Hagerstown FHA Loans

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 151 lenders originated 2,292 FHA loans during 2021. The total origination value was $511,300,000, with an average FHA loan value of $223,080.

Hagerstown FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hagerstown averaged 5.05% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.49% and one month ago for the week of 2022-07-01, the average rate was 5.78%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.19%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 238 2.73% $6,572
Integrity Home Mortgage Corp 197 3.14% $7,889
FREEDOM MORTGAGE CORPORATION 86 2.84% $5,131
HOMESPIRE MORTGAGE CORPORATION 79 3.27% $8,710
NVR Mortgage Finance, Inc. 67 3.04% $9,508
FIRST HOME MORTGAGE CORPORATION 64 3.07% $8,212
LOANDEPOT.COM, LLC 63 2.93% $9,264
Sierra Pacific Mortgage Company, Inc. 61 3.07% $8,851
LAKEVIEW LOAN SERVICING, LLC 58 2.94% $4,662
PENNYMAC LOAN SERVICES, LLC 55 2.95% $5,471
CROSSCOUNTRY MORTGAGE, LLC 54 3.18% $8,145
PRIMELENDING, A PLAINSCAPITAL COMPANY 53 3.28% $8,443
CALIBER HOME LOANS, INC. 45 2.83% $7,219
EMBRACE HOME LOANS, INC. 39 3.08% $7,547
UNITED WHOLESALE MORTGAGE, LLC 38 2.76% $9,350
Carrington Mortgage Services, LLC 34 3.36% $7,775
Mr. Cooper ( Nationstar Mortgage ) 32 3.26% $4,233
FINANCE OF AMERICA MORTGAGE LLC 30 3.10% $8,216
PLANET HOME LENDING, LLC 28 3.43% $8,810
DIRECT MORTGAGE LOANS, LLC 25 3.32% $9,265
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 20 3.09% $10,469
INTERCOASTAL MORTGAGE COMPANY 20 3.21% $6,980
VILLAGE CAPITAL & INVESTMENT LLC 19 2.99% $3,085
George Mason Mortgage, LLC 19 2.80% $9,111
HOMEBRIDGE FINANCIAL SERVICES, INC. 19 2.65% $6,430
NFM, INC. 18 3.33% $8,303
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 3.28% $7,730
AMERICAN FINANCIAL NETWORK, INC. 16 3.44% $16,272
MILLENNIUM FINANCIAL GROUP, INC. 15 2.88% $7,820
Paramount Residential Mortgage Group, Inc. 14 3.35% $9,412
NEWREZ LLC 14 2.85% $5,914
CONTOUR MORTGAGE CORPORATION 14 3.28% $8,887
HOMESIDE FINANCIAL, LLC 14 3.20% $8,797
UNION HOME MORTGAGE CORP. 14 2.87% $8,549
Manufacturers and Traders Trust Company 13 3.07% $7,568
Towne Bank 13 2.84% $8,672
CBM Mortgage, Inc. 13 3.12% $8,411
AMERISAVE MORTGAGE CORPORATION 12 2.72% $8,792
BROKER SOLUTIONS, INC. 12 3.28% $8,790
