Portland FHA Loans

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 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 5.29% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.42% and one month ago for the week of 2022-04-08, the average rate was 5.08%.

    The average rate one year ago was 2.99%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.2%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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
    NORTHPOINT MORTGAGE, INC. 7 3.16% $9,006
    RELIANCE FIRST CAPITAL, LLC 7 2.89% $12,432
    GUILD MORTGAGE COMPANY 7 3.25% $9,197
    The Federal Savings Bank 6 2.81% $11,636
    T2 FINANCIAL LLC 5 3.50% $10,864
    MUTUAL OF OMAHA MORTGAGE, INC. 5 3.13% $10,021
    INTEGRITY MORTGAGE LLC 5 3.12% $10,409
    KeyBank 5 2.93% $10,210
    Lakeview Community Capital, LLC 4 3.05% $5,283
    Nations Lending Corporation 4 3.38% $8,182
    NORTHERN MORTGAGE SERVICES, LLC 4 2.93% $8,854
    Shamrock Home Loans, Inc. 4 3.22% $12,358
    DREW MORTGAGE ASSOCIATES, INC. 3 2.88% $10,339
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.20% $7,499
    GUARANTEED RATE, INC. 3 3.00% $9,839
    Bank of America 3 2.79% $6,076
    MOVEMENT MORTGAGE, LLC 3 3.46% $5,617
    Manufacturers and Traders Trust Company 2 3.06% $9,480
    EVERETT FINANCIAL, INC. 2 2.94% $7,577
    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 & INVESTMENT LLC ($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 Citizens Bank (2.59%), Bangor Savings 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

    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).