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 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).