New Castle FHA Loan Rates, Closing Costs & Stats

New Castle, PA

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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.

    New Castle's 57 lenders originated 296 FHA loans during 2022. The total origination value was $41,810,000, with an average FHA loan value of $141,250.

    New Castle FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Castle averaged -0.18% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    New Castle's average FHA mortgage closing costs are $5,941.

    The average rate for the prior week (2023-11-17) was 6.81% and one month ago for the week of 2023-10-20, the average rate was 6.92%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.33%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 42 4.80% $8,403
    HOWARD HANNA FINANCIAL SERVICES, INC. 28 5.00% $6,241
    Citizens Bank 19 4.38% $7,183
    Nations Lending Corporation 17 5.10% $5,094
    The Huntington National Bank 15 4.65% $7,603
    UNITED WHOLESALE MORTGAGE, LLC 13 5.46% $8,003
    Flagstar Bank, FSB 12 4.71% $8,923
    Union Savings Bank 12 4.84% $5,830
    WEST PENN FINANCIAL SERVICE CENTER, INC. 10 5.38% $6,680
    PLAZA HOME MORTGAGE, INC. 9 4.53% $7,718
    EMM LOANS LLC 8 5.38% $8,651
    JLB CORPORATION 7 4.91% $7,447
    First Commonwealth Bank 6 5.04% $8,025
    ALLIED MORTGAGE GROUP, INC. 6 5.31% $7,688
    BROKER SOLUTIONS, INC. 4 5.25% $8,717
    WesBanco 4 5.16% $6,648
    Carrington Mortgage Services, LLC 3 6.13% $9,501
    STOCKTON MORTGAGE CORPORATION 3 5.50% $7,468
    EQUITY RESOURCES, INC. 3 4.71% $6,631
    Mr. Cooper ( Nationstar Mortgage ) 3 3.71% $9,150
    DEVELOPER'S MORTGAGE COMPANY 3 4.29% $2,699
    PNC Bank 3 5.38% $6,221
    HOME POINT FINANCIAL CORPORATION 2 4.38% $6,778
    CARDINAL FINANCIAL 2 5.69% $5,697
    CROSSCOUNTRY MORTGAGE, LLC 2 5.94% $9,451
    Equity Prime Mortgage LLC 2 6.06% $9,013
    FREEDOM MORTGAGE CORPORATION 2 4.63% $7,512
    Gateway First Bank 2 4.44% $6,969
    LAKEVIEW LOAN SERVICING, LLC 2 4.88% $7,009
    NATIONWIDE MORTGAGE BANKERS, INC. 2 5.19% $9,594
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.13% $6,459
    RELIANCE FIRST CAPITAL, LLC 2 4.44% $6,100
    Victorian Finance, LLC 2 4.63% $5,571
    VILLAGE CAPITAL MORTGAGE 2 4.13% $3,212
    Waterstone Mortgage Corporation 2 5.63% $11,786
    LOANPAL, LLC 1 3.38% $5,834
    LOANDEPOT.COM, LLC 1 6.50% $9,757
    ZILLOW HOME LOANS, LLC 1 5.38% $14,136
    GUARANTEED RATE AFFINITY, LLC 1 4.00% $4,122
    WELCOME HOME FINANCE, L.P. 1 5.38% $1,386
    RESIDENTIAL BANCORP 1 3.99% $7,117
    ROYAL UNITED MORTGAGE LLC 1 5.25% $6,530
    RUOFF MORTGAGE COMPANY, INC. 1 5.50% $6,199
    SECURITYNATIONAL MORTGAGE COMPANY 1 4.13% $10,777
    First Guaranty Mortgage Corporation 1 4.38% $6,167
    EVERETT FINANCIAL, INC. 1 3.38% $4,888
    TOP FLITE FINANCIAL, INC. 1 5.75% $6,347
    DAS Acquisition Company, LLC 1 7.25% $6,960
    AMERISAVE MORTGAGE CORPORATION 1 2.75% $9,338
    U.S. Bank 1 5.13% $7,027
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $15,217
    MOVEMENT MORTGAGE, LLC 1 4.13% $5,227
    Mortgage Research Center, LLC 1 5.38% $8,324
    MILEND, INC. 1 6.63% $10,028
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.63% $4,834
    Paramount Residential Mortgage Group, Inc. 1 6.50% $4,855
    PLANET HOME LENDING, LLC 1 4.13% $10,777

    The top New Castle FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 42 FHA loans originated. Their average total fees are $8,403, which is $2,162 higher than the next largest lender, HOWARD HANNA FINANCIAL SERVICES, INC..

