Cumberland FHA Loans

CUMBERLAND, MD-WV

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.

Cumberland's 50 lenders originated 382 FHA loans during 2021. The total origination value was $53,730,000, with an average FHA loan value of $140,654.

Cumberland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cumberland averaged 5.21% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.44% and one month ago for the week of 2022-04-08, the average rate was 4.81%.

The average rate one year ago was 3.22%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.98%.

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

Cumberland 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 Cumberland level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Alcova Mortgage LLC 70 3.33% $3,448
QUICKEN LOANS, LLC 62 2.75% $5,364
C & F Mortgage Corporation 27 3.00% $6,167
Citizens Bank 26 2.91% $5,238
HOMESPIRE MORTGAGE CORPORATION 25 3.33% $5,813
SOUTHERN TRUST MORTGAGE, LLC 16 3.15% $3,023
HOMEBRIDGE FINANCIAL SERVICES, INC. 11 2.99% $6,457
PENNYMAC LOAN SERVICES, LLC 10 3.05% $3,279
GUARANTY HOME MORTGAGE CORPORATION 7 2.73% $5,147
LOANDEPOT.COM, LLC 6 3.22% $6,346
FREEDOM MORTGAGE CORPORATION 6 2.77% $4,210
FIRST HOME MORTGAGE CORPORATION 5 2.78% $7,342
VILLAGE CAPITAL & INVESTMENT LLC 5 3.03% $2,375
Prosperity Home Mortgage, LLC 5 3.50% $5,627
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 4 2.94% $2,734
Manufacturers and Traders Trust Company 4 3.09% $6,103
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.44% $7,628
NFM, INC. 3 3.58% $4,697
T2 FINANCIAL LLC 3 4.17% $6,541
LAKEVIEW LOAN SERVICING, LLC 3 3.47% $3,172
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.21% $6,014
EMBRACE HOME LOANS, INC. 2 3.50% $6,605
AmeriHome Mortgage Company, LLC 2 3.38% $3,272
AMERISAVE MORTGAGE CORPORATION 2 3.31% $8,873
Bank of England 2 3.25% $8,195
CROSSCOUNTRY MORTGAGE, LLC 2 3.19% $8,371
DIRECT MORTGAGE LOANS, LLC 2 3.63% $7,216
MOVEMENT MORTGAGE, LLC 2 3.38% $5,640
Mr. Cooper ( Nationstar Mortgage ) 2 3.75% $1,443
PLANET HOME LENDING, LLC 2 2.75% $3,119
CALIBER HOME LOANS, INC. 1 2.25% $4,394
TIDEWATER MORTGAGE SERVICES, INC. 1 3.75% $9,832
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $11,202
Nations Lending Corporation 1 3.00% $2,303
Integrity Home Mortgage Corp 1 3.38% $7,865
Paramount Residential Mortgage Group, Inc. 1 2.88% $6,816
HOME POINT FINANCIAL CORPORATION 1 2.38% $3,724
Peoples Bank 1 3.25% $6,840
BAY CAPITAL MORTGAGE CORPORATION 1 2.75% $5,393
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $8,496
First National Bank of Omaha 1 2.75% $4,465
First Heritage Mortgage, LLC 1 3.17% $6,517
FINANCE OF AMERICA MORTGAGE LLC 1 2.50% $5,453
RELIANCE FIRST CAPITAL, LLC 1 3.00% $8,070
Sandy Spring Bank 1 3.38% $5,833
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 3.25% $6,076
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $9,251
LIBERTY HOME MORTGAGE CORPORATION 1 2.88% $16,041
MILLENNIUM FINANCIAL GROUP, INC. 1 2.63% $4,872
Mortgage Research Center, LLC 1 3.50% $3,852

The top Cumberland FHA lender as defined by loan originations is Alcova Mortgage LLC, with 70 FHA loans originated. Their average total fees are $3,448, which is $1,916 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Cumberland FHA lenders (with over 10 loans originated) are SOUTHERN TRUST MORTGAGE, LLC ($3,023), PENNYMAC LOAN SERVICES, LLC ($3,279), Alcova Mortgage LLC ($3,448), Citizens Bank ($5,238) and QUICKEN LOANS, LLC ($5,364).

