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 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 6.51% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

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

The average rate for the prior week (2025-03-28) was 6.61% and one month ago for the week of 2025-02-28, the average rate was 6.49%.

The average rate one year ago was 6.71%.

For refis of the same type during the week of 2025-04-04, the average rate was 6.4%.

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

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%) $190,858 (7.4%) 0.48 1,010
2018-02-01 $132,725 (10.7%) $191,588 (4.8%) 0.48 946
2018-03-01 $134,900 (12.0%) $194,170 (5.0%) 0.47 967
2018-04-01 $139,900 (8.2%) $203,664 (4.2%) 0.47 939
2018-05-01 $146,800 (14.0%) $206,816 (5.7%) 0.49 983
2018-06-01 $143,950 (10.8%) $209,556 (4.2%) 0.48 1,041
2018-07-01 $144,900 (5.0%) $207,998 (2.6%) 0.48 1,088
2018-08-01 $141,175 (4.6%) $204,465 (2.4%) 0.47 1,122
2018-09-01 $136,950 (1.4%) $201,985 (1.4%) 0.46 1,162
2018-10-01 $138,400 (4.6%) $200,402 (2.6%) 0.47 1,137
2018-11-01 $134,925 (2.7%) $200,125 (2.3%) 0.46 1,078
2018-12-01 $134,900 (3.8%) $199,376 (3.5%) 0.47 1,005
2019-01-01 $136,675 (5.2%) $199,881 (4.7%) 0.47 913
2019-02-01 $139,900 (5.4%) $206,399 (7.7%) 0.47 885
2019-03-01 $146,429 (8.6%) $210,516 (8.4%) 0.48 872
2019-04-01 $155,000 (10.8%) $217,125 (6.6%) 0.49 859
2019-05-01 $162,138 (10.5%) $227,577 (10.0%) 0.51 865
2019-06-01 $167,950 (16.7%) $229,481 (9.5%) 0.52 898
2019-07-01 $166,350 (14.8%) $225,813 (8.6%) 0.52 919
2019-08-01 $159,155 (12.7%) $222,347 (8.8%) 0.50 919
2019-09-01 $151,136 (10.4%) $216,904 (7.4%) 0.48 908
2019-10-01 $142,425 (2.9%) $211,969 (5.8%) 0.46 897
2019-11-01 $140,000 (3.8%) $206,786 (3.3%) 0.46 821
2019-12-01 $136,775 (1.4%) $205,037 (2.8%) 0.46 731
2020-01-01 $134,900 (-1.3%) $201,860 (1.0%) 0.45 662
2020-02-01 $137,999 (-1.4%) $209,083 (1.3%) 0.45 598
2020-03-01 $145,287 (-0.8%) $221,563 (5.3%) 0.46 536
2020-04-01 $151,900 (-2.0%) $232,417 (7.0%) 0.48 505
2020-05-01 $164,800 (1.6%) $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 (5.6%) 0.49 458
2020-08-01 $162,900 (2.4%) $234,005 (5.2%) 0.47 419
2020-09-01 $153,450 (1.5%) $224,339 (3.4%) 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 $189,900 (18.7%) $275,649 (5.7%) 0.43 293
2022-08-01 $184,875 (25.4%) $281,433 (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%) $287,010 (12.7%) 0.48 263
2022-12-01 $191,750 (37.1%) $278,717 (0.0%) 0.47 234
2023-01-01 $188,661 (41.4%) $278,396 (-3.9%) 0.47 217
2023-02-01 $182,450 (31.5%) $275,605 (-3.9%) 0.44 183
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 (10.5%) $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 (12.6%) $299,671 (7.5%) 0.53 241
2024-01-01 $224,950 (19.2%) $305,878 (9.9%) 0.55 227
2024-02-01 $231,200 (26.7%) $317,788 (15.3%) 0.56 193
2024-03-01 $264,900 (34.2%) $352,988 (23.9%) 0.62 178
2024-04-01 $282,075 (22.7%) $374,651 (17.2%) 0.66 175
2024-05-01 $279,900 (16.9%) $374,311 (16.6%) 0.64 190
2024-06-01 $248,450 (8.3%) $331,497 (6.0%) 0.56 214
2024-07-01 $266,250 (26.9%) $349,039 (13.7%) 0.61 203
2024-08-01 $243,450 (10.3%) $330,668 (8.2%) 0.57 226
2024-09-01 $239,925 (7.9%) $331,982 (5.1%) 0.56 247
2024-10-01 $239,675 (5.6%) $326,198 (4.0%) 0.56 258
2024-11-01 $239,250 (6.3%) $327,030 (6.1%) 0.57 241
2024-12-01 $235,000 (8.8%) $337,601 (12.7%) 0.58 219
2025-01-01 $249,675 (11.0%) $351,766 (15.0%) 0.62 197
2025-02-01 $239,900 (3.8%) $358,670 (12.9%) 0.58 177
2025-03-01 $248,839 (-6.1%) $364,015 (3.1%) 0.00 167
Erie's median listing price for 2025-03-01 was $248,839, a difference of $-16,061 (-6.1%) versus the prior year and $8,939 versus the prior month.

