Laconia FHA Loans

Laconia, 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.

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).