Cambridge FHA Loans

CAMBRIDGE-NEWTON-FRAMINGHAM, MA

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).