Reading FHA Loan Rates, Closing Costs & Stats

READING, PA

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.

Reading's 113 lenders originated 1,074 FHA loans during 2023. The total origination value was $236,860,000, with an average FHA loan value of $220,540.

Reading FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Reading averaged 6.73% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Reading's average FHA mortgage closing costs are $7,631.

The average rate for the prior week (2024-05-31) was 7.01% and one month ago for the week of 2024-05-03, the average rate was 6.71%.

The average rate one year ago was 6.78%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.69%.

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

Reading 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 Reading level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 110 6.37% $10,646
CROSSCOUNTRY MORTGAGE, LLC 92 6.87% $11,087
Mortgage America, Inc. 83 6.52% $8,978
UNITED WHOLESALE MORTGAGE, LLC 55 6.19% $13,056
MOVEMENT MORTGAGE, LLC 37 6.81% $11,505
Flanagan State Bank 33 6.48% $10,924
PLAZA HOME MORTGAGE, INC. 33 6.27% $8,120
Customers Bank 26 6.34% $7,428
BROKER SOLUTIONS, INC. 24 6.68% $13,030
LOANDEPOT.COM, LLC 23 6.41% $13,739
Univest Bank and Trust Co. 21 6.59% $10,167
Northpointe Bank 21 6.32% $13,376
GUILD MORTGAGE COMPANY 20 6.82% $13,160
FREEDOM MORTGAGE CORPORATION 19 6.90% $13,253
Paramount Residential Mortgage Group, Inc. 17 6.85% $12,871
Mr. Cooper ( Nationstar Mortgage ) 15 5.89% $16,686
CONTOUR MORTGAGE CORPORATION 15 6.88% $12,884
GUARANTEED RATE, INC. 13 6.37% $11,895
PENNYMAC LOAN SERVICES, LLC 13 6.22% $12,256
NEWREZ LLC 12 6.55% $12,211
SUCCESS MORTGAGE PARTNERS, INC. 12 6.78% $12,212
M&T Bank 11 6.40% $7,975
CMG MORTGAGE, INC. 11 6.57% $11,418
PLANET HOME LENDING, LLC 10 6.45% $12,033
AMERISAVE MORTGAGE CORPORATION 10 6.19% $13,053
AmeriHome Mortgage Company, LLC 10 6.29% $12,239
Fulton Bank 9 6.39% $8,223
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.94% $9,478
NFM, INC. 8 6.70% $14,270
Homesale Mortgage, LLC 8 7.00% $9,030
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 6.50% $11,304
EMM LOANS LLC 8 6.41% $11,532
AMERICAN FINANCIAL NETWORK, INC. 7 7.04% $16,913
DHI MORTGAGE COMPANY, LTD. 7 5.39% $12,870
Citizens Bank 7 6.41% $9,281
MUTUAL OF OMAHA MORTGAGE, INC. 6 6.21% $15,611
TIDEWATER MORTGAGE SERVICES, INC. 6 6.60% $10,290
Prosperity Home Mortgage, LLC 6 6.90% $11,182
GUARANTEED RATE AFFINITY, LLC 6 6.89% $13,480
Keystone Funding, Inc. 6 5.77% $15,430
LAKEVIEW LOAN SERVICING, LLC 6 6.13% $12,190
CARDINAL FINANCIAL 5 7.05% $11,348
RELIANCE FIRST CAPITAL, LLC 5 6.60% $14,058
SUN WEST MORTGAGE COMPANY, INC. 5 6.39% $14,287
Flagstar Bank, FSB 5 6.60% $16,508
Carrington Mortgage Services, LLC 5 5.95% $11,644
GENEVA FINANCIAL, LLC 5 7.00% $10,975
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.19% $15,049
Meridian Bank Corporation 4 6.53% $9,171
ABSOLUTE HOME MORTGAGE CORPORATION 4 6.78% $12,913
ZILLOW HOME LOANS, LLC 4 6.13% $9,482
Nations Lending Corporation 4 6.44% $12,900
