Erie FHA Loan Rates, Closing Costs & Stats

ERIE, PA

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    • 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 62 lenders originated 423 FHA loans during 2024. The total origination value was $71,425,000, with an average FHA loan value of $168,853.

    Erie FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Erie averaged 0.45% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Erie's average FHA mortgage closing costs are $6,786.

    The average rate for the prior week (2025-06-13) was 7.03% and one month ago for the week of 2025-05-16, the average rate was 6.79%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.24%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 75 6.52% $8,968
    UNITED WHOLESALE MORTGAGE, LLC 35 6.47% $10,837
    EQUITY RESOURCES, INC. 24 6.43% $8,196
    MOVEMENT MORTGAGE, LLC 20 6.95% $9,460
    Equity Prime Mortgage LLC 18 6.74% $9,096
    HOWARD HANNA FINANCIAL SERVICES, INC. 14 6.50% $8,483
    FIRST HERITAGE FINANCIAL, LLC 13 6.31% $6,347
    Flagstar Bank, FSB 12 6.40% $8,848
    FIRST COMMUNITY MORTGAGE, INC. 11 6.54% $9,039
    Ixonia Bank 11 6.76% $8,567
    AFFORDABLE MORTGAGE ADVISORS, LLC. 10 6.65% $7,044
    FREEDOM MORTGAGE CORPORATION 10 6.68% $8,847
    SOUTHPOINT FINANCIAL SERVICES, INC. 10 6.76% $4,822
    PLAZA HOME MORTGAGE, INC. 9 7.00% $10,290
    LOANDEPOT.COM, LLC 7 6.21% $11,333
    PENNYMAC LOAN SERVICES, LLC 7 6.34% $8,623
    CROSSCOUNTRY MORTGAGE, LLC 5 6.50% $10,310
    The Loan Store, Inc. 5 6.27% $10,870
    Mortgage Research Center, LLC 4 6.66% $7,601
    BROKER SOLUTIONS, INC. 3 6.92% $10,828
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.46% $11,001
    PLANET HOME LENDING, LLC 3 6.21% $5,095
    M&T Bank 3 6.21% $9,627
    First National Bank of Pennsylvania 3 6.17% $6,678
    Carrington Mortgage Services, LLC 3 5.92% $17,072
    RELIANCE FIRST CAPITAL, LLC 3 6.58% $9,806
    GUARANTEED RATE, INC. 3 6.71% $15,844
    Citizens Bank 2 6.38% $5,472
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $10,184
    GUARANTEED RATE AFFINITY, LLC 2 6.69% $7,760
    KeyBank 2 6.00% $6,114
    Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $11,958
    Plains Commerce Bank 2 7.19% $5,752
    PNC Bank 2 7.00% $6,870
    UNION HOME MORTGAGE CORP. 2 5.81% $10,488
    JPMorgan Chase Bank 1 6.13% $7,144
    NATIONS DIRECT MORTGAGE, LLC 1 7.13% $12,600
    NEXERA HOLDING LLC 1 5.88% $6,608
    Northwest Bank 1 6.13% $5,960
    Paramount Residential Mortgage Group, Inc. 1 6.99% $14,825
    GARDNER FINANCIAL SERVICES, LTD. 1 6.75% $12,962
    PHH Mortgage Corporation 1 6.13% $13,153
    U.S. Bank 1 6.63% $7,110
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.63% $17,776
    FEDERATED MORTGAGE CORP. 1 6.50% $13,277
    US MORTGAGE CORPORATION 1 6.25% $10,721
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $8,411
    Prosperity Home Mortgage, LLC 1 7.63% $8,184
    DAS Acquisition Company, LLC 1 6.63% $11,627
    CARDINAL FINANCIAL 1 6.38% $10,791
    ROYAL UNITED MORTGAGE LLC 1 6.63% $7,332
    S1L, Inc. 1 6.63% $10,730
    AmeriHome Mortgage Company, LLC 1 6.13% $3,404
    STOCKTON MORTGAGE CORPORATION 1 7.13% $12,644
    The Huntington National Bank 1 5.75% $7,446
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.13% $15,935
    ZILLOW HOME LOANS, LLC 1 6.75% $8,571
    Union Savings Bank 1 5.63% $8,634
    MILEND, INC. 1 5.63% $14,735
    MICHIGAN MUTUAL, INC. 1 6.63% $9,241
    ALLIED MORTGAGE GROUP, INC. 1 6.75% $5,253
    LOANPAL, LLC 1 5.99% $17,959

    The top Erie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 75 FHA loans originated. Their average total fees are $8,968, which is $1,868 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Erie FHA lenders (with over 10 loans originated) are SOUTHPOINT FINANCIAL SERVICES, INC. ($4,822), FIRST HERITAGE FINANCIAL, LLC ($6,347), AFFORDABLE MORTGAGE ADVISORS, LLC. ($7,044), EQUITY RESOURCES, INC. ($8,196) and HOWARD HANNA FINANCIAL SERVICES, INC. ($8,483).

    The lowest rate Erie FHA lenders (with over 10 loans originated) are FIRST HERITAGE FINANCIAL, LLC (6.31%), Flagstar Bank, FSB (6.40%), EQUITY RESOURCES, INC. (6.43%), UNITED WHOLESALE MORTGAGE, LLC (6.47%) and HOWARD HANNA FINANCIAL SERVICES, INC. (6.50%).

    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

    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).