Lewiston FHA Loan Rates, Closing Costs & Stats

LEWISTON-AUBURN, ME

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 62 lenders originated 463 FHA loans during 2022. The total origination value was $107,285,000, with an average FHA loan value of $231,717.

Lewiston FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lewiston averaged 6.51% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Lewiston's average FHA mortgage closing costs are $6,857.

The average rate for the prior week (2024-02-23) was 6.4% and one month ago for the week of 2024-01-26, the average rate was 6.1%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.37%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
GUILD MORTGAGE COMPANY 66 5.02% $8,586
UNITED WHOLESALE MORTGAGE, LLC 52 5.01% $9,558
T2 FINANCIAL LLC 39 5.46% $15,463
DAS Acquisition Company, LLC 38 4.71% $8,245
QUICKEN LOANS, LLC 37 4.55% $9,381
CMG MORTGAGE, INC. 21 5.58% $9,511
LOANDEPOT.COM, LLC 17 4.75% $10,346
PENNYMAC LOAN SERVICES, LLC 9 4.50% $9,145
Mr. Cooper ( Nationstar Mortgage ) 8 4.14% $9,561
Equity Prime Mortgage LLC 8 6.02% $8,699
MEGASTAR FINANCIAL CORP. 7 4.25% $9,291
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 7 5.59% $11,240
LEADERONE FINANCIAL CORPORATION 6 5.88% $10,814
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 4.92% $8,941
Bangor Savings Bank 6 4.23% $7,035
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 5.03% $10,709
LAKEVIEW LOAN SERVICING, LLC 5 3.80% $7,416
CROSSCOUNTRY MORTGAGE, LLC 5 5.60% $12,145
EMBRACE HOME LOANS, INC. 5 4.87% $8,832
INTEGRITY MORTGAGE LLC 5 4.88% $7,625
FREEDOM MORTGAGE CORPORATION 4 4.91% $8,424
TOTAL MORTGAGE SERVICES, LLC 4 5.16% $10,666
Carrington Mortgage Services, LLC 3 5.00% $12,622
ACADEMY MORTGAGE CORPORATION 3 4.54% $9,887
AMERISAVE MORTGAGE CORPORATION 3 4.88% $10,179
NORTHPOINT MORTGAGE, INC. 3 4.58% $11,973
CALIBER HOME LOANS, INC. 3 3.92% $8,723
MUTUAL OF OMAHA MORTGAGE, INC. 2 4.75% $16,695
Androscoggin Savings Bank 2 4.69% $7,917
Citizens Bank 2 3.88% $7,606
ENVOY MORTGAGE, LTD 2 6.13% $11,234
Flagstar Bank, FSB 2 5.48% $12,908
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.94% $8,264
KeyBank 2 3.63% $7,225
Mortgage Research Center, LLC 2 4.50% $6,677
NEWREZ LLC 2 3.75% $6,807
NORTHERN MORTGAGE SERVICES, LLC 2 5.50% $9,136
The Camden National Bank 2 4.50% $8,049
The Federal Savings Bank 2 3.94% $12,445
Nations Lending Corporation 1 5.75% $9,073
NBH Bank 1 5.75% $5,066
AMERICAN FINANCIAL RESOURCES, INC. 1 5.63% $7,085
NFM, INC. 1 6.75% $12,633
VILLAGE CAPITAL MORTGAGE 1 3.38% $11,517
GUARANTEED RATE AFFINITY, LLC 1 6.13% $8,012
NORWICH COMMERCIAL GROUP, INC. 1 5.25% $13,093
First Guaranty Mortgage Corporation 1 4.63% $7,971
PLAZA HOME MORTGAGE, INC. 1 5.13% $9,233
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $15,252
BNC National Bank 1 5.13% $8,326
RELIANCE FIRST CAPITAL, LLC 1 2.88% $8,952
RESIDENTIAL BANCORP 1 3.25% $8,956
BETTER MORTGAGE CORPORATION 1 3.50% $8,672
Texana Bank 1 3.25% $6,558
Wyndham Capital Mortgage, Inc. 1 5.38% $10,628
ZILLOW HOME LOANS, LLC 1 2.88% $10,357
Barrington Bank & Trust Company, N.A. 1 5.75% $14,358
Mortgage Network, Inc. 1 6.63% $8,828
UNITED MORTGAGE CORP 1 4.63% $8,273
MOVEMENT MORTGAGE, LLC 1 5.75% $8,858
LIBERTY HOME MORTGAGE CORPORATION 1 4.13% $14,006
HARBORONE MORTGAGE, LLC 1 4.99% $6,443

The top Lewiston FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 66 FHA loans originated. Their average total fees are $8,586, which is $971 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 ($8,245), GUILD MORTGAGE COMPANY ($8,586), QUICKEN LOANS, LLC ($9,381), CMG MORTGAGE, INC. ($9,511) and UNITED WHOLESALE MORTGAGE, LLC ($9,558).

The lowest rate Lewiston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.55%), DAS Acquisition Company, LLC (4.71%), LOANDEPOT.COM, LLC (4.75%), UNITED WHOLESALE MORTGAGE, LLC (5.01%) and GUILD MORTGAGE COMPANY (5.02%).

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
Lewiston's median listing price for 2024-01-01 was $388,500, a difference of $88,550 (29.5%) versus the prior year and $23,500 versus the prior month.

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

Lewiston's average listing price for 2024-01-01 was $420,053, a difference of $58,779 (16.3%) versus the prior year and $13,178 versus the prior month.

For the 2024-01-01 period, Lewiston had 99 MLS listings, a difference of -26 listings (-21%) versus the prior month and 26 listings (36%) 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
Lewiston's median listing age (time on market) for 2024-01-01 was 0 days.

Lewiston's median square footage for active listings during the 2024-01-01 period was 1,663 sqft. One year prior, the average listing was 1,742 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).