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 113 lenders originated 854 FHA loans during 2022. The total origination value was $187,720,000, with an average FHA loan value of $219,813.

    Lancaster FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lancaster averaged 6.16% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Lancaster's average FHA mortgage closing costs are $7,812.

    The average rate for the prior week (2023-05-19) was 6.33% and one month ago for the week of 2023-04-21, the average rate was 6.27%.

    The average rate one year ago was 4.79%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.41%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 96 4.58% $11,027
    GUILD MORTGAGE COMPANY 72 5.30% $10,385
    CROSSCOUNTRY MORTGAGE, LLC 48 5.23% $12,338
    Sierra Pacific Mortgage Company, Inc. 31 4.87% $8,744
    Fulton Bank 28 4.61% $8,679
    BROKER SOLUTIONS, INC. 26 5.51% $11,713
    PENNYMAC LOAN SERVICES, LLC 22 4.21% $9,060
    Mr. Cooper ( Nationstar Mortgage ) 22 4.43% $13,891
    CALIBER HOME LOANS, INC. 21 4.68% $9,733
    EMM LOANS LLC 20 4.66% $10,242
    UNITED WHOLESALE MORTGAGE, LLC 20 5.02% $11,972
    FREEDOM MORTGAGE CORPORATION 19 5.73% $12,834
    Citizens Bank 18 4.44% $10,397
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 5.41% $9,353
    LAKEVIEW LOAN SERVICING, LLC 15 4.55% $9,370
    LOANDEPOT.COM, LLC 14 4.75% $10,523
    FINANCE OF AMERICA MORTGAGE LLC 12 4.49% $10,357
    GUARANTEED RATE, INC. 12 5.03% $10,499
    AMERISAVE MORTGAGE CORPORATION 11 4.33% $10,294
    Homesale Mortgage, LLC 10 5.11% $7,901
    MEMBERS 1ST FEDERAL CREDIT UNION 10 4.06% $9,442
    Carrington Mortgage Services, LLC 8 5.42% $11,745
    AMERICAN FINANCING CORPORATION 7 4.34% $11,237
    ALLIED MORTGAGE GROUP, INC. 7 4.13% $12,446
    M&T Bank 7 4.16% $6,950
    Meridian Bank Corporation 7 4.05% $9,909
    NVR Mortgage Finance, Inc. 6 4.50% $16,630
    MOVEMENT MORTGAGE, LLC 6 4.52% $10,205
    Equity Prime Mortgage LLC 6 4.58% $10,404
    GENEVA FINANCIAL, LLC 6 5.33% $12,139
    HOME POINT FINANCIAL CORPORATION 6 4.35% $11,090
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 4.00% $10,195
    PNC Bank 5 5.10% $6,742
    MUTUAL OF OMAHA MORTGAGE, INC. 5 4.38% $11,872
    UNION HOME MORTGAGE CORP. 5 4.18% $9,518
    York Traditions Bank 5 4.63% $8,130
    NFM, INC. 5 4.65% $11,108
    ARC HOME LLC 5 3.57% $10,200
    Mortgage America, Inc. 4 4.99% $11,242
    TIDEWATER MORTGAGE SERVICES, INC. 4 5.44% $12,141
    Paramount Residential Mortgage Group, Inc. 4 4.75% $11,144
    Univest Bank and Trust Co. 4 5.34% $7,570
    TOP FLITE FINANCIAL, INC. 4 5.75% $13,483
    Orrstown Bank 4 5.66% $8,210
    1ST PREFERENCE MORTGAGE CORP. 3 5.75% $11,838
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 4.38% $12,501
    AmRes Corporation 3 4.83% $13,283
    ENVOY MORTGAGE, LTD 3 5.63% $11,888
    GUARANTEED RATE AFFINITY, LLC 3 3.71% $9,176
