Kennewick FHA Loan Rates, Closing Costs & Stats
KENNEWICK-RICHLAND, WA
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 101 lenders originated 1,711 FHA loans during 2021. The total origination value was $493,045,000, with an average FHA loan value of $288,162.
Kennewick FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Kennewick
averaged
6.17%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Kennewick's average FHA mortgage closing costs are $8,550.
The average rate for the prior week (2023-01-20) was
6.24% and
one month ago for the week of 2022-12-23, the
average rate was 6.43%.
The average rate one year ago was 4.02%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.9%.
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.
The top Kennewick FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with
218 FHA loans originated. Their average total fees are
$9,944, which is $685
higher than the next largest lender,
HOMEBRIDGE FINANCIAL SERVICES, INC..
The lowest fee Kennewick FHA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($4,590), LAKEVIEW LOAN SERVICING, LLC ($4,853), PENNYMAC LOAN SERVICES, LLC ($6,255), FREEDOM MORTGAGE CORPORATION ($6,450) and CHERRY CREEK MORTGAGE, LLC ($7,150).
The lowest rate Kennewick FHA lenders (with over 10 loans originated) are
Banner Bank (2.48%), GUILD MORTGAGE COMPANY (2.63%), QUICKEN LOANS, LLC (2.64%), UNITED WHOLESALE MORTGAGE, LLC (2.67%) and FREEDOM MORTGAGE CORPORATION (2.70%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Kennewick (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $316,575 (6.6%) | $339,630 (2.4%) | 1.17 | 833 |
2018-02-01 | $322,450 (1.6%) | $344,325 (0.4%) | 1.17 | 825 |
2018-03-01 | $329,800 (1.5%) | $354,695 (1.4%) | 1.16 | 850 |
2018-04-01 | $324,975 (0.0%) | $353,587 (1.4%) | 1.10 | 933 |
2018-05-01 | $330,000 (0.3%) | $356,641 (0.6%) | 1.10 | 990 |
2018-06-01 | $334,000 (0.5%) | $356,504 (-1.9%) | 1.11 | 745 |
2018-07-01 | $330,750 (1.8%) | $354,951 (0.4%) | 1.10 | 1,075 |
2018-08-01 | $322,450 (1.1%) | $353,370 (0.9%) | 1.08 | 1,134 |
2018-09-01 | $318,230 (6.2%) | $352,338 (7.1%) | 1.07 | 1,160 |
2018-10-01 | $318,450 (6.2%) | $355,450 (8.3%) | 1.08 | 1,148 |
2018-11-01 | $316,425 (3.9%) | $354,257 (7.1%) | 1.07 | 1,067 |
2018-12-01 | $320,000 (3.2%) | $357,573 (6.9%) | 1.10 | 948 |
2019-01-01 | $320,000 (1.1%) | $353,248 (4.0%) | 1.10 | 885 |
2019-02-01 | $322,105 (-0.1%) | $353,720 (2.7%) | 1.09 | 824 |
2019-03-01 | $338,854 (2.8%) | $369,978 (4.3%) | 1.11 | 666 |
2019-04-01 | $357,100 (9.9%) | $391,369 (10.7%) | 1.13 | 522 |
2019-05-01 | $349,979 (6.1%) | $389,747 (9.3%) | 1.09 | 542 |
2019-06-01 | $358,000 (7.2%) | $396,335 (11.2%) | 1.12 | 546 |
