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 6.56% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.62% and one month ago for the week of 2024-06-14, the average rate was 6.67%.

The average rate one year ago was 6.96%.

For refis of the same type during the week of 2024-07-19, the average rate was 7.05%.

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

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).