Pittsfield FHA Loan Rates, Closing Costs & Stats

PITTSFIELD, MA

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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.

    Pittsfield's 34 lenders originated 134 FHA loans during 2023. The total origination value was $30,550,000, with an average FHA loan value of $227,985.

    Pittsfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Pittsfield averaged 6.14% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Pittsfield's average FHA mortgage closing costs are $8,720.

    The average rate for the prior week (2024-04-12) was 5.93% and one month ago for the week of 2024-03-15, the average rate was 6%.

    The average rate one year ago was 5.93%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.42%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ACADEMY MORTGAGE CORPORATION 45 7.05% $11,101
    QUICKEN LOANS, LLC 19 6.27% $10,133
    AMERISAVE MORTGAGE CORPORATION 4 6.63% $12,359
    Semper Home Loans, Inc. 3 7.38% $13,665
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $9,023
    NEWREZ LLC 3 6.58% $9,884
    BROKER SOLUTIONS, INC. 3 7.00% $12,082
    PENNYMAC LOAN SERVICES, LLC 3 6.08% $13,202
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.58% $12,609
    NORWICH COMMERCIAL GROUP, INC. 3 6.38% $12,423
    ZILLOW HOME LOANS, LLC 2 6.69% $9,660
    BAY EQUITY LLC 2 6.87% $9,123
    GUARANTEED RATE, INC. 2 6.44% $14,403
    LOANDEPOT.COM, LLC 2 6.44% $14,585
    MOVEMENT MORTGAGE, LLC 2 7.25% $14,481
    Mr. Cooper ( Nationstar Mortgage ) 2 6.38% $12,057
    TOTAL MORTGAGE SERVICES, LLC 2 6.94% $12,096
    UNITED WHOLESALE MORTGAGE, LLC 2 6.86% $14,831
    LEADERONE FINANCIAL CORPORATION 1 6.75% $10,704
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.49% $12,070
    NBKC BANK 1 5.50% $18,555
    HOMESTEAD FUNDING CORP. 1 7.50% $3,754
    FREEDOM MORTGAGE CORPORATION 1 7.25% $12,045
    CIBM Bank 1 5.63% $13,109
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $20,797
    Prosperity Home Mortgage, LLC 1 6.75% $6,887
    Berkshire Bank 1 6.25% $8,337
    RADIUS FINANCIAL GROUP INC. 1 6.75% $9,392
    Republic State Mortgage Co. 1 6.25% $8,221
    Bank of America 1 7.50% $10,460
    MID AMERICA MORTGAGE, INC. 1 6.63% $5,195
    MORTGAGE EQUITY PARTNERS LLC 1 6.75% $13,436
    The Federal Savings Bank 1 7.00% $7,788
    ALLIED MORTGAGE GROUP, INC. 1 7.25% $10,748

    The top Pittsfield FHA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 45 FHA loans originated. Their average total fees are $11,101, which is $968 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Pittsfield FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,133), ACADEMY MORTGAGE CORPORATION ($11,101), .

    The lowest rate Pittsfield FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.27%), ACADEMY MORTGAGE CORPORATION (7.05%), .

    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
    2024-02-01 $469,975 (-1.4%) $981,238 (-15.4%) 1.13 251
    2024-03-01 $499,000 (-2.1%) $1,030,653 (-8.1%) 1.17 244
    Pittsfield's median listing price for 2024-03-01 was $499,000, a difference of $-10,500 (-2.1%) versus the prior year and $29,025 versus the prior month.

    Pittsfield's median listing price comes in at 117% of the national average.

    Pittsfield's average listing price for 2024-03-01 was $1,030,653, a difference of $-90,581 (-8.1%) versus the prior year and $49,415 versus the prior month.

    For the 2024-03-01 period, Pittsfield had 244 MLS listings, a difference of -7 listings (-3%) versus the prior month and 41 listings (20%) 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
    2024-02-01 92 days 1,867 sqft
    2024-03-01 74 days 1,863 sqft
    Pittsfield's median listing age (time on market) for 2024-03-01 was 74 days. This is 3% longer than the same period one year ago.

    Pittsfield's median square footage for active listings during the 2024-03-01 period was 1,863 sqft. One year prior, the average listing was 1,895 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).