Somerset FHA Loan Rates, Closing Costs & Stats

Somerset, PA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Somerset's 32 lenders originated 94 FHA loans during 2024. The total origination value was $11,780,000, with an average FHA loan value of $125,319.

    Somerset FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Somerset averaged 6.45% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Somerset's average FHA mortgage closing costs are $6,412.

    The average rate for the prior week (2025-03-28) was 6.35% and one month ago for the week of 2025-02-28, the average rate was 6.33%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.26%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Somerset 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 Somerset level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 20 6.66% $7,507
    First National Bank of Pennsylvania 12 6.19% $6,693
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.38% $7,524
    Mr. Cooper ( Nationstar Mortgage ) 3 6.92% $7,762
    UNITED WHOLESALE MORTGAGE, LLC 3 6.50% $9,482
    UNION HOME MORTGAGE CORP. 2 6.56% $9,110
    HOMESTEAD FUNDING CORP. 2 6.13% $5,184
    NATIONS RELIABLE LENDING, LLC 2 6.56% $5,224
    LOANDEPOT.COM, LLC 2 6.43% $8,111
    EMM LOANS LLC 2 6.38% $7,225
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $8,385
    First Commonwealth Bank 2 6.94% $5,615
    NBKC BANK 1 5.50% $11,841
    NEWREZ LLC 1 6.75% $9,618
    Paramount Residential Mortgage Group, Inc. 1 7.13% $4,704
    PNC Bank 1 7.38% $7,806
    Texana Bank 1 5.75% $11,789
    The Huntington National Bank 1 5.50% $11,269
    The Loan Store, Inc. 1 6.25% $6,836
    AFFORDABLE MORTGAGE ADVISORS, LLC. 1 6.63% $9,518
    Victorian Finance, LLC 1 6.99% $9,082
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $6,532
    BROKER SOLUTIONS, INC. 1 7.25% $7,683
    Century Mortgage Company DBA Century Lending Company 1 7.25% $6,500
    Equity Prime Mortgage LLC 1 7.63% $4,642
    FREEDOM MORTGAGE CORPORATION 1 6.25% $11,711
    GUILD MORTGAGE COMPANY 1 5.99% $10,155
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $7,109
    MICHIGAN MUTUAL, INC. 1 6.63% $6,192
    Mortgage Research Center, LLC 1 7.13% $4,261
    MOVEMENT MORTGAGE, LLC 1 6.75% $6,893
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $9,426

    The top Somerset FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 20 FHA loans originated. Their average total fees are $7,507, which is $815 higher than the next largest lender, First National Bank of Pennsylvania.

    The lowest fee Somerset FHA lenders (with over 10 loans originated) are First National Bank of Pennsylvania ($6,693), QUICKEN LOANS, LLC ($7,507), .

    The lowest rate Somerset FHA lenders (with over 10 loans originated) are First National Bank of Pennsylvania (6.19%), QUICKEN LOANS, LLC (6.66%), .

