Portland FHA Loan Rates, Closing Costs & Stats

PORTLAND-SOUTH PORTLAND, ME

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 89 lenders originated 1,707 FHA loans during 2021. The total origination value was $453,695,000, with an average FHA loan value of $265,785.

Portland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Portland averaged 6.39% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Portland's average FHA mortgage closing costs are $7,700.

The average rate for the prior week (2022-11-25) was 6.41% and one month ago for the week of 2022-10-28, the average rate was 6.65%.

The average rate one year ago was 3.58%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.41%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 137 2.63% $7,410
UNITED WHOLESALE MORTGAGE, LLC 116 2.75% $8,947
RESIDENTIAL MORTGAGE SERVICES, INC. 92 3.01% $8,791
LAKEVIEW LOAN SERVICING, LLC 81 2.92% $4,791
CMG MORTGAGE, INC. 71 3.15% $8,676
CALIBER HOME LOANS, INC. 65 2.73% $7,466
Mr. Cooper ( Nationstar Mortgage ) 53 3.23% $4,916
Ixonia Bank 47 3.35% $12,870
ACADEMY MORTGAGE CORPORATION 46 3.14% $9,751
FREEDOM MORTGAGE CORPORATION 45 2.78% $4,630
NEWREZ LLC 39 2.92% $5,907
LOANDEPOT.COM, LLC 38 3.12% $8,711
HOMEBRIDGE FINANCIAL SERVICES, INC. 36 2.94% $9,041
PENNYMAC LOAN SERVICES, LLC 24 2.90% $5,453
NORWICH COMMERCIAL GROUP, INC. 24 3.26% $9,191
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 3.23% $8,571
HARBORONE MORTGAGE, LLC 23 2.96% $8,912
MEGASTAR FINANCIAL CORP. 21 2.98% $8,634
CROSSCOUNTRY MORTGAGE, LLC 19 3.05% $10,838
Bangor Savings Bank 19 2.59% $9,219
Citizens Bank 19 2.59% $8,728
TOTAL MORTGAGE SERVICES, LLC 18 3.32% $10,482
VILLAGE CAPITAL MORTGAGE 18 2.79% $2,396
Mortgage Network, Inc. 17 3.05% $9,771
Carrington Mortgage Services, LLC 17 3.27% $8,585
EMM LOANS LLC 16 2.84% $9,855
AmeriHome Mortgage Company, LLC 14 2.88% $5,366
EMBRACE HOME LOANS, INC. 13 3.29% $8,163
First Guaranty Mortgage Corporation 13 2.77% $5,771
DAS Acquisition Company, LLC 12 3.15% $8,206
PRIMARY RESIDENTIAL MORTGAGE, INC. 12 3.47% $14,378
AMERISAVE MORTGAGE CORPORATION 9 2.85% $10,232
ENVOY MORTGAGE, LTD 9 3.36% $8,681
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 3.17% $10,018
OCMBC, INC. 9 3.24% $9,866
