Aberdeen FHA Loan Rates, Closing Costs & Stats

Aberdeen, WA

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.

Aberdeen's 72 lenders originated 293 FHA loans during 2023. The total origination value was $81,755,000, with an average FHA loan value of $279,027.

Aberdeen FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Aberdeen averaged 6.48% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Aberdeen's average FHA mortgage closing costs are $9,106.

The average rate for the prior week (2024-07-12) was 6.54% and one month ago for the week of 2024-06-14, the average rate was 6.79%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.59%.

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

Aberdeen 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 Aberdeen level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GUILD MORTGAGE COMPANY 40 6.78% $12,528
QUICKEN LOANS, LLC 19 6.07% $12,553
UNITED WHOLESALE MORTGAGE, LLC 18 6.02% $13,793
AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.41% $12,902
ACADEMY MORTGAGE CORPORATION 11 6.58% $14,502
BROKER SOLUTIONS, INC. 9 6.81% $12,370
NEWREZ LLC 8 6.30% $11,205
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.57% $14,154
MOVEMENT MORTGAGE, LLC 7 7.45% $14,573
Paramount Residential Mortgage Group, Inc. 6 6.85% $16,176
BAY EQUITY LLC 5 6.48% $16,719
Loan Simple, Inc. 5 6.83% $17,468
LOANDEPOT.COM, LLC 5 6.59% $10,472
Flagstar Bank, FSB 5 6.44% $8,268
CROSSCOUNTRY MORTGAGE, LLC 5 6.66% $13,472
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.81% $6,320
PENNYMAC LOAN SERVICES, LLC 4 5.53% $18,891
PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.72% $13,619
Ixonia Bank 3 7.00% $12,596
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 7.42% $9,915
T2 FINANCIAL LLC 3 7.13% $9,105
Carrington Mortgage Services, LLC 3 6.46% $13,111
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 7.08% $10,924
MID AMERICA MORTGAGE, INC. 3 6.75% $5,150
LEADERONE FINANCIAL CORPORATION 3 6.12% $15,080
FREEDOM MORTGAGE CORPORATION 2 6.75% $17,910
CALCON MUTUAL MORTGAGE LLC 2 5.75% $21,930
CMG MORTGAGE, INC. 2 5.94% $17,076
GUARANTEED RATE, INC. 2 6.50% $12,619
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $9,462
MANN FINANCIAL INC. 2 7.13% $8,271
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $15,709
NOVA FINANCIAL & INVESTMENT CORPORATION 2 6.00% $10,016
Prosperity Home Mortgage, LLC 2 7.25% $11,126
U.S. Bank 2 7.31% $10,741
Wallick & Volk, Inc. 2 7.25% $3,840
UNION HOME MORTGAGE CORP. 1 7.63% $10,790
Chickasaw Community Bank 1 6.63% $11,153
MLD MORTGAGE INC. 1 6.63% $20,914
Mortgage Research Center, LLC 1 6.99% $5,164
MOUNTAIN WEST FINANCIAL, INC. 1 7.50% $10,441
CALIBER HOME LOANS, INC. 1 6.88% $11,108
Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $12,867
AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $14,980
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $13,674
NETWORK CAPITAL FUNDING CORPORATION 1 5.50% $13,766
Boeing Employees Credit Union 1 6.25% $9,720
NFM, INC. 1 7.13% $13,345
Northpointe Bank 1 6.75% $11,220
Wells Fargo Bank 1 7.00% $7,032
ON Q FINANCIAL, INC. 1 6.75% $11,321
BECKAM FUNDING CORP. 1 7.13% $10,485
Banner Bank 1 6.63% $12,687
Bank of the Pacific 1 7.12% $6,082
AXIA FINANCIAL, LLC 1 6.50% $11,635
PRIORITY HOME LENDING, LLC 1 6.75% $16,206
Willamette Valley Bank 1 6.75% $13,903
AMERISAVE MORTGAGE CORPORATION 1 5.00% $10,569
RELIANCE FIRST CAPITAL, LLC 1 6.63% $12,954
Sierra Pacific Mortgage Company, Inc. 1 6.75% $13,975
SUMMIT FUNDING, INC. 1 6.75% $12,000
Sunflower Bank 1 4.99% $15,528
AmeriHome Mortgage Company, LLC 1 7.13% $11,474
The Federal Savings Bank 1 6.13% $20,571
TOP FLITE FINANCIAL, INC. 1 7.75% $12,059
1st Security Bank of Washington 1 7.13% $15,124
Evolve Bank & Trust 1 8.00% $16,362
TOTAL MORTGAGE SERVICES, LLC 1 6.75% $11,792
ENVOY MORTGAGE, LTD 1 7.50% $15,831
DIRECTORS MORTGAGE, INC. 1 6.75% $15,969
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $15,121
CHURCHILL MORTGAGE CORPORATION 1 6.25% $14,369

