Kennewick FHA Loan Rates, Closing Costs & Stats

KENNEWICK-RICHLAND, WA

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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.

    Kennewick's 96 lenders originated 901 FHA loans during 2022. The total origination value was $276,115,000, with an average FHA loan value of $306,454.

    Kennewick FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kennewick averaged 6.23% for the week of 2023-12-08, compared to the national average (all FHA variants) of 6.819% for the same period.

    Kennewick's average FHA mortgage closing costs are $9,021.

    The average rate for the prior week (2023-12-01) was 6.23% and one month ago for the week of 2023-11-03, the average rate was 6.97%.

    The average rate one year ago was 5.94%.

    For refis of the same type during the week of 2023-12-08, the average rate was 5.38%.

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

    Kennewick 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 Kennewick level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    SUMMIT FUNDING, INC. 100 5.41% $12,364
    HOMEBRIDGE FINANCIAL SERVICES, INC. 84 5.15% $12,577
    QUICKEN LOANS, LLC 53 4.13% $11,998
    ENVOY MORTGAGE, LTD 45 5.42% $12,237
    PRIMELENDING, A PLAINSCAPITAL COMPANY 38 5.32% $13,717
    UNITED WHOLESALE MORTGAGE, LLC 36 4.50% $10,745
    Umpqua Bank 36 4.55% $12,327
    CHURCHILL MORTGAGE CORPORATION 35 4.95% $11,476
    HOMESIDE FINANCIAL, LLC 27 5.82% $12,712
    AMERICAN PACIFIC MORTGAGE CORPORATION 19 5.33% $14,798
    1st Security Bank of Washington 18 5.26% $11,864
    FREEDOM MORTGAGE CORPORATION 11 3.99% $10,198
    CALIBER HOME LOANS, INC. 11 4.36% $11,735
    Flagstar Bank, FSB 10 4.13% $10,542
    Carrington Mortgage Services, LLC 10 4.95% $11,788
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 9 4.90% $13,006
    LOANDEPOT.COM, LLC 9 4.91% $14,427
    Banner Bank 9 4.83% $10,990
    PENNYMAC LOAN SERVICES, LLC 9 3.86% $10,863
    Hometown Lenders, Inc. 8 5.41% $14,314
    ACADEMY MORTGAGE CORPORATION 8 5.19% $13,191
    FINANCE OF AMERICA MORTGAGE LLC 7 4.63% $11,861
    Sunflower Bank 7 5.43% $10,412
    Mr. Cooper ( Nationstar Mortgage ) 7 4.39% $15,666
    LAND HOME FINANCIAL SERVICES, INC. 7 6.23% $11,653
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 4.50% $12,245
    CROSSCOUNTRY MORTGAGE, LLC 6 4.74% $11,760
    LAKEVIEW LOAN SERVICING, LLC 6 3.96% $7,557
    Lakeview Community Capital, LLC 6 5.02% $11,236
    HomeStreet Bank 5 4.08% $11,062
    BROKER SOLUTIONS, INC. 5 5.20% $11,832
    NUMERICA CREDIT UNION 5 4.05% $12,317
    NEWREZ LLC 5 4.93% $11,298
    GUILD MORTGAGE COMPANY 5 4.85% $14,333
    Nations Lending Corporation 4 5.63% $16,593
    AMERICAN FINANCING CORPORATION 4 5.00% $10,134
    CARDINAL FINANCIAL 4 3.84% $13,766
    AMERISAVE MORTGAGE CORPORATION 4 4.56% $12,668
    HOME POINT FINANCIAL CORPORATION 3 4.33% $12,536
    CHERRY CREEK MORTGAGE, LLC 3 4.38% $8,494
    CMG MORTGAGE, INC. 3 3.83% $13,438
    DIRECTORS MORTGAGE, INC. 3 4.96% $11,136
    JPMorgan Chase Bank 3 5.21% $8,212
    Loan Simple, Inc. 3 5.67% $13,878
    MEMBER FIRST MORTGAGE, LLC 3 4.58% $7,143
    MOVEMENT MORTGAGE, LLC 3 5.42% $12,412
    PREMIER LENDING, INC. 3 4.17% $8,290
