Mount Vernon FHA Loan Rates, Closing Costs & Stats

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 66 lenders originated 328 FHA loans during 2022. The total origination value was $116,000,000, with an average FHA loan value of $353,659.

Mount Vernon FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mount Vernon averaged -0.4% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Mount Vernon's average FHA mortgage closing costs are $10,051.

The average rate for the prior week (2023-11-17) was 6.89% and one month ago for the week of 2023-10-20, the average rate was 7.2%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.78%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Mount Vernon level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
HOMEBRIDGE FINANCIAL SERVICES, INC. 23 4.77% $14,941
CALIBER HOME LOANS, INC. 22 5.07% $13,834
UNITED WHOLESALE MORTGAGE, LLC 18 4.56% $13,758
QUICKEN LOANS, LLC 13 4.04% $13,025
GUILD MORTGAGE COMPANY 12 5.14% $14,779
BROKER SOLUTIONS, INC. 11 5.36% $15,448
AMERICAN PACIFIC MORTGAGE CORPORATION 11 4.17% $15,903
Umpqua Bank 11 4.50% $14,227
LOANDEPOT.COM, LLC 11 4.70% $15,359
CROSSCOUNTRY MORTGAGE, LLC 9 5.38% $18,101
CORNERSTONE HOME LENDING, INC. 6 4.54% $15,938
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 5.88% $17,746
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 5 5.45% $15,689
PENNYMAC LOAN SERVICES, LLC 4 3.64% $9,780
Mr. Cooper ( Nationstar Mortgage ) 4 3.75% $15,003
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.69% $20,291
JPMorgan Chase Bank 3 5.08% $14,253
BAY EQUITY LLC 3 5.67% $16,431
NFM, INC. 3 5.54% $11,327
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 5.54% $10,489
CARDINAL FINANCIAL 2 5.19% $18,507
ACADEMY MORTGAGE CORPORATION 2 5.88% $20,185
LAKEVIEW LOAN SERVICING, LLC 2 4.38% $8,652
MID AMERICA MORTGAGE, INC. 2 6.06% $9,931
BAYSHORE MORTGAGE FUNDING, LLC 2 5.38% $17,858
NEWREZ LLC 2 4.00% $11,163
Paramount Residential Mortgage Group, Inc. 2 5.37% $12,683
Flagstar Bank, FSB 2 4.91% $11,460
SUMMIT FUNDING, INC. 2 5.81% $18,559
CANOPY MORTGAGE, LLC 2 5.37% $17,876
GUARANTEED RATE AFFINITY, LLC 2 6.10% $15,240
GUARANTEED RATE, INC. 2 5.31% $19,008
Carrington Mortgage Services, LLC 2 4.88% $20,814
HomeStreet Bank 1 4.63% $21,180
Alaska USA Mortgage Company LLC 1 6.00% $9,294
AMERICAN FINANCIAL RESOURCES, INC. 1 4.50% $17,694
AMERISAVE MORTGAGE CORPORATION 1 4.63% $16,333
Bank of the Pacific 1 5.63% $7,681
Chickasaw Community Bank 1 6.25% $20,641
CHURCHILL MORTGAGE CORPORATION 1 4.50% $13,703
CMG MORTGAGE, INC. 1 2.75% $17,010
DAS Acquisition Company, LLC 1 4.25% $14,771
ENVOY MORTGAGE, LTD 1 5.25% $11,857
FINANCE OF AMERICA MORTGAGE LLC 1 7.63% $15,705
First Guaranty Mortgage Corporation 1 5.00% $11,572
FREEDOM MORTGAGE CORPORATION 1 3.38% $10,058
HOME POINT FINANCIAL CORPORATION 1 4.38% $13,439
1st Security Bank of Washington 1 4.75% $13,149
Hometown Lenders, Inc. 1 4.99% $17,671
KeyBank 1 4.25% $11,947
Lakeview Community Capital, LLC 1 5.25% $13,180
Loan Simple, Inc. 1 5.25% $15,756
MLD MORTGAGE INC. 1 6.75% $15,109
MORIA DEVELOPMENT, INC. 1 5.63% $10,281
MOVEMENT MORTGAGE, LLC 1 7.63% $15,329
NATIONS DIRECT MORTGAGE, LLC 1 5.63% $23,190
Peoples Bank 1 5.50% $24,228
PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.25% $12,881
RELIANCE FIRST CAPITAL, LLC 1 3.00% $10,354
RESIDENTIAL BANCORP 1 4.25% $17,407
T2 FINANCIAL LLC 1 4.38% $11,197
THRIVE MORTGAGE, LLC 1 5.63% $18,889
TOP FLITE FINANCIAL, INC. 1 5.75% $13,226
VERITAS FUNDING, LLC 1 5.50% $24,906
Wallick & Volk, Inc. 1 5.63% $13,496
Willamette Valley Bank 1 6.63% $12,054

