Othello FHA Loan Rates, Closing Costs & Stats

Othello, 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.

    Othello's 16 lenders originated 47 FHA loans during 2023. The total origination value was $13,465,000, with an average FHA loan value of $286,489.

    Othello FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Othello averaged -0.1% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Othello's average FHA mortgage closing costs are $8,849.

    The average rate for the prior week (2024-11-08) was 6.61% and one month ago for the week of 2024-10-11, the average rate was 6.11%.

    The average rate one year ago was 7.35%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Othello 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 Othello level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 10 6.73% $15,966
    QUICKEN LOANS, LLC 7 6.19% $8,969
    UNITED WHOLESALE MORTGAGE, LLC 6 6.16% $16,824
    ENVOY MORTGAGE, LTD 6 6.13% $16,834
    CARDINAL FINANCIAL 2 6.00% $11,740
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.75% $16,887
    LADERA LENDING, INC. 1 5.38% $11,468
    LOANDEPOT.COM, LLC 1 6.25% $7,560
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.99% $7,709
    MOVEMENT MORTGAGE, LLC 1 6.25% $10,613
    NATIONS RELIABLE LENDING, LLC 1 6.00% $6,734
    NEWREZ LLC 1 6.50% $10,421
    CHURCHILL MORTGAGE CORPORATION 1 5.50% $12,782
    DIRECTORS MORTGAGE, INC. 1 7.75% $11,603
    Umpqua Bank 1 7.50% $6,393
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 6.75% $18,873

    The top Othello FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 10 FHA loans originated. Their average total fees are $15,966, which is $6,997 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Othello FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($15,966), .

    The lowest rate Othello FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (6.73%), .

