Dover FHA Loan Rates, Closing Costs & Stats

DOVER, DE

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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.

    Dover's 107 lenders originated 969 FHA loans during 2023. The total origination value was $286,585,000, with an average FHA loan value of $295,753.

    Dover FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dover averaged 6.12% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Dover's average FHA mortgage closing costs are $9,373.

    The average rate for the prior week (2024-11-01) was 6.39% and one month ago for the week of 2024-10-04, the average rate was 5.71%.

    The average rate one year ago was 7.16%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.68%.

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

    Dover 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 Dover level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 61 6.26% $13,231
    PIKE CREEK MORTGAGE SERVICES, INC. 59 6.76% $12,240
    Meridian Bank Corporation 46 6.78% $13,036
    NVR Mortgage Finance, Inc. 43 5.88% $16,852
    NFM, INC. 42 6.59% $13,765
    DHI MORTGAGE COMPANY, LTD. 39 5.61% $9,790
    TIDEWATER MORTGAGE SERVICES, INC. 31 6.63% $13,157
    GUILD MORTGAGE COMPANY 30 6.68% $13,480
    Keystone Funding, Inc. 29 6.66% $13,563
    Ixonia Bank 29 6.48% $14,134
    CARDINAL FINANCIAL 26 7.09% $14,845
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 26 6.82% $14,908
    LOANDEPOT.COM, LLC 26 6.36% $14,454
    Evolve Bank & Trust 23 6.84% $12,768
    PRIMARY RESIDENTIAL MORTGAGE, INC. 21 6.76% $14,055
    UNITED WHOLESALE MORTGAGE, LLC 21 6.07% $13,121
    CROSSCOUNTRY MORTGAGE, LLC 17 7.01% $13,808
    Northpointe Bank 16 5.97% $12,624
    MOVEMENT MORTGAGE, LLC 16 6.47% $13,061
    NATION ONE MORTGAGE CORPORATION 12 7.26% $14,798
    PENNYMAC LOAN SERVICES, LLC 12 6.40% $16,057
    NEWREZ LLC 11 6.75% $14,860
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 10 6.49% $13,406
    HOMESIDE FINANCIAL, LLC 10 6.74% $12,492
    EVERETT FINANCIAL, INC. 10 7.15% $9,400
    FREEDOM MORTGAGE CORPORATION 9 6.97% $12,828
    Mr. Cooper ( Nationstar Mortgage ) 9 5.99% $18,852
    BROKER SOLUTIONS, INC. 9 6.83% $13,062
    Prosperity Home Mortgage, LLC 9 6.59% $11,606
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.92% $11,942
    Carrington Mortgage Services, LLC 8 6.45% $15,697
    Equity Prime Mortgage LLC 7 6.98% $18,137
    AMERISAVE MORTGAGE CORPORATION 7 6.23% $15,051
    LAKEVIEW LOAN SERVICING, LLC 6 5.73% $13,900
    EMBRACE HOME LOANS, INC. 6 6.50% $13,505
    Nations Lending Corporation 6 6.54% $10,534
    GUARANTEED RATE AFFINITY, LLC 6 6.65% $14,582
    PLAZA HOME MORTGAGE, INC. 5 6.45% $18,435
    ABSOLUTE HOME MORTGAGE CORPORATION 5 7.75% $11,064
    Waterstone Mortgage Corporation 5 6.98% $12,442
    AMERICAN FINANCIAL NETWORK, INC. 5 6.88% $15,730
    CALIBER HOME LOANS, INC. 5 6.00% $10,110
    EMM LOANS LLC 4 6.38% $14,442
    ALLIED MORTGAGE GROUP, INC. 4 6.47% $13,692
    BAY EQUITY LLC 4 6.66% $16,267
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.50% $20,794
    Wilmington Savings Fund Society, FSB 3 6.67% $11,418
    Acre Mortgage and Financial Inc 3 6.17% $13,326
    BAYSHORE MORTGAGE FUNDING, LLC 3 6.96% $15,187
    Capital Bank 3 6.42% $11,740
    GUARANTEED RATE, INC. 3 6.50% $14,582
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.63% $13,000
    LOANPAL, LLC 3 5.67% $21,133
