Mount Vernon FHA Loans

MOUNT VERNON-ANACORTES, WA

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.

Mount Vernon's 68 lenders originated 439 FHA loans during 2021. The total origination value was $137,785,000, with an average FHA loan value of $313,861.

Mount Vernon FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mount Vernon averaged 5.45% 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 5.38% and one month ago for the week of 2022-04-08, the average rate was 5.05%.

The average rate one year ago was 3.06%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.23%.

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

Mount Vernon 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 Mount Vernon level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
HOMEBRIDGE FINANCIAL SERVICES, INC. 35 3.15% $10,385
CALIBER HOME LOANS, INC. 33 3.07% $10,501
GUILD MORTGAGE COMPANY 24 3.04% $9,938
FREEDOM MORTGAGE CORPORATION 18 2.69% $6,266
LAKEVIEW LOAN SERVICING, LLC 16 2.80% $5,524
Umpqua Bank 13 2.91% $11,806
QUICKEN LOANS, LLC 13 2.76% $9,095
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 3.41% $11,475
LOANDEPOT.COM, LLC 12 3.38% $10,441
AMERICAN PACIFIC MORTGAGE CORPORATION 11 3.03% $11,855
UNITED WHOLESALE MORTGAGE, LLC 7 2.66% $10,769
BROKER SOLUTIONS, INC. 7 3.48% $12,808
PENNYMAC LOAN SERVICES, LLC 7 2.96% $6,062
MID AMERICA MORTGAGE, INC. 6 3.04% $4,969
Mr. Cooper ( Nationstar Mortgage ) 6 3.15% $5,615
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 5 3.40% $12,767
CROSSCOUNTRY MORTGAGE, LLC 5 2.70% $12,916
CORNERSTONE HOME LENDING, INC. 5 3.08% $10,155
MOVEMENT MORTGAGE, LLC 5 3.20% $4,490
PREMIER MORTGAGE RESOURCES, L.L.C. 4 3.38% $9,896
LEADERONE FINANCIAL CORPORATION 4 3.03% $11,416
BAY EQUITY LLC 4 3.34% $9,798
ACADEMY MORTGAGE CORPORATION 3 2.96% $11,822
HOME POINT FINANCIAL CORPORATION 3 2.58% $9,962
Bank of the Pacific 3 2.96% $7,818
AMERISAVE MORTGAGE CORPORATION 3 2.75% $11,936
VILLAGE CAPITAL & INVESTMENT LLC 3 2.83% $2,751
Wolfe Financial, Inc 3 3.71% $13,982
AMERICAN FINANCIAL RESOURCES, INC. 3 2.75% $10,652
SUMMIT FUNDING, INC. 2 3.12% $9,799
Carrington Mortgage Services, LLC 2 3.44% $13,151
First Guaranty Mortgage Corporation 2 2.94% $10,194
Lakeview Community Capital, LLC 2 2.81% $5,402
NEWREZ LLC 2 3.00% $4,884
Paramount Residential Mortgage Group, Inc. 2 3.00% $9,938
PLANET HOME LENDING, LLC 2 3.25% $10,890
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.00% $8,859
ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 2.81% $12,667
Wallick & Volk, Inc. 2 3.38% $6,215
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.75% $8,518
CITYWIDE HOME LOANS, LLC 1 3.50% $14,440
CELEBRITY HOME LOANS, LLC 1 3.75% $9,159
NATIONS DIRECT MORTGAGE, LLC 1 2.50% $7,347
Nations Lending Corporation 1 3.38% $13,468
TOP FLITE FINANCIAL, INC. 1 3.63% $19,763
NFM, INC. 1 3.00% $9,357
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.00% $19,121
CANOPY MORTGAGE, LLC 1 2.25% $8,158
PENRITH HOME LOANS LLC 1 3.88% $10,353
Peoples Bank 1 2.88% $10,621
Peoples Bank 1 3.25% $13,674
AMERICAN FINANCIAL NETWORK, INC. 1 2.75% $38,488
Boeing Employees Credit Union 1 3.00% $8,563
Alaska USA Mortgage Company LLC 1 2.50% $12,183
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.99% $13,464
PRIORITY HOME LENDING, LLC 1 3.25% $13,033
Barrington Bank & Trust Company, N.A. 1 3.25% $8,363
RANLIFE, INC. 1 2.50% $9,621
Alaska USA Federal Credit Union 1 2.50% $12,183
Banner Bank 1 2.25% $11,580
SUN WEST MORTGAGE COMPANY, INC. 1 2.88% $11,076
JPMorgan Chase Bank 1 2.75% $13,904
The Union Bank Company 1 2.75% $10,759
GENEVA FINANCIAL, LLC 1 3.63% $10,980
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $10,213
Lend Smart Mortgage, LLC 1 2.25% $18,813
ENVOY MORTGAGE, LTD 1 3.88% $9,418
CMG MORTGAGE, INC. 1 3.13% $13,950

