Erie FHA Loan Rates, Closing Costs & Stats

ERIE, PA

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.

Erie's 58 lenders originated 556 FHA loans during 2022. The total origination value was $94,220,000, with an average FHA loan value of $169,460.

Erie FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Erie averaged -0.17% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Erie's average FHA mortgage closing costs are $6,293.

The average rate for the prior week (2024-02-16) was 6.57% and one month ago for the week of 2024-01-19, the average rate was 6.41%.

The average rate one year ago was 6.07%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.36%.

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

Erie 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 Erie level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 92 4.82% $7,253
UNITED WHOLESALE MORTGAGE, LLC 51 5.43% $9,149
MOVEMENT MORTGAGE, LLC 41 5.13% $7,222
Citizens Bank 37 4.73% $6,392
EQUITY RESOURCES, INC. 35 5.12% $7,241
HOWARD HANNA FINANCIAL SERVICES, INC. 28 4.80% $6,923
PLAZA HOME MORTGAGE, INC. 21 4.83% $9,420
FIRST HERITAGE FINANCIAL, LLC 13 4.78% $6,245
Flagstar Bank, FSB 13 4.86% $6,998
SOUTHPOINT FINANCIAL SERVICES, INC. 12 5.14% $7,817
TIDEWATER MORTGAGE SERVICES, INC. 11 5.22% $5,781
LOANDEPOT.COM, LLC 11 5.32% $9,821
Princeton Mortgage Corporation 11 4.82% $9,362
Equity Prime Mortgage LLC 8 4.73% $10,109
Northwest Bank 7 4.13% $8,614
AMERISAVE MORTGAGE CORPORATION 7 4.93% $9,813
PENNYMAC LOAN SERVICES, LLC 7 4.25% $6,632
PNC Bank 6 4.50% $5,081
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.04% $7,054
The Huntington National Bank 5 3.88% $6,649
LAKEVIEW LOAN SERVICING, LLC 4 4.95% $5,893
CARDINAL FINANCIAL 4 5.69% $5,872
UNION HOME MORTGAGE CORP. 4 4.75% $8,820
BROKER SOLUTIONS, INC. 4 5.27% $12,012
GUARANTY HOME MORTGAGE CORPORATION 3 5.08% $13,985
CALIBER HOME LOANS, INC. 3 5.33% $10,859
Carrington Mortgage Services, LLC 3 5.13% $10,452
GUARANTEED RATE, INC. 3 4.79% $10,208
Mr. Cooper ( Nationstar Mortgage ) 3 5.67% $6,374
TOP FLITE FINANCIAL, INC. 3 5.04% $12,259
Waterstone Mortgage Corporation 2 4.13% $8,101
First National Bank of Pennsylvania 2 5.44% $5,328
RELIANCE FIRST CAPITAL, LLC 2 4.50% $12,143
M&T Bank 2 4.69% $6,146
First Internet Bank of Indiana 2 5.06% $5,454
PLANET HOME LENDING, LLC 2 5.25% $5,807
EMBRACE HOME LOANS, INC. 2 5.94% $7,834
Wells Fargo Bank 2 5.31% $9,905
FREEDOM MORTGAGE CORPORATION 2 6.00% $7,681
CROSSCOUNTRY MORTGAGE, LLC 2 5.44% $6,772
NEWREZ LLC 2 5.75% $5,734
BETTER MORTGAGE CORPORATION 2 5.31% $7,183
HOME POINT FINANCIAL CORPORATION 2 4.00% $11,142
HOMESIDE FINANCIAL, LLC 2 4.19% $6,833
First Savings Bank 1 5.25% $5,989
MORIA DEVELOPMENT, INC. 1 6.13% $9,218
Mortgage Research Center, LLC 1 6.13% $5,507
GUILD MORTGAGE COMPANY 1 5.63% $8,532
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $19,451
PHH Mortgage Corporation 1 5.50% $8,416
First State Bank 1 5.63% $5,346
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $13,254
MILEND, INC. 1 6.63% $11,245
ROSS MORTGAGE CORPORATION 1 5.63% $6,528
First Guaranty Mortgage Corporation 1 3.25% $5,220
TOTAL MORTGAGE SERVICES, LLC 1 5.25% $8,395
UNITED MORTGAGE CORP 1 3.25% $9,717
Lakeview Community Capital, LLC 1 3.25% $6,353

