Klamath Falls FHA Loan Rates, Closing Costs & Stats

Klamath Falls, OR

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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.

    Klamath Falls's 51 lenders originated 234 FHA loans during 2022. The total origination value was $51,680,000, with an average FHA loan value of $220,855.

    Klamath Falls FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Klamath Falls averaged 6.4% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Klamath Falls's average FHA mortgage closing costs are $7,894.

    The average rate for the prior week (2023-11-24) was 6.71% and one month ago for the week of 2023-10-27, the average rate was 7.02%.

    The average rate one year ago was 6.14%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.65%.

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

    Klamath Falls 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 Klamath Falls level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    CALIBER HOME LOANS, INC. 20 5.11% $11,278
    Sierra Pacific Mortgage Company, Inc. 20 4.31% $9,332
    SUMMIT FUNDING, INC. 18 5.08% $13,626
    QUICKEN LOANS, LLC 15 4.35% $10,296
    MASON MCDUFFIE MORTGAGE CORPORATION 10 5.66% $11,089
    Flagstar Bank, FSB 10 4.24% $7,083
    UNITED WHOLESALE MORTGAGE, LLC 7 4.45% $13,192
    HOME POINT FINANCIAL CORPORATION 7 4.78% $9,550
    LOANDEPOT.COM, LLC 6 4.63% $12,194
    ACADEMY MORTGAGE CORPORATION 6 5.10% $11,330
    AMERISAVE MORTGAGE CORPORATION 4 5.38% $9,506
    Umpqua Bank 4 4.94% $12,036
    BROKER SOLUTIONS, INC. 4 4.94% $12,370
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 4.97% $11,794
    Mortgage Research Center, LLC 3 6.25% $8,553
    Nations Lending Corporation 3 5.21% $11,096
    FINANCE OF AMERICA MORTGAGE LLC 3 4.50% $15,296
    Century Mortgage Company DBA Century Lending Company 3 6.13% $12,377
    CROSSCOUNTRY MORTGAGE, LLC 3 5.50% $11,433
    MANN FINANCIAL INC. 3 4.63% $9,297
    AXIA FINANCIAL, LLC 2 3.94% $11,829
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.75% $12,909
    PLANET HOME LENDING, LLC 2 4.56% $12,058
    Hometown Lenders, Inc. 2 5.75% $13,701
    PENNYMAC LOAN SERVICES, LLC 2 4.12% $14,229
    PACIFIC RESIDENTIAL MORTGAGE, LLC 2 4.13% $13,794
    BAY EQUITY LLC 2 4.43% $10,442
    Mr. Cooper ( Nationstar Mortgage ) 2 5.25% $12,308
    MORTGAGE EXPRESS, LLC 2 4.49% $8,541
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 4.37% $8,443
    U.S. Bank 2 4.75% $7,893
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $10,154
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $11,540
    AMERICAN FINANCING CORPORATION 1 3.75% $9,244
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 4.50% $11,764
    Bank of England 1 3.63% $7,727
    CHURCHILL MORTGAGE CORPORATION 1 5.13% $11,979
    CMG MORTGAGE, INC. 1 5.50% $6,617
    EVERETT FINANCIAL, INC. 1 5.38% $8,496
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 4.75% $8,273
    First Guaranty Mortgage Corporation 1 2.88% $5,151
    FREEDOM MORTGAGE CORPORATION 1 4.25% $8,225
    GUILD MORTGAGE COMPANY 1 3.25% $13,450
    JPMorgan Chase Bank 1 4.50% $4,921
    LOANPAL, LLC 1 2.50% $13,196
    NATIONS DIRECT MORTGAGE, LLC 1 4.50% $10,677
    NEW DAY FINANCIAL, LLC 1 5.75% $10,620
    NEWREZ LLC 1 4.75% $12,538
    Paramount Residential Mortgage Group, Inc. 1 3.63% $9,229
    SUN WEST MORTGAGE COMPANY, INC. 1 4.50% $12,882
    SWBC MORTGAGE CORPORATION 1 5.75% $11,020

    The top Klamath Falls FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 20 FHA loans originated. Their average total fees are $11,278, which is $1,946 higher than the next largest lender, Sierra Pacific Mortgage Company, Inc..

