Rutland FHA Loan Rates, Closing Costs & Stats

Rutland, VT

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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.

    Rutland's 21 lenders originated 80 FHA loans during 2023. The total origination value was $16,730,000, with an average FHA loan value of $209,125.

    Rutland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rutland averaged 0.22% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Rutland's average FHA mortgage closing costs are $7,354.

    The average rate for the prior week (2024-11-08) was 6.53% and one month ago for the week of 2024-10-11, the average rate was 6.04%.

    The average rate one year ago was 7.18%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

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

    Rutland 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 Rutland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 24 6.30% $9,628
    ACADEMY MORTGAGE CORPORATION 5 6.60% $10,275
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.63% $11,012
    M&T Bank 4 6.50% $8,282
    EMM LOANS LLC 4 6.19% $11,575
    BROKER SOLUTIONS, INC. 3 6.88% $12,153
    GUARANTEED RATE, INC. 3 6.66% $9,625
    FREEDOM MORTGAGE CORPORATION 2 6.87% $14,576
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $11,225
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $10,102
    LIBERTY HOME MORTGAGE CORPORATION 2 6.38% $18,269
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.19% $16,727
    CALIBER HOME LOANS, INC. 1 6.75% $11,527
    AMERISAVE MORTGAGE CORPORATION 1 5.00% $24,489
    LOANDEPOT.COM, LLC 1 6.99% $15,175
    CMG MORTGAGE, INC. 1 6.25% $15,594
    UNITED WHOLESALE MORTGAGE, LLC 1 6.75% $16,192
    EVERETT FINANCIAL, INC. 1 6.13% $13,244
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $8,659
    Equity Prime Mortgage LLC 1 6.75% $16,833
    ENVOY MORTGAGE, LTD 1 7.25% $10,078

    The top Rutland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 24 FHA loans originated. Their average total fees are $9,628, which is $647 lower than the next largest lender, ACADEMY MORTGAGE CORPORATION.

    The lowest fee Rutland FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,628), .

    The lowest rate Rutland FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.30%), .

