Salisbury FHA Loans

SALISBURY, MD-DE

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 142 lenders originated 2,195 FHA loans during 2021. The total origination value was $489,065,000, with an average FHA loan value of $222,809.

Salisbury FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Salisbury averaged 5.29% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.12% and one month ago for the week of 2022-04-08, the average rate was 4.98%.

The average rate one year ago was 3.19%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.27%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Salisbury level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 200 2.70% $7,004
EMBRACE HOME LOANS, INC. 95 3.23% $8,420
MCLEAN MORTGAGE CORPORATION 95 2.96% $7,465
TIDEWATER MORTGAGE SERVICES, INC. 77 3.39% $8,758
Mortgage Network, Inc. 71 3.14% $7,728
LAKEVIEW LOAN SERVICING, LLC 68 2.99% $4,811
DHI MORTGAGE COMPANY, LTD. 66 2.82% $8,591
Meridian Bank Corporation 65 3.00% $9,457
PENNYMAC LOAN SERVICES, LLC 61 3.04% $5,001
Prosperity Home Mortgage, LLC 60 3.55% $8,164
MOVEMENT MORTGAGE, LLC 55 3.02% $7,794
FREEDOM MORTGAGE CORPORATION 47 2.84% $5,027
Nations Lending Corporation 46 3.22% $7,809
CALIBER HOME LOANS, INC. 42 2.85% $7,522
NVR Mortgage Finance, Inc. 36 3.12% $10,590
GUARANTEED RATE AFFINITY, LLC 33 3.02% $8,905
Evolve Bank & Trust 31 3.67% $10,982
Mr. Cooper ( Nationstar Mortgage ) 31 3.28% $4,131
HOMESIDE FINANCIAL, LLC 29 3.15% $8,057
NFM, INC. 29 3.16% $9,081
FIRST HOME MORTGAGE CORPORATION 29 2.93% $9,365
Keystone Funding, Inc. 28 2.88% $8,227
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 27 3.22% $10,404
UNITED WHOLESALE MORTGAGE, LLC 25 2.80% $9,374
HOME POINT FINANCIAL CORPORATION 23 2.98% $7,164
First Home Bank 23 3.26% $10,005
Carrington Mortgage Services, LLC 22 3.30% $7,850
NEWREZ LLC 22 2.99% $5,980
EAGLE HOME MORTGAGE, LLC 22 3.36% $10,726
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 20 3.23% $9,814
LOANDEPOT.COM, LLC 20 2.99% $8,450
PRIMELENDING, A PLAINSCAPITAL COMPANY 19 3.13% $7,515
CROSSCOUNTRY MORTGAGE, LLC 18 3.17% $10,654
PRIMARY RESIDENTIAL MORTGAGE, INC. 17 3.60% $9,647
Manufacturers and Traders Trust Company 16 2.99% $7,529
BROKER SOLUTIONS, INC. 15 3.12% $8,612
HOMEBRIDGE FINANCIAL SERVICES, INC. 14 2.55% $5,323
PIKE CREEK MORTGAGE SERVICES, INC. 14 4.29% $5,800
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 3.31% $8,454
ON Q FINANCIAL, INC. 13 3.19% $8,573
GUARANTEED RATE, INC. 11 3.03% $8,456
AMERISAVE MORTGAGE CORPORATION 11 2.80% $9,197
CMG MORTGAGE, INC. 10 3.23% $7,767
RESIDENTIAL MORTGAGE SERVICES, INC. 10 2.90% $10,458
AmeriHome Mortgage Company, LLC 9 2.79% $4,896
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 9 3.07% $2,948
Northpointe Bank 9 3.25% $8,613
VILLAGE CAPITAL & INVESTMENT LLC 8 2.84% $2,088
Towne Bank 8 2.75% $8,163
PNC Bank 7 2.84% $6,671
Financial Freedom Mortgage, LLC 7 2.95% $9,699
AmRes Corporation 7 3.13% $10,091
NORWICH COMMERCIAL GROUP, INC. 6 3.04% $9,515
EVERETT FINANCIAL, INC. 6 2.90% $6,479
AMERICAN FINANCIAL NETWORK, INC. 5 3.18% $14,136
DIRECT MORTGAGE LOANS, LLC 5 3.53% $8,947
LOANPAL, LLC 4 2.41% $10,053
Paramount Residential Mortgage Group, Inc. 4 2.94% $8,981
OCEANSIDE MORTGAGE COMPANY 4 3.06% $2,798
NATIONWIDE MORTGAGE BANKERS, INC. 4 3.34% $12,116
BAY CAPITAL MORTGAGE CORPORATION 4 2.91% $8,038
AMERICAN FINANCIAL RESOURCES, INC. 4 3.09% $8,224
AMERICAN FINANCING CORPORATION 4 2.50% $10,205
RELIANCE FIRST CAPITAL, LLC 4 2.91% $9,494
Fulton Bank 4 3.03% $6,130
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 4 3.16% $10,185
PLAZA HOME MORTGAGE, INC. 3 3.04% $12,954
First Guaranty Mortgage Corporation 3 3.00% $10,231
Plains Commerce Bank 3 3.00% $8,660
ACADEMY MORTGAGE CORPORATION 3 3.29% $7,638
Sierra Pacific Mortgage Company, Inc. 3 2.71% $10,466