    The lowest fee Klamath Falls FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB ($7,083), Sierra Pacific Mortgage Company, Inc. ($9,332), QUICKEN LOANS, LLC ($10,296), MASON MCDUFFIE MORTGAGE CORPORATION ($11,089) and CALIBER HOME LOANS, INC. ($11,278).

    The lowest rate Klamath Falls FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (4.24%), Sierra Pacific Mortgage Company, Inc. (4.31%), QUICKEN LOANS, LLC (4.35%), SUMMIT FUNDING, INC. (5.08%) and CALIBER HOME LOANS, INC. (5.11%).

    Klamath Falls FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KLAMATH FALLS, OR KLAMATH 2022 $420,680 $538,650 $651,050 $809,150
    KLAMATH FALLS, OR KLAMATH 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Klamath Falls (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 $211,250 (16.7%) $280,294 (4.5%) 0.00 307
    2018-02-01 $211,975 (17.8%) $274,022 (-1.0%) 0.00 305
    2018-03-01 $219,000 (15.6%) $289,276 (-2.4%) 0.00 304
    2018-04-01 $237,500 (21.8%) $309,779 (4.6%) 0.00 305
    2018-05-01 $250,000 (19.2%) $318,895 (6.0%) 0.00 336
    2018-06-01 $239,000 (19.4%) $308,275 (3.7%) 0.00 376
    2018-07-01 $248,000 (23.4%) $308,715 (4.2%) 0.00 393
    2018-08-01 $246,975 (24.9%) $310,817 (11.7%) 0.00 414
    2018-09-01 $244,900 (19.2%) $314,936 (12.9%) 0.00 447
    2018-10-01 $239,950 (14.5%) $313,740 (9.2%) 0.00 423
    2018-11-01 $249,000 (16.6%) $318,953 (10.0%) 0.00 406
    2018-12-01 $244,900 (16.6%) $317,634 (11.2%) 0.00 364
    2019-01-01 $242,450 (14.8%) $320,283 (14.3%) 0.00 326
    2019-02-01 $248,000 (17.0%) $319,435 (16.6%) 0.00 293
    2019-03-01 $256,329 (17.1%) $330,219 (14.2%) 0.00 284
    2019-04-01 $264,950 (11.6%) $332,671 (7.4%) 0.00 299
    2019-05-01 $266,425 (6.6%) $332,751 (4.3%) 0.00 337
    2019-06-01 $274,900 (15.0%) $339,619 (10.2%) 0.00 400
    2019-07-01 $272,450 (9.9%) $331,296 (7.3%) 0.00 452
    2019-08-01 $268,536 (8.7%) $330,382 (6.3%) 0.00 445
    2019-09-01 $266,491 (8.8%) $330,509 (5.0%) 0.00 430
    2019-10-01 $264,800 (10.4%) $330,240 (5.3%) 0.00 411
    2019-11-01 $259,000 (4.0%) $331,628 (4.0%) 0.00 340
    2019-12-01 $246,125 (0.5%) $330,157 (3.9%) 0.00 291
    2020-01-01 $238,250 (-1.7%) $328,453 (2.6%) 0.00 247
    2020-02-01 $264,450 (6.6%) $348,763 (9.2%) 0.00 234
    2020-03-01 $257,975 (0.6%) $341,327 (3.4%) 0.00 258
    2020-04-01 $258,500 (-2.4%) $322,920 (-2.9%) 0.00 279
    2020-05-01 $275,000 (3.2%) $353,802 (6.3%) 0.00 241
    2020-06-01 $294,949 (7.3%) $379,238 (11.7%) 0.00 207
    2020-07-01 $307,500 (12.9%) $386,452 (16.7%) 0.00 212
    2020-08-01 $327,000 (21.8%) $404,400 (22.4%) 0.00 192
