Bellingham FHA Loan Rates, Closing Costs & Stats

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 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 6.73% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.46% and one month ago for the week of 2024-03-08, the average rate was 6.49%.

The average rate one year ago was 6.43%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.06%.

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

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 $422,894 (7.1%) $517,958 (-4.8%) 1.57 457
2018-02-01 $427,916 (9.4%) $494,876 (-9.3%) 1.55 441
2018-03-01 $425,000 (7.9%) $500,109 (-8.3%) 1.49 450
2018-04-01 $439,475 (10.1%) $512,710 (-5.1%) 1.49 478
2018-05-01 $444,925 (11.5%) $528,770 (-0.6%) 1.49 532
2018-06-01 $445,000 (11.5%) $538,100 (1.7%) 1.48 591
2018-07-01 $440,500 (3.9%) $533,668 (-0.8%) 1.47 630
2018-08-01 $421,000 (0.4%) $522,524 (-3.0%) 1.41 666
2018-09-01 $429,000 (4.9%) $531,273 (-0.2%) 1.44 663
2018-10-01 $429,675 (2.5%) $561,683 (7.1%) 1.46 655
2018-11-01 $419,125 (1.2%) $554,843 (7.5%) 1.42 632
2018-12-01 $414,900 (1.2%) $554,611 (9.1%) 1.43 577
2019-01-01 $414,950 (-1.9%) $559,550 (8.0%) 1.43 504
2019-02-01 $427,500 (-0.1%) $568,775 (14.9%) 1.44 502
2019-03-01 $425,671 (0.2%) $563,976 (12.8%) 1.39 526
2019-04-01 $425,171 (-3.3%) $559,811 (9.2%) 1.35 562
2019-05-01 $444,675 (-0.1%) $570,850 (8.0%) 1.39 612
2019-06-01 $450,000 (1.1%) $572,570 (6.4%) 1.41 679
2019-07-01 $448,487 (1.8%) $565,867 (6.0%) 1.40 723
2019-08-01 $447,545 (6.3%) $558,671 (6.9%) 1.42 781
2019-09-01 $448,364 (4.5%) $558,859 (5.2%) 1.43 840
2019-10-01 $448,909 (4.5%) $558,481 (-0.6%) 1.45 871
2019-11-01 $449,950 (7.4%) $556,269 (0.3%) 1.48 793
2019-12-01 $437,250 (5.4%) $547,773 (-1.2%) 1.46 662
2020-01-01 $444,675 (7.2%) $571,874 (2.2%) 1.49 543
2020-02-01 $448,000 (4.8%) $556,400 (-2.2%) 1.47 522
2020-03-01 $445,000 (4.5%) $554,564 (-1.7%) 1.40 573
2020-04-01 $439,450 (3.4%) $549,065 (-1.9%) 1.38 622
2020-05-01 $439,900 (-1.1%) $548,392 (-3.9%) 1.34 660
2020-06-01 $454,500 (1.0%) $573,392 (0.1%) 1.34 687
2020-07-01 $464,950 (3.7%) $595,001 (5.2%) 1.35 680
2020-08-01 $468,750 (4.7%) $588,022 (5.3%) 1.34 620
2020-09-01 $460,425 (2.7%) $581,272 (4.0%) 1.32 565
2020-10-01 $465,000 (3.6%) $602,693 (7.9%) 1.33 526
2020-11-01 $444,950 (-1.1%) $598,974 (7.7%) 1.30 346
2020-12-01 $444,975 (1.8%) $588,546 (7.4%) 1.32 309
2021-01-01 $426,000 (-4.2%) $603,751 (5.6%) 1.27 249
2021-02-01 $435,000 (-2.9%) $628,372 (12.9%) 1.27 254
2021-03-01 $474,475 (6.6%) $666,014 (20.1%) 1.35 253
2021-04-01 $494,500 (12.5%) $675,563 (23.0%) 1.34 244
2021-05-01 $525,000 (19.4%) $713,375 (30.1%) 1.39 269
2021-06-01 $543,750 (19.6%) $742,078 (29.4%) 1.43 292
2021-07-01 $579,500 (24.6%) $805,577 (35.4%) 1.53 268
2021-08-01 $600,000 (28.0%) $825,561 (40.4%) 1.60 283
2021-09-01 $612,500 (33.0%) $821,753 (41.4%) 1.63 279
2021-10-01 $599,900 (29.0%) $806,732 (33.9%) 1.60 276
2021-11-01 $599,825 (34.8%) $809,161 (35.1%) 1.60 233
2021-12-01 $599,450 (34.7%) $826,450 (40.4%) 1.62 161
2022-01-01 $585,000 (37.3%) $886,385 (46.8%) 1.58 120
2022-02-01 $662,494 (52.3%) $959,469 (52.7%) 1.72 126
2022-03-01 $646,825 (36.3%) $919,265 (38.0%) 1.62 163
2022-04-01 $649,000 (31.2%) $855,378 (26.6%) 1.55 214
2022-05-01 $697,000 (32.8%) $873,039 (22.4%) 1.59 299
2022-06-01 $674,375 (24.0%) $832,217 (12.2%) 1.50 426
2022-07-01 $647,000 (11.7%) $797,970 (-0.9%) 1.46 585
2022-08-01 $646,000 (7.7%) $807,622 (-2.2%) 1.49 624
2022-09-01 $637,125 (4.0%) $814,152 (-0.9%) 1.49 602
2022-10-01 $638,975 (6.5%) $818,858 (1.5%) 1.50 584
2022-11-01 $630,500 (5.1%) $826,388 (2.1%) 1.52 541
2022-12-01 $618,000 (3.1%) $818,528 (-1.0%) 1.53 460
2023-01-01 $609,987 (4.3%) $824,614 (-7.0%) 1.51 366
2023-02-01 $599,000 (-9.6%) $799,626 (-16.7%) 1.45 366
2023-03-01 $621,000 (-4.0%) $816,964 (-11.1%) 1.46 378
2023-04-01 $650,000 (0.2%) $847,225 (-1.0%) 1.51 375
2023-05-01 $674,500 (-3.2%) $864,035 (-1.0%) 1.53 455
2023-06-01 $653,388 (-3.1%) $833,781 (0.2%) 1.47 502
2023-07-01 $659,950 (2.0%) $844,365 (5.8%) 1.50 498
2023-08-01 $687,000 (6.4%) $877,265 (8.6%) 1.58 524
2023-09-01 $698,950 (9.7%) $889,047 (9.2%) 1.63 497
2023-10-01 $699,225 (9.4%) $916,060 (11.9%) 1.65 492
2023-11-01 $698,500 (10.8%) $924,888 (11.9%) 1.66 490
2023-12-01 $688,944 (11.5%) $932,752 (14.0%) 1.68 398
2024-01-01 $698,750 (14.6%) $950,586 (15.3%) 1.71 317
2024-02-01 $697,475 (16.4%) $965,286 (20.7%) 1.68 296
2024-03-01 $725,000 (16.8%) $984,179 (20.5%) 1.71 297
Bellingham's median listing price for 2024-03-01 was $725,000, a difference of $104,000 (16.8%) versus the prior year and $27,525 versus the prior month.