    Othello FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    OTHELLO, WA ADAMS 2022 $420,680 $538,650 $651,050 $809,150
    OTHELLO, WA ADAMS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Othello (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 $165,000 (25.2%) $196,195 (33.2%) 0.00 26
    2018-02-01 $155,750 (42.9%) $180,403 (43.3%) 0.00 22
    2018-03-01 $154,000 (37.8%) $172,823 (22.0%) 0.00 23
    2018-04-01 $153,000 (38.5%) $174,502 (14.5%) 0.00 27
    2018-05-01 $159,500 (49.1%) $182,981 (14.2%) 0.00 30
    2018-06-01 $187,500 (73.6%) $219,032 (32.5%) 0.00 33
    2018-07-01 $167,500 (35.2%) $209,928 (21.9%) 0.00 40
    2018-08-01 $187,725 (20.0%) $235,200 (27.6%) 0.00 39
    2018-09-01 $183,500 (5.5%) $234,375 (19.1%) 0.00 40
    2018-10-01 $190,750 (3.7%) $229,345 (13.9%) 0.00 37
    2018-11-01 $195,500 (6.3%) $227,424 (16.4%) 0.00 35
    2018-12-01 $193,000 (10.0%) $242,765 (22.5%) 0.00 31
    2019-01-01 $170,000 (3.0%) $227,021 (15.7%) 0.00 34
    2019-02-01 $161,175 (3.5%) $216,276 (19.9%) 0.00 37
    2019-03-01 $153,871 (-0.1%) $222,173 (28.6%) 0.00 30
    2019-04-01 $170,171 (11.2%) $225,207 (29.1%) 0.00 30
    2019-05-01 $166,250 (4.2%) $215,735 (17.9%) 0.00 31
    2019-06-01 $170,000 (-9.3%) $211,119 (-3.6%) 0.00 38
    2019-07-01 $172,250 (2.8%) $217,042 (3.4%) 0.00 40
    2019-08-01 $176,818 (-5.8%) $218,275 (-7.2%) 0.00 42
    2019-09-01 $173,545 (-5.4%) $214,388 (-8.5%) 0.00 47
    2019-10-01 $169,250 (-11.3%) $211,426 (-7.8%) 0.00 47
    2019-11-01 $169,950 (-13.1%) $214,715 (-5.6%) 0.00 36
    2019-12-01 $174,950 (-9.4%) $214,717 (-11.6%) 0.00 39
    2020-01-01 $193,600 (13.9%) $216,346 (-4.7%) 0.00 36
    2020-02-01 $199,500 (23.8%) $219,422 (1.5%) 0.00 29
    2020-03-01 $189,950 (23.5%) $236,238 (6.3%) 0.00 25
    2020-04-01 $199,500 (17.2%) $238,527 (5.9%) 0.00 21
    2020-05-01 $202,000 (21.5%) $228,673 (6.0%) 0.00 22
    2020-06-01 $201,108 (18.3%) $228,222 (8.1%) 0.00 27
    2020-07-01 $225,000 (30.6%) $228,578 (5.3%) 0.00 37
    2020-08-01 $233,000 (31.8%) $225,527 (3.3%) 0.00 50
    2020-09-01 $237,021 (36.6%) $233,656 (9.0%) 0.00 59
    2020-10-01 $239,221 (41.3%) $234,482 (10.9%) 0.00 56
    2020-11-01 $218,453 (28.5%) $226,908 (5.7%) 0.00 20
    2020-12-01 $212,450 (21.4%) $235,915 (9.9%) 0.00 16
    2021-01-01 $265,000 (36.9%) $251,715 (16.4%) 0.00 13
    2021-02-01 $275,000 (37.8%) $266,623 (21.5%) 0.00 13
    2021-03-01 $253,748 (33.6%) $247,533 (4.8%) 0.00 12
    2021-04-01 $258,750 (29.7%) $276,948 (16.1%) 0.00 14
    2021-05-01 $275,000 (36.1%) $317,143 (38.7%) 0.00 13
    2021-06-01 $283,749 (41.1%) $326,532 (43.1%) 0.00 19
    2021-07-01 $291,755 (29.7%) $350,268 (53.2%) 0.00 21
    2021-08-01 $293,005 (25.8%) $363,666 (61.3%) 0.00 23
    2021-09-01 $304,814 (28.6%) $355,671 (52.2%) 0.00 30
    2021-10-01 $309,521 (29.4%) $362,562 (54.6%) 0.00 28
    2021-11-01 $296,255 (35.6%) $351,939 (55.1%) 0.00 33
    2021-12-01 $293,491 (38.2%) $361,240 (53.1%) 0.00 31
    2022-01-01 $324,543 (22.5%) $375,393 (49.1%) 0.00 23
    2022-02-01 $349,199 (27.0%) $377,960 (41.8%) 0.00 20
    2022-03-01 $348,245 (37.2%) $403,059 (62.8%) 0.00 18
    2022-04-01 $327,498 (26.6%) $386,210 (39.5%) 0.00 19
    2022-05-01 $308,000 (12.0%) $361,445 (14.0%) 0.00 27
    2022-06-01 $298,000 (5.0%) $352,852 (8.1%) 0.00 30
    2022-07-01 $310,000 (6.3%) $365,861 (4.5%) 0.00 35
    2022-08-01 $338,800 (15.6%) $362,690 (-0.3%) 0.00 55
    2022-09-01 $338,800 (11.2%) $355,893 (0.1%) 0.00 56
    2022-10-01 $338,800 (9.5%) $358,303 (-1.2%) 0.00 55
    2022-11-01 $332,500 (12.2%) $355,018 (0.9%) 0.00 50
    2022-12-01 $338,800 (15.4%) $358,890 (-0.7%) 0.00 41
    2023-01-01 $338,800 (4.4%) $366,021 (-2.5%) 0.00 41
    2023-02-01 $349,650 (0.1%) $388,064 (2.7%) 0.00 43
    2023-03-01 $355,400 (2.1%) $385,027 (-4.5%) 0.00 43
    2023-04-01 $384,900 (17.5%) $400,501 (3.7%) 0.00 40
    2023-05-01 $378,725 (23.0%) $425,041 (17.6%) 0.00 40
    2023-06-01 $367,050 (23.2%) $417,972 (18.5%) 0.00 36
    2023-07-01 $362,000 (16.8%) $407,851 (11.5%) 0.00 39
    2023-08-01 $341,800 (0.9%) $390,124 (7.6%) 0.00 38
    2023-09-01 $336,500 (-0.7%) $385,786 (8.4%) 0.00 42
    2023-10-01 $362,500 (7.0%) $403,050 (12.5%) 0.00 47
    2023-11-01 $362,500 (9.0%) $413,175 (16.4%) 0.00 50
    2023-12-01 $386,500 (14.1%) $435,183 (21.3%) 0.00 43
    2024-01-01 $386,500 (14.1%) $433,532 (18.4%) 0.00 41
    2024-02-01 $362,150 (3.6%) $396,116 (2.1%) 0.00 38
    2024-03-01 $354,300 (-0.3%) $373,627 (-3.0%) 0.00 39
    2024-04-01 $350,075 (-9.1%) $350,148 (-12.6%) 0.00 44
    2024-05-01 $330,000 (-12.9%) $343,319 (-19.2%) 0.00 47
    2024-06-01 $342,450 (-6.7%) $364,628 (-12.8%) 0.00 45
    2024-07-01 $344,925 (-4.7%) $366,799 (-10.1%) 0.00 51
    2024-08-01 $335,000 (-2.0%) $361,817 (-7.3%) 0.00 58
    2024-09-01 $348,900 (3.7%) $361,524 (-6.3%) 0.00 59
    2024-10-01 $357,475 (-1.4%) $371,445 (-7.8%) 0.00 55
    Othello's median listing price for 2024-10-01 was $357,475, a difference of $-5,025 (-1.4%) versus the prior year and $8,575 versus the prior month.