Gateway First Bank 4 6.38% $8,917
BAYSHORE MORTGAGE FUNDING, LLC 3 6.92% $16,790
ALLIED MORTGAGE GROUP, INC. 3 7.08% $11,536
ARC HOME LLC 3 7.13% $13,412
Century Mortgage Company DBA Century Lending Company 3 6.17% $15,404
Equity Prime Mortgage LLC 3 6.58% $15,011
LENDING CAPITAL GROUP Inc 3 6.79% $10,223
Mortgage Research Center, LLC 3 6.88% $10,531
Plains Commerce Bank 3 6.00% $12,647
TOP FLITE FINANCIAL, INC. 3 6.88% $13,126
Wells Fargo Bank 3 6.75% $7,680
Neighborhood Loans, Inc. 2 7.06% $12,535
The Federal Savings Bank 2 6.13% $15,637
NATIONS DIRECT MORTGAGE, LLC 2 7.00% $11,649
Wilmington Savings Fund Society, FSB 2 6.13% $10,830
ENVOY MORTGAGE, LTD 2 6.19% $15,167
EMBRACE HOME LOANS, INC. 2 6.75% $10,561
UNION HOME MORTGAGE CORP. 2 6.94% $13,192
RESIDENTIAL HOME MORTGAGE CORPORATION 2 6.88% $12,506
Advisors Mortgage Group, L.L.C. 2 6.37% $12,021
GSF Mortgage Corporation 2 7.13% $18,567
MICHIGAN MUTUAL, INC. 2 6.19% $12,936
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.75% $18,438
FIRST ALLIANCE HOME MORTGAGE, LLC 2 7.25% $17,543
MORTGAGE ACCESS CORP. 2 6.31% $9,141
PHH Mortgage Corporation 1 5.63% $10,141
PIKE CREEK MORTGAGE SERVICES, INC. 1 7.63% $14,852
PREMIA MORTGAGE, LLC 1 6.68% $6,118
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $10,680
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $14,617
Princeton Mortgage Corporation 1 6.13% $9,880
CityWorth Mortgage LLC 1 6.13% $21,717
Quaint Oak Mortgage, LLC 1 6.63% $12,073
CHERRY CREEK MORTGAGE, LLC 1 6.63% $2,715
MEMBERS 1ST FEDERAL CREDIT UNION 1 6.38% $12,452
ROYAL UNITED MORTGAGE LLC 1 6.75% $18,155
BAY EQUITY LLC 1 7.25% $8,467
American Mortgage & Equity Consultants, Inc. 1 6.75% $11,537
T2 FINANCIAL LLC 1 6.63% $15,565
The Union Bank Company 1 6.50% $12,502
AMERICAN FINANCING CORPORATION 1 5.88% $11,205
York Traditions Bank 1 6.63% $9,222
Truist 1 7.75% $7,889
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $8,155
VILLAGE CAPITAL MORTGAGE 1 6.75% $2,137
MID AMERICA MORTGAGE, INC. 1 8.25% $14,537
MLB RESIDENTIAL LENDING, LLC 1 7.75% $23,196
BAY-VALLEY MORTGAGE GROUP 1 6.75% $8,018
Acre Mortgage and Financial Inc 1 6.63% $11,017
MEMBER FIRST MORTGAGE, LLC 1 7.25% $10,418
LOANPAL, LLC 1 5.63% $17,378
LOANLEADERS OF AMERICA, INC. 1 5.63% $15,940
LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $12,736
NATION ONE MORTGAGE CORPORATION 1 6.63% $17,003
HOMESIDE FINANCIAL, LLC 1 7.13% $16,687
HARTFORD FUNDING, LTD. 1 6.13% $18,143
Northeast Equitable Mortgage, LLC 1 6.00% $11,762
GREENTREE MORTGAGE COMPANY, L.P. 1 6.50% $5,060
NP, Inc. 1 7.13% $20,021
PANORAMA MORTGAGE GROUP, LLC 1 5.63% $20,126
FIRST HERITAGE FINANCIAL, LLC 1 8.38% $8,830

The top Reading FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 110 FHA loans originated. Their average total fees are $10,646, which is $441 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Reading FHA lenders (with over 10 loans originated) are Customers Bank ($7,428), M&T Bank ($7,975), PLAZA HOME MORTGAGE, INC. ($8,120), Mortgage America, Inc. ($8,978) and Univest Bank and Trust Co. ($10,167).

