Bremerton FHA Loan Rates, Closing Costs & Stats

BREMERTON-SILVERDALE-PORT ORCHARD, 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.

Bremerton's 75 lenders originated 478 FHA loans during 2023. The total origination value was $190,100,000, with an average FHA loan value of $397,699.

Bremerton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bremerton averaged 6.05% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

Bremerton's average FHA mortgage closing costs are $11,045.

The average rate for the prior week (2024-10-18) was 5.84% and one month ago for the week of 2024-09-20, the average rate was 5.66%.

The average rate one year ago was 7.2%.

For refis of the same type during the week of 2024-10-25, the average rate was 6.1%.

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

Bremerton 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 Bremerton level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 48 7.10% $16,816
QUICKEN LOANS, LLC 33 6.05% $16,063
UNITED WHOLESALE MORTGAGE, LLC 29 6.38% $17,097
MOVEMENT MORTGAGE, LLC 26 6.76% $18,952
DHI MORTGAGE COMPANY, LTD. 20 6.00% $11,454
CROSSCOUNTRY MORTGAGE, LLC 19 6.69% $17,355
GUILD MORTGAGE COMPANY 18 7.00% $16,635
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 17 6.93% $16,075
EAGLE HOME MORTGAGE, LLC 12 6.09% $20,476
AMERICAN PACIFIC MORTGAGE CORPORATION 10 6.54% $19,650
BROKER SOLUTIONS, INC. 9 6.62% $19,134
CALIBER HOME LOANS, INC. 9 6.28% $15,492
NOVA FINANCIAL & INVESTMENT CORPORATION 8 6.47% $13,557
CORNERSTONE HOME LENDING, INC. 8 6.25% $20,358
HOMEAMERICAN MORTGAGE CORPORATION 7 5.73% $13,265
NEWREZ LLC 7 7.30% $13,659
FREEDOM MORTGAGE CORPORATION 6 6.75% $22,495
LOANDEPOT.COM, LLC 5 5.78% $14,748
MID AMERICA MORTGAGE, INC. 5 6.83% $5,276
PENNYMAC LOAN SERVICES, LLC 5 6.37% $19,232
BAY EQUITY LLC 4 6.59% $18,635
AXIA FINANCIAL, LLC 4 7.22% $15,412
CMG MORTGAGE, INC. 4 6.75% $18,667
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $25,540
INSPIRE HOME LOANS INC. 3 5.33% $18,347
HomeStreet Bank 3 6.25% $20,842
Paramount Residential Mortgage Group, Inc. 3 6.66% $19,073
CALCON MUTUAL MORTGAGE LLC 3 6.79% $20,944
1st Security Bank of Washington 3 5.92% $16,809
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.75% $18,849
SUN WEST MORTGAGE COMPANY, INC. 3 6.33% $15,990
MEMBER FIRST MORTGAGE, LLC 3 6.92% $20,193
Ixonia Bank 3 6.96% $18,975
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.58% $11,637
ZILLOW HOME LOANS, LLC 2 5.56% $17,554
ACADEMY MORTGAGE CORPORATION 2 6.50% $17,556
AMERICAN FINANCIAL NETWORK, INC. 2 6.69% $18,985
AMERISAVE MORTGAGE CORPORATION 2 6.00% $23,179
CARDINAL FINANCIAL 2 6.50% $19,312
Carrington Mortgage Services, LLC 2 5.88% $17,736
Century Mortgage Company DBA Century Lending Company 2 6.44% $14,495
MASON MCDUFFIE MORTGAGE CORPORATION 2 7.18% $17,024
Mr. Cooper ( Nationstar Mortgage ) 2 5.75% $25,218
PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.00% $15,238
MANN FINANCIAL INC. 1 7.00% $11,574
VILLAGE CAPITAL MORTGAGE 1 5.88% $20,748
Lakeview Community Capital, LLC 1 5.25% $11,323
JPMorgan Chase Bank 1 7.25% $11,323
MLD MORTGAGE INC. 1 7.25% $17,031
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $15,523
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.13% $20,058
Wallick & Volk, Inc. 1 8.00% $10,679
GUARANTEED RATE AFFINITY, LLC 1 6.25% $24,176
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $18,376
NEW DAY FINANCIAL, LLC 1 7.00% $4,827
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.13% $21,043
DIRECTORS MORTGAGE, INC. 1 7.88% $16,413
ON Q FINANCIAL, INC. 1 7.88% $15,243
CANOPY MORTGAGE, LLC 1 7.50% $32,108
Barrington Bank & Trust Company, N.A. 1 7.25% $13,813
PHH Mortgage Corporation 1 5.25% $13,940
PLANET HOME LENDING, LLC 1 5.99% $9,854
Alaska USA Federal Credit Union 1 6.13% $16,701
Banner Bank 1 5.63% $16,927
Bank of England 1 6.25% $9,479
SUMMIT FUNDING, INC. 1 7.25% $16,658
Armed Forces Bank 1 4.75% $20,374
T2 FINANCIAL LLC 1 7.38% $17,463
The Federal Savings Bank 1 5.25% $28,372
THE MORTGAGE LINK, INC. 1 7.63% $31,735
Umpqua Bank 1 6.63% $21,091
American Mortgage & Equity Consultants, Inc. 1 7.25% $25,149
LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $27,230
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $13,361
LOANPAL, LLC 1 6.63% $14,640

The top Bremerton FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 48 FHA loans originated. Their average total fees are $16,816, which is $753 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Bremerton FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,454), QUICKEN LOANS, LLC ($16,063), EVERGREEN MONEYSOURCE MORTGAGE COMPANY ($16,075), GUILD MORTGAGE COMPANY ($16,635) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($16,816).

The lowest rate Bremerton FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (6.00%), QUICKEN LOANS, LLC (6.05%), EAGLE HOME MORTGAGE, LLC (6.09%), UNITED WHOLESALE MORTGAGE, LLC (6.38%) and AMERICAN PACIFIC MORTGAGE CORPORATION (6.54%).

Bremerton FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BREMERTON-SILVERDALE-PORT ORCHARD, WA KITSAP 2022 $497,950 $637,450 $770,550 $957,600
BREMERTON-SILVERDALE-PORT ORCHARD, WA KITSAP 2023 $563,500 $721,400 $872,000 $1,083,650

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).