Delaware FHA Loan Rates, Closing Costs & Stats

Delaware

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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.

    Delaware FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Delaware averaged 6.16% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Delaware's average FHA mortgage closing costs are $8,508.

    The average rate for the prior week (2023-05-19) was 5.94% and one month ago for the week of 2023-04-21, the average rate was 6.18%.

    The average rate one year ago was 4.99%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.99%.

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

    Delaware 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 Delaware level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 295 4.44% $11,453
    PIKE CREEK MORTGAGE SERVICES, INC. 285 5.38% $10,851
    Meridian Bank Corporation 268 5.17% $11,041
    Huntingdon Valley Bank 127 5.17% $10,927
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 122 5.27% $12,527
    Evolve Bank & Trust 109 5.29% $11,731
    LOANDEPOT.COM, LLC 103 4.67% $11,521
    NVR Mortgage Finance, Inc. 101 4.23% $14,344
    TIDEWATER MORTGAGE SERVICES, INC. 96 4.99% $11,631
    UNITED WHOLESALE MORTGAGE, LLC 96 4.94% $11,100
    NFM, INC. 93 5.15% $11,603
    PENNYMAC LOAN SERVICES, LLC 75 4.17% $10,314
    CARDINAL FINANCIAL 74 5.09% $12,705
    CROSSCOUNTRY MORTGAGE, LLC 70 5.46% $13,483
    Northpointe Bank 67 5.07% $11,289
    First Home Bank 66 4.63% $12,443
    CALIBER HOME LOANS, INC. 65 4.92% $11,095
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 63 5.18% $11,119
    ABSOLUTE HOME MORTGAGE CORPORATION 58 5.39% $12,143
    PRIMARY RESIDENTIAL MORTGAGE, INC. 57 5.42% $10,912
    HOMESIDE FINANCIAL, LLC 54 5.49% $10,905
    AMERISAVE MORTGAGE CORPORATION 51 4.45% $10,743
    Prosperity Home Mortgage, LLC 50 5.20% $10,100
    FREEDOM MORTGAGE CORPORATION 48 4.73% $11,000
    Mr. Cooper ( Nationstar Mortgage ) 48 4.48% $12,268
    Nations Lending Corporation 48 5.15% $11,568
    EMBRACE HOME LOANS, INC. 47 5.12% $10,788
    GUILD MORTGAGE COMPANY 43 5.27% $11,867
    NEWREZ LLC 43 4.51% $8,796
    Carrington Mortgage Services, LLC 39 5.14% $13,423
    LAKEVIEW LOAN SERVICING, LLC 38 3.82% $7,090
    HOME POINT FINANCIAL CORPORATION 37 4.81% $10,818
    MOVEMENT MORTGAGE, LLC 36 4.81% $9,597
    EMM LOANS LLC 36 4.92% $13,539
    BROKER SOLUTIONS, INC. 36 5.11% $11,625
    M&T Bank 33 4.73% $9,641
    DHI MORTGAGE COMPANY, LTD. 30 4.09% $11,040
    CMG MORTGAGE, INC. 25 4.78% $11,052
    ALLIED MORTGAGE GROUP, INC. 24 4.49% $11,479
    MCLEAN MORTGAGE CORPORATION 20 4.85% $8,689
    Wilmington Savings Fund Society, FSB 19 5.76% $9,594
    EVERETT FINANCIAL, INC. 19 5.76% $7,324
    GUARANTEED RATE AFFINITY, LLC 18 5.02% $10,762
    EAGLE HOME MORTGAGE, LLC 17 5.49% $11,329
    Financial Freedom Mortgage, LLC 17 5.04% $13,427
    HOMEBRIDGE FINANCIAL SERVICES, INC. 17 4.75% $12,915
    First Savings Bank 16 5.80% $12,989
    GUARANTEED RATE, INC. 14 4.61% $9,216
    Equity Prime Mortgage LLC 14 5.65% $13,036
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 12 5.20% $14,414
    PNC Bank 12 4.33% $7,149
    Plains Commerce Bank 12 5.51% $12,645
    Bank of America 12 3.98% $5,193
    SUN WEST MORTGAGE COMPANY, INC. 11 5.02% $12,246
    First Guaranty Mortgage Corporation 10 4.23% $10,442
    PLAZA HOME MORTGAGE, INC. 10 4.70% $14,244
    VILLAGE CAPITAL MORTGAGE 10 4.35% $7,116
    The Federal Savings Bank 10 3.69% $15,076
    NATIONWIDE MORTGAGE BANKERS, INC. 9 5.14% $11,836
    Acre Mortgage and Financial Inc 9 5.56% $15,212
    Wells Fargo Bank 9 4.21% $5,331
    FINANCE OF AMERICA MORTGAGE LLC 9 4.35% $10,509
    Mortgage Research Center, LLC 8 5.33% $8,384
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 5.36% $10,652
    Citizens Bank 8 4.30% $9,360
    Paramount Residential Mortgage Group, Inc. 8 4.44% $11,501
    Waterstone Mortgage Corporation 7 5.32% $11,966
    Mortgage Network, Inc. 7 4.79% $10,129
    LOANPAL, LLC 6 4.98% $15,063
    Ixonia Bank 6 6.79% $11,351
    SUCCESS MORTGAGE PARTNERS, INC. 6 4.31% $13,619
    GREENTREE MORTGAGE COMPANY, L.P. 6 5.90% $11,170
    MUTUAL OF OMAHA MORTGAGE, INC. 6 5.75% $12,030
    AMERICAN FINANCIAL RESOURCES, INC. 6 4.63% $10,194
    RELIANCE FIRST CAPITAL, LLC 6 4.79% $12,171