The lowest rate Reading FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (5.89%), AMERISAVE MORTGAGE CORPORATION (6.19%), UNITED WHOLESALE MORTGAGE, LLC (6.19%), PENNYMAC LOAN SERVICES, LLC (6.22%) and PLAZA HOME MORTGAGE, INC. (6.27%).

Reading FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Reading (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 $171,945 (1.2%) $224,586 (3.3%) 0.64 1,241
2018-02-01 $174,950 (0.6%) $224,243 (0.5%) 0.64 1,159
2018-03-01 $179,900 (2.8%) $232,645 (3.8%) 0.63 1,102
2018-04-01 $186,875 (1.1%) $237,457 (3.6%) 0.63 1,159
2018-05-01 $199,900 (5.3%) $247,733 (6.7%) 0.67 1,191
2018-06-01 $209,900 (10.7%) $256,497 (9.5%) 0.70 1,253
2018-07-01 $209,050 (10.1%) $255,063 (7.8%) 0.70 1,253
2018-08-01 $210,500 (13.8%) $255,859 (9.0%) 0.71 1,253
2018-09-01 $209,900 (16.7%) $253,270 (9.3%) 0.71 1,255
2018-10-01 $209,950 (17.4%) $255,392 (10.2%) 0.71 1,246
2018-11-01 $209,900 (20.2%) $254,543 (12.7%) 0.71 1,239
2018-12-01 $204,990 (17.2%) $251,406 (9.4%) 0.71 1,176
2019-01-01 $199,948 (16.3%) $251,747 (12.1%) 0.69 1,071
2019-02-01 $199,945 (14.3%) $256,610 (14.4%) 0.68 1,009
2019-03-01 $208,471 (15.9%) $261,668 (12.5%) 0.68 997
2019-04-01 $222,400 (19.0%) $268,807 (13.2%) 0.71 987
2019-05-01 $222,400 (11.3%) $269,733 (8.9%) 0.70 1,006
2019-06-01 $220,000 (4.8%) $268,946 (4.9%) 0.69 1,030
2019-07-01 $219,900 (5.2%) $265,874 (4.2%) 0.69 1,095
2019-08-01 $218,991 (4.0%) $269,232 (5.2%) 0.69 1,077
2019-09-01 $225,127 (7.3%) $273,995 (8.2%) 0.72 1,043
2019-10-01 $232,445 (10.7%) $278,665 (9.1%) 0.75 998
2019-11-01 $235,000 (12.0%) $280,029 (10.0%) 0.77 953
2019-12-01 $232,475 (13.4%) $281,374 (11.9%) 0.78 842
2020-01-01 $229,950 (15.0%) $282,204 (12.1%) 0.77 771
2020-02-01 $246,900 (23.5%) $286,382 (11.6%) 0.81 716
2020-03-01 $259,900 (24.7%) $297,043 (13.5%) 0.81 674
2020-04-01 $274,400 (23.4%) $312,733 (16.3%) 0.86 592
2020-05-01 $259,900 (16.9%) $302,211 (12.0%) 0.79 618
2020-06-01 $249,950 (13.6%) $305,617 (13.6%) 0.74 586
2020-07-01 $272,650 (24.0%) $325,632 (22.5%) 0.79 484
2020-08-01 $270,000 (23.3%) $321,418 (19.4%) 0.77 479
2020-09-01 $259,975 (15.5%) $317,217 (15.8%) 0.74 476
2020-10-01 $264,900 (14.0%) $326,057 (17.0%) 0.76 459
2020-11-01 $267,400 (13.8%) $316,259 (12.9%) 0.78 464
2020-12-01 $262,400 (12.9%) $311,463 (10.7%) 0.78 431
2021-01-01 $258,500 (12.4%) $317,356 (12.5%) 0.77 367
2021-02-01 $285,400 (15.6%) $346,802 (21.1%) 0.83 283
