Lewiston FHA Loans

LEWISTON, ID-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.

    Lewiston's 38 lenders originated 299 FHA loans during 2021. The total origination value was $67,585,000, with an average FHA loan value of $226,037.

    Lewiston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lewiston averaged 5.1% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.43% and one month ago for the week of 2022-04-08, the average rate was 4.99%.

    The average rate one year ago was 3.2%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.08%.

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

    Lewiston 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 Lewiston level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    SUMMIT FUNDING, INC. 56 3.41% $10,876
    QUICKEN LOANS, LLC 22 2.68% $7,889
    MANN FINANCIAL INC. 21 3.49% $10,043
    BAY EQUITY LLC 19 3.07% $9,333
    HOMEBRIDGE FINANCIAL SERVICES, INC. 18 3.04% $8,150
    AMERICAN PACIFIC MORTGAGE CORPORATION 14 3.28% $8,633
    FREEDOM MORTGAGE CORPORATION 10 3.01% $4,971
    ON Q FINANCIAL, INC. 9 3.64% $8,435
    PENNYMAC LOAN SERVICES, LLC 8 2.83% $6,054
    Mr. Cooper ( Nationstar Mortgage ) 7 3.23% $4,317
    VILLAGE CAPITAL & INVESTMENT LLC 6 2.96% $3,736
    UNITED WHOLESALE MORTGAGE, LLC 5 2.63% $7,326
    LAKEVIEW LOAN SERVICING, LLC 4 2.90% $4,652
    LOANDEPOT.COM, LLC 3 3.75% $10,657
    CELEBRITY HOME LOANS, LLC 3 3.25% $8,917
    CALIBER HOME LOANS, INC. 3 2.42% $10,345
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.71% $7,855
    Willamette Valley Bank 2 3.13% $11,132
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.44% $12,547
    CHURCHILL MORTGAGE CORPORATION 2 2.88% $9,707
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 3.49% $9,424
    IDAHO CENTRAL 2 2.81% $10,218
    U.S. Bank 2 3.06% $8,466
    AMERICAN FINANCING CORPORATION 2 2.94% $6,579
    CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $10,263
    CMG MORTGAGE, INC. 1 2.75% $12,932
    PLANET HOME LENDING, LLC 1 2.75% $4,297
    Platinum Home Mortgage Corporation 1 3.25% $12,399
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.13% $6,533
    Carrington Mortgage Services, LLC 1 5.13% $9,060
    RANLIFE, INC. 1 2.25% $8,064
    S1L, Inc. 1 2.99% $7,819
    Strong Home Mortgage, LLC 1 2.75% $6,897
    BROKER SOLUTIONS, INC. 1 3.60% $9,958
    AmeriHome Mortgage Company, LLC 1 3.50% $3,706
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.75% $10,376
    First Home Bank 1 3.00% $7,960
    DIRECTORS MORTGAGE, INC. 1 3.13% $11,762

    The top Lewiston FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with 56 FHA loans originated. Their average total fees are $10,876, which is $2,986 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Lewiston FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($4,971), QUICKEN LOANS, LLC ($7,889), HOMEBRIDGE FINANCIAL SERVICES, INC. ($8,150), AMERICAN PACIFIC MORTGAGE CORPORATION ($8,633) and BAY EQUITY LLC ($9,333).

    The lowest rate Lewiston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.68%), FREEDOM MORTGAGE CORPORATION (3.01%), HOMEBRIDGE FINANCIAL SERVICES, INC. (3.04%), BAY EQUITY LLC (3.07%) and AMERICAN PACIFIC MORTGAGE CORPORATION (3.28%).

