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 90 lenders originated 758 FHA loans during 2022. The total origination value was $232,440,000, with an average FHA loan value of $306,649.

    Eugene FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Eugene averaged -0.5% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Eugene's average FHA mortgage closing costs are $9,464.

    The average rate for the prior week (2023-11-17) was 6.59% and one month ago for the week of 2023-10-20, the average rate was 7.2%.

    The average rate one year ago was 6.33%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.39%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    SUMMIT FUNDING, INC. 97 5.20% $14,979
    QUICKEN LOANS, LLC 48 4.45% $12,152
    FINANCE OF AMERICA MORTGAGE LLC 37 4.73% $13,672
    CALIBER HOME LOANS, INC. 36 4.64% $12,446
    CMG MORTGAGE, INC. 26 4.38% $12,016
    CROSSCOUNTRY MORTGAGE, LLC 25 5.04% $14,694
    UNITED WHOLESALE MORTGAGE, LLC 24 4.79% $12,179
    DIRECTORS MORTGAGE, INC. 24 4.94% $14,193
    HOMEBRIDGE FINANCIAL SERVICES, INC. 20 4.87% $11,842
    GUILD MORTGAGE COMPANY 20 5.11% $14,148
    LOANDEPOT.COM, LLC 19 5.31% $13,629
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 5.49% $12,853
    FREEDOM MORTGAGE CORPORATION 12 4.56% $12,575
    MANN FINANCIAL INC. 10 4.71% $14,165
    Carrington Mortgage Services, LLC 8 5.69% $16,284
    Century Mortgage Company DBA Century Lending Company 8 5.23% $14,592
    PENNYMAC LOAN SERVICES, LLC 7 4.00% $13,492
    NATIONS DIRECT MORTGAGE, LLC 7 3.86% $13,676
    EVERETT FINANCIAL, INC. 7 4.82% $9,452
    LAKEVIEW LOAN SERVICING, LLC 6 3.85% $6,817
    Sierra Pacific Mortgage Company, Inc. 6 4.90% $12,647
    TruHome Solutions, LLC 6 4.04% $11,068
    Flagstar Bank, FSB 5 4.00% $11,681
    PACIFIC RESIDENTIAL MORTGAGE, LLC 5 5.00% $13,795
    U.S. Bank 5 4.28% $11,175
    DHI MORTGAGE COMPANY, LTD. 5 4.05% $11,232
    Mr. Cooper ( Nationstar Mortgage ) 5 4.48% $15,244
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 5.68% $12,565
    Umpqua Bank 5 4.93% $11,797
    Nations Lending Corporation 5 4.25% $16,121
    Banner Bank 4 4.16% $9,723
    Hometown Lenders, Inc. 4 5.91% $20,305
    AMERISAVE MORTGAGE CORPORATION 4 4.97% $13,778
    The Federal Savings Bank 4 4.03% $18,289
    Equity Prime Mortgage LLC 4 5.41% $13,228
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.13% $14,685
    BROKER SOLUTIONS, INC. 3 5.08% $13,367
    CARDINAL FINANCIAL 3 4.38% $13,052
    FIRST CENTENNIAL MORTGAGE CORPORATION 3 4.96% $10,895
    Loan Simple, Inc. 3 4.83% $14,111
    LPMC, LLC 3 3.79% $11,254
    MORTGAGE EXPRESS, LLC 3 4.13% $13,526
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 5.04% $14,012
    STEARNS LENDING, LLC 3 2.46% $12,171
    VILLAGE CAPITAL MORTGAGE 3 4.25% $8,850
    MID AMERICA MORTGAGE, INC. 2 5.31% $6,158
    OnPoint Community Credit Union 2 4.50% $11,818
    NETWORK CAPITAL FUNDING CORPORATION 2 5.75% $11,549
    Paramount Residential Mortgage Group, Inc. 2 5.69% $14,160
    HOME POINT FINANCIAL CORPORATION 2 3.00% $9,493
    CHERRY CREEK MORTGAGE, LLC 2 3.94% $14,688
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.50% $13,339
    NEWREZ LLC 2 6.44% $10,296
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.94% $18,399
    EMM LOANS LLC 2 4.50% $11,974
    Network Funding, L.P. 1 5.63% $12,496
    NexBank 1 4.75% $11,122
    OCMBC, INC. 1 6.25% $18,210
    CHURCHILL MORTGAGE CORPORATION 1 5.25% $15,823
    PLANET HOME LENDING, LLC 1 4.63% $11,611
    Willamette Valley Bank 1 5.25% $10,565
    BAY EQUITY LLC 1 6.50% $13,097
    RANLIFE, INC. 1 2.75% $7,883
    SECURITY HOME MORTGAGE, LLC. 1 4.25% $13,330
    Barrington Bank & Trust Company, N.A. 1 2.63% $24,659
    Wyndham Capital Mortgage, Inc. 1 2.75% $9,155
    Bank of America 1 4.75% $5,119
    SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $7,235
    Texana Bank 1 2.75% $13,798
    ARC HOME LLC 1 2.63% $11,679
    Ameris Bank 1 4.50% $12,880
    Amerifirst Financial, Inc. 1 4.75% $13,694
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.75% $18,578
    AMERICAN FINANCING CORPORATION 1 5.75% $11,711
    VERITAS FUNDING, LLC 1 4.75% $21,630
    GENEVA FINANCIAL, LLC 1 6.25% $18,017
    JPMorgan Chase Bank 1 4.99% $10,354
    Gateway First Bank 1 5.75% $4,278
    Lend Smart Mortgage, LLC 1 5.75% $10,579
    ZILLOW HOME LOANS, LLC 1 4.75% $11,021
    First Internet Bank of Indiana 1 3.99% $14,832
    Washington Trust Bank 1 5.63% $12,478
    Magnolia Bank 1 5.75% $18,857
    First Guaranty Mortgage Corporation 1 3.75% $11,326
    MORIA DEVELOPMENT, INC. 1 5.25% $14,778
    Wells Fargo Bank 1 4.75% $12,526
    Mortgage Research Center, LLC 1 3.99% $9,613
    MOVEMENT MORTGAGE, LLC 1 5.63% $12,840
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 6.63% $18,445
    Citizens Bank 1 2.50% $10,306

