Manchester FHA Loans

MANCHESTER-NASHUA, NH

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 5.16% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.19% and one month ago for the week of 2022-04-08, the average rate was 4.76%.

The average rate one year ago was 2.86%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.28%.

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 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. Total Fees
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 & INVESTMENT LLC 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 $333,900 (1.2%) $375,109 (-1.8%) 1.23 901
2018-02-01 $340,950 (1.3%) $384,908 (0.3%) 1.23 824
2018-03-01 $349,900 (2.6%) $397,429 (0.6%) 1.21 832
2018-04-01 $348,900 (2.7%) $395,297 (-0.1%) 1.17 916
2018-05-01 $349,950 (2.6%) $404,079 (2.5%) 1.17 1,027
2018-06-01 $342,900 (-0.6%) $400,388 (0.4%) 1.14 1,154
2018-07-01 $339,900 (-0.6%) $400,942 (1.6%) 1.13 1,251
2018-08-01 $339,900 (1.5%) $394,692 (2.8%) 1.14 1,276
2018-09-01 $339,900 (1.5%) $392,321 (-1.0%) 1.14 1,319
2018-10-01 $341,950 (3.7%) $396,635 (2.9%) 1.14 1,278
2018-11-01 $341,900 (2.7%) $395,922 (5.2%) 1.15 1,195
2018-12-01 $349,900 (5.1%) $394,644 (5.1%) 1.20 1,002
2019-01-01 $349,900 (4.8%) $395,623 (5.5%) 1.21 840
2019-02-01 $358,900 (5.3%) $401,993 (4.4%) 1.20 747
2019-03-01 $365,043 (4.3%) $421,662 (6.1%) 1.19 782
2019-04-01 $368,900 (5.7%) $429,811 (8.7%) 1.16 831
2019-05-01 $369,900 (5.7%) $432,031 (6.9%) 1.14 946
2019-06-01 $370,900 (8.2%) $434,956 (8.6%) 1.14 999
2019-07-01 $369,550 (8.7%) $432,509 (7.9%) 1.15 1,087
2019-08-01 $366,229 (7.8%) $428,599 (8.6%) 1.15 1,070
2019-09-01 $358,500 (5.5%) $423,719 (8.0%) 1.14 1,040
2019-10-01 $354,900 (3.8%) $415,628 (4.8%) 1.13 1,057
2019-11-01 $358,000 (4.7%) $421,017 (6.3%) 1.16 960
2019-12-01 $364,500 (4.2%) $429,912 (8.9%) 1.22 763
2020-01-01 $372,400 (6.4%) $428,477 (8.3%) 1.24 640
2020-02-01 $384,900 (7.2%) $444,191 (10.5%) 1.24 568
2020-03-01 $387,450 (6.1%) $446,253 (5.8%) 1.21 613
2020-04-01 $390,900 (6.0%) $446,771 (4.0%) 1.22 631
2020-05-01 $399,900 (8.1%) $454,849 (5.3%) 1.21 629
2020-06-01 $404,900 (9.2%) $469,722 (8.0%) 1.18 636
2020-07-01 $419,000 (13.4%) $491,734 (13.7%) 1.20 539
2020-08-01 $401,150 (9.5%) $486,629 (13.5%) 1.15 550
2020-09-01 $381,900 (6.5%) $463,744 (9.5%) 1.09 559
2020-10-01 $383,900 (8.2%) $462,590 (11.3%) 1.10 527
2020-11-01 $385,900 (7.8%) $484,184 (15.0%) 1.10 415
2020-12-01 $398,650 (9.4%) $491,008 (14.2%) 1.17 335
2021-01-01 $404,900 (8.7%) $528,127 (23.3%) 1.19 247
2021-02-01 $399,900 (3.9%) $517,907 (16.6%) 1.15 230
2021-03-01 $394,950 (1.9%) $507,911 (13.8%) 1.11 269
2021-04-01 $399,900 (2.3%) $504,813 (13.0%) 1.07 276
2021-05-01 $414,900 (3.8%) $516,702 (13.6%) 1.09 290
2021-06-01 $409,950 (1.3%) $498,040 (6.0%) 1.06 404
2021-07-01 $409,950 (-2.2%) $475,366 (-3.3%) 1.06 430
2021-08-01 $404,950 (1.0%) $478,060 (-1.8%) 1.06 444
2021-09-01 $417,500 (9.3%) $498,792 (7.6%) 1.10 457
2021-10-01 $419,900 (9.4%) $498,937 (7.9%) 1.11 401
2021-11-01 $414,900 (7.5%) $498,895 (3.0%) 1.09 301
2021-12-01 $447,400 (12.2%) $531,780 (8.3%) 1.19 208
2022-01-01 $449,900 (11.1%) $550,752 (4.3%) 1.20 171
2022-02-01 $439,900 (10.0%) $555,838 (7.3%) 1.12 166
2022-03-01 $461,700 (16.9%) $562,881 (10.8%) 1.14 172
2022-04-01 $449,900 (12.5%) $530,484 (5.1%) 1.06 255
Manchester's median listing price for 2022-04-01 was $449,900, a difference of $50,000 (12.5%) versus the prior year and $-11,800 versus the prior month.

