Olympia FHA Loans

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 5.24% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.05% and one month ago for the week of 2022-04-15, the average rate was 4.74%.

The average rate one year ago was 3.01%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.05%.

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 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. Total Fees
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
UNITED WHOLESALE MORTGAGE, LLC 15 2.62% $10,135
LOANDEPOT.COM, LLC 15 3.17% $11,533
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 3.67% $11,100
HomeStreet Bank 14 2.82% $9,904
CROSSCOUNTRY MORTGAGE, LLC 13 3.28% $11,197
MID AMERICA MORTGAGE, INC. 13 3.02% $4,578
Mr. Cooper ( Nationstar Mortgage ) 12 3.39% $5,768
PREMIER MORTGAGE RESOURCES, L.L.C. 12 3.38% $12,417
AMERICAN PACIFIC MORTGAGE CORPORATION 12 3.02% $11,390
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
Lakeview Community Capital, LLC 6 3.00% $5,317
NEWREZ LLC 6 3.00% $6,617
Nations Lending Corporation 6 3.10% $13,610
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 3.31% $12,135
MUTUAL OF OMAHA MORTGAGE, INC. 5 3.23% $11,509
Wallick & Volk, Inc. 5 3.43% $8,385
First Guaranty Mortgage Corporation 4 3.03% $8,056
LEADERONE FINANCIAL CORPORATION 4 3.13% $11,924
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.63% $10,379
The Federal Savings Bank 4 2.41% $12,801
Alaska USA Mortgage Company LLC 4 3.28% $10,524
AMERISAVE MORTGAGE CORPORATION 4 3.00% $9,037
Alaska USA Federal Credit Union 4 3.28% $10,524
1st Security Bank of Washington 4 3.41% $11,324
INTERNATIONAL CITY MORTGAGE, INC. 3 3.25% $11,121
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 & INVESTMENT LLC 3 2.54% $2,461
AmeriHome Mortgage Company, LLC 3 3.54% $5,857
Hometown Lenders, Inc. 3 2.88% $11,021
CMG MORTGAGE, INC. 3 2.91% $12,102
NATIONS DIRECT MORTGAGE, LLC 2 2.31% $8,561
Banner Bank 2 2.56% $10,762
Flagstar Bank, FSB 2 2.63% $15,394
MORTGAGE MASTER SERVICE CORPORATION 2 3.88% $10,476
MANN FINANCIAL INC. 2 3.25% $13,625
AMERICAN FINANCIAL NETWORK, INC. 2 3.19% $16,326
SOVEREIGN LENDING GROUP INCORPORATED 2 3.00% $9,476
VERITAS FUNDING, LLC 2 3.50% $12,170
CHURCHILL MORTGAGE CORPORATION 2 2.81% $12,437
Umpqua Bank 2 3.38% $9,917
CORNERSTONE HOME LENDING, INC. 2 3.75% $7,889
SUMMIT MORTGAGE CORPORATION 2 3.13% $11,914
MLD MORTGAGE INC. 2 3.63% $9,358
PRIORITY HOME LENDING, LLC 2 3.00% $11,325
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
Manufacturers and Traders Trust Company 1 2.75% $9,499
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
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 $352,490 (15.2%) $397,155 (11.0%) 1.30 380
2018-02-01 $362,473 (11.5%) $413,094 (12.5%) 1.31 373
2018-03-01 $354,900 (5.0%) $424,515 (13.2%) 1.23 374
2018-04-01 $371,195 (9.3%) $427,354 (11.1%) 1.25 413
2018-05-01 $386,975 (14.0%) $436,348 (9.3%) 1.29 487
2018-06-01 $379,900 (12.4%) $437,965 (9.4%) 1.27 572
2018-07-01 $371,475 (12.7%) $425,270 (8.0%) 1.24 625
2018-08-01 $374,990 (17.2%) $442,185 (14.4%) 1.25 689
2018-09-01 $375,000 (15.7%) $444,639 (13.8%) 1.25 707
2018-10-01 $379,725 (13.0%) $448,238 (12.8%) 1.27 674
2018-11-01 $386,475 (13.3%) $451,822 (13.4%) 1.30 602
2018-12-01 $385,950 (10.3%) $455,773 (16.3%) 1.32 565
2019-01-01 $387,475 (9.9%) $460,083 (15.8%) 1.34 491
2019-02-01 $391,993 (8.1%) $471,048 (14.0%) 1.31 434
2019-03-01 $404,736 (14.0%) $493,073 (16.2%) 1.32 431
2019-04-01 $424,725 (14.4%) $522,635 (22.3%) 1.34 428
2019-05-01 $407,500 (5.3%) $505,285 (15.8%) 1.26 463
2019-06-01 $399,900 (5.3%) $499,215 (14.0%) 1.23 512
2019-07-01 $399,500 (7.5%) $497,681 (17.0%) 1.24 529
2019-08-01 $399,214 (6.5%) $496,680 (12.3%) 1.26 530
2019-09-01 $399,464 (6.5%) $496,874 (11.8%) 1.27 527
2019-10-01 $399,000 (5.1%) $491,788 (9.7%) 1.27 596
2019-11-01 $399,000 (3.2%) $490,584 (8.6%) 1.29 527
2019-12-01 $399,945 (3.6%) $504,432 (10.7%) 1.33 389
2020-01-01 $418,950 (8.1%) $530,758 (15.4%) 1.40 308
2020-02-01 $389,900 (-0.5%) $497,004 (5.5%) 1.26 336
2020-03-01 $384,950 (-4.9%) $492,286 (-0.2%) 1.20 389
2020-04-01 $399,900 (-5.8%) $499,571 (-4.4%) 1.25 408
2020-05-01 $419,900 (3.0%) $515,687 (2.1%) 1.27 422
2020-06-01 $412,450 (3.1%) $516,316 (3.4%) 1.20 397
2020-07-01 $399,925 (0.1%) $512,187 (2.9%) 1.15 401
2020-08-01 $405,000 (1.5%) $532,337 (7.2%) 1.16 394
2020-09-01 $422,950 (5.9%) $545,503 (9.8%) 1.21 368
2020-10-01 $419,900 (5.2%) $550,103 (11.9%) 1.20 363
2020-11-01 $450,000 (12.8%) $624,166 (27.2%) 1.29 190
2020-12-01 $444,000 (11.0%) $650,242 (28.9%) 1.30 171
2021-01-01 $475,000 (13.4%) $665,594 (25.4%) 1.40 147
2021-02-01 $459,700 (17.9%) $651,745 (31.1%) 1.32 133
2021-03-01 $442,450 (14.9%) $614,473 (24.8%) 1.24 159
2021-04-01 $449,450 (12.4%) $584,685 (17.0%) 1.21 173
2021-05-01 $468,950 (11.7%) $584,065 (13.3%) 1.23 209
2021-06-01 $482,425 (17.0%) $586,682 (13.6%) 1.25 228
2021-07-01 $470,500 (17.7%) $570,851 (11.5%) 1.22 243
2021-08-01 $487,000 (20.3%) $574,082 (7.8%) 1.28 290
2021-09-01 $498,700 (17.9%) $581,160 (6.5%) 1.31 283
2021-10-01 $490,000 (16.7%) $577,979 (5.1%) 1.29 281
2021-11-01 $495,000 (10.0%) $585,482 (-6.2%) 1.30 213
2021-12-01 $499,250 (12.4%) $596,295 (-8.3%) 1.33 173
2022-01-01 $499,500 (5.2%) $592,539 (-11.0%) 1.33 118
2022-02-01 $500,000 (8.8%) $604,769 (-7.2%) 1.27 119
2022-03-01 $499,950 (13.0%) $624,364 (1.6%) 1.23 121
2022-04-01 $520,000 (15.7%) $634,244 (8.5%) 1.22 164
Olympia's median listing price for 2022-04-01 was $520,000, a difference of $70,550 (15.7%) versus the prior year and $20,050 versus the prior month.

