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 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 6.8% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.83% and one month ago for the week of 2024-03-08, the average rate was 6.77%.

The average rate one year ago was 6.4%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.98%.

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

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 (4.1%) $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%) 1.23 2,799
2018-08-01 $359,000 (3.3%) $502,038 (1.8%) 1.20 2,965
2018-09-01 $355,000 (3.2%) $493,262 (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%) $484,836 (-0.7%) 1.20 2,441
2019-01-01 $349,450 (2.0%) $480,011 (-1.0%) 1.21 2,070
2019-02-01 $357,425 (2.2%) $494,834 (1.6%) 1.21 1,984
2019-03-01 $366,429 (4.7%) $506,236 (2.3%) 1.20 1,946
2019-04-01 $377,250 (4.8%) $518,611 (1.4%) 1.20 1,932
2019-05-01 $383,450 (5.1%) $526,172 (4.0%) 1.20 2,122
2019-06-01 $388,250 (5.9%) $531,085 (5.1%) 1.21 2,433
2019-07-01 $389,450 (6.2%) $540,263 (6.5%) 1.22 2,571
2019-08-01 $387,882 (8.1%) $539,163 (7.4%) 1.23 2,601
2019-09-01 $386,205 (8.8%) $537,710 (9.0%) 1.24 2,551
2019-10-01 $384,950 (9.4%) $537,947 (9.7%) 1.24 2,487
2019-11-01 $385,000 (8.5%) $546,055 (10.8%) 1.26 2,210
2019-12-01 $385,713 (10.5%) $549,183 (13.3%) 1.29 1,751
2020-01-01 $395,000 (13.0%) $548,034 (14.2%) 1.32 1,510
2020-02-01 $399,000 (11.6%) $557,594 (12.7%) 1.31 1,401
2020-03-01 $399,450 (9.0%) $571,349 (12.9%) 1.25 1,455
2020-04-01 $405,000 (7.4%) $566,833 (9.3%) 1.27 1,512
2020-05-01 $415,000 (8.2%) $585,052 (11.2%) 1.26 1,526
2020-06-01 $414,950 (6.9%) $595,023 (12.0%) 1.22 1,611
2020-07-01 $427,450 (9.8%) $608,768 (12.7%) 1.24 1,561
2020-08-01 $424,950 (9.6%) $605,902 (12.4%) 1.22 1,413
2020-09-01 $424,250 (9.9%) $607,735 (13.0%) 1.22 1,363
2020-10-01 $417,500 (8.5%) $590,632 (9.8%) 1.20 1,339
2020-11-01 $425,000 (10.4%) $590,677 (8.2%) 1.24 1,191
2020-12-01 $441,400 (14.4%) $597,642 (8.8%) 1.31 978
2021-01-01 $438,500 (11.0%) $612,446 (11.8%) 1.31 751
2021-02-01 $437,500 (9.7%) $624,166 (11.9%) 1.27 629
2021-03-01 $438,152 (9.7%) $608,812 (6.6%) 1.24 614
2021-04-01 $448,898 (10.8%) $651,749 (15.0%) 1.22 649
2021-05-01 $459,900 (10.8%) $661,625 (13.1%) 1.22 733
2021-06-01 $474,713 (14.4%) $685,899 (15.3%) 1.25 902
2021-07-01 $479,450 (12.2%) $667,944 (9.7%) 1.27 1,093
2021-08-01 $465,225 (9.5%) $649,746 (7.2%) 1.24 1,113
2021-09-01 $450,000 (6.1%) $649,998 (7.0%) 1.20 1,064
2021-10-01 $465,000 (11.4%) $687,644 (16.4%) 1.24 943
2021-11-01 $482,100 (13.4%) $722,467 (22.3%) 1.29 770
2021-12-01 $493,250 (11.8%) $746,101 (24.8%) 1.34 597
2022-01-01 $498,950 (13.8%) $742,811 (21.3%) 1.35 495
2022-02-01 $532,000 (21.6%) $729,384 (16.9%) 1.38 437
2022-03-01 $521,225 (19.0%) $715,114 (17.5%) 1.30 469
2022-04-01 $525,000 (17.0%) $724,748 (11.2%) 1.25 567
2022-05-01 $532,500 (15.8%) $720,773 (8.9%) 1.22 718
2022-06-01 $544,000 (14.6%) $730,869 (6.6%) 1.21 888
2022-07-01 $549,900 (14.7%) $732,893 (9.7%) 1.24 1,088
2022-08-01 $549,950 (18.2%) $729,522 (12.3%) 1.27 1,090
2022-09-01 $542,000 (20.4%) $743,449 (14.4%) 1.27 1,037
2022-10-01 $549,000 (18.1%) $737,174 (7.2%) 1.29 1,006
2022-11-01 $542,000 (12.4%) $736,401 (1.9%) 1.30 946
2022-12-01 $551,750 (11.9%) $752,445 (0.9%) 1.36 808
2023-01-01 $584,775 (17.2%) $735,776 (-1.0%) 1.45 656
2023-02-01 $590,000 (10.9%) $769,548 (5.5%) 1.42 589
2023-03-01 $619,000 (18.8%) $829,590 (16.0%) 1.46 574
2023-04-01 $628,700 (19.8%) $847,820 (17.0%) 1.46 630
2023-05-01 $623,175 (17.0%) $848,468 (17.7%) 1.41 728
2023-06-01 $625,000 (14.9%) $875,841 (19.8%) 1.40 783
2023-07-01 $623,800 (13.4%) $882,708 (20.4%) 1.42 883
2023-08-01 $611,350 (11.2%) $858,625 (17.7%) 1.40 982
2023-09-01 $599,900 (10.7%) $870,420 (17.1%) 1.40 1,107
2023-10-01 $599,950 (9.3%) $874,809 (18.7%) 1.41 1,104
2023-11-01 $599,975 (10.7%) $882,028 (19.8%) 1.43 1,064
2023-12-01 $599,900 (8.7%) $878,491 (16.8%) 1.46 859
2024-01-01 $615,000 (5.2%) $875,680 (19.0%) 1.50 666
2024-02-01 $604,900 (2.5%) $854,749 (11.1%) 1.46 657
2024-03-01 $622,700 (0.6%) $912,739 (10.0%) 1.47 673
Portland's median listing price for 2024-03-01 was $622,700, a difference of $3,700 (0.6%) versus the prior year and $17,800 versus the prior month.

