Hagerstown FHA Loan Rates, Closing Costs & Stats

HAGERSTOWN-MARTINSBURG, MD-WV

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.

Hagerstown's 141 lenders originated 1,511 FHA loans during 2023. The total origination value was $408,975,000, with an average FHA loan value of $270,665.

Hagerstown FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hagerstown averaged 6.8% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Hagerstown's average FHA mortgage closing costs are $8,572.

The average rate for the prior week (2024-05-31) was 6.58% and one month ago for the week of 2024-05-03, the average rate was 6.58%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.2%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Hagerstown 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 Hagerstown level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Integrity Home Mortgage Corp 158 6.77% $12,827
NVR Mortgage Finance, Inc. 139 5.90% $12,204
QUICKEN LOANS, LLC 119 6.20% $11,558
LOANDEPOT.COM, LLC 75 6.40% $9,936
PRIMELENDING, A PLAINSCAPITAL COMPANY 62 6.19% $9,984
HOMESPIRE MORTGAGE CORPORATION 53 6.85% $12,169
UNITED WHOLESALE MORTGAGE, LLC 52 6.48% $12,488
Sierra Pacific Mortgage Company, Inc. 27 6.63% $12,364
NFM, INC. 26 6.83% $12,752
First Heritage Mortgage, LLC 22 5.63% $9,492
FREEDOM MORTGAGE CORPORATION 22 6.97% $14,508
INTERCOASTAL MORTGAGE COMPANY 22 5.68% $8,313
PENNYMAC LOAN SERVICES, LLC 22 6.39% $11,801
EMBRACE HOME LOANS, INC. 21 6.34% $9,435
FIRST HOME MORTGAGE CORPORATION 21 6.67% $13,080
NEWREZ LLC 19 6.39% $10,708
T2 FINANCIAL LLC 19 6.68% $12,881
Mr. Cooper ( Nationstar Mortgage ) 18 6.14% $15,057
Atlantic Coast Mortgage, LLC 17 6.35% $12,752
CBM Mortgage, Inc. 16 6.60% $10,560
UNION HOME MORTGAGE CORP. 16 6.42% $13,327
Towne Bank 15 6.33% $11,337
CROSSCOUNTRY MORTGAGE, LLC 15 6.58% $13,194
DIRECT MORTGAGE LOANS, LLC 15 6.73% $13,917
GSF Mortgage Corporation 14 6.41% $14,105
Prosperity Home Mortgage, LLC 14 6.73% $9,910
BROKER SOLUTIONS, INC. 13 6.75% $10,773
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 12 6.76% $12,475
Paramount Residential Mortgage Group, Inc. 11 6.53% $13,066
GUILD MORTGAGE COMPANY 11 6.80% $11,443
MOVEMENT MORTGAGE, LLC 11 6.43% $12,144
CARDINAL FINANCIAL 11 6.14% $14,749
DHI MORTGAGE COMPANY, LTD. 11 5.88% $9,463
THE MORTGAGE LINK, INC. 10 6.88% $12,290
AMERISAVE MORTGAGE CORPORATION 10 6.08% $12,417
George Mason Mortgage, LLC 9 6.50% $11,288
Presidential Bank, FSB 9 6.75% $10,697
Vellum Mortgage, Inc. 8 6.72% $12,376
Atlantic Union Bank 8 6.70% $9,086
Capital Bank 8 6.36% $9,379
AMERICAN FINANCIAL NETWORK, INC. 7 7.30% $11,956
Mortgage Research Center, LLC 7 6.79% $6,954
Carrington Mortgage Services, LLC 7 6.39% $11,421
NORWICH COMMERCIAL GROUP, INC. 7 6.46% $13,292
Plains Commerce Bank 7 6.11% $13,294
Shore United Bank 7 5.95% $13,605
HOMESIDE FINANCIAL, LLC 6 6.73% $15,284
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.17% $11,279
TIDEWATER MORTGAGE SERVICES, INC. 6 6.85% $11,622
C & F Mortgage Corporation 6 6.85% $7,703
MUTUAL OF OMAHA MORTGAGE, INC. 5 7.00% $11,256
Northpointe Bank 5 6.90% $11,089
Truist 5 6.17% $10,575
DAS Acquisition Company, LLC 5 7.35% $12,603
DRAPER AND KRAMER MORTGAGE CORP. 5 6.80% $10,137
Equity Prime Mortgage LLC 5 6.60% $12,798
Flagstar Bank, FSB 5 6.59% $10,136
Meridian Bank Corporation 5 6.85% $10,104
MICHIGAN MUTUAL, INC. 5 6.13% $12,491
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.63% $9,630