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 4.79% $12,809
    TOP FLITE FINANCIAL, INC. 3 5.33% $24,717
    PLANET HOME LENDING, LLC 2 5.56% $10,440
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.50% $15,841
    S1L, Inc. 2 4.63% $7,945
    Wells Fargo Bank 2 4.56% $3,555
    U.S. Bank 2 4.06% $8,256
    LADERA LENDING, INC. 2 4.31% $10,751
    LPMC, LLC 2 5.81% $13,764
    EVERETT FINANCIAL, INC. 2 5.25% $8,592
    The Federal Savings Bank 2 4.00% $17,071
    VERITAS FUNDING, LLC 2 5.38% $16,687
    LOANPAL, LLC 2 4.25% $19,513
    CORNERSTONE HOME LENDING, INC. 1 3.25% $14,868
    NFM, INC. 1 4.63% $14,301
    CONTOUR MORTGAGE CORPORATION 1 4.75% $17,375
    OCEANSIDE MORTGAGE COMPANY 1 5.75% $6,321
    Paramount Residential Mortgage Group, Inc. 1 3.25% $15,501
    CITYWIDE HOME LOANS, LLC 1 5.25% $11,137
    PHH Mortgage Corporation 1 2.88% $10,922
    Washington Trust Bank 1 5.75% $14,265
    CIS Financial Services, Inc. 1 4.88% $17,830
    Prosperity Home Mortgage, LLC 1 4.75% $10,830
    CALCON MUTUAL MORTGAGE LLC 1 4.25% $11,556
    RANLIFE, INC. 1 7.63% $10,456
    RESIDENTIAL BANCORP 1 5.25% $10,569
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.50% $12,187
    Summit Mortgage Corporation 1 3.99% $13,302
    Bank of the Pacific 1 5.13% $12,156
    THRIVE MORTGAGE, LLC 1 5.63% $15,046
    TJC Mortgage, Inc. 1 5.13% $12,767
    Willamette Valley Bank 1 5.75% $15,906
    Bank of America 1 6.63% $6,136
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.50% $7,293
    KeyBank 1 3.38% $6,980
    HighTechLending Inc 1 4.25% $10,408
    LEADERONE FINANCIAL CORPORATION 1 4.25% $8,336
    LIBERTY HOME MORTGAGE CORPORATION 1 4.25% $6,101
    GESA 1 4.50% $18,311
    Magnolia Bank 1 5.63% $14,349
    VILLAGE CAPITAL MORTGAGE 1 3.50% $3,006
    MICHIGAN MUTUAL, INC. 1 4.13% $14,567
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.38% $12,539
    V.I.P. MORTGAGE, INC. 1 5.50% $12,699
    GENEVA FINANCIAL, LLC 1 4.63% $26,268
    M&T Bank 1 4.88% $10,698
    NATIONS DIRECT MORTGAGE, LLC 1 3.99% $6,293
    NATIONS RELIABLE LENDING, LLC 1 5.63% $10,815
    NETWORK CAPITAL FUNDING CORPORATION 1 3.50% $9,791

    The top Kennewick FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with 100 FHA loans originated. Their average total fees are $12,364, which is $213 lower than the next largest lender, HOMEBRIDGE FINANCIAL SERVICES, INC..

    The lowest fee Kennewick FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($10,198), Flagstar Bank, FSB ($10,542), UNITED WHOLESALE MORTGAGE, LLC ($10,745), CHURCHILL MORTGAGE CORPORATION ($11,476) and CALIBER HOME LOANS, INC. ($11,735).

    The lowest rate Kennewick FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (3.99%), QUICKEN LOANS, LLC (4.13%), Flagstar Bank, FSB (4.13%), CALIBER HOME LOANS, INC. (4.36%) and UNITED WHOLESALE MORTGAGE, LLC (4.50%).

    Kennewick FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KENNEWICK-RICHLAND, WA BENTON 2022 $420,680 $538,650 $651,050 $809,150
    KENNEWICK-RICHLAND, WA FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    KENNEWICK-RICHLAND, WA BENTON 2023 $472,030 $604,400 $730,525 $907,900
    KENNEWICK-RICHLAND, WA FRANKLIN 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).