2021-03-01 $289,000 (11.2%) $354,156 (19.2%) 0.82 274
2021-04-01 $279,075 (1.7%) $341,585 (9.2%) 0.76 285
2021-05-01 $274,900 (5.8%) $342,368 (13.3%) 0.73 313
2021-06-01 $239,220 (-4.3%) $317,388 (3.9%) 0.63 408
2021-07-01 $249,500 (-8.5%) $324,997 (-0.2%) 0.66 415
2021-08-01 $246,745 (-8.6%) $317,398 (-1.3%) 0.66 449
2021-09-01 $242,450 (-6.7%) $314,684 (-0.8%) 0.65 439
2021-10-01 $245,990 (-7.1%) $322,172 (-1.2%) 0.66 439
2021-11-01 $245,445 (-8.2%) $313,134 (-1.0%) 0.66 412
2021-12-01 $234,950 (-10.5%) $299,524 (-3.8%) 0.64 353
2022-01-01 $239,900 (-7.2%) $310,126 (-2.3%) 0.65 274
2022-02-01 $239,450 (-16.1%) $317,375 (-8.5%) 0.62 262
2022-03-01 $254,950 (-11.8%) $335,754 (-5.2%) 0.64 252
2022-04-01 $257,000 (-7.9%) $337,363 (-1.2%) 0.61 278
2022-05-01 $247,728 (-9.9%) $332,085 (-3.0%) 0.57 289
2022-06-01 $254,900 (6.6%) $346,326 (9.1%) 0.57 351
2022-07-01 $252,000 (1.0%) $342,439 (5.4%) 0.57 405
2022-08-01 $264,900 (7.4%) $340,046 (7.1%) 0.61 425
2022-09-01 $246,450 (1.7%) $330,811 (5.1%) 0.58 435
2022-10-01 $249,950 (1.6%) $335,558 (4.2%) 0.59 433
2022-11-01 $271,975 (10.8%) $345,325 (10.3%) 0.65 423
2022-12-01 $275,000 (17.1%) $338,517 (13.0%) 0.68 369
2023-01-01 $273,850 (14.2%) $350,182 (12.9%) 0.68 317
2023-02-01 $287,500 (20.1%) $363,468 (14.5%) 0.69 285
2023-03-01 $309,200 (21.3%) $388,007 (15.6%) 0.73 286
2023-04-01 $319,900 (24.5%) $388,611 (15.2%) 0.74 299
2023-05-01 $324,925 (31.2%) $400,010 (20.5%) 0.74 310
2023-06-01 $340,329 (33.5%) $418,852 (20.9%) 0.76 325
2023-07-01 $337,754 (34.0%) $426,262 (24.5%) 0.77 310
2023-08-01 $330,825 (24.9%) $403,604 (18.7%) 0.76 325
2023-09-01 $349,900 (42.0%) $406,765 (23.0%) 0.81 342
2023-10-01 $347,671 (39.1%) $406,877 (21.3%) 0.82 367
2023-11-01 $336,200 (23.6%) $395,412 (14.5%) 0.80 376
2023-12-01 $316,750 (15.2%) $371,887 (9.9%) 0.77 360
2024-01-01 $307,450 (12.3%) $369,204 (5.4%) 0.75 305
2024-02-01 $306,200 (6.5%) $365,293 (0.5%) 0.74 280
2024-03-01 $298,500 (-3.5%) $378,392 (-2.5%) 0.70 262
2024-04-01 $325,000 (1.6%) $397,227 (2.2%) 0.76 278
2024-05-01 $359,925 (10.8%) $429,675 (7.4%) 0.81 285
Reading's median listing price for 2024-05-01 was $359,925, a difference of $35,000 (10.8%) versus the prior year and $34,925 versus the prior month.

Reading's median listing price comes in at 81% of the national average.

Reading's average listing price for 2024-05-01 was $429,675, a difference of $29,665 (7.4%) versus the prior year and $32,448 versus the prior month.