    The lowest fee New Castle FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($5,094), Union Savings Bank ($5,830), HOWARD HANNA FINANCIAL SERVICES, INC. ($6,241), WEST PENN FINANCIAL SERVICE CENTER, INC. ($6,680) and Citizens Bank ($7,183).

    The lowest rate New Castle FHA lenders (with over 10 loans originated) are Citizens Bank (4.38%), The Huntington National Bank (4.65%), Flagstar Bank, FSB (4.71%), QUICKEN LOANS, LLC (4.80%) and Union Savings Bank (4.84%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - New Castle (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 $85,000 (3.2%) $131,943 (3.3%) 0.00 446
    2018-02-01 $81,900 (1.1%) $132,004 (1.7%) 0.00 434
    2018-03-01 $79,900 (-7.3%) $130,597 (-4.4%) 0.00 442
    2018-04-01 $84,950 (-1.2%) $138,122 (1.4%) 0.00 441
    2018-05-01 $89,900 (9.6%) $140,338 (2.4%) 0.00 459
    2018-06-01 $89,900 (4.7%) $142,564 (3.3%) 0.00 477
    2018-07-01 $103,333 (14.9%) $148,291 (4.7%) 0.00 469
    2018-08-01 $112,150 (28.6%) $148,917 (7.9%) 0.00 502
    2018-09-01 $104,700 (17.6%) $146,162 (7.4%) 0.00 492
    2018-10-01 $104,700 (16.5%) $146,333 (7.9%) 0.00 488
    2018-11-01 $104,475 (16.2%) $143,687 (4.2%) 0.00 495
    2018-12-01 $99,900 (18.9%) $144,266 (10.4%) 0.00 479
    2019-01-01 $89,575 (5.4%) $133,254 (1.0%) 0.00 453
    2019-02-01 $89,925 (9.8%) $131,838 (-0.1%) 0.00 431
    2019-03-01 $93,329 (16.8%) $135,395 (3.7%) 0.00 428
    2019-04-01 $97,329 (14.6%) $141,492 (2.4%) 0.00 433
    2019-05-01 $97,400 (8.3%) $140,645 (0.2%) 0.00 429
    2019-06-01 $99,500 (10.7%) $146,104 (2.5%) 0.00 427
    2019-07-01 $98,625 (-4.6%) $140,432 (-5.3%) 0.00 435
    2019-08-01 $98,045 (-12.6%) $142,151 (-4.5%) 0.00 440
    2019-09-01 $97,739 (-6.7%) $145,026 (-0.8%) 0.00 441
    2019-10-01 $97,534 (-6.8%) $148,058 (1.2%) 0.00 442
    2019-11-01 $99,500 (-4.8%) $153,827 (7.1%) 0.00 431
    2019-12-01 $98,125 (-1.8%) $152,189 (5.5%) 0.00 411
    2020-01-01 $99,000 (10.5%) $152,590 (14.5%) 0.00 388
    2020-02-01 $99,900 (11.1%) $159,495 (21.0%) 0.00 367
    2020-03-01 $110,475 (18.4%) $161,238 (19.1%) 0.00 371
    2020-04-01 $117,600 (20.8%) $162,723 (15.0%) 0.00 364
    2020-05-01 $115,000 (18.1%) $158,793 (12.9%) 0.00 356
    2020-06-01 $99,900 (0.4%) $162,396 (11.2%) 0.00 305
    2020-07-01 $128,450 (30.2%) $170,435 (21.4%) 0.00 285
    2020-08-01 $119,900 (22.3%) $168,528 (18.6%) 0.00 257
