Oak Harbor FHA Loan Rates, Closing Costs & Stats

Oak Harbor, 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.

Oak Harbor's 37 lenders originated 144 FHA loans during 2023. The total origination value was $54,860,000, with an average FHA loan value of $380,972.

Oak Harbor FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Oak Harbor averaged 6.79% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Oak Harbor's average FHA mortgage closing costs are $10,953.

The average rate for the prior week (2024-05-17) was 6.48% and one month ago for the week of 2024-04-19, the average rate was 6.5%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.55%.

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

Oak Harbor 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 Oak Harbor level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GUILD MORTGAGE COMPANY 13 6.33% $18,589
CROSSCOUNTRY MORTGAGE, LLC 11 6.84% $17,451
QUICKEN LOANS, LLC 9 6.19% $14,275
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.16% $17,233
AMERICAN PACIFIC MORTGAGE CORPORATION 5 7.08% $17,741
UNITED WHOLESALE MORTGAGE, LLC 5 6.80% $19,139
MOVEMENT MORTGAGE, LLC 4 7.19% $17,149
LOANDEPOT.COM, LLC 3 5.83% $24,172
ENVOY MORTGAGE, LTD 3 6.42% $13,839
NEWREZ LLC 3 6.04% $14,982
BAY EQUITY LLC 3 6.00% $21,968
FREEDOM MORTGAGE CORPORATION 2 6.75% $22,181
PENNYMAC LOAN SERVICES, LLC 2 5.87% $18,524
SUMMIT FUNDING, INC. 2 7.50% $16,751
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 6.50% $20,199
Alaska USA Federal Credit Union 2 6.75% $19,002
Heritage Bank 2 7.44% $16,484
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.43% $20,341
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.50% $17,046
CMG MORTGAGE, INC. 2 6.00% $21,381
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $19,074
Wallick & Volk, Inc. 1 7.38% $14,122
AMERICAN FINANCING CORPORATION 1 6.50% $13,632
CALIBER HOME LOANS, INC. 1 6.25% $15,165
CARDINAL FINANCIAL 1 5.25% $16,691
CORNERSTONE HOME LENDING, INC. 1 7.38% $15,719
DAS Acquisition Company, LLC 1 7.63% $15,335
Equity Prime Mortgage LLC 1 6.13% $17,764
KeyBank 1 5.88% $12,570
LEADERONE FINANCIAL CORPORATION 1 7.25% $12,928
LOANPAL, LLC 1 5.50% $20,619
Magnolia Bank 1 5.25% $22,301
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $26,676
Paramount Residential Mortgage Group, Inc. 1 6.25% $15,309
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.25% $20,905
RANLIFE, INC. 1 6.88% $18,414
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.63% $12,421

The top Oak Harbor FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 13 FHA loans originated. Their average total fees are $18,589, which is $1,139 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Oak Harbor FHA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($17,451), GUILD MORTGAGE COMPANY ($18,589), .

The lowest rate Oak Harbor FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (6.33%), CROSSCOUNTRY MORTGAGE, LLC (6.84%), .

Oak Harbor FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
OAK HARBOR, WA ISLAND 2022 $511,750 $655,150 $791,900 $984,150
OAK HARBOR, WA ISLAND 2023 $575,000 $736,100 $889,800 $1,105,800

