Dover FHA Loans

DOVER, DE

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).