Mount Vernon FHA Loans

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 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).