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).