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).