Brookings FHA Loan Rates, Closing Costs & Stats

Brookings, OR

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    • 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.

    Brookings's 16 lenders originated 33 FHA loans during 2023. The total origination value was $10,555,000, with an average FHA loan value of $319,848.

    Brookings FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Brookings averaged 7.17% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Brookings's average FHA mortgage closing costs are $9,983.

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 6.46%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Brookings 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 Brookings level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CMG MORTGAGE, INC. 4 7.03% $14,836
    NEWREZ LLC 3 6.88% $11,404
    UNITED WHOLESALE MORTGAGE, LLC 3 5.67% $16,939
    Nations Lending Corporation 2 6.94% $18,238
    Carrington Mortgage Services, LLC 1 7.63% $21,089
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 7.25% $13,480
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $12,743
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $15,986
    LAND HOME FINANCIAL SERVICES, INC. 1 7.25% $12,972
    LOANDEPOT.COM, LLC 1 6.25% $17,775
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.63% $16,590
    QUICKEN LOANS, LLC 1 7.63% $14,343
    HomeStreet Bank 1 6.38% $20,723
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.63% $20,652
    CALIBER HOME LOANS, INC. 1 7.25% $16,370
    CANOPY MORTGAGE, LLC 1 6.75% $18,557

    The top Brookings FHA lender as defined by loan originations is CMG MORTGAGE, INC., with 4 FHA loans originated. Their average total fees are $14,836, which is $3,433 higher than the next largest lender, NEWREZ LLC.

    The lowest fee Brookings FHA lenders (with over 10 loans originated) are .

    The lowest rate Brookings FHA lenders (with over 10 loans originated) are .

