Wilmington FHA Loans

WILMINGTON, DE-MD-NJ

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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.

    Wilmington's 169 lenders originated 5,067 FHA loans during 2021. The total origination value was $1,228,935,000, with an average FHA loan value of $242,537.

    Wilmington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wilmington averaged 4.82% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

    The average rate for the prior week (2022-03-18) was 4.43% and one month ago for the week of 2022-02-18, the average rate was 4.26%.

    The average rate one year ago was 3.3%.

    For refis of the same type during the week of 2022-03-25, the average rate was 4.6%.

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

    Wilmington FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Wilmington level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 373 2.71% $6,988
    Meridian Bank Corporation 278 3.29% $8,876
    PIKE CREEK MORTGAGE SERVICES, INC. 230 4.17% $5,335
    Huntingdon Valley Bank 173 3.32% $9,146
    PENNYMAC LOAN SERVICES, LLC 166 3.04% $5,200
    LAKEVIEW LOAN SERVICING, LLC 161 2.95% $5,259
    Evolve Bank & Trust 156 3.37% $9,079
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 154 3.47% $9,711
    FREEDOM MORTGAGE CORPORATION 134 2.84% $5,768
    PRIMARY RESIDENTIAL MORTGAGE, INC. 131 3.75% $9,017
    Mr. Cooper ( Nationstar Mortgage ) 104 3.20% $4,907
    Prosperity Home Mortgage, LLC 101 3.35% $7,703
    NVR Mortgage Finance, Inc. 90 3.09% $11,206
    CALIBER HOME LOANS, INC. 83 2.80% $6,923
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 83 3.44% $9,524
    CROSSCOUNTRY MORTGAGE, LLC 78 3.11% $10,170
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 70 3.33% $9,135
    NEWREZ LLC 69 2.95% $6,442
    RESIDENTIAL MORTGAGE SERVICES, INC. 67 2.98% $8,584
    NFM, INC. 62 3.10% $8,217
    GREENTREE MORTGAGE COMPANY, L.P. 61 2.78% $6,688
    Nations Lending Corporation 58 3.26% $8,189
    UNITED WHOLESALE MORTGAGE, LLC 58 2.82% $8,507
    HOMEBRIDGE FINANCIAL SERVICES, INC. 57 2.61% $7,267
    EMBRACE HOME LOANS, INC. 55 3.11% $8,306
    GUARANTEED RATE, INC. 54 2.94% $8,419
    Carrington Mortgage Services, LLC 48 3.40% $8,444
    AMERICAN FINANCIAL NETWORK, INC. 47 3.32% $13,057
    VILLAGE CAPITAL & INVESTMENT LLC 45 2.89% $2,887
    AmeriHome Mortgage Company, LLC 42 2.78% $5,310
    The Federal Savings Bank 41 3.11% $8,786
    BROKER SOLUTIONS, INC. 38 3.24% $8,674
    FINANCE OF AMERICA MORTGAGE LLC 38 3.05% $9,218
    HOME POINT FINANCIAL CORPORATION 37 2.86% $8,313
    EMM LOANS LLC 34 3.24% $9,992
    ABSOLUTE HOME MORTGAGE CORPORATION 31 3.41% $8,624
    NATION ONE MORTGAGE CORPORATION 30 3.66% $11,192
    TIDEWATER MORTGAGE SERVICES, INC. 27 3.36% $8,330
    LOANDEPOT.COM, LLC 27 3.30% $8,025
    Bank of America 27 2.76% $4,865
    MOVEMENT MORTGAGE, LLC 26 3.23% $7,753
