Lancaster FHA Loan Rates, Closing Costs & Stats

LANCASTER, PA

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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.

    Lancaster's 125 lenders originated 1,603 FHA loans during 2021. The total origination value was $323,105,000, with an average FHA loan value of $201,563.

    Lancaster FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lancaster averaged 6.29% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Lancaster's average FHA mortgage closing costs are $7,367.

    The average rate for the prior week (2022-11-25) was 6.2% and one month ago for the week of 2022-10-28, the average rate was 6.84%.

    The average rate one year ago was 3.38%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.11%.

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

    Lancaster 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 Lancaster level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 178 2.77% $6,738
    RESIDENTIAL MORTGAGE SERVICES, INC. 82 3.03% $8,342
    CROSSCOUNTRY MORTGAGE, LLC 77 3.14% $9,477
    Sierra Pacific Mortgage Company, Inc. 59 2.91% $7,632
    CALIBER HOME LOANS, INC. 56 2.87% $7,951
    PENNYMAC LOAN SERVICES, LLC 55 2.92% $5,561
    Mr. Cooper ( Nationstar Mortgage ) 53 3.33% $4,972
    FREEDOM MORTGAGE CORPORATION 53 2.87% $5,897
    BROKER SOLUTIONS, INC. 41 3.31% $9,083
    LAKEVIEW LOAN SERVICING, LLC 40 3.10% $5,589
    Fulton Bank 40 2.92% $7,488
    GUILD MORTGAGE COMPANY 36 3.22% $8,638
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 3.13% $7,366
    LOANDEPOT.COM, LLC 29 3.20% $8,896
    Citizens Bank 25 3.02% $8,406
    Homesale Mortgage, LLC 24 2.94% $7,977
    UNITED WHOLESALE MORTGAGE, LLC 18 2.79% $8,401
    EMM LOANS LLC 18 3.00% $8,341
    AmeriHome Mortgage Company, LLC 17 2.79% $5,720
    GUARANTEED RATE, INC. 16 2.84% $8,708
    MEMBERS 1ST FEDERAL CREDIT UNION 16 2.78% $8,073
    VILLAGE CAPITAL MORTGAGE 15 2.89% $2,848
    NEWREZ LLC 15 2.79% $6,179
    M&T Bank 14 2.90% $8,286
    MOVEMENT MORTGAGE, LLC 13 3.12% $7,894
    UNION HOME MORTGAGE CORP. 13 3.15% $9,216
    Keystone Funding, Inc. 12 2.96% $7,192
    HOMEBRIDGE FINANCIAL SERVICES, INC. 12 3.00% $9,880
    Meridian Bank Corporation 12 2.97% $9,369
    Lakeview Community Capital, LLC 10 2.89% $6,210
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 2.93% $10,372
    Carrington Mortgage Services, LLC 9 3.00% $8,647
    GUARANTEED RATE AFFINITY, LLC 9 2.99% $7,528
    AMERISAVE MORTGAGE CORPORATION 8 2.86% $10,207
    FINANCE OF AMERICA MORTGAGE LLC 8 3.08% $9,544
    Paramount Residential Mortgage Group, Inc. 7 3.36% $10,359
    MUTUAL OF OMAHA MORTGAGE, INC. 7 3.20% $8,907
    HOME POINT FINANCIAL CORPORATION 7 2.73% $8,556
    Northpointe Bank 6 2.75% $9,937
    NFM, INC. 6 3.13% $10,709
    MCLEAN MORTGAGE CORPORATION 6 3.06% $8,546
    ALLIED MORTGAGE GROUP, INC. 6 3.06% $9,617
    InterContinental Capital Group, Inc 5 2.93% $8,236
    Mortgage America, Inc. 5 2.95% $7,442
    HOMESTEAD FUNDING CORP. 5 3.15% $7,978
    TIDEWATER MORTGAGE SERVICES, INC. 5 3.18% $7,314
    AMERICAN FINANCING CORPORATION 4 2.59% $7,623
    Mortgage Network, Inc. 4 3.16% $10,261
    CONTOUR MORTGAGE CORPORATION 4 3.31% $9,311
    AMERICAN FINANCIAL NETWORK, INC. 4 2.81% $16,753
    York Traditions Bank 4 2.78% $8,136
    1ST PREFERENCE MORTGAGE CORP. 3 3.08% $11,550
    Advisors Mortgage Group, L.L.C. 3 2.75% $7,989
    Bank of England 3 3.21% $9,328
    BAYSHORE MORTGAGE FUNDING, LLC 3 3.58% $12,256
    HOWARD HANNA FINANCIAL SERVICES, INC. 3 3.25% $9,035
