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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.