Klamath Falls FHA Loan Rates, Closing Costs & Stats

Klamath Falls, OR

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 61 lenders originated 285 FHA loans during 2021. The total origination value was $60,195,000, with an average FHA loan value of $211,211.

Klamath Falls FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Klamath Falls averaged 6.21% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Klamath Falls's average FHA mortgage closing costs are $7,202.

The average rate for the prior week (2022-11-25) was 6.43% and one month ago for the week of 2022-10-28, the average rate was 6.77%.

The average rate one year ago was 3.2%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.05%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Sierra Pacific Mortgage Company, Inc. 28 3.04% $6,650
QUICKEN LOANS, LLC 20 2.76% $6,535
CALIBER HOME LOANS, INC. 18 3.13% $7,606
SUMMIT FUNDING, INC. 12 3.32% $11,498
LOANDEPOT.COM, LLC 10 3.27% $11,062
Flagstar Bank, FSB 10 2.70% $8,043
AXIA FINANCIAL, LLC 9 3.14% $11,914
FREEDOM MORTGAGE CORPORATION 8 2.78% $4,461
STEARNS LENDING, LLC 8 2.97% $7,753
Mr. Cooper ( Nationstar Mortgage ) 7 3.34% $3,404
LAKEVIEW LOAN SERVICING, LLC 7 3.03% $4,701
Umpqua Bank 5 3.00% $7,033
CMG MORTGAGE, INC. 5 3.43% $8,988
Nations Lending Corporation 5 3.35% $13,291
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 5 3.42% $8,408
ACADEMY MORTGAGE CORPORATION 4 3.25% $8,261
BROKER SOLUTIONS, INC. 3 3.46% $7,829
DIRECTORS MORTGAGE, INC. 3 3.42% $12,804
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.75% $9,799
VILLAGE CAPITAL MORTGAGE 3 2.75% $1,773
MID AMERICA MORTGAGE, INC. 3 3.38% $4,629
HOME POINT FINANCIAL CORPORATION 3 2.79% $10,276
GUILD MORTGAGE COMPANY 3 2.92% $13,163
PENNYMAC LOAN SERVICES, LLC 3 3.21% $3,671
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.67% $8,516
KELLER MORTGAGE, LLC 2 3.25% $8,724
AMERICAN FINANCIAL RESOURCES, INC. 2 3.81% $9,752
AMERICAN FINANCING CORPORATION 2 2.81% $7,972
AMERISAVE MORTGAGE CORPORATION 2 2.94% $9,381
Carrington Mortgage Services, LLC 2 3.00% $8,819
LENDUS, LLC 2 3.63% $10,615
MANN FINANCIAL INC. 2 3.50% $11,743
NEWREZ LLC 2 2.87% $7,239
PLANET HOME LENDING, LLC 2 2.81% $6,585
RANLIFE, INC. 2 3.31% $8,933
S1L, Inc. 2 3.25% $8,816
UNITED WHOLESALE MORTGAGE, LLC 2 2.47% $7,642
MOVEMENT MORTGAGE, LLC 1 3.63% $10,630
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $6,610
M&T Bank 1 3.25% $10,408
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $16,436
DATA MORTGAGE, INC. 1 3.25% $7,931
NBKC BANK 1 2.88% $8,820
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.00% $9,879
NP, Inc. 1 3.63% $8,788
CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $11,822
Barrington Bank & Trust Company, N.A. 1 3.63% $9,669
PREMIER LENDING, INC. 1 3.75% $6,608
PREMIER MORTGAGE RESOURCES, L.L.C. 1 2.63% $6,628
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $11,208
Commerce Home Mortgage, Inc. 1 3.00% $7,962
ARC HOME LLC 1 2.75% $10,123
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $10,624
CELEBRITY HOME LOANS, LLC 1 3.00% $8,840
InterContinental Capital Group, Inc 1 2.75% $7,835
HomeStreet Bank 1 2.63% $9,396
SOUTHWEST STAGE FUNDING, LLC 1 2.75% $3,919
GENEVA FINANCIAL, LLC 1 3.63% $9,379
SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $10,198
First Guaranty Mortgage Corporation 1 2.75% $5,763
MORIA DEVELOPMENT, INC. 1 2.50% $5,986

The top Klamath Falls FHA lender as defined by loan originations is Sierra Pacific Mortgage Company, Inc., with 28 FHA loans originated. Their average total fees are $6,650, which is $115 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Klamath Falls FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,535), Sierra Pacific Mortgage Company, Inc. ($6,650), CALIBER HOME LOANS, INC. ($7,606), Flagstar Bank, FSB ($8,043) and LOANDEPOT.COM, LLC ($11,062).

The lowest rate Klamath Falls FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.70%), QUICKEN LOANS, LLC (2.76%), Sierra Pacific Mortgage Company, Inc. (3.04%), CALIBER HOME LOANS, INC. (3.13%) and LOANDEPOT.COM, LLC (3.27%).