    Orrstown Bank 3 2.67% $7,687
    Santander Bank, N.A. 3 2.83% $6,937
    The Ephrata National Bank 3 2.88% $6,440
    UNITED SECURITY FINANCIAL CORP 3 2.50% $5,817
    Wells Fargo Bank 3 3.13% $3,829
    GENEVA FINANCIAL, LLC 2 3.75% $10,536
    Firstrust Savings Bank 2 3.06% $10,036
    MDE Home Loans, LLC 2 2.75% $9,572
    MEMBER FIRST MORTGAGE, LLC 2 3.38% $7,746
    MID AMERICA MORTGAGE, INC. 2 3.44% $2,616
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 3.19% $7,177
    Equity Prime Mortgage LLC 2 2.88% $5,727
    NATION ONE MORTGAGE CORPORATION 2 3.63% $14,441
    Nations Lending Corporation 2 3.50% $8,430
    NJ LENDERS CORP. 2 2.87% $9,268
    Northwest Bank 2 2.94% $6,379
    Univest Bank and Trust Co. 2 3.25% $8,847
    PNC Bank 2 3.00% $7,311
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.44% $9,286
    Prosperity Home Mortgage, LLC 2 3.38% $9,695
    Residential Mortgage Solutions, Inc. 2 2.75% $8,532
    STEARNS LENDING, LLC 2 2.56% $6,747
    ZILLOW HOME LOANS, LLC 2 3.31% $6,961
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 2.81% $8,419
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.00% $9,356
    Gateway First Bank 2 3.06% $11,288
    EMBRACE HOME LOANS, INC. 1 3.88% $8,745
    GREENWAY MORTGAGE FUNDING CORP. 1 2.38% $6,918
    The Federal Savings Bank 1 3.75% $9,404
    NBKC BANK 1 2.75% $9,463
    East Coast Capital Corp. 1 3.13% $12,842
    DRAPER AND KRAMER MORTGAGE CORP. 1 2.95% $8,691
    APEX HOME LOANS, INC. 1 2.75% $6,856
    Customers Bank 1 2.25% $5,705
    TOP FLITE FINANCIAL, INC. 1 3.75% $15,757
    OCEANSIDE MORTGAGE COMPANY 1 2.25% $2,726
    OCMBC, INC. 1 3.24% $8,692
    Truist 1 3.25% $6,960
    CMG MORTGAGE, INC. 1 2.75% $14,469
    CHURCHILL MORTGAGE CORPORATION 1 3.25% $5,668
    PHH Mortgage Corporation 1 3.13% $4,365
    PIKE CREEK MORTGAGE SERVICES, INC. 1 3.63% $3,615
    Integrity Home Mortgage Corp 1 2.88% $10,606
    UNITED MORTGAGE CORP. 1 3.25% $8,998
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.25% $9,111
    ABSOLUTE HOME MORTGAGE CORPORATION 1 2.63% $10,413
    BELEM SERVICING LLC 1 2.75% $8,152
    RELIANCE FIRST CAPITAL, LLC 1 2.63% $10,064
    BELCO COMMUNITY CREDIT UNION 1 3.25% $9,415
    Flagstar Bank, FSB 1 2.39% $5,211
    LENDUS, LLC 1 3.13% $7,939
    HOMESPIRE MORTGAGE CORPORATION 1 2.88% $8,368
    Magnolia Bank 1 2.63% $12,747
    First National Bank of Pennsylvania 1 2.63% $7,178
    Alcova Mortgage LLC 1 3.00% $3,135
    Bank of America 1 2.63% $11,905
    FIRST HERITAGE FINANCIAL, LLC 1 3.13% $5,482
    First Guaranty Mortgage Corporation 1 3.38% $4,332
    MICHIGAN MUTUAL, INC. 1 3.00% $6,186
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $7,191
    Mid Penn Bank 1 2.75% $7,174
    MILEND, INC. 1 2.88% $7,506
    MLD MORTGAGE INC. 1 3.25% $11,003
    HOMESIDE FINANCIAL, LLC 1 2.38% $13,692
    FAY SERVICING, LLC 1 2.75% $8,531
    Mortgage Research Center, LLC 1 2.75% $7,940
    FAMILY FIRST FUNDING LLC 1 3.25% $6,869
    SUN WEST MORTGAGE COMPANY, INC. 1 2.88% $4,358
    ENVOY MORTGAGE, LTD 1 4.50% $12,673

    The top Lancaster FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 178 FHA loans originated. Their average total fees are $6,738, which is $1,604 lower than the next largest lender, RESIDENTIAL MORTGAGE SERVICES, INC..

    The lowest fee Lancaster FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,848), Mr. Cooper ( Nationstar Mortgage ) ($4,972), PENNYMAC LOAN SERVICES, LLC ($5,561), LAKEVIEW LOAN SERVICING, LLC ($5,589) and AmeriHome Mortgage Company, LLC ($5,720).

