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 77 lenders originated 700 FHA loans during 2023. The total origination value was $242,420,000, with an average FHA loan value of $346,314.

    Eugene FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Eugene averaged 6.73% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Eugene's average FHA mortgage closing costs are $10,207.

    The average rate for the prior week (2024-04-12) was 6.92% and one month ago for the week of 2024-03-15, the average rate was 6.59%.

    The average rate one year ago was 6.31%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.31%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    SUMMIT FUNDING, INC. 118 6.46% $17,667
    UNITED WHOLESALE MORTGAGE, LLC 66 5.90% $16,157
    CMG MORTGAGE, INC. 52 6.37% $14,466
    QUICKEN LOANS, LLC 37 6.13% $14,845
    Century Mortgage Company DBA Century Lending Company 28 6.30% $14,341
    DIRECTORS MORTGAGE, INC. 25 6.99% $17,602
    DHI MORTGAGE COMPANY, LTD. 22 5.52% $11,866
    AMERICAN PACIFIC MORTGAGE CORPORATION 21 6.57% $17,044
    LOANDEPOT.COM, LLC 21 6.43% $16,896
    NOVA FINANCIAL & INVESTMENT CORPORATION 18 6.51% $13,411
    GUILD MORTGAGE COMPANY 16 6.69% $15,313
    CROSSCOUNTRY MORTGAGE, LLC 16 6.63% $16,896
    MANN FINANCIAL INC. 12 6.64% $15,760
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.47% $15,737
    FREEDOM MORTGAGE CORPORATION 9 6.97% $18,178
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.19% $12,711
    Umpqua Bank 8 6.64% $13,603
    NEWREZ LLC 7 6.08% $13,941
    MORTGAGE EXPRESS, LLC 6 6.54% $15,337
    MOVEMENT MORTGAGE, LLC 6 6.23% $17,029
    Sierra Pacific Mortgage Company, Inc. 5 6.42% $17,894
    PACIFIC RESIDENTIAL MORTGAGE, LLC 5 6.68% $17,683
    PENNYMAC LOAN SERVICES, LLC 5 6.03% $16,333
    BROKER SOLUTIONS, INC. 5 6.53% $19,278
    MASON MCDUFFIE MORTGAGE CORPORATION 4 6.81% $14,780
    NATIONS DIRECT MORTGAGE, LLC 4 6.59% $12,188
    Carrington Mortgage Services, LLC 4 6.22% $19,211
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.81% $16,076
    Willamette Valley Bank 4 6.72% $14,676
    LPMC, LLC 4 6.44% $14,971
    AMERISAVE MORTGAGE CORPORATION 4 5.47% $19,098
    EAGLE HOME MORTGAGE, LLC 3 5.83% $12,052
    CARDINAL FINANCIAL 3 6.21% $13,834
    CALIBER HOME LOANS, INC. 3 5.88% $15,440
    ACADEMY MORTGAGE CORPORATION 3 6.88% $16,120
    VILLAGE CAPITAL MORTGAGE 3 6.46% $16,237
    MUTUAL OF OMAHA MORTGAGE, INC. 3 5.96% $12,443
    Banner Bank 3 6.29% $10,363
    Mr. Cooper ( Nationstar Mortgage ) 3 6.21% $21,279
    AMERICAN FINANCIAL NETWORK, INC. 3 6.63% $16,530
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 6.92% $19,900
    V.I.P. MORTGAGE, INC. 3 6.17% $16,826
    OnPoint Community Credit Union 2 6.94% $10,366
    Flagstar Bank, FSB 2 6.50% $15,913
    Hometown Equity Mortgage, LLC 2 5.81% $15,850
    Loan Simple, Inc. 2 7.12% $17,790
    Mortgage Research Center, LLC 2 6.94% $7,520
    PLAZA HOME MORTGAGE, INC. 2 6.38% $19,203
    Prosperity Home Mortgage, LLC 2 6.12% $15,585
    SUN WEST MORTGAGE COMPANY, INC. 2 6.25% $18,706
    TruHome Solutions, LLC 2 5.75% $13,504
    Plains Commerce Bank 1 7.13% $15,840
    PLANET HOME LENDING, LLC 1 5.38% $12,373
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $18,442
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.13% $13,482
    GUARANTEED RATE, INC. 1 6.63% $14,648
    VISION ONE MORTGAGE, INC. 1 7.00% $11,365
    Franklin Loan Corporation 1 6.25% $20,585
    RANLIFE, INC. 1 3.00% $3,464
    ROYAL UNITED MORTGAGE LLC 1 7.75% $5,759
    S1L, Inc. 1 6.00% $16,507
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.13% $19,345
    Strong Home Mortgage, LLC 1 6.13% $10,710
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.99% $16,020
    DAS Acquisition Company, LLC 1 7.13% $15,427
    SUMMIT MORTGAGE CORPORATION 1 5.25% $24,364
    AMERICAN FINANCING CORPORATION 1 5.99% $19,843
    ZILLOW HOME LOANS, LLC 1 5.63% $15,045
    CHURCHILL MORTGAGE CORPORATION 1 5.75% $11,914
    Bell Bank 1 6.25% $10,847
    U.S. Bank 1 6.75% $10,243
    VERITAS FUNDING, LLC 1 6.75% $19,417
    BECKAM FUNDING CORP. 1 7.75% $28,408
    NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $18,452
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.63% $16,335
    Paramount Residential Mortgage Group, Inc. 1 6.25% $6,574
    JPMorgan Chase Bank 1 6.75% $8,878