    Lakeview Community Capital, LLC 3 4.16% $6,591
    Mortgage Network, Inc. 3 5.17% $8,541
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.54% $12,899
    VILLAGE CAPITAL MORTGAGE 3 4.08% $8,806
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.06% $11,322
    Wells Fargo Bank 2 5.06% $7,189
    First Savings Bank 2 4.19% $16,038
    The Ephrata National Bank 2 5.69% $12,776
    POLARIS HOME FUNDING CORP. 2 4.50% $12,976
    Flagstar Bank, FSB 2 5.25% $9,089
    Wyndham Capital Mortgage, Inc. 2 4.88% $7,477
    BETTER MORTGAGE CORPORATION 2 3.56% $8,566
    RELIANCE FIRST CAPITAL, LLC 2 4.38% $13,980
    Nations Lending Corporation 2 5.88% $14,520
    Alcova Mortgage LLC 2 5.69% $15,519
    NETWORK CAPITAL FUNDING CORPORATION 2 5.13% $9,941
    Mortgage Research Center, LLC 2 4.88% $7,005
    HOMESPIRE MORTGAGE CORPORATION 2 5.88% $14,691
    HOMESTEAD FUNDING CORP. 2 4.94% $12,889
    JPMorgan Chase Bank 2 4.50% $6,879
    NEWREZ LLC 1 4.63% $10,277
    EMBRACE HOME LOANS, INC. 1 5.49% $11,808
    North American Savings Bank, F.S.B. 1 5.63% $9,329
    Northwest Bank 1 5.25% $15,599
    East Coast Capital Corp. 1 6.25% $12,956
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $9,151
    Customers Bank 1 4.75% $12,082
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $9,657
    PLANET HOME LENDING, LLC 1 4.75% $8,255
    PLAZA HOME MORTGAGE, INC. 1 5.63% $10,496
    CARDINAL FINANCIAL 1 3.88% $7,038
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.13% $19,548
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.88% $10,582
    Republic Bank & Trust Company 1 5.25% $8,156
    Barrington Bank & Trust Company, N.A. 1 3.38% $8,449
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.49% $15,329
    Strong Home Mortgage, LLC 1 3.25% $5,786
    SUN WEST MORTGAGE COMPANY, INC. 1 3.63% $12,709
    T2 FINANCIAL LLC 1 6.50% $18,600
    Bank of England 1 5.63% $11,898
    Ameris Bank 1 3.13% $6,979
    TOTAL MORTGAGE SERVICES, LLC 1 4.50% $13,541
    Truist 1 5.20% $20,401
    AmeriHome Mortgage Company, LLC 1 3.25% $12,882
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.38% $10,304
    ZILLOW HOME LOANS, LLC 1 6.25% $8,014
    HOMESIDE FINANCIAL, LLC 1 3.25% $9,522
    INLAND BANK & TRUST 1 4.88% $15,263
    Hometown Lenders, Inc. 1 6.63% $8,636
    FLAT BRANCH MORTGAGE, INC. 1 4.63% $9,065
    LEADERONE FINANCIAL CORPORATION 1 5.25% $11,338
    LOANPAL, LLC 1 5.25% $10,850
    MCLEAN MORTGAGE CORPORATION 1 3.25% $13,158
    First National Bank of Pennsylvania 1 3.00% $11,269
    Mid Penn Bank 1 4.63% $8,901
    MILEND, INC. 1 5.75% $16,308
    MLD MORTGAGE INC. 1 4.63% $10,980
    First Home Bank 1 5.62% $17,432
    First Guaranty Mortgage Corporation 1 2.88% $11,045
    FIDELITY DIRECT MORTGAGE, LLC 1 6.50% $15,142
    FAY SERVICING, LLC 1 5.25% $13,117
    EVERETT FINANCIAL, INC. 1 4.88% $6,386
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $13,817
    NEW DAY FINANCIAL, LLC 1 5.99% $9,028

