Ketchikan FHA Loan Rates, Closing Costs & Stats

Ketchikan, AK

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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.

    Ketchikan's 4 lenders originated 7 FHA loans during 2023. The total origination value was $2,465,000, with an average FHA loan value of $352,143.

    Ketchikan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ketchikan averaged -0.1% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Ketchikan's average FHA mortgage closing costs are $9,642.

    The average rate for the prior week (2024-11-08) was 6.41% and one month ago for the week of 2024-10-11, the average rate was 6.31%.

    The average rate one year ago was 7.26%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Ketchikan 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 Ketchikan level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RESIDENTIAL BANCORP 2 7.25% $10,409
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $15,139
    GENEVA FINANCIAL, LLC 1 7.75% $21,243
    MOVEMENT MORTGAGE, LLC 1 6.25% $22,340

    The top Ketchikan FHA lender as defined by loan originations is RESIDENTIAL BANCORP, with 2 FHA loans originated. Their average total fees are $10,409, which is $4,729 lower than the next largest lender, AMERISAVE MORTGAGE CORPORATION.

    The lowest fee Ketchikan FHA lenders (with over 10 loans originated) are .

    The lowest rate Ketchikan FHA lenders (with over 10 loans originated) are .

    Ketchikan FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KETCHIKAN, AK KETCHIKAN GATEW 2022 $420,680 $538,650 $651,050 $809,150
    KETCHIKAN, AK KETCHIKAN GATEW 2023 $485,300 $621,250 $750,950 $933,300

