Vermont FHA Loan Rates, Closing Costs & Stats

Vermont

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    • 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.

    Vermont FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Vermont averaged 6.69% for the week of 2024-05-03, compared to the national average (all FHA variants) of 6.894% for the same period.

    Vermont's average FHA mortgage closing costs are $7,827.

    The average rate for the prior week (2024-04-26) was 6.97% and one month ago for the week of 2024-03-29, the average rate was 6.36%.

    The average rate one year ago was 6.48%.

    For refis of the same type during the week of 2024-05-03, the average rate was 6.96%.

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

    Vermont 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 Vermont level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 118 6.21% $11,486
    PENNYMAC LOAN SERVICES, LLC 38 6.44% $12,176
    CMG MORTGAGE, INC. 25 6.76% $12,532
    ACADEMY MORTGAGE CORPORATION 23 6.86% $12,316
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 6.60% $10,831
    HOMEBRIDGE FINANCIAL SERVICES, INC. 22 6.61% $13,789
    EMM LOANS LLC 21 6.73% $10,761
    Union Bank 19 6.43% $8,847
    M&T Bank 14 6.39% $9,490
    LOANDEPOT.COM, LLC 13 6.13% $14,237
    BROKER SOLUTIONS, INC. 13 6.79% $11,431
    UNITED WHOLESALE MORTGAGE, LLC 12 6.58% $12,020
    PRIMELENDING, A PLAINSCAPITAL COMPANY 11 6.81% $10,358
    American Mortgage & Equity Consultants, Inc. 10 7.44% $11,964
    MOVEMENT MORTGAGE, LLC 9 6.67% $9,929
    FREEDOM MORTGAGE CORPORATION 8 7.16% $13,113
    AMERISAVE MORTGAGE CORPORATION 8 6.05% $16,624
    GUARANTEED RATE, INC. 7 6.64% $10,355
    RELIANCE FIRST CAPITAL, LLC 6 6.40% $12,727
    MUTUAL OF OMAHA MORTGAGE, INC. 5 7.03% $15,892
    LEADERONE FINANCIAL CORPORATION 5 6.85% $11,736
    LIBERTY HOME MORTGAGE CORPORATION 4 6.50% $15,021
    Mortgage Research Center, LLC 4 7.75% $5,230
    Paramount Residential Mortgage Group, Inc. 4 6.69% $7,812
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 7.22% $19,074
    ENVOY MORTGAGE, LTD 3 7.21% $11,144
    NORWICH COMMERCIAL GROUP, INC. 3 6.67% $12,269
    Mr. Cooper ( Nationstar Mortgage ) 3 6.33% $15,457
    Citizens Bank 3 5.96% $10,688
    LAKEVIEW LOAN SERVICING, LLC 3 6.75% $13,652
    GUILD MORTGAGE COMPANY 3 6.75% $8,843
    Century Mortgage Company DBA Century Lending Company 2 6.19% $8,851
    Carrington Mortgage Services, LLC 2 6.06% $9,293
    CARDINAL FINANCIAL 2 6.00% $9,101
    EMBRACE HOME LOANS, INC. 2 6.50% $16,036
    JPMorgan Chase Bank 2 6.69% $12,076
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.38% $10,196
    MEMBER FIRST MORTGAGE, LLC 2 7.50% $10,965
    EVERETT FINANCIAL, INC. 1 6.13% $13,244
    Equity Prime Mortgage LLC 1 6.75% $16,833
    First Savings Bank 1 5.75% $20,600
    HARBORONE MORTGAGE, LLC 1 7.13% $10,010
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $16,955
    ZILLOW HOME LOANS, LLC 1 5.75% $8,517
    MID AMERICA MORTGAGE, INC. 1 8.88% $6,856
    MORTGAGE EQUITY PARTNERS LLC 1 7.38% $13,445
    NBKC BANK 1 7.63% $7,717
    NEWREZ LLC 1 7.75% $10,253
    ON Q FINANCIAL, INC. 1 7.25% $9,518
    CALIBER HOME LOANS, INC. 1 6.75% $11,527
    BETTER MORTGAGE CORPORATION 1 6.00% $4,228
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $9,322
    The Federal Savings Bank 1 6.50% $12,465
    AMERICAN FINANCIAL NETWORK, INC. 1 6.88% $26,850
    Advisors Mortgage Group, L.L.C. 1 7.50% $14,247
    U.S. Bank 1 6.88% $14,266

    The top Vermont FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 118 FHA loans originated. Their average total fees are $11,486, which is $690 lower than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

    The lowest fee Vermont FHA lenders (with over 10 loans originated) are Union Bank ($8,847), M&T Bank ($9,490), PRIMELENDING, A PLAINSCAPITAL COMPANY ($10,358), EMM LOANS LLC ($10,761) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,831).

    The lowest rate Vermont FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.13%), QUICKEN LOANS, LLC (6.21%), M&T Bank (6.39%), Union Bank (6.43%) and PENNYMAC LOAN SERVICES, LLC (6.44%).

    Vermont FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NON-METRO ADDISON 2022 $420,680 $538,650 $651,050 $809,150
    BENNINGTON, VT BENNINGTON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CALEDONIA 2022 $420,680 $538,650 $651,050 $809,150
    BURLINGTON-SOUTH BURLINGTON, VT CHITTENDEN 2022 $434,700 $556,500 $672,650 $835,950
    NON-METRO ESSEX 2022 $420,680 $538,650 $651,050 $809,150
    BURLINGTON-SOUTH BURLINGTON, VT FRANKLIN 2022 $434,700 $556,500 $672,650 $835,950
    BURLINGTON-SOUTH BURLINGTON, VT GRAND ISLE 2022 $434,700 $556,500 $672,650 $835,950
    NON-METRO LAMOILLE 2022 $420,680 $538,650 $651,050 $809,150
    LEBANON, NH-VT ORANGE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ORLEANS 2022 $420,680 $538,650 $651,050 $809,150
    RUTLAND, VT RUTLAND 2022 $420,680 $538,650 $651,050 $809,150
    BARRE, VT WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WINDHAM 2022 $420,680 $538,650 $651,050 $809,150
    LEBANON, NH-VT WINDSOR 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ADDISON 2023 $472,030 $604,400 $730,525 $907,900
    BENNINGTON, VT BENNINGTON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CALEDONIA 2023 $472,030 $604,400 $730,525 $907,900
    BURLINGTON-SOUTH BURLINGTON, VT CHITTENDEN 2023 $492,200 $630,100 $761,650 $946,550
    NON-METRO ESSEX 2023 $472,030 $604,400 $730,525 $907,900
    BURLINGTON-SOUTH BURLINGTON, VT FRANKLIN 2023 $492,200 $630,100 $761,650 $946,550
    BURLINGTON-SOUTH BURLINGTON, VT GRAND ISLE 2023 $492,200 $630,100 $761,650 $946,550
    NON-METRO LAMOILLE 2023 $472,030 $604,400 $730,525 $907,900
    LEBANON, NH-VT ORANGE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ORLEANS 2023 $472,030 $604,400 $730,525 $907,900
    RUTLAND, VT RUTLAND 2023 $472,030 $604,400 $730,525 $907,900
    BARRE, VT WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WINDHAM 2023 $472,030 $604,400 $730,525 $907,900
    LEBANON, NH-VT WINDSOR 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).