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 49 lenders originated 226 FHA loans during 2023. The total origination value was $89,030,000, with an average FHA loan value of $393,938.

Mount Vernon FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mount Vernon averaged 6.87% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Mount Vernon's average FHA mortgage closing costs are $10,761.

The average rate for the prior week (2024-05-31) was 6.55% and one month ago for the week of 2024-05-03, the average rate was 6.95%.

The average rate one year ago was 6.62%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.59%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 18 6.06% $16,046
AMERICAN PACIFIC MORTGAGE CORPORATION 16 6.43% $19,497
QUICKEN LOANS, LLC 16 6.23% $14,996
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 15 6.84% $20,103
MOVEMENT MORTGAGE, LLC 13 6.56% $18,704
GUILD MORTGAGE COMPANY 12 6.68% $16,880
BROKER SOLUTIONS, INC. 10 6.81% $18,005
HOMEBRIDGE FINANCIAL SERVICES, INC. 9 5.79% $16,027
CROSSCOUNTRY MORTGAGE, LLC 7 6.76% $16,691
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.71% $16,457
CMG MORTGAGE, INC. 6 6.54% $16,767
NEWREZ LLC 5 6.55% $15,963
NFM, INC. 5 6.33% $19,151
Umpqua Bank 4 6.28% $16,526
CORNERSTONE HOME LENDING, INC. 4 6.56% $18,787
ACADEMY MORTGAGE CORPORATION 3 7.08% $16,406
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.79% $18,583
BAY EQUITY LLC 2 6.25% $25,995
Equity Prime Mortgage LLC 2 6.69% $21,254
AMERICAN FINANCIAL NETWORK, INC. 2 6.69% $13,344
PENNYMAC LOAN SERVICES, LLC 2 5.31% $20,391
Peoples Bank 2 6.75% $16,192
PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.06% $19,533
AMERISAVE MORTGAGE CORPORATION 2 5.19% $22,299
Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $24,530
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $22,167
BKCO MORTGAGE, LLC 1 5.00% $15,973
Boeing Employees Credit Union 1 6.13% $10,428
CALIBER HOME LOANS, INC. 1 5.75% $13,696
Chickasaw Community Bank 1 7.88% $12,517
CHURCHILL MORTGAGE CORPORATION 1 8.13% $12,303
Commerce Home Mortgage, Inc. 1 7.13% $12,618
DAS Acquisition Company, LLC 1 6.99% $22,652
ENVOY MORTGAGE, LTD 1 6.75% $12,132
Flagstar Bank, FSB 1 6.75% $13,626
GUARANTEED RATE AFFINITY, LLC 1 6.10% $17,904
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.99% $18,584
HomeStreet Bank 1 6.13% $17,630
LOANDEPOT.COM, LLC 1 7.63% $13,142
Loan Simple, Inc. 1 5.75% $9,903
Mortgage Research Center, LLC 1 6.99% $13,184
1st Security Bank of Washington 1 5.75% $17,786
NATIONS DIRECT MORTGAGE, LLC 1 5.99% $12,622
Nations Lending Corporation 1 6.75% $8,798
NOVA FINANCIAL & INVESTMENT CORPORATION 1 4.88% $27,101
PLANET HOME LENDING, LLC 1 5.25% $11,240
RANLIFE, INC. 1 6.50% $9,926
The Federal Savings Bank 1 7.25% $10,683
U.S. Bank 1 6.13% $13,007

The top Mount Vernon FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 18 FHA loans originated. Their average total fees are $16,046, which is $3,451 lower than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

The lowest fee Mount Vernon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($14,996), UNITED WHOLESALE MORTGAGE, LLC ($16,046), GUILD MORTGAGE COMPANY ($16,880), BROKER SOLUTIONS, INC. ($18,005) and MOVEMENT MORTGAGE, LLC ($18,704).

The lowest rate Mount Vernon FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.06%), QUICKEN LOANS, LLC (6.23%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.43%), MOVEMENT MORTGAGE, LLC (6.56%) and GUILD MORTGAGE COMPANY (6.68%).

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 (22.2%) $637,518 (16.7%) 0.00 344
2018-06-01 $475,000 (11.8%) $651,033 (9.4%) 0.00 368
2018-07-01 $497,000 (22.7%) $655,852 (12.4%) 0.00 382
2018-08-01 $476,975 (14.8%) $632,946 (9.7%) 0.00 443
2018-09-01 $465,000 (11.1%) $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 (8.7%) $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
2023-11-01 $699,450 (9.7%) $947,606 (24.6%) 0.00 219
2023-12-01 $675,000 (9.4%) $875,355 (16.5%) 0.00 185
2024-01-01 $679,975 (13.9%) $904,495 (24.1%) 0.00 149
2024-02-01 $669,963 (10.9%) $947,932 (25.3%) 0.00 138
2024-03-01 $657,450 (6.6%) $930,511 (19.3%) 0.00 160
2024-04-01 $651,225 (-0.9%) $918,099 (10.1%) 0.00 206
2024-05-01 $693,750 (7.6%) $928,545 (13.9%) 0.00 295
Mount Vernon's median listing price for 2024-05-01 was $693,750, a difference of $49,250 (7.6%) versus the prior year and $42,525 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 2024-05-01 was $928,545, a difference of $113,385 (13.9%) versus the prior year and $10,446 versus the prior month.

For the 2024-05-01 period, Mount Vernon had 295 MLS listings, a difference of 89 listings (43%) versus the prior month and 110 listings (59%) 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 1,916 sqft
2020-01-01 0 days 1,916 sqft
2020-02-01 0 days 1,892 sqft
2020-03-01 0 days 1,916 sqft
2020-04-01 0 days 1,979 sqft
2020-05-01 0 days 1,898 sqft
2020-06-01 0 days 1,917 sqft
2020-07-01 0 days 1,930 sqft
2020-08-01 0 days 1,940 sqft
2020-09-01 0 days 1,897 sqft
2020-10-01 0 days 1,936 sqft
2020-11-01 0 days 1,884 sqft
2020-12-01 0 days 2,005 sqft
2021-01-01 0 days 1,919 sqft
2021-02-01 0 days 1,847 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 1,959 sqft
2023-07-01 0 days 2,006 sqft
2023-08-01 0 days 2,067 sqft
2023-09-01 0 days 2,014 sqft
2023-10-01 0 days 2,135 sqft
2023-11-01 0 days 2,043 sqft
2023-12-01 0 days 2,020 sqft
2024-01-01 0 days 2,211 sqft
2024-02-01 0 days 2,218 sqft
2024-03-01 0 days 2,058 sqft
2024-04-01 0 days 1,988 sqft
2024-05-01 0 days 1,963 sqft
Mount Vernon's median listing age (time on market) for 2024-05-01 was 0 days.

Mount Vernon's median square footage for active listings during the 2024-05-01 period was 1,963 sqft. One year prior, the average listing was 1,930 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).