Laconia FHA Loans

Laconia, NH

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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.

    Laconia's 42 lenders originated 209 FHA loans during 2021. The total origination value was $48,315,000, with an average FHA loan value of $231,172.

    Laconia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Laconia averaged 5.41% 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 5.45% and one month ago for the week of 2022-07-01, the average rate was 5.84%.

    The average rate one year ago was 2.94%.

    For refis of the same type during the week of 2022-08-05, the average rate was 5.02%.

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

    Laconia 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 Laconia level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 23 2.71% $5,961
    UNITED WHOLESALE MORTGAGE, LLC 12 2.64% $8,663
    RESIDENTIAL MORTGAGE SERVICES, INC. 12 3.06% $8,406
    Mr. Cooper ( Nationstar Mortgage ) 10 3.23% $5,741
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.56% $7,443
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 3.33% $8,971
    OCMBC, INC. 6 3.02% $8,455
    EVERETT FINANCIAL, INC. 6 3.92% $6,800
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.77% $8,154
    LAKEVIEW LOAN SERVICING, LLC 5 3.00% $4,750
    HARBORONE MORTGAGE, LLC 5 3.55% $8,596
    CMG MORTGAGE, INC. 5 3.10% $8,223
    NEWREZ LLC 4 2.97% $6,015
    FREEDOM MORTGAGE CORPORATION 4 2.59% $4,854
    AMERISAVE MORTGAGE CORPORATION 4 2.72% $8,946
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.38% $4,408
    ENVOY MORTGAGE, LTD 3 3.63% $8,235
    RELIANCE FIRST CAPITAL, LLC 3 2.63% $12,833
    PENNYMAC LOAN SERVICES, LLC 3 2.75% $5,222
    LEADERONE FINANCIAL CORPORATION 3 3.25% $7,508
    MOVEMENT MORTGAGE, LLC 2 3.25% $6,872
    Waterstone Mortgage Corporation 2 3.44% $11,736
    BROKER SOLUTIONS, INC. 2 2.75% $6,642
    EMBRACE HOME LOANS, INC. 2 3.56% $8,594
    Carrington Mortgage Services, LLC 2 3.56% $7,125
    HOME POINT FINANCIAL CORPORATION 2 2.75% $8,039
    Mortgage Network, Inc. 2 3.25% $8,666
    Nations Lending Corporation 1 3.25% $8,218
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $9,601
    Bangor Savings Bank 1 3.00% $4,107
    Bank of England 1 2.75% $9,005
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.25% $9,971
    GUARANTEED RATE AFFINITY, LLC 1 2.88% $7,941
    GUARANTEED RATE, INC. 1 3.00% $8,303
    GUILD MORTGAGE COMPANY 1 3.38% $7,468
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.50% $6,928
    NORTHPOINT MORTGAGE, INC. 1 3.13% $8,762
    OCEANSIDE MORTGAGE COMPANY 1 2.99% $1,642
    Sierra Pacific Mortgage Company, Inc. 1 2.50% $13,148
    TD Bank 1 3.00% $4,906
    The Federal Savings Bank 1 2.25% $21,221
    TOTAL MORTGAGE SERVICES, LLC 1 2.88% $6,321

    The top Laconia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $5,961, which is $2,702 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Laconia FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($5,741), QUICKEN LOANS, LLC ($5,961), RESIDENTIAL MORTGAGE SERVICES, INC. ($8,406), UNITED WHOLESALE MORTGAGE, LLC ($8,663) and .

    The lowest rate Laconia FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.64%), QUICKEN LOANS, LLC (2.71%), RESIDENTIAL MORTGAGE SERVICES, INC. (3.06%), Mr. Cooper ( Nationstar Mortgage ) (3.23%) and .

