Kennewick FHA Loans

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 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 5.53% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.34% and one month ago for the week of 2022-04-15, the average rate was 5.13%.

    The average rate one year ago was 3.4%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.87%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Kennewick level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    SUMMIT FUNDING, INC. 218 3.52% $9,944
    HOMEBRIDGE FINANCIAL SERVICES, INC. 176 3.21% $9,259
    PRIMELENDING, A PLAINSCAPITAL COMPANY 114 3.32% $10,739
    CHURCHILL MORTGAGE CORPORATION 104 3.12% $9,363
    QUICKEN LOANS, LLC 82 2.64% $7,643
    ENVOY MORTGAGE, LTD 74 3.36% $9,637
    1st Security Bank of Washington 42 3.21% $9,295
    Umpqua Bank 39 2.85% $10,269
    CALIBER HOME LOANS, INC. 35 2.93% $8,371
    FINANCE OF AMERICA MORTGAGE LLC 34 3.24% $10,002
    Banner Bank 29 2.48% $7,992
    LAKEVIEW LOAN SERVICING, LLC 27 3.02% $4,853
    FREEDOM MORTGAGE CORPORATION 24 2.70% $6,450
    UNITED WHOLESALE MORTGAGE, LLC 24 2.67% $9,049
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 23 3.16% $9,536
    PENNYMAC LOAN SERVICES, LLC 23 2.98% $6,255
    GUILD MORTGAGE COMPANY 21 2.63% $8,575
    HOMESIDE FINANCIAL, LLC 17 3.32% $11,213
    Mr. Cooper ( Nationstar Mortgage ) 17 3.35% $4,590
    AMERICAN PACIFIC MORTGAGE CORPORATION 17 3.19% $10,901
    CHERRY CREEK MORTGAGE, LLC 13 3.15% $7,150
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 13 3.69% $10,966
    DIRECTORS MORTGAGE, INC. 12 3.23% $10,073
    Carrington Mortgage Services, LLC 12 3.23% $9,169
    BROKER SOLUTIONS, INC. 11 3.28% $8,991
    HomeStreet Bank 10 3.39% $8,801
    LPMC, LLC 10 2.93% $8,631
    CMG MORTGAGE, INC. 9 2.81% $7,989
    HOME POINT FINANCIAL CORPORATION 9 2.74% $9,617
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.44% $8,723
    Lakeview Community Capital, LLC 7 3.12% $4,600
    AMERISAVE MORTGAGE CORPORATION 7 2.89% $10,845
    VILLAGE CAPITAL & INVESTMENT LLC 7 2.91% $2,672
    GENEVA FINANCIAL, LLC 6 3.08% $9,392
    ACADEMY MORTGAGE CORPORATION 6 3.29% $9,512
    Flagstar Bank, FSB 6 2.73% $6,498
    PREMIER LENDING, INC. 6 3.56% $11,502
    LAND HOME FINANCIAL SERVICES, INC. 6 3.04% $10,913
    MOVEMENT MORTGAGE, LLC 5 3.20% $8,681
    Washington Trust Bank 5 2.98% $10,038
    NEWREZ LLC 5 2.93% $5,120
    Summit Mortgage Corporation 5 2.80% $11,265
    LOANDEPOT.COM, LLC 5 2.84% $12,119
    PREMIER MORTGAGE RESOURCES, L.L.C. 5 3.08% $8,647
    Paramount Residential Mortgage Group, Inc. 5 3.35% $8,313
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.56% $9,863
    Nations Lending Corporation 4 3.53% $14,883
    CORNERSTONE HOME LENDING, INC. 4 3.00% $9,832
    CROSSCOUNTRY MORTGAGE, LLC 4 2.75% $12,470
    NUMERICA CREDIT UNION 4 2.72% $8,795
    Loan Simple, Inc. 3 4.13% $10,946
    AMERICAN FINANCING CORPORATION 3 2.96% $8,015
    InterContinental Capital Group, Inc 3 2.63% $7,229
    JPMorgan Chase Bank 3 3.08% $6,140
    MID AMERICA MORTGAGE, INC. 3 3.25% $3,526
    NATIONS DIRECT MORTGAGE, LLC 3 2.75% $7,303
    The Federal Savings Bank 3 3.13% $10,839
    Wheatland Bank 3 3.29% $10,119
    Willamette Valley Bank 3 3.00% $8,015
    Sierra Pacific Mortgage Company, Inc. 2 2.63% $10,028
    AMERICAN FINANCIAL RESOURCES, INC. 2 2.69% $7,018
    U.S. Bank 2 3.31% $8,647
    BAY EQUITY LLC 2 2.87% $8,557
    Barrington Bank & Trust Company, N.A. 2 2.88% $9,370
    First Guaranty Mortgage Corporation 2 2.69% $10,568
    SUN WEST MORTGAGE COMPANY, INC. 2 2.50% $7,165
    MICHIGAN MUTUAL, INC. 2 3.25% $9,698
    Hometown Lenders, Inc. 2 3.06% $10,433
    THRIVE MORTGAGE, LLC 2 3.19% $14,925
    PLANET HOME LENDING, LLC 2 2.44% $5,228
    SECURITYNATIONAL MORTGAGE COMPANY 2 3.25% $9,534
    EVERETT FINANCIAL, INC. 1 3.63% $7,763
    CELEBRITY HOME LOANS, LLC 1 2.75% $10,712
    BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $10,564
    RANLIFE, INC. 1 2.99% $9,004
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.88% $8,091
    Sunflower Bank 1 2.99% $9,211
    ZILLOW HOME LOANS, LLC 1 3.00% $7,770
    TJC Mortgage, Inc. 1 2.63% $9,935
    TOWNE MORTGAGE COMPANY 1 2.63% $6,950
    Bank of England 1 3.25% $9,512
    Victorian Finance, LLC 1 3.00% $9,834
    AMERICAN FINANCIAL NETWORK, INC. 1 2.75% $12,523
    VISION ONE MORTGAGE, INC. 1 3.25% $7,635
    AMCAP MORTGAGE, LTD. 1 4.63% $13,098
    Wells Fargo Bank 1 3.13% $8,927
    MORIA DEVELOPMENT, INC. 1 2.38% $9,357
    Manufacturers and Traders Trust Company 1 3.75% $8,992
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.50% $14,018
    MANN FINANCIAL INC. 1 3.88% $9,929
    WESTERN EXPRESS LENDING 1 3.00% $8,599
    LEADERONE FINANCIAL CORPORATION 1 2.75% $10,038
    NETWORK CAPITAL FUNDING CORPORATION 1 2.75% $7,928
    LADERA LENDING, INC. 1 2.63% $9,412
    Northpointe Bank 1 3.25% $10,310
    KELLER MORTGAGE, LLC 1 2.38% $9,130
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $3,579
    ON Q FINANCIAL, INC. 1 5.25% $5,576
    GUARANTEED RATE, INC. 1 3.13% $7,175
    PLAZA HOME MORTGAGE, INC. 1 2.63% $4,446
    Glacier Bank 1 3.25% $10,060

    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

    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).