Olympia FHA Loan Rates, Closing Costs & Stats

OLYMPIA-LACEY-TUMWATER, 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.

Olympia's 109 lenders originated 1,146 FHA loans during 2021. The total origination value was $356,580,000, with an average FHA loan value of $311,152.

Olympia FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Olympia averaged 6.26% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Olympia's average FHA mortgage closing costs are $9,029.

The average rate for the prior week (2022-11-25) was 6.58% and one month ago for the week of 2022-10-28, the average rate was 6.52%.

The average rate one year ago was 3.35%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.07%.

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

Olympia 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 Olympia level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 108 3.42% $11,437
QUICKEN LOANS, LLC 73 2.58% $8,317
CALIBER HOME LOANS, INC. 54 3.02% $10,299
GUILD MORTGAGE COMPANY 53 3.11% $11,372
ACADEMY MORTGAGE CORPORATION 44 3.10% $12,594
MOVEMENT MORTGAGE, LLC 41 3.35% $10,266
LAKEVIEW LOAN SERVICING, LLC 32 2.86% $5,348
FREEDOM MORTGAGE CORPORATION 22 2.73% $5,964
Carrington Mortgage Services, LLC 20 3.05% $9,277
Paramount Residential Mortgage Group, Inc. 19 3.17% $10,785
BAY EQUITY LLC 18 3.21% $12,601
PENNYMAC LOAN SERVICES, LLC 18 2.88% $7,305
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 17 3.29% $12,183
FINANCE OF AMERICA MORTGAGE LLC 16 3.23% $11,969
AXIA FINANCIAL, LLC 16 3.39% $11,659
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 3.67% $11,100
UNITED WHOLESALE MORTGAGE, LLC 15 2.62% $10,135
LOANDEPOT.COM, LLC 15 3.17% $11,533
HomeStreet Bank 14 2.82% $9,904
MID AMERICA MORTGAGE, INC. 13 3.02% $4,578
CROSSCOUNTRY MORTGAGE, LLC 13 3.28% $11,197
Mr. Cooper ( Nationstar Mortgage ) 12 3.39% $5,768
AMERICAN PACIFIC MORTGAGE CORPORATION 12 3.02% $11,390
PREMIER MORTGAGE RESOURCES, L.L.C. 12 3.38% $12,417
HOME POINT FINANCIAL CORPORATION 9 2.67% $9,690
INSPIRE HOME LOANS INC. 9 3.47% $11,668
BROKER SOLUTIONS, INC. 9 3.25% $10,743
PLANET HOME LENDING, LLC 8 2.95% $7,252
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 3.25% $8,545
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.70% $8,573
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 3.31% $12,135
Lakeview Community Capital, LLC 6 3.00% $5,317
NEWREZ LLC 6 3.00% $6,617
Nations Lending Corporation 6 3.10% $13,610
MUTUAL OF OMAHA MORTGAGE, INC. 5 3.23% $11,509
Wallick & Volk, Inc. 5 3.43% $8,385
Alaska USA Mortgage Company LLC 4 3.28% $10,524
LEADERONE FINANCIAL CORPORATION 4 3.13% $11,924
1st Security Bank of Washington 4 3.41% $11,324
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.63% $10,379
The Federal Savings Bank 4 2.41% $12,801
