Salisbury FHA Loan Rates, Closing Costs & Stats
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 143 lenders originated 1,451 FHA loans during 2022. The total origination value was $365,685,000, with an average FHA loan value of $252,023.
Salisbury FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Salisbury
averaged
6.05%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Salisbury's average FHA mortgage closing costs are $8,157.
The average rate for the prior week (2023-05-19) was
6.03% and
one month ago for the week of 2023-04-21, the
average rate was 5.87%.
The average rate one year ago was 4.69%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.04%.
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.
The top Salisbury FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
114 FHA loans originated. Their average total fees are
$10,305, which is $1,887
lower than the next largest lender,
TIDEWATER MORTGAGE SERVICES, INC..
The lowest fee Salisbury FHA lenders (with over 10 loans originated) are
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED ($3,629), PNC Bank ($6,652), LAKEVIEW LOAN SERVICING, LLC ($6,985), MCLEAN MORTGAGE CORPORATION ($8,367) and NEWREZ LLC ($8,634).
The lowest rate Salisbury FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (4.02%), LAKEVIEW LOAN SERVICING, LLC (4.06%), NVR Mortgage Finance, Inc. (4.11%), PENNYMAC LOAN SERVICES, LLC (4.11%) and STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED (4.13%).
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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $299,900 (2.7%) | $398,367 (3.1%) | 1.11 | 3,932 |
2018-02-01 | $302,450 (2.1%) | $400,528 (3.0%) | 1.10 | 4,033 |
2018-03-01 | $305,000 (1.7%) | $399,568 (1.5%) | 1.07 | 4,114 |
2018-04-01 | $313,900 (4.7%) | $408,972 (3.3%) | 1.06 | 4,240 |
2018-05-01 | $314,950 (5.0%) | $414,187 (3.7%) | 1.05 | 4,351 |
2018-06-01 | $315,000 (3.5%) | $412,790 (1.8%) | 1.05 | 4,385 |
2018-07-01 | $318,500 (3.8%) | $420,570 (3.8%) | 1.06 | 4,255 |
2018-08-01 | $319,000 (2.9%) | $421,832 (3.3%) | 1.07 | 4,256 |
2018-09-01 | $318,000 (2.6%) | $423,225 (3.7%) | 1.07 | 4,322 |
2018-10-01 | $319,990 (4.0%) | $428,235 (4.8%) | 1.08 | 4,305 |
2018-11-01 | $319,945 (4.9%) | $429,268 (5.9%) | 1.08 | 4,206 |
2018-12-01 | $319,000 (6.4%) | $418,898 (5.3%) | 1.10 | 4,023 |
2019-01-01 | $311,975 (4.0%) | $411,295 (3.3%) | 1.08 | 3,849 |
2019-02-01 | $317,450 (5.0%) | $420,094 (4.9%) | 1.07 | 3,992 |
2019-03-01 | $322,833 (5.9%) | $428,725 (7.3%) | 1.08 | 4,085 |
2019-04-01 | $326,550 (4.0%) | $442,940 (8.3%) | 1.04 | 4,188 |
2019-05-01 | $332,447 (5.6%) | $447,301 (8.0%) | 1.04 | 4,196 |
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 | $339,000 (6.3%) | $452,284 (7.2%) | 1.06 | 4,019 |
2019-09-01 | $339,450 (6.8%) | $458,410 (8.3%) | 1.07 | 3,763 |
