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 6.56% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Massachusetts's average FHA mortgage closing costs are $11,036.

The average rate for the prior week (2024-04-05) was 6.29% and one month ago for the week of 2024-03-08, the average rate was 6.43%.

The average rate one year ago was 5.86%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.72%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 824 6.41% $17,098
QUICKEN LOANS, LLC 698 6.13% $16,178
CROSSCOUNTRY MORTGAGE, LLC 467 6.71% $17,928
GUARANTEED RATE, INC. 315 6.56% $17,257
MOVEMENT MORTGAGE, LLC 308 6.74% $16,130
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 283 6.77% $15,042
LOANDEPOT.COM, LLC 272 6.47% $16,633
TOTAL MORTGAGE SERVICES, LLC 248 6.50% $18,131
GUILD MORTGAGE COMPANY 239 6.53% $17,529
NEWREZ LLC 145 6.31% $17,075
RADIUS FINANCIAL GROUP INC. 112 6.71% $17,203
PENNYMAC LOAN SERVICES, LLC 108 6.07% $17,190
FREEDOM MORTGAGE CORPORATION 108 6.79% $18,153
NORWICH COMMERCIAL GROUP, INC. 96 6.51% $14,051
ACADEMY MORTGAGE CORPORATION 95 6.94% $11,453
Mr. Cooper ( Nationstar Mortgage ) 95 6.09% $21,850
CMG MORTGAGE, INC. 89 6.90% $16,888
BROKER SOLUTIONS, INC. 89 6.65% $16,489
MORTGAGE EQUITY PARTNERS LLC 88 6.61% $20,084
EMM LOANS LLC 87 6.26% $20,259
NEW FED MORTGAGE, CORP. 77 6.75% $18,453
Paramount Residential Mortgage Group, Inc. 77 6.61% $14,973
SALEM FIVE MORTGAGE COMPANY, LLC 74 6.70% $14,909
Shamrock Home Loans, Inc. 70 6.55% $17,973
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 69 6.69% $21,325
CARDINAL FINANCIAL 69 6.34% $20,634
HOMEBRIDGE FINANCIAL SERVICES, INC. 65 6.42% $16,367
AMERISAVE MORTGAGE CORPORATION 65 5.98% $19,166
Leader Bank 65 6.35% $14,490
Fall River Five Cents Savings Bank 62 6.33% $14,681
Citizens Bank 62 6.33% $14,795
LEADERONE FINANCIAL CORPORATION 58 6.67% $12,600
FIRST MORTGAGE COMPANY, INC. 57 6.36% $15,118
PRIMELENDING, A PLAINSCAPITAL COMPANY 52 6.63% $19,551
NORTHPOINT MORTGAGE, INC. 52 6.66% $13,392
HARBORONE MORTGAGE, LLC 51 6.63% $14,672
MUTUAL OF OMAHA MORTGAGE, INC. 51 6.46% $19,765
Semper Home Loans, Inc. 47 7.04% $16,101
NATIONS RELIABLE LENDING, LLC 46 6.47% $21,929
GUARANTEED RATE AFFINITY, LLC 46 6.72% $15,866
Keystone Funding, Inc. 46 6.50% $16,108
Sierra Pacific Mortgage Company, Inc. 44 6.49% $18,380
EMBRACE HOME LOANS, INC. 44 6.35% $16,188
ENVOY MORTGAGE, LTD 38 6.63% $15,327
Flagstar Bank, FSB 38 6.24% $14,053
AMERICAN FINANCIAL NETWORK, INC. 36 6.77% $19,546
FIRST HOME MORTGAGE CORPORATION 35 6.59% $22,092
DREW MORTGAGE ASSOCIATES, INC. 34 6.56% $14,080
OCMBC, INC. 34 6.89% $16,794
NFM, INC. 33 6.63% $20,646
Northpointe Bank 32 6.32% $17,047
LAKEVIEW LOAN SERVICING, LLC 31 6.10% $15,499
PLAZA HOME MORTGAGE, INC. 31 6.54% $18,940
PRIMARY RESIDENTIAL MORTGAGE, INC. 29 6.97% $19,811
Nations Lending Corporation 28 7.05% $13,854
