Oil City FHA Loan Rates, Closing Costs & Stats

Oil City, 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.

    Oil City's 24 lenders originated 69 FHA loans during 2023. The total origination value was $9,035,000, with an average FHA loan value of $130,942.

    Oil City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Oil City averaged 6.95% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Oil City's average FHA mortgage closing costs are $6,210.

    The average rate for the prior week (2024-04-12) was 6.74% and one month ago for the week of 2024-03-15, the average rate was 6.71%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Oil City 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 Oil City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 20 6.68% $6,500
    TIDEWATER MORTGAGE SERVICES, INC. 12 7.07% $7,642
    UNITED WHOLESALE MORTGAGE, LLC 5 6.74% $9,517
    AFFORDABLE MORTGAGE ADVISORS, LLC. 3 7.00% $7,942
    CARDINAL FINANCIAL 3 7.21% $6,213
    Ixonia Bank 3 6.46% $8,464
    AMERISAVE MORTGAGE CORPORATION 2 5.88% $7,277
    EQUITY RESOURCES, INC. 1 6.25% $7,053
    First Citizens Community Bank 1 6.50% $6,020
    Flagstar Bank, FSB 1 7.50% $11,376
    ALLIED MORTGAGE GROUP, INC. 1 7.63% $14,774
    JLB CORPORATION 1 6.25% $8,264
    LOANPAL, LLC 1 5.63% $10,136
    MILEND, INC. 1 7.38% $12,655
    NBKC BANK 1 6.63% $6,974
    NEWREZ LLC 1 6.75% $8,281
    PHH Mortgage Corporation 1 8.13% $6,948
    PLANET HOME LENDING, LLC 1 5.63% $16,597
    BROKER SOLUTIONS, INC. 1 6.25% $6,083
    SWBC MORTGAGE CORPORATION 1 6.25% $2,514
    TOTAL MORTGAGE SERVICES, LLC 1 6.75% $10,358
    Union Savings Bank 1 6.38% $6,754
    Equity Prime Mortgage LLC 1 6.75% $5,378
    Carrington Mortgage Services, LLC 1 6.63% $7,307

    The top Oil City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 20 FHA loans originated. Their average total fees are $6,500, which is $1,142 lower than the next largest lender, TIDEWATER MORTGAGE SERVICES, INC..

    The lowest fee Oil City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,500), TIDEWATER MORTGAGE SERVICES, INC. ($7,642), .

    The lowest rate Oil City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.68%), TIDEWATER MORTGAGE SERVICES, INC. (7.07%), .

    Oil City FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Oil City (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 $88,625 (6.9%) $125,894 (4.5%) 0.00 289
    2018-02-01 $88,500 (6.8%) $123,122 (0.4%) 0.00 289
    2018-03-01 $85,000 (1.3%) $119,014 (-4.9%) 0.00 300
    2018-04-01 $83,700 (-3.2%) $119,136 (-4.8%) 0.00 314
    2018-05-01 $83,700 (-6.9%) $119,536 (-6.5%) 0.00 333
    2018-06-01 $84,900 (-5.3%) $120,530 (-4.9%) 0.00 334
    2018-07-01 $87,875 (-2.9%) $127,391 (-2.9%) 0.00 333
    2018-08-01 $88,450 (-2.8%) $130,496 (-0.3%) 0.00 336
    2018-09-01 $93,500 (2.8%) $127,517 (-2.6%) 0.00 323
    2018-10-01 $95,900 (6.7%) $126,515 (-3.8%) 0.00 311
    2018-11-01 $96,175 (7.0%) $124,806 (-4.4%) 0.00 291
    2018-12-01 $94,200 (4.8%) $122,707 (-5.3%) 0.00 268
    2019-01-01 $89,800 (1.3%) $122,309 (-2.9%) 0.00 254
    2019-02-01 $89,575 (1.2%) $123,977 (0.7%) 0.00 247
    2019-03-01 $91,671 (7.9%) $126,941 (6.7%) 0.00 237
    2019-04-01 $96,700 (15.5%) $129,209 (8.5%) 0.00 220
    2019-05-01 $98,750 (18.0%) $125,756 (5.2%) 0.00 213
    2019-06-01 $97,400 (14.7%) $127,229 (5.6%) 0.00 211
    2019-07-01 $89,050 (1.3%) $122,909 (-3.5%) 0.00 224
    2019-08-01 $89,936 (1.7%) $121,850 (-6.6%) 0.00 234
    2019-09-01 $89,916 (-3.8%) $121,187 (-5.0%) 0.00 234
    2019-10-01 $89,900 (-6.3%) $121,163 (-4.2%) 0.00 232
    2019-11-01 $91,000 (-5.4%) $130,305 (4.4%) 0.00 231
    2019-12-01 $92,400 (-1.9%) $132,526 (8.0%) 0.00 224
    2020-01-01 $91,950 (2.4%) $134,243 (9.8%) 0.00 212
    2020-02-01 $94,700 (5.7%) $138,102 (11.4%) 0.00 200
    2020-03-01 $90,000 (-1.8%) $136,226 (7.3%) 0.00 192
    2020-04-01 $89,875 (-7.1%) $136,176 (5.4%) 0.00 183
    2020-05-01 $92,500 (-6.3%) $139,730 (11.1%) 0.00 167
    2020-06-01 $94,950 (-2.5%) $141,453 (11.2%) 0.00 169
    2020-07-01 $95,225 (6.9%) $146,833 (19.5%) 0.00 155
    2020-08-01 $89,950 (0.0%) $139,730 (14.7%) 0.00 139
    2020-09-01 $84,975 (-5.5%) $119,836 (-1.1%) 0.00 143
    2020-10-01 $91,000 (1.2%) $141,610 (16.9%) 0.00 139
    2020-11-01 $97,000 (6.6%) $147,251 (13.0%) 0.00 123
    2020-12-01 $99,700 (7.9%) $147,394 (11.2%) 0.00 113
    2021-01-01 $99,250 (7.9%) $140,997 (5.0%) 0.00 109
    2021-02-01 $99,475 (5.0%) $149,505 (8.3%) 0.00 98
    2021-03-01 $102,975 (14.4%) $164,037 (20.4%) 0.00 79
    2021-04-01 $99,600 (10.8%) $158,515 (16.4%) 0.00 87
    2021-05-01 $99,000 (7.0%) $152,975 (9.5%) 0.00 92
    2021-06-01 $114,900 (21.0%) $153,075 (8.2%) 0.00 91
    2021-07-01 $119,000 (25.0%) $172,106 (17.2%) 0.00 93
    2021-08-01 $119,000 (32.3%) $188,295 (34.8%) 0.00 87
    2021-09-01 $115,000 (35.3%) $163,500 (36.4%) 0.00 92
    2021-10-01 $112,400 (23.5%) $141,317 (-0.2%) 0.00 89
    2021-11-01 $97,725 (0.8%) $138,304 (-6.1%) 0.00 88
    2021-12-01 $90,600 (-9.1%) $138,243 (-6.2%) 0.00 93
    2022-01-01 $94,000 (-5.3%) $140,861 (-0.1%) 0.00 87
    2022-02-01 $98,225 (-1.3%) $148,653 (-0.6%) 0.00 83
    2022-03-01 $107,450 (4.4%) $169,044 (3.1%) 0.00 78
    2022-04-01 $128,000 (28.5%) $192,310 (21.3%) 0.00 76
    2022-05-01 $126,850 (28.1%) $188,253 (23.1%) 0.00 95
    2022-06-01 $130,075 (13.2%) $193,770 (26.6%) 0.00 108
    2022-07-01 $129,900 (9.2%) $187,312 (8.8%) 0.00 119
    2022-08-01 $132,050 (11.0%) $186,650 (-0.9%) 0.00 109
    2022-09-01 $122,450 (6.5%) $180,621 (10.5%) 0.00 102
    2022-10-01 $119,900 (6.7%) $164,242 (16.2%) 0.00 103
    2022-11-01 $125,000 (27.9%) $166,110 (20.1%) 0.00 106
    2022-12-01 $129,700 (43.2%) $194,273 (40.5%) 0.00 99
    2023-01-01 $127,175 (35.3%) $190,873 (35.5%) 0.00 93
    2023-02-01 $128,175 (30.5%) $190,087 (27.9%) 0.00 80
    2023-03-01 $128,725 (19.8%) $193,138 (14.3%) 0.00 72
    2023-04-01 $132,200 (3.3%) $196,896 (2.4%) 0.00 73
    2023-05-01 $133,950 (5.6%) $192,493 (2.3%) 0.00 75
    2023-06-01 $150,875 (16.0%) $206,635 (6.6%) 0.00 86
    2023-07-01 $160,000 (23.2%) $218,452 (16.6%) 0.00 98
    2023-08-01 $151,225 (14.5%) $242,005 (29.7%) 0.00 104
    2023-09-01 $157,000 (28.2%) $245,743 (36.1%) 0.00 106
    2023-10-01 $167,675 (39.9%) $245,934 (49.7%) 0.00 100
    2023-11-01 $148,000 (18.4%) $227,094 (36.7%) 0.00 105
    2023-12-01 $135,000 (4.1%) $226,585 (16.6%) 0.00 97
    2024-01-01 $135,000 (6.2%) $215,147 (12.7%) 0.00 92
    2024-02-01 $135,000 (5.3%) $208,920 (9.9%) 0.00 84
    2024-03-01 $140,000 (8.8%) $206,627 (7.0%) 0.00 87
    Oil City's median listing price for 2024-03-01 was $140,000, a difference of $11,275 (8.8%) versus the prior year and $5,000 versus the prior month.