    DRAPER AND KRAMER MORTGAGE CORP. 5 4.45% $8,076
    Flagstar Bank, FSB 5 5.02% $8,486
    Fulton Bank 5 5.35% $9,589
    ON Q FINANCIAL, INC. 5 5.40% $10,860
    GSF Mortgage Corporation 5 4.95% $11,491
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.66% $11,947
    AmeriHome Mortgage Company, LLC 4 4.75% $12,094
    APEX HOME LOANS, INC. 4 4.63% $10,275
    HOMESPIRE MORTGAGE CORPORATION 4 3.63% $14,337
    Mortgage America, Inc. 4 5.50% $10,008
    NATION ONE MORTGAGE CORPORATION 4 4.56% $12,338
    BAYSHORE MORTGAGE FUNDING, LLC 4 5.34% $12,448
    Princeton Mortgage Corporation 4 4.91% $13,637
    PLANET HOME LENDING, LLC 4 3.88% $8,754
    FIDELITY DIRECT MORTGAGE, LLC 4 5.22% $13,435
    ZILLOW HOME LOANS, LLC 4 5.22% $10,523
    Gateway First Bank 3 4.83% $10,656
    Capital Bank 3 6.04% $14,026
    DIRECT MORTGAGE LOANS, LLC 3 5.63% $14,228
    ENVOY MORTGAGE, LTD 3 4.33% $9,013
    FIRST HOME MORTGAGE CORPORATION 3 4.67% $15,101
    Hometown Lenders, Inc. 3 4.88% $12,993
    MLB RESIDENTIAL LENDING, LLC 3 5.50% $16,599
    NORWICH COMMERCIAL GROUP, INC. 3 6.33% $10,512
    SUMMIT FUNDING, INC. 3 5.54% $13,172
    Truist 3 5.35% $11,692
    UNITED MORTGAGE CORP. 3 5.29% $12,039
    OAKTREE FUNDING CORP. 2 6.00% $9,896
    LIBERTY HOME MORTGAGE CORPORATION 2 6.06% $12,307
    LENDING CAPITAL GROUP Inc 2 4.63% $11,070
    NETWORK CAPITAL FUNDING CORPORATION 2 4.00% $13,594
    JPMorgan Chase Bank 2 4.37% $6,135
    North American Savings Bank, F.S.B. 2 4.63% $9,713
    George Mason Mortgage, LLC 2 3.81% $7,449
    OCMBC, INC. 2 2.56% $14,249
    1ST PREFERENCE MORTGAGE CORP. 2 5.13% $11,001
    Florida Capital Bank 2 5.69% $7,990
    PENTAGON FEDERAL CREDIT UNION 2 5.75% $7,188
    Peoples Bank 2 5.06% $18,183
    CONTOUR MORTGAGE CORPORATION 2 5.50% $15,567
    Century Mortgage Company DBA Century Lending Company 2 3.94% $15,720
    Residential Mortgage Solutions, Inc. 2 4.75% $13,076
    Sierra Pacific Mortgage Company, Inc. 2 4.75% $9,776
    TD Bank 2 4.44% $6,307
    Bank of England 2 4.00% $9,961
    ACADEMY MORTGAGE CORPORATION 2 4.50% $13,158
    AmRes Corporation 2 4.75% $8,238
    AMERICAN FINANCING CORPORATION 2 4.88% $11,085
    Mid Penn Bank 2 4.06% $11,886
    MORTGAGE ACCESS CORP. 1 5.25% $6,164
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.88% $6,798
    PHH Mortgage Corporation 1 4.38% $14,840
    First Heritage Mortgage, LLC 1 5.25% $8,172
    FIRST HERITAGE FINANCIAL, LLC 1 4.38% $11,754
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.13% $8,322
    Cornerstone First Mortgage, Inc 1 6.75% $18,235
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 5.63% $10,042
    Presidential Bank, FSB 1 3.00% $9,240
    Commerce Home Mortgage, Inc. 1 4.88% $8,349
    Colonial Savings, F.A. 1 5.75% $8,736
    Citibank 1 5.75% $6,684
    Univest Bank and Trust Co. 1 3.50% $7,612
    Quaint Oak Mortgage, LLC 1 3.13% $9,220
    Center City Mortgage and Investments LLC 1 5.63% $5,826
    Quontic Bank 1 6.25% $24,205
    CASTLE & COOKE MORTGAGE, LLC 1 3.00% $6,889
    Republic Bank 1 4.63% $5,028
    VAN DYK MORTGAGE CORPORATION 1 5.63% $7,352
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 4.13% $8,854
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $17,711
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.00% $16,075
    Blue Ridge Bank 1 3.25% $12,208
    Advisors Mortgage Group, L.L.C. 1 3.75% $7,914
    Bethpage Federal Credit Union 1 3.88% $3,779
    Magnolia Bank 1 7.13% $11,607
    SWBC MORTGAGE CORPORATION 1 3.75% $8,085
    AMERICAN HERITAGE FCU 1 3.63% $9,969
    LEADERONE FINANCIAL CORPORATION 1 5.63% $11,892
    Lakeland Bank 1 4.88% $7,899
    KELLER MORTGAGE, LLC 1 4.13% $8,144
    NBKC BANK 1 3.38% $6,695
    Texana Bank 1 4.63% $12,713
    BAY EQUITY LLC 1 7.13% $13,674
    NEXERA HOLDING LLC 1 5.00% $6,605
    INTERLINC MORTGAGE SERVICES, LLC 1 6.63% $5,307
    The Huntington National Bank 1 5.88% $7,167
    INLAND BANK & TRUST 1 5.63% $8,240
    Willamette Valley Bank 1 5.25% $11,529
    THE MORTGAGE LINK, INC. 1 5.13% $12,014
    MICHIGAN MUTUAL, INC. 1 7.13% $15,489
    OCEANSIDE MORTGAGE COMPANY 1 3.75% $6,420
    MID-ISLAND MORTGAGE CORP. 1 5.00% $13,725
    Wyndham Capital Mortgage, Inc. 1 6.25% $5,835
    UNION HOME MORTGAGE CORP. 1 3.50% $11,619
    First Option Mortgage, LLC 1 4.75% $9,335

