Olympia FHA Loan Rates, Closing Costs & Stats

OLYMPIA-LACEY-TUMWATER, 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.

    Olympia's 91 lenders originated 703 FHA loans during 2022. The total origination value was $248,665,000, with an average FHA loan value of $353,720.

    Olympia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Olympia averaged 6.38% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Olympia's average FHA mortgage closing costs are $9,765.

    The average rate for the prior week (2023-05-19) was 6.25% and one month ago for the week of 2023-04-21, the average rate was 6.1%.

    The average rate one year ago was 4.81%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.2%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 79 5.45% $14,114
    ACADEMY MORTGAGE CORPORATION 34 4.77% $16,646
    CALIBER HOME LOANS, INC. 33 4.72% $13,084
    QUICKEN LOANS, LLC 32 4.29% $14,134
    CROSSCOUNTRY MORTGAGE, LLC 25 5.42% $15,630
    UNITED WHOLESALE MORTGAGE, LLC 23 4.73% $13,847
    MOVEMENT MORTGAGE, LLC 23 5.23% $16,514
    GUILD MORTGAGE COMPANY 22 5.74% $14,514
    BAY EQUITY LLC 20 5.54% $16,097
    LOANDEPOT.COM, LLC 15 4.51% $14,332
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 14 5.83% $13,942
    Carrington Mortgage Services, LLC 13 4.91% $14,919
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 4.79% $15,805
    Paramount Residential Mortgage Group, Inc. 12 5.40% $14,768
    BROKER SOLUTIONS, INC. 10 5.36% $14,996
    AMERISAVE MORTGAGE CORPORATION 8 4.78% $17,217
    Hometown Lenders, Inc. 7 4.96% $13,929
    First Home Bank 6 5.21% $13,570
    Flagstar Bank, FSB 6 5.21% $14,405
    Mr. Cooper ( Nationstar Mortgage ) 6 4.00% $11,483
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 5.00% $16,150
    HomeStreet Bank 5 4.88% $12,524
    LAKEVIEW LOAN SERVICING, LLC 5 3.38% $8,482
    LEADERONE FINANCIAL CORPORATION 5 5.73% $12,752
    T2 FINANCIAL LLC 5 4.88% $15,246
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 5.00% $14,661
    FREEDOM MORTGAGE CORPORATION 5 5.03% $11,956
    PENNYMAC LOAN SERVICES, LLC 4 3.87% $13,465
    AMERICAN FINANCIAL RESOURCES, INC. 4 3.78% $15,794
    CARDINAL FINANCIAL 4 4.25% $20,237
    RANLIFE, INC. 4 4.44% $11,142
    1st Security Bank of Washington 4 5.28% $13,497
    MID AMERICA MORTGAGE, INC. 4 4.31% $5,461
    INSPIRE HOME LOANS INC. 4 4.75% $15,331
    GUARANTEED RATE, INC. 4 4.99% $11,116
    HOME POINT FINANCIAL CORPORATION 3 4.42% $14,240
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.75% $13,009
    NFM, INC. 3 4.92% $18,466
    PLANET HOME LENDING, LLC 3 4.58% $12,942
    NEWREZ LLC 3 4.75% $12,636
    Alaska USA Mortgage Company LLC 3 4.88% $12,416
    FINANCE OF AMERICA MORTGAGE LLC 3 6.08% $14,086
    AXIA FINANCIAL, LLC 3 4.88% $14,209
    SUMMIT FUNDING, INC. 2 4.63% $17,225
    AMERICAN FINANCING CORPORATION 2 2.94% $11,120
    CALCON MUTUAL MORTGAGE LLC 2 5.94% $16,912
    CMG MORTGAGE, INC. 2 5.56% $16,218
    CORNERSTONE HOME LENDING, INC. 2 6.31% $14,255
    DIRECTORS MORTGAGE, INC. 2 4.81% $17,917
    ENVOY MORTGAGE, LTD 2 6.25% $16,714
    EVERETT FINANCIAL, INC. 2 6.06% $9,248
    MANN FINANCIAL INC. 2 5.88% $15,944
    Mortgage Research Center, LLC 2 5.38% $13,767
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.25% $24,565
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.19% $15,108
    NETWORK CAPITAL FUNDING CORPORATION 2 4.56% $18,303
    PLAZA HOME MORTGAGE, INC. 2 4.31% $13,964
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 5.44% $12,509
    SOUTHWEST STAGE FUNDING, LLC 2 5.00% $9,875
    SUN WEST MORTGAGE COMPANY, INC. 2 4.56% $16,776
    Wallick & Volk, Inc. 2 4.63% $11,635
    TOWNE MORTGAGE COMPANY 1 3.99% $13,813
    Umpqua Bank 1 3.88% $13,459
    GENEVA FINANCIAL, LLC 1 5.63% $13,938
    Equity Prime Mortgage LLC 1 5.88% $6,661
    ON Q FINANCIAL, INC. 1 6.50% $13,125
    EAGLE HOME MORTGAGE, LLC 1 3.63% $11,744
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 5.63% $14,208
    Credence Funding Corporation 1 5.38% $13,079
    Amerifirst Financial, Inc. 1 5.00% $29,977
    VERITAS FUNDING, LLC 1 4.63% $11,016
    CONTOUR MORTGAGE CORPORATION 1 4.50% $17,434
    CITYWIDE HOME LOANS, LLC 1 6.25% $24,526
    PRIORITY HOME LENDING, LLC 1 6.25% $10,567
    BECKAM FUNDING CORP. 1 4.38% $14,556
    Barrington Bank & Trust Company, N.A. 1 5.75% $21,385
    RELIANCE FIRST CAPITAL, LLC 1 4.00% $17,570
    ZILLOW HOME LOANS, LLC 1 2.50% $10,123
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.63% $11,696
    Bank of the Pacific 1 4.63% $11,252
    SUMMIT MORTGAGE CORPORATION 1 4.99% $13,153
    Lakeview Community Capital, LLC 1 4.63% $11,740
    LOANPAL, LLC 1 5.00% $17,977
    Willamette Valley Bank 1 5.25% $18,506
    HOME FUNDING CORPORATION 1 5.13% $24,095
    MLD MORTGAGE INC. 1 5.00% $13,654
    MORTGAGE MASTER SERVICE CORPORATION 1 4.75% $20,669
    Austin Capital Bank SSB 1 5.63% $12,868
    TJC Mortgage, Inc. 1 4.50% $25,376
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $11,017
    Goldwater Bank, N.A. 1 4.63% $12,259