The top Mount Vernon FHA lender as defined by loan originations is HOMEBRIDGE FINANCIAL SERVICES, INC., with 23 FHA loans originated. Their average total fees are $14,941, which is $1,107 higher than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Mount Vernon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($13,025), UNITED WHOLESALE MORTGAGE, LLC ($13,758), CALIBER HOME LOANS, INC. ($13,834), Umpqua Bank ($14,227) and GUILD MORTGAGE COMPANY ($14,779).

The lowest rate Mount Vernon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.04%), AMERICAN PACIFIC MORTGAGE CORPORATION (4.17%), Umpqua Bank (4.50%), UNITED WHOLESALE MORTGAGE, LLC (4.56%) and LOANDEPOT.COM, LLC (4.70%).

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
MOUNT VERNON-ANACORTES, WA SKAGIT 2023 $545,100 $697,800 $843,500 $1,048,300

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 $399,500 (11.1%) $617,046 (18.4%) 0.00 275
2018-02-01 $418,588 (14.5%) $629,984 (20.9%) 0.00 266
2018-03-01 $437,000 (20.2%) $648,294 (25.3%) 0.00 264
2018-04-01 $468,750 (25.0%) $662,821 (23.3%) 0.00 287
2018-05-01 $468,430 (22.5%) $637,518 (16.8%) 0.00 344
2018-06-01 $475,000 (12.1%) $651,033 (9.5%) 0.00 368
2018-07-01 $497,000 (22.7%) $655,852 (12.4%) 0.00 382
2018-08-01 $476,975 (16.0%) $632,946 (9.8%) 0.00 443
2018-09-01 $465,000 (11.3%) $621,670 (9.1%) 0.00 462
2018-10-01 $454,400 (9.2%) $607,515 (5.6%) 0.00 448
2018-11-01 $446,750 (7.2%) $602,980 (2.9%) 0.00 407
2018-12-01 $439,925 (9.3%) $613,891 (1.1%) 0.00 360
2019-01-01 $439,475 (10.0%) $633,036 (2.6%) 0.00 313
2019-02-01 $487,500 (16.5%) $659,151 (4.6%) 0.00 285
2019-03-01 $483,193 (10.6%) $645,379 (-0.5%) 0.00 307
2019-04-01 $478,168 (2.0%) $632,152 (-4.6%) 0.00 334
2019-05-01 $460,000 (-1.8%) $654,299 (2.6%) 0.00 365
2019-06-01 $439,000 (-7.6%) $638,758 (-1.9%) 0.00 412
2019-07-01 $426,000 (-14.3%) $620,541 (-5.4%) 0.00 436
2019-08-01 $426,455 (-10.6%) $615,690 (-2.7%) 0.00 440
2019-09-01 $425,636 (-8.5%) $605,806 (-2.6%) 0.00 432
2019-10-01 $422,500 (-7.0%) $599,217 (-1.4%) 0.00 424
2019-11-01 $430,000 (-3.8%) $617,073 (2.3%) 0.00 363
2019-12-01 $442,000 (0.5%) $622,372 (1.4%) 0.00 311
2020-01-01 $447,750 (1.9%) $624,371 (-1.4%) 0.00 267
2020-02-01 $441,900 (-9.4%) $609,863 (-7.5%) 0.00 262
2020-03-01 $462,450 (-4.3%) $626,081 (-3.0%) 0.00 281
2020-04-01 $487,000 (1.9%) $647,945 (2.5%) 0.00 298
2020-05-01 $464,200 (0.9%) $628,137 (-4.0%) 0.00 317
2020-06-01 $462,000 (5.2%) $624,596 (-2.2%) 0.00 296
