Hagerstown FHA Loan Rates, Closing Costs & Stats

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 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 6.33% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.3% and one month ago for the week of 2024-10-04, the average rate was 5.62%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.04%.

    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

    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).