HOME POINT FINANCIAL CORPORATION 9 2.56% $8,824
BROKER SOLUTIONS, INC. 8 3.16% $8,372
Flagstar Bank, FSB 8 2.78% $10,719
LEADERONE FINANCIAL CORPORATION 8 3.13% $8,478
The Camden National Bank 8 2.89% $7,560
RELIANCE FIRST CAPITAL, LLC 7 2.89% $12,432
GUILD MORTGAGE COMPANY 7 3.25% $9,197
NORTHPOINT MORTGAGE, INC. 7 3.16% $9,006
The Federal Savings Bank 6 2.81% $11,636
T2 FINANCIAL LLC 5 3.50% $10,864
INTEGRITY MORTGAGE LLC 5 3.12% $10,409
KeyBank 5 2.93% $10,210
MUTUAL OF OMAHA MORTGAGE, INC. 5 3.13% $10,021
Shamrock Home Loans, Inc. 4 3.22% $12,358
NORTHERN MORTGAGE SERVICES, LLC 4 2.93% $8,854
Nations Lending Corporation 4 3.38% $8,182
Lakeview Community Capital, LLC 4 3.05% $5,283
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.20% $7,499
DREW MORTGAGE ASSOCIATES, INC. 3 2.88% $10,339
GUARANTEED RATE, INC. 3 3.00% $9,839
Bank of America 3 2.79% $6,076
MOVEMENT MORTGAGE, LLC 3 3.46% $5,617
EVERETT FINANCIAL, INC. 2 2.94% $7,577
M&T Bank 2 3.06% $9,480
NBH Bank 2 2.94% $9,047
Servion, Inc. 2 3.19% $10,027
SUN WEST MORTGAGE COMPANY, INC. 2 2.81% $5,339
AMERICAN FINANCING CORPORATION 2 3.81% $8,496
AMERICAN FINANCIAL RESOURCES, INC. 2 3.69% $8,669
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.00% $10,515
JPMorgan Chase Bank 1 3.63% $0
Waterstone Mortgage Corporation 1 2.88% $9,363
Low VA Rates, LLC 1 3.00% $3,231
MICHIGAN MUTUAL, INC. 1 2.75% $9,407
MID AMERICA MORTGAGE, INC. 1 4.00% $7,399
MID-ISLAND MORTGAGE CORP. 1 2.45% $12,145
Mortgage Assurance Inc. 1 2.88% $7,818
DRAPER AND KRAMER MORTGAGE CORP. 1 2.63% $9,929
CUSO MORTGAGE CORPORATION 1 3.00% $7,966
OCEANSIDE MORTGAGE COMPANY 1 2.50% $5,174
Century Mortgage Company DBA Century Lending Company 1 2.75% $10,814
Paramount Residential Mortgage Group, Inc. 1 3.00% $7,865
Peoples Bank 1 3.25% $8,248
People's United Bank 1 3.25% $6,565
PHH Mortgage Corporation 1 3.13% $3,655
PLANET HOME LENDING, LLC 1 2.63% $6,889
Blue Ridge Bank 1 2.75% $11,472
Bank of England 1 2.75% $5,614
RADIUS FINANCIAL GROUP INC. 1 2.75% $6,196
SALEM FIVE MORTGAGE COMPANY, LLC 1 2.50% $10,776
STEARNS LENDING, LLC 1 2.99% $5,367
Wells Fargo Bank 1 3.75% $7,338
AMERICAN FINANCIAL NETWORK, INC. 1 2.38% $14,513
InterContinental Capital Group, Inc 1 3.25% $10,146

