Worcester FHA Loan Rates, Closing Costs & Stats

WORCESTER, MA-CT

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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.

    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 6.68% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Worcester's average FHA mortgage closing costs are $9,648.

    The average rate for the prior week (2025-05-16) was 6.81% and one month ago for the week of 2025-04-18, the average rate was 6.64%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.4%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Worcester (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 $309,950 (7.1%) $371,579 (6.6%) 1.15 1,524
    2018-02-01 $319,900 (8.0%) $379,033 (7.2%) 1.16 1,436
    2018-03-01 $329,900 (8.2%) $397,354 (9.4%) 1.16 1,462
    2018-04-01 $346,906 (8.4%) $416,480 (11.0%) 1.18 1,590
    2018-05-01 $349,900 (9.4%) $417,375 (10.8%) 1.17 1,818
    2018-06-01 $349,900 (6.1%) $417,219 (8.7%) 1.17 2,091
    2018-07-01 $349,900 (7.7%) $416,830 (9.6%) 1.17 2,187
    2018-08-01 $349,450 (9.2%) $410,125 (8.7%) 1.17 2,294
    2018-09-01 $340,000 (9.7%) $408,009 (9.6%) 1.14 2,494
    2018-10-01 $330,000 (8.2%) $400,674 (7.7%) 1.12 2,515
    2018-11-01 $329,900 (6.5%) $395,076 (5.6%) 1.12 2,356
    2018-12-01 $329,900 (6.5%) $396,198 (6.5%) 1.14 1,933
    2019-01-01 $332,500 (7.3%) $398,354 (7.2%) 1.15 1,640
    2019-02-01 $349,675 (9.3%) $404,410 (6.7%) 1.18 1,502
    2019-03-01 $362,757 (10.0%) $418,231 (5.3%) 1.19 1,555
    2019-04-01 $379,900 (9.5%) $435,002 (4.5%) 1.21 1,653
    2019-05-01 $389,900 (11.4%) $443,457 (6.3%) 1.22 1,861
    2019-06-01 $389,900 (11.4%) $451,791 (8.3%) 1.22 2,080
    2019-07-01 $379,900 (8.6%) $445,764 (6.9%) 1.19 2,099
    2019-08-01 $376,164 (7.6%) $441,387 (7.6%) 1.19 2,099
    2019-09-01 $370,559 (9.0%) $434,322 (6.5%) 1.19 2,116
    2019-10-01 $368,673 (11.7%) $429,450 (7.2%) 1.19 2,121
    2019-11-01 $369,900 (12.1%) $423,282 (7.1%) 1.21 1,926
    2019-12-01 $369,900 (12.1%) $421,551 (6.4%) 1.23 1,538
    2020-01-01 $369,900 (11.3%) $426,095 (7.0%) 1.24 1,312
    2020-02-01 $374,900 (7.2%) $440,979 (9.0%) 1.23 1,196
    2020-03-01 $394,200 (8.7%) $456,129 (9.1%) 1.24 1,285
    2020-04-01 $389,950 (2.7%) $450,844 (3.6%) 1.22 1,304
    2020-05-01 $399,900 (2.6%) $462,749 (4.4%) 1.22 1,354
    2020-06-01 $419,950 (7.7%) $487,659 (7.9%) 1.24 1,245
    2020-07-01 $419,950 (10.5%) $489,462 (9.8%) 1.22 1,109
    2020-08-01 $409,000 (8.7%) $488,802 (10.7%) 1.17 1,020
    2020-09-01 $399,925 (7.9%) $489,223 (12.6%) 1.15 1,035
    2020-10-01 $399,900 (8.5%) $498,609 (16.1%) 1.15 1,050
    2020-11-01 $394,425 (6.6%) $486,255 (14.9%) 1.15 909
    2020-12-01 $397,722 (7.5%) $484,617 (15.0%) 1.18 773
    2021-01-01 $415,000 (12.2%) $508,984 (19.5%) 1.24 572
    2021-02-01 $425,000 (13.4%) $504,117 (14.3%) 1.24 482
    2021-03-01 $412,450 (4.6%) $497,606 (9.1%) 1.17 539