    The top Eugene FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with 118 FHA loans originated. Their average total fees are $17,667, which is $1,510 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Eugene FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,866), NOVA FINANCIAL & INVESTMENT CORPORATION ($13,411), Century Mortgage Company DBA Century Lending Company ($14,341), CMG MORTGAGE, INC. ($14,466) and QUICKEN LOANS, LLC ($14,845).

    The lowest rate Eugene FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.52%), UNITED WHOLESALE MORTGAGE, LLC (5.90%), QUICKEN LOANS, LLC (6.13%), Century Mortgage Company DBA Century Lending Company (6.30%) and CMG MORTGAGE, INC. (6.37%).

    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
    EUGENE-SPRINGFIELD, OR LANE 2023 $481,850 $616,850 $745,650 $926,650

    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 $343,248 (5.6%) $424,259 (1.7%) 1.27 657
    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 $399,995 (14.3%) $489,077 (9.9%) 1.36 654
    2018-05-01 $407,498 (11.0%) $498,672 (11.1%) 1.36 697
    2018-06-01 $385,000 (7.1%) $472,030 (7.6%) 1.28 872
    2018-07-01 $389,375 (11.3%) $481,076 (11.5%) 1.30 915
    2018-08-01 $371,200 (7.6%) $470,755 (12.2%) 1.24 1,036
    2018-09-01 $369,000 (10.2%) $467,745 (13.8%) 1.24 1,012
    2018-10-01 $368,625 (8.5%) $465,156 (11.7%) 1.25 952
    2018-11-01 $361,450 (3.3%) $461,338 (7.7%) 1.23 908
    2018-12-01 $365,000 (7.4%) $470,922 (10.1%) 1.26 784
    2019-01-01 $366,950 (6.9%) $475,780 (12.1%) 1.27 654
    2019-02-01 $382,350 (2.7%) $478,407 (2.9%) 1.29 625
    2019-03-01 $385,643 (-2.4%) $474,432 (-0.5%) 1.26 602
    2019-04-01 $379,450 (-5.1%) $454,133 (-7.1%) 1.20 621
    2019-05-01 $383,620 (-5.9%) $456,331 (-8.5%) 1.20 702
    2019-06-01 $385,000 (0.0%) $463,849 (-1.7%) 1.20 791
    2019-07-01 $398,975 (2.5%) $474,040 (-1.5%) 1.25 798
    2019-08-01 $395,964 (6.7%) $469,712 (-0.2%) 1.25 795
    2019-09-01 $392,609 (6.4%) $467,003 (-0.2%) 1.26 800
    2019-10-01 $390,248 (5.9%) $463,136 (-0.4%) 1.26 790
    2019-11-01 $397,000 (9.8%) $469,424 (1.8%) 1.30 670
    2019-12-01 $399,000 (9.3%) $469,106 (-0.4%) 1.33 530
    2020-01-01 $399,000 (8.7%) $467,131 (-1.8%) 1.33 492
    2020-02-01 $399,000 (4.4%) $472,766 (-1.2%) 1.31 457
    2020-03-01 $402,500 (4.4%) $477,946 (0.7%) 1.26 510
    2020-04-01 $399,500 (5.3%) $468,482 (3.2%) 1.25 641
    2020-05-01 $419,000 (9.2%) $477,853 (4.7%) 1.27 635
    2020-06-01 $434,350 (12.8%) $493,556 (6.4%) 1.28 581
    2020-07-01 $422,000 (5.8%) $493,513 (4.1%) 1.22 519
    2020-08-01 $425,000 (7.3%) $501,757 (6.8%) 1.22 488
