Manchester FHA Loans

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 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).