Vineyard Haven FHA Loan Rates, Closing Costs & Stats

Vineyard Haven, MA

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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.

    Vineyard Haven's 3 lenders originated 7 FHA loans during 2023. The total origination value was $3,775,000, with an average FHA loan value of $539,286.

    Vineyard Haven FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Vineyard Haven averaged 6.56% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Vineyard Haven's average FHA mortgage closing costs are $17,093.

    The average rate for the prior week (2024-04-12) was 6.55% and one month ago for the week of 2024-03-15, the average rate was 6.22%.

    The average rate one year ago was 6.05%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Vineyard Haven 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 Vineyard Haven level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ALLIED MORTGAGE GROUP, INC. 2 7.06% $16,172
    EMM LOANS LLC 1 6.13% $40,576
    LIBERTY HOME MORTGAGE CORPORATION 1 6.13% $31,085

    The top Vineyard Haven FHA lender as defined by loan originations is ALLIED MORTGAGE GROUP, INC., with 2 FHA loans originated. Their average total fees are $16,172, which is $24,404 lower than the next largest lender, EMM LOANS LLC.

    The lowest fee Vineyard Haven FHA lenders (with over 10 loans originated) are .

    The lowest rate Vineyard Haven FHA lenders (with over 10 loans originated) are .

    Vineyard Haven FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    VINEYARD HAVEN, MA DUKES 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
    VINEYARD HAVEN, MA DUKES 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Vineyard Haven (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 $1,290,750 (-0.7%) $2,004,288 (-12.7%) 0.00 134
    2018-02-01 $1,246,250 (-8.5%) $1,968,505 (-15.5%) 0.00 130
    2018-03-01 $1,250,000 (-7.4%) $2,012,418 (-10.4%) 0.00 140
    2018-04-01 $1,265,000 (-10.4%) $2,126,835 (-6.6%) 0.00 156
    2018-05-01 $1,466,000 (-3.7%) $2,337,929 (-1.4%) 0.00 181
    2018-06-01 $1,495,000 (2.5%) $2,367,540 (2.3%) 0.00 212
    2018-07-01 $1,491,250 (6.8%) $2,496,788 (19.2%) 0.00 214
    2018-08-01 $1,498,250 (7.2%) $2,519,893 (16.5%) 0.00 223
    2018-09-01 $1,500,000 (5.3%) $2,414,543 (5.5%) 0.00 217
    2018-10-01 $1,497,500 (7.5%) $2,415,051 (8.4%) 0.00 215
    2018-11-01 $1,398,000 (2.1%) $2,415,074 (10.6%) 0.00 223
    2018-12-01 $1,495,000 (7.2%) $2,466,905 (13.1%) 0.00 203
    2019-01-01 $1,495,000 (15.8%) $2,501,216 (24.8%) 0.00 159
    2019-02-01 $1,395,000 (11.9%) $2,482,304 (26.1%) 0.00 163
    2019-03-01 $1,438,714 (15.1%) $2,550,065 (26.7%) 0.00 169
    2019-04-01 $1,489,714 (17.8%) $2,521,501 (18.6%) 0.00 176
    2019-05-01 $1,499,450 (2.3%) $2,359,888 (0.9%) 0.00 206
    2019-06-01 $1,564,500 (4.7%) $2,462,511 (4.0%) 0.00 234
    2019-07-01 $1,660,000 (11.3%) $2,685,172 (7.6%) 0.00 242
    2019-08-01 $1,655,455 (10.5%) $2,689,066 (6.7%) 0.00 248
    2019-09-01 $1,596,136 (6.4%) $2,601,378 (7.7%) 0.00 246
    2019-10-01 $1,525,000 (1.8%) $2,526,759 (4.6%) 0.00 242
    2019-11-01 $1,449,500 (3.7%) $2,474,528 (2.5%) 0.00 212
    2019-12-01 $1,499,000 (0.3%) $2,535,718 (2.8%) 0.00 199
    2020-01-01 $1,474,250 (-1.4%) $2,435,704 (-2.6%) 0.00 142
