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 106 lenders originated 700 FHA loans during 2023. The total origination value was $166,450,000, with an average FHA loan value of $237,786.
Lancaster FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Lancaster
averaged
6.09%
for the week of 2024-10-04, compared to the national average (all FHA variants) of
5.885% for the same period.
Lancaster's average FHA mortgage closing costs are $8,264.
The average rate for the prior week (2024-09-27) was
6.08% and
one month ago for the week of 2024-08-30, the
average rate was 5.94%.
The average rate one year ago was 7.08%.
For refis of the same type during the week of 2024-10-04, the average rate
was 6.23%.
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.
The top Lancaster FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
104 FHA loans originated. Their average total fees are
$11,631, which is $1,908
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Lancaster FHA lenders (with over 10 loans originated) are
EMM LOANS LLC ($10,331), York Traditions Bank ($10,775), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,805), Fulton Bank ($10,944) and Carrington Mortgage Services, LLC ($11,264).
The lowest rate Lancaster FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.90%), Mr. Cooper ( Nationstar Mortgage ) (5.97%), Fulton Bank (6.10%), UNITED WHOLESALE MORTGAGE, LLC (6.23%) and QUICKEN LOANS, LLC (6.23%).
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. LouisDate | 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 |
2024-02-01 | $420,250 (-0.5%) | $495,608 (0.5%) | 1.01 | 314 |
2024-03-01 | $419,950 (-2.1%) | $502,502 (2.1%) | 0.99 | 298 |
2024-04-01 | $423,725 (6.0%) | $492,422 (1.6%) | 0.99 | 374 |
2024-05-01 | $444,836 (11.2%) | $513,767 (9.1%) | 1.01 | 374 |
2024-06-01 | $431,385 (8.2%) | $498,332 (7.0%) | 0.97 | 403 |
2024-07-01 | $424,975 (6.5%) | $487,514 (3.2%) | 0.97 | 441 |
2024-08-01 | $414,090 (4.6%) | $480,676 (2.1%) | 0.96 | 465 |
2024-09-01 | $403,450 (1.1%) | $474,203 (0.6%) | 0.00 | 498 |
Lancaster's median listing price comes in at 0% of the national average.
Lancaster's average listing price for 2024-09-01 was $474,203, a difference of $2,935 (0.6%) versus the prior year and $-6,473 versus the prior month.
For the 2024-09-01 period, Lancaster had 498 MLS listings, a difference of 33 listings (7%) versus the prior month and 130 listings (35%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-02-01 | 39 days | 1,981 sqft |
2024-03-01 | 37 days | 1,907 sqft |
2024-04-01 | 29 days | 1,918 sqft |
2024-05-01 | 29 days | 1,988 sqft |
2024-06-01 | 29 days | 1,961 sqft |
2024-07-01 | 33 days | 1,969 sqft |
2024-08-01 | 34 days | 1,920 sqft |
2024-09-01 | 0 days | 1,901 sqft |
Lancaster's median square footage for active listings during the 2024-09-01 period was 1,901 sqft. One year prior, the average listing was 1,920 sqft.