    Laconia FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LACONIA, NH BELKNAP 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Laconia (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 $289,450 (6.2%) $544,559 (-17.8%) 0.00 324
    2018-02-01 $299,900 (11.1%) $566,210 (-13.2%) 0.00 314
    2018-03-01 $310,000 (14.8%) $568,948 (-13.0%) 0.00 331
    2018-04-01 $320,473 (14.9%) $582,025 (-9.7%) 0.00 377
    2018-05-01 $325,000 (17.4%) $666,246 (6.7%) 0.00 456
    2018-06-01 $335,000 (15.9%) $657,770 (4.7%) 0.00 510
    2018-07-01 $341,450 (14.2%) $623,307 (1.5%) 0.00 545
    2018-08-01 $330,000 (10.0%) $623,298 (3.0%) 0.00 537
    2018-09-01 $324,900 (5.2%) $600,977 (4.0%) 0.00 548
    2018-10-01 $319,500 (3.1%) $599,460 (1.2%) 0.00 533
    2018-11-01 $307,400 (1.0%) $593,149 (-2.7%) 0.00 478
    2018-12-01 $299,900 (0.0%) $607,983 (-1.0%) 0.00 409
    2019-01-01 $299,950 (3.6%) $625,697 (14.9%) 0.00 356
    2019-02-01 $299,900 (0.0%) $571,531 (0.9%) 0.00 329
    2019-03-01 $304,229 (-1.9%) $572,542 (0.6%) 0.00 339
    2019-04-01 $317,500 (-0.9%) $598,694 (2.9%) 0.00 355
    2019-05-01 $344,450 (6.0%) $634,423 (-4.8%) 0.00 407
    2019-06-01 $339,900 (1.5%) $583,159 (-11.3%) 0.00 448
    2019-07-01 $329,450 (-3.5%) $558,349 (-10.4%) 0.00 499
    2019-08-01 $322,957 (-2.1%) $552,147 (-11.4%) 0.00 502
    2019-09-01 $318,457 (-2.0%) $545,406 (-9.3%) 0.00 487
    2019-10-01 $334,450 (4.7%) $578,631 (-3.5%) 0.00 441
    2019-11-01 $329,900 (7.3%) $531,914 (-10.3%) 0.00 364
    2019-12-01 $322,450 (7.5%) $529,293 (-12.9%) 0.00 279
    2020-01-01 $307,400 (2.5%) $570,044 (-8.9%) 0.00 229
    2020-02-01 $324,900 (8.3%) $586,428 (2.6%) 0.00 206
    2020-03-01 $302,200 (-0.7%) $570,332 (-0.4%) 0.00 223
    2020-04-01 $322,450 (1.6%) $548,518 (-8.4%) 0.00 271
    2020-05-01 $339,900 (-1.3%) $616,427 (-2.8%) 0.00 247
    2020-06-01 $377,219 (11.0%) $666,168 (14.2%) 0.00 218
    2020-07-01 $399,900 (21.4%) $811,024 (45.3%) 0.00 186
    2020-08-01 $395,000 (22.3%) $793,870 (43.8%) 0.00 181
    2020-09-01 $369,900 (16.2%) $662,206 (21.4%) 0.00 183
    2020-10-01 $379,000 (13.3%) $632,800 (9.4%) 0.00 185
    2020-11-01 $359,450 (9.0%) $589,768 (10.9%) 0.00 164
    2020-12-01 $340,000 (5.4%) $592,744 (12.0%) 0.00 127
    2021-01-01 $349,000 (13.5%) $503,421 (-11.7%) 0.00 90
    2021-02-01 $366,500 (12.8%) $551,265 (-6.0%) 0.00 78
    2021-03-01 $399,450 (32.2%) $624,086 (9.4%) 0.00 90
    2021-04-01 $412,450 (27.9%) $685,073 (24.9%) 0.00 105
    2021-05-01 $425,000 (25.0%) $657,694 (6.7%) 0.00 130
    2021-06-01 $444,450 (17.8%) $691,684 (3.8%) 0.00 142
    2021-07-01 $459,475 (14.9%) $688,503 (-15.1%) 0.00 162
    2021-08-01 $454,950 (15.2%) $717,069 (-9.7%) 0.00 177
    2021-09-01 $447,500 (21.0%) $738,152 (11.5%) 0.00 167
    2021-10-01 $445,000 (17.4%) $735,301 (16.2%) 0.00 152
    2021-11-01 $429,000 (19.4%) $742,198 (25.9%) 0.00 135
    2021-12-01 $432,450 (27.2%) $846,798 (42.9%) 0.00 100
    2022-01-01 $437,900 (25.5%) $885,588 (75.9%) 0.00 76
    2022-02-01 $467,350 (27.5%) $940,537 (70.6%) 0.00 66
    2022-03-01 $480,000 (20.2%) $926,282 (48.4%) 0.00 64
    2022-04-01 $499,000 (21.0%) $880,065 (28.5%) 0.00 90
    2022-05-01 $525,000 (23.5%) $826,508 (25.7%) 0.00 130
    2022-06-01 $587,000 (32.1%) $822,480 (18.9%) 0.00 174
    Laconia's median listing price for 2022-06-01 was $587,000, a difference of $142,550 (32.1%) versus the prior year and $62,000 versus the prior month.