    The top Lancaster FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 96 FHA loans originated. Their average total fees are $11,027, which is $642 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Lancaster FHA lenders (with over 10 loans originated) are Homesale Mortgage, LLC ($7,901), Fulton Bank ($8,679), Sierra Pacific Mortgage Company, Inc. ($8,744), PENNYMAC LOAN SERVICES, LLC ($9,060) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,353).

    The lowest rate Lancaster FHA lenders (with over 10 loans originated) are MEMBERS 1ST FEDERAL CREDIT UNION (4.06%), PENNYMAC LOAN SERVICES, LLC (4.21%), AMERISAVE MORTGAGE CORPORATION (4.33%), Mr. Cooper ( Nationstar Mortgage ) (4.43%) and Citizens Bank (4.44%).

    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
    LANCASTER, PA LANCASTER 2023 $472,030 $604,400 $730,525 $907,900

    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 $259,700 (6.0%) $296,078 (5.2%) 0.96 1,190
    2018-02-01 $266,900 (10.8%) $306,970 (7.6%) 0.97 1,132
    2018-03-01 $273,358 (11.6%) $315,492 (8.9%) 0.96 1,125
    2018-04-01 $269,900 (8.9%) $311,650 (5.1%) 0.92 1,184
    2018-05-01 $274,728 (9.9%) $316,851 (5.3%) 0.92 1,180
    2018-06-01 $272,900 (9.2%) $316,449 (5.8%) 0.91 1,270
    2018-07-01 $274,900 (12.2%) $318,983 (8.3%) 0.92 1,319
    2018-08-01 $271,248 (10.4%) $320,207 (9.7%) 0.91 1,314
    2018-09-01 $272,500 (10.1%) $320,926 (10.5%) 0.92 1,297
    2018-10-01 $269,900 (8.0%) $323,473 (10.4%) 0.91 1,306
    2018-11-01 $269,900 (9.9%) $321,303 (13.7%) 0.91 1,298
    2018-12-01 $274,900 (10.0%) $323,939 (12.5%) 0.95 1,241
    2019-01-01 $275,000 (5.9%) $325,806 (10.0%) 0.95 1,189
    2019-02-01 $278,945 (4.5%) $329,761 (7.4%) 0.94 1,122
    2019-03-01 $285,000 (4.3%) $334,817 (6.1%) 0.95 1,084
    2019-04-01 $295,000 (9.3%) $345,090 (10.7%) 0.94 1,081
    2019-05-01 $289,950 (5.5%) $342,505 (8.1%) 0.91 1,116
    2019-06-01 $289,900 (6.2%) $346,231 (9.4%) 0.91 1,127
    2019-07-01 $287,173 (4.5%) $347,072 (8.8%) 0.90 1,094
    2019-08-01 $289,900 (6.9%) $352,288 (10.0%) 0.91 1,108
    2019-09-01 $306,250 (12.4%) $370,415 (15.4%) 0.97 949
    2019-10-01 $289,900 (7.4%) $348,110 (7.6%) 0.94 1,068
    2019-11-01 $289,999 (7.5%) $345,481 (7.5%) 0.95 1,018
    2019-12-01 $297,550 (8.2%) $352,975 (9.0%) 0.99 891
    2020-01-01 $305,881 (11.2%) $360,415 (10.6%) 1.02 794
    2020-02-01 $319,900 (14.7%) $366,681 (11.2%) 1.05 744
    2020-03-01 $320,200 (12.4%) $374,354 (11.8%) 1.00 718
    2020-04-01 $326,250 (10.6%) $389,335 (12.8%) 1.02 686
    2020-05-01 $319,900 (10.3%) $382,250 (11.6%) 0.97 719
    2020-06-01 $319,675 (10.3%) $378,542 (9.3%) 0.94 739
    2020-07-01 $320,900 (11.7%) $385,175 (11.0%) 0.93 657
    2020-08-01 $334,900 (15.5%) $401,397 (13.9%) 0.96 603
    2020-09-01 $326,618 (6.7%) $394,671 (6.6%) 0.94 573
    2020-10-01 $325,750 (12.4%) $395,386 (13.6%) 0.93 541
    2020-11-01 $329,900 (13.8%) $393,979 (14.0%) 0.96 511
    2020-12-01 $331,400 (11.4%) $388,582 (10.1%) 0.99 481
    2021-01-01 $344,900 (12.8%) $400,339 (11.1%) 1.03 414
    2021-02-01 $354,948 (11.0%) $418,382 (14.1%) 1.03 355
    2021-03-01 $350,000 (9.3%) $409,277 (9.3%) 0.99 361
    2021-04-01 $349,900 (7.3%) $412,695 (6.0%) 0.95 387
    2021-05-01 $350,000 (9.4%) $410,742 (7.5%) 0.93 403
    2021-06-01 $323,750 (1.3%) $390,538 (3.2%) 0.85 466
    2021-07-01 $319,900 (-0.3%) $383,547 (-0.4%) 0.84 463
    2021-08-01 $329,204 (-1.7%) $415,139 (3.4%) 0.88 482
    2021-09-01 $323,725 (-0.9%) $421,584 (6.8%) 0.86 469
    2021-10-01 $322,000 (-1.2%) $416,637 (5.4%) 0.86 469
    2021-11-01 $333,370 (1.1%) $425,534 (8.0%) 0.89 424
    2021-12-01 $349,900 (5.6%) $441,484 (13.6%) 0.95 344
    2022-01-01 $369,900 (7.3%) $495,422 (23.8%) 1.00 251
    2022-02-01 $355,000 (0.0%) $473,356 (13.1%) 0.92 261
    2022-03-01 $367,225 (4.9%) $440,397 (7.6%) 0.92 321
    2022-04-01 $374,998 (7.2%) $454,485 (10.1%) 0.89 336
    2022-05-01 $379,950 (8.6%) $469,536 (14.3%) 0.87 374
    2022-06-01 $364,067 (12.5%) $453,136 (16.0%) 0.81 449
    2022-07-01 $364,900 (14.1%) $455,305 (18.7%) 0.82 474
    2022-08-01 $366,617 (11.4%) $458,532 (10.5%) 0.85 460
    2022-09-01 $348,841 (7.8%) $446,025 (5.8%) 0.82 430
    2022-10-01 $379,900 (18.0%) $469,767 (12.8%) 0.89 432
    2022-11-01 $388,725 (16.6%) $475,970 (11.9%) 0.93 443
    2022-12-01 $395,000 (12.9%) $471,958 (6.9%) 0.98 391
    2023-01-01 $399,950 (8.1%) $479,082 (-3.3%) 0.99 379
    2023-02-01 $422,450 (19.0%) $494,194 (4.4%) 1.02 352
    2023-03-01 $428,725 (16.8%) $492,351 (11.8%) 1.01 370
    2023-04-01 $399,900 (6.6%) $484,721 (6.7%) 0.93 327
    Lancaster's median listing price for 2023-04-01 was $399,900, a difference of $24,902 (6.6%) versus the prior year and $-28,825 versus the prior month.

