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 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 6.28% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

The average rate for the prior week (2024-10-04) was 6% and one month ago for the week of 2024-09-06, the average rate was 6.23%.

The average rate one year ago was 7.56%.

For refis of the same type during the week of 2024-10-11, the average rate was 6%.

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).