    Somerset FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SOMERSET, PA SOMERSET 2022 $420,680 $538,650 $651,050 $809,150
    SOMERSET, PA SOMERSET 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $168,975 (-3.4%) $230,552 (-0.3%) 0.00 453
    2018-02-01 $167,200 (-5.0%) $230,848 (-0.9%) 0.00 443
    2018-03-01 $169,000 (-3.2%) $237,427 (2.6%) 0.00 468
    2018-04-01 $169,000 (-3.4%) $234,885 (2.3%) 0.00 474
    2018-05-01 $161,100 (-7.9%) $230,331 (0.5%) 0.00 470
    2018-06-01 $166,000 (-5.1%) $237,011 (3.8%) 0.00 471
    2018-07-01 $166,750 (-7.3%) $232,449 (-2.6%) 0.00 484
    2018-08-01 $165,000 (-6.8%) $231,199 (-3.3%) 0.00 478
    2018-09-01 $169,900 (-2.9%) $232,730 (-4.2%) 0.00 489
    2018-10-01 $169,900 (-2.8%) $233,161 (-2.4%) 0.00 479
    2018-11-01 $169,675 (1.8%) $234,959 (3.2%) 0.00 453
    2018-12-01 $169,900 (3.0%) $233,778 (3.0%) 0.00 437
    2019-01-01 $176,500 (4.5%) $240,689 (4.4%) 0.00 399
    2019-02-01 $176,500 (5.6%) $243,052 (5.3%) 0.00 373
    2019-03-01 $173,179 (2.5%) $235,371 (-0.9%) 0.00 370
    2019-04-01 $171,054 (1.2%) $229,026 (-2.5%) 0.00 376
    2019-05-01 $172,400 (7.0%) $233,977 (1.6%) 0.00 386
    2019-06-01 $175,000 (5.4%) $232,460 (-1.9%) 0.00 398
    2019-07-01 $175,675 (5.4%) $237,066 (2.0%) 0.00 412
    2019-08-01 $171,655 (4.0%) $232,552 (0.6%) 0.00 418
    2019-09-01 $166,786 (-1.8%) $229,492 (-1.4%) 0.00 416
    2019-10-01 $163,000 (-4.1%) $227,557 (-2.4%) 0.00 411
    2019-11-01 $165,500 (-2.5%) $230,771 (-1.8%) 0.00 393
    2019-12-01 $169,900 (0.0%) $235,626 (0.8%) 0.00 371
    2020-01-01 $169,900 (-3.7%) $235,991 (-2.0%) 0.00 349
    2020-02-01 $169,900 (-3.7%) $237,731 (-2.2%) 0.00 346
    2020-03-01 $175,000 (1.1%) $240,933 (2.4%) 0.00 332
    2020-04-01 $177,000 (3.5%) $247,876 (8.2%) 0.00 305
    2020-05-01 $187,000 (8.5%) $254,722 (8.9%) 0.00 290
    2020-06-01 $169,975 (-2.9%) $250,742 (7.9%) 0.00 316
    2020-07-01 $180,125 (2.5%) $259,900 (9.6%) 0.00 288
    2020-08-01 $175,000 (2.0%) $262,929 (13.1%) 0.00 255
    2020-09-01 $189,900 (13.9%) $279,154 (21.6%) 0.00 227
    2020-10-01 $205,000 (25.8%) $295,126 (29.7%) 0.00 211
    2020-11-01 $219,450 (32.6%) $310,474 (34.5%) 0.00 197
    2020-12-01 $227,200 (33.7%) $323,452 (37.3%) 0.00 166
    2021-01-01 $229,900 (35.3%) $344,238 (45.9%) 0.00 138
    2021-02-01 $211,200 (24.3%) $345,741 (45.4%) 0.00 131
    2021-03-01 $230,700 (31.8%) $354,364 (47.1%) 0.00 117
    2021-04-01 $231,200 (30.6%) $350,344 (41.3%) 0.00 114
    2021-05-01 $228,000 (21.9%) $348,740 (36.9%) 0.00 108
    2021-06-01 $202,400 (19.1%) $368,528 (47.0%) 0.00 118
    2021-07-01 $184,500 (2.4%) $340,344 (31.0%) 0.00 134
