Lancaster FHA Loan Rates, Closing Costs & Stats

LANCASTER, PA

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 6.13% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

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

The average rate for the prior week (2024-02-23) was 6.22% and one month ago for the week of 2024-01-26, the average rate was 6.32%.

The average rate one year ago was 6.25%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.28%.

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 $259,800 (6.0%) $296,089 (5.1%) 0.96 1,191
2018-02-01 $267,073 (10.8%) $306,972 (7.5%) 0.97 1,133
2018-03-01 $273,679 (11.7%) $315,487 (8.8%) 0.96 1,126
2018-04-01 $269,900 (8.9%) $311,649 (5.1%) 0.92 1,185
2018-05-01 $274,845 (10.0%) $316,846 (5.3%) 0.92 1,181
2018-06-01 $272,977 (9.3%) $316,444 (5.8%) 0.91 1,271
2018-07-01 $274,900 (12.2%) $318,976 (8.2%) 0.92 1,320
2018-08-01 $271,350 (10.4%) $320,200 (9.6%) 0.91 1,315
2018-09-01 $272,700 (10.2%) $320,918 (10.3%) 0.92 1,298
2018-10-01 $269,900 (8.0%) $323,464 (10.4%) 0.91 1,307
2018-11-01 $269,900 (9.9%) $321,295 (13.7%) 0.91 1,299
2018-12-01 $274,900 (10.0%) $323,928 (12.5%) 0.95 1,242
2019-01-01 $275,000 (5.9%) $325,801 (10.0%) 0.95 1,190
2019-02-01 $278,948 (4.5%) $329,752 (7.4%) 0.94 1,123
2019-03-01 $288,043 (5.3%) $337,760 (7.1%) 0.94 1,090
2019-04-01 $296,093 (9.7%) $345,658 (10.9%) 0.94 1,090
2019-05-01 $291,973 (6.2%) $343,061 (8.3%) 0.91 1,120
2019-06-01 $289,900 (6.2%) $346,786 (9.6%) 0.91 1,130
2019-07-01 $287,725 (4.7%) $347,633 (9.0%) 0.90 1,097
2019-08-01 $286,682 (5.7%) $348,345 (8.8%) 0.91 1,083
2019-09-01 $289,356 (6.1%) $348,673 (8.7%) 0.93 1,075
2019-10-01 $290,420 (7.6%) $348,656 (7.8%) 0.94 1,069
2019-11-01 $290,000 (7.5%) $346,118 (7.7%) 0.95 1,021
2019-12-01 $298,316 (8.5%) $353,435 (9.1%) 0.99 891
2020-01-01 $306,445 (11.4%) $360,929 (10.8%) 1.02 794
2020-02-01 $319,900 (14.7%) $367,223 (11.4%) 1.05 744
2020-03-01 $320,200 (11.2%) $374,686 (10.9%) 1.00 718
2020-04-01 $326,250 (10.2%) $389,335 (12.6%) 1.02 686
2020-05-01 $319,900 (9.6%) $382,250 (11.4%) 0.97 719
2020-06-01 $319,900 (10.4%) $378,803 (9.2%) 0.94 740
2020-07-01 $320,950 (11.6%) $385,764 (11.0%) 0.93 657
2020-08-01 $334,900 (16.8%) $401,694 (15.3%) 0.96 603
2020-09-01 $327,095 (13.0%) $395,202 (13.3%) 0.94 574
2020-10-01 $326,000 (12.3%) $395,735 (13.5%) 0.93 542
2020-11-01 $329,900 (13.8%) $394,365 (13.9%) 0.96 512
2020-12-01 $331,400 (11.1%) $388,988 (10.1%) 0.99 482
2021-01-01 $344,900 (12.6%) $400,804 (11.1%) 1.03 415
2021-02-01 $354,948 (11.0%) $418,382 (13.9%) 1.03 355
2021-03-01 $350,000 (9.3%) $409,277 (9.2%) 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 (1.2%) $390,538 (3.1%) 0.85 466
2021-07-01 $319,900 (-0.3%) $383,547 (-0.6%) 0.84 463
2021-08-01 $329,204 (-1.7%) $415,139 (3.4%) 0.88 482
2021-09-01 $323,725 (-1.0%) $421,584 (6.7%) 0.86 469
2021-10-01 $322,000 (-1.2%) $416,637 (5.3%) 0.86 469
2021-11-01 $333,370 (1.1%) $425,534 (7.9%) 0.89 424
2021-12-01 $349,900 (5.6%) $441,724 (13.6%) 0.95 345
2022-01-01 $369,900 (7.3%) $495,422 (23.6%) 1.00 251
2022-02-01 $355,000 (0.0%) $473,439 (13.2%) 0.92 261
2022-03-01 $368,200 (5.2%) $440,737 (7.7%) 0.92 322
2022-04-01 $374,998 (7.2%) $454,485 (10.1%) 0.89 336
2022-05-01 $379,950 (8.6%) $469,875 (14.4%) 0.87 374
2022-06-01 $365,625 (12.9%) $453,750 (16.2%) 0.81 450
2022-07-01 $364,900 (14.1%) $454,661 (18.5%) 0.82 473
2022-08-01 $366,443 (11.3%) $458,517 (10.5%) 0.85 458
2022-09-01 $346,366 (7.0%) $446,199 (5.8%) 0.81 428
2022-10-01 $379,900 (18.0%) $470,063 (12.8%) 0.89 431
2022-11-01 $388,725 (16.6%) $476,175 (11.9%) 0.93 442
2022-12-01 $395,000 (12.9%) $472,056 (6.9%) 0.98 390
2023-01-01 $399,950 (8.1%) $479,141 (-3.3%) 0.99 379
2023-02-01 $422,450 (19.0%) $493,382 (4.2%) 1.02 352
2023-03-01 $428,725 (16.4%) $492,351 (11.7%) 1.01 370
2023-04-01 $399,900 (6.6%) $484,721 (6.7%) 0.93 327
2023-05-01 $399,925 (5.3%) $470,852 (0.2%) 0.91 352
2023-06-01 $398,725 (9.1%) $465,966 (2.7%) 0.90 357
2023-07-01 $399,000 (9.4%) $472,372 (3.9%) 0.91 352
2023-08-01 $395,750 (8.0%) $470,996 (2.7%) 0.91 363
2023-09-01 $399,000 (15.2%) $471,268 (5.6%) 0.93 368
2023-10-01 $375,000 (-1.3%) $464,265 (-1.2%) 0.88 431
2023-11-01 $399,900 (2.9%) $484,366 (1.7%) 0.95 408
2023-12-01 $411,157 (4.1%) $500,049 (5.9%) 1.00 368
2024-01-01 $429,900 (7.5%) $494,847 (3.3%) 1.05 332
Lancaster's median listing price for 2024-01-01 was $429,900, a difference of $29,950 (7.5%) versus the prior year and $18,743 versus the prior month.

