Portland FHA Loans

PORTLAND-VANCOUVER-HILLSBORO, OR-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.

    Portland's 189 lenders originated 8,642 FHA loans during 2021. The total origination value was $3,223,260,000, with an average FHA loan value of $372,976.

    Portland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Portland averaged 5.42% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.13% and one month ago for the week of 2022-04-15, the average rate was 5.02%.

    The average rate one year ago was 3.19%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.06%.

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

    Portland FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Portland level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    GUILD MORTGAGE COMPANY 465 3.00% $12,897
    QUICKEN LOANS, LLC 431 2.62% $9,030
    CALIBER HOME LOANS, INC. 412 2.74% $10,720
    LAKEVIEW LOAN SERVICING, LLC 301 2.86% $7,060
    UNITED WHOLESALE MORTGAGE, LLC 276 2.59% $11,357
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 270 3.22% $11,912
    FREEDOM MORTGAGE CORPORATION 225 2.73% $7,621
    FINANCE OF AMERICA MORTGAGE LLC 214 3.05% $12,026
    PENNYMAC LOAN SERVICES, LLC 208 2.87% $7,540
    HOMEBRIDGE FINANCIAL SERVICES, INC. 170 2.82% $10,234
    DIRECTORS MORTGAGE, INC. 162 3.32% $13,618
    LOANDEPOT.COM, LLC 157 3.06% $11,534
    NATIONS DIRECT MORTGAGE, LLC 154 2.69% $10,965
    ACADEMY MORTGAGE CORPORATION 151 3.08% $12,523
    Mr. Cooper ( Nationstar Mortgage ) 148 2.99% $6,693
    PACIFIC RESIDENTIAL MORTGAGE, LLC 113 3.08% $13,226
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 108 3.20% $12,424
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 105 3.46% $13,440
    HOME POINT FINANCIAL CORPORATION 103 2.63% $10,787
    SUMMIT MORTGAGE CORPORATION 98 3.01% $11,701
    AMERICAN PACIFIC MORTGAGE CORPORATION 97 3.09% $11,990
    CMG MORTGAGE, INC. 83 2.96% $12,109
    Umpqua Bank 83 2.69% $11,241
    NEWREZ LLC 77 2.84% $8,027
    Willamette Valley Bank 76 3.05% $11,685
    Gateway First Bank 63 3.36% $10,140
    Sierra Pacific Mortgage Company, