Philadelphia FHA Loan Rates, Closing Costs & Stats
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
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.
Philadelphia's 251 lenders originated 13,142 FHA loans during 2023. The total origination value was $3,489,150,000, with an average FHA loan value of $265,496.
Philadelphia FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Philadelphia
averaged
6.63%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Philadelphia's average FHA mortgage closing costs are $8,752.
The average rate for the prior week (2024-04-12) was
6.62% and
one month ago for the week of 2024-03-15, the
average rate was 6.69%.
The average rate one year ago was 6.32%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.29%.
Philadelphia 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 Philadelphia level.
The top Philadelphia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
1,182 FHA loans originated. Their average total fees are
$12,221, which is $1,197
lower than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Philadelphia FHA lenders (with over 10 loans originated) are
JPMorgan Chase Bank ($7,397), Customers Bank ($7,525), TD Bank ($8,199), AMERICAN HERITAGE FCU ($8,460) and Mortgage Research Center, LLC ($8,531).
The lowest rate Philadelphia FHA lenders (with over 10 loans originated) are
MICHIGAN MUTUAL, INC. (5.71%), LOANPAL, LLC (5.80%), NVR Mortgage Finance, Inc. (5.82%), PLANET HOME LENDING, LLC (5.86%) and NBKC BANK (5.93%).
Philadelphia FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | NEW CASTLE | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | CECIL | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | BURLINGTON | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | CAMDEN | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | GLOUCESTER | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | SALEM | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | BUCKS | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | CHESTER | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | DELAWARE | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | MONTGOMERY | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | PHILADELPHIA | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | NEW CASTLE | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | CECIL | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | BURLINGTON | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | CAMDEN | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | GLOUCESTER | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | SALEM | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | BUCKS | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | CHESTER | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | DELAWARE | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | MONTGOMERY | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
| PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD | PHILADELPHIA | 2023 | $529,000 | $677,200 | $818,600 | $1,017,300 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Philadelphia (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 | $229,995 (5.0%) | $343,148 (3.1%) | 0.85 | 20,091 |
| 2018-02-01 | $236,495 (7.5%) | $345,641 (2.6%) | 0.86 | 20,324 |
| 2018-03-01 | $240,000 (5.2%) | $355,372 (2.9%) | 0.84 | 19,664 |
| 2018-04-01 | $249,950 (6.4%) | $368,667 (4.1%) | 0.85 | 20,536 |
| 2018-05-01 | $264,500 (8.2%) | $382,305 (5.4%) | 0.88 | 21,369 |
| 2018-06-01 | $269,000 (8.7%) | $388,007 (5.6%) | 0.90 | 21,956 |
| 2018-07-01 | $269,900 (8.2%) | $387,673 (6.0%) | 0.90 | 22,046 |
| 2018-08-01 | $262,450 (5.8%) | $381,803 (5.9%) | 0.88 | 22,059 |
| 2018-09-01 | $260,000 (5.3%) | $381,222 (5.3%) | 0.87 | 22,372 |
| 2018-10-01 | $264,900 (6.0%) | $381,630 (4.2%) | 0.90 | 22,719 |
| 2018-11-01 | $262,000 (8.1%) | $378,883 (7.1%) | 0.89 | 21,974 |
| 2018-12-01 | $252,950 (6.3%) | $372,337 (7.1%) | 0.87 | 20,169 |
| 2019-01-01 | $249,900 (8.7%) | $362,674 (5.7%) | 0.86 | 18,670 |
| 2019-02-01 | $250,000 (5.7%) | $367,914 (6.4%) | 0.84 | 18,442 |
| 2019-03-01 | $263,571 (9.8%) | $382,802 (7.7%) | 0.86 | 18,991 |
| 2019-04-01 | $275,000 (10.0%) | $395,384 (7.3%) | 0.87 | 19,615 |
| 2019-05-01 | $285,275 (7.9%) | $405,589 (6.1%) | 0.89 | 20,163 |
| 2019-06-01 | $289,900 (7.8%) | $407,178 (4.9%) | 0.91 | 20,609 |
| 2019-07-01 | $286,000 (6.0%) | $404,857 (4.4%) | 0.90 | 20,476 |
| 2019-08-01 | $288,811 (10.0%) | $407,988 (6.9%) | 0.91 | 19,922 |
| 2019-09-01 | $294,542 (13.3%) | $417,180 (9.4%) | 0.94 | 19,184 |
| 2019-10-01 | $298,363 (12.6%) | $424,153 (11.1%) | 0.96 | 18,547 |
| 2019-11-01 | $294,800 (12.5%) | $421,606 (11.3%) | 0.97 | 17,424 |
| 2019-12-01 | $285,495 (12.9%) | $419,734 (12.7%) | 0.95 | 15,070 |
| 2020-01-01 | $284,448 (13.8%) | $417,078 (15.0%) | 0.95 | 13,599 |
| 2020-02-01 | $289,986 (16.0%) | $430,008 (16.9%) | 0.95 | 13,201 |
| 2020-03-01 | $299,950 (13.8%) | $443,288 (15.8%) | 0.94 | 13,324 |
| 2020-04-01 | $299,900 (9.1%) | $442,711 (12.0%) | 0.94 | 11,889 |
| 2020-05-01 | $309,945 (8.7%) | $451,578 (11.3%) | 0.94 | 12,389 |
| 2020-06-01 | $327,450 (13.0%) | $472,121 (16.0%) | 0.96 | 12,509 |
| 2020-07-01 | $339,900 (18.9%) | $495,413 (22.4%) | 0.99 | 11,427 |
| 2020-08-01 | $339,900 (17.7%) | $503,338 (23.4%) | 0.97 | 10,853 |
| 2020-09-01 | $339,950 (15.4%) | $506,058 (21.3%) | 0.97 | 10,877 |
| 2020-10-01 | $344,900 (15.6%) | $514,093 (21.2%) | 0.99 | 10,827 |
| 2020-11-01 | $337,450 (14.5%) | $509,052 (20.7%) | 0.99 | 10,406 |
| 2020-12-01 | $325,000 (13.8%) | $499,138 (18.9%) | 0.97 | 9,098 |
