Moses Lake FHA Loan Rates, Closing Costs & Stats

Moses Lake, 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.

    Moses Lake's 56 lenders originated 292 FHA loans during 2023. The total origination value was $86,940,000, with an average FHA loan value of $297,740.

    Moses Lake FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Moses Lake averaged 6.32% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Moses Lake's average FHA mortgage closing costs are $9,357.

    The average rate for the prior week (2024-11-01) was 6.3% and one month ago for the week of 2024-10-04, the average rate was 6.22%.

    The average rate one year ago was 7.26%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Moses Lake 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 Moses Lake level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 46 6.90% $15,016
    MOVEMENT MORTGAGE, LLC 33 6.81% $14,026
    QUICKEN LOANS, LLC 27 6.41% $11,728
    UNITED WHOLESALE MORTGAGE, LLC 17 6.21% $13,662
    CMG MORTGAGE, INC. 13 6.08% $15,823
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 11 6.66% $14,780
    Wheatland Bank 10 6.41% $13,598
    CARDINAL FINANCIAL 9 6.42% $15,958
    CHURCHILL MORTGAGE CORPORATION 8 6.64% $13,487
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.94% $15,396
    SUMMIT FUNDING, INC. 5 7.30% $13,038
    Alaska USA Federal Credit Union 4 6.44% $11,355
    MEMBER FIRST MORTGAGE, LLC 3 6.46% $6,377
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.00% $10,079
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.67% $18,202
    PLANET HOME LENDING, LLC 3 6.41% $16,480
    ZILLOW HOME LOANS, LLC 2 5.75% $16,263
    American Mortgage & Equity Consultants, Inc. 2 6.50% $15,869
    AMERISAVE MORTGAGE CORPORATION 2 6.63% $14,427
    Century Mortgage Company DBA Century Lending Company 2 6.44% $10,263
    CROSSCOUNTRY MORTGAGE, LLC 2 7.31% $11,218
    ENVOY MORTGAGE, LTD 2 7.00% $12,205
    FREEDOM MORTGAGE CORPORATION 2 7.25% $11,689
    GUARANTEED RATE, INC. 2 5.96% $12,576
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.88% $14,851
    HORIZON 2 6.50% $10,983
    JPMorgan Chase Bank 2 5.75% $6,405
    Paramount Residential Mortgage Group, Inc. 2 6.25% $11,453
    PENNYMAC LOAN SERVICES, LLC 2 5.94% $13,420
    Sunflower Bank 2 6.75% $8,631
    Washington Trust Bank 2 7.75% $4,023
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $15,749
    LOANDEPOT.COM, LLC 1 6.99% $13,538
    Loan Simple, Inc. 1 7.63% $15,297
    MANN FINANCIAL INC. 1 8.00% $11,878
    CORNERSTONE HOME LENDING, INC. 1 7.25% $15,710
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 8.13% $14,465
    NEWREZ LLC 1 6.25% $16,399
    NFM, INC. 1 7.63% $13,518
    Northpointe Bank 1 6.63% $12,882
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.75% $10,122
    Wells Fargo Bank 1 6.88% $15,248
    ACADEMY MORTGAGE CORPORATION 1 6.63% $13,486
    CANOPY MORTGAGE, LLC 1 7.13% $11,594
    Boeing Employees Credit Union 1 6.75% $7,270
    Prosperity Home Mortgage, LLC 1 5.99% $17,308
    Banner Bank 1 6.13% $9,552
    EVERETT FINANCIAL, INC. 1 6.13% $17,155
    Bank of America 1 6.25% $10,923
    Willamette Valley Bank 1 6.75% $10,873
    DAS Acquisition Company, LLC 1 7.63% $15,371
    AMERICAN FINANCING CORPORATION 1 6.25% $13,864
    HOMESIDE FINANCIAL, LLC 1 5.88% $25,150
    VILLAGE CAPITAL MORTGAGE 1 7.13% $12,871
    1st Security Bank of Washington 1 6.63% $12,542
    KeyBank 1 5.88% $11,228

    The top Moses Lake FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 46 FHA loans originated. Their average total fees are $15,016, which is $990 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Moses Lake FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($11,728), Wheatland Bank ($13,598), UNITED WHOLESALE MORTGAGE, LLC ($13,662), MOVEMENT MORTGAGE, LLC ($14,026) and EVERGREEN MONEYSOURCE MORTGAGE COMPANY ($14,780).

    The lowest rate Moses Lake FHA lenders (with over 10 loans originated) are CMG MORTGAGE, INC. (6.08%), UNITED WHOLESALE MORTGAGE, LLC (6.21%), Wheatland Bank (6.41%), QUICKEN LOANS, LLC (6.41%) and EVERGREEN MONEYSOURCE MORTGAGE COMPANY (6.66%).

    Moses Lake FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MOSES LAKE, WA GRANT 2022 $420,680 $538,650 $651,050 $809,150
    MOSES LAKE, WA GRANT 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).