Pittsfield FHA Loan Rates, Closing Costs & Stats

PITTSFIELD, MA

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.

Pittsfield's 39 lenders originated 174 FHA loans during 2022. The total origination value was $44,570,000, with an average FHA loan value of $256,149.

Pittsfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Pittsfield averaged 5.55% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Pittsfield's average FHA mortgage closing costs are $8,374.

The average rate for the prior week (2024-02-23) was 5.34% and one month ago for the week of 2024-01-26, the average rate was 5.24%.

The average rate one year ago was 5.17%.

For refis of the same type during the week of 2024-03-01, the average rate was 4.96%.

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

Pittsfield 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 Pittsfield level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
ACADEMY MORTGAGE CORPORATION 55 5.05% $10,150
QUICKEN LOANS, LLC 27 4.49% $10,518
AMERISAVE MORTGAGE CORPORATION 8 4.45% $11,836
PENNYMAC LOAN SERVICES, LLC 5 4.40% $7,585
MOVEMENT MORTGAGE, LLC 4 5.13% $10,025
TOTAL MORTGAGE SERVICES, LLC 4 5.03% $11,011
Berkshire Bank 4 5.09% $8,568
UNITED WHOLESALE MORTGAGE, LLC 3 5.38% $12,271
FREEDOM MORTGAGE CORPORATION 3 4.21% $8,715
LOANDEPOT.COM, LLC 3 5.33% $8,932
CROSSCOUNTRY MORTGAGE, LLC 2 6.19% $9,868
GUARANTEED RATE, INC. 2 4.63% $9,576
LAKEVIEW LOAN SERVICING, LLC 2 3.87% $3,432
ALLIED MORTGAGE GROUP, INC. 2 5.25% $10,148
Mortgage Research Center, LLC 2 5.88% $9,291
Bank of England 2 3.50% $10,963
The Federal Savings Bank 2 5.25% $10,894
CARDINAL FINANCIAL 2 5.19% $11,798
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.88% $17,621
HOMESIDE FINANCIAL, LLC 1 5.13% $9,034
INLAND BANK & TRUST 1 3.50% $9,915
RELIANCE FIRST CAPITAL, LLC 1 4.88% $12,173
Republic State Mortgage Co. 1 3.00% $7,161
Mortgage Network, Inc. 1 6.13% $10,596
Shamrock Home Loans, Inc. 1 3.75% $8,716
BROKER SOLUTIONS, INC. 1 3.38% $8,337
Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $15,670
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.50% $5,950
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $9,637
NEWREZ LLC 1 3.75% $6,999
NORWICH COMMERCIAL GROUP, INC. 1 6.25% $10,306
BAY EQUITY LLC 1 3.99% $7,607
Equity Prime Mortgage LLC 1 4.75% $9,901
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.50% $5,220
Flagstar Bank, FSB 1 3.50% $12,346
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $14,033
GUARANTEED RATE AFFINITY, LLC 1 6.25% $9,330
Citizens Bank 1 5.25% $7,818
GUILD MORTGAGE COMPANY 1 5.63% $9,048

The top Pittsfield FHA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 55 FHA loans originated. Their average total fees are $10,150, which is $368 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Pittsfield FHA lenders (with over 10 loans originated) are ACADEMY MORTGAGE CORPORATION ($10,150), QUICKEN LOANS, LLC ($10,518), .

The lowest rate Pittsfield FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.49%), ACADEMY MORTGAGE CORPORATION (5.05%), .