The top Portland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 137 FHA loans originated. Their average total fees are $7,410, which is $1,536 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Portland FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,396), FREEDOM MORTGAGE CORPORATION ($4,630), LAKEVIEW LOAN SERVICING, LLC ($4,791), Mr. Cooper ( Nationstar Mortgage ) ($4,916) and AmeriHome Mortgage Company, LLC ($5,366).

The lowest rate Portland FHA lenders (with over 10 loans originated) are Bangor Savings Bank (2.59%), Citizens Bank (2.59%), QUICKEN LOANS, LLC (2.63%), CALIBER HOME LOANS, INC. (2.73%) and UNITED WHOLESALE MORTGAGE, LLC (2.75%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Portland (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 $342,500 (5.4%) $485,060 (7.9%) 1.27 1,968
2018-02-01 $349,800 (5.9%) $486,831 (5.7%) 1.27 1,829
2018-03-01 $350,000 (3.0%) $495,079 (4.6%) 1.23 1,831
2018-04-01 $359,925 (3.8%) $511,348 (4.5%) 1.22 1,945
2018-05-01 $364,850 (4.3%) $505,992 (3.9%) 1.22 2,246
2018-06-01 $366,500 (4.8%) $505,380 (3.8%) 1.22 2,602
2018-07-01 $366,900 (4.9%) $507,395 (2.5%) 1.22 2,799
2018-08-01 $359,000 (3.2%) $502,038 (1.8%) 1.20 2,965
2018-09-01 $355,000 (3.2%) $493,260 (0.2%) 1.19 3,048
2018-10-01 $351,875 (3.5%) $490,332 (0.0%) 1.19 2,945
2018-11-01 $354,999 (4.6%) $492,641 (1.3%) 1.20 2,759
2018-12-01 $349,000 (2.7%) $484,897 (-0.7%) 1.20 2,440
2019-01-01 $349,450 (2.0%) $480,071 (-1.0%) 1.21 2,069
2019-02-01 $357,425 (2.2%) $494,899 (1.7%) 1.21 1,983
2019-03-01 $366,429 (4.7%) $506,276 (2.3%) 1.20 1,946
2019-04-01 $377,250 (4.8%) $518,572 (1.4%) 1.20 1,934
2019-05-01 $382,950 (5.0%) $525,934 (3.9%) 1.20 2,127
2019-06-01 $386,425 (5.4%) $530,684 (5.0%) 1.21 2,439
2019-07-01 $388,950 (6.0%) $539,890 (6.4%) 1.22 2,579
2019-08-01 $387,155 (7.8%) $538,945 (7.4%) 1.23 2,610
2019-09-01 $385,886 (8.7%) $537,419 (9.0%) 1.23 2,561
2019-10-01 $384,950 (9.4%) $537,595 (9.6%) 1.24 2,497
2019-11-01 $385,000 (8.5%) $545,715 (10.8%) 1.26 2,219
2019-12-01 $385,000 (10.3%) $548,573 (13.1%) 1.28 1,761
2020-01-01 $395,000 (13.0%) $547,307 (14.0%) 1.32 1,520
2020-02-01 $398,000 (11.4%) $556,997 (12.6%) 1.30 1,410
2020-03-01 $399,425 (9.0%) $570,685 (12.7%) 1.25 1,464
2020-04-01 $401,500 (6.4%) $566,203 (9.2%) 1.26 1,521
2020-05-01 $415,000 (8.4%) $584,344 (11.1%) 1.26 1,535
2020-06-01 $414,800 (7.3%) $594,315 (12.0%) 1.22 1,620
2020-07-01 $427,450 (9.9%) $607,967 (12.6%) 1.24 1,570
2020-08-01 $424,900 (9.8%) $605,054 (12.3%) 1.22 1,423
2020-09-01 $422,500 (9.5%) $606,673 (12.9%) 1.21 1,373
2020-10-01 $415,000 (7.8%) $589,681 (9.7%) 1.19 1,349
2020-11-01 $425,000 (10.4%) $589,576 (8.0%) 1.24 1,201
2020-12-01 $439,450 (14.1%) $596,227 (8.7%) 1.31 988
2021-01-01 $434,954 (10.1%) $610,585 (11.6%) 1.30 761
2021-02-01 $436,954 (9.8%) $621,715 (11.6%) 1.27 639
2021-03-01 $434,500 (8.8%) $606,630 (6.3%) 1.23 624
2021-04-01 $447,450 (11.4%) $649,168 (14.7%) 1.21 659
2021-05-01 $456,500 (10.0%) $659,067 (12.8%) 1.21 743
2021-06-01 $469,950 (13.3%) $683,476 (15.0%) 1.24 912
2021-07-01 $479,000 (12.1%) $666,004 (9.6%) 1.26 1,102
2021-08-01 $461,450 (8.6%) $648,035 (7.1%) 1.23 1,122
2021-09-01 $449,975 (6.5%) $648,181 (6.8%) 1.20 1,073
2021-10-01 $460,000 (10.8%) $685,414 (16.2%) 1.23 953
2021-11-01 $478,500 (12.6%) $719,425 (22.0%) 1.28 780
2021-12-01 $489,700 (11.4%) $741,815 (24.4%) 1.33 607
2022-01-01 $498,000 (14.5%) $737,693 (20.8%) 1.35 505
2022-02-01 $526,400 (20.5%) $724,058 (16.5%) 1.37 447
2022-03-01 $513,750 (18.2%) $710,620 (17.1%) 1.29 479
2022-04-01 $525,000 (17.3%) $720,238 (11.0%) 1.25 575
2022-05-01 $527,450 (15.5%) $717,785 (8.9%) 1.21 726
2022-06-01 $542,000 (15.3%) $728,281 (6.6%) 1.21 897
2022-07-01 $549,450 (14.7%) $730,683 (9.7%) 1.24 1,097
2022-08-01 $549,900 (19.2%) $727,397 (12.3%) 1.27 1,099
2022-09-01 $540,125 (20.0%) $741,155 (14.3%) 1.26 1,048
2022-10-01 $545,000 (18.5%) $734,832 (7.2%) 1.28 1,017
2022-11-01 $537,450 (12.3%) $733,895 (2.0%) 1.29 957
Portland's median listing price for 2022-11-01 was $537,450, a difference of $58,950 (12.3%) versus the prior year and $-7,550 versus the prior month.