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

    Lancaster's average listing price for 2023-04-01 was $484,721, a difference of $30,236 (6.7%) versus the prior year and $-7,630 versus the prior month.

    For the 2023-04-01 period, Lancaster had 327 MLS listings, a difference of -43 listings (-12%) versus the prior month and -9 listings (-3%) 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 1,858 sqft
    2018-02-01 96 days 1,894 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 2,043 sqft
    2018-07-01 54 days 2,038 sqft
    2018-08-01 62 days 2,028 sqft
    2018-09-01 68 days 2,040 sqft
    2018-10-01 66 days 1,993 sqft
    2018-11-01 66 days 1,984 sqft
    2018-12-01 78 days 1,969 sqft
    2019-01-01 81 days 1,941 sqft
    2019-02-01 81 days 1,958 sqft
    2019-03-01 75 days 2,011 sqft
    2019-04-01 51 days 2,083 sqft
    2019-05-01 46 days 2,062 sqft
    2019-06-01 51 days 2,043 sqft
    2019-07-01 53 days 2,027 sqft
    2019-08-01 67 days 2,009 sqft
    2019-09-01 71 days 2,137 sqft
    2019-10-01 51 days 2,062 sqft
    2019-11-01 61 days 2,040 sqft
    2019-12-01 76 days 2,046 sqft
    2020-01-01 85 days 2,105 sqft
    2020-02-01 85 days 2,160 sqft
    2020-03-01 60 days 2,139 sqft
    2020-04-01 79 days 2,150 sqft
    2020-05-01 78 days 2,120 sqft
    2020-06-01 47 days 2,145 sqft
    2020-07-01 41 days 2,159 sqft
    2020-08-01 46 days 2,200 sqft
    2020-09-01 49 days 2,120 sqft
    2020-10-01 56 days 2,048 sqft
    2020-11-01 52 days 2,091 sqft
    2020-12-01 58 days 2,018 sqft
    2021-01-01 63 days 2,063 sqft
    2021-02-01 68 days 2,113 sqft
    2021-03-01 48 days 2,088 sqft
    2021-04-01 31 days 2,075 sqft
    2021-05-01 34 days 2,051 sqft
    2021-06-01 39 days 1,910 sqft
    2021-07-01 42 days 1,929 sqft
    2021-08-01 41 days 1,987 sqft
    2021-09-01 44 days 1,926 sqft
    2021-10-01 44 days 1,968 sqft
    2021-11-01 47 days 1,932 sqft
    2021-12-01 58 days 1,924 sqft
    2022-01-01 57 days 1,975 sqft
    2022-02-01 39 days 1,955 sqft
    2022-03-01 31 days 1,917 sqft
    2022-04-01 36 days 1,976 sqft
    2022-05-01 35 days 2,000 sqft
    2022-06-01 34 days 1,966 sqft
    2022-07-01 36 days 1,971 sqft
    2022-08-01 39 days 1,972 sqft
    2022-09-01 42 days 1,911 sqft
    2022-10-01 39 days 1,968 sqft
    2022-11-01 43 days 2,020 sqft
    2022-12-01 52 days 1,974 sqft
    2023-01-01 57 days 1,948 sqft
    2023-02-01 59 days 2,000 sqft
    2023-03-01 49 days 1,982 sqft
    2023-04-01 36 days 2,043 sqft
    Lancaster's median listing age (time on market) for 2023-04-01 was 36 days. This is 0% longer than the same period one year ago.

    Lancaster's median square footage for active listings during the 2023-04-01 period was 2,043 sqft. One year prior, the average listing was 1,976 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).