SECURITYNATIONAL MORTGAGE COMPANY 12 3.36% $9,888
Prosperity Home Mortgage, LLC 12 3.31% $8,274
First Guaranty Mortgage Corporation 12 3.04% $6,374
Gateway First Bank 12 3.44% $6,178
HOMEAMERICAN MORTGAGE CORPORATION 12 2.89% $6,190
TJC Mortgage, Inc. 11 3.39% $9,305
T2 FINANCIAL LLC 11 3.14% $8,070
HOME POINT FINANCIAL CORPORATION 10 2.79% $8,182
Atlantic Union Bank 10 3.10% $7,312
The Federal Savings Bank 9 2.82% $10,032
MOVEMENT MORTGAGE, LLC 9 3.24% $8,238
TIDEWATER MORTGAGE SERVICES, INC. 9 3.18% $8,353
BAY CAPITAL MORTGAGE CORPORATION 8 2.69% $9,559
MCLEAN MORTGAGE CORPORATION 8 2.97% $8,036
Nations Lending Corporation 7 2.95% $10,134
Plains Commerce Bank 7 2.73% $7,293
FIDELITY DIRECT MORTGAGE, LLC 7 3.14% $10,173
SUN WEST MORTGAGE COMPANY, INC. 7 3.73% $10,223
SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 6 2.79% $7,036
DHI MORTGAGE COMPANY, LTD. 6 2.73% $9,584
AmeriHome Mortgage Company, LLC 6 2.79% $4,299
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.83% $10,256
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 3.27% $8,855
RESIDENTIAL MORTGAGE SERVICES, INC. 5 3.28% $7,312
Meridian Bank Corporation 5 2.78% $9,881
AMERICAN FINANCING CORPORATION 5 2.75% $6,646
GUILD MORTGAGE COMPANY 4 3.44% $9,949
U.S. Bank 4 2.72% $7,082
Fulton Bank 4 3.19% $5,860
Mortgage Research Center, LLC 4 3.28% $4,847
Blue Ridge Bank 4 2.44% $6,945
Sandy Spring Bank 4 3.19% $8,744
Lakeview Community Capital, LLC 4 3.22% $3,949
Victorian Finance, LLC 4 3.50% $9,299
Atlantic Coast Mortgage, LLC 4 3.16% $9,390
APEX HOME LOANS, INC. 4 3.13% $7,407
1ST FINANCIAL, INC. 3 3.21% $8,209
AMERICAN FINANCIAL RESOURCES, INC. 3 3.21% $6,614
Citizens Bank 3 2.75% $13,336
DAS Acquisition Company, LLC 3 3.54% $7,637
First Heritage Mortgage, LLC 3 2.92% $9,291
Flagstar Bank, FSB 3 3.70% $5,855
GUARANTEED RATE AFFINITY, LLC 3 3.00% $7,418
MICHIGAN MUTUAL, INC. 3 3.38% $7,562
PANORAMA MORTGAGE GROUP, LLC 3 4.00% $9,429
PNC Bank 3 2.96% $8,311
Presidential Bank, FSB 3 2.63% $10,289
Vellum Mortgage, Inc. 3 3.67% $7,408
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 2 3.13% $3,499
Capital Bank 2 3.38% $8,096
SWBC MORTGAGE CORPORATION 2 2.94% $3,440
GSF Mortgage Corporation 2 3.19% $7,687
EQUITY RESOURCES, INC. 2 2.75% $7,730
EMM LOANS LLC 2 2.44% $12,175
PATRIOT 2 2.38% $8,507
