Somerset FHA Loan Rates, Closing Costs & Stats

Somerset, PA

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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.

    Somerset's 31 lenders originated 79 FHA loans during 2023. The total origination value was $11,625,000, with an average FHA loan value of $147,152.

    Somerset FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Somerset averaged 6.58% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Somerset's average FHA mortgage closing costs are $6,231.

    The average rate for the prior week (2024-04-12) was 6.67% and one month ago for the week of 2024-03-15, the average rate was 6.54%.

    The average rate one year ago was 6.07%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 16 6.73% $9,065
    PRIMELENDING, A PLAINSCAPITAL COMPANY 10 6.86% $8,684
    First Commonwealth Bank 6 6.38% $6,327
    WEST PENN FINANCIAL SERVICE CENTER, INC. 5 6.38% $7,409
    UNITED WHOLESALE MORTGAGE, LLC 3 7.41% $8,282
    CARDINAL FINANCIAL 2 6.69% $9,070
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.13% $7,835
    NATIONS RELIABLE LENDING, LLC 2 6.63% $8,617
    GUARANTEED RATE, INC. 1 7.38% $14,016
    LOANDEPOT.COM, LLC 1 6.99% $6,830
    Mortgage Research Center, LLC 1 7.63% $1,959
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $14,811
    AFFORDABLE MORTGAGE ADVISORS, LLC. 1 7.13% $5,994
    NORWICH COMMERCIAL GROUP, INC. 1 6.75% $11,797
    PENNYMAC LOAN SERVICES, LLC 1 5.00% $5,458
    PIKE CREEK MORTGAGE SERVICES, INC. 1 6.63% $6,951
    Plains Commerce Bank 1 5.25% $16,910
    PLAZA HOME MORTGAGE, INC. 1 6.25% $7,687
    PNC Bank 1 7.00% $6,422
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $11,599
    The Federal Savings Bank 1 6.25% $13,888
    UNION HOME MORTGAGE CORP. 1 6.63% $12,830
    Victorian Finance, LLC 1 6.00% $11,948
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $6,602
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $8,059
    Bank of England 1 7.25% $10,687
    BROKER SOLUTIONS, INC. 1 6.75% $7,423
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $8,066
    EVERETT FINANCIAL, INC. 1 7.00% $6,465
    First National Bank of Pennsylvania 1 5.63% $8,650
    Fulton Bank 1 5.75% $8,932

    The top Somerset FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 16 FHA loans originated. Their average total fees are $9,065, which is $381 higher than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    The lowest fee Somerset FHA lenders (with over 10 loans originated) are PRIMELENDING, A PLAINSCAPITAL COMPANY ($8,684), QUICKEN LOANS, LLC ($9,065), .

    The lowest rate Somerset FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.73%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.86%), .