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ketchikan (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 $183,500 (-34.0%) $265,974 (-43.2%) 0.00 84
    2018-02-01 $213,750 (-22.3%) $271,979 (-42.0%) 0.00 79
    2018-03-01 $235,000 (-11.2%) $284,151 (-39.5%) 0.00 83
    2018-04-01 $239,875 (-9.5%) $300,361 (-30.5%) 0.00 69
    2018-05-01 $264,738 (-6.8%) $312,331 (-32.4%) 0.00 68
    2018-06-01 $315,000 (15.3%) $380,631 (-21.6%) 0.00 80
    2018-07-01 $295,000 (11.3%) $403,486 (-14.5%) 0.00 99
    2018-08-01 $304,875 (14.0%) $408,226 (-10.1%) 0.00 96
    2018-09-01 $319,500 (25.3%) $394,585 (-8.5%) 0.00 88
    2018-10-01 $281,000 (12.2%) $345,717 (-13.3%) 0.00 85
    2018-11-01 $297,250 (20.0%) $361,831 (-9.5%) 0.00 71
    2018-12-01 $269,000 (8.5%) $347,768 (-13.8%) 0.00 72
    2019-01-01 $269,000 (46.6%) $307,421 (15.6%) 0.00 68
    2019-02-01 $269,000 (25.9%) $314,991 (15.8%) 0.00 66
    2019-03-01 $292,786 (24.6%) $324,333 (14.1%) 0.00 64
    2019-04-01 $315,536 (31.5%) $333,653 (11.1%) 0.00 61
    2019-05-01 $324,500 (22.6%) $319,772 (2.4%) 0.00 65
    2019-06-01 $329,000 (4.4%) $335,244 (-11.9%) 0.00 68
    2019-07-01 $326,625 (10.7%) $329,245 (-18.4%) 0.00 66
    2019-08-01 $307,918 (1.0%) $319,767 (-21.7%) 0.00 72
    2019-09-01 $297,670 (-6.8%) $308,633 (-21.8%) 0.00 75
    2019-10-01 $289,475 (3.0%) $297,378 (-14.0%) 0.00 78
    2019-11-01 $287,000 (-3.5%) $284,492 (-21.4%) 0.00 76
    2019-12-01 $277,750 (3.3%) $274,512 (-21.1%) 0.00 67
    2020-01-01 $276,250 (2.7%) $281,623 (-8.4%) 0.00 67
    2020-02-01 $284,000 (5.6%) $283,261 (-10.1%) 0.00 69
    2020-03-01 $249,750 (-14.7%) $273,511 (-15.7%) 0.00 67
    2020-04-01 $257,000 (-18.6%) $288,260 (-13.6%) 0.00 69
    2020-05-01 $284,000 (-12.5%) $304,098 (-4.9%) 0.00 75
    2020-06-01 $290,500 (-11.7%) $304,296 (-9.2%) 0.00 81
    2020-07-01 $271,250 (-17.0%) $292,034 (-11.3%) 0.00 82
    2020-08-01 $298,500 (-3.1%) $312,482 (-2.3%) 0.00 72
    2020-09-01 $290,250 (-2.5%) $307,155 (-0.5%) 0.00 74
    2020-10-01 $245,000 (-15.4%) $292,748 (-1.6%) 0.00 80
    2020-11-01 $247,500 (-13.8%) $296,676 (4.3%) 0.00 73
    2020-12-01 $263,625 (-5.1%) $308,187 (12.3%) 0.00 66
    2021-01-01 $290,000 (5.0%) $325,716 (15.7%) 0.00 45
    2021-02-01 $346,250 (21.9%) $406,779 (43.6%) 0.00 35
    2021-03-01 $344,750 (38.0%) $397,403 (45.3%) 0.00 35
    2021-04-01 $345,250 (34.3%) $366,716 (27.2%) 0.00 43
    2021-05-01 $335,000 (18.0%) $338,842 (11.4%) 0.00 51
    2021-06-01 $325,000 (11.9%) $351,524 (15.5%) 0.00 51
    2021-07-01 $341,000 (25.7%) $377,221 (29.2%) 0.00 53
    2021-08-01 $376,500 (26.1%) $382,250 (22.3%) 0.00 54
    2021-09-01 $394,375 (35.9%) $381,380 (24.2%) 0.00 43
    2021-10-01 $359,000 (46.5%) $380,564 (30.0%) 0.00 36
    2021-11-01 $309,250 (25.0%) $373,058 (25.8%) 0.00 29
    2021-12-01 $374,250 (42.0%) $399,918 (29.8%) 0.00 27
    2022-01-01 $399,000 (37.6%) $407,704 (25.2%) 0.00 20
    2022-02-01 $420,625 (21.5%) $425,572 (4.6%) 0.00 24
    2022-03-01 $485,000 (40.7%) $417,913 (5.2%) 0.00 24
    2022-04-01 $344,750 (-0.1%) $423,690 (15.5%) 0.00 22
    2022-05-01 $406,500 (21.3%) $453,378 (33.8%) 0.00 23
    2022-06-01 $428,750 (31.9%) $454,792 (29.4%) 0.00 14
    2022-07-01 $399,000 (17.0%) $378,633 (0.4%) 0.00 21
    2022-08-01 $449,250 (19.3%) $408,429 (6.9%) 0.00 23
    2022-09-01 $438,250 (11.1%) $399,342 (4.7%) 0.00 28
    2022-10-01 $435,250 (21.2%) $421,672 (10.8%) 0.00 30
    2022-11-01 $405,000 (31.0%) $377,243 (1.1%) 0.00 29
    2022-12-01 $389,000 (3.9%) $387,426 (-3.1%) 0.00 29
    2023-01-01 $395,500 (-0.9%) $380,359 (-6.7%) 0.00 28
    2023-02-01 $388,000 (-7.8%) $391,920 (-7.9%) 0.00 24
    2023-03-01 $429,500 (-11.4%) $412,743 (-1.2%) 0.00 27
    2023-04-01 $449,000 (30.2%) $433,771 (2.4%) 0.00 33
    2023-05-01 $439,000 (8.0%) $446,701 (-1.5%) 0.00 38
    2023-06-01 $422,000 (-1.6%) $425,327 (-6.5%) 0.00 38
    2023-07-01 $415,000 (4.0%) $419,570 (10.8%) 0.00 41
    2023-08-01 $394,000 (-12.3%) $388,694 (-4.8%) 0.00 41
    2023-09-01 $420,000 (-4.2%) $416,048 (4.2%) 0.00 39
    2023-10-01 $407,250 (-6.4%) $423,179 (0.4%) 0.00 39
    2023-11-01 $429,000 (5.9%) $433,033 (14.8%) 0.00 37
    2023-12-01 $450,000 (15.7%) $452,313 (16.8%) 0.00 33
    2024-01-01 $449,500 (13.7%) $441,500 (16.1%) 0.00 28
    2024-02-01 $434,500 (12.0%) $414,513 (5.8%) 0.00 31
    2024-03-01 $445,000 (3.6%) $448,181 (8.6%) 0.00 35
    2024-04-01 $456,500 (1.7%) $481,187 (10.9%) 0.00 41
    2024-05-01 $449,000 (2.3%) $473,758 (6.1%) 0.00 35
    2024-06-01 $449,000 (6.4%) $460,543 (8.3%) 0.00 44
    2024-07-01 $497,250 (19.8%) $534,809 (27.5%) 0.00 49
    2024-08-01 $449,000 (14.0%) $498,856 (28.3%) 0.00 58
    2024-09-01 $438,000 (4.3%) $520,719 (25.2%) 0.00 60
    2024-10-01 $449,000 (10.3%) $525,361 (24.2%) 0.00 56
    Ketchikan's median listing price for 2024-10-01 was $449,000, a difference of $41,750 (10.3%) versus the prior year and $11,000 versus the prior month.

