Portland FHA Loan Rates, Closing Costs & Stats

PORTLAND-SOUTH PORTLAND, ME

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.39% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Portland's average FHA mortgage closing costs are $7,700.

    The average rate for the prior week (2022-11-25) was 6.41% and one month ago for the week of 2022-10-28, the average rate was 6.65%.

    The average rate one year ago was 3.58%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.41%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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
    RELIANCE FIRST CAPITAL, LLC 7 2.89% $12,432
    GUILD MORTGAGE COMPANY 7 3.25% $9,197
    NORTHPOINT MORTGAGE, INC. 7 3.16% $9,006
    The Federal Savings Bank 6 2.81% $11,636
    T2 FINANCIAL LLC 5 3.50% $10,864
    INTEGRITY MORTGAGE LLC 5 3.12% $10,409
    KeyBank 5 2.93% $10,210
    MUTUAL OF OMAHA MORTGAGE, INC. 5 3.13% $10,021
    Shamrock Home Loans, Inc. 4 3.22% $12,358
    NORTHERN MORTGAGE SERVICES, LLC 4 2.93% $8,854
    Nations Lending Corporation 4 3.38% $8,182
    Lakeview Community Capital, LLC 4 3.05% $5,283
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.20% $7,499
    DREW MORTGAGE ASSOCIATES, INC. 3 2.88% $10,339
    GUARANTEED RATE, INC. 3 3.00% $9,839
    Bank of America 3 2.79% $6,076
    MOVEMENT MORTGAGE, LLC 3 3.46% $5,617
    EVERETT FINANCIAL, INC. 2 2.94% $7,577
    M&T Bank 2 3.06% $9,480
    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 MORTGAGE ($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 Bangor Savings Bank (2.59%), Citizens 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

    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 (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%) 1.22 2,799
    2018-08-01 $359,000 (3.2%) $502,038 (1.8%) 1.20 2,965
    2018-09-01 $355,000 (3.2%) $493,260 (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 $366,429 (4.7%) $506,276 (2.3%) 1.20 1,946
    2019-04-01 $377,250 (4.8%) $518,572 (1.4%) 1.20 1,934
    2019-05-01 $382,950 (5.0%) $525,934 (3.9%) 1.20 2,127
    2019-06-01 $386,425 (5.4%) $530,684 (5.0%) 1.21 2,439
    2019-07-01 $388,950 (6.0%) $539,890 (6.4%) 1.22 2,579
    2019-08-01 $387,155 (7.8%) $538,945 (7.4%) 1.23 2,610
    2019-09-01 $385,886 (8.7%) $537,419 (9.0%) 1.23 2,561
    2019-10-01 $384,950 (9.4%) $537,595 (9.6%) 1.24 2,497
    2019-11-01 $385,000 (8.5%) $545,715 (10.8%) 1.26 2,219
    2019-12-01 $385,000 (10.3%) $548,573 (13.1%) 1.28 1,761
    2020-01-01 $395,000 (13.0%) $547,307 (14.0%) 1.32 1,520
    2020-02-01 $398,000 (11.4%) $556,997 (12.6%) 1.30 1,410
    2020-03-01 $399,425 (9.0%) $570,685 (12.7%) 1.25 1,464
    2020-04-01 $401,500 (6.4%) $566,203 (9.2%) 1.26 1,521
    2020-05-01 $415,000 (8.4%) $584,344 (11.1%) 1.26 1,535
    2020-06-01 $414,800 (7.3%) $594,315 (12.0%) 1.22 1,620
    2020-07-01 $427,450 (9.9%) $607,967 (12.6%) 1.24 1,570
    2020-08-01 $424,900 (9.8%) $605,054 (12.3%) 1.22 1,423
    2020-09-01 $422,500 (9.5%) $606,673 (12.9%) 1.21 1,373
    2020-10-01 $415,000 (7.8%) $589,681 (9.7%) 1.19 1,349
    2020-11-01 $425,000 (10.4%) $589,576 (8.0%) 1.24 1,201
    2020-12-01 $439,450 (14.1%) $596,227 (8.7%) 1.31 988
    2021-01-01 $434,954 (10.1%) $610,585 (11.6%) 1.30 761
    2021-02-01 $436,954 (9.8%) $621,715 (11.6%) 1.27 639
    2021-03-01 $434,500 (8.8%) $606,630 (6.3%) 1.23 624
    2021-04-01 $447,450 (11.4%) $649,168 (14.7%) 1.21 659
    2021-05-01 $456,500 (10.0%) $659,067 (12.8%) 1.21 743
    2021-06-01 $469,950 (13.3%) $683,476 (15.0%) 1.24 912
    2021-07-01 $479,000 (12.1%) $666,004 (9.6%) 1.26 1,102
    2021-08-01 $461,450 (8.6%) $648,035 (7.1%) 1.23 1,122
    2021-09-01 $449,975 (6.5%) $648,181 (6.8%) 1.20 1,073
    2021-10-01 $460,000 (10.8%) $685,414 (16.2%) 1.23 953
    2021-11-01 $478,500 (12.6%) $719,425 (22.0%) 1.28 780
    2021-12-01 $489,700 (11.4%) $741,815 (24.4%) 1.33 607
    2022-01-01 $498,000 (14.5%) $737,693 (20.8%) 1.35 505
    2022-02-01 $526,400 (20.5%) $724,058 (16.5%) 1.37 447
    2022-03-01 $513,750 (18.2%) $710,620 (17.1%) 1.29 479
    2022-04-01 $525,000 (17.3%) $720,238 (11.0%) 1.25 575
    2022-05-01 $527,450 (15.5%) $717,785 (8.9%) 1.21 726
    2022-06-01 $542,000 (15.3%) $728,281 (6.6%) 1.21 897
    2022-07-01 $549,450 (14.7%) $730,683 (9.7%) 1.24 1,097
    2022-08-01 $549,900 (19.2%) $727,397 (12.3%) 1.27 1,099
    2022-09-01 $540,125 (20.0%) $741,155 (14.3%) 1.26 1,048
    2022-10-01 $545,000 (18.5%) $734,832 (7.2%) 1.28 1,017
    2022-11-01 $537,450 (12.3%) $733,895 (2.0%) 1.29 957
    Portland's median listing price for 2022-11-01 was $537,450, a difference of $58,950 (12.3%) versus the prior year and $-7,550 versus the prior month.

