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 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 7.07% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.53%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    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

    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%) $131,829 (3.2%) 0.00 447
    2018-02-01 $82,150 (1.5%) $132,459 (2.0%) 0.00 436
    2018-03-01 $79,900 (-7.3%) $131,124 (-4.1%) 0.00 445
    2018-04-01 $85,000 (-1.1%) $139,475 (2.4%) 0.00 445
    2018-05-01 $89,900 (9.6%) $141,326 (3.1%) 0.00 462
    2018-06-01 $89,900 (4.7%) $143,533 (4.7%) 0.00 480
    2018-07-01 $104,450 (16.2%) $149,117 (5.4%) 0.00 472
    2018-08-01 $113,100 (29.5%) $149,620 (8.5%) 0.00 504
    2018-09-01 $107,000 (19.9%) $146,891 (8.0%) 0.00 493
    2018-10-01 $104,700 (16.5%) $146,333 (7.9%) 0.00 488
    2018-11-01 $104,475 (16.2%) $143,687 (4.1%) 0.00 495
    2018-12-01 $99,900 (17.7%) $144,266 (10.8%) 0.00 479
    2019-01-01 $89,575 (5.4%) $133,254 (1.1%) 0.00 453
    2019-02-01 $89,925 (9.5%) $131,838 (-0.5%) 0.00 431
    2019-03-01 $93,329 (16.8%) $135,395 (3.3%) 0.00 428
    2019-04-01 $97,329 (14.5%) $141,432 (1.4%) 0.00 433
    2019-05-01 $96,975 (7.9%) $140,645 (-0.5%) 0.00 429
    2019-06-01 $99,500 (10.7%) $145,916 (1.7%) 0.00 428
    2019-07-01 $98,625 (-5.6%) $140,602 (-5.7%) 0.00 436
    2019-08-01 $98,318 (-13.1%) $142,192 (-5.0%) 0.00 441
    2019-09-01 $98,420 (-8.0%) $145,129 (-1.2%) 0.00 441
    2019-10-01 $98,500 (-5.9%) $148,207 (1.3%) 0.00 443
    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 $109,950 (17.8%) $161,231 (19.1%) 0.00 370
    2020-04-01 $117,100 (20.3%) $162,690 (15.0%) 0.00 363
    2020-05-01 $115,000 (18.6%) $158,747 (12.9%) 0.00 355
    2020-06-01 $99,900 (0.4%) $162,354 (11.3%) 0.00 304
    2020-07-01 $127,450 (29.2%) $170,420 (21.2%) 0.00 284
    2020-08-01 $119,900 (22.0%) $169,862 (19.5%) 0.00 256
    2020-09-01 $129,900 (32.0%) $174,588 (20.3%) 0.00 250
    2020-10-01 $119,900 (21.7%) $164,755 (11.2%) 0.00 257
    2020-11-01 $112,675 (13.2%) $164,559 (7.0%) 0.00 252
    2020-12-01 $109,425 (11.5%) $169,834 (11.6%) 0.00 232
    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 (29.2%) $192,914 (19.7%) 0.00 127
    2021-04-01 $131,700 (12.5%) $191,931 (18.0%) 0.00 120
    2021-05-01 $149,950 (30.4%) $198,547 (25.1%) 0.00 119
    2021-06-01 $139,900 (40.0%) $194,355 (19.7%) 0.00 138
    2021-07-01 $139,950 (9.8%) $195,531 (14.7%) 0.00 153
    2021-08-01 $129,800 (8.3%) $185,321 (9.1%) 0.00 188
    2021-09-01 $123,050 (-5.3%) $184,350 (5.6%) 0.00 171
    2021-10-01 $129,900 (8.3%) $187,752 (14.0%) 0.00 181
    2021-11-01 $144,975 (28.7%) $198,762 (20.8%) 0.00 170
    2021-12-01 $129,925 (18.7%) $192,915 (13.6%) 0.00 157
    2022-01-01 $135,000 (15.9%) $196,063 (17.3%) 0.00 141
    2022-02-01 $143,450 (32.6%) $205,674 (18.8%) 0.00 121
    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 (15.5%) $199,762 (7.8%) 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 (-7.7%) $200,973 (-2.3%) 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
    2023-11-01 $137,200 (-1.9%) $186,755 (-3.3%) 0.00 187
    2023-12-01 $139,750 (1.6%) $188,725 (-27.2%) 0.00 178
    2024-01-01 $134,500 (3.5%) $185,914 (-30.5%) 0.00 180
    2024-02-01 $129,950 (-1.9%) $184,148 (-8.4%) 0.00 177
    2024-03-01 $135,000 (3.9%) $186,475 (-6.0%) 0.00 149
    New Castle's median listing price for 2024-03-01 was $135,000, a difference of $5,100 (3.9%) versus the prior year and $5,050 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 2024-03-01 was $186,475, a difference of $-11,797 (-6.0%) versus the prior year and $2,327 versus the prior month.