    Oil City's median listing price comes in at 0% of the national average.

    Oil City's average listing price for 2024-03-01 was $206,627, a difference of $13,489 (7.0%) versus the prior year and $-2,293 versus the prior month.

    For the 2024-03-01 period, Oil City had 87 MLS listings, a difference of 3 listings (4%) versus the prior month and 15 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Oil City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,509 sqft
    2018-02-01 0 days 1,509 sqft
    2018-03-01 0 days 1,496 sqft
    2018-04-01 0 days 1,494 sqft
    2018-05-01 0 days 1,513 sqft
    2018-06-01 0 days 1,521 sqft
    2018-07-01 0 days 1,528 sqft
    2018-08-01 0 days 1,536 sqft
    2018-09-01 0 days 1,536 sqft
    2018-10-01 0 days 1,522 sqft
    2018-11-01 0 days 1,528 sqft
    2018-12-01 0 days 1,528 sqft
    2019-01-01 0 days 1,512 sqft
    2019-02-01 0 days 1,512 sqft
    2019-03-01 0 days 1,516 sqft
    2019-04-01 0 days 1,509 sqft
    2019-05-01 0 days 1,486 sqft
    2019-06-01 0 days 1,496 sqft
    2019-07-01 0 days 1,506 sqft
    2019-08-01 0 days 1,505 sqft
    2019-09-01 0 days 1,492 sqft
    2019-10-01 0 days 1,500 sqft
    2019-11-01 0 days 1,538 sqft
    2019-12-01 0 days 1,532 sqft
    2020-01-01 0 days 1,537 sqft
    2020-02-01 0 days 1,537 sqft
    2020-03-01 0 days 1,491 sqft
    2020-04-01 0 days 1,453 sqft
    2020-05-01 0 days 1,488 sqft
    2020-06-01 0 days 1,527 sqft
    2020-07-01 0 days 1,549 sqft
    2020-08-01 0 days 1,515 sqft
    2020-09-01 0 days 1,462 sqft
    2020-10-01 0 days 1,459 sqft
    2020-11-01 0 days 1,516 sqft
    2020-12-01 0 days 1,526 sqft
    2021-01-01 0 days 1,560 sqft
    2021-02-01 0 days 1,579 sqft
    2021-03-01 0 days 1,571 sqft
    2021-04-01 0 days 1,575 sqft
    2021-05-01 0 days 1,617 sqft
    2021-06-01 0 days 1,584 sqft
    2021-07-01 0 days 1,529 sqft
    2021-08-01 0 days 1,636 sqft
    2021-09-01 0 days 1,482 sqft
    2021-10-01 0 days 1,456 sqft
    2021-11-01 0 days 1,455 sqft
    2021-12-01 0 days 1,459 sqft
    2022-01-01 0 days 1,507 sqft
    2022-02-01 0 days 1,513 sqft
    2022-03-01 0 days 1,514 sqft
    2022-04-01 0 days 1,544 sqft
    2022-05-01 0 days 1,544 sqft
    2022-06-01 0 days 1,515 sqft
    2022-07-01 0 days 1,448 sqft
    2022-08-01 0 days 1,465 sqft
    2022-09-01 0 days 1,403 sqft
    2022-10-01 0 days 1,480 sqft
    2022-11-01 0 days 1,477 sqft
    2022-12-01 0 days 1,515 sqft
    2023-01-01 0 days 1,560 sqft
    2023-02-01 0 days 1,556 sqft
    2023-03-01 0 days 1,469 sqft
    2023-04-01 0 days 1,407 sqft
    2023-05-01 0 days 1,443 sqft
    2023-06-01 0 days 1,476 sqft
    2023-07-01 0 days 1,588 sqft
    2023-08-01 0 days 1,610 sqft
    2023-09-01 0 days 1,624 sqft
    2023-10-01 0 days 1,626 sqft
    2023-11-01 0 days 1,631 sqft
    2023-12-01 0 days 1,685 sqft
    2024-01-01 0 days 1,644 sqft
    2024-02-01 0 days 1,655 sqft
    2024-03-01 0 days 1,632 sqft
    Oil City's median listing age (time on market) for 2024-03-01 was 0 days.

    Oil City's median square footage for active listings during the 2024-03-01 period was 1,632 sqft. One year prior, the average listing was 1,469 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).