The lowest rate Cumberland FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.75%), Citizens Bank (2.91%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.99%), C & F Mortgage Corporation (3.00%) and PENNYMAC LOAN SERVICES, LLC (3.05%).

Cumberland FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CUMBERLAND, MD-WV ALLEGANY 2022 $420,680 $538,650 $651,050 $809,150
CUMBERLAND, MD-WV MINERAL 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cumberland (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 $115,000 (5.3%) $141,411 (2.3%) 0.00 448
2018-02-01 $115,700 (5.7%) $143,798 (4.0%) 0.00 428
2018-03-01 $115,900 (7.3%) $143,331 (5.9%) 0.00 438
2018-04-01 $116,400 (11.0%) $136,583 (1.6%) 0.00 470
2018-05-01 $116,450 (6.2%) $140,809 (1.7%) 0.00 484
2018-06-01 $117,900 (7.2%) $141,714 (1.3%) 0.00 500
2018-07-01 $116,650 (4.2%) $140,556 (0.0%) 0.00 510
2018-08-01 $119,389 (6.7%) $144,417 (4.0%) 0.00 516
2018-09-01 $119,900 (8.1%) $143,382 (0.9%) 0.00 535
2018-10-01 $117,950 (2.6%) $144,789 (-0.3%) 0.00 529
2018-11-01 $115,450 (0.4%) $145,390 (1.2%) 0.00 536
2018-12-01 $115,000 (2.7%) $143,751 (2.9%) 0.00 529
2019-01-01 $114,000 (-0.9%) $143,192 (1.3%) 0.00 456
2019-02-01 $116,950 (1.1%) $143,786 (0.0%) 0.00 427
2019-03-01 $117,371 (1.3%) $143,363 (0.0%) 0.00 423
2019-04-01 $114,000 (-2.1%) $140,604 (2.9%) 0.00 424
2019-05-01 $114,450 (-1.7%) $142,603 (1.3%) 0.00 443
2019-06-01 $119,000 (0.9%) $147,216 (3.9%) 0.00 456
2019-07-01 $119,900 (2.8%) $147,250 (4.8%) 0.00 456
2019-08-01 $122,943 (3.0%) $150,421 (4.2%) 0.00 439
2019-09-01 $126,493 (5.5%) $154,125 (7.5%) 0.00 420
2019-10-01 $125,000 (6.0%) $156,222 (7.9%) 0.00 411
2019-11-01 $119,900 (3.9%) $151,085 (3.9%) 0.00 413
2019-12-01 $116,900 (1.7%) $145,283 (1.1%) 0.00 400
2020-01-01 $109,950 (-3.6%) $150,812 (5.3%) 0.00 369
2020-02-01 $109,000 (-6.8%) $161,666 (12.4%) 0.00 344
2020-03-01 $114,950 (-2.1%) $167,080 (16.5%) 0.00 328
2020-04-01 $112,400 (-1.4%) $167,927 (19.4%) 0.00 315
2020-05-01 $109,900 (-4.0%) $167,619 (17.5%) 0.00 291
2020-06-01 $118,750 (-0.2%) $180,283 (22.5%) 0.00 267
2020-07-01 $121,450 (1.3%) $187,278 (27.2%) 0.00 246
2020-08-01 $119,000 (-3.2%) $201,006 (33.6%) 0.00 244
2020-09-01 $124,900 (-1.3%) $206,769 (34.2%) 0.00 236
2020-10-01 $123,000 (-1.6%) $196,325 (25.7%) 0.00 236
2020-11-01 $124,900 (4.2%) $192,357 (27.3%) 0.00 231
2020-12-01 $123,200 (5.4%) $200,549 (38.0%) 0.00 211
2021-01-01 $122,000 (11.0%) $212,008 (40.6%) 0.00 181
2021-02-01 $124,950 (14.6%) $232,082 (43.6%) 0.00 155
2021-03-01 $125,450 (9.1%) $238,116 (42.5%) 0.00 138
2021-04-01 $138,450 (23.2%) $249,277 (48.4%) 0.00 131
2021-05-01 $132,000 (20.1%) $251,017 (49.8%) 0.00 133
2021-06-01 $140,450 (18.3%) $257,942 (43.1%) 0.00 138
2021-07-01 $137,000 (12.8%) $244,694 (30.7%) 0.00 161
2021-08-01 $130,950 (10.0%) $232,206 (15.5%) 0.00 183
2021-09-01 $127,000 (1.7%) $227,316 (9.9%) 0.00 188
2021-10-01 $129,900 (5.6%) $220,918 (12.5%) 0.00 182
2021-11-01 $124,900 (0.0%) $215,175 (11.9%) 0.00 184
2021-12-01 $116,500 (-5.4%) $207,579 (3.5%) 0.00 179
2022-01-01 $117,000 (-4.1%) $201,754 (-4.8%) 0.00 164
2022-02-01 $118,750 (-5.0%) $168,126 (-27.6%) 0.00 144
2022-03-01 $110,750 (-11.7%) $176,062 (-26.1%) 0.00 137
2022-04-01 $120,000 (-13.3%) $186,227 (-25.3%) 0.00 121
Cumberland's median listing price for 2022-04-01 was $120,000, a difference of $-18,450 (-13.3%) versus the prior year and $9,250 versus the prior month.

