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 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).