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 -0.02% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Delaware's average FHA mortgage closing costs are $9,050.

The average rate for the prior week (2024-11-22) was 6.37% and one month ago for the week of 2024-10-25, the average rate was 6.25%.

The average rate one year ago was 6.84%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.11%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
PIKE CREEK MORTGAGE SERVICES, INC. 257 6.85% $11,689
QUICKEN LOANS, LLC 244 6.25% $13,290
Meridian Bank Corporation 234 6.73% $12,713
NVR Mortgage Finance, Inc. 129 6.04% $16,140
TIDEWATER MORTGAGE SERVICES, INC. 110 6.74% $12,017
Evolve Bank & Trust 95 6.69% $12,105
Keystone Funding, Inc. 93 6.61% $13,614
UNITED WHOLESALE MORTGAGE, LLC 91 6.38% $12,870
CROSSCOUNTRY MORTGAGE, LLC 79 6.99% $13,361
DHI MORTGAGE COMPANY, LTD. 78 5.64% $11,081
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 75 6.83% $14,895
LOANDEPOT.COM, LLC 72 6.33% $13,758
NFM, INC. 64 6.59% $13,700
Prosperity Home Mortgage, LLC 63 6.71% $11,013
Ixonia Bank 55 6.55% $14,096
GUILD MORTGAGE COMPANY 54 6.64% $13,976
PENNYMAC LOAN SERVICES, LLC 52 6.28% $14,206
CARDINAL FINANCIAL 50 6.88% $13,999
MOVEMENT MORTGAGE, LLC 49 6.60% $13,032
NEWREZ LLC 45 6.50% $12,847
PRIMARY RESIDENTIAL MORTGAGE, INC. 41 6.97% $13,667
BROKER SOLUTIONS, INC. 38 6.71% $12,801
HOMESIDE FINANCIAL, LLC 36 6.73% $12,956
Waterstone Mortgage Corporation 35 6.46% $13,575
FREEDOM MORTGAGE CORPORATION 33 6.78% $13,939
Nations Lending Corporation 32 6.49% $11,391
AMERISAVE MORTGAGE CORPORATION 31 6.00% $15,724
Mr. Cooper ( Nationstar Mortgage ) 28 6.14% $18,037
NATION ONE MORTGAGE CORPORATION 27 7.16% $13,844
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 6.85% $11,094
LAKEVIEW LOAN SERVICING, LLC 25 6.09% $12,790
Carrington Mortgage Services, LLC 24 6.35% $15,445
Wilmington Savings Fund Society, FSB 23 6.75% $9,310
EMM LOANS LLC 23 6.23% $14,386
EAGLE HOME MORTGAGE, LLC 21 6.12% $14,477
ABSOLUTE HOME MORTGAGE CORPORATION 20 7.28% $13,384
Northpointe Bank 20 6.01% $12,080
EVERETT FINANCIAL, INC. 19 7.02% $12,387
GUARANTEED RATE AFFINITY, LLC 17 6.64% $13,770
ALLIED MORTGAGE GROUP, INC. 17 6.41% $13,259
MUTUAL OF OMAHA MORTGAGE, INC. 15 6.68% $17,614
EMBRACE HOME LOANS, INC. 15 6.55% $12,770
CMG MORTGAGE, INC. 15 6.69% $12,629
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 14 6.50% $15,107
Equity Prime Mortgage LLC 14 6.75% $18,119
PLAZA HOME MORTGAGE, INC. 13 6.66% $14,492
AMERICAN FINANCIAL NETWORK, INC. 13 6.93% $12,795
HOMEBRIDGE FINANCIAL SERVICES, INC. 11 6.43% $13,915
Huntingdon Valley Bank 11 6.20% $11,891
M&T Bank 11 6.64% $10,255
BAYSHORE MORTGAGE FUNDING, LLC 11 6.83% $16,717
Fulton Bank 10 6.30% $13,452
Citizens Bank 10 6.49% $10,270
Magnolia Bank 9 6.61% $11,676
CALIBER HOME LOANS, INC. 9 6.22% $10,522
Acre Mortgage and Financial Inc 9 6.26% $14,146
GREENTREE MORTGAGE COMPANY, L.P. 8 6.70% $10,731
First Citizens Community Bank 8 7.30% $10,970
DRAPER AND KRAMER MORTGAGE CORP. 8 6.42% $11,548
Capital Bank 8 6.50% $13,406
Mortgage Research Center, LLC 8 6.53% $9,613
RELIANCE FIRST CAPITAL, LLC 8 6.56% $14,482
The Federal Savings Bank 8 6.30% $19,262
First Savings Bank 7 5.80% $12,069
JPMorgan Chase Bank 7 6.21% $8,737
Plains Commerce Bank 7 7.02% $10,867
AmeriHome Mortgage Company, LLC 6 6.10% $17,462
BAY EQUITY LLC 6 6.67% $15,660
GUARANTEED RATE, INC. 6 6.27% $13,087
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.68% $13,137