    2020-09-01 $129,800 (32.8%) $172,698 (19.1%) 0.00 249
    2020-10-01 $118,700 (21.7%) $162,977 (10.1%) 0.00 256
    2020-11-01 $111,400 (12.0%) $162,651 (5.7%) 0.00 251
    2020-12-01 $108,950 (11.0%) $167,777 (10.2%) 0.00 231
    2021-01-01 $116,500 (17.7%) $167,125 (9.5%) 0.00 189
    2021-02-01 $108,200 (8.3%) $173,063 (8.5%) 0.00 151
    2021-03-01 $142,000 (28.5%) $192,914 (19.7%) 0.00 127
    2021-04-01 $131,700 (12.0%) $191,931 (18.0%) 0.00 120
    2021-05-01 $149,950 (30.4%) $198,547 (25.0%) 0.00 119
    2021-06-01 $139,900 (40.0%) $194,355 (19.7%) 0.00 138
    2021-07-01 $139,925 (8.9%) $195,531 (14.7%) 0.00 153
    2021-08-01 $129,700 (8.2%) $184,728 (9.6%) 0.00 187
    2021-09-01 $123,050 (-5.2%) $184,350 (6.8%) 0.00 171
    2021-10-01 $129,900 (9.4%) $187,752 (15.2%) 0.00 181
    2021-11-01 $144,975 (30.1%) $198,762 (22.2%) 0.00 170
    2021-12-01 $129,925 (19.3%) $192,915 (15.0%) 0.00 157
    2022-01-01 $135,000 (15.9%) $196,063 (17.3%) 0.00 141
    2022-02-01 $142,225 (31.5%) $204,063 (17.9%) 0.00 120
    2022-03-01 $152,475 (7.4%) $198,299 (2.8%) 0.00 100
    2022-04-01 $149,900 (13.8%) $185,213 (-3.5%) 0.00 110
    2022-05-01 $173,200 (15.5%) $209,154 (5.3%) 0.00 113
    2022-06-01 $159,375 (13.9%) $203,706 (4.8%) 0.00 143
    2022-07-01 $149,400 (6.8%) $194,467 (-0.5%) 0.00 185
    2022-08-01 $149,900 (15.6%) $199,762 (8.1%) 0.00 187
    2022-09-01 $138,700 (12.7%) $191,724 (4.0%) 0.00 205
    2022-10-01 $139,000 (7.0%) $188,970 (0.7%) 0.00 223
    2022-11-01 $139,900 (-3.5%) $193,151 (-2.8%) 0.00 205
    2022-12-01 $137,500 (5.8%) $259,181 (34.4%) 0.00 201
    2023-01-01 $129,950 (-3.7%) $267,641 (36.5%) 0.00 183
    2023-02-01 $132,400 (-6.9%) $200,973 (-1.5%) 0.00 154
    2023-03-01 $129,900 (-14.8%) $198,272 (0.0%) 0.00 153
    2023-04-01 $139,950 (-6.6%) $203,028 (9.6%) 0.00 148
    2023-05-01 $139,925 (-19.2%) $205,507 (-1.7%) 0.00 148
    2023-06-01 $130,975 (-17.8%) $198,084 (-2.8%) 0.00 152
    2023-07-01 $147,200 (-1.5%) $207,780 (6.9%) 0.00 159
    2023-08-01 $145,375 (-3.0%) $204,578 (2.4%) 0.00 159
    2023-09-01 $145,000 (4.5%) $204,311 (6.6%) 0.00 153
    2023-10-01 $134,450 (-3.3%) $187,599 (-0.7%) 0.00 177
    New Castle's median listing price for 2023-10-01 was $134,450, a difference of $-4,550 (-3.3%) versus the prior year and $-10,550 versus the prior month.

    New Castle's median listing price comes in at 0% of the national average.

