Bremerton FHA Loans

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 93 lenders originated 894 FHA loans during 2021. The total origination value was $285,690,000, with an average FHA loan value of $319,564.

Bremerton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bremerton averaged 5.05% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.05% and one month ago for the week of 2022-04-15, the average rate was 4.84%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.75%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 92 3.39% $11,956
MOVEMENT MORTGAGE, LLC 54 3.28% $10,071
LAKEVIEW LOAN SERVICING, LLC 44 2.88% $5,489
QUICKEN LOANS, LLC 42 2.67% $7,832
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 37 3.47% $11,031
CALIBER HOME LOANS, INC. 37 3.09% $11,607
Mr. Cooper ( Nationstar Mortgage ) 23 2.99% $7,761
1st Security Bank of Washington 19 2.94% $12,434
BROKER SOLUTIONS, INC. 17 3.29% $10,754
CROSSCOUNTRY MORTGAGE, LLC 16 3.27% $11,322
FREEDOM MORTGAGE CORPORATION 16 3.00% $7,464
LOANDEPOT.COM, LLC 13 3.35% $11,864
AXIA FINANCIAL, LLC 13 3.25% $12,150
PENNYMAC LOAN SERVICES, LLC 13 3.02% $7,023
PREMIER MORTGAGE RESOURCES, L.L.C. 12 3.25% $11,369
UNITED WHOLESALE MORTGAGE, LLC 11 2.69% $11,098
CORNERSTONE HOME LENDING, INC. 11 3.44% $12,976
AMERICAN PACIFIC MORTGAGE CORPORATION 10 2.96% $12,334
PRIMELENDING, A PLAINSCAPITAL COMPANY 10 3.41% $12,248
GUILD MORTGAGE COMPANY 10 2.94% $10,583
HOME POINT FINANCIAL CORPORATION 8 2.51% $11,387
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 2.72% $9,241
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 3.54% $11,473
MID AMERICA MORTGAGE, INC. 7 3.07% $6,165
ACADEMY MORTGAGE CORPORATION 6 2.85% $12,811
FINANCE OF AMERICA MORTGAGE LLC 5 3.40% $11,863
Umpqua Bank 5 2.98% $10,123
Nations Lending Corporation 4 3.19% $14,089
PRIORITY HOME LENDING, LLC 4 3.44% $10,919
NFM, INC. 4 2.97% $13,081
AMERISAVE MORTGAGE CORPORATION 4 2.88% $9,268
AMERICAN FINANCIAL NETWORK, INC. 4 3.09% $14,782
PLANET HOME LENDING, LLC 3 2.75% $7,320
Wallick & Volk, Inc. 3 3.46% $15,295
SUN WEST MORTGAGE COMPANY, INC. 3 2.79% $8,299
BAY EQUITY LLC 3 3.21% $11,954
Carrington Mortgage Services, LLC 3 3.42% $8,173
HOME FUNDING CORPORATION 3 3.25% $14,638
First Guaranty Mortgage Corporation 3 2.79% $7,914
HomeStreet Bank 3 2.63% $11,058
Hometown Lenders, Inc. 3 3.42% $12,213
AMERICAN FINANCIAL RESOURCES, INC. 3 3.04% $9,484
MEMBER FIRST MORTGAGE, LLC 2 2.56% $9,717
SOVEREIGN LENDING GROUP INCORPORATED 2 2.63% $10,753
PENRITH HOME LOANS LLC 2 2.44% $10,770
UNITED MORTGAGE CORP. 2 2.75% $9,623
VILLAGE CAPITAL & INVESTMENT LLC 2 2.69% $5,027
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.50% $12,629
GUARANTEED RATE, INC. 2 2.88% $8,842
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.25% $9,964
NEWREZ LLC 2 3.12% $8,331
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.00% $15,709
MORTGAGE MASTER SERVICE CORPORATION 2 3.88% $9,115
LEADERONE FINANCIAL CORPORATION 2 2.56% $9,760
Wells Fargo Bank 1 3.63% $10,207
Alaska USA Federal Credit Union 1 3.13% $7,377
Alaska USA Mortgage Company LLC 1 3.13% $7,377
AMERICAN FINANCING CORPORATION 1 2.88% $10,441
ARC HOME LLC 1 2.88% $11,418
Bank of America 1 3.13% $11,769
BAYSHORE MORTGAGE FUNDING, LLC 1 2.63% $10,085
CANOPY MORTGAGE, LLC 1 3.25% $8,682
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.50% $8,361
CELEBRITY HOME LOANS, LLC 1 2.88% $7,907
CMG MORTGAGE, INC. 1 4.38% $10,403
Colonial Savings, F.A. 1 3.25% $7,346
DHI MORTGAGE COMPANY, LTD. 1 2.50% $9,777
EAGLE HOME MORTGAGE, LLC 1 3.63% $10,602
EMM LOANS LLC 1 2.63% $13,030
EVERETT FINANCIAL, INC. 1 3.88% $12,592
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.38% $9,070
First Federal Bank 1 2.88% $10,550
First Home Bank 1 3.00% $8,313
First Savings Bank 1 3.38% $12,613
GENEVA FINANCIAL, LLC 1 4.25% $15,395
HOMEAMERICAN MORTGAGE CORPORATION 1 2.25% $7,627
HOME MORTGAGE ALLIANCE, LLC 1 2.75% $11,851
HOMESIDE FINANCIAL, LLC 1 3.88% $11,879
InterContinental Capital Group, Inc 1 3.50% $12,211
LENDUS, LLC 1 3.25% $11,665
Loan Simple, Inc. 1 3.13% $10,206
MANN FINANCIAL INC. 1 3.50% $13,033
MASON MCDUFFIE MORTGAGE CORPORATION 1 2.75% $9,989
Meridian Bank Corporation 1 2.75% $13,156
MORIA DEVELOPMENT, INC. 1 3.13% $14,883
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.13% $18,463
NUMERICA CREDIT UNION 1 3.00% $7,222
Paramount Residential Mortgage Group, Inc. 1 3.75% $12,881
Peoples Bank 1 3.50% $11,551
PIKE CREEK MORTGAGE SERVICES, INC. 1 3.25% $3,262
PLAZA HOME MORTGAGE, INC. 1 3.00% $13,107
STEARNS LENDING, LLC 1 2.25% $8,363
VISION ONE MORTGAGE, INC. 1 3.13% $7,668

