Sunbury FHA Loan Rates, Closing Costs & Stats

Sunbury, 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.

    Sunbury's 41 lenders originated 177 FHA loans during 2023. The total origination value was $25,955,000, with an average FHA loan value of $146,638.

    Sunbury FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sunbury averaged 6.49% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Sunbury's average FHA mortgage closing costs are $6,678.

    The average rate for the prior week (2024-11-01) was 6.26% and one month ago for the week of 2024-10-04, the average rate was 6.08%.

    The average rate one year ago was 7.13%.

    For refis of the same type during the week of 2024-11-08, the average rate was 8.02%.

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

    Sunbury 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 Sunbury level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 45 6.22% $8,056
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 6.66% $7,608
    M&T Bank 9 6.35% $5,844
    Waterstone Mortgage Corporation 7 6.38% $11,109
    ALLIED MORTGAGE GROUP, INC. 6 5.92% $12,109
    Mortgage America, Inc. 5 6.63% $6,303
    CARDINAL FINANCIAL 4 6.81% $9,232
    LOANDEPOT.COM, LLC 4 6.75% $11,371
    UNITED WHOLESALE MORTGAGE, LLC 4 5.94% $11,050
    BROKER SOLUTIONS, INC. 4 6.84% $8,218
    The Ephrata National Bank 3 6.38% $4,820
    Fulton Bank 3 5.88% $6,955
    CMG MORTGAGE, INC. 2 6.75% $17,376
    Century Mortgage Company DBA Century Lending Company 2 6.19% $7,358
    CHERRY CREEK MORTGAGE, LLC 2 6.81% $2,119
    Citizens Bank 2 6.50% $9,702
    FIRST HERITAGE FINANCIAL, LLC 2 6.88% $9,907
    GUILD MORTGAGE COMPANY 2 6.63% $8,706
    MEMBERS 1ST FEDERAL CREDIT UNION 2 6.69% $5,559
    Mortgage Research Center, LLC 2 7.44% $6,658
    MOVEMENT MORTGAGE, LLC 2 6.56% $6,337
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $10,995
    NATIONS DIRECT MORTGAGE, LLC 2 7.25% $10,685
    PENNYMAC LOAN SERVICES, LLC 2 6.50% $7,510
    Prosperity Home Mortgage, LLC 2 6.19% $6,722
    ROYAL UNITED MORTGAGE LLC 2 6.94% $11,311
    PLAZA HOME MORTGAGE, INC. 1 6.25% $9,114
    PNC Bank 1 6.75% $5,597
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $8,279
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $9,639
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $9,122
    Acre Mortgage and Financial Inc 1 6.13% $11,743
    Wells Fargo Bank 1 6.50% $7,962
    T2 FINANCIAL LLC 1 7.25% $6,627
    Barrington Bank & Trust Company, N.A. 1 6.50% $7,824
    THE MORTGAGE LINK, INC. 1 6.63% $7,175
    FREEDOM MORTGAGE CORPORATION 1 7.25% $10,574
    TOWNE MORTGAGE COMPANY 1 5.99% $10,133
    Truist 1 6.13% $13,202
    NEWREZ LLC 1 6.75% $11,125
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $11,141

    The top Sunbury FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 45 FHA loans originated. Their average total fees are $8,056, which is $448 higher than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

    The lowest fee Sunbury FHA lenders (with over 10 loans originated) are PRIMELENDING, A PLAINSCAPITAL COMPANY ($7,608), QUICKEN LOANS, LLC ($8,056), .

    The lowest rate Sunbury FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.22%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.66%), .

    Sunbury FHA Loan Limits

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

    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).