Mount Vernon FHA Loan Rates, Closing Costs & Stats

MOUNT VERNON-ANACORTES, 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.

    Mount Vernon's 54 lenders originated 246 FHA loans during 2024. The total origination value was $101,580,000, with an average FHA loan value of $412,927.

    Mount Vernon FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mount Vernon averaged 0.41% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Mount Vernon's average FHA mortgage closing costs are $11,300.

    The average rate for the prior week (2025-06-27) was 6.49% and one month ago for the week of 2025-05-30, the average rate was 6.56%.

    The average rate one year ago was 6.99%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.01%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 24 6.04% $16,013
    MOVEMENT MORTGAGE, LLC 18 6.53% $16,655
    CMG MORTGAGE, INC. 17 6.27% $18,825
    QUICKEN LOANS, LLC 14 6.14% $15,899
    CROSSCOUNTRY MORTGAGE, LLC 9 6.90% $18,444
    BROKER SOLUTIONS, INC. 9 6.78% $18,448
    LOANDEPOT.COM, LLC 6 6.31% $14,686
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 6 6.65% $17,382
    GUILD MORTGAGE COMPANY 6 6.73% $16,341
    NEWREZ LLC 5 6.28% $12,630
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.30% $20,276
    DAS Acquisition Company, LLC 5 6.48% $17,719
    BAY EQUITY LLC 5 6.58% $17,638
    DIRECTORS MORTGAGE, INC. 4 6.84% $19,182
    CORNERSTONE HOME LENDING, INC. 3 6.63% $14,735
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.71% $17,733
    PENNYMAC LOAN SERVICES, LLC 3 5.50% $13,533
    Equity Prime Mortgage LLC 3 5.88% $17,693
    FREEDOM MORTGAGE CORPORATION 2 5.94% $18,663
    SUN WEST MORTGAGE COMPANY, INC. 2 5.75% $25,374
    UNITED MORTGAGE CORP 2 6.44% $15,790
    PRIORITY HOME LENDING, LLC 2 7.25% $18,196
    U.S. Bank 2 6.44% $11,901
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.50% $17,614
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $16,121
    MID AMERICA MORTGAGE, INC. 2 6.63% $5,188
    AMERISAVE MORTGAGE CORPORATION 2 6.50% $22,257
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $12,714
    LOANPAL, LLC 2 5.44% $18,556
    WASHINGTON STATE EMPLOYEES Credit Union 1 6.13% $12,901
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $12,339
    American Mortgage & Equity Consultants, Inc. 1 6.63% $14,372
    Arvest Bank 1 5.75% $19,520
    Boeing Employees Credit Union 1 6.25% $12,163
    Carrington Mortgage Services, LLC 1 6.13% $17,446
    Century Mortgage Company DBA Century Lending Company 1 6.25% $17,543
    Cornerstone First Mortgage, Inc 1 6.88% $18,441
    ENVOY MORTGAGE, LTD 1 6.63% $10,655
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $12,794
    GUARANTEED RATE, INC. 1 6.20% $8,727
    HomeStreet Bank 1 6.63% $14,626
    Hometown Equity Mortgage, LLC 1 5.75% $16,325
    LEADERONE FINANCIAL CORPORATION 1 6.88% $19,072
    LIBERTY HOME MORTGAGE CORPORATION 1 6.00% $33,215
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $5,821
    ON Q FINANCIAL, INC. 1 7.25% $14,146
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $19,947
    PHH Mortgage Corporation 1 5.25% $28,258
    Plains Commerce Bank 1 7.25% $12,674
    PLANET HOME LENDING, LLC 1 6.00% $9,015
    TOP FLITE FINANCIAL, INC. 1 5.75% $29,423
    UNION HOME MORTGAGE CORP. 1 6.00% $13,472
    VILLAGE CAPITAL MORTGAGE 1 6.25% $3,328
    1st Security Bank of Washington 1 5.75% $24,302

    The top Mount Vernon FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 24 FHA loans originated. Their average total fees are $16,013, which is $642 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Mount Vernon FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($15,899), UNITED WHOLESALE MORTGAGE, LLC ($16,013), MOVEMENT MORTGAGE, LLC ($16,655), CMG MORTGAGE, INC. ($18,825) and .

    The lowest rate Mount Vernon FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.04%), QUICKEN LOANS, LLC (6.14%), CMG MORTGAGE, INC. (6.27%), MOVEMENT MORTGAGE, LLC (6.53%) and .

    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

    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).