Portland's median listing price comes in at 147% of the national average.

Portland's average listing price for 2024-03-01 was $912,739, a difference of $83,149 (10.0%) versus the prior year and $57,990 versus the prior month.

For the 2024-03-01 period, Portland had 673 MLS listings, a difference of 16 listings (2%) versus the prior month and 99 listings (17%) 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
2018-01-01 101 days 1,800 sqft
2018-02-01 107 days 1,792 sqft
2018-03-01 75 days 1,791 sqft
2018-04-01 50 days 1,800 sqft
2018-05-01 43 days 1,796 sqft
2018-06-01 44 days 1,800 sqft
2018-07-01 51 days 1,817 sqft
2018-08-01 59 days 1,815 sqft
2018-09-01 64 days 1,800 sqft
2018-10-01 71 days 1,800 sqft
2018-11-01 76 days 1,800 sqft
2018-12-01 88 days 1,764 sqft
2019-01-01 103 days 1,736 sqft
2019-02-01 106 days 1,741 sqft
2019-03-01 83 days 1,753 sqft
2019-04-01 52 days 1,764 sqft
2019-05-01 42 days 1,780 sqft
2019-06-01 40 days 1,800 sqft
2019-07-01 47 days 1,789 sqft
2019-08-01 54 days 1,780 sqft
2019-09-01 61 days 1,787 sqft
2019-10-01 67 days 1,791 sqft
2019-11-01 72 days 1,790 sqft
2019-12-01 84 days 1,762 sqft
2020-01-01 89 days 1,737 sqft
2020-02-01 86 days 1,694 sqft
2020-03-01 59 days 1,704 sqft
2020-04-01 55 days 1,739 sqft
2020-05-01 59 days 1,765 sqft
2020-06-01 40 days 1,764 sqft
2020-07-01 43 days 1,754 sqft
2020-08-01 40 days 1,742 sqft
2020-09-01 34 days 1,707 sqft
2020-10-01 34 days 1,715 sqft
2020-11-01 45 days 1,720 sqft
2020-12-01 62 days 1,711 sqft
2021-01-01 70 days 1,707 sqft
2021-02-01 43 days 1,662 sqft
2021-03-01 24 days 1,664 sqft
2021-04-01 17 days 1,678 sqft
2021-05-01 15 days 1,707 sqft
2021-06-01 16 days 1,736 sqft
2021-07-01 22 days 1,766 sqft
2021-08-01 27 days 1,747 sqft
2021-09-01 31 days 1,715 sqft
2021-10-01 34 days 1,730 sqft
2021-11-01 43 days 1,743 sqft
2021-12-01 58 days 1,698 sqft
2022-01-01 46 days 1,612 sqft
2022-02-01 29 days 1,636 sqft
2022-03-01 21 days 1,633 sqft
2022-04-01 12 days 1,657 sqft
2022-05-01 14 days 1,707 sqft
2022-06-01 17 days 1,777 sqft
2022-07-01 23 days 1,773 sqft
2022-08-01 32 days 1,769 sqft
2022-09-01 38 days 1,756 sqft
2022-10-01 42 days 1,776 sqft
2022-11-01 46 days 1,691 sqft
2022-12-01 57 days 1,680 sqft
2023-01-01 67 days 1,684 sqft
2023-02-01 61 days 1,674 sqft
2023-03-01 53 days 1,663 sqft
2023-04-01 27 days 1,664 sqft
2023-05-01 24 days 1,670 sqft
2023-06-01 23 days 1,762 sqft
2023-07-01 28 days 1,786 sqft
2023-08-01 29 days 1,740 sqft
2023-09-01 31 days 1,736 sqft
2023-10-01 37 days 1,758 sqft
2023-11-01 44 days 1,780 sqft
2023-12-01 59 days 1,748 sqft
2024-01-01 75 days 1,743 sqft
2024-02-01 54 days 1,681 sqft
2024-03-01 46 days 1,682 sqft
Portland's median listing age (time on market) for 2024-03-01 was 46 days. This is -14% shorter than the same period one year ago.

Portland's median square footage for active listings during the 2024-03-01 period was 1,682 sqft. One year prior, the average listing was 1,663 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).