Salisbury FHA Loan Rates, Closing Costs & Stats

SALISBURY, MD-DE

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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.

    Salisbury's 114 lenders originated 1,262 FHA loans during 2023. The total origination value was $339,200,000, with an average FHA loan value of $268,780.

    Salisbury FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Salisbury averaged 0.19% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Salisbury's average FHA mortgage closing costs are $8,742.

    The average rate for the prior week (2024-11-08) was 6.3% and one month ago for the week of 2024-10-11, the average rate was 5.9%.

    The average rate one year ago was 7.34%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.13%.

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

    Salisbury 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 Salisbury level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 111 6.14% $12,005
    MOVEMENT MORTGAGE, LLC 88 6.57% $11,091
    Meridian Bank Corporation 73 6.57% $13,083
    TIDEWATER MORTGAGE SERVICES, INC. 72 6.76% $12,086
    DHI MORTGAGE COMPANY, LTD. 60 5.62% $11,668
    NVR Mortgage Finance, Inc. 52 6.06% $14,787
    CMG MORTGAGE, INC. 50 6.43% $10,639
    Waterstone Mortgage Corporation 48 6.49% $13,688
    LOANDEPOT.COM, LLC 35 6.32% $12,584
    Prosperity Home Mortgage, LLC 26 6.54% $12,337
    NEWREZ LLC 25 6.52% $12,579
    UNITED WHOLESALE MORTGAGE, LLC 25 6.50% $14,003
    PENNYMAC LOAN SERVICES, LLC 24 6.13% $12,569
    Carrington Mortgage Services, LLC 20 6.44% $9,360
    GUARANTEED RATE AFFINITY, LLC 20 6.65% $12,521
    Ixonia Bank 20 6.71% $13,702
    EAGLE HOME MORTGAGE, LLC 19 6.11% $14,385
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 19 6.44% $14,469
    NFM, INC. 18 6.74% $11,660
    HOMESIDE FINANCIAL, LLC 16 6.63% $14,065
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 7.13% $9,874
    FIRST HOME MORTGAGE CORPORATION 15 6.43% $15,121
    Evolve Bank & Trust 15 6.42% $12,855
    Nations Lending Corporation 14 6.57% $10,909
    Keystone Funding, Inc. 14 6.35% $14,074
    FREEDOM MORTGAGE CORPORATION 13 6.91% $14,958
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.68% $11,429
    CARDINAL FINANCIAL 12 6.33% $12,821
    GUILD MORTGAGE COMPANY 12 6.24% $12,992
    CHURCHILL MORTGAGE CORPORATION 11 6.97% $11,126
    AMERISAVE MORTGAGE CORPORATION 11 5.91% $16,690
    DIRECT MORTGAGE LOANS, LLC 9 7.17% $12,905
    BROKER SOLUTIONS, INC. 9 6.60% $14,435
    CROSSCOUNTRY MORTGAGE, LLC 9 7.05% $13,540
    BAYSHORE MORTGAGE FUNDING, LLC 9 6.75% $16,295
    PIKE CREEK MORTGAGE SERVICES, INC. 7 6.66% $11,584
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.04% $13,167
    ALLIED MORTGAGE GROUP, INC. 6 6.44% $15,514
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 7.10% $15,307
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.75% $14,904
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 6.90% $9,742
    The Federal Savings Bank 5 6.25% $15,752
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 5 6.35% $5,139
    EMBRACE HOME LOANS, INC. 5 6.52% $12,448
    Equity Prime Mortgage LLC 5 6.05% $13,998
