Hermiston FHA Loan Rates, Closing Costs & Stats

Hermiston-Pendleton, 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.

    Hermiston's 53 lenders originated 357 FHA loans during 2023. The total origination value was $96,925,000, with an average FHA loan value of $271,499.

    Hermiston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hermiston averaged 6.19% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Hermiston's average FHA mortgage closing costs are $8,926.

    The average rate for the prior week (2024-11-01) was 6.17% and one month ago for the week of 2024-10-04, the average rate was 5.79%.

    The average rate one year ago was 7.53%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Hermiston 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 Hermiston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 54 6.56% $13,373
    CMG MORTGAGE, INC. 40 6.46% $13,779
    AMERICAN PACIFIC MORTGAGE CORPORATION 39 6.48% $13,452
    ACADEMY MORTGAGE CORPORATION 35 6.57% $13,722
    QUICKEN LOANS, LLC 26 6.29% $12,501
    AXIA FINANCIAL, LLC 21 6.43% $14,537
    CHURCHILL MORTGAGE CORPORATION 10 6.44% $15,089
    UNITED WHOLESALE MORTGAGE, LLC 9 6.43% $15,048
    LPMC, LLC 8 6.41% $13,837
    HomeStreet Bank 7 6.50% $11,995
    Century Mortgage Company DBA Century Lending Company 6 6.27% $10,665
    Banner Bank 6 5.94% $10,814
    CARDINAL FINANCIAL 6 6.62% $12,147
    NATIONS DIRECT MORTGAGE, LLC 5 5.80% $16,309
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.59% $14,017
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.75% $11,027
    LOANDEPOT.COM, LLC 4 5.84% $14,152
    Umpqua Bank 3 5.83% $13,951
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 7.38% $14,813
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.83% $13,568
    MID AMERICA MORTGAGE, INC. 2 6.63% $3,867
    BROKER SOLUTIONS, INC. 2 6.75% $12,104
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.69% $9,612
    AMERICAN FINANCIAL NETWORK, INC. 2 6.94% $12,365
    Franklin Loan Corporation 2 5.56% $16,171
    FREEDOM MORTGAGE CORPORATION 2 7.25% $20,034
    AMERISAVE MORTGAGE CORPORATION 2 5.38% $21,728
    U.S. Bank 2 6.75% $11,051
    VERITAS FUNDING, LLC 2 6.19% $18,830
    PANORAMA MORTGAGE GROUP, LLC 2 7.25% $10,031
    CROSSCOUNTRY MORTGAGE, LLC 2 6.94% $9,128
    Wells Fargo Bank 1 6.25% $8,957
    Carrington Mortgage Services, LLC 1 6.63% $10,324
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.25% $17,027
    DIRECTORS MORTGAGE, INC. 1 7.75% $14,131
    Flagstar Bank, FSB 1 6.75% $4,711
    JPMorgan Chase Bank 1 6.88% $4,434
    Lakeview Community Capital, LLC 1 5.75% $9,119
    LOANPAL, LLC 1 5.50% $11,677
    Loan Simple, Inc. 1 7.25% $8,439
    MOVEMENT MORTGAGE, LLC 1 8.25% $10,908
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $13,315
    NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $10,447
    NEWREZ LLC 1 5.63% $19,696
    ON Q FINANCIAL, INC. 1 6.75% $14,354
    Paramount Residential Mortgage Group, Inc. 1 7.25% $11,283
    PENNYMAC LOAN SERVICES, LLC 1 5.63% $15,293
    PLAZA HOME MORTGAGE, INC. 1 7.25% $21,734
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $12,818
    Prosperity Home Mortgage, LLC 1 6.99% $7,622
    SUMMIT FUNDING, INC. 1 7.38% $17,971
    Sunflower Bank 1 6.13% $9,709
    TOP FLITE FINANCIAL, INC. 1 7.25% $11,581

    The top Hermiston FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 54 FHA loans originated. Their average total fees are $13,373, which is $406 lower than the next largest lender, CMG MORTGAGE, INC..

    The lowest fee Hermiston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($12,501), GUILD MORTGAGE COMPANY ($13,373), AMERICAN PACIFIC MORTGAGE CORPORATION ($13,452), ACADEMY MORTGAGE CORPORATION ($13,722) and CMG MORTGAGE, INC. ($13,779).

    The lowest rate Hermiston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.29%), AXIA FINANCIAL, LLC (6.43%), CHURCHILL MORTGAGE CORPORATION (6.44%), CMG MORTGAGE, INC. (6.46%) and AMERICAN PACIFIC MORTGAGE CORPORATION (6.48%).

    Hermiston FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    HERMISTON-PENDLETON, OR MORROW 2022 $420,680 $538,650 $651,050 $809,150
    HERMISTON-PENDLETON, OR UMATILLA 2022 $420,680 $538,650 $651,050 $809,150
    HERMISTON-PENDLETON, OR MORROW 2023 $472,030 $604,400 $730,525 $907,900
    HERMISTON-PENDLETON, OR UMATILLA 2023 $472,030 $604,400 $730,525 $907,900

    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).