Lewiston FHA Loan Rates, Closing Costs & Stats

LEWISTON-AUBURN, ME

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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.

    Lewiston's 54 lenders originated 361 FHA loans during 2023. The total origination value was $97,315,000, with an average FHA loan value of $269,571.

    Lewiston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lewiston averaged 7.09% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Lewiston's average FHA mortgage closing costs are $7,408.

    The average rate for the prior week (2024-04-12) was 6.68% and one month ago for the week of 2024-03-15, the average rate was 6.65%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Lewiston 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 Lewiston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 53 6.46% $9,725
    UNITED WHOLESALE MORTGAGE, LLC 41 6.85% $13,171
    QUICKEN LOANS, LLC 23 6.17% $11,093
    T2 FINANCIAL LLC 20 6.79% $18,883
    CMG MORTGAGE, INC. 19 7.17% $10,699
    Bangor Savings Bank 12 6.18% $10,926
    DAS Acquisition Company, LLC 12 6.27% $9,541
    LOANDEPOT.COM, LLC 10 6.38% $13,785
    FREEDOM MORTGAGE CORPORATION 9 6.82% $13,595
    ACADEMY MORTGAGE CORPORATION 7 6.55% $11,355
    INTEGRITY MORTGAGE LLC 7 6.84% $10,891
    NORTHPOINT MORTGAGE, INC. 6 6.65% $9,551
    Paramount Residential Mortgage Group, Inc. 6 7.06% $18,860
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.77% $12,361
    HARBORONE MORTGAGE, LLC 5 7.08% $11,092
    LEADERONE FINANCIAL CORPORATION 5 7.10% $12,598
    BROKER SOLUTIONS, INC. 5 6.90% $13,584
    CALIBER HOME LOANS, INC. 4 6.75% $10,440
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.56% $16,110
    Equity Prime Mortgage LLC 4 6.94% $13,270
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.63% $10,048
    CROSSCOUNTRY MORTGAGE, LLC 3 6.58% $11,820
    The Camden National Bank 3 5.91% $9,049
    NEWREZ LLC 3 6.08% $12,377
    TOTAL MORTGAGE SERVICES, LLC 3 7.11% $12,721
    Evolve Bank & Trust 2 6.94% $14,518
    Servion, Inc. 2 6.94% $13,221
    Citizens Bank 2 5.81% $9,156
    PENNYMAC LOAN SERVICES, LLC 2 5.75% $9,873
    AMERISAVE MORTGAGE CORPORATION 2 6.38% $16,506
    Mortgage Research Center, LLC 2 7.31% $6,313
    Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $11,484
    Carrington Mortgage Services, LLC 2 6.88% $12,519
    ZILLOW HOME LOANS, LLC 1 7.25% $14,338
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $9,961
    AMERICAN FINANCING CORPORATION 1 6.25% $9,487
    Androscoggin Savings Bank 1 5.50% $8,883
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $8,288
    Bank of England 1 6.63% $5,787
    CHURCHILL MORTGAGE CORPORATION 1 6.50% $10,655
    Flagstar Bank, FSB 1 5.63% $10,333
    LAKEVIEW LOAN SERVICING, LLC 1 5.50% $11,886
    MEGASTAR FINANCIAL CORP. 1 6.63% $15,190
    NBKC BANK 1 5.63% $9,098
    NORTHERN MORTGAGE SERVICES, LLC 1 6.75% $11,422
    NORWICH COMMERCIAL GROUP, INC. 1 5.75% $10,369
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $11,037
    PHH Mortgage Corporation 1 5.63% $12,507
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.95% $10,664
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $10,771
    TD Bank 1 6.00% $5,467
    The Federal Savings Bank 1 6.63% $16,796
    TOP FLITE FINANCIAL, INC. 1 6.75% $10,431
    U.S. Bank 1 7.25% $9,944

    The top Lewiston FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 53 FHA loans originated. Their average total fees are $9,725, which is $3,447 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lewiston FHA lenders (with over 10 loans originated) are DAS Acquisition Company, LLC ($9,541), GUILD MORTGAGE COMPANY ($9,725), CMG MORTGAGE, INC. ($10,699), Bangor Savings Bank ($10,926) and QUICKEN LOANS, LLC ($11,093).