    The top Olympia FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 79 FHA loans originated. Their average total fees are $14,114, which is $2,531 lower than the next largest lender, ACADEMY MORTGAGE CORPORATION.

    The lowest fee Olympia FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($13,084), UNITED WHOLESALE MORTGAGE, LLC ($13,847), EVERGREEN MONEYSOURCE MORTGAGE COMPANY ($13,942), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($14,114) and QUICKEN LOANS, LLC ($14,134).

    The lowest rate Olympia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.29%), LOANDEPOT.COM, LLC (4.51%), CALIBER HOME LOANS, INC. (4.72%), UNITED WHOLESALE MORTGAGE, LLC (4.73%) and ACADEMY MORTGAGE CORPORATION (4.77%).

    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
    OLYMPIA-LACEY-TUMWATER, WA THURSTON 2023 $546,250 $699,300 $845,300 $1,050,500

    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%) 1.29 687
    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 $399,950 (12.7%) $474,098 (12.5%) 1.33 451
    2019-04-01 $419,995 (13.1%) $515,885 (20.9%) 1.33 442
    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 $419,000 (11.7%) $529,807 (20.3%) 1.31 526
    2019-09-01 $414,950 (10.7%) $518,167 (16.3%) 1.31 530
    2019-10-01 $398,970 (5.0%) $490,112 (9.5%) 1.29 611
    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%) 1.28 354
    2020-03-01 $379,499 (-5.1%) $488,225 (3.0%) 1.19 406
    2020-04-01 $397,000 (-5.5%) $496,620 (-3.7%) 1.24 427
    2020-05-01 $409,900 (1.7%) $511,917 (1.9%) 1.25 441
    2020-06-01 $406,225 (1.6%) $514,133 (3.1%) 1.20 421
    2020-07-01 $399,800 (-0.5%) $509,681 (2.2%) 1.16 422
    2020-08-01 $405,000 (-3.3%) $527,675 (-0.4%) 1.16 408
    2020-09-01 $417,500 (0.6%) $541,091 (4.4%) 1.20 390
    2020-10-01 $414,950 (4.0%) $542,562 (10.7%) 1.19 376
    2020-11-01 $449,950 (13.3%) $622,000 (27.1%) 1.32 198
    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 (24.7%) 1.23 170
    2021-04-01 $447,463 (12.7%) $585,324 (17.9%) 1.21 187
    2021-05-01 $462,500 (12.8%) $592,604 (15.8%) 1.23 228
    2021-06-01 $479,495 (18.0%) $591,387 (15.0%) 1.26 240
    2021-07-01 $470,000 (17.6%) $580,832 (14.0%) 1.24 259
    2021-08-01 $487,250 (20.3%) $580,804 (10.1%) 1.30 303
    2021-09-01 $497,000 (19.0%) $588,718 (8.8%) 1.33 293
    2021-10-01 $490,000 (18.1%) $585,659 (7.9%) 1.31 296
    2021-11-01 $492,450 (9.5%) $591,108 (-5.0%) 1.32 217
    2021-12-01 $493,500 (12.2%) $601,189 (-6.9%) 1.34 179
    2022-01-01 $489,999 (5.8%) $595,582 (-8.7%) 1.32 123
    2022-02-01 $506,988 (12.8%) $621,090 (-2.0%) 1.32 129
    2022-03-01 $499,950 (15.1%) $624,714 (2.6%) 1.25 134
    2022-04-01 $519,990 (16.2%) $634,480 (8.4%) 1.24 181
    2022-05-01 $549,575 (18.8%) $660,430 (11.5%) 1.26 277
    2022-06-01 $548,700 (14.4%) $664,153 (12.3%) 1.22 392
    2022-07-01 $549,000 (16.8%) $648,460 (11.6%) 1.24 525
    2022-08-01 $548,425 (12.6%) $643,111 (10.7%) 1.27 566
    2022-09-01 $542,495 (9.2%) $629,446 (6.9%) 1.27 534
    2022-10-01 $549,975 (12.2%) $630,326 (7.6%) 1.29 515
    2022-11-01 $536,575 (9.0%) $627,881 (6.2%) 1.29 506
    2022-12-01 $545,000 (10.4%) $627,715 (4.4%) 1.35 460
    2023-01-01 $548,500 (11.9%) $682,794 (14.6%) 1.36 378
    2023-02-01 $537,485 (6.0%) $684,838 (10.3%) 1.30 298
    2023-03-01 $535,738 (7.2%) $696,836 (11.5%) 1.26 264
    2023-04-01 $554,990 (6.7%) $726,605 (14.5%) 1.29 240
    Olympia's median listing price for 2023-04-01 was $554,990, a difference of $35,000 (6.7%) versus the prior year and $19,252 versus the prior month.

