Hagerstown FHA Loans

HAGERSTOWN-MARTINSBURG, MD-WV

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    • 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).