The top Aberdeen FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 40 FHA loans originated. Their average total fees are $12,528, which is $25 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Aberdeen FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($12,528), QUICKEN LOANS, LLC ($12,553), AMERICAN PACIFIC MORTGAGE CORPORATION ($12,902), UNITED WHOLESALE MORTGAGE, LLC ($13,793) and ACADEMY MORTGAGE CORPORATION ($14,502).

The lowest rate Aberdeen FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.02%), QUICKEN LOANS, LLC (6.07%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.41%), ACADEMY MORTGAGE CORPORATION (6.58%) and GUILD MORTGAGE COMPANY (6.78%).

Aberdeen FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ABERDEEN, WA GRAYS HARBOR 2022 $420,680 $538,650 $651,050 $809,150
ABERDEEN, WA GRAYS HARBOR 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Aberdeen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $209,900 (22.8%) $249,846 (17.3%) 0.00 293
2018-02-01 $217,625 (21.3%) $258,065 (19.7%) 0.00 286
2018-03-01 $217,900 (19.4%) $257,528 (16.1%) 0.00 299
2018-04-01 $217,250 (14.5%) $254,314 (13.4%) 0.00 313
2018-05-01 $222,475 (14.1%) $253,062 (9.4%) 0.00 329
2018-06-01 $220,000 (12.8%) $258,524 (12.6%) 0.00 379
2018-07-01 $222,100 (11.2%) $262,451 (13.3%) 0.00 415
2018-08-01 $224,450 (12.3%) $268,013 (16.1%) 0.00 415
2018-09-01 $229,450 (14.7%) $272,843 (15.0%) 0.00 402
2018-10-01 $233,500 (16.8%) $270,422 (10.6%) 0.00 382
2018-11-01 $232,500 (15.0%) $264,200 (6.3%) 0.00 359
2018-12-01 $228,200 (14.2%) $260,684 (6.8%) 0.00 323
2019-01-01 $229,225 (9.2%) $260,987 (4.5%) 0.00 272
2019-02-01 $230,750 (6.0%) $265,108 (2.7%) 0.00 275
2019-03-01 $235,247 (8.0%) $272,593 (5.9%) 0.00 285
2019-04-01 $243,871 (12.3%) $283,600 (11.5%) 0.00 298
2019-05-01 $249,725 (12.3%) $298,314 (17.9%) 0.00 298
2019-06-01 $243,250 (10.6%) $287,212 (11.1%) 0.00 337
2019-07-01 $246,500 (11.0%) $291,957 (11.2%) 0.00 376
2019-08-01 $246,182 (9.7%) $289,747 (8.1%) 0.00 391
2019-09-01 $242,705 (5.8%) $283,956 (4.1%) 0.00 397
2019-10-01 $240,000 (2.8%) $278,196 (2.9%) 0.00 396
2019-11-01 $246,250 (5.9%) $275,780 (4.4%) 0.00 360
2019-12-01 $244,920 (7.3%) $266,857 (2.4%) 0.00 322
2020-01-01 $244,950 (6.9%) $268,603 (2.9%) 0.00 299
2020-02-01 $245,900 (6.6%) $265,500 (0.2%) 0.00 284
2020-03-01 $249,700 (6.1%) $271,373 (-0.5%) 0.00 279
2020-04-01 $257,413 (5.6%) $280,692 (-1.0%) 0.00 277
2020-05-01 $259,450 (3.9%) $282,511 (-5.3%) 0.00 267
2020-06-01 $263,700 (8.4%) $291,338 (1.4%) 0.00 250
2020-07-01 $265,000 (7.5%) $301,090 (3.1%) 0.00 260
2020-08-01 $260,000 (5.6%) $307,026 (6.0%) 0.00 254
