Dover FHA Loan Rates, Closing Costs & Stats

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 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 6.79% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

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

The average rate for the prior week (2024-03-15) was 6.31% and one month ago for the week of 2024-02-16, the average rate was 6.73%.

The average rate one year ago was 6.12%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.95%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Dover (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 $241,425 (2.7%) $247,716 (3.8%) 0.90 837
2018-02-01 $244,700 (3.9%) $251,395 (6.0%) 0.89 811
2018-03-01 $249,943 (4.2%) $255,908 (6.0%) 0.88 804
2018-04-01 $252,450 (3.4%) $254,309 (2.8%) 0.86 857
2018-05-01 $259,950 (6.2%) $263,966 (6.5%) 0.87 857
2018-06-01 $259,900 (6.7%) $261,975 (5.9%) 0.87 937
2018-07-01 $262,975 (7.9%) $264,502 (6.5%) 0.88 956
2018-08-01 $259,948 (6.1%) $263,072 (4.5%) 0.87 970
2018-09-01 $259,900 (6.3%) $261,929 (4.9%) 0.87 948
2018-10-01 $259,900 (7.9%) $262,898 (6.1%) 0.88 957
2018-11-01 $263,650 (9.4%) $269,053 (8.4%) 0.89 916
2018-12-01 $260,000 (8.3%) $268,827 (8.0%) 0.90 808
2019-01-01 $263,050 (9.0%) $270,271 (9.1%) 0.91 727
2019-02-01 $262,945 (7.5%) $272,098 (8.2%) 0.89 697
2019-03-01 $264,851 (6.0%) $276,112 (7.9%) 0.87 719
2019-04-01 $267,161 (5.8%) $280,533 (10.3%) 0.85 737
2019-05-01 $271,623 (4.5%) $283,833 (7.5%) 0.85 743
2019-06-01 $270,388 (4.0%) $285,474 (9.0%) 0.85 740
2019-07-01 $269,938 (2.7%) $288,186 (9.0%) 0.85 744
2019-08-01 $270,745 (4.2%) $285,245 (8.4%) 0.86 737
2019-09-01 $272,014 (4.7%) $280,855 (7.2%) 0.87 714
2019-10-01 $272,859 (5.0%) $277,929 (5.7%) 0.88 693
2019-11-01 $269,900 (2.4%) $271,946 (1.1%) 0.88 678
2019-12-01 $269,675 (3.7%) $270,796 (0.7%) 0.90 630
2020-01-01 $273,400 (3.9%) $275,941 (2.1%) 0.91 589
2020-02-01 $274,900 (4.6%) $273,572 (0.5%) 0.90 566
2020-03-01 $277,900 (4.9%) $277,387 (0.5%) 0.87 546
2020-04-01 $279,445 (4.6%) $282,164 (0.6%) 0.88 508
2020-05-01 $277,500 (2.2%) $282,236 (-0.6%) 0.84 496
2020-06-01 $284,823 (5.3%) $288,246 (1.0%) 0.84 463
2020-07-01 $284,900 (5.5%) $292,629 (1.5%) 0.83 475
2020-08-01 $295,000 (9.0%) $301,399 (5.7%) 0.85 420
2020-09-01 $298,950 (9.9%) $308,329 (9.8%) 0.86 381
2020-10-01 $299,900 (9.9%) $306,190 (10.2%) 0.86 375
2020-11-01 $305,750 (13.3%) $314,441 (15.6%) 0.89 353
2020-12-01 $307,900 (14.2%) $313,074 (15.6%) 0.92 330
2021-01-01 $314,900 (15.2%) $322,801 (17.0%) 0.94 231
2021-02-01 $318,663 (15.9%) $327,468 (19.7%) 0.93 232
2021-03-01 $332,975 (19.8%) $346,952 (25.1%) 0.94 200
2021-04-01 $349,950 (25.2%) $360,630 (27.8%) 0.95 219
2021-05-01 $342,450 (23.4%) $353,452 (25.2%) 0.91 195
2021-06-01 $360,549 (26.6%) $370,707 (28.6%) 0.95 254
2021-07-01 $360,000 (26.4%) $373,212 (27.5%) 0.95 273
2021-08-01 $371,900 (26.1%) $401,702 (33.3%) 0.99 301
2021-09-01 $367,675 (23.0%) $397,364 (28.9%) 0.98 304
2021-10-01 $367,900 (22.7%) $391,998 (28.0%) 0.98 307
2021-11-01 $355,250 (16.2%) $394,882 (25.6%) 0.95 301
2021-12-01 $366,950 (19.2%) $406,457 (29.8%) 0.99 277
2022-01-01 $371,216 (17.9%) $418,314 (29.6%) 1.00 256
2022-02-01 $396,998 (24.6%) $438,008 (33.8%) 1.03 240
2022-03-01 $415,173 (24.7%) $452,559 (30.4%) 1.04 218
2022-04-01 $399,900 (14.3%) $446,726 (23.9%) 0.95 220
2022-05-01 $398,572 (16.4%) $432,333 (22.3%) 0.91 295
2022-06-01 $399,925 (10.9%) $427,203 (15.2%) 0.89 307
2022-07-01 $400,000 (11.1%) $419,051 (12.3%) 0.90 345
2022-08-01 $395,000 (6.2%) $415,987 (3.6%) 0.91 372
2022-09-01 $390,000 (6.1%) $414,895 (4.4%) 0.91 355
2022-10-01 $393,900 (7.1%) $415,506 (6.0%) 0.93 352
2022-11-01 $381,250 (7.3%) $402,505 (1.9%) 0.92 397
2022-12-01 $385,000 (4.9%) $404,352 (-0.5%) 0.95 356
2023-01-01 $399,850 (7.7%) $408,780 (-2.3%) 0.99 334
2023-02-01 $397,225 (0.1%) $406,563 (-7.2%) 0.96 328
2023-03-01 $397,450 (-4.3%) $410,490 (-9.3%) 0.94 299
2023-04-01 $407,500 (1.9%) $419,820 (-6.0%) 0.95 281
2023-05-01 $417,225 (4.7%) $428,358 (-0.9%) 0.95 298
2023-06-01 $418,200 (4.6%) $432,345 (1.2%) 0.94 308
2023-07-01 $407,077 (1.8%) $428,567 (2.3%) 0.93 322
2023-08-01 $417,769 (5.8%) $438,654 (5.5%) 0.96 315
2023-09-01 $415,000 (6.4%) $433,127 (4.4%) 0.97 351
2023-10-01 $417,450 (6.0%) $438,421 (5.5%) 0.98 381
2023-11-01 $415,000 (8.9%) $441,807 (9.8%) 0.99 383
2023-12-01 $409,250 (6.3%) $443,711 (9.7%) 1.00 385
2024-01-01 $412,250 (3.1%) $432,711 (5.9%) 1.01 355
2024-02-01 $417,875 (5.2%) $437,181 (7.5%) 1.01 364
Dover's median listing price for 2024-02-01 was $417,875, a difference of $20,650 (5.2%) versus the prior year and $5,625 versus the prior month.