    2020-09-01 $434,350 (10.6%) $510,294 (9.3%) 1.24 480
    2020-10-01 $424,250 (8.7%) $513,229 (10.8%) 1.22 448
    2020-11-01 $410,000 (3.3%) $513,655 (9.4%) 1.20 371
    2020-12-01 $420,000 (5.3%) $537,269 (14.5%) 1.25 321
    2021-01-01 $425,000 (6.5%) $541,681 (16.0%) 1.27 263
    2021-02-01 $414,988 (4.0%) $526,335 (11.3%) 1.21 250
    2021-03-01 $434,719 (8.0%) $547,781 (14.6%) 1.23 244
    2021-04-01 $434,500 (8.8%) $559,384 (19.4%) 1.18 260
    2021-05-01 $449,950 (7.4%) $567,339 (18.7%) 1.20 306
    2021-06-01 $450,000 (3.6%) $589,166 (19.4%) 1.18 344
    2021-07-01 $449,900 (6.6%) $580,074 (17.5%) 1.19 396
    2021-08-01 $461,975 (8.7%) $603,840 (20.4%) 1.23 452
    2021-09-01 $454,673 (4.7%) $604,833 (18.5%) 1.21 423
    2021-10-01 $456,230 (7.5%) $605,193 (17.9%) 1.22 398
    2021-11-01 $467,450 (14.0%) $626,640 (22.0%) 1.25 340
    2021-12-01 $461,250 (9.8%) $616,898 (14.8%) 1.25 263
    2022-01-01 $468,750 (10.3%) $625,983 (15.6%) 1.27 233
    2022-02-01 $469,950 (13.2%) $648,400 (23.2%) 1.22 230
    2022-03-01 $467,450 (7.5%) $611,534 (11.6%) 1.17 245
    2022-04-01 $485,000 (11.6%) $611,522 (9.3%) 1.16 258
    2022-05-01 $492,725 (9.5%) $621,080 (9.5%) 1.13 361
    2022-06-01 $505,000 (12.2%) $610,346 (3.6%) 1.12 436
    2022-07-01 $514,950 (14.5%) $619,614 (6.8%) 1.16 581
    2022-08-01 $508,198 (10.0%) $617,211 (2.2%) 1.17 573
    2022-09-01 $500,965 (10.2%) $631,360 (4.4%) 1.17 524
    2022-10-01 $510,000 (11.8%) $638,794 (5.6%) 1.20 536
    2022-11-01 $499,950 (7.0%) $628,990 (0.4%) 1.20 516
    2022-12-01 $500,000 (8.4%) $626,399 (1.5%) 1.23 439
    2023-01-01 $518,063 (10.5%) $633,234 (1.2%) 1.28 406
    2023-02-01 $511,200 (8.8%) $626,042 (-3.5%) 1.23 367
    2023-03-01 $516,200 (10.4%) $627,285 (2.6%) 1.22 397
    2023-04-01 $524,950 (8.2%) $625,437 (2.3%) 1.22 426
    2023-05-01 $532,000 (8.0%) $633,129 (1.9%) 1.21 467
    2023-06-01 $537,475 (6.4%) $645,417 (5.8%) 1.21 554
    2023-07-01 $535,000 (3.9%) $657,883 (6.2%) 1.22 646
    2023-08-01 $525,000 (3.3%) $650,321 (5.4%) 1.21 721
    2023-09-01 $535,000 (6.8%) $647,388 (2.5%) 1.25 769
    2023-10-01 $529,475 (3.8%) $653,311 (2.3%) 1.25 745
    2023-11-01 $522,447 (4.5%) $649,023 (3.2%) 1.24 696
    2023-12-01 $522,450 (4.5%) $656,759 (4.9%) 1.27 644
    2024-01-01 $527,000 (1.7%) $666,661 (5.3%) 1.29 549
    2024-02-01 $521,236 (2.0%) $663,837 (6.0%) 1.25 498
    2024-03-01 $525,000 (1.7%) $663,301 (5.7%) 1.24 534
    Eugene's median listing price for 2024-03-01 was $525,000, a difference of $8,800 (1.7%) versus the prior year and $3,764 versus the prior month.