2020-07-01 $484,700 (13.8%) $647,296 (4.3%) 0.00 275
2020-08-01 $499,000 (17.0%) $660,109 (7.2%) 0.00 267
2020-09-01 $491,475 (15.5%) $662,279 (9.3%) 0.00 271
2020-10-01 $489,000 (15.7%) $673,631 (12.4%) 0.00 225
2020-11-01 $512,000 (19.1%) $697,824 (13.1%) 0.00 137
2020-12-01 $545,500 (23.4%) $738,683 (18.7%) 0.00 113
2021-01-01 $528,000 (17.9%) $712,109 (14.1%) 0.00 98
2021-02-01 $517,500 (17.1%) $757,225 (24.2%) 0.00 92
2021-03-01 $497,000 (7.5%) $709,657 (13.4%) 0.00 99
2021-04-01 $524,500 (7.7%) $732,553 (13.1%) 0.00 114
2021-05-01 $565,000 (21.7%) $764,799 (21.8%) 0.00 122
2021-06-01 $562,438 (21.7%) $776,874 (24.4%) 0.00 130
2021-07-01 $597,000 (23.2%) $835,148 (29.0%) 0.00 146
2021-08-01 $594,063 (19.1%) $806,859 (22.2%) 0.00 163
2021-09-01 $599,000 (21.9%) $786,470 (18.8%) 0.00 175
2021-10-01 $599,900 (22.7%) $794,789 (18.0%) 0.00 172
2021-11-01 $599,900 (17.2%) $791,399 (13.4%) 0.00 127
2021-12-01 $600,450 (10.1%) $809,042 (9.5%) 0.00 113
2022-01-01 $575,000 (8.9%) $839,594 (17.9%) 0.00 89
2022-02-01 $584,750 (13.0%) $814,246 (7.5%) 0.00 96
2022-03-01 $599,938 (20.7%) $796,352 (12.2%) 0.00 106
2022-04-01 $622,500 (18.7%) $863,287 (17.9%) 0.00 134
2022-05-01 $619,999 (9.7%) $840,030 (9.8%) 0.00 170
2022-06-01 $621,500 (10.5%) $828,107 (6.6%) 0.00 211
2022-07-01 $600,000 (0.5%) $781,727 (-6.4%) 0.00 265
2022-08-01 $599,925 (1.0%) $763,318 (-5.4%) 0.00 304
2022-09-01 $612,500 (2.3%) $760,796 (-3.3%) 0.00 302
2022-10-01 $632,500 (5.4%) $767,767 (-3.4%) 0.00 280
2022-11-01 $637,500 (6.3%) $760,825 (-3.9%) 0.00 266
2022-12-01 $616,875 (2.7%) $751,453 (-7.1%) 0.00 226
2023-01-01 $596,850 (3.8%) $728,909 (-13.2%) 0.00 189
2023-02-01 $604,325 (3.4%) $756,493 (-7.1%) 0.00 161
2023-03-01 $616,725 (2.8%) $780,151 (-2.0%) 0.00 145
2023-04-01 $657,250 (5.6%) $833,902 (-3.4%) 0.00 168
2023-05-01 $644,500 (4.0%) $815,160 (-3.0%) 0.00 185
2023-06-01 $631,488 (1.6%) $877,882 (6.0%) 0.00 204
2023-07-01 $693,500 (15.6%) $923,029 (18.1%) 0.00 206
2023-08-01 $694,000 (15.7%) $922,218 (20.8%) 0.00 222
2023-09-01 $704,000 (14.9%) $956,945 (25.8%) 0.00 233
2023-10-01 $724,500 (14.6%) $961,824 (25.3%) 0.00 239
Mount Vernon's median listing price for 2023-10-01 was $724,500, a difference of $92,000 (14.6%) versus the prior year and $20,500 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 2023-10-01 was $961,824, a difference of $194,057 (25.3%) versus the prior year and $4,879 versus the prior month.

