Eugene FHA Loan Rates, Closing Costs & Stats

EUGENE-SPRINGFIELD, 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.

    Eugene's 98 lenders originated 1,251 FHA loans during 2021. The total origination value was $344,075,000, with an average FHA loan value of $275,040.

    Eugene FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Eugene averaged 6.01% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Eugene's average FHA mortgage closing costs are $8,903.

    The average rate for the prior week (2023-01-20) was 5.89% and one month ago for the week of 2022-12-23, the average rate was 6.48%.

    The average rate one year ago was 3.87%.

    For refis of the same type during the week of 2023-01-27, the average rate was 6.01%.

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

    Eugene 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 Eugene level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    SUMMIT FUNDING, INC. 145 3.21% $11,688
    QUICKEN LOANS, LLC 66 2.65% $7,632
    FINANCE OF AMERICA MORTGAGE LLC 62 3.16% $10,977
    HOMEBRIDGE FINANCIAL SERVICES, INC. 49 2.82% $8,870
    FREEDOM MORTGAGE CORPORATION 48 2.75% $6,706
    LAKEVIEW LOAN SERVICING, LLC 42 2.93% $5,408
    CALIBER HOME LOANS, INC. 42 2.71% $8,840
    CROSSCOUNTRY MORTGAGE, LLC 39 2.93% $11,452
    GUILD MORTGAGE COMPANY 35 3.04% $10,544
    DIRECTORS MORTGAGE, INC. 35 3.24% $11,744
    CMG MORTGAGE, INC. 30 2.50% $9,735
    LOANDEPOT.COM, LLC 27 3.27% $10,725
    Mr. Cooper ( Nationstar Mortgage ) 26 3.10% $5,958
    PENNYMAC LOAN SERVICES, LLC 21 3.00% $6,152
    MANN FINANCIAL INC. 20 3.23% $10,995
    Sierra Pacific Mortgage Company, Inc. 19 2.86% $10,167
    Carrington Mortgage Services, LLC 15 3.01% $10,529
    STEARNS LENDING, LLC 13 2.89% $9,402
    UNITED WHOLESALE MORTGAGE, LLC 13 2.59% $9,557
    NATIONS DIRECT MORTGAGE, LLC 12 2.87% $10,966
    VILLAGE CAPITAL MORTGAGE 10 2.69% $3,921
    PACIFIC RESIDENTIAL MORTGAGE, LLC 8 3.28% $10,838
    Nations Lending Corporation 8 3.17% $14,078
    Umpqua Bank 7 2.91% $10,408
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 3.09% $10,004
    CHERRY CREEK MORTGAGE, LLC 6 2.71% $12,112
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.23% $11,366
    InterContinental Capital Group, Inc 6 2.67% $7,394
    First Guaranty Mortgage Corporation 6 2.60% $8,988
    Banner Bank 5 2.58% $9,087
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.93% $11,009
    AMERISAVE MORTGAGE CORPORATION 5 2.78% $8,534
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 4 3.66% $12,063
    RANLIFE, INC. 4 3.15% $13,294
    GENEVA FINANCIAL, LLC 4 2.81% $10,903
    AMERICAN FINANCIAL NETWORK, INC. 4 3.31% $12,790
    U.S. Bank 4 2.91% $8,694
    BROKER SOLUTIONS, INC. 4 3.09% $8,718