    2020-02-01 $1,500,000 (7.5%) $2,275,718 (-8.3%) 0.00 125
    2020-03-01 $1,397,500 (-2.9%) $2,231,057 (-12.5%) 0.00 139
    2020-04-01 $1,560,000 (4.7%) $2,322,058 (-7.9%) 0.00 149
    2020-05-01 $1,442,500 (-3.8%) $2,216,019 (-6.1%) 0.00 162
    2020-06-01 $1,425,000 (-8.9%) $2,515,969 (2.2%) 0.00 180
    2020-07-01 $1,474,500 (-11.2%) $2,747,547 (2.3%) 0.00 178
    2020-08-01 $1,695,000 (2.4%) $3,274,247 (21.8%) 0.00 278
    2020-09-01 $1,773,750 (11.1%) $3,302,149 (26.9%) 0.00 267
    2020-10-01 $1,812,500 (18.9%) $3,336,230 (32.0%) 0.00 252
    2020-11-01 $1,837,500 (26.8%) $3,359,835 (35.8%) 0.00 218
    2020-12-01 $2,226,500 (48.5%) $3,707,590 (46.2%) 0.00 182
    2021-01-01 $2,172,500 (47.4%) $3,612,139 (48.3%) 0.00 150
    2021-02-01 $2,203,500 (46.9%) $3,804,575 (67.2%) 0.00 127
    2021-03-01 $2,598,750 (86.0%) $4,245,147 (90.3%) 0.00 106
    2021-04-01 $2,522,500 (61.7%) $4,362,831 (87.9%) 0.00 110
    2021-05-01 $2,297,000 (59.2%) $4,053,684 (82.9%) 0.00 116
    2021-06-01 $2,295,000 (61.1%) $3,994,093 (58.8%) 0.00 122
    2021-07-01 $2,950,000 (100.1%) $4,381,786 (59.5%) 0.00 121
    2021-08-01 $2,700,000 (59.3%) $4,011,992 (22.5%) 0.00 137
    2021-09-01 $2,997,500 (69.0%) $4,126,977 (25.0%) 0.00 129
    2021-10-01 $2,972,500 (64.0%) $4,131,698 (23.8%) 0.00 131
    2021-11-01 $2,586,250 (40.8%) $3,902,412 (16.2%) 0.00 116
    2021-12-01 $2,572,500 (15.5%) $3,988,041 (7.6%) 0.00 97
    2022-01-01 $2,985,000 (37.4%) $4,145,088 (14.8%) 0.00 90
    2022-02-01 $3,196,250 (45.1%) $4,526,055 (19.0%) 0.00 83
    2022-03-01 $2,880,375 (10.8%) $3,990,342 (-6.0%) 0.00 83
    2022-04-01 $2,962,500 (17.4%) $4,024,178 (-7.8%) 0.00 93
    2022-05-01 $2,968,750 (29.2%) $4,412,902 (8.9%) 0.00 113
    2022-06-01 $2,986,250 (30.1%) $4,545,206 (13.8%) 0.00 133
    2022-07-01 $2,750,000 (-6.8%) $4,528,686 (3.4%) 0.00 144
    2022-08-01 $2,595,000 (-3.9%) $4,342,632 (8.2%) 0.00 158
    2022-09-01 $2,566,250 (-14.4%) $4,416,587 (7.0%) 0.00 152
    2022-10-01 $2,599,000 (-12.6%) $4,451,459 (7.7%) 0.00 147
    2022-11-01 $2,500,000 (-3.3%) $4,200,935 (7.7%) 0.00 150
    2022-12-01 $2,549,500 (-0.9%) $4,322,548 (8.4%) 0.00 139
    2023-01-01 $2,496,250 (-16.4%) $4,025,680 (-2.9%) 0.00 113
    2023-02-01 $2,481,000 (-22.4%) $3,796,455 (-16.1%) 0.00 105
    2023-03-01 $2,362,500 (-18.0%) $3,135,270 (-21.4%) 0.00 97
    2023-04-01 $2,450,000 (-17.3%) $3,406,659 (-15.4%) 0.00 103
    2023-05-01 $2,511,250 (-15.4%) $3,509,411 (-20.5%) 0.00 122
    2023-06-01 $2,772,500 (-7.2%) $3,841,700 (-15.5%) 0.00 142
    2023-07-01 $2,795,000 (1.6%) $3,906,215 (-13.8%) 0.00 164
    2023-08-01 $2,776,800 (7.0%) $4,299,871 (-1.0%) 0.00 189
    2023-09-01 $2,810,000 (9.5%) $4,441,180 (0.6%) 0.00 194
    2023-10-01 $2,872,475 (10.5%) $4,380,673 (-1.6%) 0.00 207
    2023-11-01 $2,764,600 (10.6%) $4,227,689 (0.6%) 0.00 200
    2023-12-01 $2,692,500 (5.6%) $4,131,294 (-4.4%) 0.00 171
    2024-01-01 $2,555,000 (2.4%) $3,950,163 (-1.9%) 0.00 147
    2024-02-01 $2,436,250 (-1.8%) $3,871,615 (2.0%) 0.00 138
    2024-03-01 $2,450,000 (3.7%) $3,930,340 (25.4%) 0.00 135
    Vineyard Haven's median listing price for 2024-03-01 was $2,450,000, a difference of $87,500 (3.7%) versus the prior year and $13,750 versus the prior month.

