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 6.4% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

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

The average rate for the prior week (2023-11-24) was 6.51% and one month ago for the week of 2023-10-27, the average rate was 7.22%.

The average rate one year ago was 6.13%.

For refis of the same type during the week of 2023-12-01, the average rate was 5.33%.

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).