    The lowest rate Lancaster FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.77%), MEMBERS 1ST FEDERAL CREDIT UNION (2.78%), UNITED WHOLESALE MORTGAGE, LLC (2.79%), NEWREZ LLC (2.79%) and AmeriHome Mortgage Company, LLC (2.79%).

    Lancaster FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lancaster (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 $259,675 (6.0%) $295,872 (5.1%) 0.96 1,191
    2018-02-01 $266,774 (10.7%) $306,750 (7.5%) 0.97 1,133
    2018-03-01 $273,129 (11.5%) $315,267 (8.8%) 0.96 1,126
    2018-04-01 $269,900 (8.9%) $311,444 (5.0%) 0.92 1,185
    2018-05-01 $274,425 (9.8%) $316,638 (5.2%) 0.92 1,181
    2018-06-01 $272,900 (9.2%) $316,249 (5.7%) 0.91 1,271
    2018-07-01 $274,900 (12.2%) $318,786 (8.2%) 0.92 1,320
    2018-08-01 $270,618 (10.1%) $320,008 (9.6%) 0.91 1,315
    2018-09-01 $271,250 (9.6%) $320,723 (10.3%) 0.91 1,298
    2018-10-01 $269,900 (8.0%) $323,273 (10.3%) 0.91 1,307
    2018-11-01 $269,900 (9.9%) $321,102 (13.6%) 0.91 1,299
    2018-12-01 $274,900 (10.0%) $323,735 (12.5%) 0.95 1,242
    2019-01-01 $274,998 (5.9%) $325,580 (10.0%) 0.95 1,190
    2019-02-01 $278,945 (4.6%) $329,516 (7.4%) 0.94 1,123
    2019-03-01 $287,850 (5.4%) $337,578 (7.1%) 0.94 1,090
    2019-04-01 $295,400 (9.5%) $345,552 (11.0%) 0.94 1,092
    2019-05-01 $289,950 (5.7%) $342,508 (8.2%) 0.91 1,124
    2019-06-01 $289,900 (6.2%) $346,211 (9.5%) 0.91 1,135
    2019-07-01 $287,173 (4.5%) $347,045 (8.9%) 0.90 1,102
    2019-08-01 $286,264 (5.8%) $347,749 (8.7%) 0.91 1,087
    2019-09-01 $288,309 (6.3%) $348,064 (8.5%) 0.92 1,079
    2019-10-01 $289,900 (7.4%) $348,044 (7.7%) 0.94 1,073
    2019-11-01 $289,999 (7.5%) $345,468 (7.6%) 0.95 1,026
    2019-12-01 $297,000 (8.0%) $352,363 (8.8%) 0.99 896
    2020-01-01 $305,425 (11.1%) $359,679 (10.5%) 1.02 799
    2020-02-01 $319,000 (14.4%) $365,875 (11.0%) 1.04 749
    2020-03-01 $319,950 (11.2%) $373,478 (10.6%) 1.00 722
    2020-04-01 $325,000 (10.0%) $387,870 (12.3%) 1.02 690
    2020-05-01 $319,000 (10.0%) $380,928 (11.2%) 0.97 723
    2020-06-01 $318,495 (9.9%) $377,644 (9.1%) 0.94 744
    2020-07-01 $320,450 (11.6%) $384,140 (10.7%) 0.93 662
    2020-08-01 $333,825 (16.6%) $400,176 (15.1%) 0.96 608
    2020-09-01 $325,600 (12.9%) $393,389 (13.0%) 0.93 578
    2020-10-01 $325,000 (12.1%) $394,092 (13.2%) 0.93 546
    2020-11-01 $328,975 (13.4%) $392,617 (13.7%) 0.96 516
    2020-12-01 $329,950 (11.1%) $387,226 (9.9%) 0.98 486
    2021-01-01 $342,900 (12.3%) $398,591 (10.8%) 1.02 419
    2021-02-01 $353,775 (10.9%) $415,511 (13.6%) 1.03 359
    2021-03-01 $349,900 (9.4%) $406,618 (8.9%) 0.99 365
    2021-04-01 $349,369 (7.5%) $410,171 (5.8%) 0.95 391
    2021-05-01 $350,000 (9.7%) $408,314 (7.2%) 0.93 407
    2021-06-01 $322,450 (1.2%) $388,913 (3.0%) 0.85 470
    2021-07-01 $316,800 (-1.1%) $381,845 (-0.6%) 0.83 466
    2021-08-01 $328,950 (-1.5%) $413,429 (3.3%) 0.88 485
    2021-09-01 $320,438 (-1.6%) $419,560 (6.7%) 0.85 473
    2021-10-01 $320,000 (-1.5%) $414,773 (5.3%) 0.85 473
    2021-11-01 $329,950 (0.3%) $423,241 (7.8%) 0.88 427
    2021-12-01 $349,900 (6.1%) $438,890 (13.3%) 0.95 348
    2022-01-01 $369,900 (7.9%) $490,425 (23.0%) 1.00 255
    2022-02-01 $354,924 (0.3%) $469,170 (12.9%) 0.92 265
    2022-03-01 $358,725 (2.5%) $437,146 (7.5%) 0.90 326
    2022-04-01 $374,900 (7.3%) $451,260 (10.0%) 0.89 340
    2022-05-01 $379,900 (8.5%) $466,874 (14.3%) 0.87 378
    2022-06-01 $360,450 (11.8%) $451,356 (16.1%) 0.80 454
    2022-07-01 $359,950 (13.6%) $452,297 (18.5%) 0.81 477
    2022-08-01 $359,975 (9.4%) $455,915 (10.3%) 0.83 462
    2022-09-01 $344,700 (7.6%) $443,872 (5.8%) 0.81 432
    2022-10-01 $379,000 (18.4%) $467,298 (12.7%) 0.89 435
    2022-11-01 $386,775 (17.2%) $473,440 (11.9%) 0.93 446
    Lancaster's median listing price for 2022-11-01 was $386,775, a difference of $56,825 (17.2%) versus the prior year and $7,775 versus the prior month.

