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 84 lenders originated 904 FHA loans during 2023. The total origination value was $302,750,000, with an average FHA loan value of $334,900.

Kennewick FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Kennewick averaged 6.88% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Kennewick's average FHA mortgage closing costs are $9,686.

The average rate for the prior week (2024-06-07) was 6.57% and one month ago for the week of 2024-05-10, the average rate was 6.85%.

The average rate one year ago was 6.7%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.53%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
SUMMIT FUNDING, INC. 100 7.16% $14,256
UNITED WHOLESALE MORTGAGE, LLC 95 6.27% $14,980
QUICKEN LOANS, LLC 62 6.01% $15,437
PRIMELENDING, A PLAINSCAPITAL COMPANY 55 6.85% $14,201
AMERICAN PACIFIC MORTGAGE CORPORATION 53 6.94% $14,345
CMG MORTGAGE, INC. 51 6.51% $15,832
ENVOY MORTGAGE, LTD 31 6.79% $14,239
CHURCHILL MORTGAGE CORPORATION 28 6.45% $15,471
1st Security Bank of Washington 20 6.34% $14,949
HOMEBRIDGE FINANCIAL SERVICES, INC. 20 6.59% $13,604
LOANDEPOT.COM, LLC 19 6.38% $15,604
CARDINAL FINANCIAL 18 6.87% $14,813
MOVEMENT MORTGAGE, LLC 15 6.83% $14,163
Cornerstone First Mortgage, Inc 14 7.22% $13,347
BROKER SOLUTIONS, INC. 14 6.77% $13,910
Flagstar Bank, FSB 13 6.15% $13,645
Banner Bank 10 6.56% $9,890
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 9 6.83% $16,082
Umpqua Bank 9 5.92% $16,064
FREEDOM MORTGAGE CORPORATION 8 6.50% $14,460
DHI MORTGAGE COMPANY, LTD. 7 6.14% $10,267
HOMESIDE FINANCIAL, LLC 7 7.00% $13,423
Mr. Cooper ( Nationstar Mortgage ) 6 6.10% $17,986
CROSSCOUNTRY MORTGAGE, LLC 6 6.94% $15,756
NUMERICA CREDIT UNION 6 6.50% $11,370
GUARANTEED RATE, INC. 6 6.50% $16,434
GUILD MORTGAGE COMPANY 6 6.17% $14,274
MUTUAL OF OMAHA MORTGAGE, INC. 5 7.13% $15,633
MEMBER FIRST MORTGAGE, LLC 5 6.35% $10,196
NEWREZ LLC 5 6.05% $12,396
Paramount Residential Mortgage Group, Inc. 4 6.66% $16,162
LPMC, LLC 4 6.66% $16,455
Equity Prime Mortgage LLC 4 6.44% $16,144
JPMorgan Chase Bank 4 6.38% $8,589
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.25% $17,535
Nations Lending Corporation 3 6.58% $19,538
AMERISAVE MORTGAGE CORPORATION 3 6.04% $14,856
LAND HOME FINANCIAL SERVICES, INC. 3 6.50% $14,499
MICHIGAN MUTUAL, INC. 3 5.17% $22,325
CORNERSTONE HOME LENDING, INC. 3 6.08% $22,032
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.42% $13,437
Sunflower Bank 3 6.71% $12,699
PLANET HOME LENDING, LLC 3 6.42% $12,648
AMERICAN FINANCIAL NETWORK, INC. 3 7.08% $14,276
BAY EQUITY LLC 3 6.71% $15,388
PENNYMAC LOAN SERVICES, LLC 3 5.62% $16,078
ACADEMY MORTGAGE CORPORATION 3 6.04% $14,726
American Mortgage & Equity Consultants, Inc. 3 6.21% $16,939
LAKEVIEW LOAN SERVICING, LLC 2 5.75% $10,892
AMERICAN FINANCING CORPORATION 2 5.50% $11,877
CALCON MUTUAL MORTGAGE LLC 2 7.34% $16,487
LOANPAL, LLC 2 6.19% $15,101
Loan Simple, Inc. 2 7.19% $10,125
MID AMERICA MORTGAGE, INC. 2 7.56% $8,791
Mortgage Research Center, LLC 2 6.31% $8,963
Plains Commerce Bank 2 5.69% $14,516
PLAZA HOME MORTGAGE, INC. 2 6.00% $20,043
TOP FLITE FINANCIAL, INC. 2 7.25% $21,154
U.S. Bank 2 6.50% $7,983
Washington Trust Bank 2 7.63% $14,866
Goldwater Bank, N.A. 1 6.50% $21,484
GENEVA FINANCIAL, LLC 1 2.50% $17,144
PENRITH HOME LOANS LLC 1 6.25% $9,378
V.I.P. MORTGAGE, INC. 1 8.13% $11,460
FIRST COLONY MORTGAGE CORPORATION 1 6.63% $12,948
ZILLOW HOME LOANS, LLC 1 5.63% $17,377
EMM LOANS LLC 1 5.63% $16,193
DAS Acquisition Company, LLC 1 7.75% $18,396
RESIDENTIAL MORTGAGE, LLC 1 6.63% $16,077
S1L, Inc. 1 7.13% $16,339
Century Mortgage Company DBA Century Lending Company 1 6.75% $13,347
Summit Mortgage Corporation 1 5.63% $16,311
Carrington Mortgage Services, LLC 1 6.13% $24,480
The Federal Savings Bank 1 5.88% $24,038
Wheatland Bank 1 6.50% $14,395
CANOPY MORTGAGE, LLC 1 6.75% $12,963
Bank of the Pacific 1 5.63% $13,575
Willamette Valley Bank 1 5.75% $12,698
VILLAGE CAPITAL MORTGAGE 1 6.38% $13,707
Lakeview Community Capital, LLC 1 6.25% $14,340
HomeStreet Bank 1 5.63% $17,042
NBKC BANK 1 5.63% $9,338
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.25% $11,178
GUARANTEED RATE AFFINITY, LLC 1 5.75% $8,260

