Port Angeles FHA Loan Rates, Closing Costs & Stats

Port Angeles, 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.

    Port Angeles's 25 lenders originated 123 FHA loans during 2023. The total origination value was $38,265,000, with an average FHA loan value of $311,098.

    Port Angeles FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Port Angeles averaged 7.17% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Port Angeles's average FHA mortgage closing costs are $9,348.

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.53%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Port Angeles 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 Port Angeles level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CARDINAL FINANCIAL 19 6.94% $13,838
    CALIBER HOME LOANS, INC. 16 6.43% $12,206
    UNITED WHOLESALE MORTGAGE, LLC 11 6.49% $14,756
    CROSSCOUNTRY MORTGAGE, LLC 8 6.96% $14,413
    QUICKEN LOANS, LLC 7 5.89% $13,008
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.69% $16,561
    NEWREZ LLC 3 7.54% $10,308
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.88% $16,868
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 7.00% $14,875
    MOVEMENT MORTGAGE, LLC 2 6.94% $11,989
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.44% $11,469
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $11,875
    MID AMERICA MORTGAGE, INC. 2 6.94% $8,057
    Wallick & Volk, Inc. 1 7.75% $4,391
    AXIA FINANCIAL, LLC 1 7.63% $5,648
    Bank of America 1 6.50% $12,902
    BROKER SOLUTIONS, INC. 1 7.38% $12,502
    FREEDOM MORTGAGE CORPORATION 1 7.25% $9,033
    LOANDEPOT.COM, LLC 1 5.88% $18,603
    Loan Simple, Inc. 1 7.75% $14,956
    PANORAMA MORTGAGE GROUP, LLC 1 7.63% $19,700
    Paramount Residential Mortgage Group, Inc. 1 6.63% $10,854
    PENNYMAC LOAN SERVICES, LLC 1 7.25% $13,013
    U.S. Bank 1 7.50% $12,618
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $18,200

    The top Port Angeles FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 19 FHA loans originated. Their average total fees are $13,838, which is $1,631 higher than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Port Angeles FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($12,206), CARDINAL FINANCIAL ($13,838), UNITED WHOLESALE MORTGAGE, LLC ($14,756), .

    The lowest rate Port Angeles FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (6.43%), UNITED WHOLESALE MORTGAGE, LLC (6.49%), CARDINAL FINANCIAL (6.94%), .

