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 55 lenders originated 415 FHA loans during 2023. The total origination value was $64,125,000, with an average FHA loan value of $154,518.

    Erie FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Erie averaged 6.61% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Erie's average FHA mortgage closing costs are $6,536.

    The average rate for the prior week (2024-11-01) was 6.58% and one month ago for the week of 2024-10-04, the average rate was 6%.

    The average rate one year ago was 7.65%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 80 6.53% $7,816
    UNITED WHOLESALE MORTGAGE, LLC 58 6.43% $9,998
    MOVEMENT MORTGAGE, LLC 29 7.15% $7,776
    EQUITY RESOURCES, INC. 27 6.76% $8,083
    HOWARD HANNA FINANCIAL SERVICES, INC. 19 6.41% $6,732
    FIRST HERITAGE FINANCIAL, LLC 14 6.41% $6,460
    PLAZA HOME MORTGAGE, INC. 14 6.77% $8,926
    AFFORDABLE MORTGAGE ADVISORS, LLC. 12 6.83% $7,429
    Plains Commerce Bank 8 6.48% $8,939
    Flagstar Bank, FSB 7 6.49% $8,441
    SOUTHPOINT FINANCIAL SERVICES, INC. 7 6.68% $8,436
    CROSSCOUNTRY MORTGAGE, LLC 7 6.80% $7,125
    Equity Prime Mortgage LLC 7 7.25% $8,320
    BROKER SOLUTIONS, INC. 6 6.71% $11,343
    CARDINAL FINANCIAL 6 7.08% $7,402
    FREEDOM MORTGAGE CORPORATION 5 7.15% $10,050
    Citizens Bank 5 6.15% $8,470
    LOANDEPOT.COM, LLC 4 6.53% $10,330
    PENNYMAC LOAN SERVICES, LLC 4 6.84% $8,084
    Ixonia Bank 4 7.16% $8,378
    Carrington Mortgage Services, LLC 4 6.84% $11,433
    LIBERTY HOME MORTGAGE CORPORATION 3 7.17% $12,823
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.25% $8,485
    RELIANCE FIRST CAPITAL, LLC 3 6.83% $7,854
    Mortgage Research Center, LLC 3 6.71% $9,098
    RUOFF MORTGAGE COMPANY, INC. 2 6.50% $8,460
    AMERICAN FINANCIAL NETWORK, INC. 2 7.19% $14,290
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $11,950
    First National Bank of Pennsylvania 2 6.13% $6,924
    MILEND, INC. 2 6.63% $10,469
    Paramount Residential Mortgage Group, Inc. 2 7.25% $12,849
    PNC Bank 2 6.50% $5,904
    ROYAL UNITED MORTGAGE LLC 2 7.25% $8,521
    UNION HOME MORTGAGE CORP. 2 6.81% $7,920
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $10,764
    CONTOUR MORTGAGE CORPORATION 1 6.25% $10,424
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $9,821
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $6,303
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $18,751
    The Huntington National Bank 1 7.13% $6,226
    Century Mortgage Company DBA Century Lending Company 1 6.75% $19,066
    Capital Bank 1 6.75% $8,113
    Barrington Bank & Trust Company, N.A. 1 7.25% $4,711
    ZILLOW HOME LOANS, LLC 1 7.50% $8,400
    Bank of England 1 5.75% $7,199
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $6,979
    RESIDENTIAL BANCORP 1 7.75% $8,339
    AMERICAN FINANCING CORPORATION 1 6.50% $6,137
    Acre Mortgage and Financial Inc 1 6.63% $6,690
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $7,347
    HOMESIDE FINANCIAL, LLC 1 6.63% $9,975
    GUARANTEED RATE, INC. 1 7.75% $9,686
    GUARANTEED RATE AFFINITY, LLC 1 6.13% $4,475
    EMBRACE HOME LOANS, INC. 1 6.49% $10,773
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.88% $10,803

    The top Erie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 80 FHA loans originated. Their average total fees are $7,816, which is $2,182 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Erie FHA lenders (with over 10 loans originated) are FIRST HERITAGE FINANCIAL, LLC ($6,460), HOWARD HANNA FINANCIAL SERVICES, INC. ($6,732), AFFORDABLE MORTGAGE ADVISORS, LLC. ($7,429), MOVEMENT MORTGAGE, LLC ($7,776) and QUICKEN LOANS, LLC ($7,816).

    The lowest rate Erie FHA lenders (with over 10 loans originated) are HOWARD HANNA FINANCIAL SERVICES, INC. (6.41%), FIRST HERITAGE FINANCIAL, LLC (6.41%), UNITED WHOLESALE MORTGAGE, LLC (6.43%), QUICKEN LOANS, LLC (6.53%) and EQUITY RESOURCES, INC. (6.76%).

    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).