Manchester FHA Loan Rates, Closing Costs & Stats

MANCHESTER-NASHUA, NH

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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.

    Manchester's 88 lenders originated 844 FHA loans during 2022. The total origination value was $270,690,000, with an average FHA loan value of $320,723.

    Manchester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Manchester averaged 6.11% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Manchester's average FHA mortgage closing costs are $8,288.

    The average rate for the prior week (2023-05-19) was 6.08% and one month ago for the week of 2023-04-21, the average rate was 5.92%.

    The average rate one year ago was 5.14%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.04%.

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

    Manchester 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 Manchester level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 80 4.91% $11,205
    GUILD MORTGAGE COMPANY 72 5.31% $10,643
    QUICKEN LOANS, LLC 64 4.60% $12,946
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 35 5.61% $10,592
    CROSSCOUNTRY MORTGAGE, LLC 33 5.10% $13,320
    CMG MORTGAGE, INC. 26 5.52% $11,103
    AMERISAVE MORTGAGE CORPORATION 23 4.52% $13,252
    FREEDOM MORTGAGE CORPORATION 23 4.63% $13,331
    LOANDEPOT.COM, LLC 22 4.83% $11,756
    EMM LOANS LLC 21 5.14% $11,745
    MOVEMENT MORTGAGE, LLC 21 4.82% $10,343
    Mr. Cooper ( Nationstar Mortgage ) 19 4.53% $15,707
    LAKEVIEW LOAN SERVICING, LLC 18 3.80% $6,515
    HARBORONE MORTGAGE, LLC 17 5.07% $11,156
    EMBRACE HOME LOANS, INC. 16 5.36% $10,828
    PENNYMAC LOAN SERVICES, LLC 15 4.01% $10,408
    American Mortgage & Equity Consultants, Inc. 15 5.60% $12,894
    TOTAL MORTGAGE SERVICES, LLC 13 5.35% $11,900
    NORTHPOINT MORTGAGE, INC. 12 5.38% $10,563
    GUARANTEED RATE, INC. 11 4.75% $11,261
    CALIBER HOME LOANS, INC. 11 4.36% $9,342
    NEW FED MORTGAGE, CORP. 10 5.23% $11,349
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 5.27% $14,615
    Sierra Pacific Mortgage Company, Inc. 8 5.47% $16,308
    NEWREZ LLC 8 5.06% $12,730
    RADIUS FINANCIAL GROUP INC. 7 4.80% $10,407
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 5.14% $13,643
    Carrington Mortgage Services, LLC 7 4.89% $15,893
    CARDINAL FINANCIAL 6 5.10% $12,813
    BROKER SOLUTIONS, INC. 6 4.17% $12,950
    BAY EQUITY LLC 6 5.35% $11,752
    Equity Prime Mortgage LLC 6 5.58% $14,814
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 5.15% $13,951
    MUTUAL OF OMAHA MORTGAGE, INC. 6 4.83% $16,178
    HOME POINT FINANCIAL CORPORATION 6 4.54% $11,269
    FIRST MORTGAGE COMPANY, INC. 5 4.32% $12,667
    ENVOY MORTGAGE, LTD 5 4.55% $13,602
    MORTGAGE EQUITY PARTNERS LLC 5 4.78% $13,248
    DRAPER AND KRAMER MORTGAGE CORP. 5 5.50% $12,433
    LEADERONE FINANCIAL CORPORATION 4 5.25% $12,545
    EVERETT FINANCIAL, INC. 4 4.59% $7,654
    Mortgage Network, Inc. 4 4.69% $9,784
    SALEM FIVE MORTGAGE COMPANY, LLC 4 4.91% $11,164
    Ross Mortgage Company, Inc. 3 4.79% $12,797
    GUARANTEED RATE AFFINITY, LLC 3 5.13% $9,840
    Home Loan Investment Bank, F.S.B. 3 4.00% $11,593
    HOMESIDE FINANCIAL, LLC 3 4.37% $21,150
    Century Mortgage Company DBA Century Lending Company 3 4.54% $17,382
    The Federal Savings Bank 3 4.42% $18,754
    AMERICAN FINANCING CORPORATION 2 4.13% $12,476
    Mortgage Research Center, LLC 2 5.25% $7,343
    Waterstone Mortgage Corporation 2 5.13% $11,342
    Paramount Residential Mortgage Group, Inc. 2 4.19% $12,829
    Leader Bank 2 4.81% $11,792
    Nations Lending Corporation 2 4.75% $9,795
    First Guaranty Mortgage Corporation 2 4.31% $14,410
    SUCCESS MORTGAGE PARTNERS, INC. 2 7.06% $12,845
    Wyndham Capital Mortgage, Inc. 2 4.94% $9,096
    Bangor Savings Bank 2 5.56% $9,198
    PNC Bank 1 5.38% $12,133
    POLARIS HOME FUNDING CORP. 1 6.63% $13,415
    CONTOUR MORTGAGE CORPORATION 1 3.50% $10,699
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $11,363
    RELIANCE FIRST CAPITAL, LLC 1 5.00% $17,084
    Republic State Mortgage Co. 1 4.50% $25,800
    ZILLOW HOME LOANS, LLC 1 2.88% $14,287
    Shamrock Home Loans, Inc. 1 5.25% $13,773
    Bank of England 1 5.63% $11,678
    TD Bank 1 5.88% $7,066
    The Camden National Bank 1 4.75% $10,091
    VILLAGE CAPITAL MORTGAGE 1 5.38% $14,373
    Lakeview Community Capital, LLC 1 5.00% $12,506
    INTEGRITY MORTGAGE LLC 1 3.50% $15,843
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $9,649
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 5.75% $12,689
    Mortgage Assurance Inc. 1 2.75% $10,705
    GENEVA FINANCIAL, LLC 1 5.63% $11,759
    M&T Bank 1 4.63% $11,157
    First Home Bank 1 3.50% $11,772
    MYCUMORTGAGE, LLC 1 5.63% $9,748
    NBKC BANK 1 6.13% $7,908
    NEW DAY FINANCIAL, LLC 1 7.50% $10,614
    FINANCE OF AMERICA MORTGAGE LLC 1 4.25% $9,218
    Evolve Bank & Trust 1 4.25% $16,352
    NORWICH COMMERCIAL GROUP, INC. 1 4.75% $15,446
    Envision Bank 1 5.25% $8,317
    Plains Commerce Bank 1 5.50% $21,990
    PLANET HOME LENDING, LLC 1 3.75% $8,811

