Massachusetts FHA Loan Rates, Closing Costs & Stats

Massachusetts

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.

Massachusetts FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Massachusetts averaged -0.52% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Massachusetts's average FHA mortgage closing costs are $10,446.

The average rate for the prior week (2023-11-17) was 6.58% and one month ago for the week of 2023-10-20, the average rate was 6.78%.

The average rate one year ago was 5.61%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.57%.

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

Massachusetts 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 Massachusetts level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 882 4.77% $14,474
QUICKEN LOANS, LLC 662 4.45% $13,752
CROSSCOUNTRY MORTGAGE, LLC 583 5.12% $16,623
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 458 5.16% $13,202
TOTAL MORTGAGE SERVICES, LLC 356 5.08% $14,897
LOANDEPOT.COM, LLC 337 4.60% $14,715
MOVEMENT MORTGAGE, LLC 337 5.09% $13,787
GUILD MORTGAGE COMPANY 334 4.94% $14,847
GUARANTEED RATE, INC. 299 4.89% $14,029
CALIBER HOME LOANS, INC. 284 4.34% $14,228
FREEDOM MORTGAGE CORPORATION 245 4.58% $12,429
PENNYMAC LOAN SERVICES, LLC 243 4.15% $12,746
HOMEBRIDGE FINANCIAL SERVICES, INC. 195 4.94% $15,626
Mr. Cooper ( Nationstar Mortgage ) 187 4.25% $15,785
HOME POINT FINANCIAL CORPORATION 185 4.38% $15,556
Equity Prime Mortgage LLC 178 5.13% $16,332
Mortgage Network, Inc. 168 4.98% $12,146
NEW FED MORTGAGE, CORP. 150 4.77% $14,786
LAKEVIEW LOAN SERVICING, LLC 139 3.78% $8,086
ACADEMY MORTGAGE CORPORATION 137 5.07% $10,409
RADIUS FINANCIAL GROUP INC. 135 4.92% $14,179
ENVOY MORTGAGE, LTD 131 5.04% $13,224
NORWICH COMMERCIAL GROUP, INC. 116 5.08% $12,442
Citizens Bank 114 4.47% $11,491
AMERISAVE MORTGAGE CORPORATION 110 4.45% $13,084
CARDINAL FINANCIAL 110 4.62% $19,171
NEWREZ LLC 102 4.43% $12,508
FINANCE OF AMERICA MORTGAGE LLC 95 4.48% $10,754
EMBRACE HOME LOANS, INC. 92 4.66% $14,014
MORTGAGE EQUITY PARTNERS LLC 89 5.04% $17,536
PRIMELENDING, A PLAINSCAPITAL COMPANY 85 4.63% $15,943
SALEM FIVE MORTGAGE COMPANY, LLC 80 4.65% $14,793
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 78 4.82% $12,299
EMM LOANS LLC 77 4.95% $15,627
Shamrock Home Loans, Inc. 77 4.82% $14,643
OCMBC, INC. 75 4.73% $14,445
Nations Lending Corporation 67 5.17% $12,092
BROKER SOLUTIONS, INC. 62 5.07% $13,368
Evolve Bank & Trust 60 4.77% $12,881
Sierra Pacific Mortgage Company, Inc. 59 4.52% $19,198
Paramount Residential Mortgage Group, Inc. 59 5.05% $14,165
NFM, INC. 58 5.09% $18,295
GUARANTEED RATE AFFINITY, LLC 57 4.88% $13,658
Envision Bank 57 4.27% $10,982
FIRST MORTGAGE COMPANY, INC. 52 5.01% $14,209
NORTHPOINT MORTGAGE, INC. 51 5.25% $12,058
HARBORONE MORTGAGE, LLC 49 4.99% $14,337
BAY EQUITY LLC 47 4.88% $16,595
Northpointe Bank 46 4.74% $14,126
