Newport FHA Loan Rates, Closing Costs & Stats

Newport, OR

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.

Newport's 32 lenders originated 81 FHA loans during 2023. The total origination value was $25,415,000, with an average FHA loan value of $313,765.

Newport FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Newport averaged 7.11% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Newport's average FHA mortgage closing costs are $10,056.

The average rate for the prior week (2024-05-10) was 6.95% and one month ago for the week of 2024-04-12, the average rate was 7.01%.

The average rate one year ago was 6.47%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.94%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Newport 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 Newport level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 11 6.74% $16,765
CHURCHILL MORTGAGE CORPORATION 5 6.53% $16,176
UNITED WHOLESALE MORTGAGE, LLC 5 6.10% $16,950
CROSSCOUNTRY MORTGAGE, LLC 5 6.99% $18,019
MANN FINANCIAL INC. 3 6.46% $17,520
LPMC, LLC 3 6.71% $13,722
ACADEMY MORTGAGE CORPORATION 2 7.25% $13,738
DIRECTORS MORTGAGE, INC. 2 7.25% $14,856
Umpqua Bank 2 7.06% $11,947
Equity Prime Mortgage LLC 1 5.13% $20,481
EVERETT FINANCIAL, INC. 1 7.13% $15,796
Century Mortgage Company DBA Century Lending Company 1 6.25% $7,294
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $9,965
Flagstar Bank, FSB 1 6.63% $15,118
GENEVA FINANCIAL, LLC 1 6.63% $17,771
LOANDEPOT.COM, LLC 1 7.00% $23,453
CALCON MUTUAL MORTGAGE LLC 1 7.75% $19,439
BMO Harris Bank 1 5.25% $8,911
MOVEMENT MORTGAGE, LLC 1 6.00% $24,283
NATIONS DIRECT MORTGAGE, LLC 1 5.50% $14,681
Nations Lending Corporation 1 5.63% $8,877
NEWREZ LLC 1 7.13% $14,371
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $14,896
PENNYMAC LOAN SERVICES, LLC 1 6.75% $12,889
Plains Commerce Bank 1 7.75% $12,888
PLAZA HOME MORTGAGE, INC. 1 6.75% $21,386
QUICKEN LOANS, LLC 1 6.13% $13,510
SUMMIT FUNDING, INC. 1 5.99% $19,552
SUN WEST MORTGAGE COMPANY, INC. 1 6.13% $16,365
VERITAS FUNDING, LLC 1 6.12% $31,944
Chickasaw Community Bank 1 7.75% $6,449
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.00% $14,808

The top Newport FHA lender as defined by loan originations is EVERGREEN MONEYSOURCE MORTGAGE COMPANY, with 11 FHA loans originated. Their average total fees are $16,765, which is $589 higher than the next largest lender, CHURCHILL MORTGAGE CORPORATION.

The lowest fee Newport FHA lenders (with over 10 loans originated) are EVERGREEN MONEYSOURCE MORTGAGE COMPANY ($16,765), .

The lowest rate Newport FHA lenders (with over 10 loans originated) are EVERGREEN MONEYSOURCE MORTGAGE COMPANY (6.74%), .

