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 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
6.1%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Portland's average FHA mortgage closing costs are $8,278.
The average rate for the prior week (2023-05-19) was
6.28% and
one month ago for the week of 2023-04-21, the
average rate was 5.92%.
The average rate one year ago was 5.14%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.22%.
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.
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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%) | 1.23 | 2,799 |
2018-08-01 | $359,000 (3.2%) | $502,038 (1.8%) | 1.20 | 2,965 |
2018-09-01 | $355,000 (3.2%) | $493,262 (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%) | $484,897 (-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 | $369,000 (5.4%) | $505,763 (2.2%) | 1.23 | 1,853 |
2019-04-01 | $377,250 (4.8%) | $518,610 (1.4%) | 1.20 | 1,932 |
2019-05-01 | $383,450 (5.1%) | $526,172 (4.0%) | 1.20 | 2,122 |
2019-06-01 | $388,000 (5.9%) | $531,085 (5.1%) | 1.21 | 2,434 |
2019-07-01 | $389,450 (6.2%) | $540,263 (6.5%) | 1.22 | 2,571 |
2019-08-01 | $389,900 (8.6%) | $545,922 (8.7%) | 1.22 | 2,619 |
2019-09-01 | $394,500 (11.1%) | $558,205 (13.2%) | 1.24 | 2,401 |
2019-10-01 | $384,450 (9.3%) | $537,785 (9.7%) | 1.24 | 2,487 |
2019-11-01 | $385,000 (8.5%) | $546,135 (10.9%) | 1.26 | 2,209 |
2019-12-01 | $385,713 (10.5%) | $549,103 (13.2%) | 1.29 | 1,751 |
2020-01-01 | $395,000 (13.0%) | $547,937 (14.1%) | 1.32 | 1,510 |
2020-02-01 | $399,000 (11.6%) | $557,727 (12.7%) | 1.31 | 1,400 |
2020-03-01 | $399,450 (8.3%) | $571,487 (13.0%) | 1.25 | 1,454 |
2020-04-01 | $405,000 (7.4%) | $566,967 (9.3%) | 1.27 | 1,511 |
2020-05-01 | $415,000 (8.2%) | $585,193 (11.2%) | 1.26 | 1,525 |
2020-06-01 | $414,950 (7.0%) | $595,159 (12.1%) | 1.22 | 1,610 |
2020-07-01 | $427,450 (9.8%) | $608,917 (12.7%) | 1.24 | 1,560 |
2020-08-01 | $425,000 (9.0%) | $606,061 (11.0%) | 1.22 | 1,413 |
2020-09-01 | $424,250 (7.5%) | $607,735 (8.9%) | 1.22 | 1,363 |
2020-10-01 | $417,500 (8.6%) | $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 (6.5%) | 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%) | $729,631 (12.3%) | 1.27 | 1,090 |
2022-09-01 | $542,000 (20.4%) | $743,616 (14.4%) | 1.27 | 1,039 |
2022-10-01 | $549,000 (18.1%) | $737,391 (7.2%) | 1.29 | 1,007 |
2022-11-01 | $542,000 (12.4%) | $736,634 (2.0%) | 1.30 | 947 |
2022-12-01 | $553,500 (12.2%) | $752,688 (0.9%) | 1.37 | 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 |
Portland's median listing price comes in at 146% of the national average.
Portland's average listing price for 2023-04-01 was $847,820, a difference of $123,072 (17.0%) versus the prior year and $18,230 versus the prior month.
For the 2023-04-01 period, Portland had 630 MLS listings, a difference of 56 listings (10%) versus the prior month and 63 listings (11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 | 86 days | 1,752 sqft |
2019-04-01 | 59 days | 1,762 sqft |
2019-05-01 | 46 days | 1,780 sqft |
2019-06-01 | 44 days | 1,800 sqft |
2019-07-01 | 50 days | 1,789 sqft |
2019-08-01 | 65 days | 1,800 sqft |
2019-09-01 | 76 days | 1,818 sqft |
2019-10-01 | 73 days | 1,793 sqft |
2019-11-01 | 78 days | 1,789 sqft |
2019-12-01 | 89 days | 1,762 sqft |
2020-01-01 | 95 days | 1,735 sqft |
2020-02-01 | 92 days | 1,693 sqft |
2020-03-01 | 63 days | 1,703 sqft |
2020-04-01 | 60 days | 1,738 sqft |
2020-05-01 | 61 days | 1,765 sqft |
2020-06-01 | 45 days | 1,764 sqft |
2020-07-01 | 45 days | 1,753 sqft |
2020-08-01 | 47 days | 1,741 sqft |
2020-09-01 | 37 days | 1,706 sqft |
2020-10-01 | 37 days | 1,715 sqft |
2020-11-01 | 47 days | 1,720 sqft |
2020-12-01 | 63 days | 1,711 sqft |
2021-01-01 | 73 days | 1,707 sqft |
2021-02-01 | 51 days | 1,662 sqft |
2021-03-01 | 27 days | 1,664 sqft |
2021-04-01 | 17 days | 1,678 sqft |
2021-05-01 | 16 days | 1,707 sqft |
2021-06-01 | 16 days | 1,736 sqft |
2021-07-01 | 23 days | 1,766 sqft |
2021-08-01 | 28 days | 1,747 sqft |
2021-09-01 | 31 days | 1,715 sqft |
2021-10-01 | 36 days | 1,730 sqft |
2021-11-01 | 44 days | 1,743 sqft |
2021-12-01 | 59 days | 1,698 sqft |
2022-01-01 | 48 days | 1,612 sqft |
2022-02-01 | 31 days | 1,636 sqft |
2022-03-01 | 23 days | 1,633 sqft |
2022-04-01 | 14 days | 1,657 sqft |
2022-05-01 | 15 days | 1,707 sqft |
2022-06-01 | 17 days | 1,777 sqft |
2022-07-01 | 23 days | 1,773 sqft |
2022-08-01 | 33 days | 1,769 sqft |
2022-09-01 | 39 days | 1,756 sqft |
2022-10-01 | 43 days | 1,776 sqft |
2022-11-01 | 48 days | 1,691 sqft |
2022-12-01 | 60 days | 1,680 sqft |
2023-01-01 | 70 days | 1,684 sqft |
2023-02-01 | 68 days | 1,668 sqft |
2023-03-01 | 59 days | 1,663 sqft |
2023-04-01 | 30 days | 1,664 sqft |
Portland's median square footage for active listings during the 2023-04-01 period was 1,664 sqft. One year prior, the average listing was 1,657 sqft.