    Plains Commerce Bank 4 6.28% $10,536
    Capital Bank 4 6.38% $15,752
    SUN WEST MORTGAGE COMPANY, INC. 4 6.50% $15,605
    LAKEVIEW LOAN SERVICING, LLC 4 5.97% $10,034
    Towne Bank 4 5.63% $12,664
    M&T Bank 4 6.72% $8,077
    Mr. Cooper ( Nationstar Mortgage ) 4 5.88% $14,741
    CALIBER HOME LOANS, INC. 3 6.41% $10,906
    RELIANCE FIRST CAPITAL, LLC 3 6.50% $11,420
    MY MORTGAGE, INC. 3 6.88% $9,012
    NORWICH COMMERCIAL GROUP, INC. 3 6.21% $13,927
    PLAZA HOME MORTGAGE, INC. 3 6.17% $7,889
    Truist 3 6.25% $9,306
    PNC Bank 3 6.63% $7,603
    DRAPER AND KRAMER MORTGAGE CORP. 3 5.96% $11,958
    HOMESPIRE MORTGAGE CORPORATION 3 7.17% $10,666
    THE MORTGAGE LINK, INC. 3 6.67% $12,313
    LOANPAL, LLC 2 5.81% $14,061
    American Mortgage & Equity Consultants, Inc. 2 6.94% $8,643
    Barrington Bank & Trust Company, N.A. 2 6.25% $13,038
    EMM LOANS LLC 2 6.19% $12,254
    Flagstar Bank, FSB 2 6.38% $7,639
    GUARANTEED RATE, INC. 2 6.40% $10,258
    PENTAGON FEDERAL CREDIT UNION 2 5.81% $9,530
    VILLAGE CAPITAL MORTGAGE 2 6.57% $7,455
    MILEND, INC. 1 6.63% $14,780
    MID AMERICA MORTGAGE, INC. 1 7.63% $8,210
    Northpointe Bank 1 5.50% $13,303
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 7.25% $20,475
    ABSOLUTE HOME MORTGAGE CORPORATION 1 8.50% $10,629
    JPMorgan Chase Bank 1 6.88% $7,972
    Wells Fargo Bank 1 5.88% $13,064
    INTERCOASTAL MORTGAGE COMPANY 1 6.25% $8,321
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.25% $13,826
    PLANET HOME LENDING, LLC 1 5.50% $9,379
    Fulton Bank 1 5.88% $21,537
    First Federal Bank 1 5.88% $10,836
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.50% $15,784
    FIDELITY DIRECT MORTGAGE, LLC 1 6.00% $17,439
    EVERETT FINANCIAL, INC. 1 7.00% $14,315
    ENVOY MORTGAGE, LTD 1 6.25% $20,615
    Citizens Bank 1 6.25% $13,906
    BNC National Bank 1 5.75% $8,761
    Sandy Spring Bank 1 5.75% $9,294
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.75% $17,246
    Shore United Bank 1 6.63% $18,096
    Sierra Pacific Mortgage Company, Inc. 1 6.25% $10,831
    SOUTHERN TRUST MORTGAGE, LLC 1 6.75% $7,968
    BAY EQUITY LLC 1 7.63% $17,360
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.38% $11,022
    SUMMIT FUNDING, INC. 1 7.25% $9,859
    BAY CAPITAL MORTGAGE CORPORATION 1 6.50% $10,252
    SWBC MORTGAGE CORPORATION 1 6.13% $13,593
    Bank of America 1 6.50% $10,904
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $10,702
    Ameris Bank 1 6.75% $7,802
    TJC Mortgage, Inc. 1 7.00% $7,222
    TOP FLITE FINANCIAL, INC. 1 7.38% $18,771
    AmeriHome Mortgage Company, LLC 1 6.63% $8,321
    AMERICAN FINANCIAL NETWORK, INC. 1 7.63% $13,498
    UNION HOME MORTGAGE CORP. 1 7.13% $10,082
    Alcova Mortgage LLC 1 6.63% $7,539
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 6.13% $21,789
    US MORTGAGE CORPORATION 1 5.63% $17,299
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.25% $12,371
    Wilmington Savings Fund Society, FSB 1 7.00% $9,050
    ACADEMY MORTGAGE CORPORATION 1 5.25% $14,457
    Mortgage Research Center, LLC 1 6.63% $6,023
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $9,047

