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%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bellingham level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CALIBER HOME LOANS, INC. 144 3.12% $10,911
Umpqua Bank 29 2.78% $11,369
QUICKEN LOANS, LLC 20 2.56% $7,647
HOMEBRIDGE FINANCIAL SERVICES, INC. 20 2.74% $9,208
GUILD MORTGAGE COMPANY 17 2.98% $8,717
Peoples Bank 14 3.09% $10,859
HOME POINT FINANCIAL CORPORATION 13 2.43% $9,237
MID AMERICA MORTGAGE, INC. 13 2.82% $4,712
LAKEVIEW LOAN SERVICING, LLC 12 3.01% $5,486
MOVEMENT MORTGAGE, LLC 11 3.19% $8,171
Bank of the Pacific 10 2.58% $10,244
UNITED WHOLESALE MORTGAGE, LLC 9 2.89% $9,389
Carrington Mortgage Services, LLC 8 2.97% $9,065
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.25% $11,443
Mr. Cooper ( Nationstar Mortgage ) 7 2.91% $4,339
FREEDOM MORTGAGE CORPORATION 7 2.63% $6,726
VILLAGE CAPITAL & INVESTMENT LLC 6 2.90% $3,434
AMERICAN FINANCIAL RESOURCES, INC. 5 2.75% $13,888
BROKER SOLUTIONS, INC. 4 3.40% $12,301
PENNYMAC LOAN SERVICES, LLC 4 3.03% $8,720
NEWREZ LLC 4 2.78% $7,401
LOANDEPOT.COM, LLC 3 3.00% $9,768
CANOPY MORTGAGE, LLC 3 2.83% $10,279
Alaska USA Federal Credit Union 3 2.88% $7,715
Alaska USA Mortgage Company LLC 3 2.88% $7,715
FINANCE OF AMERICA MORTGAGE LLC 2 3.56% $9,170
BKCO MORTGAGE, LLC 2 3.69% $9,296
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 3.25% $15,492
GUARANTEED RATE, INC. 2 3.19% $9,706
KeyBank 2 3.38% $9,512
LEADERONE FINANCIAL CORPORATION 2 3.06% $10,722
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.19% $11,632
RANLIFE, INC. 2 2.81% $10,346
SOVEREIGN LENDING GROUP INCORPORATED 2 2.56% $8,228
SUMMIT FUNDING, INC. 2 4.06% $9,971
The Federal Savings Bank 2 2.81% $12,945
Wells Fargo Bank 2 3.44% $5,698
CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $11,355
TOP FLITE FINANCIAL, INC. 1 3.75% $19,548
CORNERSTONE HOME LENDING, INC. 1 2.75% $11,341
LOANLEADERS OF AMERICA, INC. 1 3.38% $20,135
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.75% $7,031
MORIA DEVELOPMENT, INC. 1 3.63% $13,108
MOUNTAIN AMERICA 1 2.25% $13,841
CHURCHILL MORTGAGE CORPORATION 1 3.13% $11,054
Chickasaw Community Bank 1 2.25% $8,212
Nations Lending Corporation 1 3.50% $10,536
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.50% $8,104
NFM, INC. 1 2.88% $13,582
OCEANSIDE MORTGAGE COMPANY 1 2.99% $1,388
BAY EQUITY LLC 1 2.99% $10,650
PENRITH HOME LOANS LLC 1 2.63% $11,155
Banner Bank 1 3.00% $10,286
Peoples Bank 1 3.63% $9,910
PLANET HOME LENDING, LLC 1 2.50% $8,311
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.13% $10,539
Amerifirst Financial, Inc. 1 3.50% $8,562
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.38% $15,254
AMERISAVE MORTGAGE CORPORATION 1 3.00% $10,180
AMERICAN FINANCING CORPORATION 1 2.25% $9,554
Sierra Pacific Mortgage Company, Inc. 1 3.00% $9,162
AMERICAN FINANCIAL NETWORK, INC. 1 3.00% $13,453
Flagstar Bank, FSB 1 2.30% $12,084
ACADEMY MORTGAGE CORPORATION 1 3.25% $8,117
Gateway First Bank 1 3.88% $9,173
Willamette Valley Bank 1 3.25% $11,112
FAY SERVICING, LLC 1 3.13% $7,667
DIRECTORS MORTGAGE, INC. 1 2.75% $17,289
DATA MORTGAGE, INC. 1 4.00% $8,820
WESTERN EXPRESS LENDING 1 2.99% $7,450
Lakeview Community Capital, LLC 1 3.25% $3,108

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. Louis
Date 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 for 2022-04-01 was $649,950, a difference of $150,500 (30.1%) versus the prior year and $200 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 23 days. This is -48% shorter than the same period one year ago.

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.

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).