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 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 6.87% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.93%.

    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).