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 6.47% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

    The average rate for the prior week (2024-04-05) was 6.59% and one month ago for the week of 2024-03-08, the average rate was 6.63%.

    The average rate one year ago was 6.16%.

    For refis of the same type during the week of 2024-04-12, the average rate was 7.11%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Chambersburg (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 $202,490 (3.5%) $225,896 (4.0%) 0.75 601
    2018-02-01 $199,945 (0.0%) $225,073 (0.6%) 0.73 580
    2018-03-01 $204,900 (2.5%) $230,153 (1.2%) 0.72 604
    2018-04-01 $199,900 (0.0%) $229,332 (0.7%) 0.68 663
    2018-05-01 $204,700 (0.2%) $236,755 (1.7%) 0.68 678
    2018-06-01 $206,990 (0.6%) $239,430 (1.9%) 0.69 690
    2018-07-01 $202,450 (-2.4%) $241,770 (3.0%) 0.68 678
    2018-08-01 $208,723 (-0.4%) $244,751 (2.6%) 0.70 684
    2018-09-01 $213,445 (3.7%) $245,385 (4.4%) 0.72 655
    2018-10-01 $209,923 (1.1%) $240,188 (1.3%) 0.71 653
    2018-11-01 $204,950 (2.5%) $238,730 (4.0%) 0.69 628
    2018-12-01 $202,990 (-0.9%) $243,382 (6.4%) 0.70 587
    2019-01-01 $200,748 (-0.9%) $240,506 (6.5%) 0.69 565
    2019-02-01 $214,900 (7.5%) $240,921 (7.0%) 0.73 552
    2019-03-01 $214,243 (4.6%) $239,964 (4.3%) 0.70 550
    2019-04-01 $219,950 (10.0%) $240,321 (4.8%) 0.70 533
    2019-05-01 $224,900 (9.9%) $242,427 (2.4%) 0.70 546
    2019-06-01 $219,900 (6.2%) $240,919 (0.6%) 0.69 551
    2019-07-01 $219,900 (8.6%) $240,359 (-0.6%) 0.69 533
    2019-08-01 $219,452 (5.1%) $239,133 (-2.3%) 0.69 523
    2019-09-01 $218,630 (2.4%) $238,055 (-3.0%) 0.70 512
    2019-10-01 $218,081 (3.9%) $237,337 (-1.2%) 0.70 509
    2019-11-01 $217,000 (5.9%) $237,647 (-0.5%) 0.71 491
    2019-12-01 $219,400 (8.1%) $241,698 (-0.7%) 0.73 440
    2020-01-01 $222,675 (10.9%) $244,711 (1.8%) 0.74 405
    2020-02-01 $225,495 (4.9%) $249,651 (3.6%) 0.74 394
    2020-03-01 $226,400 (5.7%) $253,037 (5.5%) 0.71 379
    2020-04-01 $229,925 (4.5%) $263,245 (9.5%) 0.72 343
    2020-05-01 $229,900 (2.2%) $262,968 (8.5%) 0.70 355
    2020-06-01 $230,173 (4.7%) $264,338 (9.7%) 0.68 328
    2020-07-01 $239,225 (8.8%) $276,628 (15.1%) 0.69 284
    2020-08-01 $239,900 (9.3%) $283,238 (18.4%) 0.69 234
    2020-09-01 $234,975 (7.5%) $283,788 (19.2%) 0.67 205
    2020-10-01 $224,900 (3.1%) $281,537 (18.6%) 0.64 213
    2020-11-01 $229,900 (5.9%) $274,128 (15.4%) 0.67 199
