Eugene FHA Loans

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 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 5.38% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.49% and one month ago for the week of 2022-04-15, the average rate was 5.08%.

The average rate one year ago was 3.15%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.08%.

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 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. Total Fees
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 & INVESTMENT LLC 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 & INVESTMENT LLC ($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 & INVESTMENT LLC (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 $349,445 (7.5%) $424,936 (1.2%) 1.29 680
2018-02-01 $375,000 (8.9%) $463,401 (6.1%) 1.35 615
2018-03-01 $399,000 (14.3%) $475,112 (8.8%) 1.38 619
2018-04-01 $404,950 (15.7%) $489,632 (10.9%) 1.36 681
2018-05-01 $414,450 (12.2%) $497,757 (2.5%) 1.38 732
2018-06-01 $388,000 (7.8%) $476,565 (1.9%) 1.29 914
2018-07-01 $389,900 (11.4%) $480,887 (11.2%) 1.30 939
2018-08-01 $374,950 (8.2%) $472,021 (12.5%) 1.25 1,059
2018-09-01 $370,000 (10.5%) $469,972 (14.6%) 1.24 1,039
2018-10-01 $369,900 (8.8%) $467,403 (12.2%) 1.24 973
2018-11-01 $365,000 (4.3%) $463,339 (7.2%) 1.22 930
2018-12-01 $369,000 (8.5%) $474,419 (9.2%) 1.26 799
2019-01-01 $369,500 (5.7%) $477,000 (12.3%) 1.27 667
2019-02-01 $384,500 (2.5%) $483,158 (4.3%) 1.29 635
2019-03-01 $390,814 (-2.1%) $473,404 (-0.4%) 1.27 612
2019-04-01 $379,450 (-6.3%) $451,332 (-7.8%) 1.19 628
2019-05-01 $381,750 (-7.9%) $454,036 (-8.8%) 1.18 703
2019-06-01 $382,240 (-1.5%) $458,878 (-3.7%) 1.18 799
2019-07-01 $399,000 (2.3%) $473,349 (-1.6%) 1.24 807
2019-08-01 $388,571 (3.6%) $465,475 (-1.4%) 1.22 818
2019-09-01 $383,521 (3.7%) $460,334 (-2.1%) 1.22 833
2019-10-01 $389,900 (5.4%) $464,180 (-0.7%) 1.24 795
2019-11-01 $405,000 (11.0%) $483,139 (4.3%) 1.31 672
2019-12-01 $401,000 (8.7%) $482,072 (1.6%) 1.34 534
2020-01-01 $400,000 (8.3%) $476,097 (-0.2%) 1.33 489
2020-02-01 $400,000 (4.0%) $473,072 (-2.1%) 1.29 463
2020-03-01 $415,500 (6.3%) $485,993 (2.7%) 1.30 514
2020-04-01 $403,500 (6.3%) $475,470 (5.4%) 1.26 654
2020-05-01 $425,000 (11.3%) $490,922 (8.1%) 1.29 638
2020-06-01 $450,000 (17.7%) $508,896 (10.9%) 1.31 588
2020-07-01 $427,250 (7.1%) $496,063 (4.8%) 1.22 519
2020-08-01 $434,900 (11.9%) $510,500 (9.7%) 1.24 485
2020-09-01 $447,250 (16.6%) $527,604 (14.6%) 1.28 479
2020-10-01 $449,900 (15.4%) $535,874 (15.5%) 1.29 459
2020-11-01 $439,500 (8.5%) $544,685 (12.7%) 1.26 377
2020-12-01 $437,500 (9.1%) $556,610 (15.5%) 1.28 325
2021-01-01 $425,000 (6.3%) $548,618 (15.2%) 1.25 264
2021-02-01 $420,000 (5.0%) $534,757 (13.0%) 1.21 252
2021-03-01 $435,000 (4.7%) $551,165 (13.4%) 1.22 247
2021-04-01 $438,250 (8.6%) $565,174 (18.9%) 1.18 259
2021-05-01 $450,000 (5.9%) $576,824 (17.5%) 1.18 312
2021-06-01 $451,500 (0.3%) $602,848 (18.5%) 1.17 350
2021-07-01 $449,450 (5.2%) $589,338 (18.8%) 1.17 396
2021-08-01 $462,400 (6.3%) $611,028 (19.7%) 1.22 453
2021-09-01 $456,495 (2.1%) $623,479 (18.2%) 1.20 426
2021-10-01 $457,500 (1.7%) $625,351 (16.7%) 1.20 404
2021-11-01 $468,750 (6.7%) $650,297 (19.4%) 1.24 344
2021-12-01 $465,000 (6.3%) $638,867 (14.8%) 1.24 272
2022-01-01 $459,900 (8.2%) $645,150 (17.6%) 1.23 233
2022-02-01 $474,950 (13.1%) $664,883 (24.3%) 1.21 234
2022-03-01 $467,500 (7.5%) $617,916 (12.1%) 1.15 242
2022-04-01 $489,900 (11.8%) $623,898 (10.4%) 1.15 261
Eugene's median listing price for 2022-04-01 was $489,900, a difference of $51,650 (11.8%) versus the prior year and $22,400 versus the prior month.