    The lowest rate Lewiston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.17%), Bangor Savings Bank (6.18%), DAS Acquisition Company, LLC (6.27%), LOANDEPOT.COM, LLC (6.38%) and GUILD MORTGAGE COMPANY (6.46%).

    Lewiston FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LEWISTON-AUBURN, ME ANDROSCOGGIN 2022 $420,680 $538,650 $651,050 $809,150
    LEWISTON-AUBURN, ME ANDROSCOGGIN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lewiston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $189,900 (10.3%) $204,124 (6.2%) 0.00 293
    2018-02-01 $189,700 (8.5%) $207,312 (5.4%) 0.00 263
    2018-03-01 $190,000 (8.6%) $209,444 (6.2%) 0.00 260
    2018-04-01 $199,350 (10.0%) $212,980 (4.6%) 0.00 248
    2018-05-01 $198,000 (12.5%) $216,047 (4.0%) 0.00 275
    2018-06-01 $195,950 (9.2%) $214,913 (2.8%) 0.00 276
    2018-07-01 $192,475 (7.0%) $214,443 (3.2%) 0.00 297
    2018-08-01 $189,950 (0.0%) $213,861 (2.8%) 0.00 340
    2018-09-01 $182,500 (-1.3%) $210,544 (1.4%) 0.00 376
    2018-10-01 $188,750 (0.7%) $218,570 (5.0%) 0.00 368
    2018-11-01 $192,425 (1.4%) $221,202 (6.3%) 0.00 332
    2018-12-01 $192,450 (-1.0%) $225,335 (8.1%) 0.00 292
    2019-01-01 $189,750 (-0.1%) $222,963 (9.2%) 0.00 268
    2019-02-01 $187,500 (-1.2%) $220,624 (6.4%) 0.00 261
    2019-03-01 $195,143 (2.7%) $225,003 (7.4%) 0.00 229
    2019-04-01 $201,143 (0.9%) $227,332 (6.7%) 0.00 205
    2019-05-01 $207,450 (4.8%) $229,666 (6.3%) 0.00 205
    2019-06-01 $215,000 (9.7%) $236,783 (10.2%) 0.00 255
    2019-07-01 $220,196 (14.4%) $239,524 (11.7%) 0.00 273
    2019-08-01 $210,609 (10.9%) $236,240 (10.5%) 0.00 277
    2019-09-01 $211,673 (16.0%) $237,244 (12.7%) 0.00 276
    2019-10-01 $213,946 (13.4%) $238,917 (9.3%) 0.00 270
    2019-11-01 $219,700 (14.2%) $241,089 (9.0%) 0.00 251
    2019-12-01 $222,250 (15.5%) $241,016 (7.0%) 0.00 224
    2020-01-01 $225,000 (18.6%) $243,486 (9.2%) 0.00 193
    2020-02-01 $240,000 (28.0%) $255,380 (15.8%) 0.00 174
    2020-03-01 $244,175 (25.1%) $260,000 (15.6%) 0.00 168
    2020-04-01 $242,159 (20.4%) $254,364 (11.9%) 0.00 168
    2020-05-01 $247,400 (19.3%) $252,034 (9.7%) 0.00 173
    2020-06-01 $246,200 (14.5%) $255,671 (8.0%) 0.00 156
    2020-07-01 $244,975 (11.3%) $265,323 (10.8%) 0.00 154
    2020-08-01 $235,000 (11.6%) $273,401 (15.7%) 0.00 155
    2020-09-01 $239,225 (13.0%) $271,808 (14.6%) 0.00 145
    2020-10-01 $237,950 (11.2%) $269,124 (12.6%) 0.00 143
    2020-11-01 $237,500 (8.1%) $281,029 (16.6%) 0.00 139
    2020-12-01 $239,975 (8.0%) $287,812 (19.4%) 0.00 124
    2021-01-01 $245,000 (8.9%) $300,428 (23.4%) 0.00 104