    Othello's median listing price comes in at 0% of the national average.

    Othello's average listing price for 2024-10-01 was $371,445, a difference of $-31,605 (-7.8%) versus the prior year and $9,921 versus the prior month.

    For the 2024-10-01 period, Othello had 55 MLS listings, a difference of -4 listings (-7%) versus the prior month and 8 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Othello (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,112 sqft
    2018-02-01 0 days 1,976 sqft
    2018-03-01 0 days 1,710 sqft
    2018-04-01 0 days 1,841 sqft
    2018-05-01 0 days 1,836 sqft
    2018-06-01 0 days 1,840 sqft
    2018-07-01 0 days 1,840 sqft
    2018-08-01 0 days 1,909 sqft
    2018-09-01 0 days 1,924 sqft
    2018-10-01 0 days 1,882 sqft
    2018-11-01 0 days 1,844 sqft
    2018-12-01 0 days 1,814 sqft
    2019-01-01 0 days 1,769 sqft
    2019-02-01 0 days 1,668 sqft
    2019-03-01 0 days 1,717 sqft
    2019-04-01 0 days 1,726 sqft
    2019-05-01 0 days 1,793 sqft
    2019-06-01 0 days 1,782 sqft
    2019-07-01 0 days 1,723 sqft
    2019-08-01 0 days 1,775 sqft
    2019-09-01 0 days 1,749 sqft
    2019-10-01 0 days 1,731 sqft
    2019-11-01 0 days 1,840 sqft
    2019-12-01 0 days 1,740 sqft
    2020-01-01 0 days 1,721 sqft
    2020-02-01 0 days 1,867 sqft
    2020-03-01 0 days 2,197 sqft
    2020-04-01 0 days 1,945 sqft
    2020-05-01 0 days 1,680 sqft
    2020-06-01 0 days 1,528 sqft
    2020-07-01 0 days 1,505 sqft
    2020-08-01 0 days 1,442 sqft
    2020-09-01 0 days 1,416 sqft
    2020-10-01 0 days 1,472 sqft
    2020-11-01 0 days 1,517 sqft
    2020-12-01 0 days 1,472 sqft
    2021-01-01 0 days 1,597 sqft
    2021-02-01 0 days 1,759 sqft
    2021-03-01 0 days 1,718 sqft
    2021-04-01 0 days 1,818 sqft
    2021-05-01 0 days 1,650 sqft
    2021-06-01 0 days 1,621 sqft
    2021-07-01 0 days 1,655 sqft
    2021-08-01 0 days 1,657 sqft
    2021-09-01 0 days 1,649 sqft
    2021-10-01 0 days 1,672 sqft
    2021-11-01 0 days 1,666 sqft
    2021-12-01 0 days 1,680 sqft
    2022-01-01 0 days 1,744 sqft
    2022-02-01 0 days 1,813 sqft
    2022-03-01 0 days 1,849 sqft
    2022-04-01 0 days 2,070 sqft
    2022-05-01 0 days 2,023 sqft
    2022-06-01 0 days 1,965 sqft
    2022-07-01 0 days 1,964 sqft
    2022-08-01 0 days 1,657 sqft
    2022-09-01 0 days 1,695 sqft
    2022-10-01 0 days 1,744 sqft
    2022-11-01 0 days 1,695 sqft
    2022-12-01 0 days 1,580 sqft
    2023-01-01 0 days 1,657 sqft
    2023-02-01 0 days 1,817 sqft
    2023-03-01 0 days 1,752 sqft
    2023-04-01 0 days 1,885 sqft
    2023-05-01 0 days 1,926 sqft
    2023-06-01 0 days 1,899 sqft
    2023-07-01 0 days 1,972 sqft
    2023-08-01 0 days 1,933 sqft
    2023-09-01 0 days 1,944 sqft
    2023-10-01 0 days 1,868 sqft
    2023-11-01 0 days 1,787 sqft
    2023-12-01 0 days 1,794 sqft
    2024-01-01 0 days 1,744 sqft
    2024-02-01 0 days 1,734 sqft
    2024-03-01 0 days 1,729 sqft
    2024-04-01 0 days 1,689 sqft
    2024-05-01 0 days 1,718 sqft
    2024-06-01 0 days 1,864 sqft
    2024-07-01 0 days 1,903 sqft
    2024-08-01 0 days 1,798 sqft
    2024-09-01 0 days 1,710 sqft
    2024-10-01 0 days 1,759 sqft
    Othello's median listing age (time on market) for 2024-10-01 was 0 days.

    Othello's median square footage for active listings during the 2024-10-01 period was 1,759 sqft. One year prior, the average listing was 1,868 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).