    SUMMIT MORTGAGE CORPORATION 4 2.72% $10,354
    NEWREZ LLC 3 2.83% $7,901
    PLANET HOME LENDING, LLC 3 2.75% $8,343
    AmeriHome Mortgage Company, LLC 3 3.20% $6,656
    Flagstar Bank, FSB 3 2.33% $6,218
    S1L, Inc. 3 3.88% $12,462
    HOME POINT FINANCIAL CORPORATION 3 3.08% $9,676
    GUARANTEED RATE, INC. 3 3.21% $9,332
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 3.19% $8,367
    ACADEMY MORTGAGE CORPORATION 2 3.44% $9,848
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.25% $12,102
    BAYSHORE MORTGAGE FUNDING, LLC 2 3.00% $12,384
    Century Mortgage Company DBA Century Lending Company 2 2.75% $9,423
    Chickasaw Community Bank 2 2.81% $9,774
    EVERETT FINANCIAL, INC. 2 3.19% $9,877
    FIRST CENTENNIAL MORTGAGE CORPORATION 2 2.50% $8,949
    Hometown Equity Mortgage, LLC 2 3.44% $9,085
    JPMorgan Chase Bank 2 3.06% $3,313
    LPMC, LLC 2 3.13% $8,150
    MORTGAGE EXPRESS, LLC 2 2.88% $8,842
    Mortgage Research Center, LLC 2 3.25% $8,853
    MUTUAL OF OMAHA MORTGAGE, INC. 2 3.56% $9,109
    PLAZA HOME MORTGAGE, INC. 2 3.69% $11,862
    Prosperity Home Mortgage, LLC 2 4.13% $8,879
    SUN WEST MORTGAGE COMPANY, INC. 2 2.50% $7,158
    Willamette Valley Bank 2 2.88% $8,485
    ZILLOW HOME LOANS, LLC 2 3.19% $7,353
    OCEANSIDE MORTGAGE COMPANY 1 2.49% $3,228
    ON Q FINANCIAL, INC. 1 2.88% $9,189
    LEADERONE FINANCIAL CORPORATION 1 3.88% $10,123
    Paramount Residential Mortgage Group, Inc. 1 2.38% $13,966
    LADERA LENDING, INC. 1 2.38% $10,970
    PHH Mortgage Corporation 1 3.38% $4,309
    KELLER MORTGAGE, LLC 1 2.88% $9,162
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,326
    1st Security Bank of Washington 1 3.00% $9,257
    HomeStreet Bank 1 3.00% $4,950
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $8,427
    VISION ONE MORTGAGE, INC. 1 2.63% $8,653
    FirstBank 1 2.25% $9,789
    Equity Prime Mortgage LLC 1 4.00% $8,588
    ENVOY MORTGAGE, LTD 1 3.00% $8,881
    EMBRACE HOME LOANS, INC. 1 2.75% $10,043
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $11,018
    DATA MORTGAGE, INC. 1 3.25% $7,627
    Strong Home Mortgage, LLC 1 2.50% $6,680
    CHURCHILL MORTGAGE CORPORATION 1 2.88% $9,317
    Summit Mortgage Corporation 1 3.00% $10,478
    BEST CAPITAL FUNDING 1 2.50% $10,186
    Wells Fargo Bank 1 3.13% $5,657
    TruHome Solutions, LLC 1 2.75% $9,112
    Barrington Bank & Trust Company, N.A. 1 2.75% $10,250
    AXIA FINANCIAL, LLC 1 2.63% $19,405
    AMERICAN FINANCING CORPORATION 1 2.38% $9,987
    MOVEMENT MORTGAGE, LLC 1 3.13% $10,494
    MUFG Union Bank 1 3.25% $8,046
    VERITAS FUNDING, LLC 1 2.88% $10,943
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.88% $15,633
    MICHIGAN MUTUAL, INC. 1 3.13% $12,071
    LOANLEADERS OF AMERICA, INC. 1 2.88% $11,584