    Lewiston FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LEWISTON, ID-WA NEZ PERCE 2022 $420,680 $538,650 $651,050 $809,150
    LEWISTON, ID-WA ASOTIN 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lewiston (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 $229,500 (5.8%) $289,668 (-3.5%) 0.00 223
    2018-02-01 $237,900 (10.7%) $288,260 (-4.1%) 0.00 208
    2018-03-01 $240,000 (4.4%) $288,335 (8.9%) 0.00 244
    2018-04-01 $249,900 (4.6%) $294,245 (8.7%) 0.00 270
    2018-05-01 $249,950 (4.2%) $304,655 (13.0%) 0.00 298
    2018-06-01 $249,900 (4.2%) $301,453 (14.6%) 0.00 295
    2018-07-01 $253,500 (6.1%) $318,246 (22.2%) 0.00 299
    2018-08-01 $252,500 (5.7%) $320,118 (20.4%) 0.00 295
    2018-09-01 $254,000 (6.3%) $334,303 (24.1%) 0.00 278
    2018-10-01 $247,250 (6.8%) $327,402 (22.1%) 0.00 265
    2018-11-01 $239,900 (0.4%) $324,271 (15.2%) 0.00 254
    2018-12-01 $240,000 (3.1%) $343,458 (20.7%) 0.00 195
    2019-01-01 $244,750 (6.6%) $345,728 (19.4%) 0.00 179
    2019-02-01 $249,450 (4.9%) $340,556 (18.1%) 0.00 185
    2019-03-01 $249,386 (3.9%) $335,174 (16.2%) 0.00 248
    2019-04-01 $249,950 (0.0%) $332,065 (12.9%) 0.00 326
    2019-05-01 $292,375 (17.0%) $368,774 (21.1%) 0.00 144
    2019-06-01 $287,500 (15.1%) $391,008 (29.7%) 0.00 144
    2019-07-01 $288,500 (13.8%) $382,544 (20.2%) 0.00 146
    2019-08-01 $283,286 (12.2%) $376,343 (17.6%) 0.00 146
    2019-09-01 $278,036 (9.5%) $362,175 (8.3%) 0.00 163
    2019-10-01 $272,000 (10.0%) $350,500 (7.1%) 0.00 160
    2019-11-01 $259,900 (8.3%) $335,274 (3.4%) 0.00 157
    2019-12-01 $263,700 (9.9%) $350,689 (2.1%) 0.00 130
    2020-01-01 $268,700 (9.8%) $331,676 (-4.1%) 0.00 105
    2020-02-01 $275,000 (10.2%) $333,516 (-2.1%) 0.00 100
    2020-03-01 $272,400 (9.2%) $331,996 (-1.0%) 0.00 100
    2020-04-01 $274,250 (9.7%) $343,869 (3.6%) 0.00 109
    2020-05-01 $325,000 (11.2%) $416,257 (12.9%) 0.00 100
    2020-06-01 $298,450 (3.8%) $420,210 (7.5%) 0.00 82
    2020-07-01 $322,500 (11.8%) $436,845 (14.2%) 0.00 73
    2020-08-01 $297,000 (4.8%) $423,919 (12.6%) 0.00 82
    2020-09-01 $322,450 (16.0%) $420,533 (16.1%) 0.00 81
    2020-10-01 $308,900 (13.6%) $448,801 (28.1%) 0.00 77
    2020-11-01 $317,450 (22.1%) $468,327 (39.7%) 0.00 68
    2020-12-01 $299,950 (13.8%) $468,807 (33.7%) 0.00 48
    2021-01-01 $299,900 (11.6%) $473,361 (42.7%) 0.00 40
    2021-02-01 $352,250 (28.1%) $550,318 (65.0%) 0.00 30
    2021-03-01 $366,950 (34.7%) $551,788 (66.2%) 0.00 35
    2021-04-01 $363,500 (32.5%) $589,285 (71.4%) 0.00 35
    2021-05-01 $369,000 (13.5%) $553,258 (32.9%) 0.00 46
    2021-06-01 $354,450 (18.8%) $553,265 (31.7%) 0.00 52
    2021-07-01 $331,000 (2.6%) $508,387 (16.4%) 0.00 62
    2021-08-01 $359,400 (21.0%) $554,148 (30.7%) 0.00 93
    2021-09-01 $354,500 (9.9%) $575,575 (36.9%) 0.00 95
    2021-10-01 $374,900 (21.4%) $572,496 (27.6%) 0.00 98
    2021-11-01 $390,000 (22.9%) $590,751 (26.1%) 0.00 89
    2021-12-01 $384,500 (28.2%) $607,516 (29.6%) 0.00 71
    2022-01-01 $418,000 (39.4%) $640,192 (35.2%) 0.00 57
    2022-02-01 $431,250 (22.4%) $714,083 (29.8%) 0.00 45
    2022-03-01 $415,000 (13.1%) $667,034 (20.9%) 0.00 44
    2022-04-01 $435,000 (19.7%) $622,802 (5.7%) 0.00 62
    Lewiston's median listing price for 2022-04-01 was $435,000, a difference of $71,500 (19.7%) versus the prior year and $20,000 versus the prior month.