    Port Angeles FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Port Angeles (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 $312,450 (4.4%) $369,585 (-4.3%) 0.00 285
    2018-02-01 $321,750 (3.5%) $368,648 (-5.5%) 0.00 273
    2018-03-01 $345,000 (13.3%) $413,117 (8.5%) 0.00 176
    2018-04-01 $377,500 (22.6%) $437,171 (12.3%) 0.00 187
    2018-05-01 $394,975 (20.0%) $464,684 (14.9%) 0.00 207
    2018-06-01 $400,000 (22.5%) $483,830 (20.1%) 0.00 233
    2018-07-01 $399,000 (22.8%) $475,292 (20.7%) 0.00 271
    2018-08-01 $392,238 (26.5%) $466,229 (18.7%) 0.00 308
    2018-09-01 $379,000 (22.3%) $453,647 (14.8%) 0.00 325
    2018-10-01 $384,500 (27.2%) $441,458 (14.8%) 0.00 319
    2018-11-01 $383,725 (28.7%) $445,532 (18.4%) 0.00 296
    2018-12-01 $385,000 (24.6%) $439,475 (15.7%) 0.00 273
    2019-01-01 $389,250 (24.6%) $438,014 (18.5%) 0.00 233
    2019-02-01 $382,225 (18.8%) $448,179 (21.6%) 0.00 213
    2019-03-01 $397,100 (15.1%) $460,532 (11.5%) 0.00 225
    2019-04-01 $409,950 (8.6%) $474,704 (8.6%) 0.00 244
    2019-05-01 $418,488 (6.0%) $476,950 (2.6%) 0.00 268
    2019-06-01 $429,000 (7.3%) $484,913 (0.2%) 0.00 288
    2019-07-01 $429,000 (7.5%) $489,363 (3.0%) 0.00 305
    2019-08-01 $427,909 (9.1%) $491,029 (5.3%) 0.00 308
    2019-09-01 $426,273 (12.5%) $491,745 (8.4%) 0.00 309
    2019-10-01 $422,000 (9.8%) $492,039 (11.5%) 0.00 309
    2019-11-01 $429,000 (11.8%) $508,052 (14.0%) 0.00 261
    2019-12-01 $429,975 (11.7%) $522,888 (19.0%) 0.00 211
    2020-01-01 $425,988 (9.4%) $513,513 (17.2%) 0.00 198
    2020-02-01 $419,950 (9.9%) $503,050 (12.2%) 0.00 183
    2020-03-01 $418,988 (5.5%) $502,468 (9.1%) 0.00 201
    2020-04-01 $406,500 (-0.8%) $499,484 (5.2%) 0.00 222
    2020-05-01 $425,000 (1.6%) $521,051 (9.3%) 0.00 211
    2020-06-01 $449,500 (4.8%) $537,515 (10.9%) 0.00 210
    2020-07-01 $435,950 (1.6%) $536,252 (9.6%) 0.00 209
    2020-08-01 $427,000 (-0.2%) $534,637 (8.9%) 0.00 213
    2020-09-01 $421,675 (-1.1%) $606,450 (23.3%) 0.00 188
    2020-10-01 $415,000 (-1.7%) $619,398 (25.9%) 0.00 156
    2020-11-01 $427,000 (-0.5%) $610,267 (20.1%) 0.00 113
    2020-12-01 $414,500 (-3.6%) $624,757 (19.5%) 0.00 80
    2021-01-01 $410,000 (-3.8%) $619,408 (20.6%) 0.00 69
    2021-02-01 $449,975 (7.2%) $608,886 (21.0%) 0.00 62
    2021-03-01 $474,488 (13.3%) $615,614 (22.5%) 0.00 59
    2021-04-01 $509,688 (25.4%) $626,547 (25.4%) 0.00 62
    2021-05-01 $499,975 (17.6%) $607,484 (16.6%) 0.00 70
    2021-06-01 $518,500 (15.4%) $619,941 (15.3%) 0.00 104
    2021-07-01 $499,900 (14.7%) $629,722 (17.4%) 0.00 126
    2021-08-01 $525,000 (23.0%) $656,485 (22.8%) 0.00 139
    2021-09-01 $565,000 (34.0%) $671,996 (10.8%) 0.00 141
    2021-10-01 $575,000 (38.6%) $676,785 (9.3%) 0.00 123
    2021-11-01 $561,250 (31.4%) $702,649 (15.1%) 0.00 95
    2021-12-01 $618,250 (49.2%) $744,293 (19.1%) 0.00 77
    2022-01-01 $625,000 (52.4%) $740,670 (19.6%) 0.00 62
    2022-02-01 $632,200 (40.5%) $747,807 (22.8%) 0.00 78
    2022-03-01 $598,375 (26.1%) $767,040 (24.6%) 0.00 79
    2022-04-01 $625,000 (22.6%) $774,119 (23.6%) 0.00 87
    2022-05-01 $625,000 (25.0%) $757,980 (24.8%) 0.00 125
    2022-06-01 $631,750 (21.8%) $767,483 (23.8%) 0.00 150
    2022-07-01 $599,000 (19.8%) $725,133 (15.2%) 0.00 196
    2022-08-01 $599,000 (14.1%) $691,844 (5.4%) 0.00 209
    2022-09-01 $595,500 (5.4%) $687,666 (2.3%) 0.00 210
    2022-10-01 $599,000 (4.2%) $683,282 (1.0%) 0.00 215
    2022-11-01 $575,000 (2.5%) $672,137 (-4.3%) 0.00 198
    2022-12-01 $579,000 (-6.4%) $697,629 (-6.3%) 0.00 168
    2023-01-01 $586,625 (-6.1%) $712,514 (-3.8%) 0.00 149
    2023-02-01 $599,388 (-5.2%) $724,512 (-3.1%) 0.00 130
    2023-03-01 $571,500 (-4.5%) $707,677 (-7.7%) 0.00 114
    2023-04-01 $599,000 (-4.2%) $735,479 (-5.0%) 0.00 131
    2023-05-01 $635,000 (1.6%) $763,679 (0.8%) 0.00 154
    2023-06-01 $663,738 (5.1%) $788,725 (2.8%) 0.00 171
    2023-07-01 $650,000 (8.5%) $789,006 (8.8%) 0.00 183
    2023-08-01 $652,213 (8.9%) $797,571 (15.3%) 0.00 178
    2023-09-01 $637,450 (7.0%) $775,853 (12.8%) 0.00 196
    2023-10-01 $629,750 (5.1%) $773,140 (13.2%) 0.00 186
    2023-11-01 $613,750 (6.7%) $767,421 (14.2%) 0.00 177
    2023-12-01 $585,000 (1.0%) $737,680 (5.7%) 0.00 165
    2024-01-01 $595,700 (1.6%) $761,104 (6.8%) 0.00 141
    2024-02-01 $582,475 (-2.8%) $727,196 (0.4%) 0.00 130
    2024-03-01 $596,500 (4.4%) $718,540 (1.5%) 0.00 127
    Port Angeles's median listing price for 2024-03-01 was $596,500, a difference of $25,000 (4.4%) versus the prior year and $14,025 versus the prior month.

