Worcester FHA Loan Rates, Closing Costs & Stats
WORCESTER, MA-CT
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.
Worcester's 120 lenders originated 1,724 FHA
loans during 2024. The total origination value was $666,250,000, with an average FHA loan value of
$386,456.
Worcester FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Worcester
averaged
0.37%
for the week of 2025-06-20, compared to the national average (all FHA variants) of
0% for the same period.
Worcester's average FHA mortgage closing costs are $9,648.
The average rate for the prior week (2025-06-13) was
6.85% and
one month ago for the week of 2025-05-16, the
average rate was 6.71%.
The average rate one year ago was 6.87%.
For refis of the same type during the week of 2025-06-20, the average rate
was -0.02%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Worcester 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 Worcester level.
Name |
# of Loans |
2024 Avg. 30yFix Rate |
2024 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
208
|
6.29%
|
$15,863
|
QUICKEN LOANS, LLC
|
155
|
6.23%
|
$14,639
|
TOTAL MORTGAGE SERVICES, LLC
|
101
|
6.99%
|
$16,116
|
CROSSCOUNTRY MORTGAGE, LLC
|
74
|
6.69%
|
$14,889
|
BROKER SOLUTIONS, INC.
|
68
|
6.50%
|
$14,761
|
GUILD MORTGAGE COMPANY
|
63
|
6.68%
|
$15,272
|
GUARANTEED RATE, INC.
|
60
|
6.37%
|
$14,124
|
FREEDOM MORTGAGE CORPORATION
|
53
|
6.33%
|
$14,763
|
CMG MORTGAGE, INC.
|
44
|
6.85%
|
$14,549
|
MOVEMENT MORTGAGE, LLC
|
41
|
6.50%
|
$14,763
|
PENNYMAC LOAN SERVICES, LLC
|
37
|
6.07%
|
$11,594
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
34
|
6.97%
|
$13,916
|
LOANDEPOT.COM, LLC
|
30
|
6.10%
|
$15,087
|
LAKEVIEW LOAN SERVICING, LLC
|
29
|
6.29%
|
$10,644
|
NEWREZ LLC
|
27
|
6.36%
|
$13,849
|
OCMBC, INC.
|
26
|
6.49%
|
$15,621
|
HARBORONE MORTGAGE, LLC
|
24
|
6.36%
|
$14,173
|
Mr. Cooper ( Nationstar Mortgage )
|
24
|
6.36%
|
$11,807
|
Leader Bank
|
22
|
6.11%
|
$11,363
|
RADIUS FINANCIAL GROUP INC.
|
19
|
6.30%
|
$19,539
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
15
|
6.43%
|
$11,940
|
MORTGAGE EQUITY PARTNERS LLC
|
15
|
6.50%
|
$17,665
|
Paramount Residential Mortgage Group, Inc.
|
15
|
6.67%
|
$15,078
|
MSA MORTGAGE, LLC
|
14
|
6.07%
|
$15,280
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
14
|
6.25%
|
$20,086
|
Nations Lending Corporation
|
14
|
6.64%
|
$18,893
|
BAY EQUITY LLC
|
11
|
6.45%
|
$13,121
|
DREW MORTGAGE ASSOCIATES, INC.
|
11
|
6.90%
|
$14,614
|
SALEM FIVE MORTGAGE COMPANY, LLC
|
11
|
6.19%
|
$12,127
|
AMERICAN FINANCIAL NETWORK, INC.
|
11
|
6.47%
|
$18,653
|
Semper Home Loans, Inc.
|
11
|
6.66%
|
$16,818
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
9
|
6.51%
|
$9,427
|
BAYCOAST MORTGAGE COMPANY, LLC
|
9
|
6.04%
|
$11,779
|
FIRST MORTGAGE COMPANY, INC.
|
9
|
6.35%
|
$14,877
|
GENEVA FINANCIAL, LLC
|
9
|
6.74%
|
$16,443
|
PLAZA HOME MORTGAGE, INC.
|
8
|
6.75%
|
$15,669
|
NORTHPOINT MORTGAGE, INC.