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Oak Harbor (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 $409,925 (5.2%) $598,723 (9.2%) 0.00 222
2018-02-01 $405,738 (1.5%) $596,354 (3.9%) 0.00 212
2018-03-01 $415,000 (3.1%) $627,566 (6.2%) 0.00 220
2018-04-01 $428,975 (3.4%) $622,783 (1.5%) 0.00 250
2018-05-01 $439,925 (1.8%) $644,290 (-2.6%) 0.00 248
2018-06-01 $459,000 (7.1%) $655,047 (4.0%) 0.00 283
2018-07-01 $459,000 (3.2%) $646,173 (5.0%) 0.00 324
2018-08-01 $444,450 (0.4%) $626,404 (4.4%) 0.00 343
2018-09-01 $438,500 (0.8%) $618,977 (3.5%) 0.00 360
2018-10-01 $429,975 (2.4%) $614,022 (5.1%) 0.00 370
2018-11-01 $432,000 (2.9%) $622,463 (9.3%) 0.00 340
2018-12-01 $429,000 (3.4%) $591,618 (3.8%) 0.00 310
2019-01-01 $402,450 (-1.8%) $575,513 (-3.9%) 0.00 298
2019-02-01 $421,975 (4.0%) $576,757 (-3.3%) 0.00 273
2019-03-01 $437,000 (5.3%) $595,588 (-5.1%) 0.00 278
2019-04-01 $449,000 (4.7%) $610,777 (-1.9%) 0.00 294
2019-05-01 $464,950 (5.7%) $626,809 (-2.7%) 0.00 318
2019-06-01 $474,400 (3.4%) $621,861 (-5.1%) 0.00 337
2019-07-01 $487,400 (6.2%) $657,760 (1.8%) 0.00 345
2019-08-01 $484,927 (9.1%) $651,750 (4.1%) 0.00 366
2019-09-01 $484,968 (10.6%) $640,585 (3.5%) 0.00 367
2019-10-01 $487,250 (13.3%) $635,978 (3.6%) 0.00 364
2019-11-01 $495,000 (14.6%) $639,667 (2.8%) 0.00 327
2019-12-01 $481,000 (12.1%) $630,310 (6.5%) 0.00 266
2020-01-01 $477,250 (18.6%) $630,893 (9.6%) 0.00 231
2020-02-01 $486,950 (15.4%) $636,821 (10.4%) 0.00 207
2020-03-01 $499,000 (14.2%) $650,301 (9.2%) 0.00 226
2020-04-01 $499,500 (11.3%) $637,268 (4.3%) 0.00 237
2020-05-01 $525,000 (12.9%) $672,461 (7.3%) 0.00 231
2020-06-01 $528,249 (11.4%) $674,974 (8.5%) 0.00 219
2020-07-01 $543,850 (11.6%) $706,818 (7.5%) 0.00 211
2020-08-01 $582,500 (20.1%) $745,795 (14.4%) 0.00 182
2020-09-01 $567,238 (17.0%) $779,383 (21.7%) 0.00 173
2020-10-01 $549,000 (12.7%) $779,159 (22.5%) 0.00 169
2020-11-01 $591,988 (19.6%) $868,586 (35.8%) 0.00 109
2020-12-01 $587,850 (22.2%) $875,402 (38.9%) 0.00 81
2021-01-01 $575,000 (20.5%) $849,699 (34.7%) 0.00 59
2021-02-01 $574,500 (18.0%) $823,348 (29.3%) 0.00 60
2021-03-01 $580,500 (16.3%) $848,874 (30.5%) 0.00 60
2021-04-01 $599,900 (20.1%) $864,246 (35.6%) 0.00 70
2021-05-01 $599,000 (14.1%) $846,803 (25.9%) 0.00 84
2021-06-01 $625,000 (18.3%) $923,461 (36.8%) 0.00 100
2021-07-01 $625,000 (14.9%) $883,824 (25.0%) 0.00 111
2021-08-01 $601,238 (3.2%) $865,445 (16.0%) 0.00 122
2021-09-01 $627,485 (10.6%) $871,126 (11.8%) 0.00 109
2021-10-01 $599,950 (9.3%) $839,866 (7.8%) 0.00 103
2021-11-01 $678,750 (14.7%) $904,871 (4.2%) 0.00 77
2021-12-01 $602,475 (2.5%) $812,722 (-7.2%) 0.00 63
2022-01-01 $650,000 (13.0%) $813,953 (-4.2%) 0.00 42
2022-02-01 $660,500 (15.0%) $815,813 (-0.9%) 0.00 42
2022-03-01 $712,350 (22.7%) $820,582 (-3.3%) 0.00 51
2022-04-01 $665,000 (10.9%) $799,760 (-7.5%) 0.00 63
2022-05-01 $687,500 (14.8%) $812,072 (-4.1%) 0.00 126
2022-06-01 $713,000 (14.1%) $852,964 (-7.6%) 0.00 175
2022-07-01 $699,000 (11.8%) $870,180 (-1.5%) 0.00 231
2022-08-01 $756,988 (25.9%) $927,310 (7.2%) 0.00 229
2022-09-01 $750,000 (19.5%) $940,895 (8.0%) 0.00 226
2022-10-01 $704,500 (17.4%) $909,810 (8.3%) 0.00 229
2022-11-01 $674,923 (-0.6%) $867,519 (-4.1%) 0.00 225
2022-12-01 $650,000 (7.9%) $860,921 (5.9%) 0.00 176
2023-01-01 $638,225 (-1.8%) $840,978 (3.3%) 0.00 155
2023-02-01 $658,000 (-0.4%) $833,354 (2.2%) 0.00 133
2023-03-01 $693,475 (-2.7%) $915,891 (11.6%) 0.00 133
2023-04-01 $712,475 (7.1%) $998,916 (24.9%) 0.00 148
2023-05-01 $799,250 (16.3%) $1,042,486 (28.4%) 0.00 178
2023-06-01 $797,000 (11.8%) $1,057,236 (24.0%) 0.00 193
2023-07-01 $750,000 (7.3%) $1,022,061 (17.5%) 0.00 202
2023-08-01 $744,975 (-1.6%) $991,910 (7.0%) 0.00 203
2023-09-01 $749,450 (-0.1%) $951,454 (1.1%) 0.00 209
2023-10-01 $742,250 (5.4%) $937,959 (3.1%) 0.00 200
2023-11-01 $693,000 (2.7%) $885,347 (2.1%) 0.00 204
2023-12-01 $680,000 (4.6%) $874,132 (1.5%) 0.00 162
2024-01-01 $708,500 (11.0%) $879,363 (4.6%) 0.00 136
2024-02-01 $715,975 (8.8%) $931,637 (11.8%) 0.00 140
2024-03-01 $765,000 (10.3%) $975,416 (6.5%) 0.00 148
2024-04-01 $809,500 (13.6%) $958,463 (-4.1%) 0.00 222
Oak Harbor's median listing price for 2024-04-01 was $809,500, a difference of $97,025 (13.6%) versus the prior year and $44,500 versus the prior month.

