Eugene FHA Loan Rates, Closing Costs & Stats

EUGENE-SPRINGFIELD, OR

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 -0.03% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.26% and one month ago for the week of 2024-10-25, the average rate was 6.24%.

The average rate one year ago was 7.03%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.36%.

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
2024-04-01 $534,500 (1.8%) $665,599 (6.4%) 1.24 607
2024-05-01 $549,500 (3.3%) $687,503 (8.6%) 1.24 675
2024-06-01 $549,999 (2.3%) $685,136 (6.2%) 1.24 768
2024-07-01 $547,124 (2.3%) $672,724 (2.3%) 1.25 835
2024-08-01 $546,798 (4.2%) $665,338 (2.3%) 1.27 896
2024-09-01 $549,450 (2.7%) $670,209 (3.5%) 1.29 928
2024-10-01 $540,700 (2.1%) $670,997 (2.7%) 1.27 907
Eugene's median listing price for 2024-10-01 was $540,700, a difference of $11,225 (2.1%) versus the prior year and $-8,750 versus the prior month.

Eugene's median listing price comes in at 127% of the national average.

Eugene's average listing price for 2024-10-01 was $670,997, a difference of $17,686 (2.7%) versus the prior year and $788 versus the prior month.

For the 2024-10-01 period, Eugene had 907 MLS listings, a difference of -21 listings (-2%) versus the prior month and 162 listings (22%) 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
2024-04-01 44 days 1,785 sqft
2024-05-01 39 days 1,840 sqft
2024-06-01 43 days 1,845 sqft
2024-07-01 46 days 1,839 sqft
2024-08-01 47 days 1,846 sqft
2024-09-01 53 days 1,869 sqft
2024-10-01 58 days 1,858 sqft
Eugene's median listing age (time on market) for 2024-10-01 was 58 days. This is 13% longer than the same period one year ago.

Eugene's median square footage for active listings during the 2024-10-01 period was 1,858 sqft. One year prior, the average listing was 1,823 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).