York FHA Loan Rates, Closing Costs & Stats

YORK-HANOVER, PA

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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.

    York's 146 lenders originated 1,318 FHA loans during 2023. The total origination value was $327,620,000, with an average FHA loan value of $248,574.

    York FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in York averaged 6.5% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    York's average FHA mortgage closing costs are $8,015.

    The average rate for the prior week (2024-07-12) was 6.45% and one month ago for the week of 2024-06-14, the average rate was 6.91%.

    The average rate one year ago was 6.89%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.98%.

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

    York 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 York level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 115 6.23% $11,056
    CROSSCOUNTRY MORTGAGE, LLC 92 6.75% $12,044
    MOVEMENT MORTGAGE, LLC 88 6.84% $11,036
    York Traditions Bank 86 6.56% $9,157
    UNITED WHOLESALE MORTGAGE, LLC 52 6.36% $13,856
    CMG MORTGAGE, INC. 46 6.91% $10,824
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 6.88% $9,859
    GUILD MORTGAGE COMPANY 36 6.88% $11,161
    LOANDEPOT.COM, LLC 26 6.33% $12,163
    FREEDOM MORTGAGE CORPORATION 25 6.96% $14,183
    NEWREZ LLC 24 6.42% $12,689
    PRIMARY RESIDENTIAL MORTGAGE, INC. 22 6.84% $12,682
    RADIUS FINANCIAL GROUP INC. 21 7.13% $12,009
    M&T Bank 20 6.23% $7,136
    FIRST HOME MORTGAGE CORPORATION 20 6.93% $14,521
    PENNYMAC LOAN SERVICES, LLC 18 6.18% $11,313
    EMM LOANS LLC 18 6.41% $12,511
    NFM, INC. 18 6.84% $11,230
    DHI MORTGAGE COMPANY, LTD. 17 5.53% $11,140
    Northpointe Bank 15 6.43% $12,149
    FIRST ALLIANCE HOME MORTGAGE, LLC 15 6.79% $11,174
    MEMBERS 1ST FEDERAL CREDIT UNION 13 6.60% $8,512
    BROKER SOLUTIONS, INC. 13 6.75% $11,401
    Mr. Cooper ( Nationstar Mortgage ) 11 6.24% $13,766
    GUARANTEED RATE AFFINITY, LLC 11 6.59% $10,675
    Meridian Bank Corporation 10 6.34% $9,311
    Fulton Bank 10 6.39% $9,332
    CARDINAL FINANCIAL 10 6.50% $13,612
    ENVOY MORTGAGE, LTD 9 6.85% $16,225
    AMERISAVE MORTGAGE CORPORATION 9 6.06% $15,567
    TIDEWATER MORTGAGE SERVICES, INC. 9 6.56% $11,865
    Carrington Mortgage Services, LLC 9 6.11% $13,350
    Paramount Residential Mortgage Group, Inc. 8 6.94% $14,863
    Integrity Home Mortgage Corp 7 6.84% $12,736
    Sierra Pacific Mortgage Company, Inc. 7 6.55% $9,820
    Citizens Bank 7 6.66% $12,384
    GUARANTEED RATE, INC. 7 6.41% $10,223
    Homesale Mortgage, LLC 6 6.90% $11,568
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.31% $11,030
    SUCCESS MORTGAGE PARTNERS, INC. 6 6.23% $10,278
    T2 FINANCIAL LLC 6 6.54% $12,349
    Towne Bank 6 6.08% $10,325
    HOWARD HANNA FINANCIAL SERVICES, INC. 5 6.68% $7,037
    NVR Mortgage Finance, Inc. 5 5.55% $17,428
    PNC Bank 5 6.75% $9,291
    LAKEVIEW LOAN SERVICING, LLC 5 6.35% $13,190
    Residential Mortgage Solutions, Inc. 5 6.75% $12,224
    Alcova Mortgage LLC 5 6.65% $5,692
    Prosperity Home Mortgage, LLC 4 6.46% $12,990
    AmeriHome Mortgage Company, LLC 4 6.25% $11,847
    MICHIGAN MUTUAL, INC. 4 6.56% $11,250
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.44% $10,055
    EAGLE HOME MORTGAGE, LLC 4 6.44% $16,952
    Equity Prime Mortgage LLC 4 7.53% $11,442
    UNION HOME MORTGAGE CORP. 4 6.56% $12,330
    First Heritage Mortgage, LLC 4 6.28% $14,234
    Truist 4 6.35% $8,343
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.94% $21,991
    NATIONWIDE MORTGAGE BANKERS, INC. 4 7.06% $13,487
    LIBERTY HOME MORTGAGE CORPORATION 3 7.25% $8,364
    FIDELITY DIRECT MORTGAGE, LLC 3 6.58% $16,386
    NATIONS DIRECT MORTGAGE, LLC 3 6.38% $13,153
    AMERICAN FINANCIAL RESOURCES, INC. 3 7.04% $7,407
    AMERICAN FINANCIAL NETWORK, INC. 3 6.96% $15,852
    RELIANCE FIRST CAPITAL, LLC 3 7.08% $9,695
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 3 6.38% $5,207
    ABSOLUTE HOME MORTGAGE CORPORATION 3 6.92% $9,837
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.50% $6,235
    MDE Home Loans, LLC 3 7.29% $22,608
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.25% $19,034
    JPMorgan Chase Bank 3 6.96% $9,093