    Brookings FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BROOKINGS, OR CURRY 2022 $420,680 $538,650 $651,050 $809,150
    BROOKINGS, OR CURRY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Brookings (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 $394,175 (-2.2%) $630,947 (4.5%) 0.00 240
    2018-02-01 $397,000 (-7.9%) $635,962 (3.4%) 0.00 234
    2018-03-01 $399,900 (-5.9%) $646,287 (4.4%) 0.00 245
    2018-04-01 $413,000 (-7.3%) $659,928 (6.4%) 0.00 243
    2018-05-01 $426,000 (-2.6%) $691,836 (11.1%) 0.00 247
    2018-06-01 $434,500 (8.7%) $666,122 (10.5%) 0.00 262
    2018-07-01 $447,000 (12.0%) $662,422 (9.2%) 0.00 282
    2018-08-01 $447,175 (7.2%) $657,509 (5.2%) 0.00 279
    2018-09-01 $454,500 (13.6%) $684,817 (10.9%) 0.00 257
    2018-10-01 $485,000 (18.4%) $693,655 (12.7%) 0.00 248
    2018-11-01 $477,975 (16.7%) $671,180 (10.6%) 0.00 227
    2018-12-01 $484,500 (21.4%) $666,904 (5.0%) 0.00 213
    2019-01-01 $478,000 (21.3%) $654,424 (3.7%) 0.00 207
    2019-02-01 $446,750 (12.5%) $640,521 (0.7%) 0.00 209
    2019-03-01 $446,814 (11.7%) $634,397 (-1.8%) 0.00 227
    2019-04-01 $448,064 (8.5%) $651,070 (-1.3%) 0.00 230
    2019-05-01 $429,000 (0.7%) $625,349 (-9.6%) 0.00 247
    2019-06-01 $430,000 (-1.0%) $615,741 (-7.6%) 0.00 270
    2019-07-01 $433,500 (-3.0%) $624,104 (-5.8%) 0.00 251
    2019-08-01 $429,909 (-3.9%) $626,004 (-4.8%) 0.00 241
    2019-09-01 $437,273 (-3.8%) $627,822 (-8.3%) 0.00 230
    2019-10-01 $446,500 (-7.9%) $629,034 (-9.3%) 0.00 217
    2019-11-01 $450,000 (-5.9%) $633,894 (-5.6%) 0.00 189
    2019-12-01 $454,250 (-6.2%) $639,884 (-4.1%) 0.00 165
    2020-01-01 $453,250 (-5.2%) $637,477 (-2.6%) 0.00 153
    2020-02-01 $450,000 (0.7%) $651,586 (1.7%) 0.00 144
    2020-03-01 $460,450 (3.1%) $598,505 (-5.7%) 0.00 140
    2020-04-01 $453,800 (1.3%) $635,046 (-2.5%) 0.00 147
    2020-05-01 $449,250 (4.7%) $644,887 (3.1%) 0.00 149
    2020-06-01 $448,000 (4.2%) $597,634 (-2.9%) 0.00 151
    2020-07-01 $444,000 (2.4%) $606,631 (-2.8%) 0.00 143
    2020-08-01 $449,450 (4.6%) $639,364 (2.1%) 0.00 118
    2020-09-01 $449,500 (2.8%) $635,243 (1.2%) 0.00 95
    2020-10-01 $420,000 (-5.9%) $598,117 (-4.9%) 0.00 94
    2020-11-01 $435,000 (-3.3%) $643,956 (1.6%) 0.00 87
    2020-12-01 $460,000 (1.3%) $671,875 (5.0%) 0.00 81
    2021-01-01 $447,500 (-1.3%) $710,811 (11.5%) 0.00 68
    2021-02-01 $434,800 (-3.4%) $608,668 (-6.6%) 0.00 58
    2021-03-01 $451,750 (-1.9%) $838,685 (40.1%) 0.00 54
    2021-04-01 $553,725 (22.0%) $1,026,183 (61.6%) 0.00 59
    2021-05-01 $550,000 (22.4%) $929,291 (44.1%) 0.00 77
    2021-06-01 $537,450 (20.0%) $923,038 (54.5%) 0.00 82
    2021-07-01 $542,950 (22.3%) $851,526 (40.4%) 0.00 88
    2021-08-01 $579,000 (28.8%) $898,508 (40.5%) 0.00 82
    2021-09-01 $591,750 (31.7%) $933,123 (46.9%) 0.00 72
    2021-10-01 $594,500 (41.6%) $927,328 (55.0%) 0.00 70
    2021-11-01 $584,000 (34.3%) $966,436 (50.1%) 0.00 65
    2021-12-01 $582,700 (26.7%) $990,805 (47.5%) 0.00 55
    2022-01-01 $585,000 (30.7%) $1,031,827 (45.2%) 0.00 43
    2022-02-01 $579,000 (33.2%) $1,066,445 (75.2%) 0.00 42
    2022-03-01 $622,000 (37.7%) $944,648 (12.6%) 0.00 43
    2022-04-01 $584,500 (5.6%) $967,237 (-5.7%) 0.00 46
    2022-05-01 $560,750 (2.0%) $1,058,007 (13.9%) 0.00 52
    2022-06-01 $604,250 (12.4%) $965,040 (4.6%) 0.00 75
    2022-07-01 $649,000 (19.5%) $1,008,452 (18.4%) 0.00 92
    2022-08-01 $615,000 (6.2%) $899,530 (0.1%) 0.00 112
    2022-09-01 $588,975 (-0.5%) $909,741 (-2.5%) 0.00 106
    2022-10-01 $577,000 (-2.9%) $964,074 (4.0%) 0.00 98
    2022-11-01 $629,500 (7.8%) $1,048,984 (8.5%) 0.00 99
    2022-12-01 $637,250 (9.4%) $1,076,113 (8.6%) 0.00 86
    2023-01-01 $637,000 (8.9%) $1,088,333 (5.5%) 0.00 87
    2023-02-01 $643,000 (11.1%) $1,086,356 (1.9%) 0.00 82
    2023-03-01 $598,750 (-3.7%) $1,062,781 (12.5%) 0.00 85
    2023-04-01 $599,000 (2.5%) $930,473 (-3.8%) 0.00 92
    2023-05-01 $590,450 (5.3%) $824,785 (-22.0%) 0.00 108
    2023-06-01 $649,250 (7.5%) $879,381 (-8.9%) 0.00 129
    2023-07-01 $649,950 (0.2%) $862,055 (-14.5%) 0.00 137
    2023-08-01 $649,600 (5.6%) $861,742 (-4.2%) 0.00 144
    2023-09-01 $649,250 (10.2%) $853,088 (-6.2%) 0.00 144
    2023-10-01 $596,000 (3.3%) $819,667 (-15.0%) 0.00 148
    2023-11-01 $572,000 (-9.1%) $814,785 (-22.3%) 0.00 146
    2023-12-01 $575,000 (-9.8%) $826,149 (-23.2%) 0.00 130
    2024-01-01 $600,750 (-5.7%) $839,478 (-22.9%) 0.00 118
    2024-02-01 $642,125 (-0.1%) $976,538 (-10.1%) 0.00 113
    2024-03-01 $649,950 (8.6%) $981,137 (-7.7%) 0.00 121
    Brookings's median listing price for 2024-03-01 was $649,950, a difference of $51,200 (8.6%) versus the prior year and $7,825 versus the prior month.