Olympia's median listing price comes in at 122% of the national average.

Olympia's average listing price for 2022-04-01 was $634,244, a difference of $49,559 (8.5%) versus the prior year and $9,880 versus the prior month.

For the 2022-04-01 period, Olympia had 164 MLS listings, a difference of 43 listings (36%) versus the prior month and -9 listings (-5%) 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 65 days 2,115 sqft
2018-02-01 45 days 2,129 sqft
2018-03-01 36 days 2,140 sqft
2018-04-01 35 days 2,173 sqft
2018-05-01 30 days 2,201 sqft
2018-06-01 35 days 2,220 sqft
2018-07-01 34 days 2,194 sqft
2018-08-01 35 days 2,209 sqft
2018-09-01 42 days 2,157 sqft
2018-10-01 44 days 2,180 sqft
2018-11-01 49 days 2,195 sqft
2018-12-01 59 days 2,191 sqft
2019-01-01 66 days 2,156 sqft
2019-02-01 64 days 2,164 sqft
2019-03-01 43 days 2,230 sqft
2019-04-01 30 days 2,295 sqft
2019-05-01 33 days 2,190 sqft
2019-06-01 31 days 2,163 sqft
2019-07-01 36 days 2,180 sqft
2019-08-01 37 days 2,098 sqft
2019-09-01 40 days 2,079 sqft
2019-10-01 48 days 2,043 sqft
2019-11-01 55 days 2,035 sqft
2019-12-01 58 days 2,049 sqft
2020-01-01 64 days 2,053 sqft
2020-02-01 41 days 1,980 sqft
2020-03-01 33 days 1,906 sqft
2020-04-01 36 days 1,977 sqft
2020-05-01 42 days 2,003 sqft
2020-06-01 39 days 2,023 sqft
2020-07-01 33 days 1,999 sqft
2020-08-01 32 days 2,020 sqft
2020-09-01 33 days 2,034 sqft
2020-10-01 35 days 1,964 sqft
2020-11-01 46 days 2,038 sqft
2020-12-01 46 days 1,963 sqft
2021-01-01 51 days 1,980 sqft
2021-02-01 44 days 1,926 sqft
2021-03-01 35 days 1,829 sqft
2021-04-01 32 days 1,847 sqft
2021-05-01 29 days 1,886 sqft
2021-06-01 24 days 1,930 sqft
2021-07-01 28 days 2,007 sqft
2021-08-01 24 days 2,045 sqft
2021-09-01 31 days 2,041 sqft
2021-10-01 32 days 1,916 sqft
2021-11-01 37 days 1,846 sqft
2021-12-01 39 days 1,906 sqft
2022-01-01 41 days 1,920 sqft
2022-02-01 24 days 1,903 sqft
2022-03-01 29 days 1,900 sqft
2022-04-01 22 days 1,942 sqft
Olympia's median listing age (time on market) for 2022-04-01 was 22 days. This is -30% shorter than the same period one year ago.

Olympia's median square footage for active listings during the 2022-04-01 period was 1,942 sqft. One year prior, the average listing was 1,847 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).