2019-10-01 | $334,950 (4.7%) | $448,357 (4.7%) | 1.08 | 3,855 |
2019-11-01 | $332,995 (4.1%) | $447,569 (4.3%) | 1.09 | 3,700 |
2019-12-01 | $329,900 (3.4%) | $439,774 (5.0%) | 1.10 | 3,462 |
2020-01-01 | $329,900 (5.8%) | $439,308 (6.8%) | 1.10 | 3,326 |
2020-02-01 | $330,200 (4.0%) | $446,776 (6.4%) | 1.08 | 3,362 |
2020-03-01 | $339,100 (5.0%) | $452,153 (5.5%) | 1.06 | 3,389 |
2020-04-01 | $338,125 (3.5%) | $447,343 (1.0%) | 1.06 | 3,405 |
2020-05-01 | $339,990 (2.3%) | $453,168 (1.3%) | 1.03 | 3,290 |
2020-06-01 | $347,738 (3.8%) | $466,216 (4.4%) | 1.02 | 2,889 |
2020-07-01 | $349,450 (4.0%) | $478,846 (6.9%) | 1.01 | 2,516 |
2020-08-01 | $354,900 (4.7%) | $495,805 (9.6%) | 1.02 | 2,231 |
2020-09-01 | $355,948 (4.9%) | $502,776 (9.7%) | 1.02 | 2,043 |
2020-10-01 | $356,990 (6.6%) | $513,515 (14.5%) | 1.02 | 1,890 |
2020-11-01 | $357,391 (7.3%) | $515,829 (15.3%) | 1.05 | 1,747 |
2020-12-01 | $358,475 (8.7%) | $513,464 (16.8%) | 1.07 | 1,620 |
2021-01-01 | $359,658 (9.0%) | $514,872 (17.2%) | 1.07 | 1,447 |
2021-02-01 | $366,495 (11.0%) | $524,290 (17.4%) | 1.07 | 1,251 |
2021-03-01 | $380,750 (12.3%) | $533,148 (17.9%) | 1.08 | 1,206 |
2021-04-01 | $390,145 (15.4%) | $556,118 (24.3%) | 1.06 | 1,167 |
2021-05-01 | $399,900 (17.6%) | $563,051 (24.3%) | 1.06 | 1,118 |
2021-06-01 | $410,450 (18.0%) | $564,754 (21.1%) | 1.08 | 1,238 |
2021-07-01 | $419,900 (20.2%) | $555,173 (15.9%) | 1.11 | 1,326 |
2021-08-01 | $424,950 (19.7%) | $560,936 (13.1%) | 1.13 | 1,286 |
2021-09-01 | $424,248 (19.2%) | $557,719 (10.9%) | 1.13 | 1,313 |
2021-10-01 | $438,500 (22.8%) | $568,664 (10.7%) | 1.17 | 1,331 |
2021-11-01 | $440,675 (23.3%) | $569,292 (10.4%) | 1.18 | 1,249 |
2021-12-01 | $446,950 (24.7%) | $571,648 (11.3%) | 1.21 | 1,092 |
2022-01-01 | $458,000 (27.3%) | $594,297 (15.4%) | 1.24 | 941 |
2022-02-01 | $488,198 (33.2%) | $613,920 (17.1%) | 1.27 | 951 |
2022-03-01 | $489,450 (28.6%) | $606,265 (13.7%) | 1.23 | 1,042 |
2022-04-01 | $499,999 (28.2%) | $643,442 (15.7%) | 1.19 | 1,070 |
2022-05-01 | $499,947 (25.0%) | $655,634 (16.4%) | 1.14 | 1,193 |
2022-06-01 | $499,968 (21.8%) | $638,111 (13.0%) | 1.11 | 1,324 |
2022-07-01 | $509,000 (21.2%) | $662,323 (19.3%) | 1.15 | 1,464 |
2022-08-01 | $499,945 (17.7%) | $661,206 (17.9%) | 1.15 | 1,498 |
2022-09-01 | $499,950 (17.8%) | $661,514 (18.6%) | 1.17 | 1,553 |
2022-10-01 | $505,000 (15.2%) | $654,045 (15.0%) | 1.19 | 1,647 |
2022-11-01 | $499,990 (13.5%) | $649,427 (14.1%) | 1.20 | 1,644 |
2022-12-01 | $494,990 (10.8%) | $632,703 (10.7%) | 1.22 | 1,530 |
2023-01-01 | $497,400 (8.6%) | $639,294 (7.6%) | 1.23 | 1,393 |
2023-02-01 | $505,995 (3.7%) | $653,434 (6.4%) | 1.22 | 1,363 |
2023-03-01 | $502,757 (2.7%) | $653,568 (7.8%) | 1.18 | 1,390 |
2023-04-01 | $529,080 (5.8%) | $676,019 (5.1%) | 1.23 | 1,393 |
Salisbury's median listing price comes in at 123% of the national average.