    The top Eugene FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with 97 FHA loans originated. Their average total fees are $14,979, which is $2,827 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Eugene FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. ($11,842), CMG MORTGAGE, INC. ($12,016), QUICKEN LOANS, LLC ($12,152), UNITED WHOLESALE MORTGAGE, LLC ($12,179) and CALIBER HOME LOANS, INC. ($12,446).

    The lowest rate Eugene FHA lenders (with over 10 loans originated) are CMG MORTGAGE, INC. (4.38%), QUICKEN LOANS, LLC (4.45%), FREEDOM MORTGAGE CORPORATION (4.56%), CALIBER HOME LOANS, INC. (4.64%) and MANN FINANCIAL INC. (4.71%).

    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
    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 $343,995 (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 $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 (8.4%) $465,156 (11.3%) 1.25 952
    2018-11-01 $361,450 (3.3%) $461,338 (7.3%) 1.23 908
    2018-12-01 $365,000 (7.4%) $470,922 (9.6%) 1.26 784
    2019-01-01 $366,950 (6.7%) $475,780 (11.6%) 1.27 654
    2019-02-01 $382,450 (2.7%) $480,137 (3.3%) 1.29 626
    2019-03-01 $385,671 (-2.4%) $476,216 (-0.1%) 1.26 604
    2019-04-01 $379,675 (-5.1%) $455,881 (-6.8%) 1.21 624
    2019-05-01 $383,685 (-5.8%) $457,838 (-8.2%) 1.20 705
    2019-06-01 $385,000 (0.0%) $465,180 (-1.5%) 1.20 794
    2019-07-01 $398,975 (2.5%) $475,051 (-1.3%) 1.25 800
    2019-08-01 $395,964 (6.7%) $471,591 (0.2%) 1.25 797
    2019-09-01 $392,609 (6.4%) $470,162 (0.5%) 1.26 802
    2019-10-01 $390,373 (5.9%) $467,412 (0.5%) 1.26 792
    2019-11-01 $397,500 (10.0%) $473,114 (2.6%) 1.30 671
    2019-12-01 $399,000 (9.3%) $473,529 (0.6%) 1.33 531
    2020-01-01 $399,000 (8.7%) $471,745 (-0.9%) 1.33 493
    2020-02-01 $399,450 (4.5%) $478,021 (-0.4%) 1.31 458
    2020-03-01 $403,725 (4.7%) $480,505 (0.9%) 1.27 510
    2020-04-01 $399,500 (5.2%) $468,482 (2.8%) 1.25 641
    2020-05-01 $419,000 (9.2%) $477,853 (4.4%) 1.27 635
    2020-06-01 $434,350 (12.8%) $493,556 (6.1%) 1.28 581
    2020-07-01 $422,000 (5.8%) $493,513 (3.9%) 1.22 519
    2020-08-01 $425,000 (7.3%) $501,757 (6.4%) 1.22 488
    2020-09-01 $434,350 (10.6%) $510,294 (8.5%) 1.24 480
    2020-10-01 $424,250 (8.7%) $513,229 (9.8%) 1.22 448
    2020-11-01 $410,000 (3.1%) $513,655 (8.6%) 1.20 371
    2020-12-01 $420,000 (5.3%) $537,269 (13.5%) 1.25 321
    2021-01-01 $425,000 (6.5%) $541,681 (14.8%) 1.27 263
    2021-02-01 $414,988 (3.9%) $526,335 (10.1%) 1.21 250
    2021-03-01 $434,719 (7.7%) $547,781 (14.0%) 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 $515,425 (10.3%) $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
    Eugene's median listing price for 2023-10-01 was $529,475, a difference of $19,475 (3.8%) versus the prior year and $-5,525 versus the prior month.

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

    Eugene's average listing price for 2023-10-01 was $653,311, a difference of $14,517 (2.3%) versus the prior year and $5,923 versus the prior month.

    For the 2023-10-01 period, Eugene had 745 MLS listings, a difference of -24 listings (-3%) versus the prior month and 209 listings (39%) 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 1,910 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 1,888 sqft
    2019-03-01 48 days 1,880 sqft
    2019-04-01 37 days 1,843 sqft
    2019-05-01 28 days 1,877 sqft
    2019-06-01 32 days 1,878 sqft
    2019-07-01 37 days 1,960 sqft
    2019-08-01 40 days 1,945 sqft
    2019-09-01 46 days 1,939 sqft
    2019-10-01 50 days 1,936 sqft
    2019-11-01 64 days 1,958 sqft
    2019-12-01 76 days 1,930 sqft
    2020-01-01 75 days 1,927 sqft
    2020-02-01 51 days 1,949 sqft
    2020-03-01 44 days 1,925 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 1,816 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
    Eugene's median listing age (time on market) for 2023-10-01 was 52 days. This is 20% longer than the same period one year ago.

    Eugene's median square footage for active listings during the 2023-10-01 period was 1,823 sqft. One year prior, the average listing was 1,816 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).