Chambersburg FHA Loan Rates, Closing Costs & Stats

CHAMBERSBURG-WAYNESBORO, PA

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 6.37% 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 6.29% and one month ago for the week of 2024-03-08, the average rate was 6.43%.

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 7.41%.

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).