Corvallis FHA Loan Rates, Closing Costs & Stats

CORVALLIS, 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.

    Corvallis's 39 lenders originated 73 FHA loans during 2024. The total origination value was $29,265,000, with an average FHA loan value of $400,890.

    Corvallis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Corvallis averaged 0.41% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Corvallis's average FHA mortgage closing costs are $11,757.

    The average rate for the prior week (2025-06-13) was 6.99% and one month ago for the week of 2025-05-16, the average rate was 6.95%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.1%.

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

    Corvallis 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 Corvallis level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 7 6.37% $18,324
    SUMMIT FUNDING, INC. 4 5.59% $19,254
    CALCON MUTUAL MORTGAGE LLC 4 4.63% $13,985
    GUILD MORTGAGE COMPANY 4 6.47% $16,604
    FREEDOM MORTGAGE CORPORATION 3 6.24% $15,287
    MORTGAGE EXPRESS, LLC 3 6.21% $16,983
    CROSSCOUNTRY MORTGAGE, LLC 2 6.13% $12,944
    KeyBank 2 6.19% $17,818
    UNION HOME MORTGAGE CORP. 2 6.69% $15,923
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.75% $17,776
    Century Mortgage Company DBA Century Lending Company 2 6.50% $12,834
    NATIONS DIRECT MORTGAGE, LLC 2 6.19% $12,631
    NEWREZ LLC 1 7.25% $23,026
    OnPoint Community Credit Union 1 6.63% $8,906
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $16,096
    PANORAMA MORTGAGE GROUP, LLC 1 5.50% $33,001
    PENNYMAC LOAN SERVICES, LLC 1 6.00% $19,957
    PLANET HOME LENDING, LLC 1 5.99% $10,674
    PLAZA HOME MORTGAGE, INC. 1 7.13% $9,465
    S1L, Inc. 1 5.75% $11,922
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $18,565
    SUMMIT MORTGAGE CORPORATION 1 7.25% $16,239
    The Union Bank Company 1 5.25% $11,679
    Umpqua Bank 1 6.13% $15,200
    UNITED WHOLESALE MORTGAGE, LLC 1 6.25% $12,997
    U.S. Bank 1 5.13% $22,947
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $13,922
    Willamette Valley Bank 1 6.75% $15,291
    AMERISAVE MORTGAGE CORPORATION 1 5.13% $24,226
    Carrington Mortgage Services, LLC 1 5.00% $17,132
    CMG MORTGAGE, INC. 1 7.13% $12,943
    DAS Acquisition Company, LLC 1 6.75% $20,408
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 5.75% $16,966
    GUARANTEED RATE, INC. 1 6.25% $15,948
    HOMESIDE FINANCIAL, LLC 1 5.63% $23,478
    Keystone Funding, Inc. 1 6.25% $15,503
    LOANDEPOT.COM, LLC 1 6.99% $15,186
    MOVEMENT MORTGAGE, LLC 1 6.75% $13,599
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $23,787

    The top Corvallis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $18,324, which is $930 lower than the next largest lender, SUMMIT FUNDING, INC..

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

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

    Corvallis FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CORVALLIS, OR BENTON 2022 $483,000 $618,300 $747,400 $928,850
    CORVALLIS, OR BENTON 2023 $560,050 $716,950 $866,650 $1,077,050

    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).