Corvallis FHA Loans

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 41 lenders originated 116 FHA loans during 2021. The total origination value was $36,460,000, with an average FHA loan value of $314,310.

    Corvallis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Corvallis averaged 5.28% 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 5.19% and one month ago for the week of 2022-04-15, the average rate was 4.88%.

    The average rate one year ago was 2.95%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.3%.

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

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 13 2.64% $8,884
    CALIBER HOME LOANS, INC. 7 2.61% $9,623
    LAKEVIEW LOAN SERVICING, LLC 5 2.77% $6,309
    PENNYMAC LOAN SERVICES, LLC 5 2.93% $6,951
    BAY EQUITY LLC 5 2.87% $11,037
    FREEDOM MORTGAGE CORPORATION 4 2.69% $5,678
    Mr. Cooper ( Nationstar Mortgage ) 4 2.97% $5,916
    PACIFIC RESIDENTIAL MORTGAGE, LLC 4 3.34% $12,216
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.58% $10,588
    CROSSCOUNTRY MORTGAGE, LLC 3 3.29% $10,769
    SUMMIT FUNDING, INC. 3 3.17% $13,518
    Umpqua Bank 3 2.63% $12,751
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.83% $11,766
    MOVEMENT MORTGAGE, LLC 3 3.58% $6,409
    FINANCE OF AMERICA MORTGAGE LLC 3 2.92% $11,131
    LPMC, LLC 2 2.75% $12,186
    ACADEMY MORTGAGE CORPORATION 2 3.25% $10,083
    Carrington Mortgage Services, LLC 2 2.94% $7,377
    DIRECTORS MORTGAGE, INC. 2 3.81% $15,588
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.13% $10,273
    MID AMERICA MORTGAGE, INC. 2 2.94% $4,263
    Willamette Valley Bank 1 3.13% $10,027
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.88% $11,313
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.88% $12,260
    AMERISAVE MORTGAGE CORPORATION 1 2.75% $10,545
    AXIA FINANCIAL, LLC 1 2.75% $12,803
    BROKER SOLUTIONS, INC. 1 2.25% $9,923
    CELEBRITY HOME LOANS, LLC 1 3.00% $13,526
    DATA MORTGAGE, INC. 1 3.63% $15,451
    EMBRACE HOME LOANS, INC. 1 3.13% $11,186
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $7,669
    First Guaranty Mortgage Corporation 1 2.75% $6,879
    Flagstar Bank, FSB 1 2.60% $12,919
    GENEVA FINANCIAL, LLC 1 3.00% $15,942
    GUILD MORTGAGE COMPANY 1 3.75% $8,825
    HOME POINT FINANCIAL CORPORATION 1 2.63% $12,438
    InterContinental Capital Group, Inc 1 2.75% $8,621
    Loan Simple, Inc. 1 3.63% $11,195
    Nations Lending Corporation 1 3.75% $13,478
    Paramount Residential Mortgage Group, Inc. 1 2.63% $10,517
    PARKSIDE LENDING, LLC 1 2.88% $11,955

    The top Corvallis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $8,884, which is $739 lower than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Corvallis FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,884), .

    The lowest rate Corvallis FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.64%), .

    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

    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).