Dover's median listing price comes in at 101% of the national average.

Dover's average listing price for 2024-02-01 was $437,181, a difference of $30,618 (7.5%) versus the prior year and $4,470 versus the prior month.

For the 2024-02-01 period, Dover had 364 MLS listings, a difference of 9 listings (3%) versus the prior month and 36 listings (11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Dover (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 96 days 1,889 sqft
2018-02-01 88 days 1,884 sqft
2018-03-01 67 days 1,914 sqft
2018-04-01 63 days 1,908 sqft
2018-05-01 61 days 1,998 sqft
2018-06-01 64 days 2,001 sqft
2018-07-01 66 days 2,011 sqft
2018-08-01 69 days 1,987 sqft
2018-09-01 75 days 1,958 sqft
2018-10-01 77 days 1,939 sqft
2018-11-01 82 days 1,936 sqft
2018-12-01 95 days 1,904 sqft
2019-01-01 97 days 1,892 sqft
2019-02-01 102 days 1,910 sqft
2019-03-01 85 days 1,960 sqft
2019-04-01 65 days 2,003 sqft
2019-05-01 59 days 1,961 sqft
2019-06-01 64 days 1,954 sqft
2019-07-01 67 days 1,957 sqft
2019-08-01 68 days 1,946 sqft
2019-09-01 68 days 1,948 sqft
2019-10-01 70 days 1,950 sqft
2019-11-01 74 days 1,920 sqft
2019-12-01 84 days 1,936 sqft
2020-01-01 82 days 1,917 sqft
2020-02-01 64 days 1,903 sqft
2020-03-01 52 days 1,911 sqft
2020-04-01 59 days 1,947 sqft
2020-05-01 60 days 1,960 sqft
2020-06-01 48 days 1,970 sqft
2020-07-01 38 days 2,018 sqft
2020-08-01 41 days 2,029 sqft
2020-09-01 53 days 1,960 sqft
2020-10-01 54 days 1,962 sqft
2020-11-01 51 days 1,980 sqft
2020-12-01 55 days 2,023 sqft
2021-01-01 63 days 2,002 sqft
2021-02-01 43 days 2,037 sqft
2021-03-01 48 days 2,019 sqft
2021-04-01 42 days 2,189 sqft
2021-05-01 34 days 1,992 sqft
2021-06-01 38 days 2,177 sqft
2021-07-01 36 days 2,139 sqft
2021-08-01 25 days 2,194 sqft
2021-09-01 29 days 2,131 sqft
2021-10-01 36 days 2,117 sqft
2021-11-01 45 days 2,068 sqft
2021-12-01 53 days 2,088 sqft
2022-01-01 60 days 2,149 sqft
2022-02-01 49 days 2,195 sqft
2022-03-01 31 days 2,217 sqft
2022-04-01 35 days 2,200 sqft
2022-05-01 31 days 2,076 sqft
2022-06-01 38 days 2,138 sqft
2022-07-01 37 days 2,180 sqft
2022-08-01 36 days 2,115 sqft
2022-09-01 50 days 2,098 sqft
2022-10-01 52 days 2,011 sqft
2022-11-01 43 days 1,988 sqft
2022-12-01 57 days 2,001 sqft
2023-01-01 63 days 2,040 sqft
2023-02-01 50 days 1,994 sqft
2023-03-01 50 days 2,011 sqft
2023-04-01 40 days 2,010 sqft
2023-05-01 32 days 2,014 sqft
2023-06-01 38 days 2,044 sqft
2023-07-01 43 days 2,000 sqft
2023-08-01 50 days 2,046 sqft
2023-09-01 45 days 2,026 sqft
2023-10-01 49 days 2,067 sqft
2023-11-01 51 days 2,021 sqft
2023-12-01 58 days 2,000 sqft
2024-01-01 68 days 2,003 sqft
2024-02-01 64 days 2,083 sqft
Dover's median listing age (time on market) for 2024-02-01 was 64 days. This is 28% longer than the same period one year ago.

Dover's median square footage for active listings during the 2024-02-01 period was 2,083 sqft. One year prior, the average listing was 1,994 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).