Fulton Bank 4 6.63% $11,138
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.94% $14,079
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 4 6.66% $4,465
CMG MORTGAGE, INC. 4 6.00% $9,372
ACADEMY MORTGAGE CORPORATION 4 7.34% $13,100
LAKEVIEW LOAN SERVICING, LLC 4 6.47% $10,926
Sandy Spring Bank 4 6.78% $8,528
CALIBER HOME LOANS, INC. 4 6.36% $11,184
BAY EQUITY LLC 4 6.31% $12,234
BAY CAPITAL MORTGAGE CORPORATION 4 6.84% $10,363
M&T Bank 4 7.03% $9,141
Blue Ridge Bank 3 6.71% $10,448
HOMEAMERICAN MORTGAGE CORPORATION 3 5.33% $11,585
Wells Fargo Bank 3 6.17% $11,367
PLANET HOME LENDING, LLC 3 6.71% $10,500
POLARIS HOME FUNDING CORP. 3 7.00% $12,167
EVERETT FINANCIAL, INC. 3 6.75% $11,198
VILLAGE CAPITAL MORTGAGE 3 6.46% $5,783
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.42% $16,586
AMERICAN FINANCIAL RESOURCES, INC. 3 6.38% $12,389
MILLENNIUM FINANCIAL GROUP, INC. 3 6.58% $8,916
First Federal Bank 3 6.33% $18,149
PENTAGON FEDERAL CREDIT UNION 3 5.71% $11,882
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.71% $15,109
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.92% $9,599
ZILLOW HOME LOANS, LLC 2 6.44% $9,498
ALLIED MORTGAGE GROUP, INC. 2 5.75% $16,387
AmeriHome Mortgage Company, LLC 2 5.25% $14,066
Citizens Bank 2 6.31% $12,344
CONTOUR MORTGAGE CORPORATION 2 7.88% $12,231
ENVOY MORTGAGE, LTD 2 5.94% $12,906
EQUITY RESOURCES, INC. 2 6.69% $12,713
FIDELITY DIRECT MORTGAGE, LLC 2 7.63% $10,831
GUARANTEED RATE, INC. 2 6.50% $13,466
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.63% $14,348
JAMS-01, INC. 2 6.31% $15,059
MLD MORTGAGE INC. 2 6.50% $13,701
NETWORK CAPITAL FUNDING CORPORATION 2 6.38% $9,120
OCMBC, INC. 2 6.50% $9,705
SECURITYNATIONAL MORTGAGE COMPANY 2 6.44% $14,294
SWBC MORTGAGE CORPORATION 2 6.25% $5,744
The Huntington National Bank 2 6.22% $9,653
Waterstone Mortgage Corporation 2 6.88% $16,697
ABSOLUTE HOME MORTGAGE CORPORATION 2 7.25% $13,392
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.75% $15,298
MORTGAGE ACCESS CORP. 1 6.25% $7,673
MID AMERICA MORTGAGE, INC. 1 6.88% $13,412
MCLEAN MORTGAGE CORPORATION 1 6.38% $9,424
Princeton Mortgage Corporation 1 7.63% $11,826
LOANPAL, LLC 1 6.00% $18,828
LIBERTY HOME MORTGAGE CORPORATION 1 5.63% $15,917
LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $15,233
York Traditions Bank 1 5.50% $21,318
Keystone Funding, Inc. 1 5.75% $13,625
JPMorgan Chase Bank 1 6.13% $6,453
SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.38% $14,110
JMAC LENDING, INC. 1 6.88% $13,932
SUCCESS MORTGAGE PARTNERS, INC. 1 6.38% $8,701
SUN WEST MORTGAGE COMPANY, INC. 1 7.50% $9,543
A&D Mortgage LLC 1 7.00% $12,460
JET DIRECT FUNDING CORP 1 7.25% $17,486
The Federal Savings Bank 1 6.25% $21,090
The Freedom Bank of Virginia 1 6.25% $8,524
WesBanco 1 7.25% $9,471
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.25% $8,659
THRIVE MORTGAGE, LLC 1 6.13% $10,316
CHURCHILL MORTGAGE CORPORATION 1 5.75% $5,625
TJC Mortgage, Inc. 1 5.75% $11,035
Century Mortgage Company DBA Century Lending Company 1 7.00% $7,719
BETTER MORTGAGE CORPORATION 1 6.25% $10,241
BECKAM FUNDING CORP. 1 7.75% $21,015
Bank of England 1 5.63% $10,537
U.S. Bank 1 5.63% $14,372
US MORTGAGE CORPORATION 1 6.25% $11,925
Ameris Bank 1 7.38% $7,289
American Mortgage & Equity Consultants, Inc. 1 6.63% $13,526
NP, Inc. 1 6.75% $14,759
North American Savings Bank, F.S.B. 1 5.25% $3,781
NBKC BANK 1 5.63% $7,008
PLAZA HOME MORTGAGE, INC. 1 6.50% $11,694
PNC Bank 1 6.25% $8,094

