State College FHA Loan Rates, Closing Costs & Stats

STATE COLLEGE, 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.

    State College's 27 lenders originated 97 FHA loans during 2023. The total origination value was $23,005,000, with an average FHA loan value of $237,165.

    State College FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in State College averaged 6.91% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    State College's average FHA mortgage closing costs are $8,411.

    The average rate for the prior week (2024-04-12) was 6.8% and one month ago for the week of 2024-03-15, the average rate was 6.47%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    State College 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 State College level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Citizens Bank 13 6.03% $14,243
    QUICKEN LOANS, LLC 13 6.12% $13,420
    UNITED WHOLESALE MORTGAGE, LLC 11 6.50% $12,303
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 7.06% $10,741
    NEWREZ LLC 5 7.13% $10,518
    HOMESIDE FINANCIAL, LLC 4 7.28% $8,169
    Flagstar Bank, FSB 4 7.20% $9,607
    TOWNE MORTGAGE COMPANY 3 5.75% $12,214
    First National Bank of Pennsylvania 2 6.00% $7,344
    FIRST HERITAGE FINANCIAL, LLC 2 7.12% $6,432
    AMERISAVE MORTGAGE CORPORATION 2 6.75% $11,990
    Century Mortgage Company DBA Century Lending Company 2 6.19% $9,103
    Mr. Cooper ( Nationstar Mortgage ) 2 6.38% $14,794
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $9,999
    VILLAGE CAPITAL MORTGAGE 1 6.75% $3,773
    AmeriServ Financial Bank 1 5.99% $12,490
    Carrington Mortgage Services, LLC 1 6.50% $13,076
    CONTOUR MORTGAGE CORPORATION 1 5.63% $12,125
    EMM LOANS LLC 1 5.50% $10,395
    Equity Prime Mortgage LLC 1 7.75% $10,664
    Integrity Home Mortgage Corp 1 6.25% $10,405
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $13,450
    LOANDEPOT.COM, LLC 1 5.99% $13,807
    LOANPAL, LLC 1 6.50% $11,927
    Meridian Bank Corporation 1 6.50% $15,708
    NORWICH COMMERCIAL GROUP, INC. 1 7.75% $10,821
    SUMMIT FUNDING, INC. 1 6.99% $20,037

    The top State College FHA lender as defined by loan originations is Citizens Bank, with 13 FHA loans originated. Their average total fees are $14,243, which is $823 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee State College FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,741), UNITED WHOLESALE MORTGAGE, LLC ($12,303), QUICKEN LOANS, LLC ($13,420), Citizens Bank ($14,243) and .

    The lowest rate State College FHA lenders (with over 10 loans originated) are Citizens Bank (6.03%), QUICKEN LOANS, LLC (6.12%), UNITED WHOLESALE MORTGAGE, LLC (6.50%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (7.06%) and .

