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 100 lenders originated 1,670 FHA loans during 2021. The total origination value was $466,820,000, with an average FHA loan value of $279,533.

    Manchester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Manchester averaged 0% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

    Manchester's average FHA mortgage closing costs are $7,792.

    The average rate for the prior week (2022-11-18) was 6.42% and one month ago for the week of 2022-10-21, the average rate was 6.73%.

    The average rate one year ago was 3.2%.

    For refis of the same type during the week of 2022-11-25, the average rate was -0.08%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 145 2.65% $7,614
    RESIDENTIAL MORTGAGE SERVICES, INC. 144 3.12% $8,729
    UNITED WHOLESALE MORTGAGE, LLC 94 2.66% $9,504
    LAKEVIEW LOAN SERVICING, LLC 71 2.92% $5,669
    FREEDOM MORTGAGE CORPORATION 62 2.70% $5,874
    CMG MORTGAGE, INC. 61 2.96% $8,831
    CROSSCOUNTRY MORTGAGE, LLC 58 3.15% $9,777
    HARBORONE MORTGAGE, LLC 49 3.19% $8,865
    Mr. Cooper ( Nationstar Mortgage ) 46 3.16% $4,801
    PENNYMAC LOAN SERVICES, LLC 42 3.01% $5,876
    NEWREZ LLC 37 2.83% $7,091
    MOVEMENT MORTGAGE, LLC 35 3.10% $8,422
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 3.26% $8,787
    CALIBER HOME LOANS, INC. 30 2.70% $7,905
    HOMEBRIDGE FINANCIAL SERVICES, INC. 27 2.69% $6,587
    EMBRACE HOME LOANS, INC. 25 3.21% $8,340
    GUILD MORTGAGE COMPANY 20 3.46% $9,631
    LEADERONE FINANCIAL CORPORATION 19 3.04% $10,405
    MORTGAGE EQUITY PARTNERS LLC 19 3.07% $10,014
    GUARANTEED RATE, INC. 18 3.10% $9,037
    LOANDEPOT.COM, LLC 17 2.82% $9,679
    NORTHPOINT MORTGAGE, INC. 16 3.09% $9,630
    NEW FED MORTGAGE, CORP. 16 2.88% $9,733
    TOTAL MORTGAGE SERVICES, LLC 15 3.16% $11,006
    BROKER SOLUTIONS, INC. 14 2.91% $9,191
    PRIMELENDING, A PLAINSCAPITAL COMPANY 13 3.15% $11,139
    Equity Prime Mortgage LLC 12 3.25% $9,522
    HOME POINT FINANCIAL CORPORATION 12 2.80% $8,971
    Mortgage Network, Inc. 10 3.04% $9,609
    Carrington Mortgage Services, LLC 10 3.56% $10,491
    BAY EQUITY LLC 10 3.13% $9,236
    RADIUS FINANCIAL GROUP INC. 9 3.10% $8,729
    ENVOY MORTGAGE, LTD 9 3.28% $9,358
    AMERISAVE MORTGAGE CORPORATION 9 2.74% $9,182
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 3.12% $9,866
    First Guaranty Mortgage Corporation 8 2.84% $10,581
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 3.59% $9,526
    AmeriHome Mortgage Company, LLC 7 2.70% $5,620
    The Federal Savings Bank 6 2.58% $13,403
    Sierra Pacific Mortgage Company, Inc. 6 3.33% $9,189
    RELIANCE FIRST CAPITAL, LLC 6 2.46% $13,606
    EMM LOANS LLC 6 3.19% $10,804
    Mortgage Research Center, LLC 5 3.30% $4,199
    Century Mortgage Company DBA Century Lending Company 5 2.88% $8,521
    Evolve Bank & Trust 5 2.75% $9,356
    Waterstone Mortgage Corporation 5 3.28% $9,726
    MUTUAL OF OMAHA MORTGAGE, INC. 5 2.95% $9,393
    DRAPER AND KRAMER MORTGAGE CORP. 5 3.40% $7,791
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.47% $11,917
    ARC HOME LLC 4 2.84% $9,028
    Envision Bank 4 2.91% $8,617
    Flagstar Bank, FSB 4 2.59% $7,604
    LENDUS, LLC 3 2.33% $6,665
    Ross Mortgage Company, Inc. 3 3.04% $8,282
    KELLER MORTGAGE, LLC 3 2.75% $6,108
    Nations Lending Corporation 3 2.75% $10,081
    Bank of England 3 3.17% $11,313
    Citizens Bank 3 2.92% $6,207
    VILLAGE CAPITAL MORTGAGE 3 3.21% $4,404
    Wyndham Capital Mortgage, Inc. 2 2.94% $6,957
    EVERETT FINANCIAL, INC. 2 3.88% $6,253
    AMERICAN FINANCING CORPORATION 2 2.81% $6,895
    PHH Mortgage Corporation 2 3.50% $7,993
    Wells Fargo Bank 2 3.75% $7,120
    OCMBC, INC. 2 3.43% $16,838
    Bangor Savings Bank 2 3.75% $8,354
    SALEM FIVE MORTGAGE COMPANY, LLC 2 2.94% $10,181
    Santander Bank, N.A. 2 2.50% $8,947
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.00% $8,262
    SOVEREIGN LENDING GROUP INCORPORATED 2 2.75% $11,934
    PLANET HOME LENDING, LLC 2 2.44% $5,323
    Republic State Mortgage Co. 1 3.25% $9,282
    CHURCHILL MORTGAGE CORPORATION 1 2.25% $6,055
    Rockland Trust Company 1 2.63% $9,708
    ST. MARY'S BANK 1 2.25% $6,926
    Strong Home Mortgage, LLC 1 3.25% $6,686
    The Central Trust Bank 1 2.38% $9,138
    The Huntington National Bank 1 2.63% $13,009
    Bank of America 1 2.50% $3,045
    MID-ISLAND MORTGAGE CORP. 1 3.63% $7,747
    U.S. Bank 1 2.75% $8,450
    UNITED MORTGAGE CORP. 1 2.38% $8,163
    Leader Bank 1 2.50% $10,031
    LAND HOME FINANCIAL SERVICES, INC. 1 3.50% $10,157
    MSA MORTGAGE, LLC 1 2.75% $8,960
    JPMorgan Chase Bank 1 3.49% $0
    NBT Bank 1 2.75% $8,364
    HUNT MORTGAGE CORPORATION 1 2.88% $10,275
    HOMESPIRE MORTGAGE CORPORATION 1 3.63% $9,693
    HOMESIDE FINANCIAL, LLC 1 3.13% $8,153
    NORWICH COMMERCIAL GROUP, INC. 1 4.13% $6,477
    NP, Inc. 1 3.00% $11,253
    Paramount Residential Mortgage Group, Inc. 1 3.13% $7,829
    PARKSIDE LENDING, LLC 1 2.50% $10,329
    Home Loan Investment Bank, F.S.B. 1 3.50% $12,444
    Plains Commerce Bank 1 2.63% $11,205
    GUARANTEED RATE AFFINITY, LLC 1 2.75% $7,688
    FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $7,250
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 3.00% $12,017
    DREW MORTGAGE ASSOCIATES, INC. 1 3.25% $10,675