| 2021-01-01 | $320,000 (12.5%) | $500,475 (20.0%) | 0.96 | 7,975 |
| 2021-02-01 | $320,000 (10.4%) | $512,115 (19.1%) | 0.93 | 7,133 |
| 2021-03-01 | $325,000 (8.4%) | $521,990 (17.8%) | 0.92 | 7,273 |
| 2021-04-01 | $336,450 (12.2%) | $537,418 (21.4%) | 0.91 | 7,632 |
| 2021-05-01 | $339,000 (9.4%) | $524,162 (16.1%) | 0.90 | 8,302 |
| 2021-06-01 | $330,000 (0.8%) | $501,219 (6.2%) | 0.87 | 9,874 |
| 2021-07-01 | $325,000 (-4.4%) | $483,789 (-2.4%) | 0.86 | 10,683 |
| 2021-08-01 | $319,900 (-5.9%) | $470,989 (-6.4%) | 0.85 | 10,997 |
| 2021-09-01 | $319,500 (-6.0%) | $468,032 (-7.5%) | 0.85 | 11,020 |
| 2021-10-01 | $319,900 (-7.3%) | $470,906 (-8.4%) | 0.85 | 10,709 |
| 2021-11-01 | $311,200 (-7.8%) | $469,869 (-7.7%) | 0.83 | 9,790 |
| 2021-12-01 | $299,950 (-7.7%) | $465,523 (-6.7%) | 0.81 | 8,423 |
| 2022-01-01 | $299,900 (-6.3%) | $476,101 (-4.9%) | 0.81 | 6,980 |
| 2022-02-01 | $299,950 (-6.3%) | $485,606 (-5.2%) | 0.78 | 6,569 |
| 2022-03-01 | $312,125 (-4.0%) | $495,502 (-5.1%) | 0.78 | 6,933 |
| 2022-04-01 | $325,000 (-3.4%) | $500,971 (-6.8%) | 0.77 | 7,331 |
| 2022-05-01 | $339,950 (0.3%) | $505,725 (-3.5%) | 0.78 | 8,561 |
| 2022-06-01 | $348,900 (5.7%) | $504,160 (0.6%) | 0.78 | 9,672 |
| 2022-07-01 | $345,000 (6.2%) | $499,486 (3.2%) | 0.78 | 10,801 |
| 2022-08-01 | $339,450 (6.1%) | $495,209 (5.1%) | 0.78 | 10,790 |
| 2022-09-01 | $335,000 (4.9%) | $495,062 (5.8%) | 0.78 | 10,749 |
| 2022-10-01 | $335,000 (4.7%) | $498,370 (5.8%) | 0.79 | 11,162 |
| 2022-11-01 | $331,450 (6.5%) | $497,789 (5.9%) | 0.80 | 11,004 |
| 2022-12-01 | $325,000 (8.4%) | $492,295 (5.8%) | 0.80 | 9,606 |
| 2023-01-01 | $322,000 (7.4%) | $496,357 (4.3%) | 0.80 | 8,730 |
| 2023-02-01 | $322,450 (7.5%) | $510,642 (5.2%) | 0.78 | 8,088 |
| 2023-03-01 | $328,450 (5.2%) | $516,575 (4.3%) | 0.77 | 7,967 |
| 2023-04-01 | $339,640 (4.5%) | $538,707 (7.5%) | 0.79 | 8,053 |
| 2023-05-01 | $349,450 (2.8%) | $544,226 (7.6%) | 0.79 | 8,047 |
| 2023-06-01 | $354,950 (1.7%) | $560,838 (11.2%) | 0.80 | 8,318 |
| 2023-07-01 | $350,000 (1.5%) | $553,808 (10.9%) | 0.80 | 8,348 |
| 2023-08-01 | $350,000 (3.1%) | $543,128 (9.7%) | 0.80 | 8,555 |
| 2023-09-01 | $350,000 (4.5%) | $541,242 (9.3%) | 0.81 | 9,092 |
| 2023-10-01 | $350,000 (4.5%) | $543,703 (9.1%) | 0.82 | 9,607 |
| 2023-11-01 | $349,900 (5.6%) | $536,853 (7.9%) | 0.83 | 9,708 |
| 2023-12-01 | $340,000 (4.6%) | $531,015 (7.9%) | 0.83 | 8,879 |
| 2024-01-01 | $337,375 (4.8%) | $533,636 (7.5%) | 0.82 | 7,895 |
| 2024-02-01 | $339,950 (5.4%) | $538,381 (5.4%) | 0.82 | 7,622 |
| 2024-03-01 | $349,999 (6.6%) | $559,038 (8.2%) | 0.82 | 7,863 |
Philadelphia's median listing price comes in at 82% of the national average.
Philadelphia's average listing price for 2024-03-01 was $559,038, a difference of $42,463 (8.2%) versus the prior year and $20,657 versus the prior month.