INLAND BANK & TRUST 45 4.97% $12,693
FIRST HOME MORTGAGE CORPORATION 44 5.06% $16,934
MUTUAL OF OMAHA MORTGAGE, INC. 43 5.12% $16,119
Fall River Five Cents Savings Bank 43 4.81% $14,303
Leader Bank 42 4.52% $13,245
The Federal Savings Bank 41 4.41% $16,046
Rockland Trust Company 41 4.40% $12,468
Flagstar Bank, FSB 41 5.05% $13,528
RELIANCE FIRST CAPITAL, LLC 40 4.61% $14,565
EQUITY RESOURCES, INC. 37 4.87% $15,187
TOP FLITE FINANCIAL, INC. 33 5.45% $22,654
Semper Home Loans, Inc. 32 6.06% $17,115
PLAZA HOME MORTGAGE, INC. 31 4.62% $21,262
CMG MORTGAGE, INC. 31 4.99% $11,083
DRAPER AND KRAMER MORTGAGE CORP. 30 5.07% $14,487
Ross Mortgage Company, Inc. 28 4.62% $16,165
DREW MORTGAGE ASSOCIATES, INC. 28 5.17% $13,363
Bank of England 28 4.82% $14,855
First Guaranty Mortgage Corporation 24 3.89% $15,781
Mortgage Research Center, LLC 24 4.91% $11,006
EVERETT FINANCIAL, INC. 21 5.24% $8,394
ALLIED MORTGAGE GROUP, INC. 20 4.93% $13,392
NATIONS RELIABLE LENDING, LLC 20 5.85% $18,181
LEADERONE FINANCIAL CORPORATION 19 5.21% $11,662
PRIMARY RESIDENTIAL MORTGAGE, INC. 19 5.16% $15,938
HOMESIDE FINANCIAL, LLC 18 5.30% $12,947
BAYCOAST MORTGAGE COMPANY, LLC 18 5.10% $10,917
Eastern Bank 18 4.65% $14,480
TD Bank 17 4.62% $9,147
Home Loan Investment Bank, F.S.B. 15 4.92% $12,959
Bank of America 14 4.09% $8,004
GENEVA FINANCIAL, LLC 13 6.06% $14,228
NORTHERN MORTGAGE SERVICES, LLC 13 5.85% $8,417
PROVINCE MORTGAGE ASSOCIATES, INC. 13 5.00% $13,243
M&T Bank 12 4.18% $11,467
Magnolia Bank 12 4.35% $24,602
U.S. Bank 12 4.53% $11,819
Plains Commerce Bank 12 5.77% $12,334
LADERA LENDING, INC. 11 4.48% $14,407
Ixonia Bank 11 4.84% $13,851
NATIONWIDE MORTGAGE BANKERS, INC. 10 4.85% $15,740
Republic State Mortgage Co. 10 4.81% $18,559
VILLAGE CAPITAL MORTGAGE 10 4.27% $11,053
ZILLOW HOME LOANS, LLC 10 3.96% $14,871
ARC HOME LLC 9 3.68% $13,829
First Savings Bank 8 4.69% $12,278
CONTOUR MORTGAGE CORPORATION 8 4.45% $19,610
The Camden National Bank 8 4.66% $11,979
TJC Mortgage, Inc. 8 4.53% $19,678
AMERICAN FINANCING CORPORATION 8 4.20% $11,124
WILLIAM RAVEIS MORTGAGE, LLC 8 5.14% $12,762
METRO 8 4.00% $9,882
Berkshire Bank 7 4.43% $8,864
Hometown Equity Mortgage, LLC 7 4.59% $18,473
Southern Mass Credit Union 7 4.11% $10,726
Residential Mortgage Solutions, Inc. 6 4.50% $15,100
HOMESPIRE MORTGAGE CORPORATION 6 5.79% $25,256
FIRST WORLD MORTGAGE CORPORATION 6 4.98% $11,380
Luxury Mortgage Corp. 6 4.21% $16,708
The Washington Trust Company, of Westerly 6 4.25% $13,987
JPMorgan Chase Bank 6 5.02% $21,701
Carrington Mortgage Services, LLC 6 5.17% $20,300
Easthampton Savings Bank 6 6.13% $10,146
Waterstone Mortgage Corporation 6 5.21% $19,022
Wells Fargo Bank 6 4.56% $10,945
AMERICAN BANCSHARES MORTGAGE 5 4.55% $11,474
CONWAY FINANCIAL SERVICES, LLC 5 5.50% $10,844
HUNT MORTGAGE CORPORATION 5 4.73% $16,450
Princeton Mortgage Corporation 5 5.93% $18,444
