Ellensburg FHA Loan Rates, Closing Costs & Stats

Ellensburg, WA

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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.

    Ellensburg's 25 lenders originated 75 FHA loans during 2023. The total origination value was $27,975,000, with an average FHA loan value of $373,000.

    Ellensburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ellensburg averaged -0.04% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Ellensburg's average FHA mortgage closing costs are $9,974.

    The average rate for the prior week (2024-11-08) was 6.17% and one month ago for the week of 2024-10-11, the average rate was 6.07%.

    The average rate one year ago was 7.12%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Ellensburg 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 Ellensburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 15 5.63% $11,055
    CORNERSTONE HOME LENDING, INC. 5 6.20% $18,491
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.05% $15,656
    CMG MORTGAGE, INC. 4 6.40% $16,819
    GUILD MORTGAGE COMPANY 4 6.13% $16,263
    ACADEMY MORTGAGE CORPORATION 4 6.72% $16,002
    QUICKEN LOANS, LLC 4 6.15% $18,941
    UNITED WHOLESALE MORTGAGE, LLC 3 6.16% $18,005
    LOANDEPOT.COM, LLC 2 6.12% $13,362
    NEWREZ LLC 2 6.94% $18,557
    GUARANTEED RATE, INC. 1 5.75% $15,646
    MORTGAGE EXPRESS, LLC 1 7.63% $14,866
    MOVEMENT MORTGAGE, LLC 1 6.63% $12,200
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $12,647
    Northpointe Bank 1 6.75% $16,926
    CROSSCOUNTRY MORTGAGE, LLC 1 5.88% $9,833
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $19,293
    American Mortgage & Equity Consultants, Inc. 1 6.75% $19,551
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $12,977
    Banner Bank 1 5.63% $11,897
    Boeing Employees Credit Union 1 7.00% $9,215
    BROKER SOLUTIONS, INC. 1 6.25% $22,142
    CALCON MUTUAL MORTGAGE LLC 1 6.25% $19,097
    CHURCHILL MORTGAGE CORPORATION 1 6.49% $19,198
    1st Security Bank of Washington 1 6.13% $11,841

    The top Ellensburg FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 15 FHA loans originated. Their average total fees are $11,055, which is $7,436 lower than the next largest lender, CORNERSTONE HOME LENDING, INC..

    The lowest fee Ellensburg FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,055), .

    The lowest rate Ellensburg FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.63%), .

    Ellensburg FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ELLENSBURG, WA KITTITAS 2022 $420,680 $538,650 $651,050 $809,150
    ELLENSBURG, WA KITTITAS 2023 $474,950 $608,000 $734,950 $913,350