    The top Eugene FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with 145 FHA loans originated. Their average total fees are $11,688, which is $4,056 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Eugene FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,921), LAKEVIEW LOAN SERVICING, LLC ($5,408), Mr. Cooper ( Nationstar Mortgage ) ($5,958), PENNYMAC LOAN SERVICES, LLC ($6,152) and FREEDOM MORTGAGE CORPORATION ($6,706).

    The lowest rate Eugene FHA lenders (with over 10 loans originated) are CMG MORTGAGE, INC. (2.50%), UNITED WHOLESALE MORTGAGE, LLC (2.59%), QUICKEN LOANS, LLC (2.65%), VILLAGE CAPITAL MORTGAGE (2.69%) and CALIBER HOME LOANS, INC. (2.71%).

    Eugene FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    EUGENE-SPRINGFIELD, OR LANE 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Eugene (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 $343,995 (5.8%) $426,466 (2.2%) 1.28 658
    2018-02-01 $372,450 (8.2%) $464,865 (6.4%) 1.35 598
    2018-03-01 $394,950 (13.2%) $476,747 (8.2%) 1.39 599
    2018-04-01 $402,223 (15.0%) $489,215 (10.0%) 1.36 654
    2018-05-01 $407,845 (11.1%) $498,728 (11.1%) 1.36 698
    2018-06-01 $385,000 (7.1%) $472,105 (7.6%) 1.28 873
    2018-07-01 $389,600 (11.4%) $481,137 (11.6%) 1.30 916
    2018-08-01 $372,450 (8.0%) $470,820 (12.3%) 1.25 1,037
    2018-09-01 $369,000 (10.2%) $467,815 (13.8%) 1.24 1,013
    2018-10-01 $369,000 (8.6%) $465,230 (11.3%) 1.25 953
    2018-11-01 $361,850 (3.4%) $461,420 (7.3%) 1.23 909
    2018-12-01 $365,000 (7.4%) $471,009 (9.6%) 1.26 785
    2019-01-01 $367,725 (6.9%) $475,872 (11.6%) 1.27 655
    2019-02-01 $382,450 (2.7%) $480,228 (3.3%) 1.29 627
    2019-03-01 $385,671 (-2.4%) $476,130 (-0.1%) 1.26 605
    2019-04-01 $379,675 (-5.6%) $455,739 (-6.8%) 1.21 626
    2019-05-01 $383,620 (-5.9%) $457,595 (-8.3%) 1.20 707
    2019-06-01 $385,000 (0.0%) $464,945 (-1.5%) 1.20 796
    2019-07-01 $398,975 (2.4%) $474,798 (-1.3%) 1.25 802
    2019-08-01 $395,964 (6.3%) $471,345 (0.1%) 1.25 799
    2019-09-01 $392,609 (6.4%) $469,922 (0.5%) 1.26 804
    2019-10-01 $390,373 (5.8%) $467,281 (0.4%) 1.26 794
    2019-11-01 $397,750 (9.9%) $473,203 (2.6%) 1.30 674
    2019-12-01 $399,000 (9.3%) $473,432 (0.5%) 1.33 533
    2020-01-01 $399,000 (8.5%) $471,687 (-0.9%) 1.33 496
    2020-02-01 $399,000 (4.3%) $477,299 (-0.6%) 1.30 461
    2020-03-01 $402,500 (4.4%) $479,844 (0.8%) 1.26 513
    2020-04-01 $399,500 (5.2%) $467,999 (2.7%) 1.25 644
    2020-05-01 $419,000 (9.2%) $477,338 (4.3%) 1.27 638
    2020-06-01 $434,225 (12.8%) $492,936 (6.0%) 1.28 584
    2020-07-01 $421,000 (5.5%) $492,853 (3.8%) 1.22 522
    2020-08-01 $425,000 (7.3%) $501,027 (6.3%) 1.22 491
    2020-09-01 $434,250 (10.6%) $509,510 (8.4%) 1.24 483
    2020-10-01 $424,000 (8.6%) $512,310 (9.6%) 1.21 451
    2020-11-01 $410,000 (3.1%) $512,653 (8.3%) 1.20 374
    2020-12-01 $420,000 (5.3%) $535,975 (13.2%) 1.25 324
    2021-01-01 $425,000 (6.5%) $539,997 (14.5%) 1.27 266
    2021-02-01 $414,975 (4.0%) $524,756 (9.9%) 1.21 253
    2021-03-01 $433,469 (7.7%) $546,055 (13.8%) 1.23 247
    2021-04-01 $434,000 (8.6%) $557,426 (19.1%) 1.17 263
    2021-05-01 $449,900 (7.4%) $565,533 (18.5%) 1.19 309
    2021-06-01 $450,000 (3.6%) $588,048 (19.3%) 1.18 347
    2021-07-01 $449,900 (6.9%) $578,778 (17.4%) 1.18 399
    2021-08-01 $461,950 (8.7%) $602,525 (20.3%) 1.23 455
    2021-09-01 $454,218 (4.6%) $603,394 (18.4%) 1.21 426
    2021-10-01 $455,000 (7.3%) $603,829 (17.9%) 1.21 401
    2021-11-01 $467,450 (14.0%) $624,598 (21.8%) 1.25 343
    2021-12-01 $460,625 (9.7%) $615,091 (14.8%) 1.25 266
    2022-01-01 $462,500 (8.8%) $623,247 (15.4%) 1.25 236
    2022-02-01 $467,500 (12.7%) $645,483 (23.0%) 1.22 233
    2022-03-01 $462,500 (6.7%) $610,020 (11.7%) 1.16 245
    2022-04-01 $484,500 (11.6%) $611,022 (9.6%) 1.16 261
    2022-05-01 $492,900 (9.6%) $619,503 (9.5%) 1.13 364
    2022-06-01 $504,875 (12.2%) $608,437 (3.5%) 1.12 439
    2022-07-01 $512,450 (13.9%) $618,474 (6.9%) 1.16 584
    2022-08-01 $508,945 (10.2%) $614,709 (2.0%) 1.18 576
    2022-09-01 $501,448 (10.4%) $630,334 (4.5%) 1.17 527
    2022-10-01 $508,500 (11.8%) $637,347 (5.6%) 1.20 539
    2022-11-01 $499,950 (7.0%) $627,584 (0.5%) 1.20 519
    2022-12-01 $500,000 (8.6%) $623,851 (1.4%) 1.25 444
    Eugene's median listing price for 2022-12-01 was $500,000, a difference of $39,375 (8.6%) versus the prior year and $50 versus the prior month.