    State College FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - State College (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 $245,950 (11.9%) $326,723 (10.2%) 0.91 212
    2018-02-01 $264,200 (8.7%) $348,603 (12.3%) 0.96 227
    2018-03-01 $297,000 (5.6%) $363,380 (9.4%) 1.04 254
    2018-04-01 $293,725 (4.9%) $370,731 (12.3%) 1.00 263
    2018-05-01 $286,175 (5.8%) $362,863 (13.2%) 0.96 294
    2018-06-01 $295,824 (10.3%) $373,913 (16.2%) 0.99 313
    2018-07-01 $284,950 (10.6%) $365,469 (20.0%) 0.95 305
    2018-08-01 $276,200 (9.5%) $363,625 (19.1%) 0.93 288
    2018-09-01 $269,900 (5.5%) $348,033 (9.0%) 0.91 302
    2018-10-01 $264,423 (3.8%) $340,813 (6.7%) 0.90 297
    2018-11-01 $249,950 (-0.5%) $335,066 (2.3%) 0.85 291
    2018-12-01 $239,307 (-0.1%) $316,597 (-3.0%) 0.83 251
    2019-01-01 $239,900 (-2.5%) $308,634 (-5.5%) 0.83 208
    2019-02-01 $272,050 (3.0%) $321,722 (-7.7%) 0.92 228
    2019-03-01 $305,900 (3.0%) $355,037 (-2.3%) 1.00 269
    2019-04-01 $328,625 (11.9%) $382,936 (3.3%) 1.04 300
    2019-05-01 $321,900 (12.5%) $387,824 (6.9%) 1.01 305
    2019-06-01 $318,000 (7.5%) $375,898 (0.5%) 0.99 339
    2019-07-01 $303,900 (6.7%) $362,563 (-0.8%) 0.95 352
    2019-08-01 $297,536 (7.7%) $357,027 (-1.8%) 0.94 347
    2019-09-01 $281,991 (4.5%) $346,079 (-0.6%) 0.90 335
    2019-10-01 $269,675 (2.0%) $334,424 (-1.9%) 0.87 327
    2019-11-01 $270,495 (8.2%) $330,331 (-1.4%) 0.89 293
    2019-12-01 $252,450 (5.5%) $315,755 (-0.3%) 0.84 247
    2020-01-01 $259,925 (8.4%) $323,023 (4.7%) 0.87 209
    2020-02-01 $281,450 (3.5%) $352,741 (9.6%) 0.92 213
    2020-03-01 $301,087 (-1.6%) $370,826 (4.5%) 0.94 255
    2020-04-01 $313,450 (-4.6%) $375,417 (-2.0%) 0.98 262
    2020-05-01 $305,000 (-5.3%) $372,614 (-3.9%) 0.93 295
    2020-06-01 $329,900 (3.7%) $382,590 (1.8%) 0.97 285
    2020-07-01 $328,850 (8.2%) $380,299 (4.9%) 0.95 276
    2020-08-01 $319,900 (7.5%) $374,887 (5.0%) 0.92 267
    2020-09-01 $307,475 (9.0%) $371,215 (7.3%) 0.88 253
    2020-10-01 $313,750 (16.3%) $377,325 (12.8%) 0.90 224
    2020-11-01 $325,000 (20.2%) $387,602 (17.3%) 0.95 182
    2020-12-01 $314,950 (24.8%) $370,539 (17.4%) 0.94 161
    2021-01-01 $299,500 (15.2%) $363,498 (12.5%) 0.89 146
    2021-02-01 $317,500 (12.8%) $368,812 (4.6%) 0.92 121
    2021-03-01 $322,500 (7.1%) $388,086 (4.7%) 0.92 110
    2021-04-01 $287,400 (-8.3%) $381,183 (1.5%) 0.78 118
    2021-05-01 $302,000 (-1.0%) $380,810 (2.2%) 0.80 137
    2021-06-01 $312,450 (-5.3%) $387,465 (1.3%) 0.82 147
    2021-07-01 $319,900 (-2.7%) $389,878 (2.5%) 0.84 160
    2021-08-01 $299,675 (-6.3%) $378,124 (0.9%) 0.80 167
    2021-09-01 $294,218 (-4.3%) $386,670 (4.2%) 0.78 160
    2021-10-01 $279,900 (-10.8%) $374,701 (-0.7%) 0.75 161
    2021-11-01 $289,000 (-11.1%) $400,407 (3.3%) 0.77 135
    2021-12-01 $299,950 (-4.8%) $398,933 (7.7%) 0.81 104
    2022-01-01 $291,990 (-2.5%) $428,551 (17.9%) 0.79 87
    2022-02-01 $341,250 (7.5%) $486,142 (31.8%) 0.89 77
    2022-03-01 $338,250 (4.9%) $462,960 (19.3%) 0.85 93
    2022-04-01 $354,900 (23.5%) $455,313 (19.5%) 0.85 106
    2022-05-01 $364,725 (20.8%) $431,328 (13.3%) 0.83 121
    2022-06-01 $371,875 (19.0%) $417,298 (7.7%) 0.83 134
    2022-07-01 $370,000 (15.7%) $427,806 (9.7%) 0.83 156
    2022-08-01 $374,975 (25.1%) $435,777 (15.3%) 0.87 156
    2022-09-01 $374,500 (27.3%) $433,753 (12.2%) 0.88 155
    2022-10-01 $375,000 (34.0%) $435,118 (16.1%) 0.88 151
    2022-11-01 $351,945 (21.8%) $421,422 (5.3%) 0.85 143
    2022-12-01 $339,900 (13.3%) $417,084 (4.6%) 0.84 113
    2023-01-01 $318,000 (8.9%) $405,006 (-5.5%) 0.79 97
    2023-02-01 $379,950 (11.3%) $454,929 (-6.4%) 0.92 100
    2023-03-01 $417,450 (23.4%) $577,425 (24.7%) 0.98 113
    2023-04-01 $429,000 (20.9%) $572,502 (25.7%) 1.00 133
    2023-05-01 $461,825 (26.6%) $577,368 (33.9%) 1.05 125
    2023-06-01 $447,500 (20.3%) $605,428 (45.1%) 1.01 136
    2023-07-01 $450,000 (21.6%) $612,849 (43.3%) 1.02 140
    2023-08-01 $433,500 (15.6%) $569,060 (30.6%) 1.00 135
    2023-09-01 $450,000 (20.2%) $544,574 (25.6%) 1.05 148
    2023-10-01 $421,950 (12.5%) $495,781 (13.9%) 0.99 164
    2023-11-01 $399,900 (13.6%) $470,377 (11.6%) 0.95 164
    2023-12-01 $369,990 (8.9%) $466,997 (12.0%) 0.90 147
    2024-01-01 $368,500 (15.9%) $464,429 (14.7%) 0.90 137
    2024-02-01 $373,495 (-1.7%) $470,057 (3.3%) 0.90 132
    2024-03-01 $399,500 (-4.3%) $513,740 (-11.0%) 0.94 159
    State College's median listing price for 2024-03-01 was $399,500, a difference of $-17,950 (-4.3%) versus the prior year and $26,005 versus the prior month.