|
8
|
6.37%
|
$16,815
|
Plains Commerce Bank
|
8
|
6.55%
|
$16,024
|
NFM, INC.
|
8
|
6.83%
|
$16,506
|
VILLAGE CAPITAL MORTGAGE
|
8
|
6.28%
|
$11,470
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
8
|
6.33%
|
$18,851
|
Ixonia Bank
|
8
|
6.70%
|
$18,539
|
Evolve Bank & Trust
|
7
|
6.75%
|
$11,547
|
GUARANTEED RATE AFFINITY, LLC
|
7
|
6.48%
|
$13,947
|
EMM LOANS LLC
|
7
|
5.91%
|
$18,100
|
Keystone Funding, Inc.
|
7
|
6.25%
|
$12,847
|
NATIONS DIRECT MORTGAGE, LLC
|
7
|
6.41%
|
$12,910
|
Citizens Bank
|
7
|
6.41%
|
$13,014
|
LOANPAL, LLC
|
6
|
6.00%
|
$17,028
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
6
|
6.44%
|
$14,734
|
ENVOY MORTGAGE, LTD
|
6
|
6.48%
|
$17,098
|
ZILLOW HOME LOANS, LLC
|
5
|
6.45%
|
$13,003
|
EMBRACE HOME LOANS, INC.
|
5
|
6.73%
|
$13,701
|
Flagstar Bank, FSB
|
5
|
6.42%
|
$15,446
|
LEADERONE FINANCIAL CORPORATION
|
5
|
6.28%
|
$14,830
|
MILEND, INC.
|
5
|
6.33%
|
$18,988
|
NEW FED MORTGAGE, CORP.
|
5
|
6.35%
|
$15,762
|
NORWICH COMMERCIAL GROUP, INC.
|
5
|
6.13%
|
$12,072
|
UNION HOME MORTGAGE CORP.
|
4
|
5.87%
|
$19,825
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
4
|
7.13%
|
$14,664
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
4
|
6.66%
|
$20,913
|
CARDINAL FINANCIAL
|
4
|
6.97%
|
$17,426
|
Fall River Five Cents Savings Bank
|
4
|
6.50%
|
$12,713
|
M&T Bank
|
4
|
6.50%
|
$11,866
|
The Washington Trust Company, of Westerly
|
4
|
5.88%
|
$13,203
|
HUNT MORTGAGE CORPORATION
|
4
|
6.78%
|
$12,635
|
AMERICAN FINANCING CORPORATION
|
3
|
5.58%
|
$15,757
|
FIRST HOME MORTGAGE CORPORATION
|
3
|
6.71%
|
$15,836
|
Ross Mortgage Company, Inc.
|
3
|
7.25%
|
$13,377
|
RELIANCE FIRST CAPITAL, LLC
|
3
|
6.58%
|
$18,856
|
AMERISAVE MORTGAGE CORPORATION
|
3
|
6.50%
|
$16,848
|
AMERICAN FINANCIAL RESOURCES, INC.
|
3
|
6.88%
|
$14,827
|
HOMESTEAD FUNDING CORP.
|
2
|
6.69%
|
$8,833
|
LAND HOME FINANCIAL SERVICES, INC.
|
2
|
7.00%
|
$22,103
|
HOMESPIRE MORTGAGE CORPORATION
|
2
|
5.94%
|
$20,437
|
ALLIED MORTGAGE GROUP, INC.
|
2
|
5.75%
|
$16,681
|
HOMESIDE FINANCIAL, LLC
|
2
|
6.13%
|
$21,219
|
Magnolia Bank
|
2
|
6.25%
|
$18,361
|
Mortgage Research Center, LLC
|
2
|
6.69%
|
$17,493
|
FIRST COMMUNITY MORTGAGE, INC.