AMERISAVE MORTGAGE CORPORATION 4 3.00% $9,037
First Guaranty Mortgage Corporation 4 3.03% $8,056
Alaska USA Federal Credit Union 4 3.28% $10,524
Hometown Lenders, Inc. 3 2.88% $11,021
AMERICAN FINANCIAL RESOURCES, INC. 3 2.75% $8,812
SUMMIT FUNDING, INC. 3 3.21% $12,256
SUN WEST MORTGAGE COMPANY, INC. 3 3.00% $15,095
VILLAGE CAPITAL MORTGAGE 3 2.54% $2,461
AmeriHome Mortgage Company, LLC 3 3.54% $5,857
INTERNATIONAL CITY MORTGAGE, INC. 3 3.25% $11,121
CMG MORTGAGE, INC. 3 2.91% $12,102
NATIONS DIRECT MORTGAGE, LLC 2 2.31% $8,561
PRIORITY HOME LENDING, LLC 2 3.00% $11,325
Flagstar Bank, FSB 2 2.63% $15,394
CORNERSTONE HOME LENDING, INC. 2 3.75% $7,889
Banner Bank 2 2.56% $10,762
VERITAS FUNDING, LLC 2 3.50% $12,170
MANN FINANCIAL INC. 2 3.25% $13,625
AMERICAN FINANCIAL NETWORK, INC. 2 3.19% $16,326
CHURCHILL MORTGAGE CORPORATION 2 2.81% $12,437
Umpqua Bank 2 3.38% $9,917
MORTGAGE MASTER SERVICE CORPORATION 2 3.88% $10,476
SUMMIT MORTGAGE CORPORATION 2 3.13% $11,914
MLD MORTGAGE INC. 2 3.63% $9,358
SOVEREIGN LENDING GROUP INCORPORATED 2 3.00% $9,476
GUARANTEED RATE, INC. 2 2.69% $12,999
Goldwater Bank, N.A. 2 3.31% $10,316
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 2.75% $12,418
Willamette Valley Bank 1 2.63% $10,986
Amerifirst Financial, Inc. 1 3.75% $6,586
ARC HOME LLC 1 2.63% $9,307
Austin Capital Bank SSB 1 2.63% $9,498
Bank of America 1 3.25% $10,381
BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $11,346
BECKAM FUNDING CORP. 1 4.25% $15,854
BKCO MORTGAGE, LLC 1 2.75% $9,437
CELEBRITY HOME LOANS, LLC 1 3.00% $8,546
CHERRY CREEK MORTGAGE, LLC 1 2.75% $9,558
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.88% $8,004
Colonial Savings, F.A. 1 3.38% $8,548
Commerce Home Mortgage, Inc. 1 4.75% $6,666
DIRECTORS MORTGAGE, INC. 1 2.88% $14,497
ENVOY MORTGAGE, LTD 1 2.75% $11,249
Equity Prime Mortgage LLC 1 2.88% $5,658
EVERETT FINANCIAL, INC. 1 3.38% $7,694
FAY SERVICING, LLC 1 3.00% $10,071
FIRST CONTINENTAL MORTGAGE, LTD. 1 3.63% $14,381
First Home Bank 1 2.88% $13,463
GENEVA FINANCIAL, LLC 1 2.63% $10,160
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 2.63% $12,831
HOMEAMERICAN MORTGAGE CORPORATION 1 2.88% $7,104
HOME FUNDING CORPORATION 1 2.88% $13,554
KBHS HOME LOANS, LLC 1 2.38% $11,413
KeyBank 1 2.75% $13,329
LOANLEADERS OF AMERICA, INC. 1 3.25% $13,430
LPMC, LLC 1 2.88% $7,510
MEMBER FIRST MORTGAGE, LLC 1 2.88% $10,786
ML Mortgage Corp. 1 2.63% $8,922
Mortgage Research Center, LLC 1 2.50% $7,985
M&T Bank 1 2.75% $9,499
NFM, INC. 1 3.00% $7,537
Prosperity Home Mortgage, LLC 1 3.75% $10,516
RANLIFE, INC. 1 2.88% $7,976
Stifel Bank and Trust 1 2.88% $5,004
Strong Home Mortgage, LLC 1 2.88% $6,755
T2 FINANCIAL LLC 1 2.88% $9,991
TOP FLITE FINANCIAL, INC. 1 3.38% $21,129
VISION ONE MORTGAGE, INC. 1 3.13% $8,380

