Portland FHA Loan Rates, Closing Costs & Stats

PORTLAND-SOUTH PORTLAND, ME

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 78 lenders originated 821 FHA loans during 2024. The total origination value was $296,035,000, with an average FHA loan value of $360,579.

    Portland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Portland averaged 0.39% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Portland's average FHA mortgage closing costs are $9,319.

    The average rate for the prior week (2025-06-13) was 6.97% and one month ago for the week of 2025-05-16, the average rate was 7.03%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.2%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 117 6.28% $14,791
    GUILD MORTGAGE COMPANY 85 6.37% $12,420
    CMG MORTGAGE, INC. 75 6.76% $12,833
    QUICKEN LOANS, LLC 70 6.33% $14,277
    NORTHPOINT MORTGAGE, INC. 40 6.39% $12,378
    Paramount Residential Mortgage Group, Inc. 30 6.62% $24,449
    FREEDOM MORTGAGE CORPORATION 22 6.49% $15,595
    Bangor Savings Bank 19 5.87% $11,146
    CROSSCOUNTRY MORTGAGE, LLC 16 6.61% $14,410
    BROKER SOLUTIONS, INC. 13 6.73% $12,509
    TOTAL MORTGAGE SERVICES, LLC 13 7.14% $15,534
    Mr. Cooper ( Nationstar Mortgage ) 12 6.38% $16,490
    NEWREZ LLC 12 6.15% $10,650
    LOANDEPOT.COM, LLC 11 6.59% $13,029
    HARBORONE MORTGAGE, LLC 11 6.32% $12,717
    HOMEBRIDGE FINANCIAL SERVICES, INC. 11 6.47% $12,599
    PENNYMAC LOAN SERVICES, LLC 11 6.10% $11,685
    LAKEVIEW LOAN SERVICING, LLC 10 6.24% $8,178
    GUARANTEED RATE AFFINITY, LLC 9 6.31% $14,944
    MOVEMENT MORTGAGE, LLC 8 6.49% $11,137
    The Camden National Bank 8 5.64% $10,926
    VILLAGE CAPITAL MORTGAGE 7 6.64% $5,668
    DAS Acquisition Company, LLC 6 6.31% $14,497
    Carrington Mortgage Services, LLC 6 6.29% $19,464
    MEGASTAR FINANCIAL CORP. 6 6.41% $11,460
    AMERISAVE MORTGAGE CORPORATION 6 6.27% $19,953
    NORWICH COMMERCIAL GROUP, INC. 5 6.75% $10,827
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.59% $12,079
    ENVOY MORTGAGE, LTD 5 6.73% $13,670
    Century Mortgage Company DBA Century Lending Company 5 6.08% $14,684
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.06% $10,882
    MUTUAL OF OMAHA MORTGAGE, INC. 4 5.94% $17,149
    Mortgage Research Center, LLC 3 6.79% $12,704
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.33% $19,656
    EMM LOANS LLC 3 6.67% $11,087
    PLAZA HOME MORTGAGE, INC. 3 6.66% $19,126
    CARDINAL FINANCIAL 3 6.13% $9,220
    T2 FINANCIAL LLC 3 6.58% $12,916
    TOP FLITE FINANCIAL, INC. 3 6.66% $24,023
    ZILLOW HOME LOANS, LLC 2 6.25% $12,082
    AMERICAN FINANCING CORPORATION 2 5.75% $24,679
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.25% $13,844
    Cornerstone First Mortgage, Inc 2 5.88% $18,950
    CUSO MORTGAGE CORPORATION 2 5.23% $9,639
    Evolve Bank & Trust 2 7.25% $16,726
    GENEVA FINANCIAL, LLC 2 7.31% $10,822
    HOMESIDE FINANCIAL, LLC 2 5.63% $27,618
    JPMorgan Chase Bank 2 6.50% $6,857
    Plains Commerce Bank 2 6.69% $12,003
    PLANET HOME LENDING, LLC 2 6.44% $10,540
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.50% $16,532
    TD Bank 2 6.50% $8,585
    LOANPAL, LLC 1 5.99% $17,981
    OPEN MORTGAGE, LLC 1 5.75% $13,980
    LIBERTY HOME MORTGAGE CORPORATION 1 7.50% $15,282
    LEADERONE FINANCIAL CORPORATION 1 6.75% $22,499
    BAY EQUITY LLC 1 5.99% $13,056
    AXIA FINANCIAL, LLC 1 7.75% $10,918
    Lakeview Community Capital, LLC 1 6.25% $8,802
    POLARIS HOME FUNDING CORP. 1 7.13% $19,160
    Flagstar Bank, FSB 1 5.59% $9,409
    Waterstone Mortgage Corporation 1 7.75% $10,116
    Prosperity Home Mortgage, LLC 1 6.13% $12,900
    First Federal Bank 1 6.13% $12,675
    RESIDENTIAL BANCORP 1 5.25% $22,515
    SALEM FIVE MORTGAGE COMPANY, LLC 1 6.75% $14,045
    Servion, Inc. 1 6.25% $9,696
    FIRST COMMUNITY MORTGAGE, INC. 1 7.75% $16,111
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $12,815
    Equity Prime Mortgage LLC 1 6.75% $10,782
    The Union Bank Company 1 6.13% $8,491
    DREW MORTGAGE ASSOCIATES, INC. 1 6.25% $17,447
    BETTER MORTGAGE CORPORATION 1 6.13% $8,977
    TruHome Solutions, LLC 1 5.63% $13,795
    MLD MORTGAGE INC. 1 6.13% $22,882
    NATIONS RELIABLE LENDING, LLC 1 6.25% $9,216
    MID AMERICA MORTGAGE, INC. 1 7.63% $11,664
    MICHIGAN MUTUAL, INC. 1 6.63% $14,061

    The top Portland FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 117 FHA loans originated. Their average total fees are $14,791, which is $2,372 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Portland FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($8,178), NEWREZ LLC ($10,650), Bangor Savings Bank ($11,146), PENNYMAC LOAN SERVICES, LLC ($11,685) and NORTHPOINT MORTGAGE, INC. ($12,378).

    The lowest rate Portland FHA lenders (with over 10 loans originated) are Bangor Savings Bank (5.87%), PENNYMAC LOAN SERVICES, LLC (6.10%), NEWREZ LLC (6.15%), LAKEVIEW LOAN SERVICING, LLC (6.24%) and UNITED WHOLESALE MORTGAGE, LLC (6.28%).

    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).