    Laconia's median listing price comes in at 0% of the national average.

    Laconia's average listing price for 2022-06-01 was $822,480, a difference of $130,796 (18.9%) versus the prior year and $-4,028 versus the prior month.

    For the 2022-06-01 period, Laconia had 174 MLS listings, a difference of 44 listings (34%) versus the prior month and 32 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Laconia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,902 sqft
    2018-02-01 0 days 1,908 sqft
    2018-03-01 0 days 1,851 sqft
    2018-04-01 0 days 1,830 sqft
    2018-05-01 0 days 1,842 sqft
    2018-06-01 0 days 1,900 sqft
    2018-07-01 0 days 1,925 sqft
    2018-08-01 0 days 1,927 sqft
    2018-09-01 0 days 1,906 sqft
    2018-10-01 0 days 1,873 sqft
    2018-11-01 0 days 1,837 sqft
    2018-12-01 0 days 1,825 sqft
    2019-01-01 0 days 1,800 sqft
    2019-02-01 0 days 1,828 sqft
    2019-03-01 0 days 1,800 sqft
    2019-04-01 0 days 1,825 sqft
    2019-05-01 0 days 1,951 sqft
    2019-06-01 0 days 1,965 sqft
    2019-07-01 0 days 1,899 sqft
    2019-08-01 0 days 1,937 sqft
    2019-09-01 0 days 1,920 sqft
    2019-10-01 0 days 1,953 sqft
    2019-11-01 0 days 1,872 sqft
    2019-12-01 0 days 1,859 sqft
    2020-01-01 0 days 1,813 sqft
    2020-02-01 0 days 1,835 sqft
    2020-03-01 0 days 1,796 sqft
    2020-04-01 0 days 1,812 sqft
    2020-05-01 0 days 1,800 sqft
    2020-06-01 0 days 1,856 sqft
    2020-07-01 0 days 2,012 sqft
    2020-08-01 0 days 1,948 sqft
    2020-09-01 0 days 1,836 sqft
    2020-10-01 0 days 1,792 sqft
    2020-11-01 0 days 1,768 sqft
    2020-12-01 0 days 1,654 sqft
    2021-01-01 0 days 1,544 sqft
    2021-02-01 0 days 1,692 sqft
    2021-03-01 0 days 1,863 sqft
    2021-04-01 0 days 1,938 sqft
    2021-05-01 0 days 1,820 sqft
    2021-06-01 0 days 1,859 sqft
    2021-07-01 0 days 1,941 sqft
    2021-08-01 0 days 2,030 sqft
    2021-09-01 0 days 1,933 sqft
    2021-10-01 0 days 1,866 sqft
    2021-11-01 0 days 1,810 sqft
    2021-12-01 0 days 1,850 sqft
    2022-01-01 0 days 1,792 sqft
    2022-02-01 0 days 1,901 sqft
    2022-03-01 0 days 1,859 sqft
    2022-04-01 0 days 1,876 sqft
    2022-05-01 0 days 1,795 sqft
    2022-06-01 0 days 1,848 sqft
    Laconia's median listing age (time on market) for 2022-06-01 was 0 days.

    Laconia's median square footage for active listings during the 2022-06-01 period was 1,848 sqft. One year prior, the average listing was 1,859 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).