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 33 lenders originated 73 FHA loans during 2023. The total origination value was $28,125,000, with an average FHA loan value of $385,274.

    Corvallis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Corvallis averaged -0.12% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Corvallis's average FHA mortgage closing costs are $11,149.

    The average rate for the prior week (2024-11-08) was 6.29% and one month ago for the week of 2024-10-11, the average rate was 5.89%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-11-15, 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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 7 6.10% $19,113
    UNITED WHOLESALE MORTGAGE, LLC 4 5.78% $20,573
    GUILD MORTGAGE COMPANY 4 6.75% $22,209
    NATIONS DIRECT MORTGAGE, LLC 3 6.54% $16,103
    MORTGAGE EXPRESS, LLC 3 6.21% $21,833
    LPMC, LLC 3 6.29% $13,824
    DIRECTORS MORTGAGE, INC. 3 6.46% $23,648
    SUMMIT FUNDING, INC. 3 6.71% $17,580
    Century Mortgage Company DBA Century Lending Company 2 7.06% $13,676
    LOANPAL, LLC 2 5.81% $23,827
    CALIBER HOME LOANS, INC. 2 6.12% $14,567
    MOVEMENT MORTGAGE, LLC 2 6.88% $16,173
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $15,506
    Loan Simple, Inc. 1 6.75% $23,739
    MASON MCDUFFIE MORTGAGE CORPORATION 1 5.25% $33,954
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.13% $13,751
    Nations Lending Corporation 1 7.13% $16,945
    NEWREZ LLC 1 7.25% $11,254
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.75% $17,723
    PREMIA MORTGAGE, LLC 1 7.63% $10,090
    S1L, Inc. 1 6.25% $19,430
    LOANDEPOT.COM, LLC 1 6.88% $19,445
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $17,191
    Carrington Mortgage Services, LLC 1 6.63% $12,169
    CMG MORTGAGE, INC. 1 5.13% $15,579
    CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $20,128
    Equity Prime Mortgage LLC 1 6.75% $17,626
    EVERETT FINANCIAL, INC. 1 7.63% $12,524
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 5.63% $21,864
    Flagstar Bank, FSB 1 6.75% $12,018
    GENEVA FINANCIAL, LLC 1 5.88% $27,559
    JPMorgan Chase Bank 1 6.25% $18,155
    LADERA LENDING, INC. 1 6.63% $11,205

