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 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 6.66% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.42% and one month ago for the week of 2024-06-14, the average rate was 6.57%.

    The average rate one year ago was 6.56%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.49%.

    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

    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).