Wilmington FHA Loans

WILMINGTON, DE-MD-NJ

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).