    The top Corvallis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $19,113, which is $1,460 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Corvallis (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 $449,923 (20.0%) $544,192 (11.0%) 0.00 124
    2018-02-01 $449,675 (18.8%) $549,255 (12.2%) 0.00 116
    2018-03-01 $449,000 (16.0%) $571,834 (19.2%) 0.00 137
    2018-04-01 $468,167 (17.3%) $590,412 (22.0%) 0.00 150
    2018-05-01 $453,897 (13.8%) $592,672 (22.0%) 0.00 160
    2018-06-01 $489,000 (24.6%) $623,998 (32.2%) 0.00 167
    2018-07-01 $475,000 (9.2%) $571,624 (4.7%) 0.00 172
    2018-08-01 $449,900 (4.7%) $539,787 (-1.5%) 0.00 197
    2018-09-01 $457,250 (7.6%) $548,332 (1.6%) 0.00 189
    2018-10-01 $442,450 (1.7%) $585,874 (13.1%) 0.00 206
    2018-11-01 $437,500 (-2.8%) $590,115 (10.0%) 0.00 201
    2018-12-01 $479,900 (6.7%) $606,621 (14.9%) 0.00 171
    2019-01-01 $493,750 (9.7%) $636,854 (17.0%) 0.00 150
    2019-02-01 $489,750 (8.9%) $661,055 (20.4%) 0.00 147
    2019-03-01 $466,143 (3.8%) $640,962 (12.1%) 0.00 160
    2019-04-01 $432,475 (-7.6%) $613,336 (3.9%) 0.00 168
    2019-05-01 $449,450 (-1.0%) $601,887 (1.6%) 0.00 180
    2019-06-01 $469,000 (-4.1%) $568,783 (-8.9%) 0.00 197
    2019-07-01 $464,450 (-2.2%) $536,785 (-6.1%) 0.00 229
    2019-08-01 $463,805 (3.1%) $528,303 (-2.1%) 0.00 231
    2019-09-01 $456,011 (-0.3%) $524,875 (-4.3%) 0.00 226
    2019-10-01 $449,925 (1.7%) $522,216 (-10.9%) 0.00 218
    2019-11-01 $445,000 (1.7%) $522,360 (-11.5%) 0.00 204
    2019-12-01 $444,750 (-7.3%) $531,469 (-12.4%) 0.00 198
    2020-01-01 $437,950 (-11.3%) $534,988 (-16.0%) 0.00 176
    2020-02-01 $438,000 (-10.6%) $542,080 (-18.0%) 0.00 154
    2020-03-01 $449,875 (-3.5%) $536,583 (-16.3%) 0.00 165
    2020-04-01 $447,500 (3.5%) $525,302 (-14.4%) 0.00 180
    2020-05-01 $438,200 (-2.5%) $513,100 (-14.8%) 0.00 176
    2020-06-01 $438,875 (-6.4%) $515,067 (-9.4%) 0.00 168
    2020-07-01 $447,875 (-3.6%) $526,101 (-2.0%) 0.00 152
    2020-08-01 $458,950 (-1.1%) $528,478 (0.0%) 0.00 127
    2020-09-01 $480,725 (5.4%) $569,333 (8.5%) 0.00 112
    2020-10-01 $470,000 (4.5%) $566,751 (8.5%) 0.00 104
    2020-11-01 $448,000 (0.7%) $534,417 (2.3%) 0.00 106
    2020-12-01 $446,750 (0.5%) $531,749 (0.1%) 0.00 96
    2021-01-01 $444,500 (1.5%) $518,812 (-3.0%) 0.00 92
    2021-02-01 $445,000 (1.6%) $533,430 (-1.6%) 0.00 87
    2021-03-01 $445,000 (-1.1%) $542,957 (1.2%) 0.00 84
    2021-04-01 $445,050 (-0.6%) $554,053 (5.5%) 0.00 76
    2021-05-01 $484,950 (10.7%) $613,940 (19.7%) 0.00 76
    2021-06-01 $543,750 (23.9%) $642,871 (24.8%) 0.00 89
    2021-07-01 $510,492 (14.0%) $613,617 (16.6%) 0.00 109
    2021-08-01 $493,725 (7.6%) $574,290 (8.7%) 0.00 98
    2021-09-01 $503,175 (4.7%) $587,432 (3.2%) 0.00 100
    2021-10-01 $523,650 (11.4%) $655,251 (15.6%) 0.00 107
    2021-11-01 $537,205 (19.9%) $720,150 (34.8%) 0.00 90
    2021-12-01 $514,748 (15.2%) $723,461 (36.1%) 0.00 75
    2022-01-01 $525,000 (18.1%) $744,242 (43.5%) 0.00 64
    2022-02-01 $533,875 (20.0%) $770,534 (44.5%) 0.00 56
    2022-03-01 $510,619 (14.8%) $747,532 (37.7%) 0.00 53
    2022-04-01 $511,312 (14.9%) $659,866 (19.1%) 0.00 56
    2022-05-01 $577,250 (19.0%) $656,786 (7.0%) 0.00 74
    2022-06-01 $578,305 (6.4%) $686,171 (6.7%) 0.00 95
    2022-07-01 $564,000 (10.5%) $627,544 (2.3%) 0.00 106
    2022-08-01 $573,125 (16.1%) $639,984 (11.4%) 0.00 109
    2022-09-01 $579,950 (15.3%) $680,237 (15.8%) 0.00 106
    2022-10-01 $576,766 (10.1%) $711,739 (8.6%) 0.00 101
    2022-11-01 $581,963 (8.3%) $720,621 (0.1%) 0.00 95
    2022-12-01 $588,500 (14.3%) $717,314 (-0.9%) 0.00 91
    2023-01-01 $575,749 (9.7%) $698,686 (-6.1%) 0.00 82
    2023-02-01 $565,001 (5.8%) $667,341 (-13.4%) 0.00 88
    2023-03-01 $581,725 (13.9%) $708,011 (-5.3%) 0.00 81
    2023-04-01 $578,475 (13.1%) $699,986 (6.1%) 0.00 74
    2023-05-01 $589,095 (2.1%) $711,266 (8.3%) 0.00 79
    2023-06-01 $595,345 (3.0%) $705,660 (2.8%) 0.00 93
    2023-07-01 $589,950 (4.6%) $709,656 (13.1%) 0.00 107
    2023-08-01 $599,675 (4.6%) $703,622 (9.9%) 0.00 115
    2023-09-01 $594,000 (2.4%) $695,846 (2.3%) 0.00 116
    2023-10-01 $592,000 (2.6%) $665,715 (-6.5%) 0.00 115
    2023-11-01 $595,750 (2.4%) $690,811 (-4.1%) 0.00 116
    2023-12-01 $599,900 (1.9%) $681,293 (-5.0%) 0.00 113
    2024-01-01 $602,739 (4.7%) $687,478 (-1.6%) 0.00 106
    2024-02-01 $591,728 (4.7%) $691,703 (3.7%) 0.00 90
    2024-03-01 $593,210 (2.0%) $699,522 (-1.2%) 0.00 81
    2024-04-01 $637,950 (10.3%) $708,773 (1.3%) 0.00 102
    2024-05-01 $648,950 (10.2%) $724,830 (1.9%) 0.00 129
    2024-06-01 $649,900 (9.2%) $775,041 (9.8%) 0.00 164
    2024-07-01 $636,225 (7.8%) $780,028 (9.9%) 0.00 183
    2024-08-01 $652,450 (8.8%) $806,798 (14.7%) 0.00 184
    2024-09-01 $653,675 (10.1%) $819,766 (17.8%) 0.00 180
    2024-10-01 $658,725 (11.3%) $863,500 (29.7%) 0.00 176
    Corvallis's median listing price for 2024-10-01 was $658,725, a difference of $66,725 (11.3%) versus the prior year and $5,050 versus the prior month.