Newport FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NEWPORT, OR LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
NEWPORT, OR LINCOLN 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Newport (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 $375,975 (5.7%) $456,681 (9.6%) 0.00 518
2018-02-01 $388,625 (8.0%) $462,853 (9.8%) 0.00 504
2018-03-01 $386,250 (7.4%) $460,699 (9.2%) 0.00 534
2018-04-01 $384,000 (6.8%) $460,597 (10.8%) 0.00 575
2018-05-01 $384,500 (3.4%) $468,669 (8.6%) 0.00 604
2018-06-01 $379,000 (3.3%) $455,888 (5.2%) 0.00 656
2018-07-01 $382,000 (4.7%) $463,188 (7.2%) 0.00 658
2018-08-01 $389,500 (3.9%) $473,924 (7.5%) 0.00 631
2018-09-01 $397,900 (5.0%) $472,326 (5.3%) 0.00 617
2018-10-01 $389,000 (0.0%) $478,352 (4.9%) 0.00 539
2018-11-01 $396,250 (1.8%) $484,038 (5.1%) 0.00 502
2018-12-01 $399,000 (3.8%) $490,034 (6.9%) 0.00 477
2019-01-01 $399,000 (6.1%) $496,256 (8.7%) 0.00 429
2019-02-01 $399,000 (2.7%) $494,402 (6.8%) 0.00 462
2019-03-01 $402,429 (4.2%) $486,238 (5.5%) 0.00 480
2019-04-01 $406,429 (5.8%) $483,405 (5.0%) 0.00 496
2019-05-01 $399,450 (3.9%) $462,321 (-1.4%) 0.00 510
2019-06-01 $399,000 (5.3%) $465,158 (2.0%) 0.00 552
2019-07-01 $399,000 (4.5%) $467,988 (1.0%) 0.00 574
2019-08-01 $396,273 (1.7%) $463,810 (-2.1%) 0.00 575
2019-09-01 $392,182 (-1.4%) $462,999 (-2.0%) 0.00 563
2019-10-01 $392,455 (0.9%) $467,519 (-2.3%) 0.00 551
2019-11-01 $399,000 (0.7%) $485,254 (0.3%) 0.00 495
2019-12-01 $399,475 (0.1%) $491,619 (0.3%) 0.00 431
2020-01-01 $399,500 (0.1%) $497,139 (0.2%) 0.00 387
2020-02-01 $384,950 (-3.5%) $487,382 (-1.4%) 0.00 380
2020-03-01 $384,225 (-4.5%) $474,460 (-2.4%) 0.00 417
2020-04-01 $377,450 (-7.1%) $466,095 (-3.6%) 0.00 420
2020-05-01 $387,000 (-3.1%) $476,645 (3.1%) 0.00 410
2020-06-01 $392,000 (-1.8%) $471,174 (1.3%) 0.00 396
2020-07-01 $406,000 (1.8%) $493,002 (5.4%) 0.00 365
2020-08-01 $445,000 (12.3%) $532,207 (14.8%) 0.00 275
2020-09-01 $446,700 (13.9%) $551,727 (19.2%) 0.00 232
2020-10-01 $445,000 (13.4%) $563,832 (20.6%) 0.00 223
2020-11-01 $442,475 (10.9%) $561,956 (15.8%) 0.00 199
2020-12-01 $442,325 (10.7%) $575,561 (17.1%) 0.00 162
2021-01-01 $499,950 (25.1%) $587,175 (18.1%) 0.00 115
2021-02-01 $455,075 (18.2%) $613,879 (26.0%) 0.00 121
2021-03-01 $472,225 (22.9%) $601,227 (26.7%) 0.00 128
2021-04-01 $532,250 (41.0%) $651,099 (39.7%) 0.00 150
2021-05-01 $533,000 (37.7%) $677,225 (42.1%) 0.00 151
2021-06-01 $555,000 (41.6%) $685,657 (45.5%) 0.00 165
2021-07-01 $530,000 (30.5%) $664,561 (34.8%) 0.00 178
2021-08-01 $571,250 (28.4%) $722,649 (35.8%) 0.00 183
2021-09-01 $584,475 (30.8%) $724,435 (31.3%) 0.00 183
2021-10-01 $580,100 (30.4%) $737,576 (30.8%) 0.00 171
2021-11-01 $566,975 (28.1%) $730,956 (30.1%) 0.00 160
2021-12-01 $573,725 (29.7%) $751,893 (30.6%) 0.00 124
2022-01-01 $569,900 (14.0%) $731,461 (24.6%) 0.00 124
2022-02-01 $583,725 (28.3%) $703,729 (14.6%) 0.00 117
2022-03-01 $546,800 (15.8%) $682,830 (13.6%) 0.00 121
2022-04-01 $599,900 (12.7%) $696,465 (7.0%) 0.00 139
2022-05-01 $599,000 (12.4%) $648,464 (-4.3%) 0.00 173
2022-06-01 $542,000 (-2.3%) $620,554 (-9.5%) 0.00 226
2022-07-01 $550,000 (3.8%) $645,046 (-2.9%) 0.00 277
2022-08-01 $599,000 (4.9%) $698,617 (-3.3%) 0.00 297
2022-09-01 $572,719 (-2.0%) $691,819 (-4.5%) 0.00 291
2022-10-01 $549,500 (-5.3%) $673,715 (-8.7%) 0.00 273
2022-11-01 $538,500 (-5.0%) $642,340 (-12.1%) 0.00 258
2022-12-01 $529,000 (-7.8%) $653,006 (-13.2%) 0.00 238
2023-01-01 $507,500 (-11.0%) $641,762 (-12.3%) 0.00 218
2023-02-01 $522,500 (-10.5%) $676,059 (-3.9%) 0.00 218
2023-03-01 $583,750 (6.8%) $708,357 (3.7%) 0.00 229
2023-04-01 $591,950 (-1.3%) $708,985 (1.8%) 0.00 243
2023-05-01 $619,000 (3.3%) $718,762 (10.8%) 0.00 269
2023-06-01 $599,450 (10.6%) $716,179 (15.4%) 0.00 321
2023-07-01 $599,900 (9.1%) $707,213 (9.6%) 0.00 378
2023-08-01 $587,000 (-2.0%) $687,922 (-1.5%) 0.00 375
2023-09-01 $589,000 (2.8%) $693,437 (0.2%) 0.00 355
2023-10-01 $596,000 (8.5%) $700,586 (4.0%) 0.00 350
2023-11-01 $598,750 (11.2%) $706,492 (10.0%) 0.00 324
2023-12-01 $592,450 (12.0%) $707,924 (8.4%) 0.00 285
2024-01-01 $585,000 (15.3%) $688,660 (7.3%) 0.00 277
2024-02-01 $585,000 (12.0%) $666,231 (-1.5%) 0.00 295
2024-03-01 $595,000 (1.9%) $670,527 (-5.3%) 0.00 308
2024-04-01 $591,250 (-0.1%) $667,250 (-5.9%) 0.00 358
Newport's median listing price for 2024-04-01 was $591,250, a difference of $-700 (-0.1%) versus the prior year and $-3,750 versus the prior month.