The top Erie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 92 FHA loans originated. Their average total fees are $7,253, which is $1,897 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Erie FHA lenders (with over 10 loans originated) are TIDEWATER MORTGAGE SERVICES, INC. ($5,781), FIRST HERITAGE FINANCIAL, LLC ($6,245), Citizens Bank ($6,392), HOWARD HANNA FINANCIAL SERVICES, INC. ($6,923) and Flagstar Bank, FSB ($6,998).

The lowest rate Erie FHA lenders (with over 10 loans originated) are Citizens Bank (4.73%), FIRST HERITAGE FINANCIAL, LLC (4.78%), HOWARD HANNA FINANCIAL SERVICES, INC. (4.80%), QUICKEN LOANS, LLC (4.82%) and Princeton Mortgage Corporation (4.82%).

Erie FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ERIE, PA ERIE 2022 $420,680 $538,650 $651,050 $809,150
ERIE, PA ERIE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Erie (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 $129,900 (8.3%) $190,862 (7.4%) 0.48 1,011
2018-02-01 $133,250 (11.1%) $191,592 (4.8%) 0.48 947
2018-03-01 $134,900 (12.0%) $194,171 (5.0%) 0.47 968
2018-04-01 $139,900 (8.2%) $203,656 (4.2%) 0.47 940
2018-05-01 $147,363 (15.0%) $206,804 (5.8%) 0.49 984
2018-06-01 $144,000 (10.8%) $209,543 (4.3%) 0.48 1,042
2018-07-01 $144,900 (5.0%) $207,969 (2.7%) 0.48 1,089
2018-08-01 $141,175 (4.6%) $204,465 (2.4%) 0.47 1,122
2018-09-01 $136,950 (1.4%) $201,985 (1.5%) 0.46 1,162
2018-10-01 $138,400 (4.7%) $200,402 (2.6%) 0.47 1,137
2018-11-01 $134,925 (2.9%) $200,125 (2.4%) 0.46 1,078
2018-12-01 $134,900 (3.8%) $199,376 (3.5%) 0.47 1,005
2019-01-01 $136,400 (5.0%) $199,894 (4.7%) 0.47 912
2019-02-01 $139,900 (5.0%) $206,435 (7.8%) 0.47 884
2019-03-01 $146,400 (8.5%) $210,557 (8.4%) 0.48 871
2019-04-01 $155,000 (10.8%) $217,173 (6.6%) 0.49 858
2019-05-01 $161,944 (9.9%) $227,642 (10.1%) 0.51 864
2019-06-01 $167,950 (16.6%) $229,506 (9.5%) 0.52 897
2019-07-01 $166,250 (14.7%) $225,689 (8.5%) 0.52 919
2019-08-01 $159,155 (12.7%) $222,171 (8.7%) 0.50 920
2019-09-01 $151,136 (10.4%) $216,765 (7.3%) 0.48 909
2019-10-01 $142,413 (2.9%) $211,858 (5.7%) 0.46 899
2019-11-01 $140,000 (3.8%) $206,675 (3.3%) 0.46 822
2019-12-01 $136,775 (1.4%) $205,037 (2.8%) 0.46 732
2020-01-01 $134,900 (-1.1%) $201,860 (1.0%) 0.45 663
2020-02-01 $137,999 (-1.4%) $209,083 (1.3%) 0.45 599
2020-03-01 $145,287 (-0.8%) $221,563 (5.2%) 0.46 537
2020-04-01 $151,900 (-2.0%) $232,417 (7.0%) 0.48 506
2020-05-01 $164,800 (1.8%) $236,492 (3.9%) 0.50 500
