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 6.68% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.53% and one month ago for the week of 2024-06-14, the average rate was 6.59%.

    The average rate one year ago was 6.77%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.56%.

    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

    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).