The top Mount Vernon FHA lender as defined by loan originations is HOMEBRIDGE FINANCIAL SERVICES, INC., with 35 FHA loans originated. Their average total fees are $10,385, which is $116 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Mount Vernon FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,524), FREEDOM MORTGAGE CORPORATION ($6,266), QUICKEN LOANS, LLC ($9,095), GUILD MORTGAGE COMPANY ($9,938) and HOMEBRIDGE FINANCIAL SERVICES, INC. ($10,385).

The lowest rate Mount Vernon FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.69%), QUICKEN LOANS, LLC (2.76%), LAKEVIEW LOAN SERVICING, LLC (2.80%), Umpqua Bank (2.91%) and AMERICAN PACIFIC MORTGAGE CORPORATION (3.03%).

Mount Vernon FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MOUNT VERNON-ANACORTES, WA SKAGIT 2022 $473,800 $606,550 $733,150 $911,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mount Vernon (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 $399,000 (10.5%) $630,143 (17.1%) 0.00 290
2018-02-01 $419,925 (14.7%) $649,073 (19.1%) 0.00 275
2018-03-01 $435,000 (21.0%) $664,691 (23.2%) 0.00 276
2018-04-01 $457,500 (23.3%) $673,903 (21.5%) 0.00 300
2018-05-01 $462,750 (21.9%) $652,905 (16.6%) 0.00 351
2018-06-01 $479,900 (13.7%) $667,256 (9.4%) 0.00 377
2018-07-01 $497,000 (22.8%) $665,642 (11.9%) 0.00 401
2018-08-01 $479,900 (19.2%) $644,951 (10.0%) 0.00 456
2018-09-01 $459,900 (13.6%) $629,374 (9.3%) 0.00 473
2018-10-01 $455,000 (13.1%) $612,351 (5.6%) 0.00 460
2018-11-01 $449,000 (10.2%) $616,029 (2.4%) 0.00 424
2018-12-01 $445,000 (11.3%) $624,640 (-0.1%) 0.00 382
2019-01-01 $442,450 (10.9%) $647,637 (2.8%) 0.00 329
2019-02-01 $489,975 (16.7%) $666,198 (2.6%) 0.00 299
2019-03-01 $487,100 (12.0%) $656,164 (-1.3%) 0.00 319
2019-04-01 $487,100 (6.5%) $653,531 (-3.0%) 0.00 348
2019-05-01 $467,500 (1.0%) $680,720 (4.3%) 0.00 377
2019-06-01 $450,000 (-6.2%) $665,748 (-0.2%) 0.00 421
2019-07-01 $432,000 (-13.1%) $638,416 (-4.1%) 0.00 442
2019-08-01 $441,000 (-8.1%) $636,865 (-1.3%) 0.00 448
2019-09-01 $448,000 (-2.6%) $633,602 (0.7%) 0.00 440
2019-10-01 $427,000 (-6.2%) $605,726 (-1.1%) 0.00 447
2019-11-01 $430,000 (-4.2%) $618,480 (0.4%) 0.00 378
2019-12-01 $445,900 (0.2%) $630,195 (0.9%) 0.00 328
2020-01-01 $448,500 (1.4%) $620,083 (-4.3%) 0.00 276
2020-02-01 $440,000 (-10.2%) $603,090 (-9.5%) 0.00 269
2020-03-01 $461,950 (-5.2%) $622,127 (-5.2%) 0.00 288
2020-04-01 $480,450 (-1.4%) $639,977 (-2.1%) 0.00 307
2020-05-01 $465,900 (-0.3%) $628,860 (-7.6%) 0.00 331
2020-06-01 $475,950 (5.8%) $631,199 (-5.2%) 0.00 304
2020-07-01 $487,450 (12.8%) $648,708 (1.6%) 0.00 285
2020-08-01 $499,000 (13.2%) $670,673 (5.3%) 0.00 270
2020-09-01 $492,000 (9.8%) $668,634 (5.5%) 0.00 280
2020-10-01 $480,000 (12.4%) $681,374 (12.5%) 0.00 236
2020-11-01 $509,000 (18.4%) $721,039 (16.6%) 0.00 137
2020-12-01 $547,000 (22.7%) $744,636 (18.2%) 0.00 117
2021-01-01 $525,000 (17.1%) $727,139 (17.3%) 0.00 103
2021-02-01 $526,250 (19.6%) $780,383 (29.4%) 0.00 90
2021-03-01 $496,850 (7.6%) $718,653 (15.5%) 0.00 101
2021-04-01 $519,500 (8.1%) $727,923 (13.7%) 0.00 114
2021-05-01 $550,000 (18.1%) $756,701 (20.3%) 0.00 118
2021-06-01 $555,625 (16.7%) $768,864 (21.8%) 0.00 131
2021-07-01 $594,450 (22.0%) $846,667 (30.5%) 0.00 144
2021-08-01 $596,000 (19.4%) $813,849 (21.4%) 0.00 161
2021-09-01 $599,450 (21.8%) $784,956 (17.4%) 0.00 174
2021-10-01 $599,900 (25.0%) $803,896 (18.0%) 0.00 169
2021-11-01 $606,250 (19.1%) $820,495 (13.8%) 0.00 128
2021-12-01 $598,625 (9.4%) $834,923 (12.1%) 0.00 111
2022-01-01 $575,000 (9.5%) $871,643 (19.9%) 0.00 90
2022-02-01 $582,500 (10.7%) $817,633 (4.8%) 0.00 94
2022-03-01 $599,900 (20.7%) $788,306 (9.7%) 0.00 105
2022-04-01 $629,000 (21.1%) $864,718 (18.8%) 0.00 131
Mount Vernon's median listing price for 2022-04-01 was $629,000, a difference of $109,500 (21.1%) versus the prior year and $29,100 versus the prior month.