    The top Delaware FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 295 FHA loans originated. Their average total fees are $11,453, which is $602 higher than the next largest lender, PIKE CREEK MORTGAGE SERVICES, INC..

    The lowest fee Delaware FHA lenders (with over 10 loans originated) are Bank of America ($5,193), LAKEVIEW LOAN SERVICING, LLC ($7,090), VILLAGE CAPITAL MORTGAGE ($7,116), PNC Bank ($7,149) and EVERETT FINANCIAL, INC. ($7,324).

    The lowest rate Delaware FHA lenders (with over 10 loans originated) are The Federal Savings Bank (3.69%), LAKEVIEW LOAN SERVICING, LLC (3.82%), Bank of America (3.98%), DHI MORTGAGE COMPANY, LTD. (4.09%) and PENNYMAC LOAN SERVICES, LLC (4.17%).

    Delaware FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DOVER, DE KENT 2022 $420,680 $538,650 $651,050 $809,150
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD NEW CASTLE 2022 $477,250 $610,950 $738,500 $917,800
    SALISBURY, MD-DE SUSSEX 2022 $420,680 $538,650 $651,050 $809,150
    DOVER, DE KENT 2023 $472,030 $604,400 $730,525 $907,900
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD NEW CASTLE 2023 $529,000 $677,200 $818,600 $1,017,300
    SALISBURY, MD-DE SUSSEX 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).