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

    Vineyard Haven's average listing price for 2024-03-01 was $3,930,340, a difference of $795,070 (25.4%) versus the prior year and $58,725 versus the prior month.

    For the 2024-03-01 period, Vineyard Haven had 135 MLS listings, a difference of -3 listings (-2%) versus the prior month and 38 listings (39%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Vineyard Haven (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,022 sqft
    2018-02-01 0 days 1,990 sqft
    2018-03-01 0 days 2,081 sqft
    2018-04-01 0 days 2,086 sqft
    2018-05-01 0 days 2,251 sqft
    2018-06-01 0 days 2,151 sqft
    2018-07-01 0 days 2,100 sqft
    2018-08-01 0 days 2,209 sqft
    2018-09-01 0 days 2,303 sqft
    2018-10-01 0 days 2,327 sqft
    2018-11-01 0 days 2,262 sqft
    2018-12-01 0 days 2,228 sqft
    2019-01-01 0 days 2,200 sqft
    2019-02-01 0 days 2,207 sqft
    2019-03-01 0 days 2,274 sqft
    2019-04-01 0 days 2,344 sqft
    2019-05-01 0 days 2,331 sqft
    2019-06-01 0 days 2,378 sqft
    2019-07-01 0 days 2,410 sqft
    2019-08-01 0 days 2,350 sqft
    2019-09-01 0 days 2,275 sqft
    2019-10-01 0 days 2,204 sqft
    2019-11-01 0 days 2,191 sqft
    2019-12-01 0 days 2,233 sqft
    2020-01-01 0 days 2,145 sqft
    2020-02-01 0 days 2,100 sqft
    2020-03-01 0 days 2,036 sqft
    2020-04-01 0 days 2,063 sqft
    2020-05-01 0 days 2,100 sqft
    2020-06-01 0 days 2,100 sqft
    2020-07-01 0 days 2,176 sqft
    2020-08-01 0 days 2,337 sqft
    2020-09-01 0 days 2,358 sqft
    2020-10-01 0 days 2,422 sqft
    2020-11-01 0 days 2,441 sqft
    2020-12-01 0 days 2,676 sqft
    2021-01-01 0 days 2,676 sqft
    2021-02-01 0 days 2,629 sqft
    2021-03-01 0 days 2,909 sqft
    2021-04-01 0 days 3,030 sqft
    2021-05-01 0 days 2,906 sqft
    2021-06-01 0 days 2,463 sqft
    2021-07-01 0 days 2,719 sqft
    2021-08-01 0 days 2,639 sqft
    2021-09-01 0 days 2,616 sqft
    2021-10-01 0 days 2,470 sqft
    2021-11-01 0 days 2,344 sqft
    2021-12-01 0 days 2,479 sqft
    2022-01-01 0 days 2,648 sqft
    2022-02-01 0 days 2,691 sqft
    2022-03-01 0 days 2,420 sqft
    2022-04-01 0 days 2,451 sqft
    2022-05-01 0 days 2,458 sqft
    2022-06-01 0 days 2,549 sqft
    2022-07-01 0 days 2,486 sqft
    2022-08-01 0 days 2,447 sqft
    2022-09-01 0 days 2,481 sqft
    2022-10-01 0 days 2,486 sqft
    2022-11-01 0 days 2,469 sqft
    2022-12-01 0 days 2,468 sqft
    2023-01-01 0 days 2,434 sqft
    2023-02-01 0 days 2,400 sqft
    2023-03-01 0 days 1,940 sqft
    2023-04-01 0 days 2,024 sqft
    2023-05-01 0 days 2,090 sqft
    2023-06-01 0 days 2,292 sqft
    2023-07-01 0 days 2,420 sqft
    2023-08-01 0 days 2,277 sqft
    2023-09-01 0 days 2,338 sqft
    2023-10-01 0 days 2,452 sqft
    2023-11-01 0 days 2,413 sqft
    2023-12-01 0 days 2,407 sqft
    2024-01-01 0 days 2,414 sqft
    2024-02-01 0 days 2,367 sqft
    2024-03-01 0 days 2,337 sqft
    Vineyard Haven's median listing age (time on market) for 2024-03-01 was 0 days.

    Vineyard Haven's median square footage for active listings during the 2024-03-01 period was 2,337 sqft. One year prior, the average listing was 1,940 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).