Cumberland FHA Loan Rates, Closing Costs & Stats
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 43 lenders originated 238 FHA loans during 2023. The total origination value was $35,090,000, with an average FHA loan value of $147,437.
Cumberland FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Cumberland
averaged
-0.25%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Cumberland's average FHA mortgage closing costs are $5,753.
The average rate for the prior week (2024-11-22) was
6.54% and
one month ago for the week of 2024-10-25, the
average rate was 6.12%.
The average rate one year ago was 7.11%.
For refis of the same type during the week of 2024-11-29, the average rate
was 1.42%.
Cumberland 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 Cumberland level.
The top Cumberland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
34 FHA loans originated. Their average total fees are
$7,727, which is $3,618
higher than the next largest lender,
Alcova Mortgage LLC.
The lowest fee Cumberland FHA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($4,109), Citizens Bank ($5,933), M&T Bank ($6,509), C & F Mortgage Corporation ($6,817) and QUICKEN LOANS, LLC ($7,727).
The lowest rate Cumberland FHA lenders (with over 10 loans originated) are
Citizens Bank (6.33%), QUICKEN LOANS, LLC (6.43%), M&T Bank (6.50%), C & F Mortgage Corporation (6.59%) and FIDELITY DIRECT MORTGAGE, LLC (6.88%).
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 |
CUMBERLAND, MD-WV | ALLEGANY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
CUMBERLAND, MD-WV | MINERAL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Cumberland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $115,000 (5.0%) | $140,808 (2.3%) | 0.00 | 457 |
2018-02-01 | $117,025 (6.7%) | $144,339 (4.7%) | 0.00 | 439 |
2018-03-01 | $115,900 (6.7%) | $143,756 (6.4%) | 0.00 | 444 |
2018-04-01 | $116,900 (11.4%) | $137,791 (2.6%) | 0.00 | 478 |
2018-05-01 | $117,825 (7.4%) | $141,826 (2.6%) | 0.00 | 494 |
2018-06-01 | $119,000 (8.2%) | $142,937 (2.5%) | 0.00 | 511 |
2018-07-01 | $118,725 (6.1%) | $141,257 (0.7%) | 0.00 | 520 |
2018-08-01 | $119,900 (7.6%) | $144,457 (4.6%) | 0.00 | 524 |
2018-09-01 | $119,900 (7.2%) | $143,413 (1.3%) | 0.00 | 546 |
2018-10-01 | $117,950 (2.6%) | $144,221 (0.5%) | 0.00 | 541 |
2018-11-01 | $115,000 (0.9%) | $144,976 (1.8%) | 0.00 | 549 |