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

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%) 0.00 300
2019-05-01 $266,425 (6.6%) $332,751 (4.3%) 0.00 337
2019-06-01 $274,950 (15.0%) $339,619 (10.2%) 0.00 400
2019-07-01 $272,450 (9.9%) $331,365 (7.3%) 0.00 453
2019-08-01 $268,550 (8.7%) $330,454 (6.3%) 0.00 446
2019-09-01 $266,525 (8.8%) $330,584 (5.0%) 0.00 431
2019-10-01 $264,925 (10.4%) $330,318 (5.3%) 0.00 412
2019-11-01 $259,000 (4.0%) $331,719 (4.0%) 0.00 341
2019-12-01 $247,100 (0.9%) $330,269 (4.0%) 0.00 292
2020-01-01 $238,500 (-1.6%) $328,582 (2.6%) 0.00 248
2020-02-01 $264,900 (6.8%) $348,825 (9.2%) 0.00 235
2020-03-01 $258,450 (0.8%) $341,410 (3.4%) 0.00 259
2020-04-01 $259,000 (-2.3%) $323,058 (-2.9%) 0.00 280
2020-05-01 $275,000 (3.2%) $353,847 (6.3%) 0.00 242
2020-06-01 $294,975 (7.3%) $379,170 (11.7%) 0.00 208
2020-07-01 $308,875 (13.4%) $386,354 (16.6%) 0.00 213
2020-08-01 $329,000 (22.5%) $404,202 (22.3%) 0.00 193
2020-09-01 $339,125 (27.2%) $426,169 (28.9%) 0.00 179
2020-10-01 $331,500 (25.1%) $424,124 (28.4%) 0.00 171
2020-11-01 $329,000 (27.0%) $432,535 (30.4%) 0.00 136
2020-12-01 $319,975 (29.5%) $403,495 (22.2%) 0.00 118
2021-01-01 $325,000 (36.3%) $418,039 (27.2%) 0.00 104
2021-02-01 $329,450 (24.4%) $570,167 (63.5%) 0.00 90
2021-03-01 $311,950 (20.7%) $597,292 (75.0%) 0.00 77
2021-04-01 $326,250 (26.0%) $582,089 (80.2%) 0.00 93
2021-05-01 $339,000 (23.3%) $542,190 (53.2%) 0.00 126
2021-06-01 $335,950 (13.9%) $509,370 (34.3%) 0.00 144
2021-07-01 $345,000 (11.7%) $518,240 (34.1%) 0.00 152
2021-08-01 $349,750 (6.3%) $505,716 (25.1%) 0.00 170
2021-09-01 $342,500 (1.0%) $488,275 (14.6%) 0.00 183
2021-10-01 $349,450 (5.4%) $492,169 (16.0%) 0.00 183
2021-11-01 $344,500 (4.7%) $519,672 (20.2%) 0.00 149
2021-12-01 $359,875 (12.5%) $546,636 (35.5%) 0.00 132
2022-01-01 $354,900 (9.2%) $568,570 (36.0%) 0.00 109
2022-02-01 $377,000 (14.4%) $658,758 (15.5%) 0.00 104
2022-03-01 $378,500 (21.3%) $620,015 (3.8%) 0.00 120
2022-04-01 $379,900 (16.4%) $617,840 (6.1%) 0.00 142
2022-05-01 $373,750 (10.3%) $570,664 (5.3%) 0.00 177
2022-06-01 $363,750 (8.3%) $549,050 (7.8%) 0.00 208
2022-07-01 $371,000 (7.5%) $574,599 (10.9%) 0.00 215
2022-08-01 $360,000 (2.9%) $555,870 (9.9%) 0.00 212
2022-09-01 $369,000 (7.7%) $566,287 (16.0%) 0.00 194
2022-10-01 $375,000 (7.3%) $555,329 (12.8%) 0.00 205
2022-11-01 $371,225 (7.8%) $546,614 (5.2%) 0.00 211
Klamath Falls's median listing price for 2022-11-01 was $371,225, a difference of $26,725 (7.8%) versus the prior year and $-3,775 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 2022-11-01 was $546,614, a difference of $26,942 (5.2%) versus the prior year and $-8,715 versus the prior month.

For the 2022-11-01 period, Klamath Falls had 211 MLS listings, a difference of 6 listings (3%) versus the prior month and 62 listings (42%) 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 1,866 sqft
2019-08-01 0 days 1,868 sqft
2019-09-01 0 days 1,861 sqft
2019-10-01 0 days 1,868 sqft
2019-11-01 0 days 1,878 sqft
2019-12-01 0 days 1,841 sqft
2020-01-01 0 days 1,773 sqft
2020-02-01 0 days 1,820 sqft
2020-03-01 0 days 1,783 sqft
2020-04-01 0 days 1,771 sqft
2020-05-01 0 days 1,862 sqft
2020-06-01 0 days 1,912 sqft
2020-07-01 0 days 1,912 sqft
2020-08-01 0 days 2,027 sqft
2020-09-01 0 days 2,071 sqft
2020-10-01 0 days 1,960 sqft
2020-11-01 0 days 1,919 sqft
2020-12-01 0 days 1,772 sqft
2021-01-01 0 days 1,805 sqft
2021-02-01 0 days 1,891 sqft
2021-03-01 0 days 1,906 sqft
2021-04-01 0 days 1,995 sqft
2021-05-01 0 days 1,828 sqft
2021-06-01 0 days 1,764 sqft
2021-07-01 0 days 1,787 sqft
2021-08-01 0 days 1,719 sqft
2021-09-01 0 days 1,587 sqft
2021-10-01 0 days 1,600 sqft
2021-11-01 0 days 1,577 sqft
2021-12-01 0 days 1,610 sqft
2022-01-01 0 days 1,629 sqft
2022-02-01 0 days 1,743 sqft
2022-03-01 0 days 1,881 sqft
2022-04-01 0 days 1,898 sqft
2022-05-01 0 days 1,840 sqft
2022-06-01 0 days 1,870 sqft
2022-07-01 0 days 1,792 sqft
2022-08-01 0 days 1,710 sqft
2022-09-01 0 days 1,737 sqft
2022-10-01 0 days 1,732 sqft
2022-11-01 0 days 1,745 sqft
Klamath Falls's median listing age (time on market) for 2022-11-01 was 0 days.

Klamath Falls's median square footage for active listings during the 2022-11-01 period was 1,745 sqft. One year prior, the average listing was 1,577 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).