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

Mount Vernon's average listing price for 2022-04-01 was $864,718, a difference of $136,795 (18.8%) versus the prior year and $76,412 versus the prior month.

For the 2022-04-01 period, Mount Vernon had 131 MLS listings, a difference of 26 listings (25%) versus the prior month and 17 listings (15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mount Vernon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,055 sqft
2018-02-01 0 days 2,094 sqft
2018-03-01 0 days 2,015 sqft
2018-04-01 0 days 2,108 sqft
2018-05-01 0 days 2,121 sqft
2018-06-01 0 days 2,114 sqft
2018-07-01 0 days 2,141 sqft
2018-08-01 0 days 2,095 sqft
2018-09-01 0 days 2,081 sqft
2018-10-01 0 days 2,006 sqft
2018-11-01 0 days 2,008 sqft
2018-12-01 0 days 2,016 sqft
2019-01-01 0 days 2,038 sqft
2019-02-01 0 days 2,136 sqft
2019-03-01 0 days 2,079 sqft
2019-04-01 0 days 2,032 sqft
2019-05-01 0 days 1,986 sqft
2019-06-01 0 days 1,924 sqft
2019-07-01 0 days 1,903 sqft
2019-08-01 0 days 1,911 sqft
2019-09-01 0 days 1,922 sqft
2019-10-01 0 days 1,883 sqft
2019-11-01 0 days 1,944 sqft
2019-12-01 0 days 1,951 sqft
2020-01-01 0 days 1,916 sqft
2020-02-01 0 days 1,897 sqft
2020-03-01 0 days 1,916 sqft
2020-04-01 0 days 1,959 sqft
2020-05-01 0 days 1,914 sqft
2020-06-01 0 days 1,952 sqft
2020-07-01 0 days 1,961 sqft
2020-08-01 0 days 1,928 sqft
2020-09-01 0 days 1,905 sqft
2020-10-01 0 days 1,924 sqft
2020-11-01 0 days 1,904 sqft
2020-12-01 0 days 1,984 sqft
2021-01-01 0 days 1,969 sqft
2021-02-01 0 days 1,875 sqft
2021-03-01 0 days 1,789 sqft
2021-04-01 0 days 1,850 sqft
2021-05-01 0 days 1,878 sqft
2021-06-01 0 days 1,870 sqft
2021-07-01 0 days 2,063 sqft
2021-08-01 0 days 2,045 sqft
2021-09-01 0 days 2,016 sqft
2021-10-01 0 days 1,968 sqft
2021-11-01 0 days 1,952 sqft
2021-12-01 0 days 1,918 sqft
2022-01-01 0 days 1,900 sqft
2022-02-01 0 days 1,818 sqft
2022-03-01 0 days 1,793 sqft
2022-04-01 0 days 1,809 sqft
Mount Vernon's median listing age (time on market) for 2022-04-01 was 0 days.

Mount Vernon's median square footage for active listings during the 2022-04-01 period was 1,809 sqft. One year prior, the average listing was 1,850 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).