Cambridge FHA Loans

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's 118 lenders originated 2,141 FHA loans during 2021. The total origination value was $1,058,865,000, with an average FHA loan value of $494,566.

    Cambridge FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cambridge averaged 4.61% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

    The average rate for the prior week (2022-03-18) was 4.23% and one month ago for the week of 2022-02-18, the average rate was 4.16%.

    The average rate one year ago was 3.09%.

    For refis of the same type during the week of 2022-03-25, the average rate was 4.53%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cambridge level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CROSSCOUNTRY MORTGAGE, LLC 156 3.03% $13,441
    UNITED WHOLESALE MORTGAGE, LLC 145 2.64% $13,956
    QUICKEN LOANS, LLC 145 2.62% $10,971
    GUARANTEED RATE, INC. 101 2.81% $14,667
    LAKEVIEW LOAN SERVICING, LLC 92 2.92% $7,794
    Mr. Cooper ( Nationstar Mortgage ) 83 2.98% $7,568
    NEWREZ LLC 60 2.78% $11,024
    PENNYMAC LOAN SERVICES, LLC 60 2.85% $8,852
    FREEDOM MORTGAGE CORPORATION 55 2.63% $9,316
    CALIBER HOME LOANS, INC. 54 2.66% $12,314
    NEW FED MORTGAGE, CORP. 49 2.84% $12,234
    RESIDENTIAL MORTGAGE SERVICES, INC. 38 2.96% $12,820
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 38 3.13% $14,136
    HOMEBRIDGE FINANCIAL SERVICES, INC. 38 2.77% $10,408
    PRIMELENDING, A PLAINSCAPITAL COMPANY 32 2.93% $14,345
    TOTAL MORTGAGE SERVICES, LLC 29 3.23% $13,973
    First Guaranty Mortgage Corporation 28 2.95% $13,443
    Mortgage Network, Inc. 28 3.04% $12,707
    MORTGAGE EQUITY PARTNERS LLC 28 3.10% $14,944
    Sierra Pacific Mortgage Company, Inc. 26 2.97% $14,284
    HOME POINT FINANCIAL CORPORATION 24 2.73% $12,813
    LOANDEPOT.COM, LLC 23 2.95% $12,162
    RADIUS FINANCIAL GROUP INC. 22 2.69% $11,633
    MSA MORTGAGE, LLC 21 2.64% $14,732
    Equity Prime Mortgage LLC 21 3.04% $12,653
    SALEM FIVE MORTGAGE COMPANY, LLC 17 2.61% $11,592
    Rockland Trust Company 16 2.55% $12,472
    MOVEMENT MORTGAGE, LLC 15 3.04% $12,785
    AMERISAVE MORTGAGE CORPORATION 15 2.72% $12,011
    DRAPER AND KRAMER MORTGAGE CORP. 15 2.98% $12,386
    HOMESTEAD FUNDING CORP. 15 2.94% $10,224
    BAY EQUITY LLC 13 3.01% $12,548
    Ross Mortgage Company, Inc. 13 2.97% $11,498
    Nations Lending Corporation 12 2.99% $14,245
    ENVOY MORTGAGE, LTD 12 3.06% $11,901
    BROKER SOLUTIONS, INC. 11 2.85% $14,029
    Paramount Residential Mortgage Group, Inc. 10 3.00% $17,658
    PLAZA HOME MORTGAGE, INC. 10 2.86% $16,464
    Leader Bank 9 2.50% $13,936
    EMBRACE HOME LOANS, INC. 9 2.91% $11,153
    EMM LOANS LLC 9 2.97% $15,975
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 3.19% $14,071
    GUARANTEED RATE AFFINITY, LLC 7 2.79% $13,006
    Evolve Bank & Trust 7 2.88% $12,687
    Envision Bank 7 2.84% $11,307
    AMERICAN FINANCIAL NETWORK, INC. 7 2.73% $19,764
    GUILD MORTGAGE COMPANY 6 2.98% $12,446
    Citizens Bank 6 2.56% $13,029
    ARC HOME LLC 6 2.77% $11,604
    DREW MORTGAGE ASSOCIATES, INC. 6 3.25% $13,024
    Bank of England 5 3.08% $13,040
    Eastern Bank 5 2.73% $13,849
    HARBORONE MORTGAGE, LLC 5 2.80% $12,036
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 2.88% $13,529