    The top Manchester FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 80 FHA loans originated. Their average total fees are $11,205, which is $562 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Manchester FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,515), CALIBER HOME LOANS, INC. ($9,342), MOVEMENT MORTGAGE, LLC ($10,343), PENNYMAC LOAN SERVICES, LLC ($10,408) and NORTHPOINT MORTGAGE, INC. ($10,563).

    The lowest rate Manchester FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.80%), PENNYMAC LOAN SERVICES, LLC (4.01%), CALIBER HOME LOANS, INC. (4.36%), AMERISAVE MORTGAGE CORPORATION (4.52%) and Mr. Cooper ( Nationstar Mortgage ) (4.53%).

    Manchester FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MANCHESTER-NASHUA, NH HILLSBOROUGH 2022 $430,100 $550,600 $665,550 $827,100
    MANCHESTER-NASHUA, NH HILLSBOROUGH 2023 $477,250 $610,950 $738,500 $917,800

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Manchester (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 $329,475 (-0.1%) $373,011 (-1.6%) 1.22 816
    2018-02-01 $339,884 (2.2%) $384,378 (0.9%) 1.24 751
    2018-03-01 $349,900 (3.1%) $396,644 (0.9%) 1.23 757
    2018-04-01 $349,450 (3.9%) $396,393 (0.7%) 1.18 834
    2018-05-01 $349,450 (2.8%) $402,869 (2.7%) 1.17 940
    2018-06-01 $339,900 (-0.4%) $400,232 (1.3%) 1.13 1,060
    2018-07-01 $339,418 (-0.1%) $398,231 (1.5%) 1.13 1,143
    2018-08-01 $334,913 (1.5%) $392,808 (3.4%) 1.12 1,162
    2018-09-01 $338,900 (2.7%) $391,182 (-0.5%) 1.14 1,207
    2018-10-01 $337,450 (2.4%) $394,024 (2.7%) 1.14 1,181
    2018-11-01 $334,900 (2.0%) $391,246 (4.7%) 1.14 1,102
    2018-12-01 $347,000 (6.8%) $393,217 (5.3%) 1.20 932
    2019-01-01 $349,450 (6.1%) $396,223 (6.2%) 1.21 775
    2019-02-01 $358,588 (5.5%) $403,041 (4.9%) 1.21 690
    2019-03-01 $359,900 (2.9%) $420,796 (6.1%) 1.20 718
    2019-04-01 $365,200 (4.5%) $428,875 (8.2%) 1.16 763
    2019-05-01 $365,225 (4.5%) $429,983 (6.7%) 1.14 867
    2019-06-01 $362,900 (6.8%) $429,854 (7.4%) 1.13 921
    2019-07-01 $364,950 (7.5%) $429,049 (7.7%) 1.14 1,002
    2019-08-01 $374,900 (11.9%) $440,365 (12.1%) 1.18 985
    2019-09-01 $375,900 (10.9%) $441,589 (12.9%) 1.19 875
    2019-10-01 $348,425 (3.3%) $407,723 (3.5%) 1.12 978
    2019-11-01 $354,900 (6.0%) $418,485 (7.0%) 1.16 889
    2019-12-01 $360,575 (3.9%) $427,109 (8.6%) 1.20 708
    2020-01-01 $367,450 (5.2%) $429,513 (8.4%) 1.23 599