2020-06-01 $171,325 (2.0%) $242,633 (5.7%) 0.50 455
2020-07-01 $167,450 (0.7%) $238,506 (5.7%) 0.49 458
2020-08-01 $162,900 (2.4%) $234,005 (5.3%) 0.47 419
2020-09-01 $153,450 (1.5%) $224,339 (3.5%) 0.44 392
2020-10-01 $139,950 (-1.7%) $214,619 (1.3%) 0.40 408
2020-11-01 $134,800 (-3.7%) $206,960 (0.1%) 0.39 382
2020-12-01 $129,900 (-5.0%) $209,033 (2.0%) 0.39 332
2021-01-01 $135,000 (0.1%) $220,454 (9.2%) 0.40 274
2021-02-01 $139,175 (0.9%) $222,857 (6.6%) 0.41 217
2021-03-01 $137,400 (-5.4%) $225,047 (1.6%) 0.39 207
2021-04-01 $134,900 (-11.2%) $219,258 (-5.7%) 0.37 188
2021-05-01 $149,900 (-9.0%) $252,874 (6.9%) 0.40 201
2021-06-01 $162,900 (-4.9%) $270,943 (11.7%) 0.43 263
2021-07-01 $160,000 (-4.5%) $260,742 (9.3%) 0.42 300
2021-08-01 $147,400 (-9.5%) $250,343 (7.0%) 0.39 319
2021-09-01 $149,900 (-2.3%) $247,559 (10.4%) 0.40 319
2021-10-01 $149,950 (7.2%) $255,610 (19.1%) 0.40 311
2021-11-01 $139,900 (3.8%) $254,738 (23.1%) 0.37 292
2021-12-01 $139,900 (7.7%) $278,740 (33.4%) 0.38 278
2022-01-01 $133,450 (-1.2%) $289,737 (31.4%) 0.36 236
2022-02-01 $138,725 (-0.3%) $286,784 (28.7%) 0.36 189
2022-03-01 $167,500 (21.9%) $313,198 (39.2%) 0.42 184
2022-04-01 $174,950 (29.7%) $304,085 (38.7%) 0.42 196
2022-05-01 $189,900 (26.7%) $296,170 (17.1%) 0.43 236
2022-06-01 $185,550 (13.9%) $281,611 (3.9%) 0.41 271
2022-07-01 $189,450 (18.4%) $275,649 (5.7%) 0.43 293
2022-08-01 $184,750 (25.3%) $281,288 (12.4%) 0.43 315
2022-09-01 $188,802 (26.0%) $271,753 (9.8%) 0.44 315
2022-10-01 $200,000 (33.4%) $283,120 (10.8%) 0.47 299
2022-11-01 $199,900 (42.9%) $287,172 (12.7%) 0.48 262
2022-12-01 $192,000 (37.2%) $279,029 (0.1%) 0.47 233
2023-01-01 $187,872 (40.8%) $278,772 (-3.8%) 0.47 216
2023-02-01 $182,450 (31.5%) $275,806 (-3.8%) 0.44 182
2023-03-01 $197,450 (17.9%) $284,830 (-9.1%) 0.47 182
2023-04-01 $229,950 (31.4%) $319,702 (5.1%) 0.53 173
2023-05-01 $239,450 (26.1%) $321,004 (8.4%) 0.54 191
2023-06-01 $229,500 (23.7%) $312,621 (11.0%) 0.52 193
2023-07-01 $209,900 (10.8%) $306,957 (11.4%) 0.48 231
2023-08-01 $220,650 (19.4%) $305,594 (8.6%) 0.51 243
2023-09-01 $222,450 (17.8%) $316,024 (16.3%) 0.52 258
2023-10-01 $227,000 (13.5%) $313,648 (10.8%) 0.53 277
2023-11-01 $225,000 (12.6%) $308,312 (7.4%) 0.54 291
2023-12-01 $215,950 (12.5%) $299,671 (7.4%) 0.53 241
Erie's median listing price for 2023-12-01 was $215,950, a difference of $23,950 (12.5%) versus the prior year and $-9,050 versus the prior month.