    Brookings's median listing price comes in at 0% of the national average.

    Brookings's average listing price for 2024-03-01 was $981,137, a difference of $-81,644 (-7.7%) versus the prior year and $4,599 versus the prior month.

    For the 2024-03-01 period, Brookings had 121 MLS listings, a difference of 8 listings (7%) versus the prior month and 36 listings (42%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Brookings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,947 sqft
    2018-02-01 0 days 1,958 sqft
    2018-03-01 0 days 1,991 sqft
    2018-04-01 0 days 1,981 sqft
    2018-05-01 0 days 2,034 sqft
    2018-06-01 0 days 2,046 sqft
    2018-07-01 0 days 2,071 sqft
    2018-08-01 0 days 2,029 sqft
    2018-09-01 0 days 1,960 sqft
    2018-10-01 0 days 1,997 sqft
    2018-11-01 0 days 2,015 sqft
    2018-12-01 0 days 2,015 sqft
    2019-01-01 0 days 2,019 sqft
    2019-02-01 0 days 2,024 sqft
    2019-03-01 0 days 2,010 sqft
    2019-04-01 0 days 1,976 sqft
    2019-05-01 0 days 1,936 sqft
    2019-06-01 0 days 1,959 sqft
    2019-07-01 0 days 1,965 sqft
    2019-08-01 0 days 1,969 sqft
    2019-09-01 0 days 1,973 sqft
    2019-10-01 0 days 1,976 sqft
    2019-11-01 0 days 1,984 sqft
    2019-12-01 0 days 2,008 sqft
    2020-01-01 0 days 2,023 sqft
    2020-02-01 0 days 2,022 sqft
    2020-03-01 0 days 2,049 sqft
    2020-04-01 0 days 1,992 sqft
    2020-05-01 0 days 1,945 sqft
    2020-06-01 0 days 1,945 sqft
    2020-07-01 0 days 1,945 sqft
    2020-08-01 0 days 1,950 sqft
    2020-09-01 0 days 1,933 sqft
    2020-10-01 0 days 1,850 sqft
    2020-11-01 0 days 1,919 sqft
    2020-12-01 0 days 1,885 sqft
    2021-01-01 0 days 1,916 sqft
    2021-02-01 0 days 1,745 sqft
    2021-03-01 0 days 1,945 sqft
    2021-04-01 0 days 1,983 sqft
    2021-05-01 0 days 1,850 sqft
    2021-06-01 0 days 1,743 sqft
    2021-07-01 0 days 1,707 sqft
    2021-08-01 0 days 1,743 sqft
    2021-09-01 0 days 1,807 sqft
    2021-10-01 0 days 1,908 sqft
    2021-11-01 0 days 1,823 sqft
    2021-12-01 0 days 1,787 sqft
    2022-01-01 0 days 1,709 sqft
    2022-02-01 0 days 1,687 sqft
    2022-03-01 0 days 1,750 sqft
    2022-04-01 0 days 1,694 sqft
    2022-05-01 0 days 1,637 sqft
    2022-06-01 0 days 1,661 sqft
    2022-07-01 0 days 1,805 sqft
    2022-08-01 0 days 1,786 sqft
    2022-09-01 0 days 1,832 sqft
    2022-10-01 0 days 1,818 sqft
    2022-11-01 0 days 1,924 sqft
    2022-12-01 0 days 1,932 sqft
    2023-01-01 0 days 1,913 sqft
    2023-02-01 0 days 1,895 sqft
    2023-03-01 0 days 1,812 sqft
    2023-04-01 0 days 1,778 sqft
    2023-05-01 0 days 1,779 sqft
    2023-06-01 0 days 1,815 sqft
    2023-07-01 0 days 1,838 sqft
    2023-08-01 0 days 1,915 sqft
    2023-09-01 0 days 1,789 sqft
    2023-10-01 0 days 1,773 sqft
    2023-11-01 0 days 1,714 sqft
    2023-12-01 0 days 1,739 sqft
    2024-01-01 0 days 1,808 sqft
    2024-02-01 0 days 1,798 sqft
    2024-03-01 0 days 1,852 sqft
    Brookings's median listing age (time on market) for 2024-03-01 was 0 days.

    Brookings's median square footage for active listings during the 2024-03-01 period was 1,852 sqft. One year prior, the average listing was 1,812 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).