    2020-02-01 $378,400 (5.5%) $442,929 (9.9%) 1.24 533
    2020-03-01 $382,450 (6.3%) $444,803 (5.7%) 1.20 581
    2020-04-01 $386,400 (5.8%) $444,723 (3.7%) 1.21 602
    2020-05-01 $397,575 (8.9%) $455,212 (5.9%) 1.21 600
    2020-06-01 $394,900 (8.8%) $468,574 (9.0%) 1.16 614
    2020-07-01 $407,700 (11.7%) $488,094 (13.8%) 1.18 517
    2020-08-01 $399,900 (6.7%) $479,443 (8.9%) 1.15 512
    2020-09-01 $374,950 (-0.3%) $459,523 (4.1%) 1.07 538
    2020-10-01 $375,000 (7.6%) $459,144 (12.6%) 1.07 496
    2020-11-01 $382,400 (7.8%) $479,054 (14.5%) 1.12 395
    2020-12-01 $398,675 (10.6%) $490,261 (14.8%) 1.19 303
    2021-01-01 $399,900 (8.8%) $521,652 (21.5%) 1.19 232
    2021-02-01 $399,900 (5.7%) $513,704 (16.0%) 1.16 217
    2021-03-01 $394,950 (3.3%) $507,609 (14.1%) 1.12 257
    2021-04-01 $399,900 (3.5%) $504,434 (13.4%) 1.08 268
    2021-05-01 $409,900 (3.1%) $513,562 (12.8%) 1.09 285
    2021-06-01 $407,450 (3.2%) $493,617 (5.3%) 1.07 383
    2021-07-01 $409,000 (0.3%) $469,670 (-3.8%) 1.08 427
    2021-08-01 $402,250 (0.6%) $479,480 (0.0%) 1.07 431
    2021-09-01 $417,625 (11.4%) $497,100 (8.2%) 1.11 438
    2021-10-01 $419,900 (12.0%) $497,195 (8.3%) 1.12 394
    2021-11-01 $414,950 (8.5%) $488,845 (2.0%) 1.11 295
    2021-12-01 $441,975 (10.9%) $523,511 (6.8%) 1.20 193
    2022-01-01 $449,950 (12.5%) $552,742 (6.0%) 1.22 172
    2022-02-01 $445,000 (11.3%) $565,309 (10.1%) 1.16 161
    2022-03-01 $459,250 (16.3%) $569,134 (12.1%) 1.15 166
    2022-04-01 $447,450 (11.9%) $538,412 (6.7%) 1.07 240
    2022-05-01 $444,500 (8.4%) $533,170 (3.8%) 1.02 312
    2022-06-01 $479,950 (17.8%) $561,137 (13.7%) 1.07 389
    2022-07-01 $499,000 (22.0%) $592,693 (26.2%) 1.13 413
    2022-08-01 $486,600 (21.0%) $593,163 (23.7%) 1.12 416
    2022-09-01 $492,225 (17.9%) $609,673 (22.7%) 1.15 402
    2022-10-01 $499,000 (18.8%) $617,960 (24.3%) 1.17 404
    2022-11-01 $492,000 (18.6%) $611,960 (25.2%) 1.18 398
    2022-12-01 $499,000 (12.9%) $621,820 (18.8%) 1.23 304
    2023-01-01 $541,950 (20.5%) $637,312 (15.3%) 1.34 254
    2023-02-01 $562,200 (26.3%) $657,536 (16.3%) 1.36 226
    2023-03-01 $549,900 (19.7%) $648,732 (14.0%) 1.30 234
    2023-04-01 $532,500 (19.0%) $645,466 (19.9%) 1.24 248
    Manchester's median listing price for 2023-04-01 was $532,500, a difference of $85,050 (19.0%) versus the prior year and $-17,400 versus the prior month.