    2021-02-01 $281,900 (17.5%) $303,102 (18.7%) 0.00 84
    2021-03-01 $293,750 (20.3%) $314,117 (20.8%) 0.00 79
    2021-04-01 $281,125 (16.1%) $306,718 (20.6%) 0.00 88
    2021-05-01 $285,000 (15.2%) $320,849 (27.3%) 0.00 88
    2021-06-01 $262,250 (6.5%) $294,014 (15.0%) 0.00 105
    2021-07-01 $272,450 (11.2%) $310,404 (17.0%) 0.00 117
    2021-08-01 $265,000 (12.8%) $310,906 (13.7%) 0.00 129
    2021-09-01 $283,750 (18.6%) $329,407 (21.2%) 0.00 125
    2021-10-01 $262,500 (10.3%) $324,068 (20.4%) 0.00 120
    2021-11-01 $276,250 (16.3%) $328,134 (16.8%) 0.00 98
    2021-12-01 $268,950 (12.1%) $328,007 (14.0%) 0.00 88
    2022-01-01 $299,950 (22.4%) $351,101 (16.9%) 0.00 60
    2022-02-01 $292,175 (3.6%) $378,309 (24.8%) 0.00 50
    2022-03-01 $331,700 (12.9%) $396,297 (26.2%) 0.00 48
    2022-04-01 $298,500 (6.2%) $370,596 (20.8%) 0.00 63
    2022-05-01 $332,450 (16.7%) $388,576 (21.1%) 0.00 79
    2022-06-01 $307,000 (17.1%) $374,205 (27.3%) 0.00 101
    2022-07-01 $299,000 (9.7%) $355,408 (14.5%) 0.00 122
    2022-08-01 $289,875 (9.4%) $378,015 (21.6%) 0.00 128
    2022-09-01 $305,000 (7.5%) $376,431 (14.3%) 0.00 130
    2022-10-01 $319,000 (21.5%) $363,973 (12.3%) 0.00 128
    2022-11-01 $327,500 (18.6%) $379,309 (15.6%) 0.00 100
    2022-12-01 $305,000 (13.4%) $365,902 (11.6%) 0.00 89
    2023-01-01 $299,950 (0.0%) $361,274 (2.9%) 0.00 73
    2023-02-01 $313,725 (7.4%) $359,633 (-4.9%) 0.00 58
    2023-03-01 $311,038 (-6.2%) $350,527 (-11.6%) 0.00 50
    2023-04-01 $324,900 (8.8%) $375,470 (1.3%) 0.00 59
    2023-05-01 $369,350 (11.1%) $400,692 (3.1%) 0.00 62
    2023-06-01 $334,909 (9.1%) $387,571 (3.6%) 0.00 66
    2023-07-01 $375,000 (25.4%) $417,143 (17.4%) 0.00 78
    2023-08-01 $385,000 (32.8%) $422,664 (11.8%) 0.00 98
    2023-09-01 $380,000 (24.6%) $411,565 (9.3%) 0.00 116
    2023-10-01 $354,500 (11.1%) $393,926 (8.2%) 0.00 138
    2023-11-01 $349,950 (6.9%) $393,821 (3.8%) 0.00 143
    2023-12-01 $365,000 (19.7%) $406,875 (11.2%) 0.00 125
    2024-01-01 $388,500 (29.5%) $420,053 (16.3%) 0.00 99
    2024-02-01 $372,000 (18.6%) $401,102 (11.5%) 0.00 96
    2024-03-01 $380,000 (22.2%) $423,166 (20.7%) 0.00 75
    Lewiston's median listing price for 2024-03-01 was $380,000, a difference of $68,962 (22.2%) versus the prior year and $8,000 versus the prior month.

    Lewiston's median listing price comes in at 0% of the national average.

    Lewiston's average listing price for 2024-03-01 was $423,166, a difference of $72,639 (20.7%) versus the prior year and $22,064 versus the prior month.