2019-07-01 | $363,938 (10.0%) | $401,429 (13.1%) | 1.14 | 586 |
2019-08-01 | $361,700 (12.2%) | $400,569 (13.4%) | 1.14 | 634 |
2019-09-01 | $352,250 (10.7%) | $389,097 (10.4%) | 1.13 | 696 |
2019-10-01 | $345,950 (8.6%) | $381,450 (7.3%) | 1.12 | 717 |
2019-11-01 | $350,000 (10.6%) | $397,249 (12.1%) | 1.15 | 686 |
2019-12-01 | $351,900 (10.0%) | $396,234 (10.8%) | 1.17 | 636 |
2020-01-01 | $359,900 (12.5%) | $402,151 (13.8%) | 1.20 | 581 |
2020-02-01 | $372,857 (15.8%) | $405,199 (14.6%) | 1.22 | 502 |
2020-03-01 | $384,675 (13.5%) | $417,051 (12.7%) | 1.20 | 503 |
2020-04-01 | $397,400 (11.3%) | $422,394 (7.9%) | 1.24 | 502 |
2020-05-01 | $409,450 (17.0%) | $432,889 (11.1%) | 1.24 | 479 |
2020-06-01 | $402,475 (12.4%) | $436,045 (10.0%) | 1.18 | 490 |
2020-07-01 | $413,625 (13.7%) | $446,625 (11.3%) | 1.20 | 506 |
2020-08-01 | $405,000 (12.0%) | $442,921 (10.6%) | 1.16 | 473 |
2020-09-01 | $399,900 (13.5%) | $451,737 (16.1%) | 1.15 | 469 |
2020-10-01 | $399,900 (15.6%) | $452,747 (18.7%) | 1.15 | 473 |
2020-11-01 | $401,875 (14.8%) | $458,567 (15.4%) | 1.17 | 420 |
2020-12-01 | $417,448 (18.6%) | $467,695 (18.0%) | 1.24 | 351 |
2021-01-01 | $418,100 (16.2%) | $472,312 (17.5%) | 1.25 | 317 |
2021-02-01 | $427,296 (14.6%) | $487,597 (20.3%) | 1.24 | 284 |
2021-03-01 | $438,250 (13.9%) | $488,032 (17.0%) | 1.24 | 238 |
2021-04-01 | $443,450 (11.6%) | $496,941 (17.7%) | 1.20 | 207 |
2021-05-01 | $459,900 (12.3%) | $504,003 (16.4%) | 1.22 | 204 |
2021-06-01 | $475,475 (18.1%) | $514,312 (18.0%) | 1.25 | 209 |
2021-07-01 | $469,950 (13.6%) | $516,065 (15.6%) | 1.24 | 247 |
2021-08-01 | $504,725 (24.6%) | $538,770 (21.6%) | 1.35 | 297 |
2021-09-01 | $499,450 (24.9%) | $532,806 (18.0%) | 1.33 | 360 |
2021-10-01 | $510,850 (27.7%) | $551,628 (21.8%) | 1.36 | 393 |
2021-11-01 | $525,425 (30.7%) | $565,431 (23.3%) | 1.40 | 420 |
2021-12-01 | $530,488 (27.1%) | $575,418 (23.0%) | 1.44 | 396 |
2022-01-01 | $549,900 (31.5%) | $580,841 (23.0%) | 1.49 | 342 |
2022-02-01 | $532,315 (24.6%) | $571,835 (17.3%) | 1.38 | 309 |
2022-03-01 | $537,925 (22.7%) | $576,792 (18.2%) | 1.35 | 313 |
2022-04-01 | $520,000 (17.3%) | $562,965 (13.3%) | 1.24 | 332 |
2022-05-01 | $528,713 (15.0%) | $563,955 (11.9%) | 1.21 | 359 |
2022-06-01 | $535,975 (12.7%) | $572,890 (11.4%) | 1.19 | 413 |
2022-07-01 | $525,000 (11.7%) | $565,017 (9.5%) | 1.19 | 545 |
2022-08-01 | $525,000 (4.0%) | $566,485 (5.1%) | 1.21 | 577 |
2022-09-01 | $538,250 (7.8%) | $579,697 (8.8%) | 1.26 | 552 |
2022-10-01 | $549,000 (7.5%) | $583,027 (5.7%) | 1.29 | 646 |
2022-11-01 | $544,900 (3.7%) | $581,133 (2.8%) | 1.31 | 679 |
2022-12-01 | $549,900 (3.7%) | $576,804 (0.2%) | 1.37 | 618 |
Kennewick's median listing price comes in at 137% of the national average.
