Lebanon FHA Loan Rates, Closing Costs & Stats

Lebanon, NH-VT

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 52 lenders originated 296 FHA loans during 2023. The total origination value was $102,070,000, with an average FHA loan value of $344,831.

Lebanon FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lebanon averaged 6.85% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Lebanon's average FHA mortgage closing costs are $7,560.

The average rate for the prior week (2024-04-05) was 6.88% and one month ago for the week of 2024-03-08, the average rate was 6.51%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.61%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 53 6.37% $11,011
EMM LOANS LLC 30 6.50% $10,860
GUILD MORTGAGE COMPANY 15 6.88% $9,243
CMG MORTGAGE, INC. 11 7.18% $10,559
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.67% $9,267
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 6.81% $11,012
UNITED WHOLESALE MORTGAGE, LLC 9 7.01% $10,638
BROKER SOLUTIONS, INC. 8 6.73% $12,180
PENNYMAC LOAN SERVICES, LLC 7 6.50% $12,256
ACADEMY MORTGAGE CORPORATION 6 6.88% $15,443
Mr. Cooper ( Nationstar Mortgage ) 6 5.88% $17,438
FREEDOM MORTGAGE CORPORATION 5 7.25% $14,266
HARBORONE MORTGAGE, LLC 4 6.38% $12,375
LOANDEPOT.COM, LLC 4 6.69% $11,272
Waterstone Mortgage Corporation 4 7.00% $10,372
CROSSCOUNTRY MORTGAGE, LLC 4 6.44% $9,641
EVERETT FINANCIAL, INC. 4 6.44% $11,208
EMBRACE HOME LOANS, INC. 3 6.58% $12,450
NORTHPOINT MORTGAGE, INC. 3 6.79% $10,110
MOVEMENT MORTGAGE, LLC 3 6.83% $9,235
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.67% $15,958
M&T Bank 3 5.83% $12,760
AMERISAVE MORTGAGE CORPORATION 3 6.04% $16,772
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.96% $14,379
NEWREZ LLC 2 6.75% $11,354
AMERICAN FINANCIAL NETWORK, INC. 2 7.56% $21,814
American Mortgage & Equity Consultants, Inc. 2 7.38% $12,044
Citizens Bank 2 6.06% $12,179
Keystone Funding, Inc. 2 7.13% $14,631
LEADERONE FINANCIAL CORPORATION 2 6.93% $12,819
Mortgage Research Center, LLC 2 6.94% $4,465
POLARIS HOME FUNDING CORP. 2 6.31% $14,812
RELIANCE FIRST CAPITAL, LLC 2 7.38% $9,380
TOTAL MORTGAGE SERVICES, LLC 2 6.88% $9,158
Union Bank 2 5.63% $7,995
GENEVA FINANCIAL, LLC 1 7.25% $13,789
Nations Lending Corporation 1 6.25% $19,363
NBKC BANK 1 7.63% $7,717
NEW FED MORTGAGE, CORP. 1 6.88% $9,872
Flagstar Bank, FSB 1 6.88% $14,323
CHURCHILL MORTGAGE CORPORATION 1 5.75% $16,258
Century Mortgage Company DBA Century Lending Company 1 6.75% $8,127
ZILLOW HOME LOANS, LLC 1 5.75% $8,517
Carrington Mortgage Services, LLC 1 4.88% $14,313
BETTER MORTGAGE CORPORATION 1 6.00% $4,228
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $10,888
SUMMIT FUNDING, INC. 1 6.75% $21,613
MORTGAGE EQUITY PARTNERS LLC 1 7.38% $13,445
AMERICAN FINANCING CORPORATION 1 8.00% $8,623
MEMBER FIRST MORTGAGE, LLC 1 6.63% $7,869
LAKEVIEW LOAN SERVICING, LLC 1 6.63% $13,217
GUARANTEED RATE, INC. 1 6.75% $9,379

The top Lebanon FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 53 FHA loans originated. Their average total fees are $11,011, which is $151 higher than the next largest lender, EMM LOANS LLC.

The lowest fee Lebanon FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($9,243), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,267), CMG MORTGAGE, INC. ($10,559), EMM LOANS LLC ($10,860) and QUICKEN LOANS, LLC ($11,011).

The lowest rate Lebanon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.37%), EMM LOANS LLC (6.50%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.67%), GUILD MORTGAGE COMPANY (6.88%) and CMG MORTGAGE, INC. (7.18%).

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).