EagleBank 2 2.50% $8,637
Bank of England 2 3.75% $12,530
Truist Bank 2 2.63% $6,972
DRAPER AND KRAMER MORTGAGE CORP. 2 3.12% $7,265
InterContinental Capital Group, Inc 2 2.81% $7,345
PHH Mortgage Corporation 2 3.13% $3,718
CITYWIDE HOME LOANS, LLC 2 3.75% $8,382
ACADEMY MORTGAGE CORPORATION 2 2.44% $7,552
GUARANTEED RATE, INC. 2 3.00% $7,580
ABSOLUTE HOME MORTGAGE CORPORATION 2 2.63% $8,128
OCMBC, INC. 2 3.06% $8,153
Low VA Rates, LLC 2 2.75% $4,854
PLAZA HOME MORTGAGE, INC. 2 3.06% $7,162
Northpointe Bank 2 3.25% $6,306
SOVEREIGN LENDING GROUP INCORPORATED 2 2.81% $9,907
CityWorth Mortgage LLC 1 3.50% $6,378
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $8,477
CHURCHILL MORTGAGE CORPORATION 1 3.00% $7,330
C & F Mortgage Corporation 1 2.75% $4,846
CELEBRITY HOME LOANS, LLC 1 3.25% $10,069
SOUTHERN TRUST MORTGAGE, LLC 1 2.50% $0
BETTER MORTGAGE CORPORATION 1 2.75% $6,051
BELEM SERVICING LLC 1 3.38% $8,670
THRIVE MORTGAGE, LLC 1 2.50% $6,074
BECKAM FUNDING CORP. 1 2.63% $8,953
BAYSHORE MORTGAGE FUNDING, LLC 1 2.63% $7,572
ARC HOME LLC 1 3.25% $9,934
UNITED MORTGAGE CORP. 1 2.50% $10,588
Alcova Mortgage LLC 1 2.50% $7,341
UNIVERSAL MORTGAGE & FINANCE, INC. 1 3.75% $11,098
ZILLOW HOME LOANS, LLC 1 3.00% $7,398
LIBERTY HOME MORTGAGE CORPORATION 1 3.75% $7,350
Magnolia Bank 1 2.50% $7,435
LAND HOME FINANCIAL SERVICES, INC. 1 3.50% $10,826
JPMorgan Chase Bank 1 2.75% $8,667
KELLER MORTGAGE, LLC 1 3.25% $6,001
1ST PREFERENCE MORTGAGE CORP. 1 2.75% $10,051
MLD MORTGAGE INC. 1 2.63% $7,430
MORIA DEVELOPMENT, INC. 1 4.25% $10,590
MORTGAGE EQUITY PARTNERS LLC 1 2.75% $7,794
Hometown Equity Mortgage, LLC 1 2.63% $13,934
HomePromise Corporation 1 2.25% $12,518
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $9,619
NASA Federal Credit Union 1 3.50% $11,248
Florida Capital Bank 1 2.88% $7,122
First Home Bank 1 3.25% $13,159
NORWICH COMMERCIAL GROUP, INC. 1 3.88% $9,232
First Federal Bank 1 2.88% $12,974
OCEANSIDE MORTGAGE COMPANY 1 2.75% $4,813
Waterstone Mortgage Corporation 1 3.00% $12,860
FIRST ALLIANCE HOME MORTGAGE, LLC 1 3.00% $5,387
Financial Freedom Mortgage, LLC 1 3.00% $12,437
FAMILY FIRST FUNDING LLC 1 4.75% $5,508
EVERETT FINANCIAL, INC. 1 3.38% $6,624
Wells Fargo Bank 1 3.00% $6,057
WesBanco Bank, Inc. 1 2.50% $8,983
Princeton Mortgage Corporation 1 2.99% $2,395