SOUTHERN TRUST MORTGAGE, LLC 3 3.13% $7,998
Low VA Rates, LLC 3 3.54% $3,947
Lakeview Community Capital, LLC 3 2.96% $4,617
The Federal Savings Bank 3 2.96% $7,319
ALLIED MORTGAGE GROUP, INC. 3 2.79% $10,538
Atlantic Home Loans, Inc. 3 2.96% $11,050
Truist Bank 3 2.98% $6,639
Ameris Bank 3 3.33% $7,844
ZILLOW HOME LOANS, LLC 2 3.13% $7,629
Acre Mortgage and Financial Inc 2 2.73% $8,765
APEX HOME LOANS, INC. 2 3.25% $10,512
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 2.88% $9,996
Bank of America 2 3.06% $6,561
Barrington Bank & Trust Company, N.A. 2 3.13% $9,811
Capital Bank 2 2.69% $9,037
Colten Mortgage, LLC 2 3.50% $5,318
CONTOUR MORTGAGE CORPORATION 2 3.13% $10,724
DRAPER AND KRAMER MORTGAGE CORP. 2 2.69% $7,795
FBC MORTGAGE, LLC 2 2.88% $8,732
FIDELITY DIRECT MORTGAGE, LLC 2 2.81% $6,842
GENEVA FINANCIAL, LLC 2 3.13% $8,788
GUILD MORTGAGE COMPANY 2 3.19% $9,211
Huntingdon Valley Bank 2 3.56% $7,728
InterContinental Capital Group, Inc 2 3.31% $7,549
LENDUS, LLC 2 3.25% $7,291
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.88% $9,107
PLANET HOME LENDING, LLC 2 2.69% $3,876
RESIDENTIAL BANCORP. 2 3.00% $7,253
SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 2 2.94% $6,266
SOUTHWEST STAGE FUNDING, LLC 2 3.06% $3,372
US MORTGAGE CORPORATION 2 3.00% $9,512
Waterstone Mortgage Corporation 2 2.63% $9,273
Wilmington Savings Fund Society, FSB 2 3.13% $7,840
JAMES B. NUTTER & COMPANY 1 2.75% $3,801
INTERCOASTAL MORTGAGE COMPANY 1 2.88% $8,002
VAN DYK MORTGAGE CORPORATION 1 2.75% $7,357
Hometown Equity Mortgage, LLC 1 3.13% $8,940
GSF Mortgage Corporation 1 3.00% $13,652
Flagstar Bank, FSB 1 2.83% $6,957
First Federal Bank 1 3.13% $10,780
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $5,473
PULTE MORTGAGE LLC 1 3.25% $8,769
EQUITY RESOURCES, INC. 1 3.13% $7,812
Equity Prime Mortgage LLC 1 2.50% $6,649
1ST PREFERENCE MORTGAGE CORP. 1 2.75% $5,246
ENVOY MORTGAGE, LTD 1 3.38% $9,429
Santander Bank, N.A. 1 2.38% $12,801
1ST FINANCIAL, INC. 1 3.25% $6,938
EagleBank 1 2.50% $6,253
CORNERSTONE HOME LENDING, INC. 1 3.75% $7,457
Wells Fargo Bank 1 3.00% $7,882
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $7,609
Commerce Home Mortgage, Inc. 1 3.88% $9,850
SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $9,249
C & F Mortgage Corporation 1 3.00% $6,829
THRIVE MORTGAGE, LLC 1 2.63% $11,369
BECKAM FUNDING CORP. 1 4.50% $6,305
TJC Mortgage, Inc. 1 3.13% $6,886
BAYSHORE MORTGAGE FUNDING, LLC 1 3.13% $13,206
Bank of England 1 3.25% $5,389
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.00% $7,418
UNIVERSAL MORTGAGE & FINANCE, INC. 1 3.13% $25,619
WesBanco Bank, Inc. 1 3.63% $8,602
VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.13% $9,558
NETWORK CAPITAL FUNDING CORPORATION 1 2.50% $10,740
Mortgage America, Inc. 1 2.88% $8,467
MLD MORTGAGE INC. 1 2.75% $7,587
OCMBC, INC. 1 3.13% $8,882
MDE Home Loans, LLC 1 3.50% $6,691
Magnolia Bank 1 3.25% $8,828
LEADERONE FINANCIAL CORPORATION 1 2.63% $10,003

The top Salisbury FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 200 FHA loans originated. Their average total fees are $7,004, which is $1,416 lower than the next largest lender, EMBRACE HOME LOANS, INC..

The lowest fee Salisbury FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,131), LAKEVIEW LOAN SERVICING, LLC ($4,811), PENNYMAC LOAN SERVICES, LLC ($5,001), FREEDOM MORTGAGE CORPORATION ($5,027) and HOMEBRIDGE FINANCIAL SERVICES, INC. ($5,323).

The lowest rate Salisbury FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.55%), QUICKEN LOANS, LLC (2.70%), AMERISAVE MORTGAGE CORPORATION (2.80%), UNITED WHOLESALE MORTGAGE, LLC (2.80%) and DHI MORTGAGE COMPANY, LTD. (2.82%).

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

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).