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 276 lenders originated 16,832 FHA loans during 2022. The total origination value was $4,208,920,000, with an average FHA loan value of $250,055.
Philadelphia FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Philadelphia
averaged
6.17%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Philadelphia's average FHA mortgage closing costs are $8,292.
The average rate for the prior week (2023-05-19) was
5.85% and
one month ago for the week of 2023-04-21, the
average rate was 5.89%.
The average rate one year ago was 4.91%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.09%.
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
1,382 FHA loans originated. Their average total fees are
$10,758, which is $1,212
lower than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Philadelphia FHA lenders (with over 10 loans originated) are
CHERRY CREEK MORTGAGE, LLC ($3,379), TD Bank ($5,463), JPMorgan Chase Bank ($5,596), Wells Fargo Bank ($5,701) and Bank of America ($6,010).
The lowest rate Philadelphia FHA lenders (with over 10 loans originated) are
First Guaranty Mortgage Corporation (3.73%), BEST CAPITAL FUNDING (3.81%), VILLAGE CAPITAL MORTGAGE (3.83%), LAKEVIEW LOAN SERVICING, LLC (3.88%) and PLANET HOME LENDING, LLC (3.88%).
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%) | $343,033 (3.1%) | 0.85 | 20,095 |
| 2018-02-01 | $236,450 (7.5%) | $345,565 (2.6%) | 0.86 | 20,323 |
| 2018-03-01 | $240,000 (5.3%) | $355,219 (2.9%) | 0.84 | 19,664 |
| 2018-04-01 | $249,950 (6.4%) | $368,548 (4.1%) | 0.85 | 20,535 |
| 2018-05-01 | $264,500 (8.2%) | $382,187 (5.4%) | 0.88 | 21,368 |
| 2018-06-01 | $269,000 (8.7%) | $387,896 (5.6%) | 0.90 | 21,953 |
| 2018-07-01 | $269,900 (8.2%) | $387,569 (6.0%) | 0.90 | 22,045 |
| 2018-08-01 | $262,450 (5.8%) | $381,709 (5.9%) | 0.88 | 22,059 |
| 2018-09-01 | $260,000 (5.3%) | $381,134 (5.3%) | 0.87 | 22,375 |
| 2018-10-01 | $264,900 (6.0%) | $381,516 (4.1%) | 0.90 | 22,722 |
| 2018-11-01 | $262,000 (8.1%) | $378,687 (7.1%) | 0.89 | 21,975 |
| 2018-12-01 | $252,900 (6.3%) | $372,121 (7.1%) | 0.87 | 20,170 |
| 2019-01-01 | $249,900 (8.7%) | $362,568 (5.7%) | 0.86 | 18,671 |
| 2019-02-01 | $250,000 (5.7%) | $367,848 (6.5%) | 0.84 | 18,442 |
| 2019-03-01 | $263,995 (10.0%) | $379,968 (7.0%) | 0.88 | 19,052 |
| 2019-04-01 | $275,000 (10.0%) | $395,225 (7.2%) | 0.87 | 19,543 |
| 2019-05-01 | $285,000 (7.8%) | $405,428 (6.1%) | 0.89 | 20,162 |
| 2019-06-01 | $289,900 (7.8%) | $407,007 (4.9%) | 0.91 | 20,608 |
| 2019-07-01 | $285,996 (6.0%) | $404,628 (4.4%) | 0.90 | 20,477 |
| 2019-08-01 | $285,000 (8.6%) | $403,796 (5.8%) | 0.89 | 20,549 |
| 2019-09-01 | $299,999 (15.4%) | $433,794 (13.8%) | 0.95 | 17,701 |
| 2019-10-01 | $299,000 (12.9%) | $425,673 (11.6%) | 0.96 | 18,545 |
| 2019-11-01 | $294,250 (12.3%) | $421,283 (11.3%) | 0.96 | 17,421 |