2020-09-01 $263,500 (8.6%) $322,567 (13.6%) 0.00 235
2020-10-01 $265,000 (10.4%) $331,151 (19.0%) 0.00 210
2020-11-01 $273,450 (11.1%) $354,169 (28.4%) 0.00 140
2020-12-01 $283,675 (15.8%) $364,189 (36.5%) 0.00 124
2021-01-01 $279,000 (13.9%) $373,342 (39.0%) 0.00 90
2021-02-01 $282,175 (14.8%) $382,773 (44.2%) 0.00 83
2021-03-01 $286,450 (14.7%) $366,032 (34.9%) 0.00 87
2021-04-01 $302,250 (17.4%) $372,982 (32.9%) 0.00 84
2021-05-01 $349,000 (34.5%) $404,953 (43.3%) 0.00 120
2021-06-01 $369,900 (40.3%) $431,286 (48.0%) 0.00 142
2021-07-01 $349,950 (32.1%) $414,109 (37.5%) 0.00 186
2021-08-01 $356,000 (36.9%) $428,724 (39.6%) 0.00 200
2021-09-01 $362,500 (37.6%) $429,842 (33.3%) 0.00 212
2021-10-01 $384,900 (45.3%) $442,955 (33.8%) 0.00 194
2021-11-01 $382,450 (39.9%) $431,039 (21.7%) 0.00 167
2021-12-01 $384,700 (35.6%) $425,404 (16.8%) 0.00 152
2022-01-01 $389,000 (39.4%) $423,175 (13.4%) 0.00 135
2022-02-01 $392,350 (39.0%) $423,691 (10.7%) 0.00 132
2022-03-01 $406,150 (41.8%) $459,141 (25.4%) 0.00 156
2022-04-01 $424,900 (40.6%) $471,830 (26.5%) 0.00 160
2022-05-01 $407,400 (16.7%) $454,197 (12.2%) 0.00 203
2022-06-01 $412,210 (11.4%) $454,692 (5.4%) 0.00 267
2022-07-01 $405,000 (15.7%) $450,110 (8.7%) 0.00 348
2022-08-01 $399,999 (12.4%) $446,996 (4.3%) 0.00 360
2022-09-01 $399,450 (10.2%) $438,494 (2.0%) 0.00 349
2022-10-01 $399,000 (3.7%) $425,631 (-3.9%) 0.00 335
2022-11-01 $388,972 (1.7%) $405,991 (-5.8%) 0.00 292
2022-12-01 $397,000 (3.2%) $411,105 (-3.4%) 0.00 250
2023-01-01 $399,900 (2.8%) $422,895 (-0.1%) 0.00 240
2023-02-01 $399,987 (2.0%) $421,591 (-0.5%) 0.00 223
2023-03-01 $413,750 (1.9%) $442,334 (-3.7%) 0.00 217
2023-04-01 $410,000 (-3.5%) $451,468 (-4.3%) 0.00 220
2023-05-01 $411,250 (1.0%) $447,237 (-1.5%) 0.00 243
2023-06-01 $415,475 (0.8%) $466,674 (2.6%) 0.00 275
2023-07-01 $419,000 (3.5%) $499,938 (11.1%) 0.00 330
2023-08-01 $407,450 (1.9%) $486,731 (8.9%) 0.00 343
2023-09-01 $419,000 (4.9%) $488,356 (11.4%) 0.00 325
2023-10-01 $419,950 (5.3%) $495,146 (16.3%) 0.00 316
2023-11-01 $409,450 (5.3%) $482,498 (18.8%) 0.00 336
2023-12-01 $405,000 (2.0%) $476,164 (15.8%) 0.00 303
2024-01-01 $399,900 (0.0%) $459,703 (8.7%) 0.00 276
2024-02-01 $399,450 (-0.1%) $460,645 (9.3%) 0.00 246
2024-03-01 $401,800 (-2.9%) $466,220 (5.4%) 0.00 266
2024-04-01 $418,450 (2.1%) $484,244 (7.3%) 0.00 313
2024-05-01 $415,950 (1.1%) $482,553 (7.9%) 0.00 393
2024-06-01 $419,900 (1.1%) $488,271 (4.6%) 0.00 417
Aberdeen's median listing price for 2024-06-01 was $419,900, a difference of $4,425 (1.1%) versus the prior year and $3,950 versus the prior month.

