Lancaster FHA Loans
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 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
5.18%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.31% and
one month ago for the week of 2022-04-08, the
average rate was 5.08%.
The average rate one year ago was 3.19%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.01%.
Lancaster 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 Lancaster level.
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 & INVESTMENT LLC ($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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $259,900 (5.2%) | $296,472 (3.3%) | 0.96 | 1,222 |
2018-02-01 | $269,700 (10.1%) | $307,268 (6.2%) | 0.97 | 1,169 |
2018-03-01 | $274,900 (11.3%) | $315,738 (7.9%) | 0.95 | 1,155 |
2018-04-01 | $269,995 (8.9%) | $310,733 (4.8%) | 0.91 | 1,214 |
2018-05-01 | $275,000 (10.0%) | $316,735 (4.6%) | 0.92 | 1,207 |
2018-06-01 | $275,000 (10.0%) | $317,224 (4.9%) | 0.92 | 1,284 |
2018-07-01 | $275,000 (10.6%) | $320,266 (6.7%) | 0.92 | 1,332 |
2018-08-01 | $274,900 (11.2%) | $321,069 (8.1%) | 0.92 | 1,321 |
2018-09-01 | $274,900 (10.0%) | $321,473 (9.1%) | 0.92 | 1,302 |
2018-10-01 | $272,250 (8.9%) | $322,768 (8.9%) | 0.91 | 1,305 |
2018-11-01 | $269,900 (8.0%) | $320,442 (10.4%) | 0.90 | 1,313 |
2018-12-01 | $274,900 (8.1%) | $323,370 (12.1%) | 0.94 | 1,248 |
2019-01-01 | $276,945 (6.6%) | $325,366 (9.8%) | 0.96 | 1,190 |
2019-02-01 | $279,450 (3.6%) | $327,927 (6.7%) | 0.94 | 1,121 |
2019-03-01 | $287,709 (4.7%) | $335,781 (6.4%) | 0.94 | 1,079 |
2019-04-01 | $295,214 (9.3%) | $343,095 (10.4%) | 0.93 | 1,071 |
2019-05-01 | $292,450 (6.4%) | $341,949 (8.0%) | 0.90 | 1,115 |
2019-06-01 | $289,900 (5.4%) | $346,400 (9.2%) | 0.89 | 1,133 |
2019-07-01 | $288,700 (5.0%) | $347,206 (8.4%) | 0.90 | 1,107 |
2019-08-01 | $288,386 (4.9%) | $349,334 (8.8%) | 0.91 | 1,077 |
2019-09-01 | $293,400 (6.7%) | $353,782 (10.1%) | 0.93 | 1,034 |
2019-10-01 | $291,880 (7.2%) | $349,641 (8.3%) | 0.93 | 1,074 |
2019-11-01 | $294,900 (9.3%) | $347,591 (8.5%) | 0.95 | 1,039 |
2019-12-01 | $299,900 (9.1%) | $354,777 (9.7%) | 1.00 | 898 |
2020-01-01 | $306,682 (10.7%) | $360,352 (10.8%) | 1.02 | 801 |
2020-02-01 | $319,900 (14.5%) | $366,627 (11.8%) | 1.03 | 738 |
2020-03-01 | $320,950 (11.6%) | $374,090 (11.4%) | 1.00 | 716 |
2020-04-01 | $326,250 (10.5%) | $387,280 (12.9%) | 1.02 | 695 |
2020-05-01 | $319,900 (9.4%) | $380,892 (11.4%) | 0.97 | 724 |
2020-06-01 | $319,450 (10.2%) | $377,611 (9.0%) | 0.93 | 743 |
2020-07-01 | $324,400 (12.4%) | $386,333 (11.3%) | 0.93 | 660 |
2020-08-01 | $334,900 (16.1%) | $400,827 (14.7%) | 0.96 | 604 |
2020-09-01 | $328,050 (11.8%) | $395,341 (11.8%) | 0.94 | 570 |
2020-10-01 | $329,900 (13.0%) | $397,666 (13.7%) | 0.94 | 539 |
2020-11-01 | $329,900 (11.9%) | $396,479 (14.1%) | 0.94 | 515 |
2020-12-01 | $332,248 (10.8%) | $389,292 (9.7%) | 0.97 | 482 |
2021-01-01 | $341,900 (11.5%) | $405,680 (12.6%) | 1.01 | 411 |
2021-02-01 | $354,900 (10.9%) | $417,694 (13.9%) | 1.02 | 353 |
2021-03-01 | $350,200 (9.1%) | $412,191 (10.2%) | 0.98 | 356 |
2021-04-01 | $349,450 (7.1%) | $410,653 (6.0%) | 0.94 | 386 |
2021-05-01 | $349,900 (9.4%) | $405,014 (6.3%) | 0.92 | 396 |
2021-06-01 | $322,425 (0.9%) | $386,291 (2.3%) | 0.84 | 464 |
2021-07-01 | $316,200 (-2.5%) | $381,896 (-1.2%) | 0.82 | 453 |
2021-08-01 | $327,700 (-2.2%) | $410,176 (2.3%) | 0.86 | 478 |
2021-09-01 | $320,775 (-2.2%) | $415,484 (5.1%) | 0.84 | 470 |
2021-10-01 | $320,000 (-3.0%) | $412,193 (3.7%) | 0.84 | 467 |
2021-11-01 | $333,370 (1.1%) | $421,756 (6.4%) | 0.88 | 422 |
2021-12-01 | $349,950 (5.3%) | $436,522 (12.1%) | 0.93 | 342 |
2022-01-01 | $369,900 (8.2%) | $484,855 (19.5%) | 0.99 | 250 |
2022-02-01 | $354,950 (0.0%) | $462,765 (10.8%) | 0.90 | 260 |
2022-03-01 | $368,450 (5.2%) | $438,264 (6.3%) | 0.91 | 318 |
2022-04-01 | $374,900 (7.3%) | $452,988 (10.3%) | 0.88 | 328 |
Lancaster's median listing price comes in at 88% of the national average.
