Pittsfield FHA Loans

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 42 lenders originated 275 FHA loans during 2021. The total origination value was $53,465,000, with an average FHA loan value of $194,418.

Pittsfield FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Pittsfield averaged 5.48% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.52% and one month ago for the week of 2022-07-01, the average rate was 5.41%.

The average rate one year ago was 2.91%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.3%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Pittsfield level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
ACADEMY MORTGAGE CORPORATION 97 3.53% $7,753
QUICKEN LOANS, LLC 37 2.71% $6,982
NEWREZ LLC 11 2.94% $5,193
FREEDOM MORTGAGE CORPORATION 5 2.95% $5,105
PENNYMAC LOAN SERVICES, LLC 5 3.48% $4,760
LAKEVIEW LOAN SERVICING, LLC 4 3.03% $4,120
First Guaranty Mortgage Corporation 4 3.19% $10,300
Mr. Cooper ( Nationstar Mortgage ) 4 3.44% $3,255
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.38% $5,995
Republic State Mortgage Co. 3 2.92% $8,244
AMERISAVE MORTGAGE CORPORATION 3 2.54% $9,712
UNITED WHOLESALE MORTGAGE, LLC 3 2.49% $9,488
BAY EQUITY LLC 3 2.75% $10,657
RADIUS FINANCIAL GROUP INC. 2 3.31% $8,418
MOVEMENT MORTGAGE, LLC 2 3.50% $4,352
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.25% $8,438
CALIBER HOME LOANS, INC. 2 2.35% $6,824
TOTAL MORTGAGE SERVICES, LLC 2 3.38% $8,703
LOANDEPOT.COM, LLC 1 3.88% $6,887
Mortgage Network, Inc. 1 3.13% $6,191
Paramount Residential Mortgage Group, Inc. 1 2.50% $7,383
RELIANCE FIRST CAPITAL, LLC 1 3.00% $9,166
RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.63% $5,396
Shamrock Home Loans, Inc. 1 2.99% $2,442
VILLAGE CAPITAL & INVESTMENT LLC 1 3.75% $1,498
AMERICAN FINANCIAL NETWORK, INC. 1 4.25% $12,793
AMERICAN FINANCING CORPORATION 1 4.00% $5,446
Bank of America 1 3.38% $7,113
Berkshire Bank 1 2.38% $8,764
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $12,267
Citizens Bank 1 2.63% $6,877
CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $11,092
EMBRACE HOME LOANS, INC. 1 3.13% $6,397
EMM LOANS LLC 1 3.13% $9,295
ENVOY MORTGAGE, LTD 1 3.00% $8,600
EVERETT FINANCIAL, INC. 1 2.88% $4,283
First Home Bank 1 2.38% $5,185
GUARANTEED RATE AFFINITY, LLC 1 2.75% $10,354
GUARANTEED RATE, INC. 1 3.75% $5,638
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $5,416
HOME POINT FINANCIAL CORPORATION 1 2.25% $12,588
HOMESTEAD FUNDING CORP. 1 3.25% $6,788

The top Pittsfield FHA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 97 FHA loans originated. Their average total fees are $7,753, which is $771 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Pittsfield FHA lenders (with over 10 loans originated) are NEWREZ LLC ($5,193), QUICKEN LOANS, LLC ($6,982), ACADEMY MORTGAGE CORPORATION ($7,753), .

The lowest rate Pittsfield FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.71%), NEWREZ LLC (2.94%), ACADEMY MORTGAGE CORPORATION (3.53%), .

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

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).