    Manufacturers and Traders Trust Company 24 2.73% $8,044
    AMERISAVE MORTGAGE CORPORATION 24 3.07% $8,351
    Equity Prime Mortgage LLC 22 3.16% $9,722
    Gateway First Bank 22 2.92% $5,569
    GUILD MORTGAGE COMPANY 20 3.40% $8,417
    ALLIED MORTGAGE GROUP, INC. 19 3.15% $8,304
    PRIMELENDING, A PLAINSCAPITAL COMPANY 18 3.39% $8,826
    PLAZA HOME MORTGAGE, INC. 17 2.73% $10,453
    NATIONWIDE MORTGAGE BANKERS, INC. 16 3.37% $9,873
    PLANET HOME LENDING, LLC 16 2.74% $6,425
    SOUTHERN TRUST MORTGAGE, LLC 15 3.11% $5,180
    First Home Bank 14 3.24% $10,227
    Keystone Funding, Inc. 14 2.71% $7,940
    Fulton Bank 13 3.19% $7,430
    DRAPER AND KRAMER MORTGAGE CORP. 13 3.39% $8,946
    Financial Freedom Mortgage, LLC 13 3.20% $10,262
    Northpointe Bank 12 3.18% $8,779
    LENDUS, LLC 12 3.28% $10,396
    GUARANTEED RATE AFFINITY, LLC 11 3.11% $8,715
    CMG MORTGAGE, INC. 11 3.31% $9,333
    PNC Bank 11 3.08% $5,893
    FIRST HOME MORTGAGE CORPORATION 11 3.22% $12,816
    Citizens Bank 11 2.74% $6,930
    SUN WEST MORTGAGE COMPANY, INC. 10 2.82% $9,161
    Wilmington Savings Fund Society, FSB 9 3.36% $7,484
    Acre Mortgage and Financial Inc 9 3.22% $10,322
    MORTGAGE ACCESS CORP. 9 3.53% $8,932
    OCEANSIDE MORTGAGE COMPANY 9 2.76% $3,663
    Paramount Residential Mortgage Group, Inc. 9 3.55% $8,768
    Mortgage America, Inc. 8 3.48% $6,629
    SWBC MORTGAGE CORPORATION 8 3.03% $8,430
    Mortgage Research Center, LLC 7 3.07% $9,911
    ACADEMY MORTGAGE CORPORATION 7 3.36% $9,640
    HOMESIDE FINANCIAL, LLC 7 3.05% $7,015
    HOMESPIRE MORTGAGE CORPORATION 7 3.18% $9,687
    Residential Mortgage Solutions, Inc. 7 2.91% $8,152
    MUTUAL OF OMAHA MORTGAGE, INC. 7 3.02% $7,633
    Atlantic Home Loans, Inc. 6 3.14% $9,094
    Plains Commerce Bank 6 2.83% $8,383
    UNION HOME MORTGAGE CORP. 6 3.23% $9,180
    Florida Capital Bank 6 3.13% $10,337
    EVERETT FINANCIAL, INC. 6 3.40% $6,531
    First Guaranty Mortgage Corporation 6 2.88% $7,960
    ENVOY MORTGAGE, LTD 5 3.83% $11,909
    1st Colonial Community Bank 5 2.85% $6,535
    APEX HOME LOANS, INC. 5 3.25% $10,493
    InterContinental Capital Group, Inc 5 2.80% $10,147
    Lakeview Community Capital, LLC 5 2.90% $5,324
    FAMILY FIRST FUNDING LLC 5 3.20% $7,521
    MLB RESIDENTIAL LENDING, LLC 5 3.05% $10,846
    SUCCESS MORTGAGE PARTNERS, INC. 5 3.05% $10,262
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 5 3.48% $7,554
    Home Mortgage Alliance Corp 4 3.44% $7,510
    ON Q FINANCIAL, INC. 4 3.03% $8,902
    JPMorgan Chase Bank 4 3.09% $3,148
    AMERICAN HERITAGE FCU 3 3.08% $5,956
    Mid Penn Bank 3 3.29% $9,084
    RESIDENTIAL HOME FUNDING CORP. 3 2.88% $11,029
    CONTOUR MORTGAGE CORPORATION 3 2.92% $9,924
    RESIDENTIAL BANCORP. 3 2.75% $8,231
    Republic Bank 3 2.88% $5,091
    AMERICAN FINANCIAL RESOURCES, INC. 3 2.92% $7,085
    Towne Bank 3 2.67% $8,146
    AmRes Corporation 3 3.46% $7,158
