York FHA Loans
YORK-HANOVER, PA
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 159 lenders originated 2,687 FHA loans during 2021. The total origination value was $524,055,000, with an average FHA loan value of $195,033.
York FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in York
averaged
5.11%
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
5.44% and
one month ago for the week of 2022-04-08, the
average rate was 5.1%.
The average rate one year ago was 3.01%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.19%.
York 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 York level.
The top York FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
240 FHA loans originated. Their average total fees are
$6,419, which is $1,320
lower than the next largest lender,
MCLEAN MORTGAGE CORPORATION.
The lowest fee York FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($3,327), Mr. Cooper ( Nationstar Mortgage ) ($4,155), AmeriHome Mortgage Company, LLC ($4,858), PENNYMAC LOAN SERVICES, LLC ($5,025) and NEWREZ LLC ($5,103).
The lowest rate York FHA lenders (with over 10 loans originated) are
HOME POINT FINANCIAL CORPORATION (2.67%), UNITED WHOLESALE MORTGAGE, LLC (2.71%), Towne Bank (2.73%), Meridian Bank Corporation (2.79%) and Manufacturers and Traders Trust Company (2.79%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - York (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $209,450 (10.3%) | $235,120 (5.4%) | 0.77 | 1,538 |
2018-02-01 | $214,500 (13.2%) | $240,660 (8.0%) | 0.77 | 1,431 |
2018-03-01 | $209,999 (7.7%) | $242,934 (6.3%) | 0.73 | 1,420 |
2018-04-01 | $219,450 (9.7%) | $244,381 (3.4%) | 0.74 | 1,480 |
2018-05-01 | $224,950 (4.6%) | $250,487 (4.7%) | 0.75 | 1,518 |
2018-06-01 | $225,000 (6.3%) | $252,732 (5.4%) | 0.75 | 1,600 |
2018-07-01 | $225,570 (5.0%) | $253,419 (4.4%) | 0.75 | 1,595 |
2018-08-01 | $224,879 (4.6%) | $252,106 (4.6%) | 0.75 | 1,625 |
2018-09-01 | $219,900 (7.3%) | $247,891 (3.8%) | 0.74 | 1,592 |
2018-10-01 | $218,750 (4.2%) | $245,914 (1.7%) | 0.73 | 1,653 |
2018-11-01 | $215,950 (8.0%) | $244,656 (4.7%) | 0.72 | 1,662 |
2018-12-01 | $217,400 (8.8%) | $242,805 (4.9%) | 0.74 | 1,588 |
2019-01-01 | $218,185 (4.2%) | $240,943 (2.5%) | 0.75 | 1,406 |
2019-02-01 | $219,900 (2.5%) | $243,285 (1.1%) | 0.74 | 1,292 |
2019-03-01 | $219,900 (4.7%) | $247,105 (1.7%) | 0.72 | 1,278 |
2019-04-01 | $219,900 (0.2%) | $252,467 (3.3%) | 0.69 | 1,281 |
2019-05-01 | $227,000 (0.9%) | $258,506 (3.2%) | 0.70 | 1,319 |
2019-06-01 | $229,900 (2.2%) | $262,973 (4.1%) | 0.71 | 1,395 |
2019-07-01 | $237,450 (5.3%) | $267,038 (5.4%) | 0.74 | 1,416 |
2019-08-01 | $239,900 (6.7%) | $274,205 (8.8%) | 0.76 | 1,353 |
2019-09-01 | $239,900 (9.1%) | $281,170 (13.4%) | 0.76 | 1,259 |
2019-10-01 | $234,725 (7.3%) | $276,718 (12.5%) | 0.75 | 1,258 |
2019-11-01 | $229,900 (6.5%) | $272,091 (11.2%) | 0.74 | 1,179 |
2019-12-01 | $234,450 (7.8%) | $272,424 (12.2%) | 0.78 | 1,065 |
2020-01-01 | $238,070 (9.1%) | $273,884 (13.7%) | 0.79 | 976 |
2020-02-01 | $249,000 (13.2%) | $282,713 (16.2%) | 0.80 | 900 |
2020-03-01 | $259,750 (18.1%) | $293,260 (18.7%) | 0.81 | 893 |
2020-04-01 | $269,400 (22.5%) | $301,124 (19.3%) | 0.84 | 844 |
2020-05-01 | $265,000 (16.7%) | $302,858 (17.2%) | 0.80 | 901 |
2020-06-01 | $257,013 (11.8%) | $296,320 (12.7%) | 0.75 | 831 |
2020-07-01 | $260,608 (9.8%) | $308,824 (15.7%) | 0.75 | 733 |
2020-08-01 | $272,000 (13.4%) | $312,936 (14.1%) | 0.78 | 667 |
2020-09-01 | $265,400 (10.6%) | $310,080 (10.3%) | 0.76 | 629 |
2020-10-01 | $260,000 (10.8%) | $303,320 (9.6%) | 0.74 | 624 |