For the 2024-05-01 period, Reading had 285 MLS listings, a difference of 7 listings (3%) versus the prior month and -25 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Reading (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 92 days 1,742 sqft
2018-02-01 90 days 1,766 sqft
2018-03-01 65 days 1,791 sqft
2018-04-01 52 days 1,811 sqft
2018-05-01 52 days 1,862 sqft
2018-06-01 53 days 1,916 sqft
2018-07-01 58 days 1,884 sqft
2018-08-01 60 days 1,887 sqft
2018-09-01 64 days 1,900 sqft
2018-10-01 67 days 1,899 sqft
2018-11-01 67 days 1,883 sqft
2018-12-01 73 days 1,858 sqft
2019-01-01 85 days 1,856 sqft
2019-02-01 87 days 1,885 sqft
2019-03-01 69 days 1,937 sqft
2019-04-01 47 days 1,995 sqft
2019-05-01 39 days 1,984 sqft
2019-06-01 40 days 1,950 sqft
2019-07-01 44 days 1,946 sqft
2019-08-01 48 days 1,960 sqft
2019-09-01 53 days 1,991 sqft
2019-10-01 58 days 2,023 sqft
2019-11-01 57 days 2,036 sqft
2019-12-01 70 days 2,010 sqft
2020-01-01 77 days 2,025 sqft
2020-02-01 66 days 2,035 sqft
2020-03-01 44 days 2,080 sqft
2020-04-01 65 days 2,134 sqft
2020-05-01 74 days 2,033 sqft
2020-06-01 40 days 2,046 sqft
2020-07-01 34 days 2,110 sqft
2020-08-01 28 days 2,144 sqft
2020-09-01 25 days 2,030 sqft
2020-10-01 41 days 2,059 sqft
2020-11-01 42 days 2,014 sqft
2020-12-01 47 days 1,966 sqft
2021-01-01 57 days 1,940 sqft
2021-02-01 62 days 2,101 sqft
2021-03-01 45 days 1,995 sqft
2021-04-01 30 days 1,949 sqft
2021-05-01 25 days 1,892 sqft
2021-06-01 31 days 1,811 sqft
2021-07-01 38 days 1,832 sqft
2021-08-01 39 days 1,812 sqft
2021-09-01 39 days 1,785 sqft
2021-10-01 44 days 1,792 sqft
2021-11-01 46 days 1,786 sqft
2021-12-01 48 days 1,752 sqft
2022-01-01 50 days 1,685 sqft
2022-02-01 42 days 1,741 sqft
2022-03-01 29 days 1,770 sqft
2022-04-01 29 days 1,800 sqft
2022-05-01 24 days 1,749 sqft
2022-06-01 24 days 1,764 sqft
2022-07-01 30 days 1,769 sqft
2022-08-01 32 days 1,778 sqft
2022-09-01 41 days 1,766 sqft
2022-10-01 40 days 1,787 sqft
2022-11-01 42 days 1,837 sqft
2022-12-01 57 days 1,827 sqft
2023-01-01 65 days 1,814 sqft
2023-02-01 51 days 1,906 sqft
2023-03-01 38 days 1,997 sqft
2023-04-01 33 days 1,980 sqft
2023-05-01 33 days 1,984 sqft
2023-06-01 37 days 1,982 sqft
2023-07-01 39 days 1,988 sqft
2023-08-01 35 days 1,930 sqft
2023-09-01 40 days 1,969 sqft
2023-10-01 38 days 1,981 sqft
2023-11-01 38 days 1,880 sqft
2023-12-01 45 days 1,848 sqft
2024-01-01 52 days 1,822 sqft
2024-02-01 38 days 1,807 sqft
2024-03-01 36 days 1,702 sqft
2024-04-01 29 days 1,821 sqft
2024-05-01 23 days 1,940 sqft
Reading's median listing age (time on market) for 2024-05-01 was 23 days. This is -31% shorter than the same period one year ago.

Reading's median square footage for active listings during the 2024-05-01 period was 1,940 sqft. One year prior, the average listing was 1,984 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).