    Eugene's median listing price comes in at 125% of the national average.

    Eugene's average listing price for 2022-12-01 was $623,851, a difference of $8,760 (1.4%) versus the prior year and $-3,733 versus the prior month.

    For the 2022-12-01 period, Eugene had 444 MLS listings, a difference of -75 listings (-14%) versus the prior month and 178 listings (67%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Eugene (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 83 days 1,910 sqft
    2018-02-01 65 days 1,965 sqft
    2018-03-01 49 days 2,000 sqft
    2018-04-01 44 days 2,046 sqft
    2018-05-01 39 days 2,058 sqft
    2018-06-01 36 days 1,951 sqft
    2018-07-01 41 days 1,939 sqft
    2018-08-01 42 days 1,929 sqft
    2018-09-01 50 days 1,912 sqft
    2018-10-01 59 days 1,902 sqft
    2018-11-01 59 days 1,858 sqft
    2018-12-01 63 days 1,851 sqft
    2019-01-01 73 days 1,847 sqft
    2019-02-01 68 days 1,888 sqft
    2019-03-01 56 days 1,880 sqft
    2019-04-01 39 days 1,842 sqft
    2019-05-01 29 days 1,877 sqft
    2019-06-01 35 days 1,876 sqft
    2019-07-01 39 days 1,960 sqft
    2019-08-01 43 days 1,944 sqft
    2019-09-01 48 days 1,939 sqft
    2019-10-01 52 days 1,936 sqft
    2019-11-01 68 days 1,958 sqft
    2019-12-01 84 days 1,931 sqft
    2020-01-01 83 days 1,927 sqft
    2020-02-01 58 days 1,950 sqft
    2020-03-01 50 days 1,925 sqft
    2020-04-01 44 days 1,866 sqft
    2020-05-01 64 days 1,916 sqft
    2020-06-01 68 days 1,952 sqft
    2020-07-01 51 days 1,934 sqft
    2020-08-01 49 days 1,935 sqft
    2020-09-01 48 days 1,844 sqft
    2020-10-01 53 days 1,810 sqft
    2020-11-01 73 days 1,707 sqft
    2020-12-01 80 days 1,702 sqft
    2021-01-01 66 days 1,638 sqft
    2021-02-01 54 days 1,564 sqft
    2021-03-01 43 days 1,627 sqft
    2021-04-01 36 days 1,618 sqft
    2021-05-01 29 days 1,689 sqft
    2021-06-01 28 days 1,731 sqft
    2021-07-01 34 days 1,710 sqft
    2021-08-01 37 days 1,707 sqft
    2021-09-01 44 days 1,761 sqft
    2021-10-01 57 days 1,726 sqft
    2021-11-01 56 days 1,739 sqft
    2021-12-01 51 days 1,671 sqft
    2022-01-01 67 days 1,688 sqft
    2022-02-01 33 days 1,711 sqft
    2022-03-01 29 days 1,652 sqft
    2022-04-01 30 days 1,686 sqft
    2022-05-01 23 days 1,709 sqft
    2022-06-01 27 days 1,732 sqft
    2022-07-01 30 days 1,787 sqft
    2022-08-01 35 days 1,815 sqft
    2022-09-01 44 days 1,786 sqft
    2022-10-01 44 days 1,816 sqft
    2022-11-01 47 days 1,840 sqft
    2022-12-01 61 days 1,802 sqft
    Eugene's median listing age (time on market) for 2022-12-01 was 61 days. This is 20% longer than the same period one year ago.

    Eugene's median square footage for active listings during the 2022-12-01 period was 1,802 sqft. One year prior, the average listing was 1,671 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).