The top Bremerton FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 92 FHA loans originated. Their average total fees are $11,956, which is $1,885 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Bremerton FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,489), PENNYMAC LOAN SERVICES, LLC ($7,023), FREEDOM MORTGAGE CORPORATION ($7,464), Mr. Cooper ( Nationstar Mortgage ) ($7,761) and QUICKEN LOANS, LLC ($7,832).

The lowest rate Bremerton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.67%), UNITED WHOLESALE MORTGAGE, LLC (2.69%), LAKEVIEW LOAN SERVICING, LLC (2.88%), GUILD MORTGAGE COMPANY (2.94%) and 1st Security Bank of Washington (2.94%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Bremerton (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 $397,450 (13.6%) $525,892 (12.3%) 1.46 350
2018-02-01 $398,475 (11.1%) $524,432 (7.7%) 1.44 337
2018-03-01 $399,000 (6.4%) $520,245 (1.6%) 1.38 332
2018-04-01 $417,500 (4.6%) $580,438 (5.3%) 1.40 340
2018-05-01 $450,000 (12.5%) $612,464 (6.2%) 1.50 435
2018-06-01 $435,000 (4.8%) $587,481 (2.4%) 1.45 487
2018-07-01 $437,500 (9.7%) $585,279 (5.8%) 1.46 571
2018-08-01 $425,000 (4.0%) $572,318 (3.1%) 1.42 647
2018-09-01 $409,888 (5.1%) $542,391 (0.9%) 1.37 699
2018-10-01 $414,888 (10.6%) $545,407 (3.5%) 1.39 679
2018-11-01 $410,445 (13.6%) $540,701 (5.9%) 1.38 601
2018-12-01 $409,000 (9.1%) $526,896 (-1.1%) 1.40 492
2019-01-01 $412,388 (3.8%) $521,116 (-0.9%) 1.42 415
2019-02-01 $444,750 (11.6%) $552,533 (5.4%) 1.49 380
2019-03-01 $469,280 (17.6%) $590,048 (13.4%) 1.53 381
2019-04-01 $482,450 (15.6%) $637,826 (9.9%) 1.52 427
2019-05-01 $489,944 (8.9%) $663,853 (8.4%) 1.51 494
2019-06-01 $492,388 (13.2%) $698,374 (18.9%) 1.52 538
2019-07-01 $497,000 (13.6%) $697,086 (19.1%) 1.54 554
2019-08-01 $486,550 (14.5%) $681,565 (19.1%) 1.53 545
2019-09-01 $473,300 (15.5%) $658,973 (21.5%) 1.50 511
2019-10-01 $475,000 (14.5%) $646,742 (18.6%) 1.52 572
2019-11-01 $470,000 (14.5%) $636,428 (17.7%) 1.52 526
2019-12-01 $449,000 (9.8%) $607,865 (15.4%) 1.50 406
2020-01-01 $458,944 (11.3%) $608,436 (16.8%) 1.53 353
2020-02-01 $459,950 (3.4%) $626,940 (13.5%) 1.48 318
2020-03-01 $480,444 (2.4%) $620,036 (5.1%) 1.50 392
2020-04-01 $489,500 (1.5%) $616,157 (-3.4%) 1.52 454
2020-05-01 $499,999 (2.1%) $628,815 (-5.3%) 1.52 439
2020-06-01 $495,000 (0.5%) $666,374 (-4.6%) 1.45 425
2020-07-01 $499,950 (0.6%) $692,549 (-0.7%) 1.43 421
2020-08-01 $495,000 (1.7%) $706,681 (3.7%) 1.41 410
2020-09-01 $477,194 (0.8%) $685,672 (4.1%) 1.36 395
2020-10-01 $479,000 (0.8%) $697,134 (7.8%) 1.37 374
2020-11-01 $517,000 (10.0%) $714,902 (12.3%) 1.48 246
2020-12-01 $471,138 (4.9%) $697,578 (14.8%) 1.38 202
2021-01-01 $469,888 (2.4%) $783,845 (28.8%) 1.38 162
2021-02-01 $564,950 (22.8%) $850,515 (35.7%) 1.62 135
2021-03-01 $545,000 (13.4%) $774,990 (25.0%) 1.53 142
2021-04-01 $582,475 (19.0%) $754,582 (22.5%) 1.57 180
2021-05-01 $570,000 (14.0%) $756,405 (20.3%) 1.50 208
2021-06-01 $555,000 (12.1%) $744,842 (11.8%) 1.44 241
2021-07-01 $562,500 (12.5%) $738,208 (6.6%) 1.46 290
2021-08-01 $587,000 (18.6%) $727,577 (3.0%) 1.54 313
2021-09-01 $587,000 (23.0%) $725,553 (5.8%) 1.54 308
2021-10-01 $599,000 (25.1%) $734,549 (5.4%) 1.58 306
2021-11-01 $599,970 (16.1%) $741,072 (3.7%) 1.58 262
2021-12-01 $599,995 (27.4%) $789,808 (13.2%) 1.60 182
2022-01-01 $599,950 (27.7%) $795,665 (1.5%) 1.60 141
2022-02-01 $599,970 (6.2%) $786,834 (-7.5%) 1.53 166
2022-03-01 $616,495 (13.1%) $808,979 (4.4%) 1.52 161
2022-04-01 $614,995 (5.6%) $803,156 (6.4%) 1.45 183
Bremerton's median listing price for 2022-04-01 was $614,995, a difference of $32,520 (5.6%) versus the prior year and $-1,500 versus the prior month.