Merchants Bank of Indiana 5 5.10% $15,236
Network Funding, L.P. 4 4.81% $14,024
MID-ISLAND MORTGAGE CORP. 4 5.34% $18,139
First Option Mortgage, LLC 4 5.22% $20,749
Webster Bank 4 4.25% $11,991
NATIONS DIRECT MORTGAGE, LLC 4 5.72% $16,716
American Mortgage & Equity Consultants, Inc. 4 6.06% $17,091
HOMESTEAD FUNDING CORP. 4 4.84% $14,073
First Federal Bank 4 5.41% $19,792
Hometown Lenders, Inc. 4 5.63% $14,853
GUARANTY HOME MORTGAGE CORPORATION 4 5.09% $13,857
PLANET HOME LENDING, LLC 4 4.81% $23,371
RESIDENTIAL BANCORP 3 5.16% $15,008
MEMBER ADVANTAGE MORTGAGE, LLC 3 4.54% $8,322
INTELLILOAN, INC. 3 4.96% $14,059
First Internet Bank of Indiana 3 6.08% $10,842
North American Savings Bank, F.S.B. 3 5.04% $8,677
First Home Bank 3 4.75% $21,279
PNC Bank 3 5.08% $17,638
Poli Mortgage Group, Inc. 3 4.38% $13,395
Bridgewater Savings Bank 3 3.75% $10,338
Bangor Savings Bank 3 4.88% $14,666
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 4.79% $17,699
SOUTHPOINT FINANCIAL SERVICES, INC. 3 5.04% $21,736
T2 FINANCIAL LLC 3 4.71% $16,095
AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.17% $13,206
Prosperity Home Mortgage, LLC 2 6.19% $12,120
Chickasaw Community Bank 2 4.00% $12,007
AMERICAN FINANCIAL RESOURCES, INC. 2 4.31% $24,160
LOANPAL, LLC 2 4.06% $17,728
FBC MORTGAGE, LLC 2 6.75% $12,340
VAN DYK MORTGAGE CORPORATION 2 5.25% $9,599
CANOPY MORTGAGE, LLC 2 4.88% $20,978
PHH Mortgage Corporation 2 5.44% $11,632
NJ LENDERS CORP. 2 4.19% $20,711
CRESCENT MORTGAGE COMPANY 2 3.25% $14,250
MYCUMORTGAGE, LLC 2 4.31% $7,231
MID AMERICA MORTGAGE, INC. 2 4.19% $7,062
The Huntington National Bank 2 4.56% $14,572
MEMBERS MORTGAGE COMPANY, INC. 2 6.00% $10,367
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $17,991
STEARNS LENDING, LLC 1 3.25% $2,260
SUCCESS MORTGAGE PARTNERS, INC. 1 4.13% $14,069
LIBERTY HOME MORTGAGE CORPORATION 1 5.75% $20,763
LANDED HOME LOANS LLC 1 5.75% $21,972
Texana Bank 1 2.63% $14,620
NBKC BANK 1 4.75% $10,141
MountainOne Bank 1 4.50% $14,150
KELLER MORTGAGE, LLC 1 3.75% $10,887
MLD MORTGAGE INC. 1 3.75% $13,596
AMERICAN FEDERAL MORTGAGE CORPORATION 1 3.13% $14,038
MILEND, INC. 1 6.25% $15,315
Peoples Bank 1 3.99% $15,647
Cornerstone First Mortgage, Inc 1 4.25% $9,678
Paramount Bank 1 4.13% $14,198
POLARIS HOME FUNDING CORP. 1 5.88% $17,583
CHURCHILL MORTGAGE CORPORATION 1 5.63% $15,051
Watermark Capital, Inc. 1 4.13% $15,360
DAS Acquisition Company, LLC 1 5.50% $14,327
OCEANSIDE MORTGAGE COMPANY 1 3.99% $3,613
BNC National Bank 1 5.25% $16,312
Willamette Valley Bank 1 4.75% $17,448
LOANLEADERS OF AMERICA, INC. 1 3.13% $33,858
OAKTREE FUNDING CORP. 1 4.38% $24,191
BETTER MORTGAGE CORPORATION 1 3.99% $11,748
NP, Inc. 1 6.75% $8,556
RUOFF MORTGAGE COMPANY, INC. 1 7.25% $12,417
KeyBank 1 2.88% $6,429
Santander Bank, N.A. 1 3.00% $13,868
Armed Forces Bank 1 3.63% $9,999
SIRVA MORTGAGE, INC. 1 5.63% $17,218

