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 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 0.13% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-06-14) was 6.83% and one month ago for the week of 2024-05-17, the average rate was 6.88%.

The average rate one year ago was 6.46%.

For refis of the same type during the week of 2024-06-21, the average rate was -0.1%.

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).