    2021-04-01 $414,975 (6.4%) $495,676 (9.9%) 1.12 595
    2021-05-01 $425,000 (6.3%) $504,094 (8.9%) 1.13 660
    2021-06-01 $443,250 (5.6%) $508,707 (4.3%) 1.17 778
    2021-07-01 $449,000 (6.9%) $505,855 (3.4%) 1.18 854
    2021-08-01 $430,000 (5.1%) $498,711 (2.0%) 1.15 903
    2021-09-01 $429,450 (7.4%) $502,004 (2.6%) 1.15 922
    2021-10-01 $402,000 (0.5%) $488,744 (-2.0%) 1.07 916
    2021-11-01 $405,995 (2.9%) $481,243 (-1.0%) 1.09 762
    2021-12-01 $416,250 (4.7%) $489,870 (1.1%) 1.13 571
    2022-01-01 $430,000 (3.6%) $504,428 (-0.9%) 1.16 432
    2022-02-01 $450,000 (5.9%) $527,232 (4.6%) 1.17 402
    2022-03-01 $457,500 (10.9%) $541,288 (8.8%) 1.15 412
    2022-04-01 $470,000 (13.3%) $565,176 (14.0%) 1.12 505
    2022-05-01 $495,000 (16.5%) $569,305 (12.9%) 1.13 655
    2022-06-01 $472,400 (6.6%) $554,026 (8.9%) 1.05 827
    2022-07-01 $474,900 (5.8%) $548,050 (8.3%) 1.07 1,005
    2022-08-01 $469,900 (9.3%) $548,895 (10.1%) 1.09 968
    2022-09-01 $459,900 (7.1%) $544,007 (8.4%) 1.08 918
    2022-10-01 $464,961 (15.7%) $543,375 (11.2%) 1.09 936
    2022-11-01 $462,400 (13.9%) $542,645 (12.8%) 1.11 904
    2022-12-01 $469,400 (12.8%) $550,650 (12.4%) 1.16 679
    2023-01-01 $482,450 (12.2%) $553,474 (9.7%) 1.20 617
    2023-02-01 $507,400 (12.8%) $576,996 (9.4%) 1.22 512
    2023-03-01 $517,400 (13.1%) $583,297 (7.8%) 1.22 498
    2023-04-01 $524,990 (11.7%) $606,876 (7.4%) 1.22 577
    2023-05-01 $528,698 (6.8%) $611,097 (7.3%) 1.20 625
    2023-06-01 $527,450 (11.7%) $616,381 (11.3%) 1.19 675
    2023-07-01 $529,900 (11.6%) $615,012 (12.2%) 1.20 629
    2023-08-01 $519,925 (10.7%) $601,853 (9.7%) 1.19 704
    2023-09-01 $510,000 (10.9%) $599,240 (10.2%) 1.19 770
    2023-10-01 $507,500 (9.2%) $595,887 (9.7%) 1.19 799
    2023-11-01 $499,900 (8.1%) $582,773 (7.4%) 1.19 813
    2023-12-01 $524,900 (11.8%) $592,344 (7.6%) 1.28 656
    2024-01-01 $525,000 (8.8%) $591,566 (6.9%) 1.28 533
    2024-02-01 $532,445 (4.9%) $618,346 (7.2%) 1.28 505
    2024-03-01 $525,000 (1.5%) $628,182 (7.7%) 1.24 542
    2024-04-01 $550,925 (4.9%) $653,141 (7.6%) 1.28 622
    2024-05-01 $557,425 (5.4%) $654,087 (7.0%) 1.27 711
    2024-06-01 $550,000 (4.3%) $652,299 (5.8%) 1.25 857
    2024-07-01 $560,725 (5.8%) $661,692 (7.6%) 1.28 862
    2024-08-01 $529,900 (1.9%) $636,778 (5.8%) 1.23 920
    2024-09-01 $539,900 (5.9%) $636,018 (6.1%) 1.27 1,028
    2024-10-01 $544,950 (7.4%) $635,653 (6.7%) 1.28 1,104
    2024-11-01 $529,850 (6.0%) $627,211 (7.6%) 1.27 1,074
    2024-12-01 $527,400 (0.5%) $619,931 (4.7%) 1.31 788
    2025-01-01 $527,425 (0.5%) $623,099 (5.3%) 1.32 656
    2025-02-01 $539,500 (1.3%) $627,427 (1.5%) 1.31 626
    2025-03-01 $549,950 (4.8%) $649,606 (3.4%) 1.29 662
    2025-04-01 $569,675 (3.4%) $659,980 (1.1%) 1.32 809
    Worcester's median listing price for 2025-04-01 was $569,675, a difference of $18,750 (3.4%) versus the prior year and $19,725 versus the prior month.