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

    Corvallis's average listing price for 2024-10-01 was $863,500, a difference of $197,785 (29.7%) versus the prior year and $43,734 versus the prior month.

    For the 2024-10-01 period, Corvallis had 176 MLS listings, a difference of -4 listings (-2%) versus the prior month and 61 listings (53%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Corvallis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,259 sqft
    2018-02-01 0 days 2,317 sqft
    2018-03-01 0 days 2,116 sqft
    2018-04-01 0 days 2,324 sqft
    2018-05-01 0 days 2,239 sqft
    2018-06-01 0 days 2,327 sqft
    2018-07-01 0 days 2,327 sqft
    2018-08-01 0 days 2,208 sqft
    2018-09-01 0 days 2,309 sqft
    2018-10-01 0 days 2,201 sqft
    2018-11-01 0 days 2,114 sqft
    2018-12-01 0 days 2,290 sqft
    2019-01-01 0 days 2,334 sqft
    2019-02-01 0 days 2,320 sqft
    2019-03-01 0 days 2,226 sqft
    2019-04-01 0 days 2,106 sqft
    2019-05-01 0 days 2,079 sqft
    2019-06-01 0 days 2,120 sqft
    2019-07-01 0 days 2,150 sqft
    2019-08-01 0 days 2,177 sqft
    2019-09-01 0 days 2,215 sqft
    2019-10-01 0 days 2,268 sqft
    2019-11-01 0 days 2,255 sqft
    2019-12-01 0 days 2,196 sqft
    2020-01-01 0 days 2,145 sqft
    2020-02-01 0 days 2,284 sqft
    2020-03-01 0 days 2,338 sqft
    2020-04-01 0 days 2,296 sqft
    2020-05-01 0 days 2,201 sqft
    2020-06-01 0 days 2,188 sqft
    2020-07-01 0 days 2,101 sqft
    2020-08-01 0 days 2,092 sqft
    2020-09-01 0 days 2,070 sqft
    2020-10-01 0 days 2,046 sqft
    2020-11-01 0 days 2,052 sqft
    2020-12-01 0 days 2,060 sqft
    2021-01-01 0 days 1,940 sqft
    2021-02-01 0 days 1,858 sqft
    2021-03-01 0 days 1,896 sqft
    2021-04-01 0 days 1,868 sqft
    2021-05-01 0 days 2,052 sqft
    2021-06-01 0 days 2,192 sqft
    2021-07-01 0 days 2,054 sqft
    2021-08-01 0 days 1,822 sqft
    2021-09-01 0 days 1,892 sqft
    2021-10-01 0 days 1,963 sqft
    2021-11-01 0 days 2,237 sqft
    2021-12-01 0 days 2,088 sqft
    2022-01-01 0 days 1,971 sqft
    2022-02-01 0 days 2,117 sqft
    2022-03-01 0 days 1,890 sqft
    2022-04-01 0 days 1,872 sqft
    2022-05-01 0 days 2,028 sqft
    2022-06-01 0 days 1,962 sqft
    2022-07-01 0 days 1,850 sqft
    2022-08-01 0 days 1,906 sqft
    2022-09-01 0 days 2,098 sqft
    2022-10-01 0 days 2,061 sqft
    2022-11-01 0 days 2,053 sqft
    2022-12-01 0 days 2,100 sqft
    2023-01-01 0 days 1,971 sqft
    2023-02-01 0 days 1,797 sqft
    2023-03-01 0 days 2,014 sqft
    2023-04-01 0 days 1,898 sqft
    2023-05-01 0 days 2,104 sqft
    2023-06-01 0 days 2,119 sqft
    2023-07-01 0 days 2,031 sqft
    2023-08-01 0 days 2,042 sqft
    2023-09-01 0 days 2,040 sqft
    2023-10-01 0 days 2,118 sqft
    2023-11-01 0 days 2,071 sqft
    2023-12-01 0 days 2,071 sqft
    2024-01-01 0 days 2,070 sqft
    2024-02-01 0 days 2,067 sqft
    2024-03-01 0 days 2,065 sqft
    2024-04-01 0 days 2,092 sqft
    2024-05-01 0 days 2,126 sqft
    2024-06-01 0 days 2,156 sqft
    2024-07-01 0 days 2,122 sqft
    2024-08-01 0 days 2,172 sqft
    2024-09-01 0 days 2,191 sqft
    2024-10-01 0 days 2,302 sqft
    Corvallis's median listing age (time on market) for 2024-10-01 was 0 days.

    Corvallis's median square footage for active listings during the 2024-10-01 period was 2,302 sqft. One year prior, the average listing was 2,118 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).