Dover FHA Loans

DOVER, DE

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 109 lenders originated 1,682 FHA loans during 2021. The total origination value was $405,000,000, with an average FHA loan value of $240,785.

    Dover FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dover averaged 5.33% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.24% and one month ago for the week of 2022-04-15, the average rate was 5.23%.

    The average rate one year ago was 3%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.21%.

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

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 119 2.67% $8,032
    PIKE CREEK MORTGAGE SERVICES, INC. 72 4.22% $5,038
    First Home Bank 65 3.32% $9,713
    Meridian Bank Corporation 56 3.38% $9,627
    EMBRACE HOME LOANS, INC. 55 3.21% $8,375
    LAKEVIEW LOAN SERVICING, LLC 51 2.98% $5,111
    NFM, INC. 50 3.20% $9,235
    CALIBER HOME LOANS, INC. 45 2.79% $7,550
    DHI MORTGAGE COMPANY, LTD. 42 2.81% $8,600
    Mr. Cooper ( Nationstar Mortgage ) 41 3.41% $4,384
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 41 3.35% $11,088
    Northpointe Bank 41 3.44% $8,804
    TIDEWATER MORTGAGE SERVICES, INC. 40 3.24% $8,904
    CMG MORTGAGE, INC. 38 3.19% $8,658
    PENNYMAC LOAN SERVICES, LLC 34 2.96% $6,070
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 34 3.57% $10,628
    FREEDOM MORTGAGE CORPORATION 31 2.76% $6,333
    NEWREZ LLC 31 2.88% $5,025
    Atlantic Home Loans, Inc. 30 2.99% $9,586
    HOME POINT FINANCIAL CORPORATION 30 2.87% $8,241
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 3.30% $10,126
    PRIMARY RESIDENTIAL MORTGAGE, INC. 29 3.75% $9,727
    NVR Mortgage Finance, Inc. 28 3.08% $10,110
    Evolve Bank & Trust 25 3.56% $10,165
    Carrington Mortgage Services, LLC 24 3.58% $7,354
    Keystone Funding, Inc. 24 3.27% $9,308
    AmeriHome Mortgage Company, LLC 23 2.77% $5,074
    RESIDENTIAL MORTGAGE SERVICES, INC. 22 2.82% $8,106
    HOMEBRIDGE FINANCIAL SERVICES, INC. 17 2.65% $6,752
    Huntingdon Valley Bank 16 3.23% $10,064
    AMERICAN FINANCIAL NETWORK, INC. 16 3.38% $14,896
    ON Q FINANCIAL, INC. 12 2.82% $9,385
    UNITED WHOLESALE MORTGAGE, LLC 11 2.78% $9,675
    Equity Prime Mortgage LLC 11 3.00% $9,880
    Nations Lending Corporation 10 3.36% $10,699
    AMERISAVE MORTGAGE CORPORATION 10 2.81% $9,989
    GUARANTEED RATE, INC. 10 3.09% $8,965
    CROSSCOUNTRY MORTGAGE, LLC 10 3.26% $10,726
    Prosperity Home Mortgage, LLC 9 3.49% $7,740
    BROKER SOLUTIONS, INC. 9 3.33% $8,455
    ALLIED MORTGAGE GROUP, INC. 9 2.86% $9,757
    HOMESIDE FINANCIAL, LLC 9 2.97% $8,924
    VILLAGE CAPITAL & INVESTMENT LLC 9 2.99% $3,692
    LOANDEPOT.COM, LLC 8 3.40% $9,866
    The Federal Savings Bank 7 3.16% $9,301
    PLANET HOME LENDING, LLC 7 2.70% $5,210
    OCEANSIDE MORTGAGE COMPANY 7 2.68% $3,574
    EMM LOANS LLC 7 3.57% $10,229
    Manufacturers and Traders Trust Company 6 2.96% $8,849
    GUILD MORTGAGE COMPANY 6 3.63% $9,360
    MCLEAN MORTGAGE CORPORATION 6 2.90% $7,782
    FIRST HOME MORTGAGE CORPORATION 4 3.06% $10,015
    Wilmington Savings Fund Society, FSB 4 3.56% $7,990
    MOVEMENT MORTGAGE, LLC 4 3.06% $10,417
    SUCCESS MORTGAGE PARTNERS, INC. 4 3.06% $10,655
    RESIDENTIAL BANCORP. 3 2.66% $7,744