    Worcester's median listing price comes in at 132% of the national average.

    Worcester's average listing price for 2025-04-01 was $659,980, a difference of $6,839 (1.1%) versus the prior year and $10,374 versus the prior month.

    For the 2025-04-01 period, Worcester had 809 MLS listings, a difference of 147 listings (22%) versus the prior month and 187 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Worcester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 78 days 1,832 sqft
    2018-02-01 71 days 1,849 sqft
    2018-03-01 45 days 1,891 sqft
    2018-04-01 37 days 1,933 sqft
    2018-05-01 31 days 1,933 sqft
    2018-06-01 34 days 1,960 sqft
    2018-07-01 42 days 1,986 sqft
    2018-08-01 47 days 1,982 sqft
    2018-09-01 46 days 1,976 sqft
    2018-10-01 50 days 1,941 sqft
    2018-11-01 58 days 1,925 sqft
    2018-12-01 67 days 1,900 sqft
    2019-01-01 78 days 1,877 sqft
    2019-02-01 74 days 1,910 sqft
    2019-03-01 57 days 1,967 sqft
    2019-04-01 37 days 2,059 sqft
    2019-05-01 37 days 2,100 sqft
    2019-06-01 37 days 2,098 sqft
    2019-07-01 47 days 2,065 sqft
    2019-08-01 51 days 2,040 sqft
    2019-09-01 52 days 2,007 sqft
    2019-10-01 52 days 1,994 sqft
    2019-11-01 57 days 1,982 sqft
    2019-12-01 73 days 1,949 sqft
    2020-01-01 78 days 1,920 sqft
    2020-02-01 58 days 1,968 sqft
    2020-03-01 33 days 2,027 sqft
    2020-04-01 43 days 2,020 sqft
    2020-05-01 52 days 2,018 sqft
    2020-06-01 38 days 2,038 sqft
    2020-07-01 38 days 2,066 sqft
    2020-08-01 36 days 2,041 sqft
    2020-09-01 26 days 1,986 sqft
    2020-10-01 26 days 1,969 sqft
    2020-11-01 44 days 1,919 sqft
    2020-12-01 57 days 1,884 sqft
    2021-01-01 54 days 1,936 sqft
    2021-02-01 43 days 1,847 sqft
    2021-03-01 15 days 1,808 sqft
    2021-04-01 14 days 1,803 sqft
    2021-05-01 14 days 1,846 sqft
    2021-06-01 16 days 1,859 sqft
    2021-07-01 22 days 1,830 sqft
    2021-08-01 24 days 1,822 sqft
    2021-09-01 25 days 1,831 sqft
    2021-10-01 26 days 1,795 sqft
    2021-11-01 32 days 1,827 sqft
    2021-12-01 38 days 1,768 sqft
    2022-01-01 44 days 1,780 sqft
    2022-02-01 25 days 1,813 sqft
    2022-03-01 13 days 1,820 sqft
    2022-04-01 10 days 1,878 sqft
    2022-05-01 13 days 1,933 sqft
    2022-06-01 16 days 1,903 sqft
    2022-07-01 22 days 1,905 sqft
    2022-08-01 30 days 1,913 sqft
    2022-09-01 31 days 1,877 sqft
    2022-10-01 32 days 1,890 sqft
    2022-11-01 37 days 1,879 sqft
    2022-12-01 52 days 1,850 sqft
    2023-01-01 50 days 1,868 sqft
    2023-02-01 41 days 1,900 sqft
    2023-03-01 29 days 1,898 sqft
    2023-04-01 19 days 1,942 sqft
    2023-05-01 17 days 1,981 sqft
    2023-06-01 18 days 1,967 sqft
    2023-07-01 24 days 1,945 sqft
    2023-08-01 19 days 1,881 sqft
    2023-09-01 25 days 1,895 sqft
    2023-10-01 25 days 1,880 sqft
    2023-11-01 30 days 1,877 sqft
    2023-12-01 42 days 1,874 sqft
    2024-01-01 45 days 1,872 sqft
    2024-02-01 29 days 1,820 sqft
    2024-03-01 22 days 1,820 sqft
    2024-04-01 20 days 1,932 sqft
    2024-05-01 18 days 1,933 sqft
    2024-06-01 23 days 1,960 sqft
    2024-07-01 31 days 2,025 sqft
    2024-08-01 30 days 1,935 sqft
    2024-09-01 30 days 1,969 sqft
    2024-10-01 31 days 1,985 sqft
    2024-11-01 39 days 1,917 sqft
    2024-12-01 48 days 1,874 sqft
    2025-01-01 50 days 1,863 sqft
    2025-02-01 39 days 1,888 sqft
    2025-03-01 25 days 1,921 sqft
    2025-04-01 21 days 1,957 sqft
    Worcester's median listing age (time on market) for 2025-04-01 was 21 days. This is 5% longer than the same period one year ago.

    Worcester's median square footage for active listings during the 2025-04-01 period was 1,957 sqft. One year prior, the average listing was 1,932 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).