Keene FHA Loan Rates, Closing Costs & Stats

Keene, NH

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.

Keene's 45 lenders originated 126 FHA loans during 2023. The total origination value was $33,410,000, with an average FHA loan value of $265,159.

Keene FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Keene averaged 6.62% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Keene's average FHA mortgage closing costs are $7,449.

The average rate for the prior week (2024-07-12) was 6.88% and one month ago for the week of 2024-06-14, the average rate was 6.73%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.59%.

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

Keene 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 Keene level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 19 6.02% $11,756
CMG MORTGAGE, INC. 15 6.84% $10,350
MOVEMENT MORTGAGE, LLC 8 6.84% $9,089
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.80% $10,859
ENVOY MORTGAGE, LTD 4 6.81% $9,901
HARBORONE MORTGAGE, LLC 4 6.50% $9,451
CROSSCOUNTRY MORTGAGE, LLC 3 6.91% $10,246
EMM LOANS LLC 3 6.46% $9,816
EVERETT FINANCIAL, INC. 3 6.96% $12,141
UNITED WHOLESALE MORTGAGE, LLC 2 7.31% $15,250
Nations Lending Corporation 2 6.75% $8,621
LEADERONE FINANCIAL CORPORATION 2 6.44% $10,527
AMERISAVE MORTGAGE CORPORATION 2 5.63% $14,413
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.25% $8,070
Keystone Funding, Inc. 2 6.94% $10,374
TOTAL MORTGAGE SERVICES, LLC 2 6.19% $13,158
MID-ISLAND MORTGAGE CORP. 1 6.50% $6,624
Mortgage Research Center, LLC 1 7.63% $12,735
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $12,514
NEWREZ LLC 1 7.25% $18,911
PLANET HOME LENDING, LLC 1 5.38% $6,698
PLAZA HOME MORTGAGE, INC. 1 7.25% $13,884
POLARIS HOME FUNDING CORP. 1 7.13% $13,629
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $12,326
RELIANCE FIRST CAPITAL, LLC 1 7.13% $8,042
Ross Mortgage Company, Inc. 1 7.75% $10,469
The Federal Savings Bank 1 6.88% $14,626
U.S. Bank 1 7.25% $8,202
AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $28,377
Waterstone Mortgage Corporation 1 7.13% $12,441
AMERICAN FINANCING CORPORATION 1 7.25% $18,587
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $9,332
BROKER SOLUTIONS, INC. 1 7.25% $17,013
CARDINAL FINANCIAL 1 6.63% $21,746
CHURCHILL MORTGAGE CORPORATION 1 6.25% $17,128
Flagstar Bank, FSB 1 7.13% $12,537
FREEDOM MORTGAGE CORPORATION 1 7.25% $11,884
GUARANTEED RATE AFFINITY, LLC 1 7.13% $16,234
GUARANTEED RATE, INC. 1 6.25% $17,677
GUILD MORTGAGE COMPANY 1 6.63% $7,211
HOMESTEAD FUNDING CORP. 1 6.75% $8,779
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $13,580
LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $11,566
LOANDEPOT.COM, LLC 1 6.25% $10,950
Magnolia Bank 1 7.13% $6,574

The top Keene FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 19 FHA loans originated. Their average total fees are $11,756, which is $1,405 higher than the next largest lender, CMG MORTGAGE, INC..

The lowest fee Keene FHA lenders (with over 10 loans originated) are CMG MORTGAGE, INC. ($10,350), QUICKEN LOANS, LLC ($11,756), .

The lowest rate Keene FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.02%), CMG MORTGAGE, INC. (6.84%), .

Keene FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
KEENE, NH CHESHIRE 2022 $420,680 $538,650 $651,050 $809,150
KEENE, NH CHESHIRE 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).