Worcester FHA Loans
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 160 lenders originated 4,353 FHA
loans during 2021. The total origination value was $1,338,275,000, with an average FHA loan value of
$307,437.
Worcester FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Worcester
averaged
5.08%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.51% and
one month ago for the week of 2022-04-08, the
average rate was 4.97%.
The average rate one year ago was 2.88%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.21%.
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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Worcester level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
QUICKEN LOANS, LLC
|
343
|
2.70%
|
$7,334
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
210
|
3.24%
|
$8,951
|
UNITED WHOLESALE MORTGAGE, LLC
|
206
|
2.67%
|
$9,925
|
LAKEVIEW LOAN SERVICING, LLC
|
197
|
2.96%
|
$5,339
|
TOTAL MORTGAGE SERVICES, LLC
|
195
|
3.38%
|
$10,367
|
FREEDOM MORTGAGE CORPORATION
|
194
|
2.96%
|
$6,161
|
ENVOY MORTGAGE, LTD
|
131
|
3.25%
|
$9,861
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
124
|
2.87%
|
$7,917
|
RESIDENTIAL MORTGAGE SERVICES, INC.
|
121
|
2.99%
|
$9,019
|
CALIBER HOME LOANS, INC.
|
96
|
2.70%
|
$8,179
|
CROSSCOUNTRY MORTGAGE, LLC
|
96
|
3.02%
|
$10,948
|
Mr. Cooper ( Nationstar Mortgage )
|
91
|
3.19%
|
$4,962
|
PENNYMAC LOAN SERVICES, LLC
|
82
|
2.93%
|
$6,406
|
HOME POINT FINANCIAL CORPORATION
|
82
|
2.84%
|
$9,463
|
NEWREZ LLC
|
77
|
2.86%
|
$7,037
|
LOANDEPOT.COM, LLC
|
71
|
3.11%
|
$9,497
|
Evolve Bank & Trust
|
63
|
2.82%
|
$10,273
|
Nations Lending Corporation
|
56
|
3.49%
|
$8,293
|
MOVEMENT MORTGAGE, LLC
|
56
|
3.23%
|
$9,444
|
GUARANTEED RATE, INC.
|
56
|
2.84%
|
$9,373
|
OCMBC, INC.
|
51
|
3.04%
|
$10,093
|
Paramount Residential Mortgage Group, Inc.
|
50
|
2.86%
|
$8,834
|
NORWICH COMMERCIAL GROUP, INC.
|
45
|
3.60%
|
$10,289
|
Equity Prime Mortgage LLC
|
42
|
3.38%
|
$8,899
|
RADIUS FINANCIAL GROUP INC.
|
42
|
2.81%
|
$9,838
|
DREW MORTGAGE ASSOCIATES, INC.
|
38
|
3.03%
|
$9,724
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
36
|
3.58%
|
$10,980
|
AMERISAVE MORTGAGE CORPORATION
|
34
|
3.02%
|
$10,244
|
EMM LOANS LLC
|
32
|
3.13%
|
$9,796
|
FINANCE OF AMERICA MORTGAGE LLC
|
31
|
2.79%
|
$10,922
|
BAY EQUITY LLC
|
29
|
3.14%
|
$9,840
|
Ross Mortgage Company, Inc.
|
27
|
3.00%
|
$9,121
|
Shamrock Home Loans, Inc.
|
27
|
2.93%
|
$9,124
|
PLAZA HOME MORTGAGE, INC.
|
26
|
3.09%
|
$9,760
|
Citizens Bank
|
26
|
2.77%
|
$9,490
|
NEW FED MORTGAGE, CORP.
|
26
|
2.87%
|
$10,545
|
NORTHPOINT MORTGAGE, INC.
|
24
|
2.82%
|
$10,114
|
ARC HOME LLC
|
23
|
2.83%
|
$9,411
|
NFM, INC.
|
20
|
3.23%
|
$9,542
|
BROKER SOLUTIONS, INC.
|
19
|
2.94%
|
$9,938
|
Carrington Mortgage Services, LLC
|
18
|
3.57%
|
$8,617
|
VILLAGE CAPITAL & INVESTMENT LLC
|
16
|
2.87%
|
$2,547
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
16
|
3.04%
|
$11,076
|
Northpointe Bank
|
16
|
2.97%
|
$9,811
|
First Guaranty Mortgage Corporation
|
16
|
2.82%
|
$7,667
|
ALLIED MORTGAGE GROUP, INC.
|
14
|
3.13%
|
$8,700
|
Sierra Pacific Mortgage Company, Inc.
|
14
|
2.91%
|
$9,191
|
Mortgage Network, Inc.
|
13
|
3.13%
|
$10,180
|
MORTGAGE EQUITY PARTNERS LLC
|
13
|
3.22%
|
$10,952
|
Envision Bank
|
12
|
2.81%
|
$8,347
|
GUILD MORTGAGE COMPANY
|
12
|
3.52%
|
$9,805
|
EMBRACE HOME LOANS, INC.
