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
0%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Dover's average FHA mortgage closing costs are $9,373.
The average rate for the prior week (2024-11-22) was
6.19% and
one month ago for the week of 2024-10-25, the
average rate was 5.97%.
The average rate one year ago was 6.96%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.46%.
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.
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. LouisDate | 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 |
2024-03-01 | $421,450 (6.0%) | $442,171 (7.7%) | 0.99 | 356 |
2024-04-01 | $426,400 (4.6%) | $448,367 (6.8%) | 0.99 | 354 |
2024-05-01 | $425,000 (1.9%) | $446,093 (4.1%) | 0.96 | 359 |
2024-06-01 | $422,900 (1.1%) | $448,317 (3.7%) | 0.95 | 393 |
2024-07-01 | $421,975 (3.7%) | $449,159 (4.8%) | 0.96 | 401 |
2024-08-01 | $415,000 (-0.7%) | $448,962 (2.4%) | 0.97 | 413 |
2024-09-01 | $412,450 (-0.6%) | $447,082 (3.2%) | 0.97 | 439 |
2024-10-01 | $408,000 (-2.3%) | $443,539 (1.2%) | 0.96 | 467 |
Dover's median listing price comes in at 96% of the national average.
Dover's average listing price for 2024-10-01 was $443,539, a difference of $5,118 (1.2%) versus the prior year and $-3,543 versus the prior month.
For the 2024-10-01 period, Dover had 467 MLS listings, a difference of 28 listings (6%) versus the prior month and 86 listings (23%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Dover (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 | 2,080 sqft |
2024-03-01 | 51 days | 2,100 sqft |
2024-04-01 | 44 days | 2,088 sqft |
2024-05-01 | 41 days | 2,100 sqft |
2024-06-01 | 44 days | 2,026 sqft |
2024-07-01 | 50 days | 2,018 sqft |
2024-08-01 | 49 days | 1,990 sqft |
2024-09-01 | 45 days | 1,982 sqft |
2024-10-01 | 44 days | 1,978 sqft |
Dover's median square footage for active listings during the 2024-10-01 period was 1,978 sqft. One year prior, the average listing was 2,067 sqft.