Pittsfield FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Pittsfield (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 $352,250 (17.5%) $526,672 (-4.7%) 1.31 854
2018-02-01 $364,450 (12.1%) $527,727 (-9.0%) 1.32 850
2018-03-01 $379,250 (13.3%) $554,002 (-6.6%) 1.33 844
2018-04-01 $389,125 (12.8%) $564,965 (-3.4%) 1.32 884
2018-05-01 $396,500 (13.5%) $562,723 (-2.1%) 1.32 946
2018-06-01 $379,000 (8.0%) $551,844 (-3.7%) 1.26 1,037
2018-07-01 $369,000 (5.4%) $534,923 (-5.4%) 1.23 1,119
2018-08-01 $366,500 (4.7%) $532,574 (-4.2%) 1.23 1,144
2018-09-01 $359,000 (2.6%) $528,740 (-4.0%) 1.21 1,138
2018-10-01 $357,000 (2.0%) $549,234 (0.9%) 1.21 1,128
2018-11-01 $369,450 (-1.4%) $573,651 (5.2%) 1.25 1,029
2018-12-01 $374,900 (1.6%) $582,366 (8.7%) 1.29 943
2019-01-01 $361,000 (2.5%) $588,845 (11.8%) 1.25 827
2019-02-01 $370,225 (1.6%) $600,562 (13.8%) 1.25 805
2019-03-01 $374,943 (-1.1%) $606,219 (9.4%) 1.23 809
2019-04-01 $374,993 (-3.6%) $601,617 (6.5%) 1.19 853
2019-05-01 $369,000 (-6.9%) $600,885 (6.8%) 1.15 936
2019-06-01 $369,000 (-2.6%) $579,866 (5.1%) 1.15 1,051
2019-07-01 $372,175 (0.9%) $576,932 (7.9%) 1.17 1,113
2019-08-01 $373,364 (1.9%) $578,296 (8.6%) 1.18 1,091
2019-09-01 $370,909 (3.3%) $575,053 (8.8%) 1.19 1,051
2019-10-01 $369,000 (3.4%) $574,532 (4.6%) 1.19 1,011
2019-11-01 $369,250 (-0.1%) $602,672 (5.1%) 1.21 923
2019-12-01 $383,450 (2.3%) $694,079 (19.2%) 1.28 777
2020-01-01 $391,500 (8.5%) $713,809 (21.2%) 1.31 668
2020-02-01 $389,000 (5.1%) $724,616 (20.7%) 1.27 645
2020-03-01 $399,450 (6.5%) $724,527 (19.5%) 1.25 677
2020-04-01 $404,113 (7.8%) $737,263 (22.6%) 1.27 671
2020-05-01 $425,000 (15.2%) $736,884 (22.6%) 1.29 708
2020-06-01 $449,725 (21.9%) $752,378 (29.8%) 1.32 704
2020-07-01 $430,000 (15.5%) $763,395 (32.3%) 1.25 653
2020-08-01 $449,000 (20.3%) $785,575 (35.8%) 1.29 613
2020-09-01 $454,500 (22.5%) $784,607 (36.4%) 1.30 590
2020-10-01 $449,000 (21.7%) $839,892 (46.2%) 1.29 545
2020-11-01 $422,000 (14.3%) $936,397 (55.4%) 1.23 477
2020-12-01 $409,500 (6.8%) $952,918 (37.3%) 1.22 420
2021-01-01 $432,500 (10.5%) $1,025,096 (43.6%) 1.29 334
2021-02-01 $501,875 (29.0%) $948,451 (30.9%) 1.46 271
2021-03-01 $529,000 (32.4%) $995,601 (37.4%) 1.50 242
2021-04-01 $525,000 (29.9%) $1,026,983 (39.3%) 1.42 251
2021-05-01 $499,450 (17.5%) $988,820 (34.2%) 1.33 294
2021-06-01 $475,000 (5.6%) $951,161 (26.4%) 1.25 360
2021-07-01 $472,450 (9.9%) $942,275 (23.4%) 1.25 400
2021-08-01 $487,000 (8.5%) $890,220 (13.3%) 1.30 437
2021-09-01 $475,000 (4.5%) $905,162 (15.4%) 1.27 447
2021-10-01 $449,000 (0.0%) $831,550 (-1.0%) 1.20 431
2021-11-01 $426,175 (1.0%) $822,829 (-12.1%) 1.14 377
2021-12-01 $422,475 (3.2%) $831,083 (-12.8%) 1.14 302
2022-01-01 $430,950 (-0.4%) $911,018 (-11.1%) 1.17 242
2022-02-01 $439,225 (-12.5%) $977,742 (3.1%) 1.14 201
2022-03-01 $449,900 (-15.0%) $1,011,135 (1.6%) 1.13 195
2022-04-01 $425,000 (-19.1%) $998,477 (-2.8%) 1.01 199
2022-05-01 $447,225 (-10.5%) $881,658 (-10.8%) 1.02 244
2022-06-01 $461,250 (-2.9%) $915,448 (-3.8%) 1.03 281
2022-07-01 $449,450 (-4.9%) $877,778 (-6.8%) 1.01 350
2022-08-01 $458,225 (-5.9%) $927,374 (4.2%) 1.06 336
2022-09-01 $439,500 (-7.5%) $936,813 (3.5%) 1.03 349
2022-10-01 $449,000 (0.0%) $904,402 (8.8%) 1.06 348
2022-11-01 $447,000 (4.9%) $930,557 (13.1%) 1.07 300
2022-12-01 $447,000 (5.8%) $963,607 (16.0%) 1.10 255
2023-01-01 $470,725 (9.2%) $1,059,000 (16.2%) 1.17 213
2023-02-01 $476,675 (8.5%) $1,159,235 (18.6%) 1.15 205
2023-03-01 $509,500 (13.3%) $1,121,234 (10.9%) 1.20 203
2023-04-01 $485,000 (14.1%) $932,455 (-6.6%) 1.13 249
2023-05-01 $507,450 (13.5%) $1,022,174 (15.9%) 1.15 269
2023-06-01 $496,000 (7.5%) $1,004,764 (9.8%) 1.11 308
2023-07-01 $525,000 (16.8%) $1,036,142 (18.0%) 1.19 337
2023-08-01 $519,675 (13.4%) $1,011,323 (9.1%) 1.19 365
2023-09-01 $522,450 (18.9%) $992,913 (6.0%) 1.22 365
2023-10-01 $522,000 (16.3%) $964,990 (6.7%) 1.23 356
2023-11-01 $524,975 (17.4%) $952,578 (2.4%) 1.25 355
2023-12-01 $482,000 (7.8%) $940,243 (-2.4%) 1.18 330
2024-01-01 $450,000 (-4.4%) $937,190 (-11.5%) 1.10 270
Pittsfield's median listing price for 2024-01-01 was $450,000, a difference of $-20,725 (-4.4%) versus the prior year and $-32,000 versus the prior month.