Bremerton's median listing price comes in at 145% of the national average.

Bremerton's average listing price for 2022-04-01 was $803,156, a difference of $48,574 (6.4%) versus the prior year and $-5,823 versus the prior month.

For the 2022-04-01 period, Bremerton had 183 MLS listings, a difference of 22 listings (14%) versus the prior month and 3 listings (2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Bremerton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 59 days 2,135 sqft
2018-02-01 39 days 2,117 sqft
2018-03-01 36 days 2,049 sqft
2018-04-01 34 days 2,091 sqft
2018-05-01 23 days 2,199 sqft
2018-06-01 31 days 2,164 sqft
2018-07-01 32 days 2,191 sqft
2018-08-01 35 days 2,170 sqft
2018-09-01 40 days 2,145 sqft
2018-10-01 49 days 2,119 sqft
2018-11-01 58 days 2,129 sqft
2018-12-01 63 days 2,110 sqft
2019-01-01 66 days 2,093 sqft
2019-02-01 61 days 2,124 sqft
2019-03-01 43 days 2,198 sqft
2019-04-01 28 days 2,282 sqft
2019-05-01 30 days 2,294 sqft
2019-06-01 34 days 2,300 sqft
2019-07-01 44 days 2,267 sqft
2019-08-01 44 days 2,209 sqft
2019-09-01 49 days 2,154 sqft
2019-10-01 48 days 2,145 sqft
2019-11-01 48 days 2,111 sqft
2019-12-01 59 days 2,053 sqft
2020-01-01 66 days 2,069 sqft
2020-02-01 42 days 2,104 sqft
2020-03-01 29 days 2,129 sqft
2020-04-01 34 days 2,058 sqft
2020-05-01 45 days 2,058 sqft
2020-06-01 41 days 2,072 sqft
2020-07-01 37 days 2,101 sqft
2020-08-01 35 days 2,058 sqft
2020-09-01 33 days 2,056 sqft
2020-10-01 32 days 1,986 sqft
2020-11-01 39 days 1,970 sqft
2020-12-01 47 days 1,922 sqft
2021-01-01 51 days 1,932 sqft
2021-02-01 42 days 2,131 sqft
2021-03-01 33 days 1,929 sqft
2021-04-01 25 days 2,076 sqft
2021-05-01 30 days 2,028 sqft
2021-06-01 29 days 2,031 sqft
2021-07-01 30 days 1,959 sqft
2021-08-01 33 days 2,004 sqft
2021-09-01 36 days 2,068 sqft
2021-10-01 37 days 2,080 sqft
2021-11-01 39 days 2,079 sqft
2021-12-01 45 days 2,069 sqft
2022-01-01 48 days 1,999 sqft
2022-02-01 29 days 1,976 sqft
2022-03-01 29 days 2,023 sqft
2022-04-01 25 days 2,016 sqft
Bremerton's median listing age (time on market) for 2022-04-01 was 25 days. This is 0% longer than the same period one year ago.

Bremerton's median square footage for active listings during the 2022-04-01 period was 2,016 sqft. One year prior, the average listing was 2,076 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).