    First Guaranty Mortgage Corporation 3 3.38% $7,362
    Plains Commerce Bank 3 2.63% $9,502
    DRAPER AND KRAMER MORTGAGE CORP. 3 3.21% $9,195
    STEARNS LENDING, LLC 2 2.44% $7,628
    Citizens Bank 2 2.56% $7,725
    HOMESPIRE MORTGAGE CORPORATION 2 3.13% $9,905
    SUN WEST MORTGAGE COMPANY, INC. 2 2.94% $9,979
    UNION HOME MORTGAGE CORP. 2 3.31% $7,198
    GUARANTEED RATE AFFINITY, LLC 2 3.13% $7,522
    GREENTREE MORTGAGE COMPANY, L.P. 2 2.94% $8,651
    Paramount Residential Mortgage Group, Inc. 2 4.19% $9,933
    ABSOLUTE HOME MORTGAGE CORPORATION 2 3.25% $8,887
    Fulton Bank 2 3.38% $9,601
    PLAZA HOME MORTGAGE, INC. 2 4.31% $9,940
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 3.25% $10,114
    ZILLOW HOME LOANS, LLC 1 2.75% $10,575
    Acre Mortgage and Financial Inc 1 3.25% $12,160
    Advisors Mortgage Group, L.L.C. 1 3.13% $10,921
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $6,625
    AMERICAN FINANCING CORPORATION 1 3.75% $9,165
    AMERICAN HERITAGE FCU 1 3.25% $7,570
    APEX HOME LOANS, INC. 1 3.88% $9,902
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.38% $6,656
    BAY CAPITAL MORTGAGE CORPORATION 1 3.25% $8,512
    BEST CAPITAL FUNDING 1 3.63% $10,693
    BETTER MORTGAGE CORPORATION 1 3.13% $11,521
    Capital Bank 1 2.50% $8,869
    EVERETT FINANCIAL, INC. 1 3.38% $4,582
    FBC MORTGAGE, LLC 1 2.99% $10,712
    FIDELITY DIRECT MORTGAGE, LLC 1 2.99% $9,154
    FINANCE OF AMERICA MORTGAGE LLC 1 2.38% $8,162
    Financial Freedom Mortgage, LLC 1 3.25% $14,263
    Gateway First Bank 1 3.00% $8,012
    Goldwater Bank, N.A. 1 2.63% $13,107
    JAMES B. NUTTER & COMPANY 1 2.88% $4,931
    KELLER MORTGAGE, LLC 1 2.88% $9,642
    LENDUS, LLC 1 3.13% $10,841
    Magnolia Bank 1 3.13% $8,664
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 3.63% $18,399
    MLB RESIDENTIAL LENDING, LLC 1 2.75% $12,368
    Mortgage Research Center, LLC 1 2.88% $7,010
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.75% $9,361
    NATION ONE MORTGAGE CORPORATION 1 3.75% $11,614
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $16,417
    NP, Inc. 1 2.88% $13,377
    Peoples Bank 1 3.50% $9,560
    PHH Mortgage Corporation 1 3.63% $4,778
    PNC Bank 1 3.00% $5,432
    Residential Mortgage Solutions, Inc. 1 3.25% $12,402
    RUOFF MORTGAGE COMPANY, INC. 1 2.88% $7,852
    Sierra Pacific Mortgage Company, Inc. 1 3.13% $10,238
    SIWELL, INC. 1 2.88% $4,964
    SOUTHWEST STAGE FUNDING, LLC 1 3.38% $3,777

    The top Dover FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 119 FHA loans originated. Their average total fees are $8,032, which is $2,994 higher than the next largest lender, PIKE CREEK MORTGAGE SERVICES, INC..

    The lowest fee Dover FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,384), NEWREZ LLC ($5,025), PIKE CREEK MORTGAGE SERVICES, INC. ($5,038), AmeriHome Mortgage Company, LLC ($5,074) and LAKEVIEW LOAN SERVICING, LLC ($5,111).

    The lowest rate Dover FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.65%), QUICKEN LOANS, LLC (2.67%), FREEDOM MORTGAGE CORPORATION (2.76%), AmeriHome Mortgage Company, LLC (2.77%) and UNITED WHOLESALE MORTGAGE, LLC (2.78%).

    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

    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).