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 6.66% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.23% and one month ago for the week of 2024-10-04, the average rate was 5.95%.

    The average rate one year ago was 7.3%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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

    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).