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 78 lenders originated 510 FHA loans during 2023. The total origination value was $206,700,000, with an average FHA loan value of $405,294.

    Olympia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Olympia averaged 6.32% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Olympia's average FHA mortgage closing costs are $10,462.

    The average rate for the prior week (2024-12-06) was 6.19% and one month ago for the week of 2024-11-08, the average rate was 6.05%.

    The average rate one year ago was 6.66%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.04%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ACADEMY MORTGAGE CORPORATION 45 6.48% $18,592
    UNITED WHOLESALE MORTGAGE, LLC 41 6.10% $16,128
    QUICKEN LOANS, LLC 34 6.07% $15,892
    MOVEMENT MORTGAGE, LLC 30 6.85% $17,899
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 6.99% $15,828
    CROSSCOUNTRY MORTGAGE, LLC 20 7.03% $16,393
    GUILD MORTGAGE COMPANY 18 6.78% $16,419
    AMERICAN PACIFIC MORTGAGE CORPORATION 17 6.93% $17,322
    BAY EQUITY LLC 12 6.54% $17,644
    NEWREZ LLC 11 6.42% $15,337
    GUARANTEED RATE, INC. 10 6.72% $16,240
    INSPIRE HOME LOANS INC. 9 5.32% $13,273
    Mr. Cooper ( Nationstar Mortgage ) 9 5.78% $22,631
    Paramount Residential Mortgage Group, Inc. 8 6.47% $16,526
    PENNYMAC LOAN SERVICES, LLC 8 5.91% $18,088
    PREMIER MORTGAGE RESOURCES, L.L.C. 7 6.38% $19,863
    CMG MORTGAGE, INC. 6 6.23% $17,871
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 6 6.69% $20,842
    FREEDOM MORTGAGE CORPORATION 6 6.54% $21,536
    T2 FINANCIAL LLC 6 7.06% $15,226
    WASHINGTON STATE EMPLOYEES Credit Union 5 6.43% $13,626
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.23% $20,428
    BROKER SOLUTIONS, INC. 5 6.55% $19,187
    JPMorgan Chase Bank 4 6.47% $10,589
    PLANET HOME LENDING, LLC 4 6.13% $14,467
    CALIBER HOME LOANS, INC. 4 6.59% $17,976
    Ixonia Bank 4 6.81% $16,837
    AMERICAN FINANCIAL NETWORK, INC. 4 7.16% $17,430
    MLD MORTGAGE INC. 4 7.38% $14,604
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.08% $17,185
    AMERISAVE MORTGAGE CORPORATION 3 6.04% $20,996
    LEADERONE FINANCIAL CORPORATION 3 6.63% $18,162
    MID AMERICA MORTGAGE, INC. 3 6.58% $10,085
    NFM, INC. 3 7.38% $12,577
    CARDINAL FINANCIAL 3 6.04% $13,122
    1st Security Bank of Washington 2 6.19% $23,155
    CHURCHILL MORTGAGE CORPORATION 2 6.75% $21,687
    CORNERSTONE HOME LENDING, INC. 2 6.94% $16,460
    DHI MORTGAGE COMPANY, LTD. 2 5.75% $11,564
    HomeStreet Bank 2 6.06% $14,845
    LAKEVIEW LOAN SERVICING, LLC 2 5.75% $23,365
    LOANDEPOT.COM, LLC 2 7.12% $18,916
    MANN FINANCIAL INC. 2 6.88% $17,752
    PENRITH HOME LOANS LLC 2 6.44% $17,622
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.44% $18,215
    LOANLEADERS OF AMERICA, INC. 1 5.88% $22,920
    LOANPAL, LLC 1 5.50% $20,124
    Loan Simple, Inc. 1 7.25% $13,007
    VILLAGE CAPITAL MORTGAGE 1 5.25% $12,641
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $23,363
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.13% $17,169
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.00% $18,275
    GENEVA FINANCIAL, LLC 1 6.50% $26,096
    FIRST CONTINENTAL MORTGAGE, LTD. 1 7.25% $18,033
    EVERETT FINANCIAL, INC. 1 6.50% $17,669
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $12,488
    NBKC BANK 1 6.50% $11,960
    Equity Prime Mortgage LLC 1 6.00% $20,755
    ENVOY MORTGAGE, LTD 1 6.00% $20,465
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 6.75% $23,572
    EMBRACE HOME LOANS, INC. 1 6.49% $12,102
    Chickasaw Community Bank 1 7.25% $11,207
    Alaska USA Federal Credit Union 1 6.25% $13,075
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $20,655
    Barrington Bank & Trust Company, N.A. 1 7.25% $15,122
    Willamette Valley Bank 1 7.00% $12,192
    AXIA FINANCIAL, LLC 1 7.50% $13,084
    PRIORITY HOME LENDING, LLC 1 7.38% $15,651
    AmeriHome Mortgage Company, LLC 1 5.99% $16,283
    SUMMIT FUNDING, INC. 1 7.25% $28,728
    Sunflower Bank 1 6.13% $21,207
    AMERICAN FINANCING CORPORATION 1 6.75% $13,396
    The Federal Savings Bank 1 6.75% $13,660
    INTERNATIONAL CITY MORTGAGE, INC. 1 6.25% $9,661
    Lakeview Community Capital, LLC 1 5.75% $21,299
    AMCAP MORTGAGE, LTD. 1 6.63% $18,733
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $30,254
    VERITAS FUNDING, LLC 1 6.63% $24,524