    The top Manchester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 145 FHA loans originated. Their average total fees are $7,614, which is $1,115 lower than the next largest lender, RESIDENTIAL MORTGAGE SERVICES, INC..

    The lowest fee Manchester FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,801), LAKEVIEW LOAN SERVICING, LLC ($5,669), FREEDOM MORTGAGE CORPORATION ($5,874), PENNYMAC LOAN SERVICES, LLC ($5,876) and HOMEBRIDGE FINANCIAL SERVICES, INC. ($6,587).

    The lowest rate Manchester FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.65%), UNITED WHOLESALE MORTGAGE, LLC (2.66%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.69%), CALIBER HOME LOANS, INC. (2.70%) and FREEDOM MORTGAGE CORPORATION (2.70%).

    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

    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%) $384,375 (0.9%) 1.23 751
    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 $363,971 (4.0%) $421,742 (6.3%) 1.19 725
    2019-04-01 $365,221 (4.5%) $429,310 (8.3%) 1.16 768
    2019-05-01 $365,000 (4.5%) $429,755 (6.7%) 1.14 871
    2019-06-01 $362,900 (6.8%) $429,716 (7.4%) 1.13 925
    2019-07-01 $364,975 (7.5%) $428,886 (7.7%) 1.14 1,006
    2019-08-01 $360,486 (7.6%) $421,797 (7.4%) 1.14 999
    2019-09-01 $353,716 (4.4%) $411,482 (5.2%) 1.13 989
    2019-10-01 $349,900 (3.7%) $408,781 (3.8%) 1.13 983
    2019-11-01 $354,900 (6.0%) $418,342 (6.9%) 1.16 893
    2019-12-01 $361,300 (4.1%) $426,907 (8.6%) 1.20 712
    2020-01-01 $367,475 (5.2%) $429,243 (8.3%) 1.23 603
    2020-02-01 $378,400 (5.5%) $442,533 (9.8%) 1.24 537
    2020-03-01 $383,450 (5.4%) $444,442 (5.4%) 1.20 585
    2020-04-01 $386,750 (5.9%) $444,361 (3.5%) 1.21 606
    2020-05-01 $397,575 (8.9%) $454,781 (5.8%) 1.21 604
    2020-06-01 $394,900 (8.8%) $468,118 (8.9%) 1.16 618
    2020-07-01 $407,200 (11.6%) $487,438 (13.7%) 1.18 521
    2020-08-01 $399,900 (10.9%) $478,852 (13.5%) 1.15 516
    2020-09-01 $374,950 (6.0%) $459,052 (11.6%) 1.07 542
    2020-10-01 $375,000 (7.2%) $458,687 (12.2%) 1.07 500
    2020-11-01 $383,425 (8.0%) $478,311 (14.3%) 1.12 399
    2020-12-01 $398,675 (10.3%) $489,229 (14.6%) 1.18 307
    2021-01-01 $399,900 (8.8%) $519,989 (21.1%) 1.19 236
    2021-02-01 $399,900 (5.7%) $511,882 (15.7%) 1.16 221
    2021-03-01 $394,950 (3.0%) $506,117 (13.9%) 1.12 261
    2021-04-01 $399,900 (3.4%) $503,159 (13.2%) 1.08 272
    2021-05-01 $409,000 (2.9%) $512,179 (12.6%) 1.08 289
    2021-06-01 $407,450 (3.2%) $493,123 (5.3%) 1.07 386
    2021-07-01 $406,950 (-0.1%) $468,796 (-3.8%) 1.07 430
    2021-08-01 $400,000 (0.0%) $478,789 (0.0%) 1.07 435
    2021-09-01 $416,225 (11.0%) $496,298 (8.1%) 1.11 442
    2021-10-01 $419,000 (11.7%) $496,296 (8.2%) 1.12 398
    2021-11-01 $413,650 (7.9%) $487,838 (2.0%) 1.10 299
    2021-12-01 $437,450 (9.7%) $521,254 (6.6%) 1.19 197