    Flagstar Bank, FSB 3 6.46% $9,576
    PENTAGON FEDERAL CREDIT UNION 3 5.38% $10,284
    ZILLOW HOME LOANS, LLC 2 7.31% $11,260
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 7.44% $11,612
    CALIBER HOME LOANS, INC. 2 6.50% $14,417
    Century Mortgage Company DBA Century Lending Company 2 7.25% $10,732
    CONTOUR MORTGAGE CORPORATION 2 7.19% $10,711
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 2 6.13% $12,612
    DAS Acquisition Company, LLC 2 6.63% $10,508
    EVERETT FINANCIAL, INC. 2 6.75% $14,028
    First National Bank of Pennsylvania 2 7.19% $8,881
    GSF Mortgage Corporation 2 5.81% $19,395
    HOMESPIRE MORTGAGE CORPORATION 2 6.56% $18,721
    Magnolia Bank 2 6.87% $8,913
    MILEND, INC. 2 6.38% $11,516
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.88% $17,896
    NBKC BANK 2 5.56% $12,534
    PHH Mortgage Corporation 2 6.31% $8,529
    Plains Commerce Bank 2 7.69% $12,328
    PLAZA HOME MORTGAGE, INC. 2 6.06% $8,547
    STOCKTON MORTGAGE CORPORATION 2 6.25% $12,410
    SUN WEST MORTGAGE COMPANY, INC. 2 5.92% $7,412
    The Federal Savings Bank 2 7.06% $8,717
    1ST FINANCIAL, INC. 2 6.50% $13,442
    LENDING 3, INC. 1 8.25% $16,477
    Nations Lending Corporation 1 6.25% $16,055
    Lakeview Community Capital, LLC 1 5.75% $8,920
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $14,287
    NETWORK CAPITAL FUNDING CORPORATION 1 7.25% $7,138
    HOMESIDE FINANCIAL, LLC 1 6.25% $7,947
    HOMEAMERICAN MORTGAGE CORPORATION 1 5.50% $7,377
    George Mason Mortgage, LLC 1 6.88% $11,228
    GENEVA FINANCIAL, LLC 1 6.50% $18,840
    Foote Capital Mortgage Company 1 6.25% $17,193
    First Option Mortgage, LLC 1 6.13% $14,175
    FIRST HERITAGE FINANCIAL, LLC 1 6.49% $8,123
    Univest Bank and Trust Co. 1 6.50% $7,792
    U.S. Bank 1 6.75% $10,097
    PLANET HOME LENDING, LLC 1 7.13% $9,871
    VILLAGE CAPITAL MORTGAGE 1 7.00% $4,660
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $11,785
    EMBRACE HOME LOANS, INC. 1 6.75% $8,554
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $8,618
    Princeton Mortgage Corporation 1 7.13% $7,360
    DIRECT MORTGAGE LOANS, LLC 1 7.13% $22,893
    DEVELOPER'S MORTGAGE COMPANY 1 6.13% $14,228
    Customers Bank 1 6.13% $9,758
    CHERRY CREEK MORTGAGE, LLC 1 7.13% $4,644
    CBM Mortgage, Inc. 1 5.50% $11,072
    Sandy Spring Bank 1 6.49% $10,231
    Shore United Bank 1 5.75% $10,420
    CASTLE & COOKE MORTGAGE, LLC 1 5.50% $16,494
    BETTER MORTGAGE CORPORATION 1 7.13% $5,866
    Wells Fargo Bank 1 6.88% $8,770
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $13,176
    SUMMIT FUNDING, INC. 1 5.99% $17,616
    WesBanco 1 6.75% $9,568
    SWBC MORTGAGE CORPORATION 1 6.25% $14,656
    BAY EQUITY LLC 1 6.25% $17,626
    ACADEMY MORTGAGE CORPORATION 1 6.75% $8,598
    THE MORTGAGE LINK, INC. 1 5.75% $21,678
    AmRes Corporation 1 6.25% $10,861
    TJC Mortgage, Inc. 1 6.13% $10,744
    TOP FLITE FINANCIAL, INC. 1 6.75% $23,278
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $10,822
    AMERICAN HERITAGE FCU 1 6.49% $10,683
    MORTGAGE ACCESS CORP. 1 6.75% $19,506
    Mortgage America, Inc. 1 6.50% $8,341
    MORTGAGE EQUITY PARTNERS LLC 1 7.13% $8,894
    Mortgage Research Center, LLC 1 6.50% $16,784
    AMERICAN FINANCING CORPORATION 1 6.63% $7,394
    MLB RESIDENTIAL LENDING, LLC 1 7.13% $12,842
    Mid Penn Bank 1 6.13% $9,679
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.13% $24,267
    LOANLEADERS OF AMERICA, INC. 1 5.25% $14,881

    The top York FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 115 FHA loans originated. Their average total fees are $11,056, which is $988 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee York FHA lenders (with over 10 loans originated) are M&T Bank ($7,136), MEMBERS 1ST FEDERAL CREDIT UNION ($8,512), York Traditions Bank ($9,157), Meridian Bank Corporation ($9,311) and Fulton Bank ($9,332).

    The lowest rate York FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.53%), PENNYMAC LOAN SERVICES, LLC (6.18%), QUICKEN LOANS, LLC (6.23%), M&T Bank (6.23%) and Mr. Cooper ( Nationstar Mortgage ) (6.24%).

    York FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    YORK-HANOVER, PA YORK 2022 $420,680 $538,650 $651,050 $809,150
    YORK-HANOVER, PA YORK 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).