The top Hagerstown FHA lender as defined by loan originations is Integrity Home Mortgage Corp, with 158 FHA loans originated. Their average total fees are $12,827, which is $624 higher than the next largest lender, NVR Mortgage Finance, Inc..

The lowest fee Hagerstown FHA lenders (with over 10 loans originated) are INTERCOASTAL MORTGAGE COMPANY ($8,313), EMBRACE HOME LOANS, INC. ($9,435), DHI MORTGAGE COMPANY, LTD. ($9,463), First Heritage Mortgage, LLC ($9,492) and Prosperity Home Mortgage, LLC ($9,910).

The lowest rate Hagerstown FHA lenders (with over 10 loans originated) are First Heritage Mortgage, LLC (5.63%), INTERCOASTAL MORTGAGE COMPANY (5.68%), DHI MORTGAGE COMPANY, LTD. (5.88%), NVR Mortgage Finance, Inc. (5.90%) and AMERISAVE MORTGAGE CORPORATION (6.08%).

Hagerstown FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HAGERSTOWN-MARTINSBURG, MD-WV WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
HAGERSTOWN-MARTINSBURG, MD-WV BERKELEY 2022 $420,680 $538,650 $651,050 $809,150
HAGERSTOWN-MARTINSBURG, MD-WV MORGAN 2022 $420,680 $538,650 $651,050 $809,150
HAGERSTOWN-MARTINSBURG, MD-WV WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
HAGERSTOWN-MARTINSBURG, MD-WV BERKELEY 2023 $472,030 $604,400 $730,525 $907,900
HAGERSTOWN-MARTINSBURG, MD-WV MORGAN 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hagerstown (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 $204,945 (7.8%) $227,128 (3.8%) 0.76 1,192
2018-02-01 $209,990 (8.7%) $232,176 (5.7%) 0.76 1,192
2018-03-01 $219,000 (10.2%) $239,601 (6.5%) 0.77 1,204
2018-04-01 $219,900 (10.0%) $239,806 (5.7%) 0.75 1,300
2018-05-01 $224,900 (8.4%) $246,327 (6.3%) 0.75 1,405
2018-06-01 $225,000 (7.2%) $249,353 (6.2%) 0.75 1,493
2018-07-01 $229,900 (10.3%) $250,913 (5.9%) 0.77 1,498
2018-08-01 $229,450 (10.5%) $250,648 (5.5%) 0.77 1,528
2018-09-01 $229,000 (9.1%) $251,588 (6.4%) 0.77 1,473
2018-10-01 $229,900 (9.5%) $249,816 (7.0%) 0.78 1,465
2018-11-01 $229,900 (10.7%) $251,958 (8.8%) 0.78 1,470
2018-12-01 $229,900 (15.0%) $250,332 (11.5%) 0.79 1,359
2019-01-01 $229,900 (12.2%) $251,455 (10.7%) 0.79 1,265
2019-02-01 $229,998 (9.5%) $256,171 (10.3%) 0.78 1,258
2019-03-01 $233,997 (6.9%) $259,196 (8.2%) 0.77 1,273
2019-04-01 $234,450 (6.6%) $261,239 (8.9%) 0.74 1,338
2019-05-01 $235,000 (4.5%) $262,371 (6.5%) 0.73 1,404
2019-06-01 $237,945 (5.8%) $265,083 (6.3%) 0.74 1,448
2019-07-01 $229,973 (0.0%) $262,903 (4.8%) 0.72 1,489
2019-08-01 $232,660 (1.4%) $264,465 (5.5%) 0.74 1,476
2019-09-01 $236,733 (3.4%) $267,082 (6.2%) 0.76 1,453
2019-10-01 $239,448 (4.2%) $268,540 (7.5%) 0.77 1,427
2019-11-01 $239,900 (4.4%) $268,499 (6.6%) 0.79 1,318
2019-12-01 $239,900 (4.4%) $272,387 (8.8%) 0.80 1,130
2020-01-01 $236,223 (2.8%) $270,114 (7.4%) 0.79 1,008
2020-02-01 $243,900 (6.0%) $276,644 (8.0%) 0.80 963