    2022-01-01 $449,900 (12.5%) $549,832 (5.7%) 1.22 176
    2022-02-01 $445,000 (11.3%) $562,739 (9.9%) 1.16 166
    2022-03-01 $457,450 (15.8%) $566,125 (11.9%) 1.15 170
    2022-04-01 $442,500 (10.7%) $536,514 (6.6%) 1.06 244
    2022-05-01 $444,500 (8.7%) $531,731 (3.8%) 1.02 316
    2022-06-01 $479,725 (17.7%) $559,590 (13.5%) 1.07 393
    2022-07-01 $499,000 (22.6%) $590,993 (26.1%) 1.13 417
    2022-08-01 $483,750 (20.9%) $591,607 (23.6%) 1.12 420
    2022-09-01 $487,400 (17.1%) $607,819 (22.5%) 1.14 405
    2022-10-01 $495,000 (18.1%) $615,961 (24.1%) 1.16 407
    Manchester's median listing price for 2022-10-01 was $495,000, a difference of $76,000 (18.1%) versus the prior year and $7,600 versus the prior month.

    Manchester's median listing price comes in at 116% of the national average.

    Manchester's average listing price for 2022-10-01 was $615,961, a difference of $119,665 (24.1%) versus the prior year and $8,142 versus the prior month.

    For the 2022-10-01 period, Manchester had 407 MLS listings, a difference of 2 listings (0%) versus the prior month and 9 listings (2%) 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 59 days 2,097 sqft
    2019-04-01 41 days 2,124 sqft
    2019-05-01 36 days 2,135 sqft
    2019-06-01 37 days 2,133 sqft
    2019-07-01 43 days 2,186 sqft
    2019-08-01 46 days 2,145 sqft
    2019-09-01 49 days 2,086 sqft
    2019-10-01 52 days 2,039 sqft
    2019-11-01 61 days 2,016 sqft
    2019-12-01 73 days 2,043 sqft
    2020-01-01 80 days 2,015 sqft
    2020-02-01 71 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 43 days 2,133 sqft
    2020-08-01 33 days 2,079 sqft
    2020-09-01 27 days 1,946 sqft
    2020-10-01 31 days 1,954 sqft
    2020-11-01 41 days 1,937 sqft
    2020-12-01 51 days 1,931 sqft
    2021-01-01 53 days 1,912 sqft
    2021-02-01 30 days 1,869 sqft
    2021-03-01 10 days 1,914 sqft
    2021-04-01 10 days 1,966 sqft
    2021-05-01 9 days 2,007 sqft
    2021-06-01 11 days 1,955 sqft
    2021-07-01 16 days 1,958 sqft
    2021-08-01 19 days 1,893 sqft
    2021-09-01 20 days 1,939 sqft
    2021-10-01 24 days 1,930 sqft
    2021-11-01 29 days 1,856 sqft
    2021-12-01 37 days 1,918 sqft
    2022-01-01 33 days 1,824 sqft
    2022-02-01 13 days 1,902 sqft
    2022-03-01 9 days 1,959 sqft
    2022-04-01 8 days 1,966 sqft
    2022-05-01 10 days 1,978 sqft
    2022-06-01 11 days 1,991 sqft
    2022-07-01 18 days 2,100 sqft
    2022-08-01 25 days 2,043 sqft
    2022-09-01 30 days 2,079 sqft
    2022-10-01 27 days 2,106 sqft
    Manchester's median listing age (time on market) for 2022-10-01 was 27 days. This is 13% longer than the same period one year ago.

    Manchester's median square footage for active listings during the 2022-10-01 period was 2,106 sqft. One year prior, the average listing was 1,930 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).