    2020-09-01 $336,500 (26.3%) $426,508 (29.1%) 0.00 178
    2020-10-01 $329,000 (24.2%) $424,472 (28.5%) 0.00 170
    2020-11-01 $329,000 (27.0%) $433,023 (30.6%) 0.00 135
    2020-12-01 $319,925 (30.0%) $403,817 (22.3%) 0.00 117
    2021-01-01 $325,000 (36.4%) $418,525 (27.4%) 0.00 103
    2021-02-01 $329,225 (24.5%) $572,366 (64.1%) 0.00 89
    2021-03-01 $310,975 (20.5%) $600,309 (75.9%) 0.00 76
    2021-04-01 $320,000 (23.8%) $584,339 (81.0%) 0.00 92
    2021-05-01 $334,000 (21.5%) $543,542 (53.6%) 0.00 125
    2021-06-01 $330,725 (12.1%) $509,277 (34.3%) 0.00 144
    2021-07-01 $342,450 (11.4%) $517,143 (33.8%) 0.00 152
    2021-08-01 $348,875 (6.7%) $505,600 (25.0%) 0.00 170
    2021-09-01 $342,500 (1.8%) $488,927 (14.6%) 0.00 182
    2021-10-01 $349,000 (6.1%) $492,821 (16.1%) 0.00 182
    2021-11-01 $340,750 (3.6%) $520,694 (20.3%) 0.00 148
    2021-12-01 $359,000 (12.2%) $547,971 (35.7%) 0.00 131
    2022-01-01 $353,700 (8.8%) $567,439 (35.6%) 0.00 108
    2022-02-01 $378,250 (14.9%) $661,569 (15.6%) 0.00 103
    2022-03-01 $380,750 (22.4%) $622,098 (3.6%) 0.00 119
    2022-04-01 $382,450 (19.5%) $619,621 (6.0%) 0.00 141
    2022-05-01 $375,000 (12.3%) $571,826 (5.2%) 0.00 176
    2022-06-01 $362,500 (9.6%) $549,911 (8.0%) 0.00 207
    2022-07-01 $373,000 (8.9%) $575,527 (11.3%) 0.00 214
    2022-08-01 $359,950 (3.2%) $556,749 (10.1%) 0.00 211
    2022-09-01 $370,000 (8.0%) $567,288 (16.0%) 0.00 193
    2022-10-01 $375,000 (7.5%) $556,198 (12.9%) 0.00 204
    2022-11-01 $372,450 (9.3%) $547,460 (5.1%) 0.00 210
    2022-12-01 $352,500 (-1.8%) $471,009 (-14.0%) 0.00 210
    2023-01-01 $355,000 (0.4%) $474,581 (-16.4%) 0.00 200
    2023-02-01 $355,125 (-6.1%) $468,465 (-29.2%) 0.00 199
    2023-03-01 $371,000 (-2.6%) $507,719 (-18.4%) 0.00 185
    2023-04-01 $375,000 (-2.0%) $514,018 (-17.0%) 0.00 196
    2023-05-01 $382,749 (2.1%) $529,569 (-7.4%) 0.00 208
    2023-06-01 $386,999 (6.8%) $524,093 (-4.7%) 0.00 223
    2023-07-01 $385,000 (3.2%) $515,254 (-10.5%) 0.00 267
    2023-08-01 $384,998 (7.0%) $517,124 (-7.1%) 0.00 267
    2023-09-01 $394,500 (6.6%) $528,146 (-6.9%) 0.00 272
    2023-10-01 $373,623 (-0.4%) $534,157 (-4.0%) 0.00 266
    2023-11-01 $364,950 (-2.0%) $538,707 (-1.6%) 0.00 235
    Klamath Falls's median listing price for 2023-11-01 was $364,950, a difference of $-7,500 (-2.0%) versus the prior year and $-8,673 versus the prior month.

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

    Klamath Falls's average listing price for 2023-11-01 was $538,707, a difference of $-8,753 (-1.6%) versus the prior year and $4,550 versus the prior month.