|
2
|
7.06%
|
$23,525
|
Equity Prime Mortgage LLC
|
2
|
7.88%
|
$18,111
|
Easthampton Savings Bank
|
2
|
6.06%
|
$12,560
|
NATIONS RELIABLE LENDING, LLC
|
2
|
6.63%
|
$22,934
|
Waterstone Mortgage Corporation
|
2
|
6.63%
|
$16,234
|
CIBM Bank
|
2
|
7.13%
|
$11,309
|
Academy Bank
|
2
|
6.38%
|
$12,057
|
CALCON MUTUAL MORTGAGE LLC
|
2
|
7.19%
|
$17,176
|
Rockland Trust Company
|
2
|
7.25%
|
$11,240
|
American Mortgage & Equity Consultants, Inc.
|
2
|
6.25%
|
$18,145
|
Sierra Pacific Mortgage Company, Inc.
|
2
|
6.19%
|
$17,267
|
Texana Bank
|
2
|
5.75%
|
$16,782
|
The Federal Savings Bank
|
2
|
6.50%
|
$14,097
|
TOP FLITE FINANCIAL, INC.
|
2
|
6.44%
|
$16,357
|
CONTOUR MORTGAGE CORPORATION
|
1
|
5.75%
|
$15,779
|
Bank of England
|
1
|
6.50%
|
$13,967
|
Prosperity Home Mortgage, LLC
|
1
|
6.75%
|
$7,427
|
DIRECT MORTGAGE LOANS, LLC
|
1
|
5.13%
|
$22,798
|
Bangor Savings Bank
|
1
|
6.00%
|
$7,264
|
Network Funding, L.P.
|
1
|
6.25%
|
$7,575
|
NBKC BANK
|
1
|
6.13%
|
$8,300
|
Residential Mortgage Solutions, Inc.
|
1
|
5.75%
|
$18,668
|
MLD MORTGAGE INC.
|
1
|
7.25%
|
$24,228
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
6.75%
|
$10,535
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
1
|
6.25%
|
$22,384
|
Watermark Capital, Inc.
|
1
|
5.50%
|
$8,123
|
INTELLILOAN, INC.
|
1
|
6.00%
|
$4,649
|
Stride Bank
|
1
|
5.75%
|
$8,824
|
T2 FINANCIAL LLC
|
1
|
5.50%
|
$16,124
|
TD Bank
|
1
|
6.88%
|
$10,284
|
JMAC LENDING, INC.
|
1
|
6.13%
|
$17,272
|
JPMorgan Chase Bank
|
1
|
6.49%
|
$12,905
|
Eastern Bank
|
1
|
6.49%
|
$15,226
|
Home Mortgage Alliance Corp
|
1
|
6.25%
|
$18,358
|
NORTHERN MORTGAGE SERVICES, LLC
|
1
|
6.75%
|
$23,666
|
EQUITY RESOURCES, INC.
|
1
|
6.25%
|
$11,142
|
BETTER MORTGAGE CORPORATION
|
1
|
5.63%
|
$8,977
|
PHH Mortgage Corporation
|
1
|
6.63%
|
$12,413
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
7.38%
|
$13,353
|
Barrington Bank & Trust Company, N.A.
|
1
|
6.25%
|
$14,779
|
PREMIER MORTGAGE RESOURCES, L.L.C.
|
1
|
7.13%
|
$12,096
|
The top Worcester FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
208 FHA loans originated. Their average total fees are
$15,863, which is $1,224
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Worcester FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($10,644), Leader Bank ($11,363), PENNYMAC LOAN SERVICES, LLC ($11,594), Mr. Cooper ( Nationstar Mortgage ) ($11,807) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($11,940).
The lowest rate Worcester FHA lenders (with over 10 loans originated) are
MSA MORTGAGE, LLC (6.07%), PENNYMAC LOAN SERVICES, LLC (6.07%), LOANDEPOT.COM, LLC (6.10%), Leader Bank (6.11%) and SALEM FIVE MORTGAGE COMPANY, LLC (6.19%).
Worcester FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
WORCESTER, MA-CT |
WINDHAM |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
WORCESTER, MA-CT |
WORCESTER |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
WORCESTER, MA-CT |
WINDHAM |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
WORCESTER, MA-CT |
WORCESTER |
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).