For the 2024-03-01 period, Philadelphia had 7,863 MLS listings, a difference of 241 listings (3%) versus the prior month and -104 listings (-1%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Philadelphia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 81 days | 1,700 sqft |
| 2018-02-01 | 73 days | 1,705 sqft |
| 2018-03-01 | 54 days | 1,718 sqft |
| 2018-04-01 | 52 days | 1,755 sqft |
| 2018-05-01 | 48 days | 1,800 sqft |
| 2018-06-01 | 51 days | 1,825 sqft |
| 2018-07-01 | 57 days | 1,826 sqft |
| 2018-08-01 | 59 days | 1,804 sqft |
| 2018-09-01 | 60 days | 1,800 sqft |
| 2018-10-01 | 60 days | 1,800 sqft |
| 2018-11-01 | 63 days | 1,800 sqft |
| 2018-12-01 | 72 days | 1,762 sqft |
| 2019-01-01 | 79 days | 1,751 sqft |
| 2019-02-01 | 72 days | 1,772 sqft |
| 2019-03-01 | 58 days | 1,804 sqft |
| 2019-04-01 | 46 days | 1,829 sqft |
| 2019-05-01 | 45 days | 1,862 sqft |
| 2019-06-01 | 50 days | 1,876 sqft |
| 2019-07-01 | 57 days | 1,855 sqft |
| 2019-08-01 | 57 days | 1,858 sqft |
| 2019-09-01 | 58 days | 1,875 sqft |
| 2019-10-01 | 58 days | 1,884 sqft |
| 2019-11-01 | 61 days | 1,850 sqft |
| 2019-12-01 | 73 days | 1,827 sqft |
| 2020-01-01 | 79 days | 1,800 sqft |
| 2020-02-01 | 62 days | 1,825 sqft |
| 2020-03-01 | 45 days | 1,846 sqft |
| 2020-04-01 | 58 days | 1,829 sqft |
| 2020-05-01 | 71 days | 1,860 sqft |
| 2020-06-01 | 53 days | 1,882 sqft |
| 2020-07-01 | 43 days | 1,875 sqft |
| 2020-08-01 | 40 days | 1,848 sqft |
| 2020-09-01 | 39 days | 1,792 sqft |
| 2020-10-01 | 45 days | 1,776 sqft |
| 2020-11-01 | 49 days | 1,740 sqft |
| 2020-12-01 | 58 days | 1,686 sqft |
| 2021-01-01 | 64 days | 1,634 sqft |
| 2021-02-01 | 56 days | 1,610 sqft |
| 2021-03-01 | 42 days | 1,624 sqft |
| 2021-04-01 | 35 days | 1,659 sqft |
| 2021-05-01 | 32 days | 1,675 sqft |
| 2021-06-01 | 33 days | 1,667 sqft |
| 2021-07-01 | 37 days | 1,650 sqft |
| 2021-08-01 | 41 days | 1,624 sqft |
| 2021-09-01 | 45 days | 1,602 sqft |
| 2021-10-01 | 45 days | 1,598 sqft |
| 2021-11-01 | 49 days | 1,558 sqft |
| 2021-12-01 | 56 days | 1,530 sqft |
| 2022-01-01 | 61 days | 1,504 sqft |
| 2022-02-01 | 49 days | 1,516 sqft |
| 2022-03-01 | 35 days | 1,536 sqft |
| 2022-04-01 | 33 days | 1,545 sqft |
| 2022-05-01 | 32 days | 1,598 sqft |
| 2022-06-01 | 35 days | 1,644 sqft |
| 2022-07-01 | 38 days | 1,620 sqft |
| 2022-08-01 | 44 days | 1,591 sqft |
| 2022-09-01 | 49 days | 1,586 sqft |
| 2022-10-01 | 49 days | 1,596 sqft |
| 2022-11-01 | 52 days | 1,589 sqft |
| 2022-12-01 | 61 days | 1,562 sqft |
| 2023-01-01 | 67 days | 1,546 sqft |
| 2023-02-01 | 63 days | 1,545 sqft |
| 2023-03-01 | 50 days | 1,556 sqft |
| 2023-04-01 | 44 days | 1,562 sqft |
| 2023-05-01 | 44 days | 1,591 sqft |
| 2023-06-01 | 45 days | 1,629 sqft |
| 2023-07-01 | 45 days | 1,618 sqft |
| 2023-08-01 | 45 days | 1,594 sqft |
| 2023-09-01 | 45 days | 1,578 sqft |
| 2023-10-01 | 44 days | 1,597 sqft |
| 2023-11-01 | 46 days | 1,575 sqft |
| 2023-12-01 | 56 days | 1,541 sqft |
| 2024-01-01 | 66 days | 1,530 sqft |
| 2024-02-01 | 59 days | 1,530 sqft |
| 2024-03-01 | 43 days | 1,560 sqft |
Philadelphia's median square footage for active listings during the 2024-03-01 period was 1,560 sqft. One year prior, the average listing was 1,556 sqft.