    For the 2024-03-01 period, New Castle had 149 MLS listings, a difference of -28 listings (-16%) versus the prior month and -4 listings (-3%) 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 1,450 sqft
    2018-02-01 0 days 1,450 sqft
    2018-03-01 0 days 1,499 sqft
    2018-04-01 0 days 1,560 sqft
    2018-05-01 0 days 1,560 sqft
    2018-06-01 0 days 1,560 sqft
    2018-07-01 0 days 1,562 sqft
    2018-08-01 0 days 1,544 sqft
    2018-09-01 0 days 1,512 sqft
    2018-10-01 0 days 1,518 sqft
    2018-11-01 0 days 1,522 sqft
    2018-12-01 0 days 1,480 sqft
    2019-01-01 0 days 1,450 sqft
    2019-02-01 0 days 1,467 sqft
    2019-03-01 0 days 1,470 sqft
    2019-04-01 0 days 1,466 sqft
    2019-05-01 0 days 1,466 sqft
    2019-06-01 0 days 1,483 sqft
    2019-07-01 0 days 1,467 sqft
    2019-08-01 0 days 1,459 sqft
    2019-09-01 0 days 1,464 sqft
    2019-10-01 0 days 1,468 sqft
    2019-11-01 0 days 1,486 sqft
    2019-12-01 0 days 1,474 sqft
    2020-01-01 0 days 1,473 sqft
    2020-02-01 0 days 1,490 sqft
    2020-03-01 0 days 1,506 sqft
    2020-04-01 0 days 1,536 sqft
    2020-05-01 0 days 1,536 sqft
    2020-06-01 0 days 1,524 sqft
    2020-07-01 0 days 1,541 sqft
    2020-08-01 0 days 1,536 sqft
    2020-09-01 0 days 1,550 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 1,520 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 1,500 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 1,478 sqft
    2022-01-01 0 days 1,485 sqft
    2022-02-01 0 days 1,490 sqft
    2022-03-01 0 days 1,507 sqft
    2022-04-01 0 days 1,466 sqft
    2022-05-01 0 days 1,560 sqft
    2022-06-01 0 days 1,504 sqft
    2022-07-01 0 days 1,500 sqft
    2022-08-01 0 days 1,524 sqft
    2022-09-01 0 days 1,528 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 1,415 sqft
    2023-02-01 0 days 1,427 sqft
    2023-03-01 0 days 1,444 sqft
    2023-04-01 0 days 1,456 sqft
    2023-05-01 0 days 1,441 sqft
    2023-06-01 0 days 1,464 sqft
    2023-07-01 0 days 1,562 sqft
    2023-08-01 0 days 1,584 sqft
    2023-09-01 0 days 1,509 sqft
    2023-10-01 0 days 1,440 sqft
    2023-11-01 0 days 1,467 sqft
    2023-12-01 0 days 1,488 sqft
    2024-01-01 0 days 1,476 sqft
    2024-02-01 0 days 1,464 sqft
    2024-03-01 0 days 1,424 sqft
    New Castle's median listing age (time on market) for 2024-03-01 was 0 days.

    New Castle's median square footage for active listings during the 2024-03-01 period was 1,424 sqft. One year prior, the average listing was 1,444 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).