Delaware FHA Loan Rates, Closing Costs & Stats
Delaware
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
6.94%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Delaware's average FHA mortgage closing costs are $9,050.
The average rate for the prior week (2024-04-12) was
6.93% and
one month ago for the week of 2024-03-15, the
average rate was 6.7%.
The average rate one year ago was 6.42%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.07%.
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.
The top Delaware FHA lender as defined by loan originations is PIKE CREEK MORTGAGE SERVICES, INC., with
257 FHA loans originated. Their average total fees are
$11,689, which is $1,601
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Delaware FHA lenders (with over 10 loans originated) are
Wilmington Savings Fund Society, FSB ($9,310), M&T Bank ($10,255), Citizens Bank ($10,270), Prosperity Home Mortgage, LLC ($11,013) and DHI MORTGAGE COMPANY, LTD. ($11,081).
The lowest rate Delaware FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.64%), AMERISAVE MORTGAGE CORPORATION (6.00%), Northpointe Bank (6.01%), NVR Mortgage Finance, Inc. (6.04%) and LAKEVIEW LOAN SERVICING, LLC (6.09%).
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 |