Vineyard Haven FHA Loan Rates, Closing Costs & Stats

Vineyard Haven, MA

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 4 lenders originated 8 FHA loans during 2022. The total origination value was $4,680,000, with an average FHA loan value of $585,000.

Vineyard Haven FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Vineyard Haven averaged 5.36% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Vineyard Haven's average FHA mortgage closing costs are $16,421.

The average rate for the prior week (2024-02-23) was 5.35% and one month ago for the week of 2024-01-26, the average rate was 4.95%.

The average rate one year ago was 4.98%.

For refis of the same type during the week of 2024-03-01, the average rate was 4.86%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
PENNYMAC LOAN SERVICES, LLC 3 3.25% $19,822
ALLIED MORTGAGE GROUP, INC. 1 6.38% $15,268
Envision Bank 1 2.63% $20,516
RADIUS FINANCIAL GROUP INC. 1 3.63% $29,192

The top Vineyard Haven FHA lender as defined by loan originations is PENNYMAC LOAN SERVICES, LLC, with 3 FHA loans originated. Their average total fees are $19,822, which is $4,554 higher than the next largest lender, ALLIED MORTGAGE GROUP, INC..

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
Vineyard Haven's median listing price for 2024-01-01 was $2,555,000, a difference of $58,750 (2.4%) versus the prior year and $-137,500 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 2024-01-01 was $3,950,163, a difference of $-75,517 (-1.9%) versus the prior year and $-181,131 versus the prior month.

For the 2024-01-01 period, Vineyard Haven had 147 MLS listings, a difference of -24 listings (-14%) versus the prior month and 34 listings (30%) 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
Vineyard Haven's median listing age (time on market) for 2024-01-01 was 0 days.

Vineyard Haven's median square footage for active listings during the 2024-01-01 period was 2,414 sqft. One year prior, the average listing was 2,434 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).