Evolve Bank & Trust 28 6.63% $13,131
BAYCOAST MORTGAGE COMPANY, LLC 27 6.26% $11,209
NATIONS DIRECT MORTGAGE, LLC 27 7.02% $20,365
RELIANCE FIRST CAPITAL, LLC 26 6.62% $17,177
DRAPER AND KRAMER MORTGAGE CORP. 25 6.67% $17,131
Rockland Trust Company 23 6.67% $13,689
Equity Prime Mortgage LLC 22 7.01% $16,599
TOP FLITE FINANCIAL, INC. 22 6.93% $25,141
Easthampton Savings Bank 22 6.48% $13,120
Plains Commerce Bank 22 6.85% $14,854
ARK-LA-TEX FINANCIAL SERVICES, LLC. 21 6.61% $16,165
Bank of England 21 6.39% $16,209
HOMESPIRE MORTGAGE CORPORATION 21 6.31% $12,714
Eastern Bank 20 6.63% $14,755
HOMESTEAD FUNDING CORP. 19 6.83% $9,940
The Federal Savings Bank 19 6.20% $21,224
BAY EQUITY LLC 18 6.95% $13,803
GENEVA FINANCIAL, LLC 18 7.17% $15,954
ALLIED MORTGAGE GROUP, INC. 17 6.65% $17,074
Mortgage Research Center, LLC 16 6.79% $11,655
Republic State Mortgage Co. 14 6.63% $17,202
MILEND, INC. 14 6.56% $17,466
PHH Mortgage Corporation 12 6.08% $12,187
PROVINCE MORTGAGE ASSOCIATES, INC. 12 6.86% $12,630
Home Loan Investment Bank, F.S.B. 12 6.66% $13,423
Ross Mortgage Company, Inc. 12 7.41% $13,617
ZILLOW HOME LOANS, LLC 11 6.42% $11,647
CIBM Bank 11 6.69% $11,318
NBKC BANK 11 5.99% $12,275
U.S. Bank 10 6.56% $12,027
Berkshire Bank 10 6.20% $10,508
Bridgewater Savings Bank 9 6.40% $15,162
First Federal Bank 9 6.07% $17,764
HOMESIDE FINANCIAL, LLC 9 6.54% $15,721
M&T Bank 9 6.57% $10,983
PLANET HOME LENDING, LLC 9 6.51% $15,426
TJC Mortgage, Inc. 9 6.54% $21,959
LIBERTY HOME MORTGAGE CORPORATION 8 7.00% $24,476
The Washington Trust Company, of Westerly 8 6.59% $15,673
NORTHERN MORTGAGE SERVICES, LLC 8 6.56% $9,521
American Mortgage & Equity Consultants, Inc. 8 6.95% $22,466
Cornerstone First Mortgage, Inc 7 6.43% $18,364
MID AMERICA MORTGAGE, INC. 7 7.11% $12,244
TD Bank 7 6.23% $7,510
Ixonia Bank 7 7.00% $20,063
CONWAY FINANCIAL SERVICES, LLC 7 6.61% $12,299
VILLAGE CAPITAL MORTGAGE 6 6.61% $10,666
BAYSHORE MORTGAGE FUNDING, LLC 6 6.46% $20,969
EVERETT FINANCIAL, INC. 6 6.88% $13,688
LADERA LENDING, INC. 6 6.54% $18,111
Residential Mortgage Solutions, Inc. 6 6.71% $14,454
JPMorgan Chase Bank 6 6.21% $13,804
The Camden National Bank 6 6.27% $14,364
EQUITY RESOURCES, INC. 6 6.79% $14,426
Magnolia Bank 6 6.17% $30,844
WILLIAM RAVEIS MORTGAGE, LLC 6 6.15% $15,169
MEMBER ADVANTAGE MORTGAGE, LLC 6 6.46% $12,655
Prosperity Home Mortgage, LLC 5 6.62% $13,158
Merchants Bank of Indiana 5 6.38% $15,654
LAND HOME FINANCIAL SERVICES, INC. 5 7.30% $27,066
JMAC LENDING, INC. 5 6.53% $17,905
CHURCHILL MORTGAGE CORPORATION 5 6.15% $19,311
Waterstone Mortgage Corporation 4 6.81% $15,574
NP, Inc. 4 6.72% $12,354
CONTOUR MORTGAGE CORPORATION 4 5.78% $22,329
FIRST WORLD MORTGAGE CORPORATION 4 6.16% $15,821
Bank of America 4 7.25% $11,538
T2 FINANCIAL LLC 4 6.38% $15,631
NJ LENDERS CORP. 4 6.19% $17,593
Princeton Mortgage Corporation 3 6.79% $22,970
