Kennewick FHA Loans

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 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).