Salisbury FHA Loans

SALISBURY, MD-DE

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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).