Bellingham FHA Loans
BELLINGHAM, 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.
Bellingham's 71 lenders originated 593 FHA loans during 2021. The total origination value was $190,475,000, with an average FHA loan value of $321,206.
Bellingham FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Bellingham
averaged
5.44%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.07% and
one month ago for the week of 2022-04-08, the
average rate was 4.73%.
The average rate one year ago was 3.14%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.87%.
Bellingham FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bellingham level.
The top Bellingham FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with
144 FHA loans originated. Their average total fees are
$10,911, which is $459
lower than the next largest lender,
Umpqua Bank.
The lowest fee Bellingham FHA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($4,712), LAKEVIEW LOAN SERVICING, LLC ($5,486), QUICKEN LOANS, LLC ($7,647), MOVEMENT MORTGAGE, LLC ($8,171) and GUILD MORTGAGE COMPANY ($8,717).
The lowest rate Bellingham FHA lenders (with over 10 loans originated) are
HOME POINT FINANCIAL CORPORATION (2.43%), QUICKEN LOANS, LLC (2.56%), Bank of the Pacific (2.58%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.74%) and Umpqua Bank (2.78%).
Bellingham FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
BELLINGHAM, WA | WHATCOM | 2022 | $514,050 | $658,050 | $795,450 | $988,550 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Bellingham (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $419,944 (7.1%) | $516,333 (-4.8%) | 1.55 | 459 |
2018-02-01 | $425,000 (9.2%) | $491,602 (-9.1%) | 1.53 | 446 |
2018-03-01 | $425,000 (8.4%) | $498,923 (-7.0%) | 1.47 | 463 |
2018-04-01 | $437,000 (10.6%) | $509,728 (-4.9%) | 1.47 | 488 |
2018-05-01 | $444,950 (12.1%) | $530,279 (0.7%) | 1.48 | 535 |
2018-06-01 | $449,000 (12.5%) | $538,308 (2.5%) | 1.50 | 596 |
2018-07-01 | $437,000 (4.1%) | $531,515 (-1.1%) | 1.46 | 631 |
2018-08-01 | $422,500 (1.3%) | $523,910 (-2.1%) | 1.41 | 663 |
2018-09-01 | $429,000 (4.6%) | $533,600 (0.4%) | 1.43 | 680 |
2018-10-01 | $425,000 (1.4%) | $557,257 (6.3%) | 1.42 | 667 |
2018-11-01 | $419,250 (1.0%) | $551,381 (7.0%) | 1.41 | 642 |
2018-12-01 | $414,900 (0.0%) | $553,389 (8.6%) | 1.42 | 576 |
2019-01-01 | $415,950 (-1.0%) | $559,790 (8.4%) | 1.43 | 503 |
2019-02-01 | $427,000 (0.5%) | $565,661 (15.1%) | 1.43 | 504 |
2019-03-01 | $429,386 (1.0%) | $564,858 (13.2%) | 1.40 | 531 |
2019-04-01 | $432,450 (-1.0%) | $567,291 (11.3%) | 1.36 | 573 |
2019-05-01 | $447,500 (0.6%) | $578,077 (9.0%) | 1.38 | 620 |
2019-06-01 | $450,000 (0.2%) | $573,371 (6.5%) | 1.39 | 680 |
2019-07-01 | $449,475 (2.9%) | $566,532 (6.6%) | 1.40 | 716 |
2019-08-01 | $449,429 (6.4%) | $561,565 (7.2%) | 1.41 | 745 |
2019-09-01 | $449,929 (4.9%) | $561,629 (5.3%) | 1.43 | 764 |
2019-10-01 | $448,000 (5.4%) | $559,041 (0.3%) | 1.43 | 863 |
2019-11-01 | $450,000 (7.3%) | $562,678 (2.1%) | 1.45 | 776 |
2019-12-01 | $439,000 (5.8%) | $549,591 (-0.7%) | 1.46 | 662 |
2020-01-01 | $444,900 (7.0%) | $576,568 (3.0%) | 1.48 | 541 |
2020-02-01 | $449,750 (5.3%) | $565,573 (0.0%) | 1.45 | 511 |
2020-03-01 | $447,000 (4.1%) | $561,702 (-0.6%) | 1.40 | 558 |
2020-04-01 | $441,950 (2.2%) | $551,900 (-2.7%) | 1.38 | 618 |
2020-05-01 | $445,000 (-0.6%) | $547,590 (-5.3%) | 1.35 | 655 |
2020-06-01 | $454,950 (1.1%) | $571,943 (-0.3%) | 1.33 | 677 |
2020-07-01 | $471,975 (5.0%) | $594,547 (5.0%) | 1.35 | 675 |
2020-08-01 | $465,000 (3.5%) | $587,521 (4.6%) | 1.33 | 613 |
2020-09-01 | $459,900 (2.2%) | $579,529 (3.2%) | 1.31 | 558 |
2020-10-01 | $467,500 (4.4%) | $602,698 (7.8%) | 1.34 | 515 |