    Portland's median listing price comes in at 129% of the national average.

    Portland's average listing price for 2022-11-01 was $733,895, a difference of $14,470 (2.0%) versus the prior year and $-937 versus the prior month.

    For the 2022-11-01 period, Portland had 957 MLS listings, a difference of -60 listings (-6%) versus the prior month and 177 listings (23%) 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
    2018-01-01 111 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 90 days 1,752 sqft
    2019-04-01 59 days 1,763 sqft
    2019-05-01 46 days 1,780 sqft
    2019-06-01 44 days 1,800 sqft
    2019-07-01 51 days 1,790 sqft
    2019-08-01 57 days 1,780 sqft
    2019-09-01 65 days 1,787 sqft
    2019-10-01 72 days 1,791 sqft
    2019-11-01 78 days 1,789 sqft
    2019-12-01 90 days 1,762 sqft
    2020-01-01 96 days 1,737 sqft
    2020-02-01 94 days 1,695 sqft
    2020-03-01 63 days 1,704 sqft
    2020-04-01 61 days 1,741 sqft
    2020-05-01 63 days 1,765 sqft
    2020-06-01 46 days 1,764 sqft
    2020-07-01 45 days 1,755 sqft
    2020-08-01 47 days 1,742 sqft
    2020-09-01 37 days 1,707 sqft
    2020-10-01 37 days 1,718 sqft
    2020-11-01 48 days 1,720 sqft
    2020-12-01 64 days 1,714 sqft
    2021-01-01 73 days 1,709 sqft
    2021-02-01 52 days 1,663 sqft
    2021-03-01 28 days 1,664 sqft
    2021-04-01 18 days 1,683 sqft
    2021-05-01 16 days 1,708 sqft
    2021-06-01 16 days 1,736 sqft
    2021-07-01 23 days 1,767 sqft
    2021-08-01 28 days 1,747 sqft
    2021-09-01 32 days 1,716 sqft
    2021-10-01 36 days 1,732 sqft
    2021-11-01 44 days 1,744 sqft
    2021-12-01 60 days 1,702 sqft
    2022-01-01 53 days 1,612 sqft
    2022-02-01 33 days 1,640 sqft
    2022-03-01 23 days 1,637 sqft
    2022-04-01 15 days 1,664 sqft
    2022-05-01 15 days 1,707 sqft
    2022-06-01 18 days 1,777 sqft
    2022-07-01 24 days 1,774 sqft
    2022-08-01 33 days 1,771 sqft
    2022-09-01 39 days 1,756 sqft
    2022-10-01 44 days 1,776 sqft
    2022-11-01 49 days 1,697 sqft
    Portland's median listing age (time on market) for 2022-11-01 was 49 days. This is 10% longer than the same period one year ago.

    Portland's median square footage for active listings during the 2022-11-01 period was 1,697 sqft. One year prior, the average listing was 1,744 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).