Hudson FHA Loan Rates, Closing Costs & Stats
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.
Hudson's 20 lenders originated 77 FHA loans during 2022. The total origination value was $20,025,000, with an average FHA loan value of $260,065.
Hudson FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Hudson
for the week of 2023-12-01, compared to the national average (all FHA variants) of
6.949% for the same period.
Hudson's average FHA mortgage closing costs are $6,961.
The average rate for the prior week (2023-11-24) was 6.16% and one month ago for the week of 2023-10-27, the average rate was 6.67%.
The average rate one year ago was 5.58%.
For refis of the same type during the week of 2023-12-01, the average rate was 5.47%.
Hudson 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 Hudson level.
|Name||# of Loans||2022 Avg. 30yFix Rate||2022 Avg. Closing Costs|
|HOMESTEAD FUNDING CORP.||17||4.51%||$6,491|
|GUARANTEED RATE, INC.||14||5.07%||$11,140|
|QUICKEN LOANS, LLC||11||4.48%||$14,553|
|MOVEMENT MORTGAGE, LLC||4||4.69%||$9,801|
|CALIBER HOME LOANS, INC.||4||4.44%||$7,871|
|SEFCU SERVICES, LLC||3||5.92%||$7,743|
|CROSSCOUNTRY MORTGAGE, LLC||2||5.28%||$14,808|
|PRIMELENDING, A PLAINSCAPITAL COMPANY||2||3.63%||$11,044|
|SUNMARK FEDERAL CREDIT UNION||2||3.19%||$7,981|
|TOTAL MORTGAGE SERVICES, LLC||2||6.56%||$14,399|
|NATIONWIDE MORTGAGE BANKERS, INC.||2||4.25%||$10,643|
|UNITED WHOLESALE MORTGAGE, LLC||1||4.63%||$14,650|
|Genesee Regional Bank||1||4.25%||$9,833|
|HOME POINT FINANCIAL CORPORATION||1||4.63%||$8,297|
|Mr. Cooper ( Nationstar Mortgage )||1||4.75%||$13,921|
|RELIANCE FIRST CAPITAL, LLC||1||2.63%||$14,214|
The top Hudson FHA lender as defined by loan originations is HOMESTEAD FUNDING CORP., with
17 FHA loans originated. Their average total fees are
$6,491, which is $4,649
lower than the next largest lender,
GUARANTEED RATE, INC..
The lowest fee Hudson FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($6,491), GUARANTEED RATE, INC. ($11,140), QUICKEN LOANS, LLC ($14,553), .
The lowest rate Hudson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.48%), HOMESTEAD FUNDING CORP. (4.51%), GUARANTEED RATE, INC. (5.07%), .
Hudson FHA Loan Limits
|Metro||County||Year||Single Family Limit||2 Family Limit||3 Family Limit||4 Family Limit|