The top Kennewick FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with 100 FHA loans originated. Their average total fees are $14,256, which is $723 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Kennewick FHA lenders (with over 10 loans originated) are Banner Bank ($9,890), Cornerstone First Mortgage, Inc ($13,347), HOMEBRIDGE FINANCIAL SERVICES, INC. ($13,604), Flagstar Bank, FSB ($13,645) and BROKER SOLUTIONS, INC. ($13,910).

The lowest rate Kennewick FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.01%), Flagstar Bank, FSB (6.15%), UNITED WHOLESALE MORTGAGE, LLC (6.27%), 1st Security Bank of Washington (6.34%) and LOANDEPOT.COM, LLC (6.38%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Kennewick (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 $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 1,159
2018-10-01 $318,615 (6.2%) $355,604 (8.4%) 1.08 1,147
2018-11-01 $316,525 (4.0%) $354,420 (7.2%) 1.07 1,066
2018-12-01 $320,000 (3.2%) $357,779 (6.9%) 1.10 947
2019-01-01 $320,000 (1.1%) $353,449 (4.1%) 1.11 884
2019-02-01 $322,335 (0.0%) $353,936 (2.8%) 1.09 823
2019-03-01 $338,923 (2.8%) $370,285 (4.4%) 1.11 665
2019-04-01 $357,725 (10.1%) $391,783 (10.8%) 1.14 519
2019-05-01 $349,979 (6.1%) $390,175 (9.4%) 1.09 539
2019-06-01 $359,000 (7.5%) $397,081 (11.4%) 1.12 543
2019-07-01 $364,225 (10.1%) $402,174 (13.3%) 1.14 583
2019-08-01 $362,018 (12.3%) $401,043 (13.5%) 1.15 631
2019-09-01 $352,389 (10.7%) $389,168 (10.5%) 1.13 692
2019-10-01 $345,970 (8.6%) $381,250 (7.2%) 1.12 712
2019-11-01 $350,000 (10.6%) $397,106 (12.0%) 1.15 682
2019-12-01 $351,900 (10.0%) $395,414 (10.5%) 1.17 631
2020-01-01 $359,675 (12.4%) $401,282 (13.5%) 1.20 576
2020-02-01 $373,415 (15.9%) $404,209 (14.2%) 1.22 497
2020-03-01 $384,925 (13.6%) $416,184 (12.4%) 1.21 498
2020-04-01 $397,400 (11.1%) $421,967 (7.7%) 1.24 498
2020-05-01 $409,950 (17.1%) $432,531 (10.9%) 1.25 475
2020-06-01 $402,500 (12.1%) $435,713 (9.7%) 1.19 486
2020-07-01 $414,288 (13.7%) $446,390 (11.0%) 1.20 502
2020-08-01 $409,000 (13.0%) $442,641 (10.4%) 1.17 469
2020-09-01 $399,900 (13.5%) $451,503 (16.0%) 1.15 465
2020-10-01 $399,900 (15.6%) $452,538 (18.7%) 1.15 469
2020-11-01 $402,725 (15.1%) $458,393 (15.4%) 1.18 416
2020-12-01 $418,400 (18.9%) $467,591 (18.3%) 1.24 347
