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%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cumberland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 34 6.43% $7,727
Alcova Mortgage LLC 27 7.15% $4,109
FIDELITY DIRECT MORTGAGE, LLC 19 6.88% $9,860
C & F Mortgage Corporation 16 6.59% $6,817
Citizens Bank 13 6.33% $5,933
M&T Bank 12 6.50% $6,509
MILLENNIUM FINANCIAL GROUP, INC. 9 7.28% $6,725
FREEDOM MORTGAGE CORPORATION 9 7.14% $9,735
SOUTHERN TRUST MORTGAGE, LLC 9 6.38% $6,166
BROKER SOLUTIONS, INC. 9 6.68% $8,726
PENNYMAC LOAN SERVICES, LLC 6 5.46% $11,653
TIDEWATER MORTGAGE SERVICES, INC. 6 6.50% $9,122
DIRECT MORTGAGE LOANS, LLC 4 6.84% $8,231
Mr. Cooper ( Nationstar Mortgage ) 3 6.63% $9,888
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.09% $6,703
CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $7,124
CARDINAL FINANCIAL 2 6.81% $9,001
Carrington Mortgage Services, LLC 2 6.06% $12,666
Equity Prime Mortgage LLC 2 7.31% $6,181
GUILD MORTGAGE COMPANY 2 6.31% $7,590
LOANDEPOT.COM, LLC 2 6.56% $6,016
LOANPAL, LLC 2 6.06% $9,657
MOVEMENT MORTGAGE, LLC 2 6.69% $6,044
MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $7,835
NFM, INC. 2 6.94% $8,283
UNITED WHOLESALE MORTGAGE, LLC 2 6.27% $11,624
FIRST HOME MORTGAGE CORPORATION 1 7.13% $10,733
EMBRACE HOME LOANS, INC. 1 6.75% $7,027
Truist 1 6.60% $6,521
NEWREZ LLC 1 6.75% $11,844
UNION HOME MORTGAGE CORP. 1 7.75% $7,288
Paramount Residential Mortgage Group, Inc. 1 6.25% $8,375
Dollar Bank, Federal Savings Bank 1 5.75% $7,051
PLANET HOME LENDING, LLC 1 7.25% $5,611
CONTOUR MORTGAGE CORPORATION 1 7.50% $5,910
CMG MORTGAGE, INC. 1 7.25% $7,472
BAY CAPITAL MORTGAGE CORPORATION 1 6.75% $6,509
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $11,347
Integrity Home Mortgage Corp 1 6.63% $9,855
T2 FINANCIAL LLC 1 8.13% $9,664
The Federal Savings Bank 1 6.75% $11,120
GSF Mortgage Corporation 1 6.25% $4,087
AMERISAVE MORTGAGE CORPORATION 1 5.75% $9,580

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. Louis
Date 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 for 2024-10-01 was $177,000, a difference of $17,050 (10.7%) versus the prior year and $14,800 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2024-10-01 was 0 days.

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.

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).