    The top Salisbury FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 111 FHA loans originated. Their average total fees are $12,005, which is $915 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Salisbury FHA lenders (with over 10 loans originated) are Carrington Mortgage Services, LLC ($9,360), PRIMELENDING, A PLAINSCAPITAL COMPANY ($9,874), CMG MORTGAGE, INC. ($10,639), Nations Lending Corporation ($10,909) and MOVEMENT MORTGAGE, LLC ($11,091).

    The lowest rate Salisbury FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.62%), AMERISAVE MORTGAGE CORPORATION (5.91%), NVR Mortgage Finance, Inc. (6.06%), EAGLE HOME MORTGAGE, LLC (6.11%) and PENNYMAC LOAN SERVICES, LLC (6.13%).

    Salisbury FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SALISBURY, MD-DE SUSSEX 2022 $420,680 $538,650 $651,050 $809,150
    SALISBURY, MD-DE SOMERSET 2022 $420,680 $538,650 $651,050 $809,150
    SALISBURY, MD-DE WICOMICO 2022 $420,680 $538,650 $651,050 $809,150
    SALISBURY, MD-DE WORCESTER 2022 $420,680 $538,650 $651,050 $809,150
    SALISBURY, MD-DE SUSSEX 2023 $472,030 $604,400 $730,525 $907,900
    SALISBURY, MD-DE SOMERSET 2023 $472,030 $604,400 $730,525 $907,900
    SALISBURY, MD-DE WICOMICO 2023 $472,030 $604,400 $730,525 $907,900
    SALISBURY, MD-DE WORCESTER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salisbury (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 $299,900 (2.7%) $398,289 (3.1%) 1.11 3,934
    2018-02-01 $301,812 (1.9%) $400,441 (3.0%) 1.10 4,035
    2018-03-01 $305,000 (1.7%) $399,534 (1.5%) 1.07 4,115
    2018-04-01 $313,400 (4.5%) $408,937 (3.3%) 1.06 4,241
    2018-05-01 $314,950 (5.0%) $414,194 (3.7%) 1.05 4,351
    2018-06-01 $315,000 (3.6%) $412,782 (1.9%) 1.05 4,385
    2018-07-01 $318,500 (4.3%) $420,562 (3.8%) 1.06 4,255
    2018-08-01 $319,000 (2.9%) $421,794 (3.3%) 1.07 4,257
    2018-09-01 $318,000 (2.7%) $423,225 (3.7%) 1.07 4,322
    2018-10-01 $319,990 (4.3%) $428,232 (4.8%) 1.08 4,306
    2018-11-01 $319,945 (5.0%) $429,262 (5.9%) 1.08 4,207
    2018-12-01 $319,000 (6.4%) $418,893 (5.3%) 1.10 4,024
    2019-01-01 $312,000 (4.0%) $411,292 (3.3%) 1.08 3,850
    2019-02-01 $317,450 (5.2%) $420,089 (4.9%) 1.07 3,993
    2019-03-01 $322,143 (5.6%) $431,470 (8.0%) 1.05 4,066
    2019-04-01 $326,523 (4.2%) $442,884 (8.3%) 1.04 4,145
    2019-05-01 $332,447 (5.6%) $447,301 (8.0%) 1.04 4,197
    2019-06-01 $335,000 (6.4%) $446,625 (8.2%) 1.05 4,208
    2019-07-01 $335,950 (5.5%) $447,802 (6.5%) 1.05 4,054
    2019-08-01 $336,355 (5.4%) $447,478 (6.1%) 1.07 3,949
    2019-09-01 $335,536 (5.5%) $446,746 (5.6%) 1.07 3,912
    2019-10-01 $334,950 (4.7%) $446,833 (4.3%) 1.08 3,872
    2019-11-01 $332,995 (4.1%) $447,569 (4.3%) 1.09 3,700
    2019-12-01 $329,900 (3.4%) $439,718 (5.0%) 1.10 3,463
    2020-01-01 $329,900 (5.7%) $439,250 (6.8%) 1.10 3,327
    2020-02-01 $330,000 (4.0%) $446,717 (6.3%) 1.08 3,363
    2020-03-01 $339,000 (5.2%) $452,092 (4.8%) 1.06 3,390
    2020-04-01 $337,975 (3.5%) $447,284 (1.0%) 1.06 3,406
    2020-05-01 $339,990 (2.3%) $452,990 (1.3%) 1.03 3,293
    2020-06-01 $347,200 (3.6%) $466,099 (4.4%) 1.02 2,891
    2020-07-01 $349,350 (4.0%) $478,702 (6.9%) 1.01 2,518