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

    Port Angeles's average listing price for 2024-03-01 was $718,540, a difference of $10,863 (1.5%) versus the prior year and $-8,656 versus the prior month.

    For the 2024-03-01 period, Port Angeles had 127 MLS listings, a difference of -3 listings (-2%) versus the prior month and 13 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Port Angeles (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,799 sqft
    2018-02-01 0 days 1,808 sqft
    2018-03-01 0 days 1,923 sqft
    2018-04-01 0 days 2,012 sqft
    2018-05-01 0 days 1,957 sqft
    2018-06-01 0 days 1,995 sqft
    2018-07-01 0 days 2,019 sqft
    2018-08-01 0 days 1,989 sqft
    2018-09-01 0 days 1,962 sqft
    2018-10-01 0 days 1,939 sqft
    2018-11-01 0 days 1,969 sqft
    2018-12-01 0 days 1,968 sqft
    2019-01-01 0 days 1,974 sqft
    2019-02-01 0 days 1,948 sqft
    2019-03-01 0 days 1,968 sqft
    2019-04-01 0 days 1,956 sqft
    2019-05-01 0 days 1,965 sqft
    2019-06-01 0 days 1,988 sqft
    2019-07-01 0 days 2,006 sqft
    2019-08-01 0 days 2,003 sqft
    2019-09-01 0 days 1,995 sqft
    2019-10-01 0 days 2,010 sqft
    2019-11-01 0 days 2,038 sqft
    2019-12-01 0 days 2,048 sqft
    2020-01-01 0 days 2,047 sqft
    2020-02-01 0 days 2,042 sqft
    2020-03-01 0 days 1,955 sqft
    2020-04-01 0 days 1,956 sqft
    2020-05-01 0 days 2,001 sqft
    2020-06-01 0 days 2,039 sqft
    2020-07-01 0 days 2,029 sqft
    2020-08-01 0 days 2,001 sqft
    2020-09-01 0 days 1,951 sqft
    2020-10-01 0 days 1,950 sqft
    2020-11-01 0 days 1,835 sqft
    2020-12-01 0 days 1,786 sqft
    2021-01-01 0 days 1,707 sqft
    2021-02-01 0 days 1,721 sqft
    2021-03-01 0 days 1,744 sqft
    2021-04-01 0 days 1,886 sqft
    2021-05-01 0 days 2,059 sqft
    2021-06-01 0 days 1,912 sqft
    2021-07-01 0 days 1,880 sqft
    2021-08-01 0 days 1,932 sqft
    2021-09-01 0 days 2,009 sqft
    2021-10-01 0 days 1,955 sqft
    2021-11-01 0 days 1,973 sqft
    2021-12-01 0 days 2,019 sqft
    2022-01-01 0 days 1,940 sqft
    2022-02-01 0 days 1,910 sqft
    2022-03-01 0 days 1,844 sqft
    2022-04-01 0 days 1,980 sqft
    2022-05-01 0 days 2,015 sqft
    2022-06-01 0 days 2,033 sqft
    2022-07-01 0 days 1,984 sqft
    2022-08-01 0 days 1,938 sqft
    2022-09-01 0 days 1,890 sqft
    2022-10-01 0 days 1,905 sqft
    2022-11-01 0 days 1,877 sqft
    2022-12-01 0 days 1,928 sqft
    2023-01-01 0 days 1,986 sqft
    2023-02-01 0 days 1,997 sqft
    2023-03-01 0 days 1,889 sqft
    2023-04-01 0 days 1,904 sqft
    2023-05-01 0 days 2,040 sqft
    2023-06-01 0 days 2,067 sqft
    2023-07-01 0 days 2,083 sqft
    2023-08-01 0 days 2,105 sqft
    2023-09-01 0 days 2,147 sqft
    2023-10-01 0 days 2,164 sqft
    2023-11-01 0 days 2,143 sqft
    2023-12-01 0 days 2,129 sqft
    2024-01-01 0 days 2,129 sqft
    2024-02-01 0 days 2,061 sqft
    2024-03-01 0 days 2,000 sqft
    Port Angeles's median listing age (time on market) for 2024-03-01 was 0 days.

    Port Angeles's median square footage for active listings during the 2024-03-01 period was 2,000 sqft. One year prior, the average listing was 1,889 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).