2021-01-01 $418,825 (16.5%) $472,255 (17.7%) 1.25 313
2021-02-01 $427,450 (14.5%) $487,732 (20.7%) 1.24 280
2021-03-01 $440,925 (14.6%) $488,179 (17.3%) 1.25 234
2021-04-01 $443,975 (11.7%) $497,243 (17.8%) 1.20 203
2021-05-01 $460,000 (12.2%) $504,389 (16.6%) 1.22 200
2021-06-01 $477,723 (18.7%) $514,869 (18.2%) 1.26 205
2021-07-01 $472,500 (14.1%) $516,576 (15.7%) 1.25 243
2021-08-01 $506,213 (23.8%) $539,037 (21.8%) 1.35 293
2021-09-01 $499,450 (24.9%) $532,473 (17.9%) 1.33 356
2021-10-01 $512,875 (28.3%) $552,306 (22.1%) 1.37 389
2021-11-01 $526,938 (30.8%) $566,403 (23.6%) 1.41 416
2021-12-01 $531,913 (27.1%) $576,270 (23.2%) 1.44 392
2022-01-01 $551,400 (31.7%) $581,924 (23.2%) 1.49 338
2022-02-01 $534,940 (25.2%) $572,735 (17.4%) 1.39 305
2022-03-01 $542,188 (23.0%) $577,866 (18.4%) 1.36 309
2022-04-01 $525,000 (18.3%) $563,840 (13.4%) 1.25 328
2022-05-01 $530,150 (15.3%) $564,771 (12.0%) 1.21 355
2022-06-01 $537,000 (12.4%) $573,579 (11.4%) 1.20 409
2022-07-01 $525,000 (11.1%) $565,657 (9.5%) 1.18 540
2022-08-01 $525,000 (3.7%) $567,134 (5.2%) 1.21 571
2022-09-01 $539,700 (8.1%) $580,669 (9.1%) 1.26 547
2022-10-01 $549,900 (7.2%) $583,976 (5.7%) 1.29 641
2022-11-01 $546,000 (3.6%) $582,037 (2.8%) 1.31 674
2022-12-01 $549,900 (3.4%) $577,267 (0.2%) 1.36 613
2023-01-01 $551,950 (0.1%) $575,846 (-1.0%) 1.37 554
2023-02-01 $559,450 (4.6%) $580,836 (1.4%) 1.35 525
2023-03-01 $549,948 (1.4%) $584,334 (1.1%) 1.30 504
2023-04-01 $544,950 (3.8%) $590,356 (4.7%) 1.27 526
2023-05-01 $542,423 (2.3%) $600,010 (6.2%) 1.23 601
2023-06-01 $542,850 (1.1%) $595,611 (3.8%) 1.22 644
2023-07-01 $549,875 (4.7%) $608,595 (7.6%) 1.25 655
2023-08-01 $541,263 (3.1%) $610,331 (7.6%) 1.24 707
2023-09-01 $534,875 (-0.9%) $601,651 (3.6%) 1.25 751
2023-10-01 $517,500 (-5.9%) $589,543 (1.0%) 1.22 775
2023-11-01 $519,900 (-4.8%) $588,596 (1.1%) 1.24 795
2023-12-01 $517,900 (-5.8%) $582,290 (0.9%) 1.26 751
2024-01-01 $519,113 (-6.0%) $582,593 (1.2%) 1.27 689
2024-02-01 $501,148 (-10.4%) $569,972 (-1.9%) 1.21 669
2024-03-01 $515,000 (-6.4%) $584,268 (0.0%) 1.21 638
2024-04-01 $527,000 (-3.3%) $592,273 (0.3%) 1.23 662
2024-05-01 $529,925 (-2.3%) $597,369 (-0.4%) 1.20 709
Kennewick's median listing price for 2024-05-01 was $529,925, a difference of $-12,498 (-2.3%) versus the prior year and $2,925 versus the prior month.