    DIRECT MORTGAGE LOANS, LLC 3 3.33% $13,444
    KELLER MORTGAGE, LLC 3 2.88% $5,532
    George Mason Mortgage, LLC 3 3.13% $10,102
    NP, Inc. 3 2.79% $7,670
    Bank of England 3 3.50% $11,630
    Atlantic Coast Mortgage, LLC 2 3.38% $8,418
    GUARANTY HOME MORTGAGE CORPORATION 2 2.88% $12,811
    First Federal Bank 2 3.19% $12,943
    FIDELITY DIRECT MORTGAGE, LLC 2 3.63% $15,475
    LEADERONE FINANCIAL CORPORATION 2 2.81% $10,762
    Evesham Mortgage, LLC 2 3.19% $6,416
    Credence Funding Corporation 2 2.44% $6,642
    Colonial Savings, F.A. 2 3.06% $6,736
    BETTER MORTGAGE CORPORATION 2 3.13% $5,757
    PHH Mortgage Corporation 2 3.38% $6,298
    Philadelphia Mortgage Advisors, Inc. 2 3.25% $7,535
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.81% $14,884
    Princeton Mortgage Corporation 2 3.50% $9,347
    Quaint Oak Mortgage, LLC 2 3.00% $9,968
    RELIANCE FIRST CAPITAL, LLC 2 2.81% $8,522
    Sierra Pacific Mortgage Company, Inc. 2 3.19% $11,469
    STEARNS LENDING, LLC 2 2.75% $9,513
    AMERICAN FINANCING CORPORATION 2 3.13% $8,968
    Advisors Mortgage Group, L.L.C. 2 2.94% $7,152
    GSF Mortgage Corporation 2 2.88% $10,939
    Presidential Bank, FSB 1 2.88% $8,393
    NATIONS DIRECT MORTGAGE, LLC 1 2.25% $13,670
    HOMEAMERICAN MORTGAGE CORPORATION 1 2.38% $6,784
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 3.75% $8,308
    Customers Bank 1 2.50% $9,630
    Univest Bank and Trust Co. 1 2.75% $10,260
    East Coast Capital Corp. 1 2.75% $13,475
    US MORTGAGE CORPORATION 1 3.13% $5,941
    Wells Fargo Bank 1 3.13% $10,772
    MORIA DEVELOPMENT, INC. 1 3.75% $9,776
    MILEND, INC. 1 3.25% $9,242
    American Mortgage Bank, LLC 1 3.25% $9,297
    MCLEAN MORTGAGE CORPORATION 1 3.00% $6,386
    Magnolia Bank 1 2.25% $12,238
    1ST PREFERENCE MORTGAGE CORP. 1 2.88% $4,980
    Low VA Rates, LLC 1 3.63% $5,231
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.38% $6,884
    Waterstone Mortgage Corporation 1 3.38% $7,764
    LOANPAL, LLC 1 2.63% $11,192
    SUMMIT FUNDING, INC. 1 4.25% $11,298
    Summit Mortgage Corporation 1 3.13% $12,230
    Flagstar Bank, FSB 1 2.88% $9,856
    LENDING CAPITAL GROUP Inc 1 2.75% $7,481
    TD Bank 1 2.88% $3,524
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 3.13% $11,870
    GENEVA FINANCIAL, LLC 1 2.88% $6,708
    TOTAL MORTGAGE SERVICES, LLC 1 3.13% $9,689
    WesBanco Bank, Inc. 1 2.75% $11,292
    Capital Bank 1 2.38% $7,804
    FirstBank 1 3.00% $8,932
    Truist Bank 1 2.88% $8,018
    FIRST HERITAGE FINANCIAL, LLC 1 3.25% $5,607
    BAY CAPITAL MORTGAGE CORPORATION 1 2.25% $9,139
    C & F Mortgage Corporation 1 2.25% $9,851
    Barrington Bank & Trust Company, N.A. 1 3.25% $6,395
    North American Savings Bank, F.S.B. 1 2.38% $6,636
    CHURCHILL MORTGAGE CORPORATION 1 2.50% $6,546
    POLARIS HOME FUNDING CORP. 1 2.88% $8,379
    PREMIER LENDING, INC. 1 2.50% $8,674