|
11
|
2.91%
|
$8,455
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
11
|
2.97%
|
$8,575
|
GUARANTEED RATE AFFINITY, LLC
|
10
|
2.96%
|
$8,864
|
AMERICAN FINANCIAL NETWORK, INC.
|
10
|
3.00%
|
$10,627
|
HARBORONE MORTGAGE, LLC
|
10
|
2.98%
|
$9,239
|
Hometown Lenders, Inc.
|
10
|
3.21%
|
$9,217
|
The Federal Savings Bank
|
10
|
2.88%
|
$12,288
|
SALEM FIVE MORTGAGE COMPANY, LLC
|
9
|
2.68%
|
$9,049
|
RELIANCE FIRST CAPITAL, LLC
|
9
|
2.96%
|
$11,250
|
Bank of England
|
9
|
2.92%
|
$12,260
|
EVERETT FINANCIAL, INC.
|
9
|
3.79%
|
$6,891
|
MSA MORTGAGE, LLC
|
8
|
2.58%
|
$9,593
|
ACADEMY MORTGAGE CORPORATION
|
8
|
3.03%
|
$9,944
|
FIRST HOME MORTGAGE CORPORATION
|
8
|
3.44%
|
$10,869
|
HOMESPIRE MORTGAGE CORPORATION
|
8
|
3.47%
|
$12,545
|
Berkshire Bank
|
7
|
2.80%
|
$8,036
|
Bank of America
|
7
|
2.82%
|
$6,363
|
Prosperity Home Mortgage, LLC
|
7
|
3.07%
|
$8,058
|
INLAND BANK & TRUST
|
7
|
3.02%
|
$9,008
|
Rockland Trust Company
|
7
|
2.61%
|
$9,455
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
7
|
2.82%
|
$9,873
|
Manufacturers and Traders Trust Company
|
6
|
2.94%
|
$7,395
|
Flagstar Bank, FSB
|
6
|
2.98%
|
$8,601
|
DRAPER AND KRAMER MORTGAGE CORP.
|
6
|
3.00%
|
$9,192
|
FIRST WORLD MORTGAGE CORPORATION
|
6
|
3.02%
|
$7,917
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
6
|
3.29%
|
$9,283
|
HOMESIDE FINANCIAL, LLC
|
5
|
3.15%
|
$7,369
|
HUNT MORTGAGE CORPORATION
|
5
|
3.08%
|
$9,349
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
5
|
2.90%
|
$9,745
|
BAYCOAST MORTGAGE COMPANY, LLC
|
5
|
2.78%
|
$8,300
|
KELLER MORTGAGE, LLC
|
5
|
2.53%
|
$8,255
|
Leader Bank
|
4
|
2.31%
|
$10,993
|
Mortgage Research Center, LLC
|
4
|
2.84%
|
$8,730
|
InterContinental Capital Group, Inc
|
4
|
2.88%
|
$10,411
|
CRESCENT MORTGAGE COMPANY
|
4
|
2.75%
|
$10,027
|
HOMESTEAD FUNDING CORP.
|
4
|
3.09%
|
$6,420
|
First Federal Bank
|
4
|
2.81%
|
$8,759
|
Ixonia Bank
|
3
|
3.21%
|
$8,845
|
AMERICAN FINANCING CORPORATION
|
3
|
2.71%
|
$9,614
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
3
|
3.75%
|
$6,947
|
BAYSHORE MORTGAGE FUNDING, LLC
|
3
|
3.21%
|
$7,205
|
Charter Oak Federal Credit Union
|
3
|
2.75%
|
$6,129
|
Chelsea Groton Bank
|
3
|
2.75%
|
$7,069
|
Eastern Bank
|
3
|
2.63%
|
$10,657
|
Fall River Five Cents Savings Bank
|
3
|
2.79%
|
$12,047
|
Home Loan Investment Bank, F.S.B.
|
3
|
2.88%
|
$9,578
|
LEADERONE FINANCIAL CORPORATION
|
3
|
3.42%
|
$10,657
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
3
|
3.42%
|
$13,505
|
Peoples Bank
|
3
|
3.50%
|
$9,533
|
TOP FLITE FINANCIAL, INC.
|
3
|
3.50%
|
$16,817
|
WILLIAM RAVEIS MORTGAGE, LLC
|
3
|
2.58%
|
$8,511
|
Hometown Equity Mortgage, LLC
|
2
|
4.75%
|
$10,425
|
MYCUMORTGAGE, LLC
|
2
|
3.00%
|
$6,734
|
LAND HOME FINANCIAL SERVICES, INC.
|
2
|
2.25%
|
$8,534
|
Lakeview Community Capital, LLC
|
2
|
3.38%
|
$3,387
|
INTELLILOAN, INC.