    Rutland FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rutland (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 $199,900 (5.3%) $305,728 (6.6%) 0.00 551
    2018-02-01 $199,900 (2.1%) $300,652 (4.1%) 0.00 535
    2018-03-01 $200,000 (2.9%) $305,341 (6.1%) 0.00 521
    2018-04-01 $201,475 (2.8%) $304,414 (5.5%) 0.00 534
    2018-05-01 $203,500 (4.4%) $298,716 (1.4%) 0.00 555
    2018-06-01 $199,000 (0.0%) $289,177 (-3.5%) 0.00 608
    2018-07-01 $214,975 (7.5%) $299,200 (-1.7%) 0.00 641
    2018-08-01 $224,975 (13.1%) $304,952 (2.5%) 0.00 656
    2018-09-01 $229,000 (14.7%) $303,646 (-0.9%) 0.00 637
    2018-10-01 $229,000 (6.5%) $309,873 (-1.5%) 0.00 622
    2018-11-01 $229,125 (14.6%) $315,100 (2.8%) 0.00 590
    2018-12-01 $230,000 (15.3%) $336,585 (12.1%) 0.00 545
    2019-01-01 $230,975 (15.6%) $346,453 (13.3%) 0.00 506
    2019-02-01 $238,125 (19.1%) $347,407 (15.6%) 0.00 507
    2019-03-01 $238,857 (19.4%) $344,632 (12.9%) 0.00 509
    2019-04-01 $238,607 (18.4%) $338,980 (11.4%) 0.00 515
    2019-05-01 $235,000 (15.5%) $333,286 (11.6%) 0.00 541
    2019-06-01 $235,000 (18.1%) $329,697 (14.0%) 0.00 587
    2019-07-01 $235,000 (9.3%) $338,106 (13.0%) 0.00 596
    2019-08-01 $235,000 (4.5%) $341,258 (11.9%) 0.00 592
    2019-09-01 $235,000 (2.6%) $341,154 (12.4%) 0.00 588
    2019-10-01 $237,000 (3.5%) $347,638 (12.2%) 0.00 575
    2019-11-01 $242,000 (5.6%) $364,196 (15.6%) 0.00 508
    2019-12-01 $236,000 (2.6%) $364,589 (8.3%) 0.00 469
    2020-01-01 $226,750 (-1.8%) $364,903 (5.3%) 0.00 435
    2020-02-01 $239,000 (0.4%) $368,502 (6.1%) 0.00 408
    2020-03-01 $239,000 (0.1%) $367,848 (6.7%) 0.00 398
    2020-04-01 $244,000 (2.3%) $373,308 (10.1%) 0.00 360
    2020-05-01 $249,000 (6.0%) $380,441 (14.2%) 0.00 355
    2020-06-01 $255,625 (8.8%) $388,593 (17.9%) 0.00 351
    2020-07-01 $255,125 (8.6%) $384,890 (13.8%) 0.00 336
    2020-08-01 $249,999 (6.4%) $393,330 (15.3%) 0.00 328
    2020-09-01 $245,000 (4.3%) $399,173 (17.0%) 0.00 302
    2020-10-01 $249,000 (5.1%) $408,077 (17.4%) 0.00 305
    2020-11-01 $259,900 (7.4%) $416,072 (14.2%) 0.00 262
    2020-12-01 $249,000 (5.5%) $434,150 (19.1%) 0.00 237
    2021-01-01 $259,900 (14.6%) $470,630 (29.0%) 0.00 199
    2021-02-01 $279,250 (16.8%) $477,333 (29.5%) 0.00 161
    2021-03-01 $288,325 (20.6%) $477,605 (29.8%) 0.00 144
    2021-04-01 $290,625 (19.1%) $512,153 (37.2%) 0.00 144
    2021-05-01 $299,900 (20.4%) $527,693 (38.7%) 0.00 156
    2021-06-01 $299,225 (17.1%) $519,176 (33.6%) 0.00 168
    2021-07-01 $299,900 (17.6%) $525,879 (36.6%) 0.00 176
    2021-08-01 $324,750 (29.9%) $560,765 (42.6%) 0.00 170
    2021-09-01 $371,000 (51.4%) $568,141 (42.3%) 0.00 170
    2021-10-01 $374,000 (50.2%) $572,742 (40.4%) 0.00 147
    2021-11-01 $448,000 (72.4%) $601,144 (44.5%) 0.00 128
    2021-12-01 $404,250 (62.4%) $640,713 (47.6%) 0.00 123
    2022-01-01 $365,000 (40.4%) $621,406 (32.0%) 0.00 109
    2022-02-01 $327,500 (17.3%) $599,213 (25.5%) 0.00 106
    2022-03-01 $326,000 (13.1%) $577,566 (20.9%) 0.00 116
    2022-04-01 $335,000 (15.3%) $572,050 (11.7%) 0.00 137
    2022-05-01 $337,250 (12.5%) $578,658 (9.7%) 0.00 152
    2022-06-01 $342,250 (14.4%) $568,072 (9.4%) 0.00 172
    2022-07-01 $350,000 (16.7%) $567,089 (7.8%) 0.00 198
    2022-08-01 $354,950 (9.3%) $566,367 (1.0%) 0.00 170
    2022-09-01 $362,425 (-2.3%) $551,501 (-2.9%) 0.00 166
    2022-10-01 $319,000 (-14.7%) $538,926 (-5.9%) 0.00 164
    2022-11-01 $309,950 (-30.8%) $581,025 (-3.4%) 0.00 156
    2022-12-01 $299,000 (-26.0%) $427,740 (-33.2%) 0.00 125
    2023-01-01 $274,925 (-24.7%) $414,967 (-33.2%) 0.00 113
    2023-02-01 $260,350 (-20.5%) $429,358 (-28.4%) 0.00 113
    2023-03-01 $275,000 (-15.6%) $429,225 (-25.7%) 0.00 107
    2023-04-01 $275,000 (-17.9%) $428,266 (-25.1%) 0.00 99
    2023-05-01 $280,000 (-17.0%) $419,751 (-27.5%) 0.00 96
    2023-06-01 $336,375 (-1.7%) $458,483 (-19.3%) 0.00 106
    2023-07-01 $389,000 (11.1%) $481,212 (-15.1%) 0.00 106
    2023-08-01 $393,725 (10.9%) $503,014 (-11.2%) 0.00 113
    2023-09-01 $400,000 (10.4%) $567,781 (3.0%) 0.00 133
    2023-10-01 $412,475 (29.3%) $549,421 (2.0%) 0.00 132
    2023-11-01 $396,000 (27.8%) $554,050 (-4.6%) 0.00 124
    2023-12-01 $399,900 (33.8%) $546,807 (27.8%) 0.00 109
    2024-01-01 $396,475 (44.2%) $538,475 (29.8%) 0.00 104
    2024-02-01 $401,475 (54.2%) $559,505 (30.3%) 0.00 107
    2024-03-01 $385,000 (40.0%) $711,967 (65.9%) 0.00 121
    2024-04-01 $385,975 (40.4%) $714,669 (66.9%) 0.00 133
    2024-05-01 $437,450 (56.2%) $742,350 (76.9%) 0.00 139
    2024-06-01 $399,900 (18.9%) $711,161 (55.1%) 0.00 165
    2024-07-01 $437,450 (12.5%) $717,351 (49.1%) 0.00 188
    2024-08-01 $420,000 (6.7%) $703,612 (39.9%) 0.00 209
    2024-09-01 $421,225 (5.3%) $697,088 (22.8%) 0.00 213
    2024-10-01 $428,675 (3.9%) $734,442 (33.7%) 0.00 204
    Rutland's median listing price for 2024-10-01 was $428,675, a difference of $16,200 (3.9%) versus the prior year and $7,450 versus the prior month.