    2020-12-01 $228,200 (4.0%) $280,435 (16.0%) 0.68 158
    2021-01-01 $245,000 (10.0%) $286,641 (17.1%) 0.73 138
    2021-02-01 $244,900 (8.6%) $284,241 (13.9%) 0.71 131
    2021-03-01 $243,725 (7.7%) $288,703 (14.1%) 0.69 125
    2021-04-01 $241,850 (5.2%) $285,987 (8.6%) 0.65 148
    2021-05-01 $249,550 (8.6%) $296,171 (12.6%) 0.66 146
    2021-06-01 $243,550 (5.8%) $293,014 (10.9%) 0.64 183
    2021-07-01 $247,000 (3.3%) $294,414 (6.4%) 0.65 226
    2021-08-01 $232,450 (-3.1%) $290,887 (2.7%) 0.62 222
    2021-09-01 $234,950 (0.0%) $281,414 (-0.8%) 0.63 230
    2021-10-01 $239,950 (6.7%) $283,784 (0.8%) 0.64 216
    2021-11-01 $241,250 (4.9%) $284,316 (3.7%) 0.64 193
    2021-12-01 $258,745 (13.4%) $290,171 (3.5%) 0.70 178
    2022-01-01 $270,895 (10.6%) $300,962 (5.0%) 0.73 168
    2022-02-01 $269,900 (10.2%) $302,054 (6.3%) 0.70 155
    2022-03-01 $287,375 (17.9%) $313,578 (8.6%) 0.72 143
    2022-04-01 $314,999 (30.3%) $339,107 (18.6%) 0.75 154
    2022-05-01 $317,350 (27.2%) $337,946 (14.1%) 0.73 175
    2022-06-01 $325,000 (33.4%) $344,538 (17.6%) 0.72 187
    2022-07-01 $329,950 (33.6%) $344,415 (17.0%) 0.74 199
    2022-08-01 $303,125 (30.4%) $335,588 (15.4%) 0.70 224
    2022-09-01 $299,450 (27.5%) $332,600 (18.2%) 0.70 233
    2022-10-01 $289,900 (20.8%) $352,303 (24.1%) 0.68 239
    2022-11-01 $293,695 (21.7%) $353,058 (24.2%) 0.71 258
    2022-12-01 $289,900 (12.0%) $352,258 (21.4%) 0.72 228
    2023-01-01 $298,250 (10.1%) $376,553 (25.1%) 0.74 197
    2023-02-01 $310,245 (15.0%) $392,537 (30.0%) 0.75 169
    2023-03-01 $311,495 (8.4%) $400,828 (27.8%) 0.73 153
    2023-04-01 $324,900 (3.1%) $408,313 (20.4%) 0.76 174
    2023-05-01 $302,675 (-4.6%) $395,969 (17.2%) 0.69 176
    2023-06-01 $312,923 (-3.7%) $395,667 (14.8%) 0.70 187
    2023-07-01 $310,990 (-5.8%) $392,409 (13.9%) 0.71 196
    2023-08-01 $325,750 (7.5%) $395,769 (17.9%) 0.75 193
    2023-09-01 $325,000 (8.5%) $394,280 (18.6%) 0.76 207
    2023-10-01 $335,108 (15.6%) $373,087 (5.9%) 0.79 219
    2023-11-01 $317,675 (8.2%) $351,675 (-0.4%) 0.76 229
    2023-12-01 $300,000 (3.5%) $348,178 (-1.2%) 0.73 200
    2024-01-01 $312,500 (4.8%) $352,978 (-6.3%) 0.76 193
    2024-02-01 $318,950 (2.8%) $358,262 (-8.7%) 0.77 180
    2024-03-01 $315,000 (1.1%) $353,718 (-11.8%) 0.74 179
    Chambersburg's median listing price for 2024-03-01 was $315,000, a difference of $3,505 (1.1%) versus the prior year and $-3,950 versus the prior month.

