New Castle FHA Loan Rates, Closing Costs & Stats

New Castle, PA

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.

New Castle's 53 lenders originated 206 FHA loans during 2023. The total origination value was $28,310,000, with an average FHA loan value of $137,427.

New Castle FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in New Castle averaged -0.08% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

New Castle's average FHA mortgage closing costs are $6,215.

The average rate for the prior week (2024-06-14) was 6.92% and one month ago for the week of 2024-05-17, the average rate was 6.66%.

The average rate one year ago was 6.75%.

For refis of the same type during the week of 2024-06-21, the average rate was 0%.

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

New Castle 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 New Castle level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 23 6.58% $8,598
UNITED WHOLESALE MORTGAGE, LLC 16 6.25% $9,654
The Huntington National Bank 12 7.01% $8,545
HOWARD HANNA FINANCIAL SERVICES, INC. 10 6.50% $7,257
Ixonia Bank 10 7.03% $9,285
Union Savings Bank 9 6.75% $5,617
WEST PENN FINANCIAL SERVICE CENTER, INC. 7 6.41% $5,709
Citizens Bank 6 6.92% $6,009
WesBanco 6 6.63% $5,546
CARDINAL FINANCIAL 5 6.68% $6,103
JLB CORPORATION 5 7.00% $8,853
ALLIED MORTGAGE GROUP, INC. 4 6.78% $7,361
PLAZA HOME MORTGAGE, INC. 4 6.84% $11,141
Mr. Cooper ( Nationstar Mortgage ) 3 5.83% $11,842
EVANSVILLE TEACHERS 3 6.38% $5,765
PNC Bank 3 7.13% $6,347
Flagstar Bank, FSB 3 6.79% $9,836
FREEDOM MORTGAGE CORPORATION 3 7.25% $9,506
AMERISAVE MORTGAGE CORPORATION 3 5.92% $11,372
CROSSCOUNTRY MORTGAGE, LLC 3 6.58% $7,100
Waterstone Mortgage Corporation 3 7.33% $7,411
NFM, INC. 2 6.63% $9,273
BROKER SOLUTIONS, INC. 2 7.25% $8,240
DAS Acquisition Company, LLC 2 6.88% $9,437
DEVELOPER'S MORTGAGE COMPANY 2 6.13% $4,274
EMM LOANS LLC 2 6.13% $10,668
Equity Prime Mortgage LLC 2 6.25% $9,310
GUARANTEED RATE, INC. 2 6.50% $8,561
MICHIGAN MUTUAL, INC. 2 6.13% $7,700
MOVEMENT MORTGAGE, LLC 2 7.44% $7,834
Nations Lending Corporation 2 6.44% $3,863
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.94% $10,645
Northwest Bank 2 6.00% $4,973
PENNYMAC LOAN SERVICES, LLC 2 6.06% $10,764
RELIANCE FIRST CAPITAL, LLC 2 6.50% $11,099
TOP FLITE FINANCIAL, INC. 2 7.00% $10,075
Victorian Finance, LLC 2 6.63% $8,229
JPMorgan Chase Bank 1 5.75% $3,689
FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $5,172
WELCOME HOME FINANCE, L.P. 1 5.75% $15,076
Residential Mortgage Solutions, Inc. 1 6.88% $7,770
ROYAL UNITED MORTGAGE LLC 1 7.25% $9,053
STOCKTON MORTGAGE CORPORATION 1 6.75% $7,664
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $11,342
AXIA FINANCIAL, LLC 1 7.88% $6,795
UNION HOME MORTGAGE CORP. 1 6.88% $6,002
Century Mortgage Company DBA Century Lending Company 1 6.75% $9,872
CALIBER HOME LOANS, INC. 1 6.75% $9,262
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $15,694
AMERICAN FINANCIAL NETWORK, INC. 1 7.00% $11,897
Barrington Bank & Trust Company, N.A. 1 5.25% $8,470
Plains Commerce Bank 1 6.13% $11,841
LOANDEPOT.COM, LLC 1 6.25% $8,780

The top New Castle FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $8,598, which is $1,056 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee New Castle FHA lenders (with over 10 loans originated) are HOWARD HANNA FINANCIAL SERVICES, INC. ($7,257), The Huntington National Bank ($8,545), QUICKEN LOANS, LLC ($8,598), Ixonia Bank ($9,285) and UNITED WHOLESALE MORTGAGE, LLC ($9,654).

The lowest rate New Castle FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.25%), HOWARD HANNA FINANCIAL SERVICES, INC. (6.50%), QUICKEN LOANS, LLC (6.58%), The Huntington National Bank (7.01%) and Ixonia Bank (7.03%).

New Castle FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NEW CASTLE, PA LAWRENCE 2022 $420,680 $538,650 $651,050 $809,150
NEW CASTLE, PA LAWRENCE 2023 $472,030 $604,400 $730,525 $907,900

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).