    Lancaster's median listing price comes in at 93% of the national average.

    Lancaster's average listing price for 2022-11-01 was $473,440, a difference of $50,199 (11.9%) versus the prior year and $6,142 versus the prior month.

    For the 2022-11-01 period, Lancaster had 446 MLS listings, a difference of 11 listings (3%) versus the prior month and 19 listings (4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 94 days 1,861 sqft
    2018-02-01 97 days 1,892 sqft
    2018-03-01 78 days 1,917 sqft
    2018-04-01 65 days 1,897 sqft
    2018-05-01 65 days 1,897 sqft
    2018-06-01 53 days 2,044 sqft
    2018-07-01 54 days 2,039 sqft
    2018-08-01 62 days 2,029 sqft
    2018-09-01 68 days 2,041 sqft
    2018-10-01 66 days 1,993 sqft
    2018-11-01 66 days 1,985 sqft
    2018-12-01 78 days 1,970 sqft
    2019-01-01 81 days 1,942 sqft
    2019-02-01 81 days 1,958 sqft
    2019-03-01 71 days 2,014 sqft
    2019-04-01 51 days 2,084 sqft
    2019-05-01 46 days 2,067 sqft
    2019-06-01 51 days 2,045 sqft
    2019-07-01 54 days 2,030 sqft
    2019-08-01 53 days 2,033 sqft
    2019-09-01 52 days 2,048 sqft
    2019-10-01 52 days 2,058 sqft
    2019-11-01 61 days 2,039 sqft
    2019-12-01 77 days 2,045 sqft
    2020-01-01 85 days 2,104 sqft
    2020-02-01 86 days 2,158 sqft
    2020-03-01 60 days 2,137 sqft
    2020-04-01 81 days 2,145 sqft
    2020-05-01 78 days 2,120 sqft
    2020-06-01 47 days 2,145 sqft
    2020-07-01 42 days 2,157 sqft
    2020-08-01 46 days 2,197 sqft
    2020-09-01 50 days 2,119 sqft
    2020-10-01 56 days 2,046 sqft
    2020-11-01 53 days 2,089 sqft
    2020-12-01 58 days 2,018 sqft
    2021-01-01 64 days 2,061 sqft
    2021-02-01 69 days 2,112 sqft
    2021-03-01 50 days 2,084 sqft
    2021-04-01 32 days 2,073 sqft
    2021-05-01 35 days 2,044 sqft
    2021-06-01 39 days 1,907 sqft
    2021-07-01 43 days 1,927 sqft
    2021-08-01 41 days 1,978 sqft
    2021-09-01 44 days 1,924 sqft
    2021-10-01 45 days 1,958 sqft
    2021-11-01 47 days 1,925 sqft
    2021-12-01 58 days 1,920 sqft
    2022-01-01 58 days 1,972 sqft
    2022-02-01 42 days 1,951 sqft
    2022-03-01 32 days 1,916 sqft
    2022-04-01 36 days 1,971 sqft
    2022-05-01 35 days 1,996 sqft
    2022-06-01 35 days 1,963 sqft
    2022-07-01 36 days 1,968 sqft
    2022-08-01 39 days 1,969 sqft
    2022-09-01 43 days 1,901 sqft
    2022-10-01 39 days 1,968 sqft
    2022-11-01 44 days 2,012 sqft
    Lancaster's median listing age (time on market) for 2022-11-01 was 44 days. This is -6% shorter than the same period one year ago.

    Lancaster's median square footage for active listings during the 2022-11-01 period was 2,012 sqft. One year prior, the average listing was 1,925 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).