Kennewick's average listing price for 2022-12-01 was $576,804, a difference of $1,386 (0.2%) versus the prior year and $-4,329 versus the prior month.
For the 2022-12-01 period, Kennewick had 618 MLS listings, a difference of -61 listings (-9%) versus the prior month and 222 listings (56%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Kennewick (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 66 days | 2,149 sqft |
2018-02-01 | 54 days | 2,171 sqft |
2018-03-01 | 38 days | 2,188 sqft |
2018-04-01 | 34 days | 2,159 sqft |
2018-05-01 | 37 days | 2,192 sqft |
2018-06-01 | 36 days | 2,200 sqft |
2018-07-01 | 37 days | 2,183 sqft |
2018-08-01 | 39 days | 2,137 sqft |
2018-09-01 | 43 days | 2,107 sqft |
2018-10-01 | 46 days | 2,121 sqft |
2018-11-01 | 51 days | 2,122 sqft |
2018-12-01 | 63 days | 2,118 sqft |
2019-01-01 | 66 days | 2,099 sqft |
2019-02-01 | 63 days | 2,062 sqft |
2019-03-01 | 59 days | 2,113 sqft |
2019-04-01 | 48 days | 2,171 sqft |
2019-05-01 | 40 days | 2,143 sqft |
2019-06-01 | 38 days | 2,181 sqft |
2019-07-01 | 32 days | 2,204 sqft |
2019-08-01 | 35 days | 2,214 sqft |
2019-09-01 | 41 days | 2,197 sqft |
2019-10-01 | 47 days | 2,185 sqft |
2019-11-01 | 47 days | 2,234 sqft |
2019-12-01 | 54 days | 2,165 sqft |
2020-01-01 | 62 days | 2,201 sqft |
2020-02-01 | 58 days | 2,200 sqft |
2020-03-01 | 38 days | 2,208 sqft |
2020-04-01 | 43 days | 2,240 sqft |
2020-05-01 | 55 days | 2,330 sqft |
2020-06-01 | 45 days | 2,307 sqft |
2020-07-01 | 42 days | 2,300 sqft |
2020-08-01 | 40 days | 2,275 sqft |
2020-09-01 | 37 days | 2,249 sqft |
2020-10-01 | 37 days | 2,202 sqft |
2020-11-01 | 47 days | 2,202 sqft |
2020-12-01 | 62 days | 2,197 sqft |
2021-01-01 | 57 days | 2,162 sqft |
2021-02-01 | 46 days | 2,146 sqft |
2021-03-01 | 34 days | 2,183 sqft |
2021-04-01 | 35 days | 2,179 sqft |
2021-05-01 | 31 days | 2,232 sqft |
2021-06-01 | 29 days | 2,238 sqft |
2021-07-01 | 23 days | 2,150 sqft |
2021-08-01 | 24 days | 2,228 sqft |
2021-09-01 | 23 days | 2,195 sqft |
2021-10-01 | 35 days | 2,179 sqft |
2021-11-01 | 38 days | 2,222 sqft |
2021-12-01 | 52 days | 2,220 sqft |
2022-01-01 | 64 days | 2,214 sqft |
2022-02-01 | 51 days | 2,180 sqft |
2022-03-01 | 39 days | 2,144 sqft |
2022-04-01 | 34 days | 2,184 sqft |
2022-05-01 | 29 days | 2,179 sqft |
2022-06-01 | 28 days | 2,222 sqft |
2022-07-01 | 32 days | 2,204 sqft |
2022-08-01 | 38 days | 2,225 sqft |
2022-09-01 | 50 days | 2,254 sqft |
2022-10-01 | 44 days | 2,200 sqft |
2022-11-01 | 52 days | 2,178 sqft |
2022-12-01 | 69 days | 2,146 sqft |
Kennewick's median square footage for active listings during the 2022-12-01 period was 2,146 sqft. One year prior, the average listing was 2,220 sqft.