2020-11-01 | $447,950 (-0.5%) | $596,814 (6.1%) | 1.28 | 341 |
2020-12-01 | $449,500 (2.4%) | $585,324 (6.5%) | 1.32 | 302 |
2021-01-01 | $439,900 (-1.1%) | $604,906 (4.9%) | 1.29 | 243 |
2021-02-01 | $437,450 (-2.7%) | $627,126 (10.9%) | 1.26 | 245 |
2021-03-01 | $474,450 (6.1%) | $643,675 (14.6%) | 1.33 | 240 |
2021-04-01 | $499,450 (13.0%) | $678,259 (22.9%) | 1.34 | 240 |
2021-05-01 | $525,000 (18.0%) | $721,166 (31.7%) | 1.38 | 260 |
2021-06-01 | $545,000 (19.8%) | $744,865 (30.2%) | 1.42 | 288 |
2021-07-01 | $591,950 (25.4%) | $822,420 (38.3%) | 1.54 | 258 |
2021-08-01 | $625,000 (34.4%) | $829,653 (41.2%) | 1.64 | 279 |
2021-09-01 | $624,925 (35.9%) | $837,515 (44.5%) | 1.64 | 270 |
2021-10-01 | $600,000 (28.3%) | $803,688 (33.4%) | 1.58 | 269 |
2021-11-01 | $619,500 (38.3%) | $807,039 (35.2%) | 1.63 | 226 |
2021-12-01 | $599,900 (33.5%) | $823,382 (40.7%) | 1.60 | 154 |
2022-01-01 | $579,900 (31.8%) | $877,449 (45.1%) | 1.55 | 116 |
2022-02-01 | $663,500 (51.7%) | $945,176 (50.7%) | 1.69 | 121 |
2022-03-01 | $649,750 (37.0%) | $917,217 (42.5%) | 1.60 | 157 |
2022-04-01 | $649,950 (30.1%) | $862,110 (27.1%) | 1.53 | 207 |
Bellingham's median listing price comes in at 153% of the national average.
Bellingham's average listing price for 2022-04-01 was $862,110, a difference of $183,851 (27.1%) versus the prior year and $-55,107 versus the prior month.
For the 2022-04-01 period, Bellingham had 207 MLS listings, a difference of 50 listings (32%) versus the prior month and -33 listings (-14%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Bellingham (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 89 days | 1,901 sqft |
2018-02-01 | 83 days | 1,905 sqft |
2018-03-01 | 51 days | 1,870 sqft |
2018-04-01 | 46 days | 1,890 sqft |
2018-05-01 | 41 days | 1,938 sqft |
2018-06-01 | 39 days | 1,960 sqft |
2018-07-01 | 45 days | 1,942 sqft |
2018-08-01 | 44 days | 1,880 sqft |
2018-09-01 | 51 days | 1,870 sqft |
2018-10-01 | 58 days | 1,941 sqft |
2018-11-01 | 61 days | 1,889 sqft |
2018-12-01 | 72 days | 1,826 sqft |
2019-01-01 | 76 days | 1,831 sqft |
2019-02-01 | 69 days | 1,917 sqft |
2019-03-01 | 58 days | 1,880 sqft |
2019-04-01 | 33 days | 1,842 sqft |
2019-05-01 | 42 days | 1,894 sqft |
2019-06-01 | 44 days | 1,920 sqft |
2019-07-01 | 50 days | 1,936 sqft |
2019-08-01 | 52 days | 1,922 sqft |
2019-09-01 | 56 days | 1,924 sqft |
2019-10-01 | 63 days | 1,893 sqft |
2019-11-01 | 70 days | 1,910 sqft |
2019-12-01 | 82 days | 1,839 sqft |
2020-01-01 | 98 days | 1,834 sqft |
2020-02-01 | 98 days | 1,832 sqft |
2020-03-01 | 54 days | 1,836 sqft |
2020-04-01 | 45 days | 1,791 sqft |
2020-05-01 | 56 days | 1,820 sqft |
2020-06-01 | 62 days | 1,825 sqft |
2020-07-01 | 51 days | 1,874 sqft |
2020-08-01 | 51 days | 1,824 sqft |
2020-09-01 | 50 days | 1,780 sqft |
2020-10-01 | 50 days | 1,824 sqft |
2020-11-01 | 63 days | 1,717 sqft |
2020-12-01 | 78 days | 1,636 sqft |
2021-01-01 | 97 days | 1,565 sqft |
2021-02-01 | 74 days | 1,590 sqft |
2021-03-01 | 50 days | 1,635 sqft |
2021-04-01 | 44 days | 1,640 sqft |
2021-05-01 | 35 days | 1,702 sqft |
2021-06-01 | 33 days | 1,762 sqft |
2021-07-01 | 35 days | 1,850 sqft |
2021-08-01 | 36 days | 1,896 sqft |
2021-09-01 | 36 days | 1,939 sqft |
2021-10-01 | 35 days | 1,899 sqft |
2021-11-01 | 40 days | 1,895 sqft |
2021-12-01 | 51 days | 1,860 sqft |
2022-01-01 | 46 days | 1,701 sqft |
2022-02-01 | 31 days | 1,941 sqft |
2022-03-01 | 26 days | 1,868 sqft |
2022-04-01 | 23 days | 1,857 sqft |
Bellingham's median square footage for active listings during the 2022-04-01 period was 1,857 sqft. One year prior, the average listing was 1,640 sqft.