    ACADEMY MORTGAGE CORPORATION 4 3.44% $14,903
    MUTUAL OF OMAHA MORTGAGE, INC. 4 3.19% $13,071
    CMG MORTGAGE, INC. 4 2.81% $10,007
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 2.94% $11,948
    OCMBC, INC. 4 3.22% $13,846
    RELIANCE FIRST CAPITAL, LLC 4 2.97% $15,734
    Bangor Savings Bank 4 2.38% $13,617
    Shamrock Home Loans, Inc. 4 2.91% $9,661
    FIRST HOME MORTGAGE CORPORATION 4 3.16% $14,202
    STEARNS LENDING, LLC 3 2.63% $9,003
    FINANCE OF AMERICA MORTGAGE LLC 3 2.50% $11,768
    Home Loan Investment Bank, F.S.B. 3 2.67% $15,213
    The Federal Savings Bank 3 2.63% $15,843
    The Washington Trust Company, of Westerly 3 2.67% $10,884
    VILLAGE CAPITAL & INVESTMENT LLC 3 2.96% $3,873
    Waterstone Mortgage Corporation 3 3.29% $15,078
    INLAND BANK & TRUST 3 2.79% $11,474
    First Savings Bank 3 3.42% $10,768
    MID-ISLAND MORTGAGE CORP. 3 3.04% $7,841
    Mortgage Research Center, LLC 3 3.00% $10,551
    NFM, INC. 3 3.17% $15,947
    NORWICH COMMERCIAL GROUP, INC. 3 3.75% $15,257
    Patriot Community Bank 3 2.71% $7,671
    Flagstar Bank, FSB 2 2.81% $14,670
    NATIONWIDE MORTGAGE BANKERS, INC. 2 3.00% $22,454
    LENDUS, LLC 2 2.94% $16,591
    LEADERONE FINANCIAL CORPORATION 2 3.19% $18,540
    HUNT MORTGAGE CORPORATION 2 2.81% $13,725
    First Federal Bank 2 3.38% $15,673
    U.S. Bank 2 2.87% $14,277
    NORTHPOINT MORTGAGE, INC. 2 2.69% $11,799
    Republic State Mortgage Co. 2 2.88% $9,586
    ALLIED MORTGAGE GROUP, INC. 2 2.69% $12,118
    TD Bank 2 2.81% $12,730
    PROVINCE MORTGAGE ASSOCIATES, INC. 2 2.94% $16,960
    Wells Fargo Bank 2 3.06% $11,857
    HOMESPIRE MORTGAGE CORPORATION 2 3.06% $23,827
    EQUITY RESOURCES, INC. 2 2.63% $16,339
    METRO 2 2.50% $11,884
    GENEVA FINANCIAL, LLC 2 3.06% $17,005
    EVERETT FINANCIAL, INC. 1 4.00% $9,315
    FBC MORTGAGE, LLC 1 2.75% $15,393
    Goldwater Bank, N.A. 1 2.50% $27,781
    Home Mortgage Alliance Corp 1 3.38% $15,986
    HOMESIDE FINANCIAL, LLC 1 3.00% $12,388
    Hometown Equity Mortgage, LLC 1 3.00% $12,920
    INTELLILOAN, INC. 1 3.00% $6,029
    JPMorgan Chase Bank 1 2.88% $12,272
    LENOX FINANCIAL MORTGAGE CORPORATION 1 2.88% $10,088
    CRESCENT MORTGAGE COMPANY 1 3.00% $8,625
    Luxury Mortgage Corp. 1 3.00% $14,964
    MILEND, INC. 1 2.88% $8,923
    MLD MORTGAGE INC. 1 2.75% $18,778
    Carrington Mortgage Services, LLC 1 3.50% $10,611
    NBKC BANK 1 2.75% $12,385
    North American Savings Bank, F.S.B. 1 2.25% $3,451
    Plains Commerce Bank 1 2.38% $12,380
    Prosperity Home Mortgage, LLC 1 4.25% $11,460
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.00% $10,950
    Residential Mortgage Solutions, Inc. 1 3.25% $13,078
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 4.75% $23,404
    AMERICAN FINANCING CORPORATION 1 2.75% $20,635
    Santander Bank, N.A. 1 2.63% $10,707
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $7,372

    The top Cambridge FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 156 FHA loans originated. Their average total fees are $13,441, which is $514 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Cambridge FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($7,568), LAKEVIEW LOAN SERVICING, LLC ($7,794), PENNYMAC LOAN SERVICES, LLC ($8,852), FREEDOM MORTGAGE CORPORATION ($9,316) and HOMESTEAD FUNDING CORP. ($10,224).