    The top Olympia FHA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 45 FHA loans originated. Their average total fees are $18,592, which is $2,464 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Olympia FHA lenders (with over 10 loans originated) are NEWREZ LLC ($15,337), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($15,828), QUICKEN LOANS, LLC ($15,892), UNITED WHOLESALE MORTGAGE, LLC ($16,128) and GUARANTEED RATE, INC. ($16,240).

    The lowest rate Olympia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.07%), UNITED WHOLESALE MORTGAGE, LLC (6.10%), NEWREZ LLC (6.42%), ACADEMY MORTGAGE CORPORATION (6.48%) and BAY EQUITY LLC (6.54%).

    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 $351,868 (17.3%) $392,814 (11.9%) 1.30 377
    2018-02-01 $362,221 (11.5%) $408,388 (11.7%) 1.32 372
    2018-03-01 $357,425 (5.9%) $421,339 (13.4%) 1.25 368
    2018-04-01 $371,738 (9.7%) $426,456 (11.2%) 1.26 411
    2018-05-01 $386,975 (13.8%) $434,337 (9.4%) 1.29 484
    2018-06-01 $379,950 (12.4%) $436,651 (10.0%) 1.27 572
    2018-07-01 $372,495 (14.6%) $426,636 (9.3%) 1.24 624
    2018-08-01 $374,990 (17.8%) $440,441 (15.4%) 1.26 694
    2018-09-01 $375,000 (16.1%) $445,474 (14.8%) 1.26 715
    2018-10-01 $379,925 (13.3%) $447,496 (13.4%) 1.29 687
    2018-11-01 $387,475 (14.1%) $452,453 (14.9%) 1.31 609
    2018-12-01 $389,000 (11.2%) $447,883 (15.2%) 1.34 571
    2019-01-01 $387,448 (10.1%) $461,031 (17.4%) 1.34 494
    2019-02-01 $390,858 (7.9%) $469,921 (15.1%) 1.32 446
    2019-03-01 $402,849 (12.7%) $489,587 (16.2%) 1.32 445
    2019-04-01 $419,995 (13.0%) $514,402 (20.6%) 1.33 451
    2019-05-01 $403,236 (4.2%) $502,176 (15.6%) 1.26 487
    2019-06-01 $399,900 (5.3%) $498,602 (14.2%) 1.25 532
    2019-07-01 $401,925 (7.9%) $499,197 (17.0%) 1.26 552
    2019-08-01 $399,655 (6.6%) $496,704 (12.8%) 1.27 563
    2019-09-01 $399,286 (6.5%) $494,496 (11.0%) 1.28 587
    2019-10-01 $399,000 (5.0%) $491,741 (9.9%) 1.29 602
    2019-11-01 $399,000 (3.0%) $489,910 (8.3%) 1.31 554
    2019-12-01 $397,000 (2.1%) $499,188 (11.5%) 1.32 403
    2020-01-01 $404,688 (4.5%) $521,664 (13.2%) 1.35 324
    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 (-3.4%) 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 (2.2%) 1.16 421