The top Massachusetts FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 882 FHA loans originated. Their average total fees are $14,474, which is $722 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Massachusetts FHA lenders (with over 10 loans originated) are Bank of America ($8,004), LAKEVIEW LOAN SERVICING, LLC ($8,086), EVERETT FINANCIAL, INC. ($8,394), NORTHERN MORTGAGE SERVICES, LLC ($8,417) and TD Bank ($9,147).

The lowest rate Massachusetts FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.78%), First Guaranty Mortgage Corporation (3.89%), ZILLOW HOME LOANS, LLC (3.96%), Bank of America (4.09%) and PENNYMAC LOAN SERVICES, LLC (4.15%).

Massachusetts FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BARNSTABLE TOWN, MA BARNSTABLE 2022 $621,000 $795,000 $960,950 $1,194,250
PITTSFIELD, MA BERKSHIRE 2022 $420,680 $538,650 $651,050 $809,150
PROVIDENCE-WARWICK, RI-MA BRISTOL 2022 $592,250 $758,200 $916,450 $1,138,950
VINEYARD HAVEN, MA DUKES 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
BOSTON-CAMBRIDGE-NEWTON, MA-NH ESSEX 2022 $770,500 $986,400 $1,192,300 $1,481,750
SPRINGFIELD, MA FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
SPRINGFIELD, MA HAMPDEN 2022 $420,680 $538,650 $651,050 $809,150
SPRINGFIELD, MA HAMPSHIRE 2022 $420,680 $538,650 $651,050 $809,150
BOSTON-CAMBRIDGE-NEWTON, MA-NH MIDDLESEX 2022 $770,500 $986,400 $1,192,300 $1,481,750
NON-METRO NANTUCKET 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
BOSTON-CAMBRIDGE-NEWTON, MA-NH NORFOLK 2022 $770,500 $986,400 $1,192,300 $1,481,750
BOSTON-CAMBRIDGE-NEWTON, MA-NH PLYMOUTH 2022 $770,500 $986,400 $1,192,300 $1,481,750
BOSTON-CAMBRIDGE-NEWTON, MA-NH SUFFOLK 2022 $770,500 $986,400 $1,192,300 $1,481,750
WORCESTER, MA-CT WORCESTER 2022 $420,680 $538,650 $651,050 $809,150
BARNSTABLE TOWN, MA BARNSTABLE 2023 $701,500 $898,050 $1,085,550 $1,349,050
PITTSFIELD, MA BERKSHIRE 2023 $472,030 $604,400 $730,525 $907,900
PROVIDENCE-WARWICK, RI-MA BRISTOL 2023 $661,250 $846,500 $1,023,250 $1,271,650
VINEYARD HAVEN, MA DUKES 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
BOSTON-CAMBRIDGE-NEWTON, MA-NH ESSEX 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
SPRINGFIELD, MA FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
SPRINGFIELD, MA HAMPDEN 2023 $472,030 $604,400 $730,525 $907,900
SPRINGFIELD, MA HAMPSHIRE 2023 $472,030 $604,400 $730,525 $907,900
BOSTON-CAMBRIDGE-NEWTON, MA-NH MIDDLESEX 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
NON-METRO NANTUCKET 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
BOSTON-CAMBRIDGE-NEWTON, MA-NH NORFOLK 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
BOSTON-CAMBRIDGE-NEWTON, MA-NH PLYMOUTH 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
BOSTON-CAMBRIDGE-NEWTON, MA-NH SUFFOLK 2023 $828,000 $1,060,000 $1,281,300 $1,592,350
WORCESTER, MA-CT WORCESTER 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).