2018-12-01 | $114,999 (4.5%) | $142,907 (3.0%) | 0.00 | 541 |
2019-01-01 | $114,000 (-0.9%) | $142,267 (1.0%) | 0.00 | 474 |
2019-02-01 | $117,000 (0.0%) | $143,227 (-0.8%) | 0.00 | 443 |
2019-03-01 | $116,911 (0.9%) | $141,958 (-1.3%) | 0.00 | 443 |
2019-04-01 | $111,463 (-4.7%) | $138,501 (0.5%) | 0.00 | 445 |
2019-05-01 | $113,613 (-3.6%) | $141,637 (-0.1%) | 0.00 | 459 |
2019-06-01 | $119,000 (0.0%) | $145,665 (1.9%) | 0.00 | 471 |
2019-07-01 | $119,900 (1.0%) | $145,564 (3.1%) | 0.00 | 477 |
2019-08-01 | $121,291 (1.2%) | $148,654 (2.9%) | 0.00 | 456 |
2019-09-01 | $123,377 (2.9%) | $152,672 (6.5%) | 0.00 | 436 |
2019-10-01 | $124,950 (5.9%) | $155,328 (7.7%) | 0.00 | 422 |
2019-11-01 | $119,000 (3.5%) | $151,450 (4.5%) | 0.00 | 422 |
2019-12-01 | $115,925 (0.8%) | $144,962 (1.4%) | 0.00 | 408 |
2020-01-01 | $109,925 (-3.6%) | $151,103 (6.2%) | 0.00 | 376 |
2020-02-01 | $109,000 (-6.8%) | $161,394 (12.7%) | 0.00 | 345 |
2020-03-01 | $114,900 (-1.7%) | $166,484 (17.3%) | 0.00 | 333 |
2020-04-01 | $108,200 (-2.9%) | $166,713 (20.4%) | 0.00 | 320 |
2020-05-01 | $109,900 (-3.3%) | $166,388 (17.5%) | 0.00 | 296 |
2020-06-01 | $118,500 (-0.4%) | $179,791 (23.4%) | 0.00 | 275 |
2020-07-01 | $122,400 (2.1%) | $186,848 (28.4%) | 0.00 | 252 |
2020-08-01 | $119,000 (-1.9%) | $201,270 (35.4%) | 0.00 | 250 |
2020-09-01 | $124,450 (0.9%) | $205,774 (34.8%) | 0.00 | 245 |
2020-10-01 | $124,900 (0.0%) | $195,332 (25.8%) | 0.00 | 250 |
2020-11-01 | $124,925 (5.0%) | $191,172 (26.2%) | 0.00 | 245 |
2020-12-01 | $123,425 (6.5%) | $199,902 (37.9%) | 0.00 | 219 |
2021-01-01 | $124,700 (13.4%) | $211,183 (39.8%) | 0.00 | 187 |
2021-02-01 | $126,000 (15.6%) | $232,310 (43.9%) | 0.00 | 160 |
2021-03-01 | $129,000 (12.3%) | $234,917 (41.1%) | 0.00 | 146 |
2021-04-01 | $138,575 (28.1%) | $246,988 (48.2%) | 0.00 | 136 |
2021-05-01 | $132,000 (20.1%) | $246,471 (48.1%) | 0.00 | 139 |
2021-06-01 | $144,225 (21.7%) | $255,159 (41.9%) | 0.00 | 143 |
2021-07-01 | $135,000 (10.3%) | $243,985 (30.6%) | 0.00 | 167 |
2021-08-01 | $130,450 (9.6%) | $229,653 (14.1%) | 0.00 | 192 |
2021-09-01 | $127,950 (2.8%) | $222,979 (8.4%) | 0.00 | 198 |
2021-10-01 | $129,900 (4.0%) | $217,823 (11.5%) | 0.00 | 185 |
2021-11-01 | $124,900 (0.0%) | $213,655 (11.8%) | 0.00 | 189 |
2021-12-01 | $116,975 (-5.2%) | $205,674 (2.9%) | 0.00 | 185 |