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ellensburg (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 $383,750 (-2.2%) $512,916 (-7.5%) 0.00 87
    2018-02-01 $387,000 (0.3%) $519,535 (-5.9%) 0.00 74
    2018-03-01 $399,475 (11.9%) $523,879 (-4.9%) 0.00 84
    2018-04-01 $404,250 (10.8%) $541,873 (-1.7%) 0.00 111
    2018-05-01 $438,248 (9.4%) $580,159 (7.2%) 0.00 133
    2018-06-01 $419,950 (-2.8%) $591,419 (5.0%) 0.00 176
    2018-07-01 $408,963 (-9.0%) $694,283 (21.9%) 0.00 192
    2018-08-01 $407,475 (-9.3%) $699,171 (30.2%) 0.00 188
    2018-09-01 $399,000 (-9.1%) $664,421 (22.3%) 0.00 228
    2018-10-01 $395,100 (-4.2%) $671,017 (25.3%) 0.00 215
    2018-11-01 $396,725 (-2.6%) $673,308 (26.1%) 0.00 189
    2018-12-01 $399,000 (3.6%) $707,831 (43.6%) 0.00 157
    2019-01-01 $403,337 (5.1%) $756,908 (47.6%) 0.00 125
    2019-02-01 $428,750 (10.8%) $822,593 (58.3%) 0.00 108
    2019-03-01 $436,429 (9.3%) $810,945 (54.8%) 0.00 122
    2019-04-01 $432,416 (7.0%) $774,497 (42.9%) 0.00 147
    2019-05-01 $448,000 (2.2%) $792,148 (36.5%) 0.00 165
    2019-06-01 $424,975 (1.2%) $756,260 (27.9%) 0.00 192
    2019-07-01 $414,475 (1.4%) $749,125 (7.9%) 0.00 196
    2019-08-01 $413,675 (1.5%) $744,713 (6.5%) 0.00 193
    2019-09-01 $405,688 (1.7%) $747,483 (12.5%) 0.00 189
    2019-10-01 $399,238 (1.1%) $741,337 (10.5%) 0.00 185
    2019-11-01 $404,475 (2.0%) $804,590 (19.5%) 0.00 145
    2019-12-01 $395,000 (-1.0%) $906,236 (28.0%) 0.00 112
    2020-01-01 $395,000 (-2.1%) $955,607 (26.3%) 0.00 85
    2020-02-01 $395,000 (-7.9%) $963,929 (17.2%) 0.00 79
    2020-03-01 $427,488 (-2.1%) $861,677 (6.3%) 0.00 101
    2020-04-01 $435,000 (0.6%) $797,957 (3.0%) 0.00 115
    2020-05-01 $424,925 (-5.2%) $811,599 (2.5%) 0.00 117
    2020-06-01 $459,725 (8.2%) $814,120 (7.7%) 0.00 131
    2020-07-01 $506,235 (22.1%) $938,933 (25.3%) 0.00 125
    2020-08-01 $539,999 (30.5%) $947,672 (27.3%) 0.00 128
    2020-09-01 $539,749 (33.1%) $1,006,703 (34.7%) 0.00 118
    2020-10-01 $554,500 (38.9%) $1,041,855 (40.5%) 0.00 109
    2020-11-01 $594,500 (47.0%) $1,267,192 (57.5%) 0.00 66
    2020-12-01 $612,000 (54.9%) $1,371,229 (51.3%) 0.00 44
    2021-01-01 $699,000 (77.0%) $1,710,049 (79.0%) 0.00 35
    2021-02-01 $494,250 (25.1%) $1,695,657 (75.9%) 0.00 34
    2021-03-01 $488,745 (14.3%) $1,651,667 (91.7%) 0.00 35
    2021-04-01 $540,000 (24.1%) $1,450,029 (81.7%) 0.00 43
    2021-05-01 $525,000 (23.6%) $1,267,091 (56.1%) 0.00 63
    2021-06-01 $538,735 (17.2%) $1,157,454 (42.2%) 0.00 87
    2021-07-01 $599,995 (18.5%) $1,091,194 (16.2%) 0.00 109
    2021-08-01 $633,000 (17.2%) $1,178,492 (24.4%) 0.00 114
    2021-09-01 $643,499 (19.2%) $1,149,173 (14.2%) 0.00 113
    2021-10-01 $650,000 (17.2%) $1,181,832 (13.4%) 0.00 103
    2021-11-01 $636,750 (7.1%) $1,260,290 (-0.5%) 0.00 86
    2021-12-01 $650,750 (6.3%) $1,353,377 (-1.3%) 0.00 66
    2022-01-01 $734,745 (5.1%) $1,719,880 (0.6%) 0.00 40
    2022-02-01 $764,995 (54.8%) $1,854,731 (9.4%) 0.00 32
    2022-03-01 $950,499 (94.5%) $2,031,258 (23.0%) 0.00 30
    2022-04-01 $839,000 (55.4%) $1,755,140 (21.0%) 0.00 51
    2022-05-01 $756,750 (44.1%) $1,335,854 (5.4%) 0.00 78
    2022-06-01 $817,500 (51.7%) $1,221,690 (5.6%) 0.00 134
    2022-07-01 $749,000 (24.8%) $1,155,650 (5.9%) 0.00 153
    2022-08-01 $691,213 (9.2%) $961,923 (-18.4%) 0.00 158
    2022-09-01 $691,213 (7.4%) $977,966 (-14.9%) 0.00 143
    2022-10-01 $699,475 (7.6%) $1,035,509 (-12.4%) 0.00 152
    2022-11-01 $690,725 (8.5%) $1,020,120 (-19.1%) 0.00 152
    2022-12-01 $704,750 (8.3%) $1,042,386 (-23.0%) 0.00 124
    2023-01-01 $734,713 (0.0%) $1,044,715 (-39.3%) 0.00 105
    2023-02-01 $689,000 (-9.9%) $1,028,447 (-44.6%) 0.00 91
    2023-03-01 $762,488 (-19.8%) $1,204,180 (-40.7%) 0.00 93
    2023-04-01 $780,000 (-7.0%) $1,190,514 (-32.2%) 0.00 107
    2023-05-01 $799,725 (5.7%) $1,135,425 (-15.0%) 0.00 136
    2023-06-01 $779,500 (-4.7%) $1,138,229 (-6.8%) 0.00 181
    2023-07-01 $749,950 (0.1%) $1,094,371 (-5.3%) 0.00 213
    2023-08-01 $719,963 (4.2%) $1,061,168 (10.3%) 0.00 210
    2023-09-01 $699,950 (1.3%) $985,063 (0.7%) 0.00 207
    2023-10-01 $729,238 (4.3%) $989,124 (-4.5%) 0.00 194
    2023-11-01 $749,988 (8.6%) $1,080,209 (5.9%) 0.00 227
    2023-12-01 $695,000 (-1.4%) $1,077,083 (3.3%) 0.00 192
    2024-01-01 $693,474 (-5.6%) $1,097,903 (5.1%) 0.00 154
    2024-02-01 $704,725 (2.3%) $1,086,600 (5.7%) 0.00 137
    2024-03-01 $749,950 (-1.6%) $1,079,497 (-10.4%) 0.00 158
    2024-04-01 $756,250 (-3.0%) $1,065,487 (-10.5%) 0.00 221
    2024-05-01 $746,737 (-6.6%) $1,046,948 (-7.8%) 0.00 310
    2024-06-01 $749,000 (-3.9%) $1,064,928 (-6.4%) 0.00 332
    2024-07-01 $740,998 (-1.2%) $1,053,171 (-3.8%) 0.00 361
    2024-08-01 $749,500 (4.1%) $1,090,640 (2.8%) 0.00 361
    2024-09-01 $727,475 (3.9%) $1,072,651 (8.9%) 0.00 365
    2024-10-01 $709,488 (-2.7%) $1,058,302 (7.0%) 0.00 360
    Ellensburg's median listing price for 2024-10-01 was $709,488, a difference of $-19,750 (-2.7%) versus the prior year and $-17,987 versus the prior month.