For the 2023-10-01 period, Mount Vernon had 239 MLS listings, a difference of 6 listings (3%) versus the prior month and -41 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 2,036 sqft
2018-02-01 0 days 2,094 sqft
2018-03-01 0 days 2,068 sqft
2018-04-01 0 days 2,151 sqft
2018-05-01 0 days 2,135 sqft
2018-06-01 0 days 2,160 sqft
2018-07-01 0 days 2,167 sqft
2018-08-01 0 days 2,094 sqft
2018-09-01 0 days 2,039 sqft
2018-10-01 0 days 2,007 sqft
2018-11-01 0 days 2,005 sqft
2018-12-01 0 days 2,008 sqft
2019-01-01 0 days 2,030 sqft
2019-02-01 0 days 2,104 sqft
2019-03-01 0 days 2,058 sqft
2019-04-01 0 days 2,008 sqft
2019-05-01 0 days 1,979 sqft
2019-06-01 0 days 1,914 sqft
2019-07-01 0 days 1,899 sqft
2019-08-01 0 days 1,891 sqft
2019-09-01 0 days 1,880 sqft
2019-10-01 0 days 1,880 sqft
2019-11-01 0 days 1,920 sqft
2019-12-01 0 days 1,918 sqft
2020-01-01 0 days 1,920 sqft
2020-02-01 0 days 1,897 sqft
2020-03-01 0 days 1,919 sqft
2020-04-01 0 days 1,980 sqft
2020-05-01 0 days 1,907 sqft
2020-06-01 0 days 1,920 sqft
2020-07-01 0 days 1,934 sqft
2020-08-01 0 days 1,924 sqft
2020-09-01 0 days 1,897 sqft
2020-10-01 0 days 1,923 sqft
2020-11-01 0 days 1,886 sqft
2020-12-01 0 days 2,005 sqft
2021-01-01 0 days 1,919 sqft
2021-02-01 0 days 1,823 sqft
2021-03-01 0 days 1,786 sqft
2021-04-01 0 days 1,816 sqft
2021-05-01 0 days 1,888 sqft
2021-06-01 0 days 1,866 sqft
2021-07-01 0 days 2,022 sqft
2021-08-01 0 days 2,026 sqft
2021-09-01 0 days 2,014 sqft
2021-10-01 0 days 1,966 sqft
2021-11-01 0 days 1,946 sqft
2021-12-01 0 days 1,904 sqft
2022-01-01 0 days 1,871 sqft
2022-02-01 0 days 1,800 sqft
2022-03-01 0 days 1,801 sqft
2022-04-01 0 days 1,809 sqft
2022-05-01 0 days 1,850 sqft
2022-06-01 0 days 1,917 sqft
2022-07-01 0 days 1,929 sqft
2022-08-01 0 days 1,910 sqft
2022-09-01 0 days 1,880 sqft
2022-10-01 0 days 1,949 sqft
2022-11-01 0 days 1,955 sqft
2022-12-01 0 days 1,942 sqft
2023-01-01 0 days 1,936 sqft
2023-02-01 0 days 1,974 sqft
2023-03-01 0 days 2,020 sqft
2023-04-01 0 days 2,128 sqft
2023-05-01 0 days 1,930 sqft
2023-06-01 0 days 1,962 sqft
2023-07-01 0 days 2,013 sqft
2023-08-01 0 days 2,072 sqft
2023-09-01 0 days 2,014 sqft
2023-10-01 0 days 2,135 sqft
Mount Vernon's median listing age (time on market) for 2023-10-01 was 0 days.

Mount Vernon's median square footage for active listings during the 2023-10-01 period was 2,135 sqft. One year prior, the average listing was 1,949 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).