Portland's median listing price comes in at 129% of the national average.

Portland's average listing price for 2022-11-01 was $733,895, a difference of $14,470 (2.0%) versus the prior year and $-937 versus the prior month.

For the 2022-11-01 period, Portland had 957 MLS listings, a difference of -60 listings (-6%) versus the prior month and 177 listings (23%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 111 days 1,800 sqft
2018-02-01 120 days 1,792 sqft
2018-03-01 103 days 1,791 sqft
2018-04-01 58 days 1,800 sqft
2018-05-01 49 days 1,796 sqft
2018-06-01 47 days 1,800 sqft
2018-07-01 56 days 1,817 sqft
2018-08-01 65 days 1,815 sqft
2018-09-01 71 days 1,800 sqft
2018-10-01 77 days 1,800 sqft
2018-11-01 82 days 1,800 sqft
2018-12-01 94 days 1,764 sqft
2019-01-01 109 days 1,736 sqft
2019-02-01 113 days 1,741 sqft
2019-03-01 90 days 1,752 sqft
2019-04-01 59 days 1,763 sqft
2019-05-01 46 days 1,780 sqft
2019-06-01 44 days 1,800 sqft
2019-07-01 51 days 1,790 sqft
2019-08-01 57 days 1,780 sqft
2019-09-01 65 days 1,787 sqft
2019-10-01 72 days 1,791 sqft
2019-11-01 78 days 1,789 sqft
2019-12-01 90 days 1,762 sqft
2020-01-01 96 days 1,737 sqft
2020-02-01 94 days 1,695 sqft
2020-03-01 63 days 1,704 sqft
2020-04-01 61 days 1,741 sqft
2020-05-01 63 days 1,765 sqft
2020-06-01 46 days 1,764 sqft
2020-07-01 45 days 1,755 sqft
2020-08-01 47 days 1,742 sqft
2020-09-01 37 days 1,707 sqft
2020-10-01 37 days 1,718 sqft
2020-11-01 48 days 1,720 sqft
2020-12-01 64 days 1,714 sqft
2021-01-01 73 days 1,709 sqft
2021-02-01 52 days 1,663 sqft
2021-03-01 28 days 1,664 sqft
2021-04-01 18 days 1,683 sqft
2021-05-01 16 days 1,708 sqft
2021-06-01 16 days 1,736 sqft
2021-07-01 23 days 1,767 sqft
2021-08-01 28 days 1,747 sqft
2021-09-01 32 days 1,716 sqft
2021-10-01 36 days 1,732 sqft
2021-11-01 44 days 1,744 sqft
2021-12-01 60 days 1,702 sqft
2022-01-01 53 days 1,612 sqft
2022-02-01 33 days 1,640 sqft
2022-03-01 23 days 1,637 sqft
2022-04-01 15 days 1,664 sqft
2022-05-01 15 days 1,707 sqft
2022-06-01 18 days 1,777 sqft
2022-07-01 24 days 1,774 sqft
2022-08-01 33 days 1,771 sqft
2022-09-01 39 days 1,756 sqft
2022-10-01 44 days 1,776 sqft
2022-11-01 49 days 1,697 sqft
Portland's median listing age (time on market) for 2022-11-01 was 49 days. This is 10% longer than the same period one year ago.

Portland's median square footage for active listings during the 2022-11-01 period was 1,697 sqft. One year prior, the average listing was 1,744 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).