Pittsfield's median listing price comes in at 110% of the national average.

Pittsfield's average listing price for 2024-01-01 was $937,190, a difference of $-121,810 (-11.5%) versus the prior year and $-3,053 versus the prior month.

For the 2024-01-01 period, Pittsfield had 270 MLS listings, a difference of -60 listings (-18%) versus the prior month and 57 listings (27%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Pittsfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 128 days 2,036 sqft
2018-02-01 134 days 2,028 sqft
2018-03-01 134 days 2,040 sqft
2018-04-01 119 days 2,060 sqft
2018-05-01 84 days 2,060 sqft
2018-06-01 68 days 2,009 sqft
2018-07-01 66 days 2,000 sqft
2018-08-01 73 days 2,023 sqft
2018-09-01 84 days 1,997 sqft
2018-10-01 93 days 1,973 sqft
2018-11-01 104 days 2,035 sqft
2018-12-01 115 days 2,043 sqft
2019-01-01 119 days 1,990 sqft
2019-02-01 128 days 2,003 sqft
2019-03-01 118 days 2,009 sqft
2019-04-01 97 days 2,004 sqft
2019-05-01 72 days 2,014 sqft
2019-06-01 67 days 2,003 sqft
2019-07-01 72 days 2,001 sqft
2019-08-01 80 days 2,007 sqft
2019-09-01 89 days 1,993 sqft
2019-10-01 97 days 1,979 sqft
2019-11-01 101 days 2,001 sqft
2019-12-01 112 days 2,023 sqft
2020-01-01 122 days 2,021 sqft
2020-02-01 130 days 2,016 sqft
2020-03-01 118 days 2,106 sqft
2020-04-01 107 days 2,127 sqft
2020-05-01 95 days 2,136 sqft
2020-06-01 86 days 2,126 sqft
2020-07-01 59 days 2,088 sqft
2020-08-01 58 days 2,086 sqft
2020-09-01 50 days 2,052 sqft
2020-10-01 57 days 2,086 sqft
2020-11-01 71 days 2,030 sqft
2020-12-01 86 days 2,013 sqft
2021-01-01 98 days 2,050 sqft
2021-02-01 101 days 2,210 sqft
2021-03-01 72 days 2,221 sqft
2021-04-01 38 days 2,183 sqft
2021-05-01 36 days 2,152 sqft
2021-06-01 37 days 2,138 sqft
2021-07-01 41 days 2,148 sqft
2021-08-01 46 days 2,105 sqft
2021-09-01 51 days 2,102 sqft
2021-10-01 61 days 1,992 sqft
2021-11-01 69 days 1,921 sqft
2021-12-01 79 days 1,846 sqft
2022-01-01 103 days 1,854 sqft
2022-02-01 95 days 1,865 sqft
2022-03-01 64 days 1,882 sqft
2022-04-01 40 days 1,842 sqft
2022-05-01 35 days 1,899 sqft
2022-06-01 34 days 1,897 sqft
2022-07-01 38 days 1,844 sqft
2022-08-01 49 days 1,905 sqft
2022-09-01 53 days 1,805 sqft
2022-10-01 61 days 1,843 sqft
2022-11-01 70 days 1,882 sqft
2022-12-01 82 days 1,906 sqft
2023-01-01 98 days 1,908 sqft
2023-02-01 95 days 1,875 sqft
2023-03-01 72 days 1,895 sqft
2023-04-01 44 days 1,932 sqft
2023-05-01 45 days 2,016 sqft
2023-06-01 42 days 1,966 sqft
2023-07-01 46 days 1,997 sqft
2023-08-01 50 days 1,985 sqft
2023-09-01 53 days 1,935 sqft
2023-10-01 68 days 1,927 sqft
2023-11-01 68 days 1,885 sqft
2023-12-01 73 days 1,891 sqft
2024-01-01 87 days 1,849 sqft
Pittsfield's median listing age (time on market) for 2024-01-01 was 87 days. This is -11% shorter than the same period one year ago.

Pittsfield's median square footage for active listings during the 2024-01-01 period was 1,849 sqft. One year prior, the average listing was 1,908 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).