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 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 6.46% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.41% and one month ago for the week of 2024-06-14, the average rate was 6.46%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.6%.

    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

    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).