2022-01-01 | $116,000 (-7.0%) | $199,861 (-5.4%) | 0.00 | 168 |
2022-02-01 | $119,225 (-5.4%) | $167,372 (-28.0%) | 0.00 | 152 |
2022-03-01 | $109,125 (-15.4%) | $174,895 (-25.6%) | 0.00 | 141 |
2022-04-01 | $119,950 (-13.4%) | $182,386 (-26.2%) | 0.00 | 126 |
2022-05-01 | $130,975 (-0.8%) | $205,813 (-16.5%) | 0.00 | 141 |
2022-06-01 | $129,950 (-9.9%) | $194,008 (-24.0%) | 0.00 | 168 |
2022-07-01 | $125,900 (-6.7%) | $196,875 (-19.3%) | 0.00 | 183 |
2022-08-01 | $133,750 (2.5%) | $200,668 (-12.6%) | 0.00 | 191 |
2022-09-01 | $129,950 (1.6%) | $191,330 (-14.2%) | 0.00 | 193 |
2022-10-01 | $134,999 (3.9%) | $186,269 (-14.5%) | 0.00 | 199 |
2022-11-01 | $149,900 (20.0%) | $182,054 (-14.8%) | 0.00 | 197 |
2022-12-01 | $148,900 (27.3%) | $195,435 (-5.0%) | 0.00 | 184 |
2023-01-01 | $148,583 (28.1%) | $201,563 (0.9%) | 0.00 | 153 |
2023-02-01 | $137,425 (15.3%) | $197,551 (18.0%) | 0.00 | 149 |
2023-03-01 | $149,500 (37.0%) | $204,171 (16.7%) | 0.00 | 145 |
2023-04-01 | $139,900 (16.6%) | $199,090 (9.2%) | 0.00 | 142 |
2023-05-01 | $139,800 (6.7%) | $198,783 (-3.4%) | 0.00 | 157 |
2023-06-01 | $139,950 (7.7%) | $193,220 (-0.4%) | 0.00 | 151 |
2023-07-01 | $139,900 (11.1%) | $196,127 (-0.4%) | 0.00 | 161 |
2023-08-01 | $152,125 (13.7%) | $202,184 (0.8%) | 0.00 | 169 |
2023-09-01 | $155,250 (19.5%) | $203,258 (6.2%) | 0.00 | 181 |
2023-10-01 | $159,950 (18.5%) | $210,306 (12.9%) | 0.00 | 196 |
2023-11-01 | $159,900 (6.7%) | $211,442 (16.1%) | 0.00 | 207 |
2023-12-01 | $159,900 (7.4%) | $206,920 (5.9%) | 0.00 | 200 |
2024-01-01 | $153,750 (3.5%) | $191,552 (-5.0%) | 0.00 | 200 |
2024-02-01 | $149,675 (8.9%) | $194,483 (-1.6%) | 0.00 | 204 |
2024-03-01 | $158,000 (5.7%) | $196,858 (-3.6%) | 0.00 | 173 |
2024-04-01 | $165,000 (17.9%) | $205,070 (3.0%) | 0.00 | 178 |
2024-05-01 | $169,900 (21.5%) | $220,230 (10.8%) | 0.00 | 189 |
2024-06-01 | $169,900 (21.4%) | $219,453 (13.6%) | 0.00 | 201 |
2024-07-01 | $172,000 (22.9%) | $218,792 (11.6%) | 0.00 | 202 |
2024-08-01 | $169,900 (11.7%) | $238,084 (17.8%) | 0.00 | 214 |
2024-09-01 | $162,200 (4.5%) | $242,437 (19.3%) | 0.00 | 200 |
2024-10-01 | $177,000 (10.7%) | $245,452 (16.7%) | 0.00 | 211 |
Cumberland's median listing price comes in at 0% of the national average.
Cumberland's average listing price for 2024-10-01 was $245,452, a difference of $35,146 (16.7%) versus the prior year and $3,015 versus the prior month.
