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 75 lenders originated 653 FHA loans during 2023. The total origination value was $230,675,000, with an average FHA loan value of $353,254.

    Manchester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Manchester averaged 6.79% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Manchester's average FHA mortgage closing costs are $8,774.

    The average rate for the prior week (2024-07-12) was 6.64% and one month ago for the week of 2024-06-14, the average rate was 6.9%.

    The average rate one year ago was 6.99%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.76%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 63 6.08% $15,989
    UNITED WHOLESALE MORTGAGE, LLC 50 6.36% $14,465
    GUILD MORTGAGE COMPANY 46 6.55% $12,470
    CMG MORTGAGE, INC. 38 6.70% $13,665
    CROSSCOUNTRY MORTGAGE, LLC 33 6.80% $14,415
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 6.63% $11,220
    EMM LOANS LLC 25 6.42% $13,150
    MOVEMENT MORTGAGE, LLC 23 7.11% $14,144
    HARBORONE MORTGAGE, LLC 20 6.54% $10,498
    LOANDEPOT.COM, LLC 18 6.72% $13,223
    FREEDOM MORTGAGE CORPORATION 13 6.93% $20,054
    PENNYMAC LOAN SERVICES, LLC 10 6.30% $13,999
    Mr. Cooper ( Nationstar Mortgage ) 9 6.08% $19,103
    Sierra Pacific Mortgage Company, Inc. 8 6.41% $21,114
    NORTHPOINT MORTGAGE, INC. 8 6.09% $18,322
    NEW FED MORTGAGE, CORP. 8 6.98% $13,867
    Waterstone Mortgage Corporation 7 6.50% $13,476
    MORTGAGE EQUITY PARTNERS LLC 7 6.82% $14,151
    CARDINAL FINANCIAL 7 6.70% $16,398
    Carrington Mortgage Services, LLC 7 6.54% $17,419
    AMERISAVE MORTGAGE CORPORATION 7 6.16% $16,408
    TOTAL MORTGAGE SERVICES, LLC 7 6.75% $11,160
    NEWREZ LLC 7 6.30% $17,437
    American Mortgage & Equity Consultants, Inc. 6 6.90% $14,190
    Keystone Funding, Inc. 6 6.08% $14,028
    RELIANCE FIRST CAPITAL, LLC 5 6.20% $16,690
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.28% $12,286
    MUTUAL OF OMAHA MORTGAGE, INC. 5 7.03% $18,268
    EMBRACE HOME LOANS, INC. 4 6.56% $12,220
    SALEM FIVE MORTGAGE COMPANY, LLC 4 6.88% $10,959
    GUARANTEED RATE, INC. 4 6.73% $11,482
    The Federal Savings Bank 4 6.25% $23,240
    NATIONS RELIABLE LENDING, LLC 4 6.47% $11,686
    EVERETT FINANCIAL, INC. 4 7.00% $12,423
    RADIUS FINANCIAL GROUP INC. 4 5.81% $10,497
    GUARANTEED RATE AFFINITY, LLC 3 6.46% $17,506
    BROKER SOLUTIONS, INC. 3 7.08% $14,658
    LEADERONE FINANCIAL CORPORATION 3 6.75% $14,828
    LAKEVIEW LOAN SERVICING, LLC 3 5.75% $19,620
    NATIONS DIRECT MORTGAGE, LLC 2 7.25% $19,614
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.13% $19,595
    Citizens Bank 2 6.88% $8,023
    Equity Prime Mortgage LLC 2 7.31% $14,791
    Evolve Bank & Trust 2 6.25% $11,679
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.81% $11,865
    Leader Bank 2 6.19% $12,560
    OCMBC, INC. 2 6.94% $12,057
    Paramount Residential Mortgage Group, Inc. 2 6.19% $10,313
    PLANET HOME LENDING, LLC 2 6.94% $22,784
    HOMESIDE FINANCIAL, LLC 1 6.25% $14,124
    Home Loan Investment Bank, F.S.B. 1 6.75% $5,786
    BAY EQUITY LLC 1 6.50% $10,596
    VILLAGE CAPITAL MORTGAGE 1 7.50% $11,810
    First Savings Bank 1 5.75% $12,173
    PHH Mortgage Corporation 1 6.63% $10,649
    Plains Commerce Bank 1 5.75% $11,893
    Bangor Savings Bank 1 6.13% $12,198
    PLAZA HOME MORTGAGE, INC. 1 6.50% $13,305
    POLARIS HOME FUNDING CORP. 1 6.75% $20,579
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $16,354
    FIRST MORTGAGE COMPANY, INC. 1 6.13% $9,223
    Prosperity Home Mortgage, LLC 1 6.25% $5,502
    FIRST HOME MORTGAGE CORPORATION 1 6.63% $21,621
    ENVOY MORTGAGE, LTD 1 6.50% $9,438
    DREW MORTGAGE ASSOCIATES, INC. 1 7.25% $9,899
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $7,211
    Cornerstone First Mortgage, Inc 1 6.25% $20,865
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $14,232
    SUN WEST MORTGAGE COMPANY, INC. 1 6.99% $8,422
    TD Bank 1 5.88% $4,447
    Century Mortgage Company DBA Century Lending Company 1 5.63% $19,833
    Berkshire Bank 1 6.50% $11,472
    M&T Bank 1 6.75% $10,057
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.63% $21,955
    INTEGRITY MORTGAGE LLC 1 7.50% $16,971

    The top Manchester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 63 FHA loans originated. Their average total fees are $15,989, which is $1,524 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Manchester FHA lenders (with over 10 loans originated) are HARBORONE MORTGAGE, LLC ($10,498), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($11,220), GUILD MORTGAGE COMPANY ($12,470), EMM LOANS LLC ($13,150) and LOANDEPOT.COM, LLC ($13,223).

    The lowest rate Manchester FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.08%), PENNYMAC LOAN SERVICES, LLC (6.30%), UNITED WHOLESALE MORTGAGE, LLC (6.36%), EMM LOANS LLC (6.42%) and HARBORONE MORTGAGE, LLC (6.54%).

    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

    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).