Kennewick's median listing price comes in at 120% of the national average.

Kennewick's average listing price for 2024-05-01 was $597,369, a difference of $-2,641 (-0.4%) versus the prior year and $5,096 versus the prior month.

For the 2024-05-01 period, Kennewick had 709 MLS listings, a difference of 47 listings (7%) versus the prior month and 108 listings (18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Kennewick (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 65 days 2,151 sqft
2018-02-01 51 days 2,171 sqft
2018-03-01 37 days 2,188 sqft
2018-04-01 33 days 2,159 sqft
2018-05-01 36 days 2,192 sqft
2018-06-01 36 days 2,200 sqft
2018-07-01 36 days 2,183 sqft
2018-08-01 38 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 61 days 2,118 sqft
2019-01-01 65 days 2,099 sqft
2019-02-01 61 days 2,062 sqft
2019-03-01 55 days 2,113 sqft
2019-04-01 47 days 2,173 sqft
2019-05-01 39 days 2,142 sqft
2019-06-01 37 days 2,181 sqft
2019-07-01 31 days 2,204 sqft
2019-08-01 34 days 2,214 sqft
2019-09-01 40 days 2,197 sqft
2019-10-01 46 days 2,185 sqft
2019-11-01 46 days 2,234 sqft
2019-12-01 53 days 2,161 sqft
2020-01-01 60 days 2,194 sqft
2020-02-01 56 days 2,200 sqft
2020-03-01 37 days 2,205 sqft
2020-04-01 42 days 2,239 sqft
2020-05-01 53 days 2,327 sqft
2020-06-01 44 days 2,305 sqft
2020-07-01 41 days 2,300 sqft
2020-08-01 37 days 2,270 sqft
2020-09-01 36 days 2,248 sqft
2020-10-01 36 days 2,202 sqft
2020-11-01 46 days 2,201 sqft
2020-12-01 61 days 2,193 sqft
2021-01-01 53 days 2,161 sqft
2021-02-01 42 days 2,144 sqft
2021-03-01 33 days 2,180 sqft
2021-04-01 33 days 2,174 sqft
2021-05-01 29 days 2,232 sqft
2021-06-01 28 days 2,236 sqft
2021-07-01 22 days 2,145 sqft
2021-08-01 23 days 2,213 sqft
2021-09-01 22 days 2,190 sqft
2021-10-01 33 days 2,179 sqft
2021-11-01 38 days 2,221 sqft
2021-12-01 52 days 2,220 sqft
2022-01-01 64 days 2,212 sqft
2022-02-01 49 days 2,176 sqft
2022-03-01 38 days 2,138 sqft
2022-04-01 33 days 2,184 sqft
2022-05-01 28 days 2,176 sqft
2022-06-01 27 days 2,222 sqft
2022-07-01 31 days 2,202 sqft
2022-08-01 37 days 2,223 sqft
2022-09-01 47 days 2,254 sqft
2022-10-01 44 days 2,200 sqft
2022-11-01 50 days 2,177 sqft
2022-12-01 68 days 2,146 sqft
2023-01-01 79 days 2,140 sqft
2023-02-01 83 days 2,167 sqft
2023-03-01 59 days 2,200 sqft
2023-04-01 53 days 2,167 sqft
2023-05-01 44 days 2,158 sqft
2023-06-01 45 days 2,137 sqft
2023-07-01 52 days 2,192 sqft
2023-08-01 46 days 2,194 sqft
2023-09-01 49 days 2,168 sqft
2023-10-01 53 days 2,133 sqft
2023-11-01 59 days 2,144 sqft
2023-12-01 68 days 2,092 sqft
2024-01-01 78 days 2,085 sqft
2024-02-01 70 days 2,025 sqft
2024-03-01 53 days 2,021 sqft
2024-04-01 50 days 2,071 sqft
2024-05-01 42 days 2,132 sqft
Kennewick's median listing age (time on market) for 2024-05-01 was 42 days. This is -5% shorter than the same period one year ago.

Kennewick's median square footage for active listings during the 2024-05-01 period was 2,132 sqft. One year prior, the average listing was 2,158 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).