Chambersburg FHA Loan Rates, Closing Costs & Stats

CHAMBERSBURG-WAYNESBORO, PA

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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.

    Chambersburg's 90 lenders originated 401 FHA loans during 2023. The total origination value was $115,325,000, with an average FHA loan value of $287,594.

    Chambersburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Chambersburg averaged 6.28% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

    Chambersburg's average FHA mortgage closing costs are $8,231.

    The average rate for the prior week (2024-10-18) was 5.87% and one month ago for the week of 2024-09-20, the average rate was 5.79%.

    The average rate one year ago was 7.03%.

    For refis of the same type during the week of 2024-10-25, the average rate was 6.62%.

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

    Chambersburg 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 Chambersburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 39 6.28% $10,564
    GUILD MORTGAGE COMPANY 28 6.66% $10,489
    Integrity Home Mortgage Corp 23 6.35% $13,450
    CROSSCOUNTRY MORTGAGE, LLC 20 6.54% $11,124
    UNION HOME MORTGAGE CORP. 20 6.51% $12,016
    PATRIOT 16 5.69% $9,277
    NVR Mortgage Finance, Inc. 15 5.96% $12,054
    PENNYMAC LOAN SERVICES, LLC 14 6.03% $12,304
    UNITED WHOLESALE MORTGAGE, LLC 14 6.32% $11,913
    M&T Bank 11 6.06% $9,636
    Plains Commerce Bank 10 6.69% $14,701
    Northpointe Bank 8 6.34% $10,090
    NEWREZ LLC 8 6.73% $10,867
    FREEDOM MORTGAGE CORPORATION 7 6.80% $12,724
    T2 FINANCIAL LLC 6 6.71% $11,413
    HOMESPIRE MORTGAGE CORPORATION 6 7.15% $10,738
    TIDEWATER MORTGAGE SERVICES, INC. 5 6.83% $12,651
    George Mason Mortgage, LLC 5 6.43% $12,927
    HOMEAMERICAN MORTGAGE CORPORATION 5 5.93% $9,365
    BROKER SOLUTIONS, INC. 5 6.85% $10,341
    AMERISAVE MORTGAGE CORPORATION 5 5.93% $15,567
    Farmers and Merchants Trust Company of Chambersburg 4 6.41% $6,844
    NFM, INC. 4 6.34% $10,955
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.19% $12,745
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.25% $11,382
    FIRST HOME MORTGAGE CORPORATION 3 6.83% $12,779
    LOANDEPOT.COM, LLC 3 6.25% $11,221
    EMBRACE HOME LOANS, INC. 3 6.46% $16,231
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $19,605
    Homesale Mortgage, LLC 3 6.33% $9,737
    Neighborhood Loans, Inc. 3 7.46% $13,195
    Mortgage Research Center, LLC 3 6.67% $12,428
    U.S. Bank 2 5.44% $9,303
    MOVEMENT MORTGAGE, LLC 2 7.44% $9,150
    NORWICH COMMERCIAL GROUP, INC. 2 6.75% $12,542
    DIRECT MORTGAGE LOANS, LLC 2 7.12% $13,074
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.87% $12,365
    RADIUS FINANCIAL GROUP INC. 2 6.25% $12,461
    Flagstar Bank, FSB 2 6.00% $8,531
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $10,225
    Meridian Bank Corporation 2 6.38% $10,037
    Towne Bank 2 6.63% $8,962
    Truist 2 6.30% $9,676
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $14,361
    Fulton Bank 2 6.13% $14,036
    ZILLOW HOME LOANS, LLC 1 6.13% $10,728
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $10,081
    AMERICAN FINANCING CORPORATION 1 6.88% $11,804
    AmeriHome Mortgage Company, LLC 1 5.63% $12,736
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $12,394
    Atlantic Coast Mortgage, LLC 1 4.88% $16,036
    Bank of America 1 5.75% $11,340
    BAY CAPITAL MORTGAGE CORPORATION 1 5.75% $10,166
    CBM Mortgage, Inc. 1 6.63% $8,896
    Century Mortgage Company DBA Century Lending Company 1 6.63% $9,778
    Citizens Bank 1 6.75% $9,472
    EMM LOANS LLC 1 6.50% $11,538
    Equity Prime Mortgage LLC 1 4.88% $21,782
    Fifth Third Bank 1 6.63% $9,701
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $15,915
    First Heritage Mortgage, LLC 1 6.13% $12,492
    Foote Capital Mortgage Company 1 6.25% $4,673
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $14,034
    HomePromise Corporation 1 7.38% $7,822
    LOANLEADERS OF AMERICA, INC. 1 6.63% $22,777
    MEMBERS 1ST FEDERAL CREDIT UNION 1 6.75% $6,345
    MICHIGAN MUTUAL, INC. 1 5.50% $12,967
    MILEND, INC. 1 5.63% $16,634
    MILLENNIUM FINANCIAL GROUP, INC. 1 7.25% $8,092
    NBKC BANK 1 5.50% $9,613
    Network Funding, L.P. 1 7.25% $7,298
    OCMBC, INC. 1 7.63% $8,989
    Orrstown Bank 1 7.38% $7,522
    Paramount Residential Mortgage Group, Inc. 1 7.25% $14,749
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $11,206
    PLANET HOME LENDING, LLC 1 6.50% $15,879
    POLARIS HOME FUNDING CORP. 1 6.00% $14,661
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.25% $10,181
    Prosperity Home Mortgage, LLC 1 6.75% $14,275
    Shore United Bank 1 7.00% $10,896
    Sierra Pacific Mortgage Company, Inc. 1 6.63% $11,436
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.38% $18,497
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $19,460
    The Huntington National Bank 1 7.75% $8,933
    THE MORTGAGE LINK, INC. 1 6.75% $8,328
    TOP FLITE FINANCIAL, INC. 1 7.25% $15,005
    TOTAL MORTGAGE SERVICES, LLC 1 6.88% $15,918
    VILLAGE CAPITAL MORTGAGE 1 6.75% $18,791
    WesBanco 1 7.13% $7,518
    Alcova Mortgage LLC 1 6.49% $8,734

    The top Chambersburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 39 FHA loans originated. Their average total fees are $10,564, which is $75 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Chambersburg FHA lenders (with over 10 loans originated) are PATRIOT ($9,277), M&T Bank ($9,636), GUILD MORTGAGE COMPANY ($10,489), QUICKEN LOANS, LLC ($10,564) and CROSSCOUNTRY MORTGAGE, LLC ($11,124).

    The lowest rate Chambersburg FHA lenders (with over 10 loans originated) are PATRIOT (5.69%), NVR Mortgage Finance, Inc. (5.96%), PENNYMAC LOAN SERVICES, LLC (6.03%), M&T Bank (6.06%) and QUICKEN LOANS, LLC (6.28%).

    Chambersburg FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHAMBERSBURG-WAYNESBORO, PA FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    CHAMBERSBURG-WAYNESBORO, PA FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900

    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).