Rutland FHA Loan Rates, Closing Costs & Stats

Rutland, VT

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 6.11% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

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

The average rate for the prior week (2024-09-27) was 6.1% and one month ago for the week of 2024-08-30, the average rate was 6.06%.

The average rate one year ago was 7.1%.

For refis of the same type during the week of 2024-10-04, the average rate was 6.09%.

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
Rutland's median listing price for 2024-09-01 was $421,225, a difference of $21,225 (5.3%) versus the prior year and $1,225 versus the prior month.

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

Rutland's average listing price for 2024-09-01 was $697,088, a difference of $129,307 (22.8%) versus the prior year and $-6,524 versus the prior month.

For the 2024-09-01 period, Rutland had 213 MLS listings, a difference of 4 listings (2%) versus the prior month and 80 listings (60%) 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
Rutland's median listing age (time on market) for 2024-09-01 was 0 days.

Rutland's median square footage for active listings during the 2024-09-01 period was 1,842 sqft. One year prior, the average listing was 1,811 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).