Erie's median listing price comes in at 0% of the national average.

Erie's average listing price for 2025-03-01 was $364,015, a difference of $11,027 (3.1%) versus the prior year and $5,345 versus the prior month.

For the 2025-03-01 period, Erie had 167 MLS listings, a difference of -10 listings (-6%) versus the prior month and -11 listings (-6%) 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 1,612 sqft
2018-02-01 121 days 1,614 sqft
2018-03-01 107 days 1,613 sqft
2018-04-01 84 days 1,630 sqft
2018-05-01 70 days 1,638 sqft
2018-06-01 61 days 1,623 sqft
2018-07-01 65 days 1,613 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 1,560 sqft
2019-02-01 116 days 1,575 sqft
2019-03-01 104 days 1,602 sqft
2019-04-01 88 days 1,632 sqft
2019-05-01 75 days 1,644 sqft
2019-06-01 72 days 1,686 sqft
2019-07-01 61 days 1,663 sqft
2019-08-01 65 days 1,632 sqft
2019-09-01 72 days 1,622 sqft
2019-10-01 78 days 1,607 sqft
2019-11-01 87 days 1,592 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 42 days 1,591 sqft
2022-09-01 46 days 1,659 sqft
2022-10-01 54 days 1,700 sqft
2022-11-01 63 days 1,728 sqft
2022-12-01 74 days 1,696 sqft
2023-01-01 80 days 1,647 sqft
2023-02-01 86 days 1,658 sqft
2023-03-01 55 days 1,657 sqft
2023-04-01 45 days 1,670 sqft
2023-05-01 38 days 1,674 sqft
2023-06-01 40 days 1,661 sqft
2023-07-01 40 days 1,649 sqft
2023-08-01 37 days 1,661 sqft
2023-09-01 44 days 1,656 sqft
2023-10-01 43 days 1,649 sqft
2023-11-01 42 days 1,702 sqft
2023-12-01 61 days 1,650 sqft
2024-01-01 73 days 1,647 sqft
2024-02-01 73 days 1,718 sqft
2024-03-01 50 days 1,745 sqft
2024-04-01 42 days 1,728 sqft
2024-05-01 36 days 1,725 sqft
2024-06-01 38 days 1,668 sqft
2024-07-01 43 days 1,740 sqft
2024-08-01 38 days 1,668 sqft
2024-09-01 39 days 1,628 sqft
2024-10-01 40 days 1,608 sqft
2024-11-01 47 days 1,590 sqft
2024-12-01 61 days 1,635 sqft
2025-01-01 75 days 1,685 sqft
2025-02-01 68 days 1,633 sqft
2025-03-01 0 days 1,638 sqft
Erie's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

Erie's median square footage for active listings during the 2025-03-01 period was 1,638 sqft. One year prior, the average listing was 1,745 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).