    Chambersburg's median listing price comes in at 74% of the national average.

    Chambersburg's average listing price for 2024-03-01 was $353,718, a difference of $-47,110 (-11.8%) versus the prior year and $-4,544 versus the prior month.

    For the 2024-03-01 period, Chambersburg had 179 MLS listings, a difference of -1 listings (-1%) versus the prior month and 26 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Chambersburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 90 days 1,902 sqft
    2018-02-01 97 days 1,875 sqft
    2018-03-01 67 days 1,854 sqft
    2018-04-01 52 days 1,800 sqft
    2018-05-01 59 days 1,862 sqft
    2018-06-01 64 days 1,958 sqft
    2018-07-01 71 days 1,991 sqft
    2018-08-01 72 days 2,005 sqft
    2018-09-01 73 days 2,067 sqft
    2018-10-01 68 days 2,000 sqft
    2018-11-01 71 days 1,956 sqft
    2018-12-01 81 days 1,928 sqft
    2019-01-01 89 days 1,918 sqft
    2019-02-01 91 days 1,916 sqft
    2019-03-01 74 days 1,920 sqft
    2019-04-01 55 days 1,931 sqft
    2019-05-01 56 days 2,000 sqft
    2019-06-01 59 days 2,000 sqft
    2019-07-01 65 days 1,988 sqft
    2019-08-01 66 days 1,990 sqft
    2019-09-01 66 days 1,988 sqft
    2019-10-01 65 days 1,986 sqft
    2019-11-01 68 days 2,000 sqft
    2019-12-01 78 days 2,037 sqft
    2020-01-01 83 days 2,043 sqft
    2020-02-01 77 days 2,076 sqft
    2020-03-01 56 days 2,027 sqft
    2020-04-01 69 days 2,067 sqft
    2020-05-01 80 days 2,046 sqft
    2020-06-01 64 days 1,976 sqft
    2020-07-01 40 days 1,978 sqft
    2020-08-01 38 days 2,000 sqft
    2020-09-01 36 days 1,980 sqft
    2020-10-01 48 days 1,971 sqft
    2020-11-01 50 days 1,931 sqft
    2020-12-01 56 days 1,865 sqft
    2021-01-01 59 days 1,906 sqft
    2021-02-01 51 days 1,919 sqft
    2021-03-01 44 days 1,972 sqft
    2021-04-01 30 days 1,919 sqft
    2021-05-01 33 days 1,950 sqft
    2021-06-01 38 days 1,855 sqft
    2021-07-01 38 days 1,871 sqft
    2021-08-01 41 days 1,842 sqft
    2021-09-01 41 days 1,761 sqft
    2021-10-01 44 days 1,750 sqft
    2021-11-01 45 days 1,744 sqft
    2021-12-01 52 days 1,759 sqft
    2022-01-01 65 days 1,772 sqft
    2022-02-01 65 days 1,729 sqft
    2022-03-01 51 days 1,771 sqft
    2022-04-01 37 days 1,840 sqft
    2022-05-01 39 days 1,954 sqft
    2022-06-01 42 days 1,914 sqft
    2022-07-01 45 days 1,954 sqft
    2022-08-01 44 days 1,927 sqft
    2022-09-01 48 days 1,969 sqft
    2022-10-01 46 days 1,914 sqft
    2022-11-01 47 days 1,863 sqft
    2022-12-01 54 days 1,822 sqft
    2023-01-01 73 days 1,892 sqft
    2023-02-01 70 days 1,887 sqft
    2023-03-01 44 days 1,903 sqft
    2023-04-01 31 days 1,950 sqft
    2023-05-01 33 days 1,930 sqft
    2023-06-01 40 days 1,924 sqft
    2023-07-01 35 days 1,972 sqft
    2023-08-01 33 days 1,945 sqft
    2023-09-01 37 days 1,943 sqft
    2023-10-01 43 days 1,922 sqft
    2023-11-01 48 days 1,903 sqft
    2023-12-01 56 days 1,900 sqft
    2024-01-01 54 days 1,902 sqft
    2024-02-01 42 days 1,900 sqft
    2024-03-01 33 days 1,900 sqft
    Chambersburg's median listing age (time on market) for 2024-03-01 was 33 days. This is -27% shorter than the same period one year ago.

    Chambersburg's median square footage for active listings during the 2024-03-01 period was 1,900 sqft. One year prior, the average listing was 1,903 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).