For the 2024-10-01 period, Cumberland had 211 MLS listings, a difference of 11 listings (6%) versus the prior month and 15 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. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,568 sqft |
2018-02-01 | 0 days | 1,589 sqft |
2018-03-01 | 0 days | 1,580 sqft |
2018-04-01 | 0 days | 1,600 sqft |
2018-05-01 | 0 days | 1,600 sqft |
2018-06-01 | 0 days | 1,672 sqft |
2018-07-01 | 0 days | 1,663 sqft |
2018-08-01 | 0 days | 1,678 sqft |
2018-09-01 | 0 days | 1,680 sqft |
2018-10-01 | 0 days | 1,681 sqft |
2018-11-01 | 0 days | 1,680 sqft |
2018-12-01 | 0 days | 1,634 sqft |
2019-01-01 | 0 days | 1,633 sqft |
2019-02-01 | 0 days | 1,632 sqft |
2019-03-01 | 0 days | 1,628 sqft |
2019-04-01 | 0 days | 1,612 sqft |
2019-05-01 | 0 days | 1,617 sqft |
2019-06-01 | 0 days | 1,680 sqft |
2019-07-01 | 0 days | 1,680 sqft |
2019-08-01 | 0 days | 1,676 sqft |
2019-09-01 | 0 days | 1,678 sqft |
2019-10-01 | 0 days | 1,684 sqft |
2019-11-01 | 0 days | 1,728 sqft |
2019-12-01 | 0 days | 1,695 sqft |
2020-01-01 | 0 days | 1,678 sqft |
2020-02-01 | 0 days | 1,672 sqft |
2020-03-01 | 0 days | 1,687 sqft |
2020-04-01 | 0 days | 1,697 sqft |
2020-05-01 | 0 days | 1,702 sqft |
2020-06-01 | 0 days | 1,725 sqft |
2020-07-01 | 0 days | 1,728 sqft |
2020-08-01 | 0 days | 1,750 sqft |
2020-09-01 | 0 days | 1,723 sqft |
2020-10-01 | 0 days | 1,712 sqft |
2020-11-01 | 0 days | 1,661 sqft |
2020-12-01 | 0 days | 1,650 sqft |
2021-01-01 | 0 days | 1,684 sqft |
2021-02-01 | 0 days | 1,700 sqft |
2021-03-01 | 0 days | 1,680 sqft |
2021-04-01 | 0 days | 1,706 sqft |
2021-05-01 | 0 days | 1,636 sqft |
2021-06-01 | 0 days | 1,674 sqft |
2021-07-01 | 0 days | 1,687 sqft |
2021-08-01 | 0 days | 1,675 sqft |
2021-09-01 | 0 days | 1,658 sqft |
2021-10-01 | 0 days | 1,636 sqft |
2021-11-01 | 0 days | 1,592 sqft |
2021-12-01 | 0 days | 1,581 sqft |
2022-01-01 | 0 days | 1,550 sqft |
2022-02-01 | 0 days | 1,529 sqft |
2022-03-01 | 0 days | 1,517 sqft |
2022-04-01 | 0 days | 1,502 sqft |
2022-05-01 | 0 days | 1,530 sqft |
2022-06-01 | 0 days | 1,536 sqft |
2022-07-01 | 0 days | 1,559 sqft |
2022-08-01 | 0 days | 1,618 sqft |
2022-09-01 | 0 days | 1,606 sqft |
2022-10-01 | 0 days | 1,641 sqft |
2022-11-01 | 0 days | 1,648 sqft |
2022-12-01 | 0 days | 1,649 sqft |
2023-01-01 | 0 days | 1,693 sqft |
2023-02-01 | 0 days | 1,615 sqft |
2023-03-01 | 0 days | 1,680 sqft |
2023-04-01 | 0 days | 1,592 sqft |
2023-05-01 | 0 days | 1,577 sqft |
2023-06-01 | 0 days | 1,594 sqft |
2023-07-01 | 0 days | 1,591 sqft |
2023-08-01 | 0 days | 1,616 sqft |
2023-09-01 | 0 days | 1,568 sqft |
2023-10-01 | 0 days | 1,637 sqft |
2023-11-01 | 0 days | 1,618 sqft |
2023-12-01 | 0 days | 1,580 sqft |
2024-01-01 | 0 days | 1,553 sqft |
2024-02-01 | 0 days | 1,551 sqft |
2024-03-01 | 0 days | 1,600 sqft |
2024-04-01 | 0 days | 1,600 sqft |
2024-05-01 | 0 days | 1,629 sqft |
2024-06-01 | 0 days | 1,632 sqft |
2024-07-01 | 0 days | 1,593 sqft |
2024-08-01 | 0 days | 1,672 sqft |
2024-09-01 | 0 days | 1,716 sqft |
2024-10-01 | 0 days | 1,737 sqft |
Cumberland's median square footage for active listings during the 2024-10-01 period was 1,737 sqft. One year prior, the average listing was 1,637 sqft.