    2020-08-01 $405,000 (1.3%) $527,675 (6.2%) 1.16 407
    2020-09-01 $417,500 (4.6%) $541,091 (9.4%) 1.20 390
    2020-10-01 $414,950 (4.0%) $542,562 (10.3%) 1.19 376
    2020-11-01 $449,950 (12.8%) $622,000 (27.0%) 1.32 198
    2020-12-01 $439,969 (10.8%) $645,786 (29.4%) 1.31 176
    2021-01-01 $463,000 (14.4%) $652,206 (25.0%) 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%) $585,324 (17.8%) 1.21 187
    2021-05-01 $462,500 (12.8%) $592,604 (15.7%) 1.23 228
    2021-06-01 $479,495 (17.7%) $591,387 (15.0%) 1.26 240
    2021-07-01 $470,000 (17.5%) $580,832 (13.9%) 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%) $624,510 (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 $537,469 (6.0%) $684,504 (10.2%) 1.30 297
    2023-03-01 $533,500 (6.7%) $696,507 (11.5%) 1.26 263
    2023-04-01 $552,495 (6.3%) $726,345 (14.5%) 1.28 239
    2023-05-01 $569,900 (3.7%) $728,612 (10.3%) 1.29 283
    2023-06-01 $552,238 (0.6%) $695,273 (4.7%) 1.24 326
    2023-07-01 $579,450 (5.6%) $716,295 (10.5%) 1.32 360
    2023-08-01 $577,583 (5.3%) $722,106 (12.3%) 1.33 401
    2023-09-01 $576,550 (6.3%) $721,506 (14.6%) 1.34 406
    2023-10-01 $582,200 (5.9%) $733,089 (16.3%) 1.37 408
    2023-11-01 $575,000 (7.2%) $746,524 (18.9%) 1.37 473
    2023-12-01 $568,000 (4.2%) $754,473 (20.2%) 1.39 391
    2024-01-01 $558,199 (1.8%) $743,630 (8.9%) 1.36 344
    2024-02-01 $569,998 (6.1%) $747,227 (9.2%) 1.37 336
    2024-03-01 $556,200 (4.3%) $731,502 (5.0%) 1.31 356
    2024-04-01 $559,495 (1.3%) $690,645 (-4.9%) 1.30 388
    2024-05-01 $585,612 (2.8%) $716,277 (-1.7%) 1.32 489
    2024-06-01 $599,900 (8.6%) $749,246 (7.8%) 1.35 498
    2024-07-01 $592,000 (2.2%) $714,567 (-0.2%) 1.35 564
    2024-08-01 $585,000 (1.3%) $693,798 (-3.9%) 1.36 567
    2024-09-01 $584,975 (1.5%) $691,900 (-4.1%) 1.38 545
    2024-10-01 $582,216 (0.0%) $695,230 (-5.2%) 1.37 536
    2024-11-01 $589,450 (2.5%) $697,338 (-6.6%) 1.41 488
    Olympia's median listing price for 2024-11-01 was $589,450, a difference of $14,450 (2.5%) versus the prior year and $7,234 versus the prior month.

    Olympia's median listing price comes in at 141% of the national average.

    Olympia's average listing price for 2024-11-01 was $697,338, a difference of $-49,186 (-6.6%) versus the prior year and $2,108 versus the prior month.