Salisbury's average listing price for 2023-04-01 was $676,019, a difference of $32,577 (5.1%) versus the prior year and $22,451 versus the prior month.
For the 2023-04-01 period, Salisbury had 1,393 MLS listings, a difference of 3 listings (0%) versus the prior month and 323 listings (30%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Salisbury (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 135 days | 1,798 sqft |
2018-02-01 | 131 days | 1,800 sqft |
2018-03-01 | 119 days | 1,798 sqft |
2018-04-01 | 97 days | 1,800 sqft |
2018-05-01 | 95 days | 1,822 sqft |
2018-06-01 | 99 days | 1,820 sqft |
2018-07-01 | 105 days | 1,851 sqft |
2018-08-01 | 109 days | 1,851 sqft |
2018-09-01 | 110 days | 1,840 sqft |
2018-10-01 | 108 days | 1,840 sqft |
2018-11-01 | 108 days | 1,831 sqft |
2018-12-01 | 120 days | 1,817 sqft |
2019-01-01 | 129 days | 1,800 sqft |
2019-02-01 | 130 days | 1,792 sqft |
2019-03-01 | 121 days | 1,800 sqft |
2019-04-01 | 89 days | 1,849 sqft |
2019-05-01 | 91 days | 1,865 sqft |
2019-06-01 | 95 days | 1,860 sqft |
2019-07-01 | 100 days | 1,870 sqft |
2019-08-01 | 109 days | 1,900 sqft |
2019-09-01 | 115 days | 1,904 sqft |
2019-10-01 | 104 days | 1,880 sqft |
2019-11-01 | 102 days | 1,866 sqft |
2019-12-01 | 115 days | 1,856 sqft |
2020-01-01 | 121 days | 1,854 sqft |
2020-02-01 | 114 days | 1,861 sqft |
2020-03-01 | 98 days | 1,870 sqft |
2020-04-01 | 92 days | 1,873 sqft |
2020-05-01 | 105 days | 1,892 sqft |
2020-06-01 | 113 days | 1,926 sqft |
2020-07-01 | 112 days | 1,952 sqft |
2020-08-01 | 80 days | 1,949 sqft |
2020-09-01 | 68 days | 1,913 sqft |
2020-10-01 | 68 days | 1,900 sqft |
2020-11-01 | 72 days | 1,879 sqft |
2020-12-01 | 81 days | 1,853 sqft |
2021-01-01 | 95 days | 1,845 sqft |
2021-02-01 | 91 days | 1,848 sqft |
2021-03-01 | 76 days | 1,861 sqft |
2021-04-01 | 64 days | 1,857 sqft |
2021-05-01 | 57 days | 1,897 sqft |
2021-06-01 | 47 days | 1,915 sqft |
2021-07-01 | 45 days | 1,917 sqft |
2021-08-01 | 52 days | 1,888 sqft |
2021-09-01 | 54 days | 1,865 sqft |
2021-10-01 | 54 days | 1,883 sqft |
2021-11-01 | 54 days | 1,873 sqft |
2021-12-01 | 68 days | 1,877 sqft |
2022-01-01 | 86 days | 1,894 sqft |
2022-02-01 | 73 days | 1,958 sqft |
2022-03-01 | 45 days | 1,960 sqft |
2022-04-01 | 47 days | 1,971 sqft |
2022-05-01 | 49 days | 2,000 sqft |
2022-06-01 | 45 days | 2,007 sqft |
2022-07-01 | 51 days | 2,016 sqft |
2022-08-01 | 57 days | 2,024 sqft |
2022-09-01 | 60 days | 2,038 sqft |
2022-10-01 | 63 days | 2,049 sqft |
2022-11-01 | 64 days | 2,012 sqft |
2022-12-01 | 81 days | 2,000 sqft |
2023-01-01 | 99 days | 1,993 sqft |
2023-02-01 | 101 days | 2,017 sqft |
2023-03-01 | 66 days | 2,006 sqft |
2023-04-01 | 65 days | 2,023 sqft |
Salisbury's median square footage for active listings during the 2023-04-01 period was 2,023 sqft. One year prior, the average listing was 1,971 sqft.