    For the 2023-11-01 period, Klamath Falls had 235 MLS listings, a difference of -31 listings (-12%) versus the prior month and 25 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Klamath Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,664 sqft
    2018-02-01 0 days 1,677 sqft
    2018-03-01 0 days 1,736 sqft
    2018-04-01 0 days 1,806 sqft
    2018-05-01 0 days 1,829 sqft
    2018-06-01 0 days 1,782 sqft
    2018-07-01 0 days 1,782 sqft
    2018-08-01 0 days 1,775 sqft
    2018-09-01 0 days 1,783 sqft
    2018-10-01 0 days 1,781 sqft
    2018-11-01 0 days 1,795 sqft
    2018-12-01 0 days 1,792 sqft
    2019-01-01 0 days 1,793 sqft
    2019-02-01 0 days 1,787 sqft
    2019-03-01 0 days 1,838 sqft
    2019-04-01 0 days 1,872 sqft
    2019-05-01 0 days 1,848 sqft
    2019-06-01 0 days 1,887 sqft
    2019-07-01 0 days 1,869 sqft
    2019-08-01 0 days 1,869 sqft
    2019-09-01 0 days 1,864 sqft
    2019-10-01 0 days 1,870 sqft
    2019-11-01 0 days 1,878 sqft
    2019-12-01 0 days 1,844 sqft
    2020-01-01 0 days 1,780 sqft
    2020-02-01 0 days 1,822 sqft
    2020-03-01 0 days 1,785 sqft
    2020-04-01 0 days 1,775 sqft
    2020-05-01 0 days 1,863 sqft
    2020-06-01 0 days 1,917 sqft
    2020-07-01 0 days 1,920 sqft
    2020-08-01 0 days 2,050 sqft
    2020-09-01 0 days 2,087 sqft
    2020-10-01 0 days 1,972 sqft
    2020-11-01 0 days 1,938 sqft
    2020-12-01 0 days 1,788 sqft
    2021-01-01 0 days 1,805 sqft
    2021-02-01 0 days 1,905 sqft
    2021-03-01 0 days 1,933 sqft
    2021-04-01 0 days 2,019 sqft
    2021-05-01 0 days 1,864 sqft
    2021-06-01 0 days 1,770 sqft
    2021-07-01 0 days 1,787 sqft
    2021-08-01 0 days 1,720 sqft
    2021-09-01 0 days 1,589 sqft
    2021-10-01 0 days 1,603 sqft
    2021-11-01 0 days 1,589 sqft
    2021-12-01 0 days 1,615 sqft
    2022-01-01 0 days 1,632 sqft
    2022-02-01 0 days 1,764 sqft
    2022-03-01 0 days 1,891 sqft
    2022-04-01 0 days 1,904 sqft
    2022-05-01 0 days 1,858 sqft
    2022-06-01 0 days 1,875 sqft
    2022-07-01 0 days 1,798 sqft
    2022-08-01 0 days 1,712 sqft
    2022-09-01 0 days 1,745 sqft
    2022-10-01 0 days 1,733 sqft
    2022-11-01 0 days 1,749 sqft
    2022-12-01 0 days 1,748 sqft
    2023-01-01 0 days 1,696 sqft
    2023-02-01 0 days 1,685 sqft
    2023-03-01 0 days 1,658 sqft
    2023-04-01 0 days 1,706 sqft
    2023-05-01 0 days 1,726 sqft
    2023-06-01 0 days 1,761 sqft
    2023-07-01 0 days 1,680 sqft
    2023-08-01 0 days 1,760 sqft
    2023-09-01 0 days 1,800 sqft
    2023-10-01 0 days 1,694 sqft
    2023-11-01 0 days 1,655 sqft
    Klamath Falls's median listing age (time on market) for 2023-11-01 was 0 days.

    Klamath Falls's median square footage for active listings during the 2023-11-01 period was 1,655 sqft. One year prior, the average listing was 1,749 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).