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

    Lewiston's average listing price for 2022-04-01 was $622,802, a difference of $33,517 (5.7%) versus the prior year and $-44,232 versus the prior month.

    For the 2022-04-01 period, Lewiston had 62 MLS listings, a difference of 18 listings (41%) versus the prior month and 27 listings (77%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lewiston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,119 sqft
    2018-02-01 0 days 2,153 sqft
    2018-03-01 0 days 2,175 sqft
    2018-04-01 0 days 2,216 sqft
    2018-05-01 0 days 2,216 sqft
    2018-06-01 0 days 2,240 sqft
    2018-07-01 0 days 2,256 sqft
    2018-08-01 0 days 2,262 sqft
    2018-09-01 0 days 2,260 sqft
    2018-10-01 0 days 2,198 sqft
    2018-11-01 0 days 2,114 sqft
    2018-12-01 0 days 2,166 sqft
    2019-01-01 0 days 2,149 sqft
    2019-02-01 0 days 2,109 sqft
    2019-03-01 0 days 2,134 sqft
    2019-04-01 0 days 2,128 sqft
    2019-05-01 0 days 2,203 sqft
    2019-06-01 0 days 2,184 sqft
    2019-07-01 0 days 2,237 sqft
    2019-08-01 0 days 2,335 sqft
    2019-09-01 0 days 2,368 sqft
    2019-10-01 0 days 2,348 sqft
    2019-11-01 0 days 2,264 sqft
    2019-12-01 0 days 2,301 sqft
    2020-01-01 0 days 2,342 sqft
    2020-02-01 0 days 2,288 sqft
    2020-03-01 0 days 2,110 sqft
    2020-04-01 0 days 2,058 sqft
    2020-05-01 0 days 2,339 sqft
    2020-06-01 0 days 2,190 sqft
    2020-07-01 0 days 2,204 sqft
    2020-08-01 0 days 2,413 sqft
    2020-09-01 0 days 2,298 sqft
    2020-10-01 0 days 2,200 sqft
    2020-11-01 0 days 2,204 sqft
    2020-12-01 0 days 2,150 sqft
    2021-01-01 0 days 2,024 sqft
    2021-02-01 0 days 2,074 sqft
    2021-03-01 0 days 2,166 sqft
    2021-04-01 0 days 2,005 sqft
    2021-05-01 0 days 2,178 sqft
    2021-06-01 0 days 2,184 sqft
    2021-07-01 0 days 2,089 sqft
    2021-08-01 0 days 2,110 sqft
    2021-09-01 0 days 1,960 sqft
    2021-10-01 0 days 2,056 sqft
    2021-11-01 0 days 2,224 sqft
    2021-12-01 0 days 2,040 sqft
    2022-01-01 0 days 2,036 sqft
    2022-02-01 0 days 2,036 sqft
    2022-03-01 0 days 2,071 sqft
    2022-04-01 0 days 2,036 sqft
    Lewiston's median listing age (time on market) for 2022-04-01 was 0 days.

    Lewiston's median square footage for active listings during the 2022-04-01 period was 2,036 sqft. One year prior, the average listing was 2,005 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).