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 112 lenders originated 1,066 FHA
loans during 2024. The total origination value was $255,710,000, with an average FHA loan value of
$239,878.
Reading FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Reading
averaged
0.14%
for the week of 2025-06-20, compared to the national average (all FHA variants) of
0% for the same period.
Reading's average FHA mortgage closing costs are $8,039.
The average rate for the prior week (2025-06-13) was
6.62% and
one month ago for the week of 2025-05-16, the
average rate was 6.58%.
The average rate one year ago was 7.03%.
For refis of the same type during the week of 2025-06-20, the average rate
was 0.02%.
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 |
2024 Avg. 30yFix Rate |
2024 Avg. Closing Costs |
CROSSCOUNTRY MORTGAGE, LLC
|
97
|
6.64%
|
$11,819
|
QUICKEN LOANS, LLC
|
91
|
6.34%
|
$11,607
|
Mortgage America, Inc.
|
57
|
6.38%
|
$9,862
|
UNITED WHOLESALE MORTGAGE, LLC
|
54
|
6.07%
|
$14,857
|
PENNYMAC LOAN SERVICES, LLC
|
48
|
6.18%
|
$12,291
|
CMG MORTGAGE, INC.
|
38
|
6.35%
|
$12,963
|
Customers Bank
|
38
|
6.26%
|
$7,691
|
MOVEMENT MORTGAGE, LLC
|
34
|
6.70%
|
$10,213
|
Flanagan State Bank
|
32
|
6.67%
|
$13,032
|
BROKER SOLUTIONS, INC.
|
28
|
6.65%
|
$13,527
|
FREEDOM MORTGAGE CORPORATION
|
27
|
6.41%
|
$13,942
|
Univest Bank and Trust Co.
|
22
|
5.97%
|
$9,759
|
PLAZA HOME MORTGAGE, INC.
|
21
|
6.50%
|
$9,205
|
LOANDEPOT.COM, LLC
|
18
|
6.21%
|
$13,830
|
Fulton Bank
|
15
|
6.43%
|
$8,886
|
East Coast Capital Corp.
|
15
|
6.67%
|
$17,237
|
Paramount Residential Mortgage Group, Inc.
|
14
|
6.46%
|
$12,642
|
SUCCESS MORTGAGE PARTNERS, INC.
|
14
|
6.59%
|
$12,537
|
CONTOUR MORTGAGE CORPORATION
|
13
|
6.83%
|
$10,965
|
GUARANTEED RATE, INC.
|
13
|
6.50%
|
$12,468
|
Carrington Mortgage Services, LLC
|
11
|
6.10%
|
$15,272
|
Homesale Mortgage, LLC
|
11
|
6.77%
|
$9,439
|
AmeriHome Mortgage Company, LLC
|
10
|
6.50%
|
$12,214
|
M&T Bank
|
10
|
6.24%
|
$8,749
|
GUARANTEED RATE AFFINITY, LLC
|
9
|
6.40%
|
$11,223
|
Equity Prime Mortgage LLC
|
9
|
6.19%
|
$14,831
|
Flagstar Bank, FSB
|
9
|
6.25%
|
$11,533
|
LOANPAL, LLC
|
7
|
5.78%
|
$12,224
|
UNION HOME MORTGAGE CORP.
|
7
|
6.82%
|
$11,504
|
Mr. Cooper ( Nationstar Mortgage )
|
7
|
6.54%
|
$11,895
|
AMERISAVE MORTGAGE CORPORATION
|
7
|
6.25%
|
$12,178
|
GUILD MORTGAGE COMPANY
|
7
|
6.45%
|
$12,216
|
ALLIED MORTGAGE GROUP, INC.
|
6
|
6.06%
|
$11,048
|
RELIANCE FIRST CAPITAL, LLC
|
6
|
6.21%
|
$15,823
|
Prosperity Home Mortgage, LLC
|
6
|
6.27%
|
$12,826
|
NEWREZ LLC
|
6
|
6.58%
|
$10,587
|
FIRST COMMUNITY MORTGAGE, INC.
|
6
|
6.33%
|
$13,792
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
5
|
6.68%
|
$10,077
|
Citizens Bank
|
5
|
6.43%
|
$7,816
|
Truist
|
4
|
6.78%
|
$10,321
|
First National Bank of Pennsylvania
|
4
|
6.03%
|
$9,776
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
4
|
6.13%
|
$15,254
|
PLANET HOME LENDING, LLC
|
4
|
6.25%
|
$12,136
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
4
|
7.00%
|
$11,794
|
AMERICAN FINANCING CORPORATION
|
4
|
5.81%
|
$14,361
|
GSF Mortgage Corporation
|
4
|
7.22%
|
$15,475
|
EMBRACE HOME LOANS, INC.
|
3
|
6.83%
|
$12,643
|
Keystone Funding, Inc.
|
3
|
6.79%
|
$10,721
|
Mortgage Research Center, LLC
|
3
|
7.08%
|
$5,935
|
LENDING CAPITAL GROUP Inc
|
3
|
6.96%
|
$11,392
|
TOWNE MORTGAGE COMPANY
|
3
|
5.41%
|
$16,140
|
Northpointe Bank
|
3
|
6.50%
|
$8,816
|
HOMESIDE FINANCIAL, LLC
|
3
|
6.71%
|
$16,254
|
SUN WEST MORTGAGE COMPANY, INC.
