) 1.67 6,177
    2022-08-01 $725,000 (11.5%) $1,108,059 (3.1%) 1.68 5,759
    2022-09-01 $744,000 (10.9%) $1,144,989 (8.5%) 1.74 5,913
    2022-10-01 $749,000 (10.3%) $1,169,410 (10.0%) 1.76 6,223
    2022-11-01 $744,925 (10.4%) $1,176,768 (9.6%) 1.79 5,903
    2022-12-01 $749,000 (8.2%) $1,199,762 (5.1%) 1.85 4,407
    2023-01-01 $759,450 (6.2%) $1,238,021 (1.5%) 1.88 3,697
    2023-02-01 $799,000 (6.7%) $1,345,477 (8.7%) 1.93 3,433
    2023-03-01 $823,500 (9.9%) $1,387,500 (10.6%) 1.94 3,705
    2023-04-01 $839,000 (12.0%) $1,422,134 (14.4%) 1.95 4,059
    2023-05-01 $867,125 (14.5%) $1,444,230 (16.3%) 1.97 4,314
    2023-06-01 $866,443 (15.5%) $1,425,311 (21.5%) 1.95 4,806
    2023-07-01 $849,900 (14.9%) $1,434,805 (29.2%) 1.93 4,538
    2023-08-01 $844,200 (16.4%) $1,418,399 (28.0%) 1.94 4,530
    2023-09-01 $849,000 (14.1%) $1,420,742 (24.1%) 1.98 4,931
    2023-10-01 $837,374 (11.8%) $1,400,665 (19.8%) 1.97 5,351
    2023-11-01 $824,500 (10.7%) $1,383,873 (17.6%) 1.96 5,205
    2023-12-01 $800,000 (6.8%) $1,388,573 (15.7%) 1.95 4,062
    2024-01-01 $809,900 (6.6%) $1,405,646 (13.5%) 1.98 3,369
    2024-02-01 $854,450 (6.9%) $1,496,024 (11.2%) 2.06 3,319
    2024-03-01 $879,950 (6.9%) $1,528,390 (10.2%) 2.07 3,737
    Cambridge's median listing price for 2024-03-01 was $879,950, a difference of $56,450 (6.9%) versus the prior year and $25,500 versus the prior month.

    Cambridge's median listing price comes in at 207% of the national average.

    Cambridge's average listing price for 2024-03-01 was $1,528,390, a difference of $140,890 (10.2%) versus the prior year and $32,366 versus the prior month.

    For the 2024-03-01 period, Cambridge had 3,737 MLS listings, a difference of 418 listings (13%) versus the prior month and 32 listings (1%) 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 73 days 2,007 sqft
    2018-02-01 57 days 2,025 sqft
    2018-03-01 36 days 2,061 sqft
    2018-04-01 29 days 2,042 sqft
    2018-05-01 28 days 2,056 sqft
    2018-06-01 32 days 2,045 sqft
    2018-07-01 41 days 2,034 sqft
    2018-08-01 46 days 2,012 sqft
    2018-09-01 44 days 1,989 sqft
    2018-10-01 44 days 1,967 sqft
    2018-11-01 51 days 1,947 sqft
    2018-12-01 65 days 1,937 sqft
    2019-01-01 71 days 1,907 sqft
    2019-02-01 56 days 1,925 sqft
    2019-03-01 41 days 1,973 sqft
    2019-04-01 32 days 2,025 sqft
    2019-05-01 32 days 2,045 sqft
    2019-06-01 37 days 2,054 sqft
    2019-07-01 47 days 2,037 sqft
    2019-08-01 49 days 2,020 sqft
    2019-09-01 47 days 1,998 sqft
    2019-10-01 45 days 1,983 sqft
    2019-11-01 55 days 1,981 sqft
    2019-12-01 75 days 1,932 sqft
    2020-01-01 78 days 1,909 sqft
    2020-02-01 43 days 1,959 sqft
    2020-03-01 31 days 2,000 sqft
    2020-04-01 45 days 1,996 sqft
    2020-05-01 50 days 2,000 sqft
    2020-06-01 31 days 1,967 sqft
    2020-07-01 35 days 1,890 sqft
    2020-08-01 37 days 1,844 sqft
    2020-09-01 32 days 1,733 sqft
    2020-10-01 31 days 1,692 sqft
    2020-11-01 47 days 1,667 sqft
    2020-12-01 62 days 1,652 sqft
    2021-01-01 60 days 1,639 sqft
    2021-02-01 33 days 1,652 sqft
    2021-03-01 22 days 1,664 sqft
    2021-04-01 18 days 1,668 sqft
    2021-05-01 19 days 1,693 sqft
    2021-06-01 19 days 1,711 sqft
    2021-07-01 29 days 1,711 sqft
    2021-08-01 31 days 1,710 sqft
    2021-09-01 28 days 1,685 sqft
    2021-10-01 30 days 1,656 sqft
    2021-11-01 38 days 1,630 sqft
    2021-12-01 49 days 1,649 sqft
    2022-01-01 54 days 1,650 sqft
    2022-02-01 25 days 1,663 sqft
    2022-03-01 18 days 1,673 sqft
    2022-04-01 15 days 1,685 sqft
    2022-05-01 16 days 1,788 sqft
    2022-06-01 18 days 1,813 sqft
    2022-07-01 26 days 1,825 sqft
    2022-08-01 35 days 1,832 sqft
    2022-09-01 34 days 1,815 sqft
    2022-10-01 31 days 1,813 sqft
    2022-11-01 41 days 1,804 sqft
    2022-12-01 58 days 1,836 sqft
    2023-01-01 61 days 1,840 sqft
    2023-02-01 37 days 1,861 sqft
    2023-03-01 28 days 1,860 sqft
    2023-04-01 25 days 1,849 sqft
    2023-05-01 23 days 1,919 sqft
    2023-06-01 24 days 1,911 sqft
    2023-07-01 36 days 1,896 sqft
    2023-08-01 37 days 1,900 sqft
    2023-09-01 31 days 1,908 sqft
    2023-10-01 32 days 1,879 sqft
    2023-11-01 38 days 1,868 sqft
    2023-12-01 53 days 1,835 sqft
    2024-01-01 53 days 1,814 sqft
    2024-02-01 33 days 1,838 sqft
    2024-03-01 24 days 1,830 sqft
    Cambridge's median listing age (time on market) for 2024-03-01 was 24 days. This is -14% shorter than the same period one year ago.

    Cambridge's median square footage for active listings during the 2024-03-01 period was 1,830 sqft. One year prior, the average listing was 1,860 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).