    The lowest rate Cambridge FHA lenders (with over 10 loans originated) are Rockland Trust Company (2.55%), SALEM FIVE MORTGAGE COMPANY, LLC (2.61%), QUICKEN LOANS, LLC (2.62%), FREEDOM MORTGAGE CORPORATION (2.63%) and MSA MORTGAGE, LLC (2.64%).

    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 $529,000 (5.9%) $852,362 (3.9%) 1.95 6,241
    2018-02-01 $542,673 (4.5%) $872,304 (3.0%) 1.96 6,214
    2018-03-01 $569,900 (5.6%) $898,570 (4.3%) 1.97 6,803
    2018-04-01 $579,000 (5.4%) $894,248 (2.8%) 1.94 7,979
    2018-05-01 $579,948 (5.5%) $891,075 (3.5%) 1.93 9,070
    2018-06-01 $575,000 (4.6%) $870,299 (2.3%) 1.92 10,569
    2018-07-01 $556,998 (1.5%) $844,756 (1.1%) 1.86 10,475
    2018-08-01 $547,958 (4.0%) $818,420 (0.5%) 1.83 10,501
    2018-09-01 $549,000 (3.6%) $801,335 (-1.2%) 1.84 11,776
    2018-10-01 $549,000 (1.8%) $794,856 (-3.4%) 1.84 12,025
    2018-11-01 $539,450 (0.0%) $793,441 (-3.8%) 1.81 11,348
    2018-12-01 $535,000 (1.1%) $794,612 (-5.6%) 1.83 8,996
    2019-01-01 $534,450 (1.0%) $800,270 (-6.1%) 1.84 7,818
    2019-02-01 $549,450 (1.3%) $844,504 (-3.2%) 1.84 7,592
    2019-03-01 $571,214 (0.2%) $875,287 (-2.6%) 1.86 8,263
    2019-04-01 $599,700 (3.6%) $905,908 (1.3%) 1.89 9,134
    2019-05-01 $599,950 (3.5%) $916,397 (2.8%) 1.85 10,323
    2019-06-01 $599,900 (4.3%) $914,904 (5.1%) 1.85 11,544
    2019-07-01 $599,900 (7.7%) $905,719 (7.2%) 1.86 11,082
    2019-08-01 $591,329 (7.9%) $885,926 (8.3%) 1.86 11,110
    2019-09-01 $579,450 (5.6%) $865,717 (8.0%) 1.84 11,377
    2019-10-01 $586,250 (6.8%) $880,789 (10.8%) 1.87 11,535
    2019-11-01 $589,900 (9.4%) $902,980 (13.8%) 1.90 10,150
    2019-12-01 $587,000 (9.7%) $911,445 (14.7%) 1.96 7,353
    2020-01-01 $582,500 (9.0%) $925,593 (15.7%) 1.94 6,053
    2020-02-01 $599,900 (9.2%) $968,283 (14.7%) 1.94 5,960
    2020-03-01 $629,900 (10.3%) $976,960 (11.6%) 1.97 6,860
    2020-04-01 $616,500 (2.8%) $939,971 (3.8%) 1.92 6,710
    2020-05-01 $629,900 (5.0%) $940,920 (2.7%) 1.91 7,475
    2020-06-01 $654,500 (9.1%) $996,174 (8.9%) 1.91 8,057
    2020-07-01 $675,000 (12.5%) $1,029,426 (13.7%) 1.93 7,646
    2020-08-01 $679,000 (14.8%) $1,040,454 (17.4%) 1.94 7,382
    2020-09-01 $677,000 (16.8%) $1,033,568 (19.4%) 1.93 7,760
    2020-10-01 $669,000 (14.1%) $1,030,994 (17.1%) 1.91 8,156
    2020-11-01 $654,500 (11.0%) $1,032,525 (14.4%) 1.87 7,347
    2020-12-01 $649,000 (10.6%) $1,014,973 (11.4%) 1.90 5,491
    2021-01-01 $660,000 (13.3%) $1,070,483 (15.7%) 1.94 4,241
    2021-02-01 $679,900 (13.3%) $1,121,272 (15.8%) 1.96 3,996
    2021-03-01 $682,000 (8.3%) $1,135,065 (16.2%) 1.91 4,394
    2021-04-01 $699,000 (13.4%) $1,192,587 (26.9%) 1.88 5,015
    2021-05-01 $699,900 (11.1%) $1,192,755 (26.8%) 1.84 5,108
    2021-06-01 $699,450 (6.9%) $1,152,833 (15.7%) 1.82 6,032
    2021-07-01 $677,450 (0.4%) $1,126,929 (9.5%) 1.76 5,888
    2021-08-01 $650,000 (-4.3%) $1,078,666 (3.7%) 1.71 5,797
    2021-09-01 $674,600 (-0.4%) $1,062,031 (2.8%) 1.78 6,287
    2021-10-01 $689,000 (3.0%) $1,070,318 (3.8%) 1.81 6,224
    2021-11-01 $677,450 (3.5%) $1,086,661 (5.2%) 1.79 5,184
    2021-12-01 $694,500 (7.0%) $1,146,193 (12.9%) 1.85 3,715
    2022-01-01 $724,900 (9.8%) $1,225,745 (14.5%) 1.93 2,826
    Cambridge's median listing price for 2022-01-01 was $724,900, a difference of $64,900 (9.8%) versus the prior year and $30,400 versus the prior month.