|
3
|
5.96%
|
$12,965
|
EMM LOANS LLC
|
3
|
6.29%
|
$19,191
|
Meridian Bank Corporation
|
3
|
6.58%
|
$11,484
|
Wells Fargo Bank
|
3
|
6.38%
|
$11,357
|
CARDINAL FINANCIAL
|
3
|
6.63%
|
$18,949
|
MILEND, INC.
|
3
|
6.25%
|
$13,982
|
ZILLOW HOME LOANS, LLC
|
2
|
6.25%
|
$9,645
|
VILLAGE CAPITAL MORTGAGE
|
2
|
6.25%
|
$6,752
|
US MORTGAGE CORPORATION
|
2
|
6.00%
|
$12,163
|
U.S. Bank
|
2
|
6.63%
|
$6,678
|
Franklin Loan Corporation
|
2
|
6.19%
|
$10,516
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
2
|
5.75%
|
$14,215
|
Capital Bank
|
2
|
7.13%
|
$13,630
|
TOP FLITE FINANCIAL, INC.
|
2
|
6.69%
|
$17,246
|
American Mortgage & Equity Consultants, Inc.
|
2
|
6.75%
|
$13,233
|
Lakeview Community Capital, LLC
|
2
|
6.37%
|
$11,959
|
LAKEVIEW LOAN SERVICING, LLC
|
2
|
7.00%
|
$10,228
|
T2 FINANCIAL LLC
|
2
|
7.00%
|
$10,531
|
Century Mortgage Company DBA Century Lending Company
|
2
|
6.00%
|
$6,239
|
Advisors Mortgage Group, L.L.C.
|
2
|
6.81%
|
$11,726
|
NFM, INC.
|
2
|
5.94%
|
$18,759
|
TJC Mortgage, Inc.
|
1
|
5.75%
|
$11,301
|
Acre Mortgage and Financial Inc
|
1
|
6.25%
|
$7,086
|
AMERICAN FINANCIAL NETWORK, INC.
|
1
|
7.63%
|
$19,660
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
1
|
7.13%
|
$6,814
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
6.13%
|
$8,314
|
Arvest Bank
|
1
|
5.88%
|
$14,149
|
AXIA FINANCIAL, LLC
|
1
|
6.75%
|
$13,584
|
BAY EQUITY LLC
|
1
|
6.13%
|
$8,756
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
6.63%
|
$19,290
|
BETTER MORTGAGE CORPORATION
|
1
|
7.13%
|
$8,017
|
DEVELOPER'S MORTGAGE COMPANY
|
1
|
7.00%
|
$6,589
|
DIRECT MORTGAGE LOANS, LLC
|
1
|
8.25%
|
$8,468
|
EQUITY RESOURCES, INC.
|
1
|
6.75%
|
$7,374
|
EVERETT FINANCIAL, INC.
|
1
|
6.75%
|
$6,548
|
FIRST ALLIANCE HOME MORTGAGE, LLC
|
1
|
5.62%
|
$8,909
|
First Citizens Community Bank
|
1
|
6.63%
|
$7,763
|
FIRST COLONY MORTGAGE CORPORATION
|
1
|
5.25%
|
$20,063
|
First Federal Bank
|
1
|
5.50%
|
$17,789
|
Gateway First Bank
|
1
|
6.75%
|
$11,594
|
JMAC LENDING, INC.
|
1
|
6.00%
|
$11,860
|
LAND HOME FINANCIAL SERVICES, INC.
|
1
|
8.50%
|
$10,565
|
MICHIGAN MUTUAL, INC.
|
1
|
6.25%
|
$11,635
|
Mid Penn Bank
|
1
|
6.00%
|
$16,492
|
MORTGAGE ACCESS CORP.
|
1
|
6.25%
|
$10,073
|
NATION ONE MORTGAGE CORPORATION
|
1
|
5.25%
|
$9,425
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
8.25%
|
$10,975
|
Nations Lending Corporation
|
1
|
6.75%
|
$15,613
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
6.75%
|
$20,270
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
5.88%
|
$10,872
|
POLARIS HOME FUNDING CORP.
|
1
|
6.75%
|
$9,335
|
Quaint Oak Mortgage, LLC
|
1
|
6.25%
|
$7,934
|
RADIUS FINANCIAL GROUP INC.
|
1
|
6.25%
|
$9,197
|
TD Bank
|
1
|
6.50%
|
$6,070
|
The Loan Store, Inc.
|
1
|
6.88%
|
$11,417
|
ABSOLUTE HOME MORTGAGE CORPORATION
|
1
|
6.25%
|
$11,065
|
UNITED MORTGAGE CORP
|
1
|
6.75%
|
$13,630
|
UNITED NORTHERN MORTGAGE BANKERS LIMITED
|
1
|
7.50%
|
$8,229
|
York Traditions Bank
|
1
|
6.75%
|
$9,191
|
The top Reading FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with
97 FHA loans originated. Their average total fees are
$11,819, which is $212
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Reading FHA lenders (with over 10 loans originated) are
Customers Bank ($7,691), M&T Bank ($8,749), Fulton Bank ($8,886), PLAZA HOME MORTGAGE, INC. ($9,205) and Homesale Mortgage, LLC ($9,439).
The lowest rate Reading FHA lenders (with over 10 loans originated) are
Univest Bank and Trust Co. (5.97%), UNITED WHOLESALE MORTGAGE, LLC (6.07%), Carrington Mortgage Services, LLC (6.10%), PENNYMAC LOAN SERVICES, LLC (6.18%) and LOANDEPOT.COM, LLC (6.21%).
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 |
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).