    New Castle's average listing price for 2023-10-01 was $187,599, a difference of $-1,371 (-0.7%) versus the prior year and $-16,712 versus the prior month.

    For the 2023-10-01 period, New Castle had 177 MLS listings, a difference of 24 listings (16%) versus the prior month and -46 listings (-21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - New Castle (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,443 sqft
    2018-02-01 0 days 1,448 sqft
    2018-03-01 0 days 1,489 sqft
    2018-04-01 0 days 1,554 sqft
    2018-05-01 0 days 1,554 sqft
    2018-06-01 0 days 1,560 sqft
    2018-07-01 0 days 1,560 sqft
    2018-08-01 0 days 1,526 sqft
    2018-09-01 0 days 1,507 sqft
    2018-10-01 0 days 1,508 sqft
    2018-11-01 0 days 1,512 sqft
    2018-12-01 0 days 1,472 sqft
    2019-01-01 0 days 1,439 sqft
    2019-02-01 0 days 1,455 sqft
    2019-03-01 0 days 1,465 sqft
    2019-04-01 0 days 1,460 sqft
    2019-05-01 0 days 1,460 sqft
    2019-06-01 0 days 1,482 sqft
    2019-07-01 0 days 1,469 sqft
    2019-08-01 0 days 1,458 sqft
    2019-09-01 0 days 1,460 sqft
    2019-10-01 0 days 1,459 sqft
    2019-11-01 0 days 1,484 sqft
    2019-12-01 0 days 1,474 sqft
    2020-01-01 0 days 1,470 sqft
    2020-02-01 0 days 1,487 sqft
    2020-03-01 0 days 1,512 sqft
    2020-04-01 0 days 1,536 sqft
    2020-05-01 0 days 1,536 sqft
    2020-06-01 0 days 1,530 sqft
    2020-07-01 0 days 1,547 sqft
    2020-08-01 0 days 1,536 sqft
    2020-09-01 0 days 1,552 sqft
    2020-10-01 0 days 1,494 sqft
    2020-11-01 0 days 1,470 sqft
    2020-12-01 0 days 1,462 sqft
    2021-01-01 0 days 1,455 sqft
    2021-02-01 0 days 1,471 sqft
    2021-03-01 0 days 1,534 sqft
    2021-04-01 0 days 1,521 sqft
    2021-05-01 0 days 1,524 sqft
    2021-06-01 0 days 1,512 sqft
    2021-07-01 0 days 1,584 sqft
    2021-08-01 0 days 1,498 sqft
    2021-09-01 0 days 1,478 sqft
    2021-10-01 0 days 1,495 sqft
    2021-11-01 0 days 1,515 sqft
    2021-12-01 0 days 1,485 sqft
    2022-01-01 0 days 1,487 sqft
    2022-02-01 0 days 1,493 sqft
    2022-03-01 0 days 1,513 sqft
    2022-04-01 0 days 1,472 sqft
    2022-05-01 0 days 1,560 sqft
    2022-06-01 0 days 1,509 sqft
    2022-07-01 0 days 1,510 sqft
    2022-08-01 0 days 1,522 sqft
    2022-09-01 0 days 1,526 sqft
    2022-10-01 0 days 1,472 sqft
    2022-11-01 0 days 1,472 sqft
    2022-12-01 0 days 1,405 sqft
    2023-01-01 0 days 1,414 sqft
    2023-02-01 0 days 1,427 sqft
    2023-03-01 0 days 1,444 sqft
    2023-04-01 0 days 1,448 sqft
    2023-05-01 0 days 1,439 sqft
    2023-06-01 0 days 1,464 sqft
    2023-07-01 0 days 1,560 sqft
    2023-08-01 0 days 1,590 sqft
    2023-09-01 0 days 1,509 sqft
    2023-10-01 0 days 1,440 sqft
    New Castle's median listing age (time on market) for 2023-10-01 was 0 days.

    New Castle's median square footage for active listings during the 2023-10-01 period was 1,440 sqft. One year prior, the average listing was 1,472 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).