    Eugene's median listing price comes in at 124% of the national average.

    Eugene's average listing price for 2024-03-01 was $663,301, a difference of $36,016 (5.7%) versus the prior year and $-536 versus the prior month.

    For the 2024-03-01 period, Eugene had 534 MLS listings, a difference of 36 listings (7%) versus the prior month and 137 listings (35%) 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 76 days 1,907 sqft
    2018-02-01 59 days 1,965 sqft
    2018-03-01 44 days 2,000 sqft
    2018-04-01 38 days 2,045 sqft
    2018-05-01 36 days 2,058 sqft
    2018-06-01 32 days 1,951 sqft
    2018-07-01 38 days 1,939 sqft
    2018-08-01 39 days 1,929 sqft
    2018-09-01 46 days 1,912 sqft
    2018-10-01 55 days 1,902 sqft
    2018-11-01 55 days 1,858 sqft
    2018-12-01 59 days 1,851 sqft
    2019-01-01 68 days 1,847 sqft
    2019-02-01 62 days 1,886 sqft
    2019-03-01 49 days 1,879 sqft
    2019-04-01 37 days 1,842 sqft
    2019-05-01 28 days 1,877 sqft
    2019-06-01 32 days 1,876 sqft
    2019-07-01 37 days 1,960 sqft
    2019-08-01 40 days 1,944 sqft
    2019-09-01 46 days 1,939 sqft
    2019-10-01 50 days 1,935 sqft
    2019-11-01 64 days 1,957 sqft
    2019-12-01 76 days 1,929 sqft
    2020-01-01 75 days 1,926 sqft
    2020-02-01 51 days 1,948 sqft
    2020-03-01 44 days 1,924 sqft
    2020-04-01 41 days 1,866 sqft
    2020-05-01 59 days 1,916 sqft
    2020-06-01 60 days 1,952 sqft
    2020-07-01 48 days 1,934 sqft
    2020-08-01 46 days 1,935 sqft
    2020-09-01 44 days 1,844 sqft
    2020-10-01 49 days 1,810 sqft
    2020-11-01 69 days 1,707 sqft
    2020-12-01 78 days 1,702 sqft
    2021-01-01 61 days 1,638 sqft
    2021-02-01 48 days 1,564 sqft
    2021-03-01 41 days 1,626 sqft
    2021-04-01 33 days 1,618 sqft
    2021-05-01 26 days 1,689 sqft
    2021-06-01 27 days 1,732 sqft
    2021-07-01 31 days 1,710 sqft
    2021-08-01 35 days 1,707 sqft
    2021-09-01 42 days 1,761 sqft
    2021-10-01 54 days 1,726 sqft
    2021-11-01 55 days 1,739 sqft
    2021-12-01 49 days 1,671 sqft
    2022-01-01 64 days 1,688 sqft
    2022-02-01 31 days 1,707 sqft
    2022-03-01 29 days 1,649 sqft
    2022-04-01 29 days 1,686 sqft
    2022-05-01 23 days 1,709 sqft
    2022-06-01 26 days 1,734 sqft
    2022-07-01 29 days 1,789 sqft
    2022-08-01 35 days 1,815 sqft
    2022-09-01 44 days 1,796 sqft
    2022-10-01 43 days 1,816 sqft
    2022-11-01 46 days 1,840 sqft
    2022-12-01 60 days 1,812 sqft
    2023-01-01 69 days 1,815 sqft
    2023-02-01 56 days 1,759 sqft
    2023-03-01 38 days 1,799 sqft
    2023-04-01 40 days 1,786 sqft
    2023-05-01 40 days 1,817 sqft
    2023-06-01 36 days 1,823 sqft
    2023-07-01 38 days 1,814 sqft
    2023-08-01 40 days 1,844 sqft
    2023-09-01 44 days 1,842 sqft
    2023-10-01 52 days 1,823 sqft
    2023-11-01 56 days 1,801 sqft
    2023-12-01 64 days 1,802 sqft
    2024-01-01 73 days 1,817 sqft
    2024-02-01 73 days 1,794 sqft
    2024-03-01 44 days 1,755 sqft
    Eugene's median listing age (time on market) for 2024-03-01 was 44 days. This is 16% longer than the same period one year ago.

    Eugene's median square footage for active listings during the 2024-03-01 period was 1,755 sqft. One year prior, the average listing was 1,799 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).