Erie FHA Loans

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 803 FHA loans during 2021. The total origination value was $148,665,000, with an average FHA loan value of $185,137.

    Erie FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Erie averaged 5.39% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.12% and one month ago for the week of 2022-04-08, the average rate was 5.08%.

    The average rate one year ago was 3.29%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.99%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Erie level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 125 2.85% $5,615
    PLAZA HOME MORTGAGE, INC. 76 2.99% $8,229
    Citizens Bank 73 2.93% $6,260
    HOWARD HANNA FINANCIAL SERVICES, INC. 35 2.92% $5,402
    MOVEMENT MORTGAGE, LLC 34 3.31% $5,577
    AFFORDABLE MORTGAGE ADVISORS, LLC. 33 2.91% $5,798
    EQUITY RESOURCES, INC. 32 3.11% $5,576
    Princeton Mortgage Corporation 32 3.18% $6,108
    Flagstar Bank, FSB 27 2.79% $6,190
    TIDEWATER MORTGAGE SERVICES, INC. 27 2.90% $5,937
    UNITED WHOLESALE MORTGAGE, LLC 26 2.90% $7,936
    UNION HOME MORTGAGE CORP. 19 3.14% $7,079
    FIRST HERITAGE FINANCIAL, LLC 19 2.91% $4,657
    LAKEVIEW LOAN SERVICING, LLC 18 3.15% $4,934
    Mr. Cooper ( Nationstar Mortgage ) 13 3.50% $3,322
    FREEDOM MORTGAGE CORPORATION 13 3.04% $5,220
    ALLIED MORTGAGE GROUP, INC. 9 3.07% $9,239
    BROKER SOLUTIONS, INC. 8 3.40% $7,461
    HOME POINT FINANCIAL CORPORATION 7 3.04% $7,313
    PENNYMAC LOAN SERVICES, LLC 7 2.79% $4,304
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 2.88% $8,867
    VILLAGE CAPITAL & INVESTMENT LLC 6 3.08% $2,179
    LIBERTY HOME MORTGAGE CORPORATION 6 3.88% $7,267
    Widget Federal Credit Union 5 3.03% $4,414
    AMERISAVE MORTGAGE CORPORATION 5 3.53% $6,204
    CALIBER HOME LOANS, INC. 5 3.17% $3,230
    First Guaranty Mortgage Corporation 4 3.03% $6,528
    Paramount Residential Mortgage Group, Inc. 4 2.84% $6,664
    Northwest Bank 3 3.00% $4,807
    AmeriHome Mortgage Company, LLC 3 2.75% $5,551
    RELIANCE FIRST CAPITAL, LLC 3 3.08% $7,030
    MICHIGAN MUTUAL, INC. 3 3.00% $8,895
    The Huntington National Bank 3 3.33% $8,228
    Equity Prime Mortgage LLC 3 3.58% $10,724
    LAND HOME FINANCIAL SERVICES, INC. 2 4.19% $7,407
    First Home Bank 2 3.50% $7,062
    HOMESTEAD FUNDING CORP. 2 3.63% $7,021
    LOANDEPOT.COM, LLC 2 3.49% $5,755
    Mortgage Research Center, LLC 2 2.94% $3,312
    ARC HOME LLC 2 3.61% $8,097
    PNC Bank 2 2.94% $6,125
    NEWREZ LLC 1 2.75% $4,179
    Mortgage America, Inc. 1 2.38% $5,041
    CHURCHILL MORTGAGE CORPORATION 1 2.25% $5,495
    BETTER MORTGAGE CORPORATION 1 3.63% $5,101
    PLANET HOME LENDING, LLC 1 3.75% $3,750
    Carrington Mortgage Services, LLC 1 3.63% $8,765
    CROSSCOUNTRY MORTGAGE, LLC 1 3.00% $9,817
    Lakeview Community Capital, LLC 1 2.99% $5,238
    KeyBank 1 2.88% $6,703
    Home Mortgage Alliance Corp 1 2.88% $8,425
    ROYAL UNITED MORTGAGE LLC 1 3.75% $10,436
    SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $6,067
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $9,498
    The Union Bank Company 1 2.25% $8,587
    AMERICAN FINANCING CORPORATION 1 3.75% $6,420
    TOTAL MORTGAGE SERVICES, LLC 1 4.50% $11,899
    AMERICAN FINANCIAL NETWORK, INC. 1 2.50% $9,634
    UNITED SECURITY FINANCIAL CORP 1 2.50% $4,283
    FIRST HOME MORTGAGE CORPORATION 1 3.25% $7,107
    Barrington Bank & Trust Company, N.A. 1 3.38% $4,202
    Nations Lending Corporation 1 2.88% $10,349

    The top Erie FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 125 FHA loans originated. Their average total fees are $5,615, which is $2,614 lower than the next largest lender, PLAZA HOME MORTGAGE, INC..

    The lowest fee Erie FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,322), FIRST HERITAGE FINANCIAL, LLC ($4,657), LAKEVIEW LOAN SERVICING, LLC ($4,934), FREEDOM MORTGAGE CORPORATION ($5,220) and HOWARD HANNA FINANCIAL SERVICES, INC. ($5,402).

    The lowest rate Erie FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.79%), QUICKEN LOANS, LLC (2.85%), UNITED WHOLESALE MORTGAGE, LLC (2.90%), TIDEWATER MORTGAGE SERVICES, INC. (2.90%) and AFFORDABLE MORTGAGE ADVISORS, LLC. (2.91%).

    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

    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).