| 2019-12-01 | $285,250 (12.8%) | $419,383 (12.7%) | 0.95 | 15,066 |
| 2020-01-01 | $284,400 (13.8%) | $416,699 (14.9%) | 0.95 | 13,596 |
| 2020-02-01 | $289,900 (16.0%) | $429,675 (16.8%) | 0.95 | 13,201 |
| 2020-03-01 | $299,945 (13.6%) | $442,896 (16.6%) | 0.94 | 13,320 |
| 2020-04-01 | $299,900 (9.1%) | $442,240 (11.9%) | 0.94 | 11,885 |
| 2020-05-01 | $309,900 (8.7%) | $451,129 (11.3%) | 0.94 | 12,385 |
| 2020-06-01 | $327,450 (13.0%) | $471,831 (15.9%) | 0.96 | 12,505 |
| 2020-07-01 | $339,900 (18.9%) | $495,141 (22.4%) | 0.99 | 11,422 |
| 2020-08-01 | $339,900 (19.3%) | $503,094 (24.6%) | 0.97 | 10,845 |
| 2020-09-01 | $339,950 (13.3%) | $505,792 (16.6%) | 0.97 | 10,868 |
| 2020-10-01 | $344,655 (15.3%) | $513,929 (20.7%) | 0.99 | 10,819 |
| 2020-11-01 | $337,450 (14.7%) | $508,906 (20.8%) | 0.99 | 10,400 |
| 2020-12-01 | $325,000 (13.9%) | $499,060 (19.0%) | 0.97 | 9,093 |
| 2021-01-01 | $319,999 (12.5%) | $500,453 (20.1%) | 0.96 | 7,972 |
| 2021-02-01 | $319,997 (10.4%) | $511,986 (19.2%) | 0.93 | 7,132 |
| 2021-03-01 | $325,000 (8.4%) | $521,931 (17.9%) | 0.92 | 7,272 |
| 2021-04-01 | $336,450 (12.2%) | $537,331 (21.5%) | 0.91 | 7,631 |
| 2021-05-01 | $339,000 (9.4%) | $524,049 (16.2%) | 0.90 | 8,299 |
| 2021-06-01 | $330,000 (0.8%) | $501,095 (6.2%) | 0.87 | 9,872 |
| 2021-07-01 | $325,000 (-4.4%) | $483,692 (-2.3%) | 0.86 | 10,683 |
| 2021-08-01 | $319,900 (-5.9%) | $470,888 (-6.4%) | 0.85 | 10,996 |
| 2021-09-01 | $319,500 (-6.0%) | $467,973 (-7.5%) | 0.85 | 11,021 |
| 2021-10-01 | $319,900 (-7.2%) | $470,844 (-8.4%) | 0.85 | 10,708 |
| 2021-11-01 | $310,950 (-7.9%) | $469,802 (-7.7%) | 0.83 | 9,787 |
| 2021-12-01 | $299,950 (-7.7%) | $465,426 (-6.7%) | 0.81 | 8,421 |
| 2022-01-01 | $299,900 (-6.3%) | $476,058 (-4.9%) | 0.81 | 6,979 |
| 2022-02-01 | $299,950 (-6.3%) | $485,639 (-5.2%) | 0.78 | 6,568 |
| 2022-03-01 | $310,000 (-4.6%) | $495,226 (-5.1%) | 0.78 | 6,929 |
| 2022-04-01 | $325,000 (-3.4%) | $500,573 (-6.8%) | 0.77 | 7,325 |
| 2022-05-01 | $339,900 (0.3%) | $505,399 (-3.6%) | 0.78 | 8,552 |
| 2022-06-01 | $347,450 (5.3%) | $503,622 (0.5%) | 0.77 | 9,664 |
| 2022-07-01 | $345,000 (6.2%) | $499,348 (3.2%) | 0.78 | 10,796 |
| 2022-08-01 | $339,200 (6.0%) | $495,059 (5.1%) | 0.78 | 10,782 |
| 2022-09-01 | $335,000 (4.9%) | $494,910 (5.8%) | 0.78 | 10,741 |
| 2022-10-01 | $335,000 (4.7%) | $498,263 (5.8%) | 0.79 | 11,157 |
| 2022-11-01 | $329,950 (6.1%) | $497,727 (5.9%) | 0.79 | 11,000 |
| 2022-12-01 | $324,900 (8.3%) | $492,165 (5.8%) | 0.80 | 9,603 |
| 2023-01-01 | $320,475 (6.9%) | $496,209 (4.2%) | 0.79 | 8,727 |
| 2023-02-01 | $322,450 (7.5%) | $510,625 (5.1%) | 0.78 | 8,086 |
| 2023-03-01 | $327,450 (5.6%) | $516,534 (4.3%) | 0.77 | 7,967 |
| 2023-04-01 | $339,200 (4.4%) | $538,511 (7.6%) | 0.79 | 8,053 |
Philadelphia's median listing price comes in at 79% of the national average.