    Manchester's median listing price comes in at 124% of the national average.

    Manchester's average listing price for 2023-04-01 was $645,466, a difference of $107,054 (19.9%) versus the prior year and $-3,266 versus the prior month.

    For the 2023-04-01 period, Manchester had 248 MLS listings, a difference of 14 listings (6%) versus the prior month and 8 listings (3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Manchester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 90 days 1,925 sqft
    2018-02-01 86 days 1,972 sqft
    2018-03-01 56 days 2,050 sqft
    2018-04-01 44 days 2,073 sqft
    2018-05-01 40 days 2,109 sqft
    2018-06-01 42 days 2,099 sqft
    2018-07-01 46 days 2,094 sqft
    2018-08-01 52 days 2,066 sqft
    2018-09-01 55 days 2,070 sqft
    2018-10-01 57 days 2,107 sqft
    2018-11-01 63 days 2,080 sqft
    2018-12-01 79 days 2,075 sqft
    2019-01-01 85 days 2,013 sqft
    2019-02-01 84 days 2,045 sqft
    2019-03-01 54 days 2,092 sqft
    2019-04-01 41 days 2,124 sqft
    2019-05-01 36 days 2,137 sqft
    2019-06-01 37 days 2,135 sqft
    2019-07-01 43 days 2,191 sqft
    2019-08-01 54 days 2,237 sqft
    2019-09-01 67 days 2,213 sqft
    2019-10-01 53 days 2,042 sqft
    2019-11-01 60 days 2,016 sqft
    2019-12-01 72 days 2,043 sqft
    2020-01-01 80 days 2,015 sqft
    2020-02-01 68 days 2,016 sqft
    2020-03-01 38 days 2,036 sqft
    2020-04-01 43 days 2,037 sqft
    2020-05-01 52 days 2,063 sqft
    2020-06-01 38 days 2,082 sqft
    2020-07-01 42 days 2,133 sqft
    2020-08-01 33 days 2,079 sqft
    2020-09-01 27 days 1,935 sqft
    2020-10-01 31 days 1,954 sqft
    2020-11-01 40 days 1,931 sqft
    2020-12-01 51 days 1,925 sqft
    2021-01-01 49 days 1,895 sqft
    2021-02-01 29 days 1,866 sqft
    2021-03-01 10 days 1,907 sqft
    2021-04-01 10 days 1,956 sqft
    2021-05-01 9 days 1,998 sqft
    2021-06-01 11 days 1,947 sqft
    2021-07-01 16 days 1,956 sqft
    2021-08-01 19 days 1,891 sqft
    2021-09-01 19 days 1,937 sqft
    2021-10-01 24 days 1,921 sqft
    2021-11-01 28 days 1,854 sqft
    2021-12-01 36 days 1,908 sqft
    2022-01-01 32 days 1,816 sqft
    2022-02-01 11 days 1,898 sqft
    2022-03-01 9 days 1,955 sqft
    2022-04-01 8 days 1,956 sqft
    2022-05-01 9 days 1,976 sqft
    2022-06-01 11 days 1,988 sqft
    2022-07-01 18 days 2,100 sqft
    2022-08-01 25 days 2,043 sqft
    2022-09-01 30 days 2,081 sqft
    2022-10-01 27 days 2,106 sqft
    2022-11-01 33 days 2,075 sqft
    2022-12-01 43 days 2,044 sqft
    2023-01-01 45 days 2,088 sqft
    2023-02-01 39 days 2,020 sqft
    2023-03-01 31 days 2,023 sqft
    2023-04-01 18 days 2,004 sqft
    Manchester's median listing age (time on market) for 2023-04-01 was 18 days. This is 125% longer than the same period one year ago.

    Manchester's median square footage for active listings during the 2023-04-01 period was 2,004 sqft. One year prior, the average listing was 1,956 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).