Lancaster's median listing price comes in at 105% of the national average.

Lancaster's average listing price for 2024-01-01 was $494,847, a difference of $15,706 (3.3%) versus the prior year and $-5,202 versus the prior month.

For the 2024-01-01 period, Lancaster had 332 MLS listings, a difference of -36 listings (-10%) versus the prior month and -47 listings (-12%) 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 86 days 1,864 sqft
2018-02-01 84 days 1,895 sqft
2018-03-01 64 days 1,917 sqft
2018-04-01 54 days 1,900 sqft
2018-05-01 53 days 1,897 sqft
2018-06-01 46 days 2,043 sqft
2018-07-01 47 days 2,038 sqft
2018-08-01 54 days 2,028 sqft
2018-09-01 58 days 2,040 sqft
2018-10-01 56 days 1,993 sqft
2018-11-01 54 days 1,985 sqft
2018-12-01 69 days 1,970 sqft
2019-01-01 71 days 1,942 sqft
2019-02-01 72 days 1,958 sqft
2019-03-01 61 days 2,013 sqft
2019-04-01 44 days 2,083 sqft
2019-05-01 40 days 2,067 sqft
2019-06-01 45 days 2,046 sqft
2019-07-01 46 days 2,030 sqft
2019-08-01 45 days 2,033 sqft
2019-09-01 45 days 2,048 sqft
2019-10-01 44 days 2,058 sqft
2019-11-01 53 days 2,040 sqft
2019-12-01 65 days 2,049 sqft
2020-01-01 71 days 2,110 sqft
2020-02-01 67 days 2,160 sqft
2020-03-01 42 days 2,140 sqft
2020-04-01 61 days 2,150 sqft
2020-05-01 68 days 2,122 sqft
2020-06-01 36 days 2,146 sqft
2020-07-01 34 days 2,161 sqft
2020-08-01 37 days 2,208 sqft
2020-09-01 37 days 2,121 sqft
2020-10-01 43 days 2,054 sqft
2020-11-01 45 days 2,093 sqft
2020-12-01 51 days 2,019 sqft
2021-01-01 52 days 2,064 sqft
2021-02-01 52 days 2,113 sqft
2021-03-01 39 days 2,088 sqft
2021-04-01 26 days 2,075 sqft
2021-05-01 29 days 2,051 sqft
2021-06-01 35 days 1,910 sqft
2021-07-01 39 days 1,927 sqft
2021-08-01 37 days 1,982 sqft
2021-09-01 42 days 1,925 sqft
2021-10-01 40 days 1,968 sqft
2021-11-01 43 days 1,932 sqft
2021-12-01 50 days 1,924 sqft
2022-01-01 48 days 1,975 sqft
2022-02-01 30 days 1,955 sqft
2022-03-01 26 days 1,918 sqft
2022-04-01 33 days 1,976 sqft
2022-05-01 30 days 2,000 sqft
2022-06-01 30 days 1,970 sqft
2022-07-01 32 days 1,970 sqft
2022-08-01 36 days 1,972 sqft
2022-09-01 41 days 1,911 sqft
2022-10-01 37 days 1,969 sqft
2022-11-01 42 days 2,013 sqft
2022-12-01 50 days 1,974 sqft
2023-01-01 54 days 1,945 sqft
2023-02-01 49 days 1,972 sqft
2023-03-01 41 days 1,982 sqft
2023-04-01 34 days 2,043 sqft
2023-05-01 29 days 2,017 sqft
2023-06-01 31 days 2,052 sqft
2023-07-01 34 days 2,055 sqft
2023-08-01 31 days 1,934 sqft
2023-09-01 31 days 1,920 sqft
2023-10-01 30 days 1,924 sqft
2023-11-01 34 days 1,947 sqft
2023-12-01 42 days 1,960 sqft
2024-01-01 47 days 1,941 sqft
Lancaster's median listing age (time on market) for 2024-01-01 was 47 days. This is -12% shorter than the same period one year ago.

Lancaster's median square footage for active listings during the 2024-01-01 period was 1,941 sqft. One year prior, the average listing was 1,945 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).