Manchester's median listing price comes in at 106% of the national average.

Manchester's average listing price for 2022-04-01 was $530,484, a difference of $25,671 (5.1%) versus the prior year and $-32,397 versus the prior month.

For the 2022-04-01 period, Manchester had 255 MLS listings, a difference of 83 listings (48%) versus the prior month and -21 listings (-8%) 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 88 days 1,936 sqft
2018-02-01 87 days 1,974 sqft
2018-03-01 56 days 2,045 sqft
2018-04-01 44 days 2,058 sqft
2018-05-01 40 days 2,104 sqft
2018-06-01 43 days 2,094 sqft
2018-07-01 47 days 2,093 sqft
2018-08-01 52 days 2,070 sqft
2018-09-01 54 days 2,082 sqft
2018-10-01 58 days 2,107 sqft
2018-11-01 61 days 2,096 sqft
2018-12-01 78 days 2,088 sqft
2019-01-01 81 days 2,011 sqft
2019-02-01 82 days 2,036 sqft
2019-03-01 56 days 2,099 sqft
2019-04-01 42 days 2,119 sqft
2019-05-01 37 days 2,146 sqft
2019-06-01 37 days 2,150 sqft
2019-07-01 43 days 2,192 sqft
2019-08-01 46 days 2,178 sqft
2019-09-01 51 days 2,130 sqft
2019-10-01 51 days 2,054 sqft
2019-11-01 57 days 2,016 sqft
2019-12-01 68 days 2,043 sqft
2020-01-01 77 days 2,009 sqft
2020-02-01 67 days 2,016 sqft
2020-03-01 38 days 2,047 sqft
2020-04-01 43 days 2,036 sqft
2020-05-01 52 days 2,059 sqft
2020-06-01 38 days 2,088 sqft
2020-07-01 42 days 2,166 sqft
2020-08-01 29 days 2,106 sqft
2020-09-01 27 days 1,954 sqft
2020-10-01 30 days 1,975 sqft
2020-11-01 38 days 1,954 sqft
2020-12-01 49 days 1,927 sqft
2021-01-01 53 days 1,932 sqft
2021-02-01 35 days 1,894 sqft
2021-03-01 12 days 1,917 sqft
2021-04-01 9 days 1,975 sqft
2021-05-01 8 days 2,016 sqft
2021-06-01 11 days 1,956 sqft
2021-07-01 16 days 1,996 sqft
2021-08-01 21 days 1,918 sqft
2021-09-01 21 days 1,939 sqft
2021-10-01 24 days 1,930 sqft
2021-11-01 32 days 1,853 sqft
2021-12-01 38 days 1,939 sqft
2022-01-01 33 days 1,836 sqft
2022-02-01 12 days 1,892 sqft
2022-03-01 8 days 1,965 sqft
2022-04-01 8 days 1,966 sqft
Manchester's median listing age (time on market) for 2022-04-01 was 8 days. This is -6% shorter than the same period one year ago.

Manchester's median square footage for active listings during the 2022-04-01 period was 1,966 sqft. One year prior, the average listing was 1,975 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).