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

    Olympia's average listing price for 2023-04-01 was $726,605, a difference of $92,125 (14.5%) versus the prior year and $29,769 versus the prior month.

    For the 2023-04-01 period, Olympia had 240 MLS listings, a difference of -24 listings (-9%) versus the prior month and 59 listings (33%) 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 2,115 sqft
    2018-03-01 36 days 2,137 sqft
    2018-04-01 33 days 2,180 sqft
    2018-05-01 28 days 2,200 sqft
    2018-06-01 33 days 2,218 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 2,170 sqft
    2018-11-01 51 days 2,189 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 2,194 sqft
    2019-04-01 31 days 2,266 sqft
    2019-05-01 29 days 2,171 sqft
    2019-06-01 31 days 2,160 sqft
    2019-07-01 35 days 2,155 sqft
    2019-08-01 45 days 2,152 sqft
    2019-09-01 48 days 2,131 sqft
    2019-10-01 48 days 2,026 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 1,890 sqft
    2020-04-01 36 days 1,923 sqft
    2020-05-01 40 days 1,980 sqft
    2020-06-01 37 days 2,017 sqft
    2020-07-01 29 days 1,992 sqft
    2020-08-01 30 days 2,003 sqft
    2020-09-01 31 days 2,014 sqft
    2020-10-01 35 days 1,948 sqft
    2020-11-01 44 days 2,027 sqft
    2020-12-01 44 days 1,943 sqft
    2021-01-01 46 days 1,960 sqft
    2021-02-01 37 days 1,894 sqft
    2021-03-01 30 days 1,827 sqft
    2021-04-01 32 days 1,836 sqft
    2021-05-01 16 days 1,862 sqft
    2021-06-01 16 days 1,937 sqft
    2021-07-01 25 days 1,951 sqft
    2021-08-01 19 days 2,026 sqft
    2021-09-01 29 days 2,027 sqft
    2021-10-01 29 days 1,908 sqft
    2021-11-01 36 days 1,855 sqft
    2021-12-01 38 days 1,910 sqft
    2022-01-01 38 days 1,855 sqft
    2022-02-01 21 days 1,907 sqft
    2022-03-01 26 days 1,888 sqft
    2022-04-01 16 days 1,950 sqft
    2022-05-01 16 days 1,978 sqft
    2022-06-01 18 days 2,035 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
    2022-12-01 60 days 2,003 sqft
    2023-01-01 70 days 2,062 sqft
    2023-02-01 70 days 2,034 sqft
    2023-03-01 49 days 2,130 sqft
    2023-04-01 35 days 2,155 sqft
    Olympia's median listing age (time on market) for 2023-04-01 was 35 days. This is 119% longer than the same period one year ago.

    Olympia's median square footage for active listings during the 2023-04-01 period was 2,155 sqft. One year prior, the average listing was 1,950 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).