Lancaster's average listing price for 2022-04-01 was $452,988, a difference of $42,335 (10.3%) versus the prior year and $14,724 versus the prior month.
For the 2022-04-01 period, Lancaster had 328 MLS listings, a difference of 10 listings (3%) versus the prior month and -58 listings (-15%) 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 | 94 days | 1,870 sqft |
2018-02-01 | 96 days | 1,897 sqft |
2018-03-01 | 78 days | 1,918 sqft |
2018-04-01 | 65 days | 1,898 sqft |
2018-05-01 | 65 days | 1,899 sqft |
2018-06-01 | 53 days | 2,056 sqft |
2018-07-01 | 54 days | 2,046 sqft |
2018-08-01 | 62 days | 2,032 sqft |
2018-09-01 | 68 days | 2,054 sqft |
2018-10-01 | 66 days | 2,002 sqft |
2018-11-01 | 65 days | 1,993 sqft |
2018-12-01 | 78 days | 1,975 sqft |
2019-01-01 | 80 days | 1,953 sqft |
2019-02-01 | 80 days | 1,965 sqft |
2019-03-01 | 72 days | 2,018 sqft |
2019-04-01 | 51 days | 2,084 sqft |
2019-05-01 | 46 days | 2,081 sqft |
2019-06-01 | 51 days | 2,057 sqft |
2019-07-01 | 53 days | 2,035 sqft |
2019-08-01 | 53 days | 2,033 sqft |
2019-09-01 | 52 days | 2,059 sqft |
2019-10-01 | 51 days | 2,062 sqft |
2019-11-01 | 60 days | 2,042 sqft |
2019-12-01 | 77 days | 2,050 sqft |
2020-01-01 | 85 days | 2,118 sqft |
2020-02-01 | 85 days | 2,183 sqft |
2020-03-01 | 60 days | 2,140 sqft |
2020-04-01 | 77 days | 2,160 sqft |
2020-05-01 | 78 days | 2,125 sqft |
2020-06-01 | 47 days | 2,150 sqft |
2020-07-01 | 42 days | 2,172 sqft |
2020-08-01 | 46 days | 2,210 sqft |
2020-09-01 | 49 days | 2,122 sqft |
2020-10-01 | 52 days | 2,100 sqft |
2020-11-01 | 51 days | 2,100 sqft |
2020-12-01 | 59 days | 2,018 sqft |
2021-01-01 | 67 days | 2,060 sqft |
2021-02-01 | 68 days | 2,096 sqft |
2021-03-01 | 52 days | 2,100 sqft |
2021-04-01 | 35 days | 2,076 sqft |
2021-05-01 | 35 days | 2,046 sqft |
2021-06-01 | 39 days | 1,904 sqft |
2021-07-01 | 45 days | 1,930 sqft |
2021-08-01 | 41 days | 1,974 sqft |
2021-09-01 | 45 days | 1,922 sqft |
2021-10-01 | 46 days | 1,948 sqft |
2021-11-01 | 47 days | 1,908 sqft |
2021-12-01 | 58 days | 1,908 sqft |
2022-01-01 | 61 days | 1,971 sqft |
2022-02-01 | 43 days | 1,952 sqft |
2022-03-01 | 34 days | 1,912 sqft |
2022-04-01 | 37 days | 1,955 sqft |
Lancaster's median square footage for active listings during the 2022-04-01 period was 1,955 sqft. One year prior, the average listing was 2,076 sqft.