Towne Bank 5 6.35% $11,065
TJC Mortgage, Inc. 5 6.95% $12,024
DIRECT MORTGAGE LOANS, LLC 5 7.17% $12,455
Flagstar Bank, FSB 5 6.48% $10,962
FIRST HOME MORTGAGE CORPORATION 5 6.55% $14,809
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 6.75% $20,519
NATIONWIDE MORTGAGE BANKERS, INC. 4 6.97% $15,129
PNC Bank 4 6.53% $6,924
FIRST COMMUNITY MORTGAGE, INC. 4 6.38% $16,232
Financial Freedom Mortgage, LLC 3 6.38% $16,457
LOANPAL, LLC 3 5.67% $21,133
MDE Home Loans, LLC 3 6.29% $19,013
Barrington Bank & Trust Company, N.A. 3 6.58% $8,293
NORWICH COMMERCIAL GROUP, INC. 3 6.08% $16,407
OCMBC, INC. 3 7.17% $10,299
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.13% $9,247
PLANET HOME LENDING, LLC 3 5.71% $8,319
SUCCESS MORTGAGE PARTNERS, INC. 3 6.17% $14,346
SUMMIT FUNDING, INC. 3 7.21% $16,132
SUN WEST MORTGAGE COMPANY, INC. 3 6.79% $14,342
THE MORTGAGE LINK, INC. 3 6.71% $11,949
VILLAGE CAPITAL MORTGAGE 3 6.41% $9,168
LIBERTY HOME MORTGAGE CORPORATION 2 7.44% $22,120
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 2 6.19% $4,165
Truist 2 7.13% $9,909
Mid Penn Bank 2 6.38% $12,162
Princeton Mortgage Corporation 2 6.25% $12,946
Summit Mortgage Corporation 2 6.75% $17,713
Cornerstone First Mortgage, Inc 2 6.81% $15,954
GSF Mortgage Corporation 2 6.81% $17,604
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.75% $11,319
PENTAGON FEDERAL CREDIT UNION 2 5.56% $6,966
FIDELITY DIRECT MORTGAGE, LLC 2 6.69% $12,648
Atlantic Coast Mortgage, LLC 2 6.13% $10,332
US MORTGAGE CORPORATION 2 6.13% $14,496
Presidential Bank, FSB 2 6.50% $16,199
Paramount Residential Mortgage Group, Inc. 2 6.94% $15,956
RAPID MORTGAGE COMPANY 1 6.63% $16,577
SeaTrust Mortgage Company 1 6.12% $17,761
SECURITYNATIONAL MORTGAGE COMPANY 1 6.75% $17,246
Shore United Bank 1 6.63% $18,096
Sierra Pacific Mortgage Company, Inc. 1 6.25% $10,831
Citibank 1 5.38% $11,249
HOMESPIRE MORTGAGE CORPORATION 1 7.13% $27,547
SWBC MORTGAGE CORPORATION 1 6.13% $13,593
T2 FINANCIAL LLC 1 7.25% $20,972
TD Bank 1 6.13% $6,417
ENVOY MORTGAGE, LTD 1 6.25% $20,615
LENDING CAPITAL GROUP Inc 1 6.50% $11,516
AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $8,176
CHERRY CREEK MORTGAGE, LLC 1 6.25% $6,907
TOTAL MORTGAGE SERVICES, LLC 1 6.13% $15,205
TOWNE MORTGAGE COMPANY 1 6.25% $17,037
UNION HOME MORTGAGE CORP. 1 6.63% $10,160
FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $20,117
FIRST HERITAGE FINANCIAL, LLC 1 6.88% $9,037
NATIONS DIRECT MORTGAGE, LLC 1 7.13% $15,311
UNIVERSAL MORTGAGE & FINANCE, INC. 1 6.13% $21,789
Wells Fargo Bank 1 5.88% $13,064
NBKC BANK 1 4.88% $12,469
NEW DAY FINANCIAL, LLC 1 7.50% $6,825
Bank of England 1 6.50% $14,925
Bank of America 1 4.88% $13,663
NJ LENDERS CORP. 1 7.25% $14,880
U.S. Bank 1 5.88% $17,820
ZILLOW HOME LOANS, LLC 1 7.13% $9,299
OAKTREE FUNDING CORP. 1 6.63% $23,454
OCEANSIDE MORTGAGE COMPANY 1 6.50% $6,468
PANORAMA MORTGAGE GROUP, LLC 1 6.63% $26,674
Paramount Bank 1 5.63% $21,125
PHH Mortgage Corporation 1 6.13% $12,351
Philadelphia Mortgage Advisors, Inc. 1 6.75% $20,512
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.00% $12,732
VAN DYK MORTGAGE CORPORATION 1 6.88% $5,770
MID AMERICA MORTGAGE, INC. 1 7.63% $8,210
MEMBER FIRST MORTGAGE, LLC 1 6.63% $9,997
PREMIA MORTGAGE, LLC 1 5.75% $7,315
AmRes Corporation 1 6.50% $11,248
MCLEAN MORTGAGE CORPORATION 1 5.75% $13,383
American Mortgage & Equity Consultants, Inc. 1 6.75% $8,852

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

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).