2020-03-01 $244,900 (4.7%) $279,653 (7.9%) 0.77 959
2020-04-01 $246,445 (5.1%) $280,145 (7.2%) 0.77 937
2020-05-01 $249,000 (6.0%) $285,978 (9.0%) 0.76 848
2020-06-01 $247,150 (3.9%) $284,979 (7.5%) 0.73 741
2020-07-01 $249,998 (8.7%) $286,985 (9.2%) 0.72 656
2020-08-01 $257,990 (10.9%) $292,353 (10.6%) 0.74 586
2020-09-01 $259,673 (9.7%) $293,716 (10.0%) 0.74 561
2020-10-01 $253,990 (6.1%) $288,360 (7.4%) 0.73 539
2020-11-01 $254,723 (6.2%) $289,351 (7.8%) 0.74 496
2020-12-01 $259,445 (8.2%) $287,144 (5.4%) 0.77 459
2021-01-01 $268,900 (13.8%) $291,571 (7.9%) 0.80 409
2021-02-01 $261,968 (7.4%) $293,912 (6.2%) 0.76 302
2021-03-01 $263,498 (7.6%) $295,773 (5.8%) 0.75 302
2021-04-01 $274,450 (11.4%) $310,635 (10.9%) 0.74 284
2021-05-01 $275,000 (10.4%) $325,988 (14.0%) 0.73 296
2021-06-01 $269,900 (9.2%) $324,076 (13.7%) 0.71 370
2021-07-01 $279,450 (11.8%) $325,440 (13.4%) 0.74 447
2021-08-01 $282,500 (9.5%) $340,702 (16.5%) 0.75 477
2021-09-01 $282,950 (9.0%) $335,913 (14.4%) 0.75 453
2021-10-01 $280,000 (10.2%) $329,607 (14.3%) 0.75 451
2021-11-01 $294,450 (15.6%) $335,318 (15.9%) 0.79 473
2021-12-01 $291,995 (12.6%) $323,174 (12.6%) 0.79 431
2022-01-01 $303,990 (13.1%) $333,484 (14.4%) 0.82 362
2022-02-01 $310,000 (18.3%) $338,389 (15.1%) 0.81 312
2022-03-01 $320,245 (21.5%) $350,561 (18.5%) 0.80 315
2022-04-01 $323,990 (18.1%) $361,117 (16.3%) 0.77 354
2022-05-01 $323,445 (17.6%) $361,798 (11.0%) 0.74 454
2022-06-01 $323,745 (20.0%) $368,899 (13.8%) 0.72 531
2022-07-01 $315,591 (12.9%) $361,833 (11.2%) 0.71 631
2022-08-01 $320,945 (13.6%) $358,260 (5.2%) 0.74 653
2022-09-01 $322,225 (13.9%) $363,540 (8.2%) 0.75 664
2022-10-01 $316,240 (12.9%) $360,426 (9.4%) 0.74 727
2022-11-01 $315,000 (7.0%) $352,903 (5.2%) 0.76 707
2022-12-01 $313,990 (7.5%) $353,686 (9.4%) 0.78 678
2023-01-01 $324,950 (6.9%) $363,500 (9.0%) 0.80 573
2023-02-01 $326,974 (5.5%) $376,344 (11.2%) 0.79 528
2023-03-01 $324,973 (1.5%) $380,845 (8.6%) 0.77 532
2023-04-01 $329,900 (1.8%) $388,533 (7.6%) 0.77 522
2023-05-01 $336,328 (4.0%) $398,237 (10.1%) 0.76 561
2023-06-01 $341,495 (5.5%) $401,953 (9.0%) 0.77 562
2023-07-01 $332,490 (5.4%) $396,278 (9.5%) 0.76 549
2023-08-01 $330,775 (3.1%) $391,416 (9.3%) 0.76 550
2023-09-01 $337,965 (4.9%) $408,837 (12.5%) 0.79 563
2023-10-01 $338,990 (7.2%) $409,980 (13.8%) 0.80 629
2023-11-01 $335,990 (6.7%) $412,867 (17.0%) 0.80 625
2023-12-01 $345,000 (9.9%) $412,476 (16.6%) 0.84 581
2024-01-01 $338,468 (4.2%) $417,600 (14.9%) 0.83 524
2024-02-01 $343,740 (5.1%) $422,780 (12.3%) 0.83 473
2024-03-01 $344,945 (6.2%) $420,193 (10.3%) 0.81 468
2024-04-01 $344,993 (4.6%) $410,053 (5.5%) 0.80 513
2024-05-01 $350,000 (4.1%) $408,820 (2.7%) 0.79 554
Hagerstown's median listing price for 2024-05-01 was $350,000, a difference of $13,672 (4.1%) versus the prior year and $5,007 versus the prior month.