The top Hagerstown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 238 FHA loans originated. Their average total fees are $6,572, which is $1,318 lower than the next largest lender, Integrity Home Mortgage Corp.

The lowest fee Hagerstown FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,085), Mr. Cooper ( Nationstar Mortgage ) ($4,233), LAKEVIEW LOAN SERVICING, LLC ($4,662), FREEDOM MORTGAGE CORPORATION ($5,131) and PENNYMAC LOAN SERVICES, LLC ($5,471).

The lowest rate Hagerstown FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.65%), AMERISAVE MORTGAGE CORPORATION (2.72%), QUICKEN LOANS, LLC (2.73%), UNITED WHOLESALE MORTGAGE, LLC (2.76%) and HOME POINT FINANCIAL CORPORATION (2.79%).

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

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 $209,900 (7.7%) $228,936 (3.5%) 0.77 1,043
2018-02-01 $214,900 (10.0%) $234,246 (5.7%) 0.78 1,045
2018-03-01 $219,900 (10.0%) $241,781 (6.2%) 0.76 1,062
2018-04-01 $219,900 (10.0%) $242,007 (5.9%) 0.74 1,164
2018-05-01 $224,945 (7.2%) $249,701 (6.5%) 0.75 1,259
2018-06-01 $229,000 (9.1%) $253,405 (7.0%) 0.76 1,345
2018-07-01 $229,900 (9.5%) $254,798 (7.1%) 0.77 1,341
2018-08-01 $229,900 (9.7%) $255,617 (6.9%) 0.77 1,368
2018-09-01 $229,900 (9.5%) $255,753 (7.6%) 0.77 1,311
2018-10-01 $229,900 (9.3%) $253,529 (8.0%) 0.77 1,299
2018-11-01 $231,950 (10.5%) $256,047 (9.3%) 0.78 1,316
2018-12-01 $233,990 (15.6%) $254,189 (12.6%) 0.80 1,227
2019-01-01 $229,945 (9.6%) $253,565 (10.8%) 0.79 1,133
2019-02-01 $231,995 (8.0%) $258,817 (10.5%) 0.78 1,129
2019-03-01 $234,453 (6.6%) $261,912 (8.3%) 0.76 1,133
2019-04-01 $234,503 (6.6%) $263,492 (8.9%) 0.74 1,183
2019-05-01 $235,000 (4.5%) $264,780 (6.0%) 0.72 1,247
2019-06-01 $237,990 (3.9%) $266,852 (5.3%) 0.73 1,284
2019-07-01 $231,495 (0.7%) $264,816 (3.9%) 0.72 1,315
2019-08-01 $234,237 (1.9%) $267,047 (4.5%) 0.74 1,270
2019-09-01 $237,992 (3.5%) $268,916 (5.2%) 0.76 1,218
2019-10-01 $239,900 (4.4%) $270,763 (6.8%) 0.77 1,246
2019-11-01 $239,900 (3.4%) $271,807 (6.2%) 0.77 1,156
2019-12-01 $239,900 (2.5%) $274,877 (8.1%) 0.80 989
2020-01-01 $239,450 (4.1%) $274,266 (8.2%) 0.80 885
2020-02-01 $245,000 (5.6%) $280,596 (8.4%) 0.79 847
2020-03-01 $249,000 (6.2%) $285,983 (9.2%) 0.78 848
2020-04-01 $249,150 (6.3%) $284,368 (7.9%) 0.78 843
2020-05-01 $249,900 (6.3%) $292,714 (10.6%) 0.76 763
2020-06-01 $249,900 (5.0%) $289,696 (8.6%) 0.73 664
2020-07-01 $249,945 (8.0%) $289,148 (9.2%) 0.72 583
2020-08-01 $259,900 (11.0%) $297,919 (11.6%) 0.74 532
2020-09-01 $259,945 (9.2%) $298,478 (11.0%) 0.74 508
2020-10-01 $257,990 (7.5%) $295,444 (9.1%) 0.74 476
2020-11-01 $258,495 (7.8%) $295,949 (8.9%) 0.74 421
2020-12-01 $259,900 (8.3%) $292,497 (6.4%) 0.76 394
2021-01-01 $265,990 (11.1%) $295,561 (7.8%) 0.78 351
2021-02-01 $261,950 (6.9%) $295,987 (5.5%) 0.75 250
2021-03-01 $260,000 (4.4%) $298,889 (4.5%) 0.73 259
2021-04-01 $272,250 (9.3%) $311,004 (9.4%) 0.73 245
2021-05-01 $275,000 (10.0%) $330,421 (12.9%) 0.72 259
2021-06-01 $271,200 (8.5%) $329,353 (13.7%) 0.70 320
2021-07-01 $277,450 (11.0%) $328,005 (13.4%) 0.72 376
2021-08-01 $287,450 (10.6%) $344,679 (15.7%) 0.76 428
2021-09-01 $286,950 (10.4%) $337,220 (13.0%) 0.76 407
2021-10-01 $286,500 (11.1%) $332,939 (12.7%) 0.75 405
2021-11-01 $297,000 (14.9%) $337,360 (14.0%) 0.78 425
2021-12-01 $297,000 (14.3%) $326,840 (11.7%) 0.79 389
2022-01-01 $310,000 (16.6%) $335,909 (13.7%) 0.83 327
2022-02-01 $310,490 (18.5%) $339,551 (14.7%) 0.79 278
2022-03-01 $324,740 (24.9%) $352,153 (17.8%) 0.80 278
2022-04-01 $322,990 (18.6%) $353,895 (13.8%) 0.76 317
2022-05-01 $322,490 (17.3%) $355,980 (7.7%) 0.72 408
2022-06-01 $322,400 (18.9%) $357,302 (8.5%) 0.72 470
Hagerstown's median listing price for 2022-06-01 was $322,400, a difference of $51,200 (18.9%) versus the prior year and $-90 versus the prior month.