    2020-08-01 $354,400 (5.4%) $495,738 (10.8%) 1.02 2,232
    2020-09-01 $355,450 (5.9%) $502,573 (12.5%) 1.02 2,044
    2020-10-01 $356,295 (6.4%) $513,327 (14.9%) 1.02 1,891
    2020-11-01 $357,065 (7.2%) $515,625 (15.2%) 1.04 1,748
    2020-12-01 $358,425 (8.7%) $513,231 (16.7%) 1.07 1,621
    2021-01-01 $359,560 (9.0%) $514,444 (17.1%) 1.07 1,448
    2021-02-01 $366,450 (11.1%) $523,616 (17.2%) 1.07 1,252
    2021-03-01 $380,725 (12.3%) $532,858 (17.9%) 1.08 1,207
    2021-04-01 $389,823 (15.3%) $555,886 (24.3%) 1.06 1,168
    2021-05-01 $399,900 (17.6%) $562,847 (24.3%) 1.06 1,118
    2021-06-01 $410,450 (18.2%) $564,658 (21.2%) 1.08 1,238
    2021-07-01 $419,900 (20.2%) $555,173 (16.0%) 1.11 1,326
    2021-08-01 $424,950 (19.9%) $560,579 (13.1%) 1.13 1,289
    2021-09-01 $424,000 (19.3%) $557,205 (10.9%) 1.13 1,314
    2021-10-01 $439,000 (23.2%) $568,794 (10.8%) 1.17 1,330
    2021-11-01 $441,225 (23.6%) $569,492 (10.5%) 1.18 1,247
    2021-12-01 $446,950 (24.7%) $571,822 (11.4%) 1.21 1,091
    2022-01-01 $458,000 (27.4%) $594,042 (15.5%) 1.24 940
    2022-02-01 $486,250 (32.7%) $613,103 (17.1%) 1.26 955
    2022-03-01 $488,660 (28.4%) $604,526 (13.5%) 1.22 1,046
    2022-04-01 $499,999 (28.3%) $642,780 (15.6%) 1.19 1,075
    2022-05-01 $499,947 (25.0%) $655,245 (16.4%) 1.14 1,194
    2022-06-01 $499,968 (21.8%) $637,841 (13.0%) 1.11 1,325
    2022-07-01 $509,900 (21.4%) $662,334 (19.3%) 1.15 1,463
    2022-08-01 $499,947 (17.7%) $660,756 (17.9%) 1.16 1,497
    2022-09-01 $499,950 (17.9%) $661,241 (18.7%) 1.17 1,551
    2022-10-01 $505,000 (15.0%) $653,140 (14.8%) 1.19 1,646
    2022-11-01 $499,945 (13.3%) $648,756 (13.9%) 1.20 1,644
    2022-12-01 $494,900 (10.7%) $631,881 (10.5%) 1.22 1,536
    2023-01-01 $497,375 (8.6%) $638,687 (7.5%) 1.23 1,396
    2023-02-01 $504,990 (3.9%) $653,235 (6.6%) 1.22 1,363
    2023-03-01 $502,425 (2.8%) $652,669 (8.0%) 1.19 1,390
    2023-04-01 $529,900 (6.0%) $674,877 (5.0%) 1.23 1,393
    2023-05-01 $529,995 (6.0%) $669,845 (2.2%) 1.20 1,456
    2023-06-01 $528,995 (5.8%) $679,430 (6.5%) 1.19 1,496
    2023-07-01 $519,000 (1.8%) $664,406 (0.3%) 1.18 1,548
    2023-08-01 $514,945 (3.0%) $664,026 (0.5%) 1.18 1,564
    2023-09-01 $509,990 (2.0%) $658,253 (-0.5%) 1.19 1,665
    2023-10-01 $510,000 (1.0%) $666,352 (2.0%) 1.20 1,720
    2023-11-01 $497,000 (-0.6%) $646,555 (-0.3%) 1.18 1,831
    2023-12-01 $484,900 (-2.0%) $631,096 (-0.1%) 1.18 1,738
    2024-01-01 $484,250 (-2.6%) $624,103 (-2.3%) 1.18 1,699
    2024-02-01 $486,000 (-3.8%) $622,329 (-4.7%) 1.17 1,782
    2024-03-01 $499,250 (-0.6%) $641,446 (-1.7%) 1.18 1,877
    2024-04-01 $501,200 (-5.4%) $657,472 (-2.6%) 1.17 1,984
    2024-05-01 $520,000 (-1.9%) $669,572 (0.0%) 1.18 2,079
    2024-06-01 $519,990 (-1.7%) $665,656 (-2.0%) 1.17 2,134
    2024-07-01 $514,950 (-0.8%) $655,123 (-1.4%) 1.18 2,155
    2024-08-01 $502,000 (-2.5%) $651,051 (-2.0%) 1.17 2,206
    2024-09-01 $499,495 (-2.1%) $628,530 (-4.5%) 1.18 2,309
    2024-10-01 $498,995 (-2.2%) $620,436 (-6.9%) 1.17 2,476
    Salisbury's median listing price for 2024-10-01 was $498,995, a difference of $-11,005 (-2.2%) versus the prior year and $-500 versus the prior month.