    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 $168,000 (-4.0%) $230,576 (-0.1%) 0.00 450
    2018-02-01 $167,400 (-4.3%) $231,383 (-0.5%) 0.00 439
    2018-03-01 $169,000 (-0.2%) $237,756 (3.0%) 0.00 464
    2018-04-01 $169,000 (-2.3%) $235,451 (2.8%) 0.00 470
    2018-05-01 $160,438 (-7.9%) $230,871 (0.8%) 0.00 466
    2018-06-01 $164,950 (-5.7%) $237,209 (4.0%) 0.00 466
    2018-07-01 $164,250 (-8.7%) $231,818 (-2.8%) 0.00 478
    2018-08-01 $165,000 (-5.7%) $227,874 (-4.7%) 0.00 471
    2018-09-01 $169,900 (-2.9%) $228,640 (-5.6%) 0.00 482
    2018-10-01 $169,900 (-2.7%) $229,109 (-4.0%) 0.00 472
    2018-11-01 $169,450 (1.8%) $231,365 (1.6%) 0.00 446
    2018-12-01 $169,900 (3.0%) $229,930 (1.4%) 0.00 430
    2019-01-01 $176,000 (4.8%) $236,844 (2.7%) 0.00 392
    2019-02-01 $176,000 (5.1%) $239,073 (3.3%) 0.00 369
    2019-03-01 $174,229 (3.1%) $231,961 (-2.4%) 0.00 367
    2019-04-01 $173,329 (2.6%) $227,677 (-3.3%) 0.00 372
    2019-05-01 $172,450 (7.5%) $233,980 (1.4%) 0.00 380
    2019-06-01 $175,000 (6.1%) $232,272 (-2.1%) 0.00 393
    2019-07-01 $174,250 (6.1%) $234,217 (1.0%) 0.00 405
    2019-08-01 $169,600 (2.8%) $229,574 (0.8%) 0.00 409
    2019-09-01 $163,750 (-3.6%) $226,243 (-1.1%) 0.00 406
    2019-10-01 $158,100 (-7.0%) $224,140 (-2.2%) 0.00 400
    2019-11-01 $159,900 (-5.6%) $226,659 (-2.0%) 0.00 379
    2019-12-01 $166,350 (-2.1%) $230,623 (0.3%) 0.00 356
    2020-01-01 $167,025 (-5.1%) $230,725 (-2.6%) 0.00 332
    2020-02-01 $168,500 (-4.3%) $232,538 (-2.7%) 0.00 331
    2020-03-01 $169,900 (-2.5%) $235,513 (1.5%) 0.00 315
    2020-04-01 $169,950 (-2.0%) $242,261 (6.4%) 0.00 290
    2020-05-01 $179,000 (3.8%) $250,276 (7.0%) 0.00 277
    2020-06-01 $168,500 (-3.7%) $248,197 (6.9%) 0.00 303
    2020-07-01 $174,000 (-0.1%) $257,113 (9.8%) 0.00 275
    2020-08-01 $169,900 (0.2%) $260,197 (13.3%) 0.00 246
    2020-09-01 $179,450 (9.6%) $278,754 (23.2%) 0.00 217
    2020-10-01 $198,500 (25.6%) $295,310 (31.8%) 0.00 204
    2020-11-01 $210,500 (31.6%) $311,072 (37.2%) 0.00 190
    2020-12-01 $218,450 (31.3%) $323,820 (40.4%) 0.00 160
    2021-01-01 $219,000 (31.1%) $343,726 (49.0%) 0.00 133
    2021-02-01 $189,000 (12.2%) $344,724 (48.2%) 0.00 127
    2021-03-01 $222,400 (30.9%) $354,880 (50.7%) 0.00 113
    2021-04-01 $226,950 (33.5%) $350,906 (44.9%) 0.00 110
    2021-05-01 $218,950 (22.3%) $349,284 (39.6%) 0.00 105
    2021-06-01 $185,300 (10.0%) $368,101 (48.3%) 0.00 116
    2021-07-01 $183,750 (5.6%) $341,797 (32.9%) 0.00 132
    2021-08-01 $171,950 (1.2%) $323,915 (24.5%) 0.00 148
    2021-09-01 $162,450 (-9.5%) $327,213 (17.4%) 0.00 154
    2021-10-01 $162,400 (-18.2%) $285,738 (-3.2%) 0.00 145
    2021-11-01 $161,175 (-23.4%) $298,313 (-4.1%) 0.00 113
    2021-12-01 $154,950 (-29.1%) $318,989 (-1.5%) 0.00 108
    2022-01-01 $134,900 (-38.4%) $292,759 (-14.8%) 0.00 84
    2022-02-01 $120,000 (-36.5%) $254,247 (-26.3%) 0.00 74
    2022-03-01 $178,725 (-19.6%) $287,006 (-19.1%) 0.00 84
    2022-04-01 $209,950 (-7.5%) $311,726 (-11.2%) 0.00 79
    2022-05-01 $233,700 (6.7%) $310,113 (-11.2%) 0.00 85
    2022-06-01 $225,975 (22.0%) $314,196 (-14.6%) 0.00 98
    2022-07-01 $207,450 (12.9%) $333,900 (-2.3%) 0.00 100
    2022-08-01 $208,850 (21.5%) $352,910 (9.0%) 0.00 112
    2022-09-01 $224,000 (37.9%) $344,354 (5.2%) 0.00 116
    2022-10-01 $179,900 (10.8%) $322,976 (13.0%) 0.00 118
    2022-11-01 $167,625 (4.0%) $304,530 (2.1%) 0.00 119
    2022-12-01 $175,000 (12.9%) $302,983 (-5.0%) 0.00 104
    2023-01-01 $188,425 (39.7%) $328,067 (12.1%) 0.00 90
    2023-02-01 $204,000 (70.0%) $359,830 (41.5%) 0.00 80
    2023-03-01 $208,000 (16.4%) $352,206 (22.7%) 0.00 68
    2023-04-01 $219,000 (4.3%) $354,147 (13.6%) 0.00 80
    2023-05-01 $249,000 (6.6%) $395,172 (27.4%) 0.00 90
    2023-06-01 $275,000 (21.7%) $390,481 (24.3%) 0.00 104
    2023-07-01 $259,000 (24.9%) $443,716 (32.9%) 0.00 100
    2023-08-01 $243,500 (16.6%) $437,907 (24.1%) 0.00 108
    2023-09-01 $226,778 (1.2%) $423,768 (23.1%) 0.00 103
    2023-10-01 $231,664 (28.8%) $454,115 (40.6%) 0.00 109
    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 (32.5%) $424,412 (29.4%) 0.00 99
    2024-02-01 $240,975 (18.1%) $431,207 (19.8%) 0.00 91
    2024-03-01 $239,900 (15.3%) $393,113 (11.6%) 0.00 99
    Somerset's median listing price for 2024-03-01 was $239,900, a difference of $31,900 (15.3%) versus the prior year and $-1,075 versus the prior month.