Hagerstown's median listing price comes in at 72% of the national average.

Hagerstown's average listing price for 2022-06-01 was $357,302, a difference of $27,949 (8.5%) versus the prior year and $1,322 versus the prior month.

For the 2022-06-01 period, Hagerstown had 470 MLS listings, a difference of 62 listings (15%) versus the prior month and 150 listings (47%) 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 93 days 1,760 sqft
2018-02-01 85 days 1,793 sqft
2018-03-01 65 days 1,798 sqft
2018-04-01 59 days 1,798 sqft
2018-05-01 53 days 1,798 sqft
2018-06-01 56 days 1,895 sqft
2018-07-01 67 days 1,920 sqft
2018-08-01 73 days 1,899 sqft
2018-09-01 78 days 1,918 sqft
2018-10-01 80 days 1,937 sqft
2018-11-01 80 days 1,938 sqft
2018-12-01 88 days 1,918 sqft
2019-01-01 92 days 1,897 sqft
2019-02-01 94 days 1,911 sqft
2019-03-01 70 days 1,927 sqft
2019-04-01 57 days 1,921 sqft
2019-05-01 57 days 1,918 sqft
2019-06-01 64 days 1,930 sqft
2019-07-01 60 days 1,915 sqft
2019-08-01 61 days 1,915 sqft
2019-09-01 72 days 1,920 sqft
2019-10-01 71 days 1,925 sqft
2019-11-01 77 days 1,929 sqft
2019-12-01 96 days 1,935 sqft
2020-01-01 88 days 1,906 sqft
2020-02-01 63 days 1,897 sqft
2020-03-01 50 days 1,915 sqft
2020-04-01 58 days 1,915 sqft
2020-05-01 70 days 1,974 sqft
2020-06-01 74 days 1,973 sqft
2020-07-01 60 days 1,937 sqft
2020-08-01 58 days 2,011 sqft
2020-09-01 56 days 2,004 sqft
2020-10-01 59 days 1,929 sqft
2020-11-01 58 days 1,896 sqft
2020-12-01 63 days 1,842 sqft
2021-01-01 54 days 1,828 sqft
2021-02-01 46 days 1,855 sqft
2021-03-01 46 days 1,811 sqft
2021-04-01 37 days 1,819 sqft
2021-05-01 38 days 1,896 sqft
2021-06-01 35 days 1,834 sqft
2021-07-01 36 days 1,861 sqft
2021-08-01 34 days 1,855 sqft
2021-09-01 42 days 1,853 sqft
2021-10-01 44 days 1,864 sqft
2021-11-01 38 days 1,885 sqft
2021-12-01 45 days 1,868 sqft
2022-01-01 52 days 1,897 sqft
2022-02-01 48 days 1,840 sqft
2022-03-01 42 days 1,894 sqft
2022-04-01 35 days 1,890 sqft
2022-05-01 32 days 1,898 sqft
2022-06-01 33 days 1,925 sqft
Hagerstown's median listing age (time on market) for 2022-06-01 was 33 days. This is -7% shorter than the same period one year ago.

Hagerstown's median square footage for active listings during the 2022-06-01 period was 1,925 sqft. One year prior, the average listing was 1,834 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).