    For the 2024-11-01 period, Olympia had 488 MLS listings, a difference of -48 listings (-9%) versus the prior month and 15 listings (3%) 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 61 days 2,095 sqft
    2018-02-01 38 days 2,132 sqft
    2018-03-01 33 days 2,140 sqft
    2018-04-01 30 days 2,187 sqft
    2018-05-01 26 days 2,200 sqft
    2018-06-01 32 days 2,221 sqft
    2018-07-01 31 days 2,199 sqft
    2018-08-01 34 days 2,204 sqft
    2018-09-01 39 days 2,152 sqft
    2018-10-01 43 days 2,170 sqft
    2018-11-01 50 days 2,189 sqft
    2018-12-01 61 days 2,175 sqft
    2019-01-01 65 days 2,151 sqft
    2019-02-01 62 days 2,163 sqft
    2019-03-01 41 days 2,209 sqft
    2019-04-01 30 days 2,259 sqft
    2019-05-01 27 days 2,171 sqft
    2019-06-01 31 days 2,160 sqft
    2019-07-01 34 days 2,155 sqft
    2019-08-01 38 days 2,097 sqft
    2019-09-01 42 days 2,085 sqft
    2019-10-01 45 days 2,057 sqft
    2019-11-01 51 days 2,034 sqft
    2019-12-01 51 days 2,015 sqft
    2020-01-01 51 days 2,013 sqft
    2020-02-01 30 days 1,972 sqft
    2020-03-01 27 days 1,886 sqft
    2020-04-01 32 days 1,926 sqft
    2020-05-01 36 days 1,983 sqft
    2020-06-01 32 days 2,021 sqft
    2020-07-01 24 days 1,997 sqft
    2020-08-01 25 days 2,008 sqft
    2020-09-01 28 days 2,014 sqft
    2020-10-01 31 days 1,942 sqft
    2020-11-01 39 days 2,027 sqft
    2020-12-01 39 days 1,944 sqft
    2021-01-01 37 days 1,970 sqft
    2021-02-01 29 days 1,900 sqft
    2021-03-01 23 days 1,830 sqft
    2021-04-01 25 days 1,836 sqft
    2021-05-01 12 days 1,862 sqft
    2021-06-01 15 days 1,937 sqft
    2021-07-01 25 days 1,960 sqft
    2021-08-01 19 days 2,026 sqft
    2021-09-01 29 days 2,033 sqft
    2021-10-01 29 days 1,908 sqft
    2021-11-01 36 days 1,855 sqft
    2021-12-01 38 days 1,914 sqft
    2022-01-01 38 days 1,855 sqft
    2022-02-01 19 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 1,976 sqft
    2022-06-01 17 days 2,028 sqft
    2022-07-01 26 days 2,020 sqft
    2022-08-01 35 days 2,020 sqft
    2022-09-01 39 days 2,026 sqft
    2022-10-01 44 days 2,051 sqft
    2022-11-01 49 days 2,002 sqft
    2022-12-01 60 days 2,000 sqft
    2023-01-01 69 days 2,048 sqft
    2023-02-01 70 days 2,025 sqft
    2023-03-01 49 days 2,118 sqft
    2023-04-01 33 days 2,154 sqft
    2023-05-01 30 days 2,127 sqft
    2023-06-01 30 days 2,080 sqft
    2023-07-01 34 days 2,113 sqft
    2023-08-01 35 days 2,142 sqft
    2023-09-01 41 days 2,168 sqft
    2023-10-01 45 days 2,199 sqft
    2023-11-01 51 days 2,189 sqft
    2023-12-01 58 days 2,120 sqft
    2024-01-01 70 days 2,040 sqft
    2024-02-01 40 days 1,980 sqft
    2024-03-01 39 days 1,948 sqft
    2024-04-01 35 days 1,998 sqft
    2024-05-01 24 days 2,053 sqft
    2024-06-01 30 days 2,094 sqft
    2024-07-01 37 days 2,117 sqft
    2024-08-01 44 days 2,107 sqft
    2024-09-01 47 days 2,062 sqft
    2024-10-01 48 days 2,055 sqft
    2024-11-01 48 days 2,099 sqft
    Olympia's median listing age (time on market) for 2024-11-01 was 48 days. This is -7% shorter than the same period one year ago.

    Olympia's median square footage for active listings during the 2024-11-01 period was 2,099 sqft. One year prior, the average listing was 2,189 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).