Bellingham FHA Loan Rates, Closing Costs & Stats

BELLINGHAM, WA

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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.

    Bellingham's 48 lenders originated 265 FHA loans during 2023. The total origination value was $103,495,000, with an average FHA loan value of $390,547.

    Bellingham FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bellingham averaged 6.42% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Bellingham's average FHA mortgage closing costs are $11,018.

    The average rate for the prior week (2024-11-01) was 6.59% and one month ago for the week of 2024-10-04, the average rate was 6.11%.

    The average rate one year ago was 7.35%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.65%.

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

    Bellingham 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 Bellingham level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 38 6.76% $16,643
    UNITED WHOLESALE MORTGAGE, LLC 18 6.16% $16,577
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 17 6.60% $18,805
    QUICKEN LOANS, LLC 15 6.11% $16,142
    AMERICAN PACIFIC MORTGAGE CORPORATION 13 7.15% $15,521
    GUILD MORTGAGE COMPANY 12 6.98% $17,394
    CROSSCOUNTRY MORTGAGE, LLC 12 6.48% $16,701
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 5.96% $18,886
    CANOPY MORTGAGE, LLC 7 6.77% $17,069
    PENNYMAC LOAN SERVICES, LLC 7 5.89% $15,598
    MID AMERICA MORTGAGE, INC. 6 6.92% $5,899
    BROKER SOLUTIONS, INC. 6 6.81% $16,289
    Peoples Bank 6 6.58% $15,597
    NEWREZ LLC 4 5.88% $16,362
    LEADERONE FINANCIAL CORPORATION 4 6.69% $19,463
    AMERISAVE MORTGAGE CORPORATION 4 5.81% $16,019
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.16% $15,199
    CMG MORTGAGE, INC. 3 6.58% $11,637
    LOANDEPOT.COM, LLC 3 6.63% $16,290
    Bank of the Pacific 2 6.19% $11,895
    DAS Acquisition Company, LLC 2 6.44% $14,517
    Alaska USA Federal Credit Union 2 6.75% $11,772
    GUARANTEED RATE, INC. 2 6.06% $20,334
    NFM, INC. 2 6.88% $16,775
    CALCON MUTUAL MORTGAGE LLC 2 5.75% $25,807
    U.S. Bank 1 5.50% $10,680
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $8,661
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $23,358
    AXIA FINANCIAL, LLC 1 5.25% $19,240
    Banner Bank 1 6.50% $16,037
    Barrington Bank & Trust Company, N.A. 1 6.19% $11,699
    BAY EQUITY LLC 1 7.75% $18,550
    CORNERSTONE HOME LENDING, INC. 1 5.50% $16,410
    Flagstar Bank, FSB 1 6.25% $20,057
    FREEDOM MORTGAGE CORPORATION 1 5.00% $23,917
    Ixonia Bank 1 7.25% $26,014
    LAKEVIEW LOAN SERVICING, LLC 1 6.99% $12,694
    Loan Simple, Inc. 1 6.75% $25,942
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $22,254
    NATIONS DIRECT MORTGAGE, LLC 1 5.25% $26,290
    NEW DAY FINANCIAL, LLC 1 7.25% $11,907
    Paramount Residential Mortgage Group, Inc. 1 6.75% $16,693
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $21,201
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $12,233
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 8.25% $10,724
    RESIDENTIAL BANCORP 1 6.00% $11,315
    SUMMIT FUNDING, INC. 1 6.25% $20,239
    1st Security Bank of Washington 1 5.00% $15,777

    The top Bellingham FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 38 FHA loans originated. Their average total fees are $16,643, which is $66 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Bellingham FHA lenders (with over 10 loans originated) are AMERICAN PACIFIC MORTGAGE CORPORATION ($15,521), QUICKEN LOANS, LLC ($16,142), UNITED WHOLESALE MORTGAGE, LLC ($16,577), MOVEMENT MORTGAGE, LLC ($16,643) and CROSSCOUNTRY MORTGAGE, LLC ($16,701).

    The lowest rate Bellingham FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.11%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), CROSSCOUNTRY MORTGAGE, LLC (6.48%), EVERGREEN MONEYSOURCE MORTGAGE COMPANY (6.60%) and MOVEMENT MORTGAGE, LLC (6.76%).

    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
    BELLINGHAM, WA WHATCOM 2023 $603,750 $772,900 $934,250 $1,161,050

    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).