The top Olympia FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 108 FHA loans originated. Their average total fees are $11,437, which is $3,120 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Olympia FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,578), LAKEVIEW LOAN SERVICING, LLC ($5,348), Mr. Cooper ( Nationstar Mortgage ) ($5,768), FREEDOM MORTGAGE CORPORATION ($5,964) and PENNYMAC LOAN SERVICES, LLC ($7,305).

The lowest rate Olympia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.58%), UNITED WHOLESALE MORTGAGE, LLC (2.62%), FREEDOM MORTGAGE CORPORATION (2.73%), HomeStreet Bank (2.82%) and LAKEVIEW LOAN SERVICING, LLC (2.86%).

Olympia FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
OLYMPIA-LACEY-TUMWATER, WA THURSTON 2022 $477,250 $610,950 $738,500 $917,800

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Olympia (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 $350,623 (16.9%) $392,804 (11.9%) 1.30 376
2018-02-01 $359,974 (10.8%) $408,362 (11.7%) 1.31 370
2018-03-01 $355,000 (5.5%) $421,434 (13.4%) 1.25 366
2018-04-01 $371,250 (9.9%) $426,566 (11.2%) 1.26 409
2018-05-01 $386,500 (13.9%) $434,459 (9.5%) 1.29 482
2018-06-01 $379,950 (12.6%) $437,918 (10.3%) 1.27 572
2018-07-01 $372,493 (14.6%) $426,657 (9.3%) 1.24 623
2018-08-01 $374,990 (18.5%) $440,458 (15.4%) 1.26 694
2018-09-01 $375,000 (16.5%) $445,474 (14.8%) 1.26 715
2018-10-01 $379,925 (13.9%) $447,496 (13.3%) 1.28 687
2018-11-01 $387,475 (14.1%) $452,453 (14.9%) 1.31 609
2018-12-01 $389,000 (11.3%) $447,883 (15.2%) 1.34 571
2019-01-01 $387,448 (10.5%) $461,031 (17.4%) 1.34 494
2019-02-01 $390,858 (8.6%) $469,921 (15.1%) 1.32 446
2019-03-01 $402,849 (13.5%) $489,587 (16.2%) 1.32 445
2019-04-01 $419,995 (13.1%) $514,829 (20.7%) 1.33 451
2019-05-01 $403,236 (4.3%) $502,176 (15.6%) 1.26 487
2019-06-01 $399,900 (5.3%) $498,602 (13.9%) 1.25 532
2019-07-01 $401,925 (7.9%) $498,757 (16.9%) 1.26 553
2019-08-01 $399,655 (6.6%) $496,258 (12.7%) 1.27 564
2019-09-01 $399,286 (6.5%) $494,038 (10.9%) 1.28 588
2019-10-01 $399,000 (5.0%) $491,271 (9.8%) 1.29 603
2019-11-01 $397,000 (2.5%) $489,387 (8.2%) 1.30 555
2019-12-01 $396,625 (2.0%) $498,512 (11.3%) 1.32 404
2020-01-01 $404,475 (4.4%) $521,194 (13.1%) 1.35 325
2020-02-01 $389,425 (-0.4%) $495,222 (5.4%) 1.27 354
2020-03-01 $379,500 (-5.8%) $488,542 (-0.2%) 1.19 405
2020-04-01 $397,000 (-5.5%) $496,947 (-3.5%) 1.24 426
2020-05-01 $409,900 (1.7%) $512,276 (2.0%) 1.25 440
2020-06-01 $407,500 (1.9%) $514,485 (3.2%) 1.20 420
2020-07-01 $399,900 (-0.5%) $510,022 (2.3%) 1.16 421
2020-08-01 $405,000 (1.3%) $527,675 (6.3%) 1.16 407
2020-09-01 $417,500 (4.6%) $541,091 (9.5%) 1.20 390
2020-10-01 $414,950 (4.0%) $542,562 (10.4%) 1.19 376
2020-11-01 $449,950 (13.3%) $622,000 (27.1%) 1.31 198
2020-12-01 $439,969 (10.9%) $645,786 (29.5%) 1.31 176
2021-01-01 $463,000 (14.5%) $652,206 (25.1%) 1.38 159
2021-02-01 $449,500 (15.4%) $634,027 (28.0%) 1.31 143
2021-03-01 $434,350 (14.5%) $608,676 (24.6%) 1.23 170
2021-04-01 $447,463 (12.7%) $580,116 (16.7%) 1.21 187
2021-05-01 $460,000 (12.2%) $582,502 (13.7%) 1.22 227
2021-06-01 $478,873 (17.5%) $584,264 (13.6%) 1.26 239
2021-07-01 $470,000 (17.5%) $573,403 (12.4%) 1.24 258
2021-08-01 $485,875 (20.0%) $574,322 (8.8%) 1.30 302
2021-09-01 $496,950 (19.0%) $581,988 (7.6%) 1.33 292
2021-10-01 $490,000 (18.1%) $578,699 (6.7%) 1.31 295
2021-11-01 $492,450 (9.5%) $582,537 (-6.3%) 1.32 216
2021-12-01 $493,000 (12.1%) $591,708 (-8.4%) 1.34 178
2022-01-01 $489,975 (5.8%) $581,196 (-10.9%) 1.32 122
2022-02-01 $504,725 (12.3%) $606,532 (-4.3%) 1.31 128
2022-03-01 $499,725 (15.1%) $611,815 (0.5%) 1.25 133
2022-04-01 $519,950 (16.2%) $625,881 (7.9%) 1.24 180
2022-05-01 $549,225 (19.4%) $652,408 (12.0%) 1.26 276
2022-06-01 $548,700 (14.6%) $657,849 (12.6%) 1.22 391
2022-07-01 $549,000 (16.8%) $648,460 (13.1%) 1.24 525
2022-08-01 $548,436 (12.9%) $643,238 (12.0%) 1.27 566
2022-09-01 $542,495 (9.2%) $629,446 (8.2%) 1.27 534
2022-10-01 $549,975 (12.2%) $630,326 (8.9%) 1.29 515
2022-11-01 $536,575 (9.0%) $627,881 (7.8%) 1.29 506
Olympia's median listing price for 2022-11-01 was $536,575, a difference of $44,125 (9.0%) versus the prior year and $-13,400 versus the prior month.