    2021-08-01 $180,700 (3.3%) $325,540 (23.8%) 0.00 152
    2021-09-01 $175,675 (-7.5%) $329,352 (18.0%) 0.00 158
    2021-10-01 $169,900 (-17.1%) $292,293 (-1.0%) 0.00 148
    2021-11-01 $170,925 (-22.1%) $302,879 (-2.5%) 0.00 115
    2021-12-01 $156,000 (-31.3%) $321,660 (-0.6%) 0.00 109
    2022-01-01 $134,900 (-41.3%) $293,772 (-14.7%) 0.00 85
    2022-02-01 $120,000 (-43.2%) $254,810 (-26.3%) 0.00 74
    2022-03-01 $185,000 (-19.8%) $286,841 (-19.1%) 0.00 84
    2022-04-01 $209,950 (-9.2%) $311,726 (-11.0%) 0.00 79
    2022-05-01 $234,925 (3.0%) $310,113 (-11.1%) 0.00 85
    2022-06-01 $225,975 (11.7%) $314,196 (-14.7%) 0.00 98
    2022-07-01 $207,450 (12.4%) $333,025 (-2.2%) 0.00 100
    2022-08-01 $209,475 (15.9%) $352,910 (8.4%) 0.00 112
    2022-09-01 $222,725 (26.8%) $343,259 (4.2%) 0.00 117
    2022-10-01 $179,900 (5.9%) $323,119 (10.6%) 0.00 118
    2022-11-01 $167,625 (-1.9%) $304,530 (0.6%) 0.00 119
    2022-12-01 $175,000 (12.2%) $302,983 (-5.8%) 0.00 104
    2023-01-01 $191,950 (42.3%) $328,067 (11.7%) 0.00 90
    2023-02-01 $204,000 (70.0%) $359,830 (41.2%) 0.00 80
    2023-03-01 $208,000 (12.4%) $352,206 (22.8%) 0.00 68
    2023-04-01 $222,000 (5.7%) $353,677 (13.5%) 0.00 81
    2023-05-01 $249,000 (6.0%) $393,377 (26.9%) 0.00 91
    2023-06-01 $279,000 (23.5%) $389,194 (23.9%) 0.00 106
    2023-07-01 $274,900 (32.5%) $441,217 (32.5%) 0.00 102
    2023-08-01 $248,750 (18.8%) $436,292 (23.6%) 0.00 110
    2023-09-01 $225,900 (1.4%) $423,768 (23.5%) 0.00 103
    2023-10-01 $231,664 (28.8%) $454,422 (40.6%) 0.00 110
    2023-11-01 $194,950 (16.3%) $400,210 (31.4%) 0.00 122
    2023-12-01 $215,000 (22.9%) $425,097 (40.3%) 0.00 109
    2024-01-01 $249,700 (30.1%) $424,412 (29.4%) 0.00 99
    2024-02-01 $246,125 (20.7%) $429,894 (19.5%) 0.00 92
    2024-03-01 $249,000 (19.7%) $392,340 (11.4%) 0.00 100
    2024-04-01 $237,700 (7.1%) $412,285 (16.6%) 0.00 113
    2024-05-01 $251,750 (1.1%) $399,308 (1.5%) 0.00 124
    2024-06-01 $289,900 (3.9%) $428,594 (10.1%) 0.00 136
    2024-07-01 $287,225 (4.5%) $386,517 (-12.4%) 0.00 150
    2024-08-01 $268,900 (8.1%) $380,503 (-12.8%) 0.00 147
    2024-09-01 $278,478 (23.3%) $398,816 (-5.9%) 0.00 154
    2024-10-01 $259,900 (12.2%) $402,948 (-11.3%) 0.00 161
    2024-11-01 $250,000 (28.2%) $390,333 (-2.5%) 0.00 157
    2024-12-01 $239,225 (11.3%) $377,553 (-11.2%) 0.00 137
    2025-01-01 $243,650 (-2.4%) $371,814 (-12.4%) 0.00 117
    2025-02-01 $242,450 (-1.5%) $361,168 (-16.0%) 0.00 115
    2025-03-01 $269,000 (8.0%) $395,582 (0.8%) 0.00 106
    Somerset's median listing price for 2025-03-01 was $269,000, a difference of $20,000 (8.0%) versus the prior year and $26,550 versus the prior month.