Philadelphia's average listing price for 2023-04-01 was $538,511, a difference of $37,938 (7.6%) versus the prior year and $21,977 versus the prior month.
For the 2023-04-01 period, Philadelphia had 8,053 MLS listings, a difference of 86 listings (1%) versus the prior month and 728 listings (10%) 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 | 87 days | 1,700 sqft |
| 2018-02-01 | 80 days | 1,705 sqft |
| 2018-03-01 | 59 days | 1,717 sqft |
| 2018-04-01 | 55 days | 1,755 sqft |
| 2018-05-01 | 53 days | 1,800 sqft |
| 2018-06-01 | 54 days | 1,825 sqft |
| 2018-07-01 | 60 days | 1,826 sqft |
| 2018-08-01 | 63 days | 1,805 sqft |
| 2018-09-01 | 65 days | 1,800 sqft |
| 2018-10-01 | 64 days | 1,800 sqft |
| 2018-11-01 | 66 days | 1,800 sqft |
| 2018-12-01 | 75 days | 1,764 sqft |
| 2019-01-01 | 83 days | 1,752 sqft |
| 2019-02-01 | 79 days | 1,775 sqft |
| 2019-03-01 | 58 days | 1,800 sqft |
| 2019-04-01 | 50 days | 1,832 sqft |
| 2019-05-01 | 48 days | 1,864 sqft |
| 2019-06-01 | 52 days | 1,875 sqft |
| 2019-07-01 | 60 days | 1,855 sqft |
| 2019-08-01 | 71 days | 1,848 sqft |
| 2019-09-01 | 76 days | 1,920 sqft |
| 2019-10-01 | 64 days | 1,885 sqft |
| 2019-11-01 | 66 days | 1,850 sqft |
| 2019-12-01 | 77 days | 1,827 sqft |
| 2020-01-01 | 85 days | 1,800 sqft |
| 2020-02-01 | 70 days | 1,825 sqft |
| 2020-03-01 | 49 days | 1,844 sqft |
| 2020-04-01 | 63 days | 1,829 sqft |
| 2020-05-01 | 75 days | 1,860 sqft |
| 2020-06-01 | 64 days | 1,882 sqft |
| 2020-07-01 | 48 days | 1,875 sqft |
| 2020-08-01 | 46 days | 1,846 sqft |
| 2020-09-01 | 44 days | 1,790 sqft |
| 2020-10-01 | 50 days | 1,775 sqft |
| 2020-11-01 | 53 days | 1,739 sqft |
| 2020-12-01 | 62 days | 1,685 sqft |
| 2021-01-01 | 68 days | 1,630 sqft |
| 2021-02-01 | 65 days | 1,605 sqft |
| 2021-03-01 | 48 days | 1,619 sqft |
| 2021-04-01 | 39 days | 1,655 sqft |
| 2021-05-01 | 36 days | 1,672 sqft |
| 2021-06-01 | 36 days | 1,665 sqft |
| 2021-07-01 | 39 days | 1,650 sqft |
| 2021-08-01 | 43 days | 1,622 sqft |
| 2021-09-01 | 47 days | 1,602 sqft |
| 2021-10-01 | 49 days | 1,596 sqft |
| 2021-11-01 | 51 days | 1,557 sqft |
| 2021-12-01 | 58 days | 1,529 sqft |
| 2022-01-01 | 65 days | 1,504 sqft |
| 2022-02-01 | 53 days | 1,513 sqft |
| 2022-03-01 | 38 days | 1,531 sqft |
| 2022-04-01 | 36 days | 1,544 sqft |
| 2022-05-01 | 34 days | 1,595 sqft |
| 2022-06-01 | 37 days | 1,640 sqft |
| 2022-07-01 | 40 days | 1,617 sqft |
| 2022-08-01 | 46 days | 1,590 sqft |
| 2022-09-01 | 51 days | 1,583 sqft |
| 2022-10-01 | 51 days | 1,596 sqft |
| 2022-11-01 | 55 days | 1,586 sqft |
| 2022-12-01 | 65 days | 1,560 sqft |
| 2023-01-01 | 72 days | 1,543 sqft |
| 2023-02-01 | 67 days | 1,541 sqft |
| 2023-03-01 | 53 days | 1,553 sqft |
| 2023-04-01 | 46 days | 1,560 sqft |
Philadelphia's median square footage for active listings during the 2023-04-01 period was 1,560 sqft. One year prior, the average listing was 1,544 sqft.