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

    Ellensburg's average listing price for 2024-10-01 was $1,058,302, a difference of $69,178 (7.0%) versus the prior year and $-14,349 versus the prior month.

    For the 2024-10-01 period, Ellensburg had 360 MLS listings, a difference of -5 listings (-1%) versus the prior month and 166 listings (86%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ellensburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,898 sqft
    2018-02-01 0 days 1,956 sqft
    2018-03-01 0 days 2,010 sqft
    2018-04-01 0 days 1,972 sqft
    2018-05-01 0 days 2,106 sqft
    2018-06-01 0 days 1,989 sqft
    2018-07-01 0 days 1,858 sqft
    2018-08-01 0 days 1,948 sqft
    2018-09-01 0 days 2,043 sqft
    2018-10-01 0 days 2,042 sqft
    2018-11-01 0 days 2,042 sqft
    2018-12-01 0 days 2,106 sqft
    2019-01-01 0 days 2,116 sqft
    2019-02-01 0 days 2,119 sqft
    2019-03-01 0 days 2,069 sqft
    2019-04-01 0 days 2,039 sqft
    2019-05-01 0 days 2,081 sqft
    2019-06-01 0 days 1,949 sqft
    2019-07-01 0 days 1,873 sqft
    2019-08-01 0 days 1,884 sqft
    2019-09-01 0 days 1,856 sqft
    2019-10-01 0 days 1,818 sqft
    2019-11-01 0 days 1,913 sqft
    2019-12-01 0 days 1,777 sqft
    2020-01-01 0 days 1,724 sqft
    2020-02-01 0 days 1,809 sqft
    2020-03-01 0 days 1,898 sqft
    2020-04-01 0 days 1,850 sqft
    2020-05-01 0 days 1,976 sqft
    2020-06-01 0 days 1,938 sqft
    2020-07-01 0 days 2,065 sqft
    2020-08-01 0 days 2,200 sqft
    2020-09-01 0 days 2,182 sqft
    2020-10-01 0 days 2,150 sqft
    2020-11-01 0 days 2,049 sqft
    2020-12-01 0 days 2,069 sqft
    2021-01-01 0 days 2,418 sqft
    2021-02-01 0 days 2,082 sqft
    2021-03-01 0 days 1,853 sqft
    2021-04-01 0 days 1,869 sqft
    2021-05-01 0 days 1,782 sqft
    2021-06-01 0 days 1,809 sqft
    2021-07-01 0 days 2,091 sqft
    2021-08-01 0 days 2,198 sqft
    2021-09-01 0 days 2,139 sqft
    2021-10-01 0 days 2,162 sqft
    2021-11-01 0 days 2,106 sqft
    2021-12-01 0 days 2,147 sqft
    2022-01-01 0 days 2,209 sqft
    2022-02-01 0 days 2,460 sqft
    2022-03-01 0 days 2,528 sqft
    2022-04-01 0 days 2,219 sqft
    2022-05-01 0 days 2,114 sqft
    2022-06-01 0 days 2,055 sqft
    2022-07-01 0 days 2,009 sqft
    2022-08-01 0 days 1,957 sqft
    2022-09-01 0 days 2,019 sqft
    2022-10-01 0 days 2,252 sqft
    2022-11-01 0 days 2,271 sqft
    2022-12-01 0 days 2,268 sqft
    2023-01-01 0 days 2,219 sqft
    2023-02-01 0 days 2,114 sqft
    2023-03-01 0 days 2,243 sqft
    2023-04-01 0 days 2,245 sqft
    2023-05-01 0 days 2,266 sqft
    2023-06-01 0 days 2,269 sqft
    2023-07-01 0 days 2,206 sqft
    2023-08-01 0 days 2,152 sqft
    2023-09-01 0 days 2,029 sqft
    2023-10-01 0 days 2,010 sqft
    2023-11-01 0 days 2,120 sqft
    2023-12-01 0 days 2,135 sqft
    2024-01-01 0 days 2,135 sqft
    2024-02-01 0 days 2,081 sqft
    2024-03-01 0 days 2,135 sqft
    2024-04-01 0 days 2,109 sqft
    2024-05-01 0 days 2,088 sqft
    2024-06-01 0 days 2,040 sqft
    2024-07-01 0 days 2,023 sqft
    2024-08-01 0 days 2,082 sqft
    2024-09-01 0 days 1,954 sqft
    2024-10-01 0 days 1,965 sqft
    Ellensburg's median listing age (time on market) for 2024-10-01 was 0 days.

    Ellensburg's median square footage for active listings during the 2024-10-01 period was 1,965 sqft. One year prior, the average listing was 2,010 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).