Portland FHA Loan Rates, Closing Costs & Stats

PORTLAND-SOUTH PORTLAND, ME

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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.

    Portland's 81 lenders originated 1,004 FHA loans during 2022. The total origination value was $331,090,000, with an average FHA loan value of $329,771.

    Portland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Portland averaged 6.54% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Portland's average FHA mortgage closing costs are $8,278.

    The average rate for the prior week (2023-11-24) was 6.85% and one month ago for the week of 2023-10-27, the average rate was 7.16%.

    The average rate one year ago was 5.98%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.66%.

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

    Portland 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 Portland level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 110 4.80% $11,381
    GUILD MORTGAGE COMPANY 78 5.20% $11,597
    QUICKEN LOANS, LLC 64 4.74% $12,807
    T2 FINANCIAL LLC 56 5.13% $20,897
    CMG MORTGAGE, INC. 54 5.42% $10,606
    LOANDEPOT.COM, LLC 30 5.05% $11,968
    Bangor Savings Bank 27 4.62% $10,097
    CALIBER HOME LOANS, INC. 25 4.40% $10,864
    NORWICH COMMERCIAL GROUP, INC. 20 5.28% $11,813
    FREEDOM MORTGAGE CORPORATION 20 4.59% $11,315
    HOMEBRIDGE FINANCIAL SERVICES, INC. 18 5.25% $13,989
    Mr. Cooper ( Nationstar Mortgage ) 18 4.20% $14,768
    ACADEMY MORTGAGE CORPORATION 16 5.05% $11,111
    Citizens Bank 15 5.23% $10,613
    NORTHPOINT MORTGAGE, INC. 15 5.40% $11,038
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 15 5.59% $11,014
    DAS Acquisition Company, LLC 14 4.77% $10,267
    LAKEVIEW LOAN SERVICING, LLC 14 3.92% $7,099
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 4.68% $11,925
    TOTAL MORTGAGE SERVICES, LLC 13 5.26% $14,309
    CROSSCOUNTRY MORTGAGE, LLC 12 4.92% $10,470
    BROKER SOLUTIONS, INC. 12 5.41% $11,978
    The Camden National Bank 11 4.72% $9,473
    Carrington Mortgage Services, LLC 11 4.78% $11,385
    AMERISAVE MORTGAGE CORPORATION 9 4.29% $14,471
    EMBRACE HOME LOANS, INC. 8 5.06% $12,509
    MEGASTAR FINANCIAL CORP. 8 4.73% $10,498
    Flagstar Bank, FSB 8 5.38% $12,795
    VILLAGE CAPITAL MORTGAGE 7 3.64% $8,891
    PENNYMAC LOAN SERVICES, LLC 7 4.02% $9,410
    CUSO MORTGAGE CORPORATION 6 4.75% $10,207
    NEWREZ LLC 6 4.44% $10,991
    Equity Prime Mortgage LLC 6 6.38% $12,430
    INTEGRITY MORTGAGE LLC 5 5.05% $11,625
    Mortgage Network, Inc. 4 4.06% $9,713
    MUTUAL OF OMAHA MORTGAGE, INC. 4 4.09% $11,557
    EMM LOANS LLC 4 6.06% $10,098
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 5.88% $17,333
    HARBORONE MORTGAGE, LLC 4 4.38% $12,867
    CARDINAL FINANCIAL 4 5.22% $13,345
    Nations Lending Corporation 4 5.03% $18,279
    KeyBank 3 3.54% $12,005
    First Guaranty Mortgage Corporation 3 3.75% $12,816
    ENVOY MORTGAGE, LTD 3 5.17% $12,861
    Servion, Inc. 3 4.46% $11,158
    GUARANTEED RATE, INC. 3 4.67% $11,724
    American Mortgage & Equity Consultants, Inc. 3 6.54% $14,101
    Bank of America 3 4.79% $3,955
    EVERETT FINANCIAL, INC. 3 4.29% $7,015
    LIBERTY HOME MORTGAGE CORPORATION 2 5.38% $13,345
    HOME POINT FINANCIAL CORPORATION 2 4.81% $10,452
    LEADERONE FINANCIAL CORPORATION 2 4.19% $11,310
    MOVEMENT MORTGAGE, LLC 2 5.00% $13,653
    NEW FED MORTGAGE, CORP. 2 4.56% $9,437
    PLAZA HOME MORTGAGE, INC. 2 4.63% $14,408
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.44% $9,166
    RELIANCE FIRST CAPITAL, LLC 2 4.25% $13,751
    TD Bank 2 4.63% $10,320
    The Federal Savings Bank 2 5.44% $13,616
    AMERICAN FINANCING CORPORATION 2 4.25% $9,247
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.19% $13,598
    Paramount Residential Mortgage Group, Inc. 1 6.75% $13,657
    Bank of England 1 4.25% $14,767
    Peoples Bank 1 5.00% $16,907
    ZILLOW HOME LOANS, LLC 1 4.25% $14,269
    First Home Bank 1 3.75% $11,417
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $23,701
    HOMESTEAD FUNDING CORP. 1 6.75% $14,186
    Wells Fargo Bank 1 5.13% $8,662
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.63% $10,794
    Shamrock Home Loans, Inc. 1 4.25% $13,268
    AmeriHome Mortgage Company, LLC 1 6.63% $12,862
    US MORTGAGE CORPORATION 1 4.63% $17,147
    Mutual Federal Bank 1 3.50% $14,332
    Mortgage Research Center, LLC 1 6.50% $8,623
    MORTGAGE EQUITY PARTNERS LLC 1 3.75% $9,137
    NATIONWIDE MORTGAGE BANKERS, INC. 1 4.75% $15,108
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $7,601
    CHURCHILL MORTGAGE CORPORATION 1 5.50% $15,146
    Magnolia Bank 1 3.00% $11,535
    Barrington Bank & Trust Company, N.A. 1 3.88% $8,304

    The top Portland FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 110 FHA loans originated. Their average total fees are $11,381, which is $216 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Portland FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($7,099), The Camden National Bank ($9,473), Bangor Savings Bank ($10,097), DAS Acquisition Company, LLC ($10,267) and CROSSCOUNTRY MORTGAGE, LLC ($10,470).

    The lowest rate Portland FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.92%), Mr. Cooper ( Nationstar Mortgage ) (4.20%), CALIBER HOME LOANS, INC. (4.40%), FREEDOM MORTGAGE CORPORATION (4.59%) and Bangor Savings Bank (4.62%).

    Portland FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PORTLAND-SOUTH PORTLAND, ME CUMBERLAND 2022 $463,450 $593,300 $717,150 $891,250
    PORTLAND-SOUTH PORTLAND, ME SAGADAHOC 2022 $463,450 $593,300 $717,150 $891,250
    PORTLAND-SOUTH PORTLAND, ME YORK 2022 $463,450 $593,300 $717,150 $891,250
    PORTLAND-SOUTH PORTLAND, ME CUMBERLAND 2023 $506,000 $647,750 $783,000 $973,100
    PORTLAND-SOUTH PORTLAND, ME SAGADAHOC 2023 $506,000 $647,750 $783,000 $973,100
    PORTLAND-SOUTH PORTLAND, ME YORK 2023 $506,000 $647,750 $783,000 $973,100

    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).