Bellingham's median listing price comes in at 171% of the national average.

Bellingham's average listing price for 2024-03-01 was $984,179, a difference of $167,215 (20.5%) versus the prior year and $18,893 versus the prior month.

For the 2024-03-01 period, Bellingham had 297 MLS listings, a difference of 1 listings (0%) versus the prior month and -81 listings (-21%) 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 81 days 1,908 sqft
2018-02-01 75 days 1,929 sqft
2018-03-01 47 days 1,896 sqft
2018-04-01 41 days 1,902 sqft
2018-05-01 37 days 1,941 sqft
2018-06-01 37 days 1,960 sqft
2018-07-01 42 days 1,942 sqft
2018-08-01 40 days 1,834 sqft
2018-09-01 49 days 1,862 sqft
2018-10-01 53 days 1,948 sqft
2018-11-01 57 days 1,908 sqft
2018-12-01 71 days 1,847 sqft
2019-01-01 72 days 1,820 sqft
2019-02-01 64 days 1,901 sqft
2019-03-01 54 days 1,864 sqft
2019-04-01 43 days 1,810 sqft
2019-05-01 39 days 1,870 sqft
2019-06-01 40 days 1,920 sqft
2019-07-01 44 days 1,914 sqft
2019-08-01 48 days 1,901 sqft
2019-09-01 53 days 1,896 sqft
2019-10-01 57 days 1,893 sqft
2019-11-01 64 days 1,904 sqft
2019-12-01 77 days 1,837 sqft
2020-01-01 92 days 1,835 sqft
2020-02-01 87 days 1,821 sqft
2020-03-01 41 days 1,832 sqft
2020-04-01 41 days 1,779 sqft
2020-05-01 54 days 1,808 sqft
2020-06-01 56 days 1,815 sqft
2020-07-01 46 days 1,848 sqft
2020-08-01 45 days 1,832 sqft
2020-09-01 44 days 1,759 sqft
2020-10-01 44 days 1,782 sqft
2020-11-01 57 days 1,715 sqft
2020-12-01 67 days 1,633 sqft
2021-01-01 77 days 1,564 sqft
2021-02-01 54 days 1,581 sqft
2021-03-01 39 days 1,641 sqft
2021-04-01 36 days 1,636 sqft
2021-05-01 28 days 1,740 sqft
2021-06-01 28 days 1,782 sqft
2021-07-01 33 days 1,827 sqft
2021-08-01 30 days 1,875 sqft
2021-09-01 35 days 1,878 sqft
2021-10-01 34 days 1,875 sqft
2021-11-01 39 days 1,887 sqft
2021-12-01 51 days 1,857 sqft
2022-01-01 46 days 1,712 sqft
2022-02-01 29 days 1,940 sqft
2022-03-01 23 days 1,874 sqft
2022-04-01 22 days 1,862 sqft
2022-05-01 22 days 1,905 sqft
2022-06-01 23 days 1,852 sqft
2022-07-01 27 days 1,830 sqft
2022-08-01 36 days 1,872 sqft
2022-09-01 44 days 1,877 sqft
2022-10-01 46 days 1,904 sqft
2022-11-01 58 days 1,910 sqft
2022-12-01 65 days 1,892 sqft
2023-01-01 79 days 1,870 sqft
2023-02-01 76 days 1,823 sqft
2023-03-01 46 days 1,872 sqft
2023-04-01 44 days 1,864 sqft
2023-05-01 37 days 1,996 sqft
2023-06-01 39 days 1,928 sqft
2023-07-01 44 days 1,953 sqft
2023-08-01 42 days 1,948 sqft
2023-09-01 48 days 1,979 sqft
2023-10-01 50 days 1,996 sqft
2023-11-01 56 days 1,977 sqft
2023-12-01 71 days 1,969 sqft
2024-01-01 86 days 1,965 sqft
2024-02-01 73 days 1,960 sqft
2024-03-01 44 days 1,922 sqft
Bellingham's median listing age (time on market) for 2024-03-01 was 44 days. This is -5% shorter than the same period one year ago.

Bellingham's median square footage for active listings during the 2024-03-01 period was 1,922 sqft. One year prior, the average listing was 1,872 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).