Olympia's median listing price comes in at 129% of the national average.

Olympia's average listing price for 2022-11-01 was $627,881, a difference of $45,344 (7.8%) versus the prior year and $-2,445 versus the prior month.

For the 2022-11-01 period, Olympia had 506 MLS listings, a difference of -9 listings (-2%) versus the prior month and 290 listings (134%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Olympia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 66 days 2,085 sqft
2018-02-01 46 days 2,113 sqft
2018-03-01 36 days 2,136 sqft
2018-04-01 33 days 2,173 sqft
2018-05-01 28 days 2,200 sqft
2018-06-01 33 days 2,215 sqft
2018-07-01 32 days 2,198 sqft
2018-08-01 35 days 2,204 sqft
2018-09-01 42 days 2,152 sqft
2018-10-01 44 days 2,167 sqft
2018-11-01 51 days 2,188 sqft
2018-12-01 64 days 2,175 sqft
2019-01-01 67 days 2,151 sqft
2019-02-01 63 days 2,163 sqft
2019-03-01 46 days 2,208 sqft
2019-04-01 32 days 2,258 sqft
2019-05-01 29 days 2,170 sqft
2019-06-01 31 days 2,160 sqft
2019-07-01 35 days 2,155 sqft
2019-08-01 39 days 2,096 sqft
2019-09-01 44 days 2,085 sqft
2019-10-01 48 days 2,056 sqft
2019-11-01 54 days 2,033 sqft
2019-12-01 56 days 2,010 sqft
2020-01-01 61 days 2,012 sqft
2020-02-01 35 days 1,972 sqft
2020-03-01 30 days 1,886 sqft
2020-04-01 36 days 1,926 sqft
2020-05-01 40 days 1,983 sqft
2020-06-01 36 days 2,021 sqft
2020-07-01 29 days 1,997 sqft
2020-08-01 30 days 2,008 sqft
2020-09-01 31 days 2,014 sqft
2020-10-01 35 days 1,942 sqft
2020-11-01 44 days 2,027 sqft
2020-12-01 44 days 1,943 sqft
2021-01-01 46 days 1,970 sqft
2021-02-01 37 days 1,900 sqft
2021-03-01 30 days 1,830 sqft
2021-04-01 32 days 1,836 sqft
2021-05-01 16 days 1,861 sqft
2021-06-01 16 days 1,927 sqft
2021-07-01 24 days 1,951 sqft
2021-08-01 19 days 2,023 sqft
2021-09-01 29 days 2,025 sqft
2021-10-01 29 days 1,905 sqft
2021-11-01 36 days 1,854 sqft
2021-12-01 38 days 1,905 sqft
2022-01-01 38 days 1,850 sqft
2022-02-01 20 days 1,905 sqft
2022-03-01 26 days 1,885 sqft
2022-04-01 16 days 1,946 sqft
2022-05-01 16 days 1,973 sqft
2022-06-01 17 days 2,031 sqft
2022-07-01 26 days 2,024 sqft
2022-08-01 35 days 2,022 sqft
2022-09-01 40 days 2,028 sqft
2022-10-01 44 days 2,055 sqft
2022-11-01 49 days 2,004 sqft
Olympia's median listing age (time on market) for 2022-11-01 was 49 days. This is 37% longer than the same period one year ago.

Olympia's median square footage for active listings during the 2022-11-01 period was 2,004 sqft. One year prior, the average listing was 1,854 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).