    State College's median listing price comes in at 94% of the national average.

    State College's average listing price for 2024-03-01 was $513,740, a difference of $-63,685 (-11.0%) versus the prior year and $43,683 versus the prior month.

    For the 2024-03-01 period, State College had 159 MLS listings, a difference of 27 listings (20%) versus the prior month and 46 listings (41%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - State College (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 80 days 1,800 sqft
    2018-02-01 80 days 1,850 sqft
    2018-03-01 51 days 2,060 sqft
    2018-04-01 46 days 2,046 sqft
    2018-05-01 45 days 2,047 sqft
    2018-06-01 53 days 2,147 sqft
    2018-07-01 65 days 2,067 sqft
    2018-08-01 70 days 2,130 sqft
    2018-09-01 70 days 2,090 sqft
    2018-10-01 78 days 2,029 sqft
    2018-11-01 79 days 2,012 sqft
    2018-12-01 80 days 1,909 sqft
    2019-01-01 78 days 1,926 sqft
    2019-02-01 75 days 2,028 sqft
    2019-03-01 51 days 2,118 sqft
    2019-04-01 38 days 2,213 sqft
    2019-05-01 44 days 2,229 sqft
    2019-06-01 51 days 2,149 sqft
    2019-07-01 54 days 2,102 sqft
    2019-08-01 59 days 2,079 sqft
    2019-09-01 67 days 2,021 sqft
    2019-10-01 72 days 1,957 sqft
    2019-11-01 72 days 1,872 sqft
    2019-12-01 85 days 1,770 sqft
    2020-01-01 80 days 1,776 sqft
    2020-02-01 56 days 1,842 sqft
    2020-03-01 40 days 1,928 sqft
    2020-04-01 60 days 1,941 sqft
    2020-05-01 72 days 1,923 sqft
    2020-06-01 74 days 2,006 sqft
    2020-07-01 61 days 1,966 sqft
    2020-08-01 57 days 1,963 sqft
    2020-09-01 60 days 2,046 sqft
    2020-10-01 68 days 2,084 sqft
    2020-11-01 83 days 2,102 sqft
    2020-12-01 92 days 2,041 sqft
    2021-01-01 64 days 1,953 sqft
    2021-02-01 45 days 1,876 sqft
    2021-03-01 50 days 1,849 sqft
    2021-04-01 38 days 1,705 sqft
    2021-05-01 37 days 1,847 sqft
    2021-06-01 42 days 1,878 sqft
    2021-07-01 42 days 1,837 sqft
    2021-08-01 43 days 1,877 sqft
    2021-09-01 50 days 1,788 sqft
    2021-10-01 51 days 1,795 sqft
    2021-11-01 60 days 1,808 sqft
    2021-12-01 69 days 1,849 sqft
    2022-01-01 75 days 1,927 sqft
    2022-02-01 53 days 2,008 sqft
    2022-03-01 32 days 1,954 sqft
    2022-04-01 31 days 1,956 sqft
    2022-05-01 32 days 1,969 sqft
    2022-06-01 32 days 1,959 sqft
    2022-07-01 33 days 1,938 sqft
    2022-08-01 43 days 1,986 sqft
    2022-09-01 49 days 1,969 sqft
    2022-10-01 51 days 1,971 sqft
    2022-11-01 57 days 1,853 sqft
    2022-12-01 68 days 1,912 sqft
    2023-01-01 75 days 1,820 sqft
    2023-02-01 59 days 2,030 sqft
    2023-03-01 33 days 2,196 sqft
    2023-04-01 31 days 2,250 sqft
    2023-05-01 46 days 2,257 sqft
    2023-06-01 40 days 2,385 sqft
    2023-07-01 37 days 2,260 sqft
    2023-08-01 46 days 2,263 sqft
    2023-09-01 38 days 2,335 sqft
    2023-10-01 40 days 2,163 sqft
    2023-11-01 43 days 2,085 sqft
    2023-12-01 57 days 2,000 sqft
    2024-01-01 72 days 2,000 sqft
    2024-02-01 49 days 1,962 sqft
    2024-03-01 36 days 2,012 sqft
    State College's median listing age (time on market) for 2024-03-01 was 36 days. This is 10% longer than the same period one year ago.

    State College's median square footage for active listings during the 2024-03-01 period was 2,012 sqft. One year prior, the average listing was 2,196 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).