Cumberland's median listing price comes in at 0% of the national average.

Cumberland's average listing price for 2022-04-01 was $186,227, a difference of $-63,050 (-25.3%) versus the prior year and $10,165 versus the prior month.

For the 2022-04-01 period, Cumberland had 121 MLS listings, a difference of -16 listings (-12%) versus the prior month and -10 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cumberland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,583 sqft
2018-02-01 0 days 1,589 sqft
2018-03-01 0 days 1,566 sqft
2018-04-01 0 days 1,559 sqft
2018-05-01 0 days 1,556 sqft
2018-06-01 0 days 1,660 sqft
2018-07-01 0 days 1,658 sqft
2018-08-01 0 days 1,677 sqft
2018-09-01 0 days 1,707 sqft
2018-10-01 0 days 1,704 sqft
2018-11-01 0 days 1,692 sqft
2018-12-01 0 days 1,650 sqft
2019-01-01 0 days 1,650 sqft
2019-02-01 0 days 1,641 sqft
2019-03-01 0 days 1,642 sqft
2019-04-01 0 days 1,624 sqft
2019-05-01 0 days 1,638 sqft
2019-06-01 0 days 1,680 sqft
2019-07-01 0 days 1,677 sqft
2019-08-01 0 days 1,686 sqft
2019-09-01 0 days 1,704 sqft
2019-10-01 0 days 1,688 sqft
2019-11-01 0 days 1,698 sqft
2019-12-01 0 days 1,680 sqft
2020-01-01 0 days 1,640 sqft
2020-02-01 0 days 1,639 sqft
2020-03-01 0 days 1,672 sqft
2020-04-01 0 days 1,680 sqft
2020-05-01 0 days 1,677 sqft
2020-06-01 0 days 1,686 sqft
2020-07-01 0 days 1,715 sqft
2020-08-01 0 days 1,730 sqft
2020-09-01 0 days 1,714 sqft
2020-10-01 0 days 1,704 sqft
2020-11-01 0 days 1,667 sqft
2020-12-01 0 days 1,650 sqft
2021-01-01 0 days 1,699 sqft
2021-02-01 0 days 1,700 sqft
2021-03-01 0 days 1,664 sqft
2021-04-01 0 days 1,697 sqft
2021-05-01 0 days 1,652 sqft
2021-06-01 0 days 1,686 sqft
2021-07-01 0 days 1,685 sqft
2021-08-01 0 days 1,685 sqft
2021-09-01 0 days 1,663 sqft
2021-10-01 0 days 1,628 sqft
2021-11-01 0 days 1,587 sqft
2021-12-01 0 days 1,575 sqft
2022-01-01 0 days 1,548 sqft
2022-02-01 0 days 1,539 sqft
2022-03-01 0 days 1,525 sqft
2022-04-01 0 days 1,515 sqft
Cumberland's median listing age (time on market) for 2022-04-01 was 0 days.

Cumberland's median square footage for active listings during the 2022-04-01 period was 1,515 sqft. One year prior, the average listing was 1,697 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).