Pottsville FHA Loan Rates, Closing Costs & Stats

Pottsville, PA

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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.

    Pottsville's 76 lenders originated 378 FHA loans during 2023. The total origination value was $56,690,000, with an average FHA loan value of $149,974.

    Pottsville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Pottsville averaged 6.68% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Pottsville's average FHA mortgage closing costs are $6,484.

    The average rate for the prior week (2024-11-01) was 6.45% and one month ago for the week of 2024-10-04, the average rate was 6.17%.

    The average rate one year ago was 7.72%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.57%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Pottsville 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 Pottsville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 59 6.48% $8,371
    Mortgage America, Inc. 36 6.62% $7,290
    CROSSCOUNTRY MORTGAGE, LLC 35 6.91% $9,273
    M&T Bank 12 6.53% $5,322
    CARDINAL FINANCIAL 12 6.67% $7,140
    GUILD MORTGAGE COMPANY 12 6.59% $10,555
    NEWREZ LLC 11 6.91% $10,699
    AMERICAN FINANCIAL NETWORK, INC. 10 7.16% $9,851
    LOANDEPOT.COM, LLC 8 7.01% $9,498
    Homesale Mortgage, LLC 7 6.89% $7,169
    UNITED WHOLESALE MORTGAGE, LLC 6 6.34% $9,982
    BROKER SOLUTIONS, INC. 5 6.63% $7,875
    Alcova Mortgage LLC 5 7.10% $5,046
    PLAZA HOME MORTGAGE, INC. 5 6.43% $13,892
    MOVEMENT MORTGAGE, LLC 5 6.63% $8,900
    SUCCESS MORTGAGE PARTNERS, INC. 5 6.88% $8,452
    PENNYMAC LOAN SERVICES, LLC 5 6.30% $12,661
    FREEDOM MORTGAGE CORPORATION 4 7.19% $7,641
    MUTUAL OF OMAHA MORTGAGE, INC. 4 7.25% $11,375
    Mr. Cooper ( Nationstar Mortgage ) 4 6.69% $10,244
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.44% $7,629
    Flanagan State Bank 3 7.00% $8,358
    Century Mortgage Company DBA Century Lending Company 3 7.54% $9,310
    Citizens Bank 3 6.38% $8,165
    Bank of England 3 6.46% $7,839
    Univest Bank and Trust Co. 3 6.33% $7,952
    JMAC LENDING, INC. 2 6.75% $12,636
    CHERRY CREEK MORTGAGE, LLC 2 6.06% $3,817
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $7,784
    HOMESIDE FINANCIAL, LLC 2 6.69% $7,986
    NFM, INC. 2 6.88% $6,285
    Keystone Funding, Inc. 2 6.56% $6,628
    T2 FINANCIAL LLC 2 7.44% $6,944
    RELIANCE FIRST CAPITAL, LLC 1 6.13% $15,827
    RESIDENTIAL HOME FUNDING CORP. 1 6.75% $12,242
    RESIDENTIAL HOME MORTGAGE CORPORATION 1 6.75% $7,809
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $2,627
    Towne Bank 1 6.63% $12,188
    UNION HOME MORTGAGE CORP. 1 6.75% $17,788
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.13% $10,717
    Wells Fargo Bank 1 7.50% $5,296
    York Traditions Bank 1 6.38% $7,869
    ZILLOW HOME LOANS, LLC 1 6.75% $7,348
    NATION ONE MORTGAGE CORPORATION 1 6.75% $11,204
    ALLIED MORTGAGE GROUP, INC. 1 6.00% $17,973
    AMERICAN FINANCING CORPORATION 1 6.25% $8,183
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $4,114
    Barrington Bank & Trust Company, N.A. 1 6.25% $8,329
    Carrington Mortgage Services, LLC 1 6.75% $11,432
    CMG MORTGAGE, INC. 1 6.75% $6,343
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 6.75% $8,966
    Customers Bank 1 5.88% $4,148
    ENVOY MORTGAGE, LTD 1 6.50% $11,249
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.75% $5,894
    First Option Mortgage, LLC 1 7.25% $6,807
    Fulton Bank 1 7.50% $6,918
    GENEVA FINANCIAL, LLC 1 6.63% $10,750
    Goldwater Bank, N.A. 1 5.75% $20,903
    GSF Mortgage Corporation 1 6.50% $7,412
    GUARANTEED RATE, INC. 1 6.88% $7,974
    HARTFORD FUNDING, LTD. 1 7.13% $10,402
    JPMorgan Chase Bank 1 6.13% $9,220
    LOANPAL, LLC 1 6.99% $7,782
    MICHIGAN MUTUAL, INC. 1 7.75% $16,599
    Mid Penn Bank 1 7.13% $4,648
    Mortgage Research Center, LLC 1 6.63% $3,324
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.13% $8,251
    Nations Lending Corporation 1 7.25% $8,347
    Neighborhood Loans, Inc. 1 7.75% $6,620
    Northpointe Bank 1 6.25% $9,122
    PARAGON HOME LOANS INC. 1 6.50% $6,087
    Paramount Residential Mortgage Group, Inc. 1 8.00% $8,982
    PLANET HOME LENDING, LLC 1 6.63% $6,758
    POLARIS HOME FUNDING CORP. 1 6.88% $9,590
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.13% $5,516
    RADIUS FINANCIAL GROUP INC. 1 6.99% $15,062

    The top Pottsville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 59 FHA loans originated. Their average total fees are $8,371, which is $1,081 higher than the next largest lender, Mortgage America, Inc..

    The lowest fee Pottsville FHA lenders (with over 10 loans originated) are M&T Bank ($5,322), CARDINAL FINANCIAL ($7,140), Mortgage America, Inc. ($7,290), QUICKEN LOANS, LLC ($8,371) and CROSSCOUNTRY MORTGAGE, LLC ($9,273).

    The lowest rate Pottsville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.48%), M&T Bank (6.53%), GUILD MORTGAGE COMPANY (6.59%), Mortgage America, Inc. (6.62%) and CARDINAL FINANCIAL (6.67%).

    Pottsville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    POTTSVILLE, PA SCHUYLKILL 2022 $420,680 $538,650 $651,050 $809,150
    POTTSVILLE, PA SCHUYLKILL 2023 $472,030 $604,400 $730,525 $907,900

    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).