Gettysburg FHA Loan Rates, Closing Costs & Stats
GETTYSBURG, 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.
Gettysburg's 68 lenders originated 204 FHA
loans during 2023. The total origination value was $52,200,000, with an average FHA loan value of
$255,882.
Gettysburg FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Gettysburg
averaged
6.24%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Gettysburg's average FHA mortgage closing costs are $8,286.
The average rate for the prior week (2024-10-18) was
5.92% and
one month ago for the week of 2024-09-20, the
average rate was 5.95%.
The average rate one year ago was 7.28%.
For refis of the same type during the week of 2024-10-25, the average rate
was 5.73%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Gettysburg 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 Gettysburg level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
QUICKEN LOANS, LLC
|
25
|
6.13%
|
$12,732
|
CROSSCOUNTRY MORTGAGE, LLC
|
16
|
6.56%
|
$12,713
|
DHI MORTGAGE COMPANY, LTD.
|
10
|
5.82%
|
$12,874
|
MOVEMENT MORTGAGE, LLC
|
9
|
6.93%
|
$10,959
|
UNITED WHOLESALE MORTGAGE, LLC
|
8
|
6.94%
|
$13,386
|
CMG MORTGAGE, INC.
|
6
|
7.25%
|
$9,263
|
Integrity Home Mortgage Corp
|
5
|
5.78%
|
$19,580
|
MEMBERS 1ST FEDERAL CREDIT UNION
|
5
|
6.33%
|
$8,603
|
NFM, INC.
|
5
|
6.50%
|
$12,634
|
NEWREZ LLC
|
4
|
6.22%
|
$10,136
|
BAY CAPITAL MORTGAGE CORPORATION
|
4
|
6.40%
|
$14,375
|
Mr. Cooper ( Nationstar Mortgage )
|
4
|
6.34%
|
$11,262
|
M&T Bank
|
4
|
6.00%
|
$9,896
|
LOANDEPOT.COM, LLC
|
4
|
5.93%
|
$11,128
|
York Traditions Bank
|
3
|
6.58%
|
$8,042
|
PENNYMAC LOAN SERVICES, LLC
|
3
|
6.29%
|
$11,623
|
GUILD MORTGAGE COMPANY
|
3
|
6.58%
|
$13,253
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
3
|
6.58%
|
$16,169
|
Towne Bank
|
3
|
6.58%
|
$8,732
|
FIRST ALLIANCE HOME MORTGAGE, LLC
|
3
|
7.25%
|
$15,042
|
FIRST HOME MORTGAGE CORPORATION
|
3
|
6.75%
|
$15,169
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
2
|
6.75%
|
$17,669
|
TIDEWATER MORTGAGE SERVICES, INC.
|
2
|
6.44%
|
$11,642
|
TJC Mortgage, Inc.
|
2
|
6.44%
|
$13,024
|
CONTOUR MORTGAGE CORPORATION
|
2
|
7.25%
|
$15,681
|
GUARANTEED RATE AFFINITY, LLC
|
2
|
6.25%
|
$12,440
|
Fulton Bank
|
2
|
6.69%
|
$12,979
|
NATIONS DIRECT MORTGAGE, LLC
|
2
|
6.50%
|
$20,623
|
MILEND, INC.
|
2
|
5.69%
|
$12,196
|
HOWARD HANNA FINANCIAL SERVICES, INC.
|
2
|
6.69%
|
$15,532
|
BROKER SOLUTIONS, INC.
|
2
|
7.25%
|
$11,074
|
Carrington Mortgage Services, LLC
|
2
|
6.25%
|
$12,449
|
U.S. Bank
|
1
|
6.50%
|
$8,722
|
US MORTGAGE CORPORATION
|
1
|
6.75%
|
$17,536
|
VAN DYK MORTGAGE CORPORATION
|
1
|
7.13%
|
$11,616
|
Wells Fargo Bank
|
1
|
6.63%
|
$8,126
|
MILLENNIUM FINANCIAL GROUP, INC.
|
1
|
5.75%
|
$5,802
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
7.13%
|
$21,379
|
AMERICAN FINANCING CORPORATION
|
1
|
6.25%
|
$8,955
|
AmeriHome Mortgage Company, LLC
|
1
|
7.13%
|
$12,789
|
ATLANTIC BAY MORTGAGE GROUP, L.L.C.
|
1
|
5.75%
|
$12,148
|
CARDINAL FINANCIAL
|
1
|
6.25%
|
$14,654
|
DAS Acquisition Company, LLC
|
1
|
7.13%
|
$13,150
|
DIRECT MORTGAGE LOANS, LLC
|
1
|
7.25%
|
$9,176
|
EMBRACE HOME LOANS, INC.
|
1
|
6.63%
|
$8,453
|
EVERETT FINANCIAL, INC.
|
1
|
6.13%
|
$13,343
|
First National Bank of Pennsylvania
|
1
|
6.63%
|
$9,110
|
FREEDOM MORTGAGE CORPORATION
|
1
|
6.25%
|
$14,531
|
Homesale Mortgage, LLC
|
1
|
6.63%
|
$12,931
|
HOMESPIRE MORTGAGE CORPORATION
|
1
|
6.63%
|
$9,497
|
HOMESTEAD FUNDING CORP.
|
1
|
6.25%
|
$7,653
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
6.50%
|
$14,487
|
MEMBER FIRST MORTGAGE, LLC
|
1
|
7.63%
|
$8,912
|
Alcova Mortgage LLC
|
1
|
6.00%
|
$3,715
|
MORTGAGE ACCESS CORP.
|
1
|
6.75%
|
$15,947
|
Mortgage Research Center, LLC
|
1
|
7.50%
|
$5,689
|
Northpointe Bank
|
1
|
6.25%
|
$8,396
|
Orrstown Bank
|
1
|
6.25%
|
$7,265
|
Paramount Residential Mortgage Group, Inc.
|
1
|
7.25%
|
$11,173
|
PNC Bank
|
1
|
7.00%
|
$7,321
|
Prosperity Home Mortgage, LLC
|
1
|
6.12%
|
$13,168
|
Shore United Bank
|
1
|
5.63%
|
$13,062
|
Sierra Pacific Mortgage Company, Inc.
|
1
|
6.38%
|
$8,981
|
SOUTHERN TRUST MORTGAGE, LLC
|
1
|
7.13%
|
$9,175
|
SWBC MORTGAGE CORPORATION
|
1
|
7.25%
|
$8,341
|
T2 FINANCIAL LLC
|
1
|
6.75%
|
$11,211
|
THE MORTGAGE LINK, INC.
|
1
|
7.13%
|
$7,407
|
UNION HOME MORTGAGE CORP.
|
1
|
6.38%
|
$12,088
|
The top Gettysburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
25 FHA loans originated. Their average total fees are
$12,732, which is $19
higher than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Gettysburg FHA lenders (with over 10 loans originated) are
CROSSCOUNTRY MORTGAGE, LLC ($12,713), QUICKEN LOANS, LLC ($12,732), DHI MORTGAGE COMPANY, LTD. ($12,874), .
The lowest rate Gettysburg FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.82%), QUICKEN LOANS, LLC (6.13%), CROSSCOUNTRY MORTGAGE, LLC (6.56%), .
Gettysburg FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
GETTYSBURG, PA |
ADAMS |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
GETTYSBURG, PA |
ADAMS |
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).