Erie's median listing price comes in at 53% of the national average.

Erie's average listing price for 2023-12-01 was $299,671, a difference of $20,642 (7.4%) versus the prior year and $-8,641 versus the prior month.

For the 2023-12-01 period, Erie had 241 MLS listings, a difference of -50 listings (-17%) versus the prior month and 8 listings (3%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Erie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 122 days 1,611 sqft
2018-02-01 121 days 1,614 sqft
2018-03-01 107 days 1,613 sqft
2018-04-01 84 days 1,628 sqft
2018-05-01 70 days 1,637 sqft
2018-06-01 61 days 1,621 sqft
2018-07-01 65 days 1,612 sqft
2018-08-01 67 days 1,581 sqft
2018-09-01 68 days 1,600 sqft
2018-10-01 77 days 1,583 sqft
2018-11-01 89 days 1,574 sqft
2018-12-01 102 days 1,560 sqft
2019-01-01 113 days 1,559 sqft
2019-02-01 116 days 1,573 sqft
2019-03-01 104 days 1,600 sqft
2019-04-01 88 days 1,628 sqft
2019-05-01 75 days 1,642 sqft
2019-06-01 72 days 1,683 sqft
2019-07-01 61 days 1,662 sqft
2019-08-01 65 days 1,632 sqft
2019-09-01 72 days 1,623 sqft
2019-10-01 78 days 1,608 sqft
2019-11-01 87 days 1,593 sqft
2019-12-01 103 days 1,568 sqft
2020-01-01 109 days 1,550 sqft
2020-02-01 110 days 1,560 sqft
2020-03-01 91 days 1,586 sqft
2020-04-01 96 days 1,600 sqft
2020-05-01 89 days 1,640 sqft
2020-06-01 66 days 1,657 sqft
2020-07-01 54 days 1,652 sqft
2020-08-01 53 days 1,668 sqft
2020-09-01 54 days 1,555 sqft
2020-10-01 55 days 1,512 sqft
2020-11-01 69 days 1,487 sqft
2020-12-01 78 days 1,472 sqft
2021-01-01 85 days 1,509 sqft
2021-02-01 77 days 1,505 sqft
2021-03-01 51 days 1,491 sqft
2021-04-01 43 days 1,499 sqft
2021-05-01 36 days 1,524 sqft
2021-06-01 32 days 1,570 sqft
2021-07-01 38 days 1,544 sqft
2021-08-01 39 days 1,515 sqft
2021-09-01 51 days 1,554 sqft
2021-10-01 55 days 1,542 sqft
2021-11-01 64 days 1,544 sqft
2021-12-01 70 days 1,561 sqft
2022-01-01 81 days 1,544 sqft
2022-02-01 84 days 1,584 sqft
2022-03-01 67 days 1,641 sqft
2022-04-01 39 days 1,648 sqft
2022-05-01 35 days 1,667 sqft
2022-06-01 34 days 1,618 sqft
2022-07-01 39 days 1,608 sqft
2022-08-01 43 days 1,591 sqft
2022-09-01 46 days 1,657 sqft
2022-10-01 54 days 1,696 sqft
2022-11-01 63 days 1,724 sqft
2022-12-01 74 days 1,696 sqft
2023-01-01 80 days 1,647 sqft
2023-02-01 85 days 1,655 sqft
2023-03-01 55 days 1,653 sqft
2023-04-01 45 days 1,667 sqft
2023-05-01 38 days 1,674 sqft
2023-06-01 40 days 1,660 sqft
2023-07-01 40 days 1,647 sqft
2023-08-01 37 days 1,657 sqft
2023-09-01 44 days 1,650 sqft
2023-10-01 43 days 1,646 sqft
2023-11-01 42 days 1,695 sqft
2023-12-01 61 days 1,649 sqft
Erie's median listing age (time on market) for 2023-12-01 was 61 days. This is -18% shorter than the same period one year ago.

Erie's median square footage for active listings during the 2023-12-01 period was 1,649 sqft. One year prior, the average listing was 1,696 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).