Eugene's median listing price comes in at 115% of the national average.

Eugene's average listing price for 2022-04-01 was $623,898, a difference of $58,724 (10.4%) versus the prior year and $5,982 versus the prior month.

For the 2022-04-01 period, Eugene had 261 MLS listings, a difference of 19 listings (8%) versus the prior month and 2 listings (1%) 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 81 days 1,933 sqft
2018-02-01 66 days 1,983 sqft
2018-03-01 49 days 2,009 sqft
2018-04-01 44 days 2,049 sqft
2018-05-01 39 days 2,063 sqft
2018-06-01 36 days 1,951 sqft
2018-07-01 41 days 1,948 sqft
2018-08-01 42 days 1,928 sqft
2018-09-01 49 days 1,912 sqft
2018-10-01 59 days 1,908 sqft
2018-11-01 58 days 1,857 sqft
2018-12-01 62 days 1,856 sqft
2019-01-01 72 days 1,844 sqft
2019-02-01 67 days 1,896 sqft
2019-03-01 52 days 1,879 sqft
2019-04-01 41 days 1,836 sqft
2019-05-01 29 days 1,857 sqft
2019-06-01 34 days 1,872 sqft
2019-07-01 39 days 1,953 sqft
2019-08-01 39 days 1,929 sqft
2019-09-01 43 days 1,921 sqft
2019-10-01 51 days 1,938 sqft
2019-11-01 63 days 1,992 sqft
2019-12-01 73 days 1,957 sqft
2020-01-01 75 days 1,950 sqft
2020-02-01 53 days 1,960 sqft
2020-03-01 41 days 1,946 sqft
2020-04-01 38 days 1,906 sqft
2020-05-01 56 days 1,947 sqft
2020-06-01 53 days 2,023 sqft
2020-07-01 51 days 1,946 sqft
2020-08-01 44 days 1,948 sqft
2020-09-01 35 days 1,908 sqft
2020-10-01 37 days 1,844 sqft
2020-11-01 55 days 1,739 sqft
2020-12-01 70 days 1,718 sqft
2021-01-01 70 days 1,639 sqft
2021-02-01 50 days 1,590 sqft
2021-03-01 42 days 1,619 sqft
2021-04-01 39 days 1,633 sqft
2021-05-01 30 days 1,663 sqft
2021-06-01 31 days 1,741 sqft
2021-07-01 34 days 1,736 sqft
2021-08-01 34 days 1,708 sqft
2021-09-01 38 days 1,782 sqft
2021-10-01 42 days 1,736 sqft
2021-11-01 46 days 1,748 sqft
2021-12-01 49 days 1,649 sqft
2022-01-01 56 days 1,653 sqft
2022-02-01 34 days 1,724 sqft
2022-03-01 32 days 1,662 sqft
2022-04-01 30 days 1,701 sqft
Eugene's median listing age (time on market) for 2022-04-01 was 30 days. This is -22% shorter than the same period one year ago.

Eugene's median square footage for active listings during the 2022-04-01 period was 1,701 sqft. One year prior, the average listing was 1,633 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).