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%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 110 4.80% $11,381
GUILD MORTGAGE COMPANY 78 5.20% $11,597
QUICKEN LOANS, LLC 64 4.74% $12,807
T2 FINANCIAL LLC 56 5.13% $20,897
CMG MORTGAGE, INC. 54 5.42% $10,606
LOANDEPOT.COM, LLC 30 5.05% $11,968
Bangor Savings Bank 27 4.62% $10,097
CALIBER HOME LOANS, INC. 25 4.40% $10,864
NORWICH COMMERCIAL GROUP, INC. 20 5.28% $11,813
FREEDOM MORTGAGE CORPORATION 20 4.59% $11,315
HOMEBRIDGE FINANCIAL SERVICES, INC. 18 5.25% $13,989
Mr. Cooper ( Nationstar Mortgage ) 18 4.20% $14,768
ACADEMY MORTGAGE CORPORATION 16 5.05% $11,111
Citizens Bank 15 5.23% $10,613
NORTHPOINT MORTGAGE, INC. 15 5.40% $11,038
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 15 5.59% $11,014
DAS Acquisition Company, LLC 14 4.77% $10,267
LAKEVIEW LOAN SERVICING, LLC 14 3.92% $7,099
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 4.68% $11,925
TOTAL MORTGAGE SERVICES, LLC 13 5.26% $14,309
CROSSCOUNTRY MORTGAGE, LLC 12 4.92% $10,470
BROKER SOLUTIONS, INC. 12 5.41% $11,978
The Camden National Bank 11 4.72% $9,473
Carrington Mortgage Services, LLC 11 4.78% $11,385
AMERISAVE MORTGAGE CORPORATION 9 4.29% $14,471
EMBRACE HOME LOANS, INC. 8 5.06% $12,509
MEGASTAR FINANCIAL CORP. 8 4.73% $10,498
Flagstar Bank, FSB 8 5.38% $12,795
VILLAGE CAPITAL MORTGAGE 7 3.64% $8,891
PENNYMAC LOAN SERVICES, LLC 7 4.02% $9,410
CUSO MORTGAGE CORPORATION 6 4.75% $10,207
NEWREZ LLC 6 4.44% $10,991
Equity Prime Mortgage LLC 6 6.38% $12,430
INTEGRITY MORTGAGE LLC 5 5.05% $11,625
Mortgage Network, Inc. 4 4.06% $9,713
MUTUAL OF OMAHA MORTGAGE, INC. 4 4.09% $11,557
EMM LOANS LLC 4 6.06% $10,098
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 5.88% $17,333
HARBORONE MORTGAGE, LLC 4 4.38% $12,867
CARDINAL FINANCIAL 4 5.22% $13,345
Nations Lending Corporation 4 5.03% $18,279
KeyBank 3 3.54% $12,005
First Guaranty Mortgage Corporation 3 3.75% $12,816
ENVOY MORTGAGE, LTD 3 5.17% $12,861
Servion, Inc. 3 4.46% $11,158
GUARANTEED RATE, INC. 3 4.67% $11,724
American Mortgage & Equity Consultants, Inc. 3 6.54% $14,101
Bank of America 3 4.79% $3,955
EVERETT FINANCIAL, INC. 3 4.29% $7,015
LIBERTY HOME MORTGAGE CORPORATION 2 5.38% $13,345
HOME POINT FINANCIAL CORPORATION 2 4.81% $10,452
LEADERONE FINANCIAL CORPORATION 2 4.19% $11,310
MOVEMENT MORTGAGE, LLC 2 5.00% $13,653
NEW FED MORTGAGE, CORP. 2 4.56% $9,437
PLAZA HOME MORTGAGE, INC. 2 4.63% $14,408
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.44% $9,166
RELIANCE FIRST CAPITAL, LLC 2 4.25% $13,751
TD Bank 2 4.63% $10,320
The Federal Savings Bank 2 5.44% $13,616
AMERICAN FINANCING CORPORATION 2 4.25% $9,247
AMERICAN FINANCIAL RESOURCES, INC. 2 5.19% $13,598
Paramount Residential Mortgage Group, Inc. 1 6.75% $13,657
Bank of England 1 4.25% $14,767
Peoples Bank 1 5.00% $16,907
ZILLOW HOME LOANS, LLC 1 4.25% $14,269
First Home Bank 1 3.75% $11,417
GUARANTEED RATE AFFINITY, LLC 1 5.75% $23,701
HOMESTEAD FUNDING CORP. 1 6.75% $14,186
Wells Fargo Bank 1 5.13% $8,662
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.63% $10,794
Shamrock Home Loans, Inc. 1 4.25% $13,268
AmeriHome Mortgage Company, LLC 1 6.63% $12,862
US MORTGAGE CORPORATION 1 4.63% $17,147
Mutual Federal Bank 1 3.50% $14,332
Mortgage Research Center, LLC 1 6.50% $8,623
MORTGAGE EQUITY PARTNERS LLC 1 3.75% $9,137
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.75% $15,108
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $7,601
CHURCHILL MORTGAGE CORPORATION 1 5.50% $15,146
Magnolia Bank 1 3.00% $11,535
Barrington Bank & Trust Company, N.A. 1 3.88% $8,304

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. 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%) 1.23 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 for 2023-04-01 was $628,700, a difference of $103,700 (19.8%) versus the prior year and $9,700 versus the prior month.

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. 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 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 listing age (time on market) for 2023-04-01 was 30 days. This is 114% longer than the same period one year ago.

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.

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).