Newport's median listing price comes in at 0% of the national average.

Newport's average listing price for 2024-04-01 was $667,250, a difference of $-41,735 (-5.9%) versus the prior year and $-3,277 versus the prior month.

For the 2024-04-01 period, Newport had 358 MLS listings, a difference of 50 listings (16%) versus the prior month and 115 listings (47%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Newport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,858 sqft
2018-02-01 0 days 1,870 sqft
2018-03-01 0 days 1,848 sqft
2018-04-01 0 days 1,838 sqft
2018-05-01 0 days 1,858 sqft
2018-06-01 0 days 1,810 sqft
2018-07-01 0 days 1,841 sqft
2018-08-01 0 days 1,856 sqft
2018-09-01 0 days 1,832 sqft
2018-10-01 0 days 1,864 sqft
2018-11-01 0 days 1,855 sqft
2018-12-01 0 days 1,810 sqft
2019-01-01 0 days 1,830 sqft
2019-02-01 0 days 1,796 sqft
2019-03-01 0 days 1,810 sqft
2019-04-01 0 days 1,802 sqft
2019-05-01 0 days 1,764 sqft
2019-06-01 0 days 1,820 sqft
2019-07-01 0 days 1,802 sqft
2019-08-01 0 days 1,761 sqft
2019-09-01 0 days 1,741 sqft
2019-10-01 0 days 1,737 sqft
2019-11-01 0 days 1,751 sqft
2019-12-01 0 days 1,753 sqft
2020-01-01 0 days 1,756 sqft
2020-02-01 0 days 1,704 sqft
2020-03-01 0 days 1,705 sqft
2020-04-01 0 days 1,687 sqft
2020-05-01 0 days 1,684 sqft
2020-06-01 0 days 1,691 sqft
2020-07-01 0 days 1,740 sqft
2020-08-01 0 days 1,782 sqft
2020-09-01 0 days 1,787 sqft
2020-10-01 0 days 1,807 sqft
2020-11-01 0 days 1,805 sqft
2020-12-01 0 days 1,908 sqft
2021-01-01 0 days 1,858 sqft
2021-02-01 0 days 1,733 sqft
2021-03-01 0 days 1,840 sqft
2021-04-01 0 days 1,828 sqft
2021-05-01 0 days 1,792 sqft
2021-06-01 0 days 1,786 sqft
2021-07-01 0 days 1,792 sqft
2021-08-01 0 days 1,868 sqft
2021-09-01 0 days 1,886 sqft
2021-10-01 0 days 1,907 sqft
2021-11-01 0 days 1,876 sqft
2021-12-01 0 days 1,897 sqft
2022-01-01 0 days 1,751 sqft
2022-02-01 0 days 1,744 sqft
2022-03-01 0 days 1,686 sqft
2022-04-01 0 days 1,736 sqft
2022-05-01 0 days 1,665 sqft
2022-06-01 0 days 1,600 sqft
2022-07-01 0 days 1,652 sqft
2022-08-01 0 days 1,676 sqft
2022-09-01 0 days 1,667 sqft
2022-10-01 0 days 1,624 sqft
2022-11-01 0 days 1,589 sqft
2022-12-01 0 days 1,552 sqft
2023-01-01 0 days 1,568 sqft
2023-02-01 0 days 1,615 sqft
2023-03-01 0 days 1,654 sqft
2023-04-01 0 days 1,677 sqft
2023-05-01 0 days 1,714 sqft
2023-06-01 0 days 1,670 sqft
2023-07-01 0 days 1,684 sqft
2023-08-01 0 days 1,666 sqft
2023-09-01 0 days 1,705 sqft
2023-10-01 0 days 1,726 sqft
2023-11-01 0 days 1,721 sqft
2023-12-01 0 days 1,761 sqft
2024-01-01 0 days 1,665 sqft
2024-02-01 0 days 1,676 sqft
2024-03-01 0 days 1,679 sqft
2024-04-01 0 days 1,637 sqft
Newport's median listing age (time on market) for 2024-04-01 was 0 days.

Newport's median square footage for active listings during the 2024-04-01 period was 1,637 sqft. One year prior, the average listing was 1,677 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).