Concord FHA Loan Rates, Closing Costs & Stats

Concord, NH

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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.

    Concord's 56 lenders originated 245 FHA loans during 2023. The total origination value was $77,925,000, with an average FHA loan value of $318,061.

    Concord FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Concord averaged 6.7% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Concord's average FHA mortgage closing costs are $8,132.

    The average rate for the prior week (2024-11-01) was 6.27% and one month ago for the week of 2024-10-04, the average rate was 5.99%.

    The average rate one year ago was 7.64%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.61%.

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

    Concord 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 Concord level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 25 5.83% $14,035
    GUILD MORTGAGE COMPANY 16 6.66% $12,561
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.67% $9,993
    CMG MORTGAGE, INC. 12 6.95% $13,701
    HARBORONE MORTGAGE, LLC 11 6.66% $11,992
    UNITED WHOLESALE MORTGAGE, LLC 11 6.92% $11,775
    LOANDEPOT.COM, LLC 9 6.10% $13,672
    CROSSCOUNTRY MORTGAGE, LLC 7 6.65% $12,071
    EVERETT FINANCIAL, INC. 6 6.92% $8,580
    PENNYMAC LOAN SERVICES, LLC 5 5.92% $16,636
    MOVEMENT MORTGAGE, LLC 5 6.38% $12,547
    NEWREZ LLC 5 6.25% $14,095
    TOTAL MORTGAGE SERVICES, LLC 4 6.44% $11,961
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.38% $16,123
    RELIANCE FIRST CAPITAL, LLC 4 6.38% $15,830
    NORTHPOINT MORTGAGE, INC. 4 6.37% $13,021
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 7.22% $13,993
    FREEDOM MORTGAGE CORPORATION 3 7.08% $16,307
    American Mortgage & Equity Consultants, Inc. 3 6.88% $18,019
    FIRST MORTGAGE COMPANY, INC. 3 6.58% $11,021
    GUARANTEED RATE, INC. 3 6.50% $12,066
    AMERISAVE MORTGAGE CORPORATION 3 5.83% $20,580
    EMM LOANS LLC 3 6.54% $8,392
    Mr. Cooper ( Nationstar Mortgage ) 3 6.46% $16,024
    Equity Prime Mortgage LLC 3 7.08% $20,149
    BROKER SOLUTIONS, INC. 2 6.44% $23,309
    Bangor Savings Bank 2 5.94% $10,328
    BAY EQUITY LLC 2 6.31% $11,107
    AMERICAN FINANCING CORPORATION 2 6.75% $9,811
    Carrington Mortgage Services, LLC 2 6.88% $9,350
    Citizens Bank 2 6.31% $8,716
    GUARANTEED RATE AFFINITY, LLC 2 7.13% $19,140
    Keystone Funding, Inc. 2 6.81% $13,182
    LAKEVIEW LOAN SERVICING, LLC 2 6.69% $13,165
    LEADERONE FINANCIAL CORPORATION 2 7.25% $9,782
    NATIONS DIRECT MORTGAGE, LLC 2 7.56% $15,589
    OCMBC, INC. 2 7.19% $19,509
    Waterstone Mortgage Corporation 2 5.94% $11,486
    Ixonia Bank 1 7.00% $23,901
    Flagstar Bank, FSB 1 7.25% $8,211
    VILLAGE CAPITAL MORTGAGE 1 7.88% $11,955
    Paramount Residential Mortgage Group, Inc. 1 6.25% $14,683
    ENVOY MORTGAGE, LTD 1 7.13% $15,651
    PLANET HOME LENDING, LLC 1 5.63% $27,805
    POLARIS HOME FUNDING CORP. 1 7.50% $13,203
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $9,788
    Princeton Mortgage Corporation 1 6.25% $8,022
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.63% $15,866
    RADIUS FINANCIAL GROUP INC. 1 5.50% $8,795
    Century Mortgage Company DBA Century Lending Company 1 6.75% $11,050
    TD Bank 1 5.88% $5,936
    The Washington Trust Company, of Westerly 1 6.49% $10,248
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $21,590
    MORTGAGE EQUITY PARTNERS LLC 1 7.25% $9,386
    AmeriHome Mortgage Company, LLC 1 6.13% $13,489
    NEW FED MORTGAGE, CORP. 1 7.00% $9,329

    The top Concord FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 25 FHA loans originated. Their average total fees are $14,035, which is $1,474 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Concord FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,993), UNITED WHOLESALE MORTGAGE, LLC ($11,775), HARBORONE MORTGAGE, LLC ($11,992), GUILD MORTGAGE COMPANY ($12,561) and CMG MORTGAGE, INC. ($13,701).

    The lowest rate Concord FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.83%), HARBORONE MORTGAGE, LLC (6.66%), GUILD MORTGAGE COMPANY (6.66%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.67%) and UNITED WHOLESALE MORTGAGE, LLC (6.92%).

    Concord FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CONCORD, NH MERRIMACK 2022 $420,680 $538,650 $651,050 $809,150
    CONCORD, NH MERRIMACK 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).