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

    Somerset's average listing price for 2024-03-01 was $393,113, a difference of $40,907 (11.6%) versus the prior year and $-38,094 versus the prior month.

    For the 2024-03-01 period, Somerset had 99 MLS listings, a difference of 8 listings (9%) versus the prior month and 31 listings (46%) 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 1,763 sqft
    2018-02-01 0 days 1,727 sqft
    2018-03-01 0 days 1,723 sqft
    2018-04-01 0 days 1,717 sqft
    2018-05-01 0 days 1,711 sqft
    2018-06-01 0 days 1,728 sqft
    2018-07-01 0 days 1,739 sqft
    2018-08-01 0 days 1,728 sqft
    2018-09-01 0 days 1,735 sqft
    2018-10-01 0 days 1,748 sqft
    2018-11-01 0 days 1,739 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 1,747 sqft
    2019-04-01 0 days 1,709 sqft
    2019-05-01 0 days 1,740 sqft
    2019-06-01 0 days 1,768 sqft
    2019-07-01 0 days 1,773 sqft
    2019-08-01 0 days 1,767 sqft
    2019-09-01 0 days 1,757 sqft
    2019-10-01 0 days 1,749 sqft
    2019-11-01 0 days 1,760 sqft
    2019-12-01 0 days 1,764 sqft
    2020-01-01 0 days 1,783 sqft
    2020-02-01 0 days 1,768 sqft
    2020-03-01 0 days 1,858 sqft
    2020-04-01 0 days 1,858 sqft
    2020-05-01 0 days 1,875 sqft
    2020-06-01 0 days 1,848 sqft
    2020-07-01 0 days 1,852 sqft
    2020-08-01 0 days 1,802 sqft
    2020-09-01 0 days 1,763 sqft
    2020-10-01 0 days 1,781 sqft
    2020-11-01 0 days 1,808 sqft
    2020-12-01 0 days 1,855 sqft
    2021-01-01 0 days 1,848 sqft
    2021-02-01 0 days 1,850 sqft
    2021-03-01 0 days 1,834 sqft
    2021-04-01 0 days 1,756 sqft
    2021-05-01 0 days 1,771 sqft
    2021-06-01 0 days 1,692 sqft
    2021-07-01 0 days 1,681 sqft
    2021-08-01 0 days 1,648 sqft
    2021-09-01 0 days 1,583 sqft
    2021-10-01 0 days 1,563 sqft
    2021-11-01 0 days 1,566 sqft
    2021-12-01 0 days 1,606 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 1,686 sqft
    2022-10-01 0 days 1,583 sqft
    2022-11-01 0 days 1,582 sqft
    2022-12-01 0 days 1,660 sqft
    2023-01-01 0 days 1,694 sqft
    2023-02-01 0 days 1,682 sqft
    2023-03-01 0 days 1,594 sqft
    2023-04-01 0 days 1,500 sqft
    2023-05-01 0 days 1,794 sqft
    2023-06-01 0 days 1,801 sqft
    2023-07-01 0 days 1,850 sqft
    2023-08-01 0 days 1,762 sqft
    2023-09-01 0 days 1,623 sqft
    2023-10-01 0 days 1,774 sqft
    2023-11-01 0 days 1,661 sqft
    2023-12-01 0 days 1,676 sqft
    2024-01-01 0 days 1,683 sqft
    2024-02-01 0 days 1,711 sqft
    2024-03-01 0 days 1,750 sqft
    Somerset's median listing age (time on market) for 2024-03-01 was 0 days.

    Somerset's median square footage for active listings during the 2024-03-01 period was 1,750 sqft. One year prior, the average listing was 1,594 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).