    The top Wilmington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 373 FHA loans originated. Their average total fees are $6,988, which is $1,888 lower than the next largest lender, Meridian Bank Corporation.

    The lowest fee Wilmington FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,887), Bank of America ($4,865), Mr. Cooper ( Nationstar Mortgage ) ($4,907), SOUTHERN TRUST MORTGAGE, LLC ($5,180) and PENNYMAC LOAN SERVICES, LLC ($5,200).

    The lowest rate Wilmington FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.61%), Keystone Funding, Inc. (2.71%), QUICKEN LOANS, LLC (2.71%), PLAZA HOME MORTGAGE, INC. (2.73%) and Manufacturers and Traders Trust Company (2.73%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Wilmington (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 $229,995 (5.0%) $343,281 (3.3%) 0.85 20,339
    2018-02-01 $237,000 (7.8%) $345,647 (2.3%) 0.85 20,590
    2018-03-01 $240,000 (4.7%) $355,764 (2.7%) 0.83 19,886
    2018-04-01 $249,950 (6.4%) $369,050 (3.8%) 0.84 20,785
    2018-05-01 $264,500 (8.0%) $383,010 (5.4%) 0.88 21,602
    2018-06-01 $269,000 (8.1%) $388,456 (5.5%) 0.90 22,210
    2018-07-01 $269,450 (7.8%) $387,880 (6.1%) 0.90 22,358
    2018-08-01 $262,450 (5.7%) $382,698 (6.2%) 0.88 22,361
    2018-09-01 $262,000 (6.1%) $382,055 (5.6%) 0.88 22,688
    2018-10-01 $264,950 (6.0%) $382,170 (4.5%) 0.89 23,033
    2018-11-01 $263,522 (8.7%) $379,513 (7.4%) 0.88 22,287
    2018-12-01 $254,900 (7.5%) $373,201 (7.6%) 0.87 20,457
    2019-01-01 $249,900 (8.7%) $363,923 (6.0%) 0.86 18,903
    2019-02-01 $251,500 (6.1%) $368,398 (6.6%) 0.84 18,647
    2019-03-01 $265,286 (10.5%) $383,560 (7.8%) 0.86 19,042
    2019-04-01 $275,000 (10.0%) $395,831 (7.3%) 0.87 19,536
    2019-05-01 $287,950 (8.9%) $406,697 (6.2%) 0.89 20,302
    2019-06-01 $289,900 (7.8%) $408,518 (5.2%) 0.89 20,743
    2019-07-01 $287,000 (6.5%) $406,737 (4.9%) 0.89 20,591
    2019-08-01 $289,286 (10.2%) $409,485 (7.0%) 0.91 19,629
    2019-09-01 $297,000 (13.4%) $421,214 (10.3%) 0.94 18,514
    2019-10-01 $299,000 (12.9%) $428,117 (12.0%) 0.95 18,561
    2019-11-01 $295,000 (12.0%) $423,999 (11.7%) 0.95 17,530
    2019-12-01 $287,604 (12.8%) $422,320 (13.2%) 0.96 15,078
    2020-01-01 $285,000 (14.1%) $420,342 (15.5%) 0.95 13,657
    2020-02-01 $291,900 (16.1%) $433,129 (17.6%) 0.94 13,176
    2020-03-01 $299,950 (13.1%) $447,228 (16.6%) 0.94 13,245
    2020-04-01 $299,900 (9.1%) $445,648 (12.6%) 0.93 11,986
    2020-05-01 $311,131 (8.1%) $454,994 (11.9%) 0.94 12,462
    2020-06-01 $327,450 (13.0%) $475,821 (16.5%) 0.96 12,455
    2020-07-01 $339,950 (18.5%) $496,733 (22.1%) 0.97 11,429
    2020-08-01 $342,900 (18.5%) $506,456 (23.7%) 0.98 10,834
    2020-09-01 $343,032 (15.5%) $510,361 (21.2%) 0.98 10,799
    2020-10-01 $349,000 (16.7%) $516,866 (20.7%) 1.00 10,808
    2020-11-01 $339,500 (15.1%) $512,902 (21.0%) 0.97 10,399
    2020-12-01 $327,000 (13.7%) $505,018 (19.6%) 0.96 9,091
    2021-01-01 $324,000 (13.7%) $507,994 (20.9%) 0.95 7,911
    2021-02-01 $322,450 (10.5%) $518,908 (19.8%) 0.93 7,113
    2021-03-01 $325,000 (8.4%) $529,998 (18.5%) 0.91 7,227
    2021-04-01 $339,450 (13.2%) $546,861 (22.7%) 0.91 7,574
    2021-05-01 $339,900 (9.3%) $526,530 (15.7%) 0.89 8,161
    2021-06-01 $334,900 (2.3%) $504,213 (6.0%) 0.87 9,826
    2021-07-01 $325,000 (-4.4%) $490,693 (-1.2%) 0.84 10,530
    2021-08-01 $320,000 (-6.7%) $473,091 (-6.6%) 0.84 10,911
    2021-09-01 $319,950 (-6.7%) $470,053 (-7.9%) 0.84 10,970
    2021-10-01 $319,999 (-8.3%) $472,739 (-8.5%) 0.84 10,623
    2021-11-01 $312,450 (-8.0%) $472,371 (-7.9%) 0.82 9,729
    2021-12-01 $299,950 (-8.3%) $468,154 (-7.3%) 0.80 8,358
    2022-01-01 $299,900 (-7.4%) $479,692 (-5.6%) 0.80 6,917
    Wilmington's median listing price for 2022-01-01 was $299,900, a difference of $-24,100 (-7.4%) versus the prior year and $-50 versus the prior month.

