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 80 lenders originated 752 FHA loans during 2023. The total origination value was $257,130,000, with an average FHA loan value of $341,928.

    Portland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Portland averaged 6.65% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Portland's average FHA mortgage closing costs are $8,849.

    The average rate for the prior week (2024-07-12) was 6.51% and one month ago for the week of 2024-06-14, the average rate was 6.96%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.23%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 88 6.52% $14,752
    QUICKEN LOANS, LLC 74 6.21% $14,586
    GUILD MORTGAGE COMPANY 62 6.62% $13,173
    CMG MORTGAGE, INC. 51 7.00% $12,701
    T2 FINANCIAL LLC 28 6.35% $24,403
    NORWICH COMMERCIAL GROUP, INC. 23 6.62% $12,890
    Bangor Savings Bank 21 6.12% $12,457
    ACADEMY MORTGAGE CORPORATION 20 6.50% $12,856
    NORTHPOINT MORTGAGE, INC. 20 6.64% $12,369
    LOANDEPOT.COM, LLC 16 6.44% $13,672
    NEWREZ LLC 16 6.50% $14,216
    TOTAL MORTGAGE SERVICES, LLC 14 6.64% $14,801
    INTEGRITY MORTGAGE LLC 13 6.77% $13,481
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.56% $12,027
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 6.53% $13,642
    CROSSCOUNTRY MORTGAGE, LLC 11 6.59% $12,588
    FREEDOM MORTGAGE CORPORATION 10 6.90% $15,953
    Paramount Residential Mortgage Group, Inc. 10 7.00% $22,572
    BROKER SOLUTIONS, INC. 8 6.64% $12,220
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.94% $16,587
    MEGASTAR FINANCIAL CORP. 8 7.05% $11,954
    MOVEMENT MORTGAGE, LLC 8 6.89% $11,795
    HARBORONE MORTGAGE, LLC 7 6.70% $13,439
    AMERISAVE MORTGAGE CORPORATION 7 6.54% $15,767
    PENNYMAC LOAN SERVICES, LLC 6 5.87% $14,513
    CALIBER HOME LOANS, INC. 6 6.33% $12,586
    Citizens Bank 6 6.79% $10,705
    Mr. Cooper ( Nationstar Mortgage ) 6 5.83% $18,300
    The Camden National Bank 5 6.08% $10,511
    DAS Acquisition Company, LLC 5 6.14% $11,933
    LEADERONE FINANCIAL CORPORATION 5 7.05% $16,073
    RELIANCE FIRST CAPITAL, LLC 5 6.20% $16,178
    EMBRACE HOME LOANS, INC. 4 6.22% $13,786
    PLAZA HOME MORTGAGE, INC. 4 7.44% $15,723
    MUTUAL OF OMAHA MORTGAGE, INC. 4 7.09% $12,708
    ENVOY MORTGAGE, LTD 4 6.78% $13,892
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.75% $17,571
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 7.00% $10,622
    The Federal Savings Bank 3 5.71% $21,832
    Barrington Bank & Trust Company, N.A. 3 6.54% $16,550
    Flagstar Bank, FSB 3 6.71% $17,687
    NORTHERN MORTGAGE SERVICES, LLC 3 6.91% $11,220
    CARDINAL FINANCIAL 3 5.75% $16,185
    KeyBank 2 6.38% $11,800
    Evolve Bank & Trust 2 7.25% $14,990
    POLARIS HOME FUNDING CORP. 2 6.69% $15,395
    Carrington Mortgage Services, LLC 2 6.25% $9,699
    Nations Lending Corporation 2 6.06% $25,354
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.25% $5,420
    AMERICAN FINANCIAL NETWORK, INC. 2 7.13% $19,582
    Equity Prime Mortgage LLC 2 6.56% $19,385
    OCMBC, INC. 1 7.00% $13,256
    EVERETT FINANCIAL, INC. 1 7.13% $15,542
    CONTOUR MORTGAGE CORPORATION 1 6.25% $21,176
    First Financial Bank 1 7.13% $9,100
    FIRST HOME MORTGAGE CORPORATION 1 6.63% $23,149
    FIRST MORTGAGE COMPANY, INC. 1 6.25% $17,297
    GUARANTEED RATE, INC. 1 7.38% $15,391
    Century Mortgage Company DBA Century Lending Company 1 6.75% $11,007
    VILLAGE CAPITAL MORTGAGE 1 6.25% $13,569
    Home Loan Investment Bank, F.S.B. 1 6.75% $12,750
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $14,397
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $23,353
    Waterstone Mortgage Corporation 1 6.63% $20,021
    MICHIGAN MUTUAL, INC. 1 6.13% $11,765
    Mortgage Research Center, LLC 1 7.88% $7,428
    Wells Fargo Bank 1 6.63% $20,150
    NATIONS RELIABLE LENDING, LLC 1 7.75% $10,877
    NEW DAY FINANCIAL, LLC 1 6.75% $14,456
    NFM, INC. 1 6.63% $16,589
    Northpointe Bank 1 6.50% $11,558
    Androscoggin Savings Bank 1 6.49% $8,914
    Plains Commerce Bank 1 7.13% $10,816
    PLANET HOME LENDING, LLC 1 5.25% $7,363
    Servion, Inc. 1 6.75% $14,210
    AmeriHome Mortgage Company, LLC 1 6.13% $12,233
    TD Bank 1 6.38% $13,865
    The Union Bank Company 1 5.75% $11,287
    TOP FLITE FINANCIAL, INC. 1 6.75% $33,144
    EMM LOANS LLC 1 6.13% $10,032

    The top Portland FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 88 FHA loans originated. Their average total fees are $14,752, which is $166 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Portland FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($12,027), NORTHPOINT MORTGAGE, INC. ($12,369), Bangor Savings Bank ($12,457), CROSSCOUNTRY MORTGAGE, LLC ($12,588) and CMG MORTGAGE, INC. ($12,701).

    The lowest rate Portland FHA lenders (with over 10 loans originated) are Bangor Savings Bank (6.12%), QUICKEN LOANS, LLC (6.21%), T2 FINANCIAL LLC (6.35%), LOANDEPOT.COM, LLC (6.44%) and ACADEMY MORTGAGE CORPORATION (6.50%).

    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).