Medford FHA Loan Rates, Closing Costs & Stats

MEDFORD, 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.

    Medford's 57 lenders originated 456 FHA loans during 2023. The total origination value was $144,080,000, with an average FHA loan value of $315,965.

    Medford FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Medford averaged 6.4% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Medford's average FHA mortgage closing costs are $10,175.

    The average rate for the prior week (2024-07-12) was 6.85% and one month ago for the week of 2024-06-14, the average rate was 6.8%.

    The average rate one year ago was 6.99%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.77%.

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

    Medford 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 Medford level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 63 6.98% $15,040
    GUILD MORTGAGE COMPANY 55 6.37% $14,792
    UNITED WHOLESALE MORTGAGE, LLC 29 6.20% $13,883
    Nations Lending Corporation 25 6.72% $11,799
    Willamette Valley Bank 25 6.53% $15,260
    MOVEMENT MORTGAGE, LLC 17 6.78% $14,776
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 13 6.56% $15,023
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.68% $13,415
    CMG MORTGAGE, INC. 12 6.40% $14,915
    MORTGAGE EXPRESS, LLC 12 6.39% $13,938
    PENNYMAC LOAN SERVICES, LLC 10 6.09% $14,365
    NEWREZ LLC 10 6.46% $13,763
    QUICKEN LOANS, LLC 10 6.05% $14,668
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.33% $16,572
    PREMIER MORTGAGE RESOURCES, L.L.C. 9 6.63% $18,655
    SUMMIT FUNDING, INC. 9 6.58% $17,328
    LOANDEPOT.COM, LLC 7 6.48% $15,926
    PACIFIC RESIDENTIAL MORTGAGE, LLC 7 6.45% $15,821
    Sierra Pacific Mortgage Company, Inc. 5 6.47% $13,638
    AMERICAN FINANCIAL RESOURCES, INC. 4 5.47% $16,726
    MOUNTAIN WEST FINANCIAL, INC. 4 6.03% $11,647
    PLANET HOME LENDING, LLC 3 6.00% $10,142
    BROKER SOLUTIONS, INC. 3 6.75% $13,050
    AMERISAVE MORTGAGE CORPORATION 3 5.75% $12,561
    Flagstar Bank, FSB 3 6.07% $14,782
    Umpqua Bank 3 6.58% $11,853
    Mortgage Research Center, LLC 2 7.19% $5,468
    Banner Bank 2 6.25% $12,004
    CARDINAL FINANCIAL 2 7.38% $16,963
    Century Mortgage Company DBA Century Lending Company 2 5.94% $13,186
    EMM LOANS LLC 2 6.13% $14,647
    Equity Prime Mortgage LLC 2 6.56% $12,802
    FREEDOM MORTGAGE CORPORATION 2 7.00% $14,630
    JPMorgan Chase Bank 2 6.62% $10,642
    PLAZA HOME MORTGAGE, INC. 2 5.75% $16,017
    S1L, Inc. 2 6.25% $15,431
    SUN WEST MORTGAGE COMPANY, INC. 2 6.60% $20,710
    VERITAS FUNDING, LLC 2 6.81% $20,012
    OCMBC, INC. 1 7.25% $13,481
    MID AMERICA MORTGAGE, INC. 1 6.38% $5,212
    Loan Simple, Inc. 1 6.75% $15,987
    PHH Mortgage Corporation 1 5.99% $18,836
    Plains Commerce Bank 1 5.13% $10,787
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $9,609
    U.S. Bank 1 5.88% $10,582
    DIRECTORS MORTGAGE, INC. 1 6.63% $14,212
    DHI MORTGAGE COMPANY, LTD. 1 4.99% $11,727
    AMERICAN FINANCING CORPORATION 1 6.25% $12,800
    Credence Funding Corporation 1 5.88% $7,623
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $12,080
    Wells Fargo Bank 1 6.63% $8,006
    CALIBER HOME LOANS, INC. 1 6.25% $10,382
    American Mortgage & Equity Consultants, Inc. 1 6.63% $21,266
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $13,368
    NBKC BANK 1 6.63% $12,445
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $22,126
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 6.75% $15,115

    The top Medford FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 63 FHA loans originated. Their average total fees are $15,040, which is $249 higher than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Medford FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($11,799), MUTUAL OF OMAHA MORTGAGE, INC. ($13,415), NEWREZ LLC ($13,763), UNITED WHOLESALE MORTGAGE, LLC ($13,883) and MORTGAGE EXPRESS, LLC ($13,938).

    The lowest rate Medford FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.05%), PENNYMAC LOAN SERVICES, LLC (6.09%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.33%) and GUILD MORTGAGE COMPANY (6.37%).

    Medford FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MEDFORD, OR JACKSON 2022 $420,680 $538,650 $651,050 $809,150
    MEDFORD, OR JACKSON 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).