Aberdeen's median listing price comes in at 0% of the national average.

Aberdeen's average listing price for 2024-06-01 was $488,271, a difference of $21,597 (4.6%) versus the prior year and $5,718 versus the prior month.

For the 2024-06-01 period, Aberdeen had 417 MLS listings, a difference of 24 listings (6%) versus the prior month and 142 listings (52%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Aberdeen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,509 sqft
2018-02-01 0 days 1,517 sqft
2018-03-01 0 days 1,509 sqft
2018-04-01 0 days 1,478 sqft
2018-05-01 0 days 1,500 sqft
2018-06-01 0 days 1,516 sqft
2018-07-01 0 days 1,487 sqft
2018-08-01 0 days 1,533 sqft
2018-09-01 0 days 1,545 sqft
2018-10-01 0 days 1,543 sqft
2018-11-01 0 days 1,499 sqft
2018-12-01 0 days 1,489 sqft
2019-01-01 0 days 1,487 sqft
2019-02-01 0 days 1,502 sqft
2019-03-01 0 days 1,505 sqft
2019-04-01 0 days 1,504 sqft
2019-05-01 0 days 1,491 sqft
2019-06-01 0 days 1,465 sqft
2019-07-01 0 days 1,488 sqft
2019-08-01 0 days 1,500 sqft
2019-09-01 0 days 1,519 sqft
2019-10-01 0 days 1,508 sqft
2019-11-01 0 days 1,491 sqft
2019-12-01 0 days 1,463 sqft
2020-01-01 0 days 1,469 sqft
2020-02-01 0 days 1,470 sqft
2020-03-01 0 days 1,419 sqft
2020-04-01 0 days 1,419 sqft
2020-05-01 0 days 1,440 sqft
2020-06-01 0 days 1,462 sqft
2020-07-01 0 days 1,484 sqft
2020-08-01 0 days 1,520 sqft
2020-09-01 0 days 1,517 sqft
2020-10-01 0 days 1,528 sqft
2020-11-01 0 days 1,425 sqft
2020-12-01 0 days 1,445 sqft
2021-01-01 0 days 1,434 sqft
2021-02-01 0 days 1,498 sqft
2021-03-01 0 days 1,478 sqft
2021-04-01 0 days 1,524 sqft
2021-05-01 0 days 1,527 sqft
2021-06-01 0 days 1,513 sqft
2021-07-01 0 days 1,532 sqft
2021-08-01 0 days 1,534 sqft
2021-09-01 0 days 1,502 sqft
2021-10-01 0 days 1,518 sqft
2021-11-01 0 days 1,486 sqft
2021-12-01 0 days 1,490 sqft
2022-01-01 0 days 1,425 sqft
2022-02-01 0 days 1,375 sqft
2022-03-01 0 days 1,445 sqft
2022-04-01 0 days 1,440 sqft
2022-05-01 0 days 1,450 sqft
2022-06-01 0 days 1,428 sqft
2022-07-01 0 days 1,468 sqft
2022-08-01 0 days 1,487 sqft
2022-09-01 0 days 1,486 sqft
2022-10-01 0 days 1,488 sqft
2022-11-01 0 days 1,460 sqft
2022-12-01 0 days 1,446 sqft
2023-01-01 0 days 1,448 sqft
2023-02-01 0 days 1,476 sqft
2023-03-01 0 days 1,461 sqft
2023-04-01 0 days 1,491 sqft
2023-05-01 0 days 1,484 sqft
2023-06-01 0 days 1,523 sqft
2023-07-01 0 days 1,500 sqft
2023-08-01 0 days 1,514 sqft
2023-09-01 0 days 1,512 sqft
2023-10-01 0 days 1,492 sqft
2023-11-01 0 days 1,484 sqft
2023-12-01 0 days 1,490 sqft
2024-01-01 0 days 1,489 sqft
2024-02-01 0 days 1,489 sqft
2024-03-01 0 days 1,495 sqft
2024-04-01 0 days 1,497 sqft
2024-05-01 0 days 1,491 sqft
2024-06-01 0 days 1,490 sqft
Aberdeen's median listing age (time on market) for 2024-06-01 was 0 days.

Aberdeen's median square footage for active listings during the 2024-06-01 period was 1,490 sqft. One year prior, the average listing was 1,523 sqft.

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).