MID-ISLAND MORTGAGE CORP. 3 6.96% $7,640
LOANPAL, LLC 3 6.46% $14,213
FIRST COMMUNITY MORTGAGE, INC. 3 7.33% $11,993
Barrington Bank & Trust Company, N.A. 3 6.21% $8,279
POLARIS HOME FUNDING CORP. 2 7.25% $16,555
CALCON MUTUAL MORTGAGE LLC 2 6.50% $22,179
Wells Fargo Bank 2 6.63% $9,525
UMASSFIVE COLLEGE Federal Credit Union 2 6.00% $13,578
First Internet Bank of Indiana 2 4.94% $14,879
AMERICAN FINANCING CORPORATION 2 6.87% $10,521
AMERICAN FINANCIAL RESOURCES, INC. 2 6.50% $12,344
First Savings Bank 2 6.19% $13,188
PNC Bank 2 6.88% $11,581
CRESCENT MORTGAGE COMPANY 2 6.44% $14,789
METRO 2 6.50% $13,585
HUNT MORTGAGE CORPORATION 2 6.75% $19,197
Bangor Savings Bank 2 5.56% $11,388
Arvest Bank 2 6.50% $6,982
KeyBank 2 6.31% $8,665
FBC MORTGAGE, LLC 2 6.44% $15,956
INTELLILOAN, INC. 1 6.50% $11,351
Network Funding, L.P. 1 6.50% $12,436
PLUS RELOCATION MORTGAGE, LLC 1 6.75% $15,909
ARC HOME LLC 1 5.63% $15,683
AMCAP MORTGAGE, LTD. 1 7.63% $18,691
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 6.88% $31,355
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.00% $17,723
VAN DYK MORTGAGE CORPORATION 1 6.50% $7,465
Victorian Finance, LLC 1 6.25% $14,007
LEGEND LENDING CORPORATION 1 7.25% $18,196
Watermark Capital, Inc. 1 6.75% $9,665
MORTGAGE ACCESS CORP. 1 7.00% $21,716
Webster Bank 1 7.25% $16,075
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 5.63% $16,452
MEMBERS MORTGAGE COMPANY, INC. 1 6.75% $22,187
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.49% $12,070
PENTAGON FEDERAL CREDIT UNION 1 5.63% $15,512
Meridian Bank Corporation 1 5.75% $8,415
Old National Bank 1 6.00% $10,386
OCEANSIDE MORTGAGE COMPANY 1 5.50% $10,252
GUARANTY HOME MORTGAGE CORPORATION 1 6.50% $14,028
RESIDENTIAL BANCORP 1 7.25% $14,790
HARTFORD FUNDING, LTD. 1 6.25% $34,881
BETTER MORTGAGE CORPORATION 1 5.63% $9,236
Hometown Equity Mortgage, LLC 1 7.38% $29,244
SIWELL, INC. 1 3.13% $4,216
Southern Mass Credit Union 1 5.63% $12,699
Strong Home Mortgage, LLC 1 5.75% $7,143
SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $12,640
SUMMIT FUNDING, INC. 1 6.75% $21,677
SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $35,561

The top Massachusetts FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 824 FHA loans originated. Their average total fees are $17,098, which is $919 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Massachusetts FHA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($9,940), Berkshire Bank ($10,508), BAYCOAST MORTGAGE COMPANY, LLC ($11,209), CIBM Bank ($11,318) and ACADEMY MORTGAGE CORPORATION ($11,453).

The lowest rate Massachusetts FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.98%), NBKC BANK (5.99%), PENNYMAC LOAN SERVICES, LLC (6.07%), PHH Mortgage Corporation (6.08%) and Mr. Cooper ( Nationstar Mortgage ) (6.09%).

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).