    Somerset's median listing price comes in at 0% of the national average.

    Somerset's average listing price for 2025-03-01 was $395,582, a difference of $3,242 (0.8%) versus the prior year and $34,414 versus the prior month.

    For the 2025-03-01 period, Somerset had 106 MLS listings, a difference of -9 listings (-8%) versus the prior month and 6 listings (6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,782 sqft
    2018-02-01 0 days 1,746 sqft
    2018-03-01 0 days 1,734 sqft
    2018-04-01 0 days 1,726 sqft
    2018-05-01 0 days 1,719 sqft
    2018-06-01 0 days 1,738 sqft
    2018-07-01 0 days 1,750 sqft
    2018-08-01 0 days 1,730 sqft
    2018-09-01 0 days 1,740 sqft
    2018-10-01 0 days 1,750 sqft
    2018-11-01 0 days 1,742 sqft
    2018-12-01 0 days 1,774 sqft
    2019-01-01 0 days 1,772 sqft
    2019-02-01 0 days 1,772 sqft
    2019-03-01 0 days 1,761 sqft
    2019-04-01 0 days 1,740 sqft
    2019-05-01 0 days 1,752 sqft
    2019-06-01 0 days 1,770 sqft
    2019-07-01 0 days 1,775 sqft
    2019-08-01 0 days 1,762 sqft
    2019-09-01 0 days 1,744 sqft
    2019-10-01 0 days 1,730 sqft
    2019-11-01 0 days 1,745 sqft
    2019-12-01 0 days 1,750 sqft
    2020-01-01 0 days 1,754 sqft
    2020-02-01 0 days 1,741 sqft
    2020-03-01 0 days 1,782 sqft
    2020-04-01 0 days 1,814 sqft
    2020-05-01 0 days 1,848 sqft
    2020-06-01 0 days 1,812 sqft
    2020-07-01 0 days 1,828 sqft
    2020-08-01 0 days 1,796 sqft
    2020-09-01 0 days 1,740 sqft
    2020-10-01 0 days 1,766 sqft
    2020-11-01 0 days 1,781 sqft
    2020-12-01 0 days 1,820 sqft
    2021-01-01 0 days 1,810 sqft
    2021-02-01 0 days 1,835 sqft
    2021-03-01 0 days 1,812 sqft
    2021-04-01 0 days 1,733 sqft
    2021-05-01 0 days 1,736 sqft
    2021-06-01 0 days 1,703 sqft
    2021-07-01 0 days 1,685 sqft
    2021-08-01 0 days 1,627 sqft
    2021-09-01 0 days 1,577 sqft
    2021-10-01 0 days 1,563 sqft
    2021-11-01 0 days 1,571 sqft
    2021-12-01 0 days 1,611 sqft
    2022-01-01 0 days 1,575 sqft
    2022-02-01 0 days 1,474 sqft
    2022-03-01 0 days 1,561 sqft
    2022-04-01 0 days 1,675 sqft
    2022-05-01 0 days 1,646 sqft
    2022-06-01 0 days 1,609 sqft
    2022-07-01 0 days 1,665 sqft
    2022-08-01 0 days 1,600 sqft
    2022-09-01 0 days 1,677 sqft
    2022-10-01 0 days 1,584 sqft
    2022-11-01 0 days 1,584 sqft
    2022-12-01 0 days 1,670 sqft
    2023-01-01 0 days 1,701 sqft
    2023-02-01 0 days 1,699 sqft
    2023-03-01 0 days 1,620 sqft
    2023-04-01 0 days 1,515 sqft
    2023-05-01 0 days 1,793 sqft
    2023-06-01 0 days 1,797 sqft
    2023-07-01 0 days 1,850 sqft
    2023-08-01 0 days 1,762 sqft
    2023-09-01 0 days 1,603 sqft
    2023-10-01 0 days 1,774 sqft
    2023-11-01 0 days 1,654 sqft
    2023-12-01 0 days 1,676 sqft
    2024-01-01 0 days 1,683 sqft
    2024-02-01 0 days 1,689 sqft
    2024-03-01 0 days 1,740 sqft
    2024-04-01 0 days 1,755 sqft
    2024-05-01 0 days 1,717 sqft
    2024-06-01 0 days 1,676 sqft
    2024-07-01 0 days 1,708 sqft
    2024-08-01 0 days 1,658 sqft
    2024-09-01 0 days 1,672 sqft
    2024-10-01 0 days 1,647 sqft
    2024-11-01 0 days 1,651 sqft
    2024-12-01 0 days 1,672 sqft
    2025-01-01 0 days 1,670 sqft
    2025-02-01 0 days 1,635 sqft
    2025-03-01 0 days 1,642 sqft
    Somerset's median listing age (time on market) for 2025-03-01 was 0 days.

    Somerset's median square footage for active listings during the 2025-03-01 period was 1,642 sqft. One year prior, the average listing was 1,740 sqft.

    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).