|
2
|
3.06%
|
$6,360
|
OCEANSIDE MORTGAGE COMPANY
|
2
|
2.56%
|
$3,176
|
GENEVA FINANCIAL, LLC
|
2
|
3.38%
|
$9,890
|
Waterstone Mortgage Corporation
|
2
|
3.38%
|
$10,723
|
Plains Commerce Bank
|
2
|
2.63%
|
$10,692
|
First Home Bank
|
2
|
2.75%
|
$11,365
|
CONTOUR MORTGAGE CORPORATION
|
2
|
2.81%
|
$7,464
|
CMG MORTGAGE, INC.
|
2
|
2.94%
|
$9,973
|
Residential Mortgage Solutions, Inc.
|
2
|
3.44%
|
$7,741
|
Santander Bank, N.A.
|
2
|
2.44%
|
$8,896
|
Atlantic Home Loans, Inc.
|
2
|
3.19%
|
$9,393
|
STEARNS LENDING, LLC
|
2
|
2.56%
|
$10,239
|
SUCCESS MORTGAGE PARTNERS, INC.
|
2
|
2.88%
|
$8,412
|
TD Bank
|
2
|
3.06%
|
$6,129
|
The Camden National Bank
|
2
|
2.75%
|
$10,004
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
2
|
2.81%
|
$9,104
|
The Washington Trust Company, of Westerly
|
2
|
2.94%
|
$8,943
|
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC.
|
2
|
2.69%
|
$12,232
|
UNION HOME MORTGAGE CORP.
|
2
|
3.31%
|
$7,191
|
MID-ISLAND MORTGAGE CORP.
|
2
|
3.19%
|
$7,963
|
Fidelity Bank
|
1
|
2.88%
|
$6,763
|
EQUITY RESOURCES, INC.
|
1
|
3.13%
|
$9,535
|
US MORTGAGE CORPORATION
|
1
|
3.63%
|
$10,071
|
Congressional Bank
|
1
|
2.75%
|
$9,410
|
Colonial Savings, F.A.
|
1
|
3.50%
|
$8,447
|
VAN DYK MORTGAGE CORPORATION
|
1
|
2.75%
|
$9,690
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
3.13%
|
$9,806
|
Reliant Bank
|
1
|
3.13%
|
$12,873
|
Republic State Mortgage Co.
|
1
|
3.25%
|
$11,557
|
Chickasaw Community Bank
|
1
|
4.63%
|
$8,201
|
MILEND, INC.
|
1
|
2.25%
|
$10,877
|
Magnolia Bank
|
1
|
2.25%
|
$20,039
|
CELEBRITY HOME LOANS, LLC
|
1
|
3.50%
|
$11,957
|
LENDUS, LLC
|
1
|
3.00%
|
$10,224
|
Allied First Bank,sb
|
1
|
3.00%
|
$9,368
|
Network Funding, L.P.
|
1
|
2.38%
|
$9,232
|
NEW DAY FINANCIAL, LLC
|
1
|
2.75%
|
$9,303
|
Capital Bank
|
1
|
2.38%
|
$6,747
|
Bridgewater Savings Bank
|
1
|
2.50%
|
$8,052
|
LADERA LENDING, INC.
|
1
|
3.25%
|
$6,923
|
NJ LENDERS CORP.
|
1
|
3.00%
|
$9,319
|
North American Savings Bank, F.S.B.
|
1
|
2.75%
|
$8,898
|
NORTHERN MORTGAGE SERVICES, LLC
|
1
|
3.25%
|
$8,231
|
ZILLOW HOME LOANS, LLC
|
1
|
2.75%
|
$8,100
|
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP.
|
1
|
3.13%
|
$17,244
|
Home Mortgage Alliance Corp
|
1
|
2.45%
|
$10,705
|
Bangor Savings Bank
|
1
|
2.75%
|
$9,180
|
MountainOne Bank
|
1
|
3.25%
|
$7,918
|
FM Home Loans, LLC
|
1
|
2.88%
|
$11,676
|
First Savings Bank
|
1
|
3.63%
|
$13,660
|
METRO
|
1
|
2.38%
|
$7,382
|
UNITED MORTGAGE CORP.
|
1
|
3.25%
|
$8,122
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
2.75%
|
$14,940
|
Poli Mortgage Group, Inc.
|
1
|
3.00%
|
$6,890
|
The top Worcester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
343 FHA loans originated. Their average total fees are
$7,334, which is $1,617
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Worcester FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,547), Mr. Cooper ( Nationstar Mortgage ) ($4,962), LAKEVIEW LOAN SERVICING, LLC ($5,339), FREEDOM MORTGAGE CORPORATION ($6,161) and PENNYMAC LOAN SERVICES, LLC ($6,406).
The lowest rate Worcester FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.67%), QUICKEN LOANS, LLC (2.70%), CALIBER HOME LOANS, INC. (2.70%), Citizens Bank (2.77%) and FINANCE OF AMERICA MORTGAGE LLC (2.79%).
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 |
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).