Hagerstown's median listing price comes in at 79% of the national average.

Hagerstown's average listing price for 2024-05-01 was $408,820, a difference of $10,583 (2.7%) versus the prior year and $-1,233 versus the prior month.

For the 2024-05-01 period, Hagerstown had 554 MLS listings, a difference of 41 listings (8%) versus the prior month and -7 listings (-1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hagerstown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 90 days 1,740 sqft
2018-02-01 83 days 1,786 sqft
2018-03-01 63 days 1,795 sqft
2018-04-01 57 days 1,789 sqft
2018-05-01 50 days 1,793 sqft
2018-06-01 53 days 1,891 sqft
2018-07-01 65 days 1,916 sqft
2018-08-01 70 days 1,886 sqft
2018-09-01 71 days 1,900 sqft
2018-10-01 75 days 1,923 sqft
2018-11-01 73 days 1,922 sqft
2018-12-01 82 days 1,901 sqft
2019-01-01 87 days 1,899 sqft
2019-02-01 88 days 1,910 sqft
2019-03-01 72 days 1,926 sqft
2019-04-01 53 days 1,925 sqft
2019-05-01 53 days 1,918 sqft
2019-06-01 59 days 1,926 sqft
2019-07-01 56 days 1,909 sqft
2019-08-01 58 days 1,902 sqft
2019-09-01 63 days 1,905 sqft
2019-10-01 67 days 1,904 sqft
2019-11-01 73 days 1,907 sqft
2019-12-01 93 days 1,923 sqft
2020-01-01 89 days 1,897 sqft
2020-02-01 64 days 1,898 sqft
2020-03-01 50 days 1,907 sqft
2020-04-01 59 days 1,916 sqft
2020-05-01 68 days 1,953 sqft
2020-06-01 66 days 1,956 sqft
2020-07-01 55 days 1,942 sqft
2020-08-01 51 days 2,011 sqft
2020-09-01 52 days 1,995 sqft
2020-10-01 56 days 1,920 sqft
2020-11-01 52 days 1,888 sqft
2020-12-01 58 days 1,848 sqft
2021-01-01 50 days 1,827 sqft
2021-02-01 44 days 1,854 sqft
2021-03-01 46 days 1,802 sqft
2021-04-01 33 days 1,833 sqft
2021-05-01 34 days 1,893 sqft
2021-06-01 32 days 1,810 sqft
2021-07-01 33 days 1,844 sqft
2021-08-01 34 days 1,819 sqft
2021-09-01 40 days 1,831 sqft
2021-10-01 45 days 1,821 sqft
2021-11-01 39 days 1,857 sqft
2021-12-01 46 days 1,830 sqft
2022-01-01 50 days 1,860 sqft
2022-02-01 41 days 1,802 sqft
2022-03-01 35 days 1,850 sqft
2022-04-01 29 days 1,897 sqft
2022-05-01 29 days 1,898 sqft
2022-06-01 30 days 1,914 sqft
2022-07-01 37 days 1,924 sqft
2022-08-01 41 days 1,920 sqft
2022-09-01 45 days 1,906 sqft
2022-10-01 49 days 1,889 sqft
2022-11-01 51 days 1,870 sqft
2022-12-01 57 days 1,859 sqft
2023-01-01 58 days 1,861 sqft
2023-02-01 46 days 1,862 sqft
2023-03-01 39 days 1,835 sqft
2023-04-01 38 days 1,872 sqft
2023-05-01 30 days 1,824 sqft
2023-06-01 36 days 1,860 sqft
2023-07-01 38 days 1,840 sqft
2023-08-01 38 days 1,813 sqft
2023-09-01 38 days 1,876 sqft
2023-10-01 36 days 1,903 sqft
2023-11-01 42 days 1,831 sqft
2023-12-01 52 days 1,853 sqft
2024-01-01 52 days 1,817 sqft
2024-02-01 39 days 1,777 sqft
2024-03-01 40 days 1,792 sqft
2024-04-01 28 days 1,808 sqft
2024-05-01 28 days 1,874 sqft
Hagerstown's median listing age (time on market) for 2024-05-01 was 28 days. This is -5% shorter than the same period one year ago.

Hagerstown's median square footage for active listings during the 2024-05-01 period was 1,874 sqft. One year prior, the average listing was 1,824 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).