    Salisbury's median listing price comes in at 117% of the national average.

    Salisbury's average listing price for 2024-10-01 was $620,436, a difference of $-45,916 (-6.9%) versus the prior year and $-8,094 versus the prior month.

    For the 2024-10-01 period, Salisbury had 2,476 MLS listings, a difference of 167 listings (7%) versus the prior month and 756 listings (44%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salisbury (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 111 days 1,798 sqft
    2018-02-01 104 days 1,800 sqft
    2018-03-01 85 days 1,798 sqft
    2018-04-01 76 days 1,800 sqft
    2018-05-01 76 days 1,826 sqft
    2018-06-01 80 days 1,821 sqft
    2018-07-01 85 days 1,851 sqft
    2018-08-01 89 days 1,851 sqft
    2018-09-01 89 days 1,842 sqft
    2018-10-01 85 days 1,840 sqft
    2018-11-01 91 days 1,831 sqft
    2018-12-01 100 days 1,816 sqft
    2019-01-01 110 days 1,800 sqft
    2019-02-01 111 days 1,792 sqft
    2019-03-01 94 days 1,821 sqft
    2019-04-01 74 days 1,849 sqft
    2019-05-01 75 days 1,865 sqft
    2019-06-01 79 days 1,860 sqft
    2019-07-01 85 days 1,869 sqft
    2019-08-01 85 days 1,883 sqft
    2019-09-01 83 days 1,881 sqft
    2019-10-01 82 days 1,879 sqft
    2019-11-01 86 days 1,866 sqft
    2019-12-01 98 days 1,856 sqft
    2020-01-01 106 days 1,854 sqft
    2020-02-01 96 days 1,860 sqft
    2020-03-01 72 days 1,870 sqft
    2020-04-01 77 days 1,873 sqft
    2020-05-01 90 days 1,892 sqft
    2020-06-01 96 days 1,926 sqft
    2020-07-01 82 days 1,952 sqft
    2020-08-01 61 days 1,949 sqft
    2020-09-01 51 days 1,913 sqft
    2020-10-01 57 days 1,900 sqft
    2020-11-01 61 days 1,879 sqft
    2020-12-01 69 days 1,853 sqft
    2021-01-01 78 days 1,845 sqft
    2021-02-01 73 days 1,848 sqft
    2021-03-01 57 days 1,861 sqft
    2021-04-01 51 days 1,857 sqft
    2021-05-01 49 days 1,895 sqft
    2021-06-01 41 days 1,914 sqft
    2021-07-01 40 days 1,915 sqft
    2021-08-01 46 days 1,887 sqft
    2021-09-01 47 days 1,864 sqft
    2021-10-01 49 days 1,880 sqft
    2021-11-01 49 days 1,871 sqft
    2021-12-01 62 days 1,871 sqft
    2022-01-01 73 days 1,893 sqft
    2022-02-01 55 days 1,965 sqft
    2022-03-01 39 days 1,961 sqft
    2022-04-01 42 days 1,976 sqft
    2022-05-01 44 days 2,000 sqft
    2022-06-01 42 days 2,004 sqft
    2022-07-01 47 days 2,016 sqft
    2022-08-01 51 days 2,028 sqft
    2022-09-01 55 days 2,038 sqft
    2022-10-01 56 days 2,053 sqft
    2022-11-01 57 days 2,013 sqft
    2022-12-01 77 days 2,000 sqft
    2023-01-01 91 days 1,995 sqft
    2023-02-01 84 days 2,016 sqft
    2023-03-01 54 days 2,005 sqft
    2023-04-01 55 days 2,023 sqft
    2023-05-01 51 days 2,023 sqft
    2023-06-01 50 days 2,079 sqft
    2023-07-01 53 days 2,023 sqft
    2023-08-01 57 days 2,001 sqft
    2023-09-01 54 days 1,980 sqft
    2023-10-01 50 days 1,938 sqft
    2023-11-01 52 days 1,907 sqft
    2023-12-01 63 days 1,858 sqft
    2024-01-01 75 days 1,839 sqft
    2024-02-01 70 days 1,837 sqft
    2024-03-01 50 days 1,859 sqft
    2024-04-01 51 days 1,932 sqft
    2024-05-01 52 days 1,958 sqft
    2024-06-01 57 days 1,963 sqft
    2024-07-01 63 days 1,962 sqft
    2024-08-01 64 days 1,947 sqft
    2024-09-01 59 days 1,876 sqft
    2024-10-01 60 days 1,858 sqft
    Salisbury's median listing age (time on market) for 2024-10-01 was 60 days. This is 19% longer than the same period one year ago.

    Salisbury's median square footage for active listings during the 2024-10-01 period was 1,858 sqft. One year prior, the average listing was 1,938 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).