    Ketchikan's median listing price comes in at 0% of the national average.

    Ketchikan's average listing price for 2024-10-01 was $525,361, a difference of $102,182 (24.2%) versus the prior year and $4,642 versus the prior month.

    For the 2024-10-01 period, Ketchikan had 56 MLS listings, a difference of -4 listings (-7%) versus the prior month and 17 listings (44%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ketchikan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,379 sqft
    2018-02-01 0 days 1,500 sqft
    2018-03-01 0 days 1,501 sqft
    2018-04-01 0 days 1,500 sqft
    2018-05-01 0 days 1,505 sqft
    2018-06-01 0 days 1,647 sqft
    2018-07-01 0 days 1,709 sqft
    2018-08-01 0 days 1,773 sqft
    2018-09-01 0 days 1,730 sqft
    2018-10-01 0 days 1,624 sqft
    2018-11-01 0 days 1,612 sqft
    2018-12-01 0 days 1,440 sqft
    2019-01-01 0 days 1,357 sqft
    2019-02-01 0 days 1,440 sqft
    2019-03-01 0 days 1,521 sqft
    2019-04-01 0 days 1,655 sqft
    2019-05-01 0 days 1,668 sqft
    2019-06-01 0 days 1,636 sqft
    2019-07-01 0 days 1,637 sqft
    2019-08-01 0 days 1,583 sqft
    2019-09-01 0 days 1,502 sqft
    2019-10-01 0 days 1,413 sqft
    2019-11-01 0 days 1,300 sqft
    2019-12-01 0 days 1,243 sqft
    2020-01-01 0 days 1,329 sqft
    2020-02-01 0 days 1,260 sqft
    2020-03-01 0 days 1,218 sqft
    2020-04-01 0 days 1,225 sqft
    2020-05-01 0 days 1,440 sqft
    2020-06-01 0 days 1,466 sqft
    2020-07-01 0 days 1,453 sqft
    2020-08-01 0 days 1,636 sqft
    2020-09-01 0 days 1,508 sqft
    2020-10-01 0 days 1,352 sqft
    2020-11-01 0 days 1,398 sqft
    2020-12-01 0 days 1,296 sqft
    2021-01-01 0 days 1,296 sqft
    2021-02-01 0 days 1,429 sqft
    2021-03-01 0 days 1,496 sqft
    2021-04-01 0 days 1,500 sqft
    2021-05-01 0 days 1,473 sqft
    2021-06-01 0 days 1,477 sqft
    2021-07-01 0 days 1,541 sqft
    2021-08-01 0 days 1,593 sqft
    2021-09-01 0 days 1,482 sqft
    2021-10-01 0 days 1,620 sqft
    2021-11-01 0 days 1,610 sqft
    2021-12-01 0 days 1,598 sqft
    2022-01-01 0 days 1,753 sqft
    2022-02-01 0 days 1,733 sqft
    2022-03-01 0 days 1,791 sqft
    2022-04-01 0 days 1,461 sqft
    2022-05-01 0 days 1,598 sqft
    2022-06-01 0 days 1,780 sqft
    2022-07-01 0 days 1,874 sqft
    2022-08-01 0 days 1,890 sqft
    2022-09-01 0 days 1,832 sqft
    2022-10-01 0 days 1,703 sqft
    2022-11-01 0 days 1,537 sqft
    2022-12-01 0 days 1,584 sqft
    2023-01-01 0 days 1,705 sqft
    2023-02-01 0 days 1,494 sqft
    2023-03-01 0 days 1,446 sqft
    2023-04-01 0 days 1,422 sqft
    2023-05-01 0 days 1,370 sqft
    2023-06-01 0 days 1,273 sqft
    2023-07-01 0 days 1,344 sqft
    2023-08-01 0 days 1,363 sqft
    2023-09-01 0 days 1,451 sqft
    2023-10-01 0 days 1,393 sqft
    2023-11-01 0 days 1,474 sqft
    2023-12-01 0 days 1,446 sqft
    2024-01-01 0 days 1,446 sqft
    2024-02-01 0 days 1,420 sqft
    2024-03-01 0 days 1,716 sqft
    2024-04-01 0 days 1,820 sqft
    2024-05-01 0 days 1,629 sqft
    2024-06-01 0 days 1,610 sqft
    2024-07-01 0 days 1,830 sqft
    2024-08-01 0 days 1,602 sqft
    2024-09-01 0 days 1,602 sqft
    2024-10-01 0 days 1,611 sqft
    Ketchikan's median listing age (time on market) for 2024-10-01 was 0 days.

    Ketchikan's median square footage for active listings during the 2024-10-01 period was 1,611 sqft. One year prior, the average listing was 1,393 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).