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 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 6.58% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.61% and one month ago for the week of 2024-03-08, the average rate was 6.65%.

The average rate one year ago was 5.98%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.6%.

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
Olympia's median listing price for 2024-03-01 was $556,200, a difference of $22,700 (4.3%) versus the prior year and $-13,798 versus the prior month.

Olympia's median listing price comes in at 131% of the national average.

Olympia's average listing price for 2024-03-01 was $731,502, a difference of $34,995 (5.0%) versus the prior year and $-15,725 versus the prior month.

For the 2024-03-01 period, Olympia had 356 MLS listings, a difference of 20 listings (6%) versus the prior month and 93 listings (35%) 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
Olympia's median listing age (time on market) for 2024-03-01 was 39 days. This is -20% shorter than the same period one year ago.

Olympia's median square footage for active listings during the 2024-03-01 period was 1,948 sqft. One year prior, the average listing was 2,118 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).