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

Oak Harbor's average listing price for 2024-04-01 was $958,463, a difference of $-40,453 (-4.1%) versus the prior year and $-16,953 versus the prior month.

For the 2024-04-01 period, Oak Harbor had 222 MLS listings, a difference of 74 listings (50%) versus the prior month and 74 listings (50%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Oak Harbor (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,942 sqft
2018-02-01 0 days 2,007 sqft
2018-03-01 0 days 1,993 sqft
2018-04-01 0 days 2,026 sqft
2018-05-01 0 days 2,015 sqft
2018-06-01 0 days 2,039 sqft
2018-07-01 0 days 2,062 sqft
2018-08-01 0 days 2,016 sqft
2018-09-01 0 days 1,965 sqft
2018-10-01 0 days 1,943 sqft
2018-11-01 0 days 1,953 sqft
2018-12-01 0 days 1,865 sqft
2019-01-01 0 days 1,798 sqft
2019-02-01 0 days 1,808 sqft
2019-03-01 0 days 1,822 sqft
2019-04-01 0 days 1,864 sqft
2019-05-01 0 days 1,935 sqft
2019-06-01 0 days 1,972 sqft
2019-07-01 0 days 1,988 sqft
2019-08-01 0 days 1,969 sqft
2019-09-01 0 days 1,961 sqft
2019-10-01 0 days 1,956 sqft
2019-11-01 0 days 1,955 sqft
2019-12-01 0 days 1,862 sqft
2020-01-01 0 days 1,879 sqft
2020-02-01 0 days 1,897 sqft
2020-03-01 0 days 1,895 sqft
2020-04-01 0 days 1,937 sqft
2020-05-01 0 days 1,963 sqft
2020-06-01 0 days 1,874 sqft
2020-07-01 0 days 1,935 sqft
2020-08-01 0 days 1,970 sqft
2020-09-01 0 days 1,960 sqft
2020-10-01 0 days 1,964 sqft
2020-11-01 0 days 2,068 sqft
2020-12-01 0 days 1,979 sqft
2021-01-01 0 days 2,051 sqft
2021-02-01 0 days 1,984 sqft
2021-03-01 0 days 1,978 sqft
2021-04-01 0 days 2,019 sqft
2021-05-01 0 days 1,891 sqft
2021-06-01 0 days 1,927 sqft
2021-07-01 0 days 2,040 sqft
2021-08-01 0 days 1,962 sqft
2021-09-01 0 days 1,998 sqft
2021-10-01 0 days 2,007 sqft
2021-11-01 0 days 2,057 sqft
2021-12-01 0 days 1,941 sqft
2022-01-01 0 days 2,064 sqft
2022-02-01 0 days 1,973 sqft
2022-03-01 0 days 1,933 sqft
2022-04-01 0 days 1,843 sqft
2022-05-01 0 days 1,736 sqft
2022-06-01 0 days 1,896 sqft
2022-07-01 0 days 1,920 sqft
2022-08-01 0 days 1,963 sqft
2022-09-01 0 days 1,991 sqft
2022-10-01 0 days 1,928 sqft
2022-11-01 0 days 1,890 sqft
2022-12-01 0 days 1,904 sqft
2023-01-01 0 days 1,850 sqft
2023-02-01 0 days 1,930 sqft
2023-03-01 0 days 2,043 sqft
2023-04-01 0 days 2,096 sqft
2023-05-01 0 days 2,024 sqft
2023-06-01 0 days 2,033 sqft
2023-07-01 0 days 2,021 sqft
2023-08-01 0 days 1,980 sqft
2023-09-01 0 days 1,987 sqft
2023-10-01 0 days 1,981 sqft
2023-11-01 0 days 1,915 sqft
2023-12-01 0 days 1,950 sqft
2024-01-01 0 days 2,010 sqft
2024-02-01 0 days 1,992 sqft
2024-03-01 0 days 2,011 sqft
2024-04-01 0 days 2,025 sqft
Oak Harbor's median listing age (time on market) for 2024-04-01 was 0 days.

Oak Harbor's median square footage for active listings during the 2024-04-01 period was 2,025 sqft. One year prior, the average listing was 2,096 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).