    Wilmington's median listing price comes in at 80% of the national average.

    Wilmington's average listing price for 2022-01-01 was $479,692, a difference of $-28,302 (-5.6%) versus the prior year and $11,538 versus the prior month.

    For the 2022-01-01 period, Wilmington had 6,917 MLS listings, a difference of -1,441 listings (-17%) versus the prior month and -994 listings (-13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Wilmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 87 days 1,700 sqft
    2018-02-01 80 days 1,702 sqft
    2018-03-01 59 days 1,714 sqft
    2018-04-01 55 days 1,749 sqft
    2018-05-01 52 days 1,795 sqft
    2018-06-01 53 days 1,820 sqft
    2018-07-01 60 days 1,824 sqft
    2018-08-01 63 days 1,803 sqft
    2018-09-01 64 days 1,800 sqft
    2018-10-01 64 days 1,800 sqft
    2018-11-01 66 days 1,800 sqft
    2018-12-01 75 days 1,780 sqft
    2019-01-01 83 days 1,806 sqft
    2019-02-01 79 days 1,853 sqft
    2019-03-01 57 days 1,853 sqft
    2019-04-01 49 days 1,853 sqft
    2019-05-01 48 days 1,878 sqft
    2019-06-01 52 days 1,884 sqft
    2019-07-01 59 days 1,860 sqft
    2019-08-01 63 days 1,864 sqft
    2019-09-01 63 days 1,892 sqft
    2019-10-01 61 days 1,890 sqft
    2019-11-01 64 days 1,853 sqft
    2019-12-01 75 days 1,832 sqft
    2020-01-01 82 days 1,800 sqft
    2020-02-01 69 days 1,825 sqft
    2020-03-01 49 days 1,849 sqft
    2020-04-01 62 days 1,831 sqft
    2020-05-01 73 days 1,864 sqft
    2020-06-01 59 days 1,885 sqft
    2020-07-01 46 days 1,879 sqft
    2020-08-01 45 days 1,850 sqft
    2020-09-01 43 days 1,797 sqft
    2020-10-01 48 days 1,786 sqft
    2020-11-01 52 days 1,745 sqft
    2020-12-01 61 days 1,688 sqft
    2021-01-01 70 days 1,643 sqft
    2021-02-01 65 days 1,618 sqft
    2021-03-01 48 days 1,628 sqft
    2021-04-01 40 days 1,663 sqft
    2021-05-01 38 days 1,680 sqft
    2021-06-01 37 days 1,671 sqft
    2021-07-01 41 days 1,655 sqft
    2021-08-01 43 days 1,625 sqft
    2021-09-01 47 days 1,605 sqft
    2021-10-01 49 days 1,598 sqft
    2021-11-01 51 days 1,558 sqft
    2021-12-01 58 days 1,533 sqft
    2022-01-01 65 days 1,508 sqft
    Wilmington's median listing age (time on market) for 2022-01-01 was 65 days. This is -7% shorter than the same period one year ago.

    Wilmington's median square footage for active listings during the 2022-01-01 period was 1,508 sqft. One year prior, the average listing was 1,643 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).