    Mortgage Research Center, LLC 3 5.92% $13,655
    NATIONWIDE MORTGAGE BANKERS, INC. 3 7.21% $17,156
    SUN WEST MORTGAGE COMPANY, INC. 3 6.79% $14,342
    Towne Bank 3 6.46% $10,896
    First Citizens Community Bank 2 6.88% $12,292
    The Federal Savings Bank 2 6.25% $21,289
    PENTAGON FEDERAL CREDIT UNION 2 5.56% $6,966
    CMG MORTGAGE, INC. 2 6.00% $13,052
    NORWICH COMMERCIAL GROUP, INC. 2 6.00% $15,459
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.75% $11,319
    GSF Mortgage Corporation 2 6.81% $17,604
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.06% $16,008
    M&T Bank 2 7.13% $10,918
    Huntingdon Valley Bank 2 5.88% $11,190
    FIRST COMMUNITY MORTGAGE, INC. 2 6.13% $17,117
    Paramount Residential Mortgage Group, Inc. 2 6.94% $15,956
    Paramount Bank 1 5.63% $21,125
    Financial Freedom Mortgage, LLC 1 6.63% $17,721
    PHH Mortgage Corporation 1 6.13% $12,351
    FIDELITY DIRECT MORTGAGE, LLC 1 6.88% $13,013
    Plains Commerce Bank 1 7.00% $10,515
    EAGLE HOME MORTGAGE, LLC 1 6.25% $11,635
    Presidential Bank, FSB 1 6.25% $11,677
    DIRECT MORTGAGE LOANS, LLC 1 6.49% $13,246
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $8,920
    Cornerstone First Mortgage, Inc 1 6.99% $22,593
    RELIANCE FIRST CAPITAL, LLC 1 6.50% $19,483
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 1 6.50% $4,632
    SUMMIT FUNDING, INC. 1 6.13% $23,620
    Summit Mortgage Corporation 1 6.49% $17,144
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $14,141
    T2 FINANCIAL LLC 1 7.25% $20,972
    TD Bank 1 6.13% $6,417
    Atlantic Coast Mortgage, LLC 1 5.13% $7,046
    TOTAL MORTGAGE SERVICES, LLC 1 6.13% $15,205
    AmeriHome Mortgage Company, LLC 1 5.88% $23,542
    US MORTGAGE CORPORATION 1 6.63% $11,693
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.00% $12,732
    MCLEAN MORTGAGE CORPORATION 1 5.75% $13,383
    MDE Home Loans, LLC 1 6.75% $20,831
    Magnolia Bank 1 6.25% $11,747
    VAN DYK MORTGAGE CORPORATION 1 6.88% $5,770
    Mid Penn Bank 1 5.25% $8,626
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $15,970
    LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $24,781
    LENDING CAPITAL GROUP Inc 1 6.50% $11,516
    NATIONS DIRECT MORTGAGE, LLC 1 7.13% $15,311
    Fulton Bank 1 6.38% $11,296
    VILLAGE CAPITAL MORTGAGE 1 6.49% $2,285
    NEW DAY FINANCIAL, LLC 1 7.50% $6,825
    Flagstar Bank, FSB 1 6.25% $7,906
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $20,117
    OCEANSIDE MORTGAGE COMPANY 1 6.50% $6,468
    PANORAMA MORTGAGE GROUP, LLC 1 6.63% $26,674

    The top Dover FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 61 FHA loans originated. Their average total fees are $13,231, which is $991 higher than the next largest lender, PIKE CREEK MORTGAGE SERVICES, INC..

    The lowest fee Dover FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($9,400), DHI MORTGAGE COMPANY, LTD. ($9,790), PIKE CREEK MORTGAGE SERVICES, INC. ($12,240), HOMESIDE FINANCIAL, LLC ($12,492) and Northpointe Bank ($12,624).

    The lowest rate Dover FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.61%), NVR Mortgage Finance, Inc. (5.88%), Northpointe Bank (5.97%), UNITED WHOLESALE MORTGAGE, LLC (6.07%) and QUICKEN LOANS, LLC (6.26%).

    Dover FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DOVER, DE KENT 2022 $420,680 $538,650 $651,050 $809,150
    DOVER, DE KENT 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).