Lebanon FHA Loan Rates, Closing Costs & Stats

Lebanon, NH-VT

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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.

    Lebanon's 64 lenders originated 351 FHA loans during 2022. The total origination value was $75,935,000, with an average FHA loan value of $216,339.

    Lebanon FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lebanon averaged -0.24% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Lebanon's average FHA mortgage closing costs are $7,011.

    The average rate for the prior week (2023-11-17) was 6.55% and one month ago for the week of 2023-10-20, the average rate was 7.16%.

    The average rate one year ago was 6.28%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.69%.

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

    Lebanon 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 Lebanon level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 53 4.41% $9,598
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 5.10% $8,633
    EMM LOANS LLC 17 4.89% $9,746
    GUILD MORTGAGE COMPANY 15 5.28% $9,876
    CMG MORTGAGE, INC. 13 5.26% $8,767
    HARBORONE MORTGAGE, LLC 11 4.90% $8,870
    EMBRACE HOME LOANS, INC. 10 5.42% $9,843
    LOANDEPOT.COM, LLC 10 4.26% $11,389
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 5.14% $10,110
    CROSSCOUNTRY MORTGAGE, LLC 9 4.62% $13,262
    AMERISAVE MORTGAGE CORPORATION 9 4.01% $9,646
    PENNYMAC LOAN SERVICES, LLC 8 4.63% $10,809
    UNITED WHOLESALE MORTGAGE, LLC 8 4.66% $10,622
    Mr. Cooper ( Nationstar Mortgage ) 8 4.27% $8,361
    MOVEMENT MORTGAGE, LLC 7 4.61% $8,227
    BROKER SOLUTIONS, INC. 6 5.04% $10,837
    NEWREZ LLC 5 4.67% $10,529
    LAKEVIEW LOAN SERVICING, LLC 5 4.73% $6,591
    FREEDOM MORTGAGE CORPORATION 5 5.62% $9,654
    RELIANCE FIRST CAPITAL, LLC 5 4.50% $9,829
    EVERETT FINANCIAL, INC. 4 5.44% $6,757
    ACADEMY MORTGAGE CORPORATION 4 5.53% $9,356
    Carrington Mortgage Services, LLC 3 5.75% $11,201
    MUTUAL OF OMAHA MORTGAGE, INC. 3 4.92% $13,764
    Mortgage Network, Inc. 3 6.08% $8,837
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 4.83% $8,786
    HOME POINT FINANCIAL CORPORATION 3 4.54% $12,254
    Colonial Savings, F.A. 2 4.13% $2,900
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.38% $6,959
    AMERICAN FINANCING CORPORATION 2 3.88% $8,230
    BETTER MORTGAGE CORPORATION 2 5.56% $10,865
    CALIBER HOME LOANS, INC. 2 5.25% $5,702
    CARDINAL FINANCIAL 2 3.49% $13,566
    LEADERONE FINANCIAL CORPORATION 2 5.38% $8,878
    MEMBER FIRST MORTGAGE, LLC 2 4.88% $8,522
    Mortgage Research Center, LLC 2 6.13% $6,147
    M&T Bank 2 4.81% $8,125
    Nations Lending Corporation 2 5.31% $11,095
    Union Bank 2 5.31% $10,594
    Equity Prime Mortgage LLC 1 5.13% $14,907
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.63% $7,743
    Wells Fargo Bank 1 4.50% $3,014
    CONWAY FINANCIAL SERVICES, LLC 1 7.13% $7,682
    Wyndham Capital Mortgage, Inc. 1 5.13% $6,565
    NEW FED MORTGAGE, CORP. 1 4.50% $8,339
    Citizens Bank 1 4.88% $7,613
    Northpointe Bank 1 5.13% $8,611
    NORTHPOINT MORTGAGE, INC. 1 5.13% $8,947
    NORWICH COMMERCIAL GROUP, INC. 1 5.75% $14,045
    Century Mortgage Company DBA Century Lending Company 1 5.25% $9,138
    PLAZA HOME MORTGAGE, INC. 1 6.25% $14,670
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $8,465
    BAY EQUITY LLC 1 6.00% $10,102
    Barrington Bank & Trust Company, N.A. 1 3.63% $8,226
    Bank of England 1 5.63% $13,144
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $11,273
    The Federal Savings Bank 1 4.88% $6,617
    The Washington Trust Company, of Westerly 1 4.00% $9,732
    HOMESIDE FINANCIAL, LLC 1 5.75% $15,674
    TOTAL MORTGAGE SERVICES, LLC 1 5.25% $12,430
    GUARANTEED RATE, INC. 1 3.50% $8,681
    ZILLOW HOME LOANS, LLC 1 6.50% $10,387
    GUARANTEED RATE AFFINITY, LLC 1 5.13% $5,720
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.25% $6,294

    The top Lebanon FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 53 FHA loans originated. Their average total fees are $9,598, which is $965 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Lebanon FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,633), CMG MORTGAGE, INC. ($8,767), HARBORONE MORTGAGE, LLC ($8,870), QUICKEN LOANS, LLC ($9,598) and EMM LOANS LLC ($9,746).

    The lowest rate Lebanon FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (4.26%), QUICKEN LOANS, LLC (4.41%), EMM LOANS LLC (4.89%), HARBORONE MORTGAGE, LLC (4.90%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.10%).

    Lebanon FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LEBANON, NH-VT GRAFTON 2022 $420,680 $538,650 $651,050 $809,150
    LEBANON, NH-VT SULLIVAN 2022 $420,680 $538,650 $651,050 $809,150
    LEBANON, NH-VT ORANGE 2022 $420,680 $538,650 $651,050 $809,150
    LEBANON, NH-VT WINDSOR 2022 $420,680 $538,650 $651,050 $809,150
    LEBANON, NH-VT GRAFTON 2023 $472,030 $604,400 $730,525 $907,900
    LEBANON, NH-VT SULLIVAN 2023 $472,030 $604,400 $730,525 $907,900
    LEBANON, NH-VT ORANGE 2023 $472,030 $604,400 $730,525 $907,900
    LEBANON, NH-VT WINDSOR 2023 $472,030 $604,400 $730,525 $907,900

    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).