2020-11-01 | $264,950 (15.3%) | $311,890 (14.6%) | 0.76 | 586 |
2020-12-01 | $262,945 (12.2%) | $314,603 (15.5%) | 0.77 | 523 |
2021-01-01 | $264,990 (11.3%) | $316,650 (15.6%) | 0.78 | 442 |
2021-02-01 | $272,495 (9.4%) | $320,557 (13.4%) | 0.78 | 401 |
2021-03-01 | $277,950 (7.0%) | $310,428 (5.9%) | 0.78 | 405 |
2021-04-01 | $281,753 (4.6%) | $309,426 (2.8%) | 0.76 | 414 |
2021-05-01 | $281,990 (6.4%) | $305,322 (0.8%) | 0.74 | 459 |
2021-06-01 | $264,950 (3.1%) | $294,610 (-0.6%) | 0.69 | 571 |
2021-07-01 | $274,215 (5.2%) | $299,299 (-3.1%) | 0.71 | 608 |
2021-08-01 | $264,900 (-2.6%) | $298,707 (-4.6%) | 0.70 | 639 |
2021-09-01 | $267,400 (0.8%) | $304,416 (-1.8%) | 0.70 | 625 |
2021-10-01 | $269,900 (3.8%) | $305,880 (0.8%) | 0.71 | 578 |
2021-11-01 | $266,889 (0.7%) | $306,361 (-1.8%) | 0.70 | 548 |
2021-12-01 | $284,750 (8.3%) | $324,182 (3.0%) | 0.76 | 477 |
2022-01-01 | $309,900 (17.0%) | $342,578 (8.2%) | 0.83 | 413 |
2022-02-01 | $319,950 (17.4%) | $346,214 (8.0%) | 0.82 | 419 |
2022-03-01 | $329,950 (18.7%) | $352,178 (13.5%) | 0.81 | 443 |
2022-04-01 | $326,990 (16.1%) | $351,908 (13.7%) | 0.77 | 459 |
York's median listing price comes in at 77% of the national average.
York's average listing price for 2022-04-01 was $351,908, a difference of $42,482 (13.7%) versus the prior year and $-270 versus the prior month.
For the 2022-04-01 period, York had 459 MLS listings, a difference of 16 listings (4%) versus the prior month and 45 listings (11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - York (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 88 days | 1,824 sqft |
2018-02-01 | 86 days | 1,821 sqft |
2018-03-01 | 67 days | 1,829 sqft |
2018-04-01 | 57 days | 1,848 sqft |
2018-05-01 | 51 days | 1,855 sqft |
2018-06-01 | 53 days | 2,040 sqft |
2018-07-01 | 60 days | 2,006 sqft |
2018-08-01 | 62 days | 1,997 sqft |
2018-09-01 | 64 days | 1,970 sqft |
2018-10-01 | 65 days | 1,968 sqft |
2018-11-01 | 65 days | 1,929 sqft |
2018-12-01 | 72 days | 1,900 sqft |
2019-01-01 | 82 days | 1,872 sqft |
2019-02-01 | 89 days | 1,870 sqft |
2019-03-01 | 60 days | 1,883 sqft |
2019-04-01 | 52 days | 1,908 sqft |
2019-05-01 | 49 days | 1,955 sqft |
2019-06-01 | 50 days | 1,968 sqft |
2019-07-01 | 50 days | 2,003 sqft |
2019-08-01 | 56 days | 2,038 sqft |
2019-09-01 | 62 days | 2,061 sqft |
2019-10-01 | 59 days | 2,022 sqft |
2019-11-01 | 63 days | 1,978 sqft |
2019-12-01 | 71 days | 1,960 sqft |
2020-01-01 | 73 days | 1,955 sqft |
2020-02-01 | 63 days | 1,984 sqft |
2020-03-01 | 49 days | 2,042 sqft |
2020-04-01 | 67 days | 2,074 sqft |
2020-05-01 | 71 days | 2,080 sqft |
2020-06-01 | 44 days | 2,007 sqft |
2020-07-01 | 44 days | 2,045 sqft |
2020-08-01 | 48 days | 2,018 sqft |
2020-09-01 | 44 days | 1,990 sqft |
2020-10-01 | 51 days | 1,974 sqft |
2020-11-01 | 53 days | 1,949 sqft |
2020-12-01 | 64 days | 1,935 sqft |
2021-01-01 | 72 days | 1,920 sqft |
2021-02-01 | 73 days | 1,898 sqft |
2021-03-01 | 50 days | 1,897 sqft |
2021-04-01 | 45 days | 1,912 sqft |
2021-05-01 | 45 days | 1,916 sqft |
2021-06-01 | 42 days | 1,875 sqft |
2021-07-01 | 43 days | 1,865 sqft |
2021-08-01 | 40 days | 1,854 sqft |
2021-09-01 | 49 days | 1,835 sqft |
2021-10-01 | 54 days | 1,871 sqft |
2021-11-01 | 49 days | 1,842 sqft |
2021-12-01 | 52 days | 1,860 sqft |
2022-01-01 | 52 days | 1,900 sqft |
2022-02-01 | 44 days | 1,900 sqft |
2022-03-01 | 43 days | 1,920 sqft |
2022-04-01 | 44 days | 1,950 sqft |
York's median square footage for active listings during the 2022-04-01 period was 1,950 sqft. One year prior, the average listing was 1,912 sqft.