    Rutland's median listing price comes in at 0% of the national average.

    Rutland's average listing price for 2024-10-01 was $734,442, a difference of $185,021 (33.7%) versus the prior year and $37,354 versus the prior month.

    For the 2024-10-01 period, Rutland had 204 MLS listings, a difference of -9 listings (-4%) versus the prior month and 72 listings (55%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rutland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,880 sqft
    2018-02-01 0 days 1,858 sqft
    2018-03-01 0 days 1,867 sqft
    2018-04-01 0 days 1,878 sqft
    2018-05-01 0 days 1,881 sqft
    2018-06-01 0 days 1,879 sqft
    2018-07-01 0 days 1,933 sqft
    2018-08-01 0 days 1,983 sqft
    2018-09-01 0 days 2,000 sqft
    2018-10-01 0 days 2,000 sqft
    2018-11-01 0 days 1,996 sqft
    2018-12-01 0 days 2,000 sqft
    2019-01-01 0 days 2,040 sqft
    2019-02-01 0 days 2,004 sqft
    2019-03-01 0 days 1,994 sqft
    2019-04-01 0 days 1,979 sqft
    2019-05-01 0 days 1,978 sqft
    2019-06-01 0 days 1,920 sqft
    2019-07-01 0 days 1,911 sqft
    2019-08-01 0 days 1,919 sqft
    2019-09-01 0 days 1,917 sqft
    2019-10-01 0 days 1,922 sqft
    2019-11-01 0 days 1,960 sqft
    2019-12-01 0 days 1,941 sqft
    2020-01-01 0 days 1,896 sqft
    2020-02-01 0 days 1,944 sqft
    2020-03-01 0 days 1,942 sqft
    2020-04-01 0 days 1,946 sqft
    2020-05-01 0 days 1,921 sqft
    2020-06-01 0 days 2,022 sqft
    2020-07-01 0 days 2,143 sqft
    2020-08-01 0 days 2,128 sqft
    2020-09-01 0 days 1,959 sqft
    2020-10-01 0 days 1,969 sqft
    2020-11-01 0 days 2,073 sqft
    2020-12-01 0 days 2,106 sqft
    2021-01-01 0 days 2,194 sqft
    2021-02-01 0 days 2,146 sqft
    2021-03-01 0 days 2,198 sqft
    2021-04-01 0 days 2,167 sqft
    2021-05-01 0 days 2,066 sqft
    2021-06-01 0 days 1,875 sqft
    2021-07-01 0 days 1,805 sqft
    2021-08-01 0 days 2,002 sqft
    2021-09-01 0 days 2,086 sqft
    2021-10-01 0 days 2,194 sqft
    2021-11-01 0 days 2,194 sqft
    2021-12-01 0 days 2,194 sqft
    2022-01-01 0 days 2,194 sqft
    2022-02-01 0 days 2,030 sqft
    2022-03-01 0 days 1,912 sqft
    2022-04-01 0 days 1,824 sqft
    2022-05-01 0 days 1,817 sqft
    2022-06-01 0 days 1,915 sqft
    2022-07-01 0 days 1,920 sqft
    2022-08-01 0 days 1,958 sqft
    2022-09-01 0 days 2,004 sqft
    2022-10-01 0 days 1,916 sqft
    2022-11-01 0 days 1,994 sqft
    2022-12-01 0 days 1,930 sqft
    2023-01-01 0 days 1,809 sqft
    2023-02-01 0 days 1,610 sqft
    2023-03-01 0 days 1,760 sqft
    2023-04-01 0 days 1,872 sqft
    2023-05-01 0 days 1,632 sqft
    2023-06-01 0 days 1,768 sqft
    2023-07-01 0 days 1,800 sqft
    2023-08-01 0 days 1,790 sqft
    2023-09-01 0 days 1,811 sqft
    2023-10-01 0 days 1,972 sqft
    2023-11-01 0 days 1,881 sqft
    2023-12-01 0 days 1,929 sqft
    2024-01-01 0 days 1,972 sqft
    2024-02-01 0 days 1,937 sqft
    2024-03-01 0 days 1,828 sqft
    2024-04-01 0 days 1,692 sqft
    2024-05-01 0 days 1,612 sqft
    2024-06-01 0 days 1,742 sqft
    2024-07-01 0 days 1,814 sqft
    2024-08-01 0 days 1,963 sqft
    2024-09-01 0 days 1,842 sqft
    2024-10-01 0 days 1,932 sqft
    Rutland's median listing age (time on market) for 2024-10-01 was 0 days.

    Rutland's median square footage for active listings during the 2024-10-01 period was 1,932 sqft. One year prior, the average listing was 1,972 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).