    For the 2024-03-01 period, Lewiston had 75 MLS listings, a difference of -21 listings (-22%) versus the prior month and 25 listings (50%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lewiston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,664 sqft
    2018-02-01 0 days 1,661 sqft
    2018-03-01 0 days 1,700 sqft
    2018-04-01 0 days 1,680 sqft
    2018-05-01 0 days 1,677 sqft
    2018-06-01 0 days 1,678 sqft
    2018-07-01 0 days 1,691 sqft
    2018-08-01 0 days 1,727 sqft
    2018-09-01 0 days 1,687 sqft
    2018-10-01 0 days 1,706 sqft
    2018-11-01 0 days 1,712 sqft
    2018-12-01 0 days 1,677 sqft
    2019-01-01 0 days 1,643 sqft
    2019-02-01 0 days 1,623 sqft
    2019-03-01 0 days 1,666 sqft
    2019-04-01 0 days 1,686 sqft
    2019-05-01 0 days 1,705 sqft
    2019-06-01 0 days 1,720 sqft
    2019-07-01 0 days 1,713 sqft
    2019-08-01 0 days 1,690 sqft
    2019-09-01 0 days 1,675 sqft
    2019-10-01 0 days 1,687 sqft
    2019-11-01 0 days 1,715 sqft
    2019-12-01 0 days 1,671 sqft
    2020-01-01 0 days 1,679 sqft
    2020-02-01 0 days 1,677 sqft
    2020-03-01 0 days 1,656 sqft
    2020-04-01 0 days 1,672 sqft
    2020-05-01 0 days 1,642 sqft
    2020-06-01 0 days 1,641 sqft
    2020-07-01 0 days 1,654 sqft
    2020-08-01 0 days 1,632 sqft
    2020-09-01 0 days 1,632 sqft
    2020-10-01 0 days 1,665 sqft
    2020-11-01 0 days 1,634 sqft
    2020-12-01 0 days 1,690 sqft
    2021-01-01 0 days 1,695 sqft
    2021-02-01 0 days 1,663 sqft
    2021-03-01 0 days 1,675 sqft
    2021-04-01 0 days 1,698 sqft
    2021-05-01 0 days 1,680 sqft
    2021-06-01 0 days 1,584 sqft
    2021-07-01 0 days 1,682 sqft
    2021-08-01 0 days 1,601 sqft
    2021-09-01 0 days 1,651 sqft
    2021-10-01 0 days 1,632 sqft
    2021-11-01 0 days 1,645 sqft
    2021-12-01 0 days 1,585 sqft
    2022-01-01 0 days 1,658 sqft
    2022-02-01 0 days 1,793 sqft
    2022-03-01 0 days 1,795 sqft
    2022-04-01 0 days 1,794 sqft
    2022-05-01 0 days 1,831 sqft
    2022-06-01 0 days 1,840 sqft
    2022-07-01 0 days 1,801 sqft
    2022-08-01 0 days 1,746 sqft
    2022-09-01 0 days 1,816 sqft
    2022-10-01 0 days 1,804 sqft
    2022-11-01 0 days 1,778 sqft
    2022-12-01 0 days 1,733 sqft
    2023-01-01 0 days 1,742 sqft
    2023-02-01 0 days 1,729 sqft
    2023-03-01 0 days 1,671 sqft
    2023-04-01 0 days 1,787 sqft
    2023-05-01 0 days 1,846 sqft
    2023-06-01 0 days 1,791 sqft
    2023-07-01 0 days 1,760 sqft
    2023-08-01 0 days 1,733 sqft
    2023-09-01 0 days 1,712 sqft
    2023-10-01 0 days 1,658 sqft
    2023-11-01 0 days 1,661 sqft
    2023-12-01 0 days 1,653 sqft
    2024-01-01 0 days 1,663 sqft
    2024-02-01 0 days 1,661 sqft
    2024-03-01 0 days 1,768 sqft
    Lewiston's median listing age (time on market) for 2024-03-01 was 0 days.

    Lewiston's median square footage for active listings during the 2024-03-01 period was 1,768 sqft. One year prior, the average listing was 1,671 sqft.

    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).