    Cambridge's median listing price comes in at 193% of the national average.

    Cambridge's average listing price for 2022-01-01 was $1,225,745, a difference of $155,262 (14.5%) versus the prior year and $79,552 versus the prior month.

    For the 2022-01-01 period, Cambridge had 2,826 MLS listings, a difference of -889 listings (-24%) versus the prior month and -1,415 listings (-33%) 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 78 days 2,015 sqft
    2018-02-01 68 days 2,035 sqft
    2018-03-01 38 days 2,063 sqft
    2018-04-01 31 days 2,044 sqft
    2018-05-01 30 days 2,064 sqft
    2018-06-01 33 days 2,056 sqft
    2018-07-01 44 days 2,043 sqft
    2018-08-01 47 days 2,021 sqft
    2018-09-01 45 days 2,000 sqft
    2018-10-01 45 days 1,977 sqft
    2018-11-01 52 days 1,959 sqft
    2018-12-01 66 days 1,952 sqft
    2019-01-01 73 days 1,926 sqft
    2019-02-01 62 days 1,950 sqft
    2019-03-01 43 days 1,995 sqft
    2019-04-01 34 days 2,038 sqft
    2019-05-01 34 days 2,053 sqft
    2019-06-01 37 days 2,060 sqft
    2019-07-01 49 days 2,035 sqft
    2019-08-01 57 days 2,012 sqft
    2019-09-01 51 days 1,984 sqft
    2019-10-01 48 days 1,984 sqft
    2019-11-01 57 days 1,984 sqft
    2019-12-01 74 days 1,949 sqft
    2020-01-01 80 days 1,930 sqft
    2020-02-01 50 days 1,983 sqft
    2020-03-01 32 days 2,014 sqft
    2020-04-01 45 days 2,001 sqft
    2020-05-01 53 days 2,016 sqft
    2020-06-01 34 days 1,991 sqft
    2020-07-01 37 days 1,912 sqft
    2020-08-01 37 days 1,864 sqft
    2020-09-01 33 days 1,746 sqft
    2020-10-01 32 days 1,707 sqft
    2020-11-01 46 days 1,701 sqft
    2020-12-01 60 days 1,695 sqft
    2021-01-01 64 days 1,667 sqft
    2021-02-01 37 days 1,674 sqft
    2021-03-01 25 days 1,682 sqft
    2021-04-01 22 days 1,668 sqft
    2021-05-01 22 days 1,692 sqft
    2021-06-01 22 days 1,702 sqft
    2021-07-01 30 days 1,707 sqft
    2021-08-01 31 days 1,712 sqft
    2021-09-01 29 days 1,691 sqft
    2021-10-01 30 days 1,661 sqft
    2021-11-01 40 days 1,631 sqft
    2021-12-01 52 days 1,650 sqft
    2022-01-01 58 days 1,658 sqft
    Cambridge's median listing age (time on market) for 2022-01-01 was 58 days. This is -9% shorter than the same period one year ago.

    Cambridge's median square footage for active listings during the 2022-01-01 period was 1,658 sqft. One year prior, the average listing was 1,667 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).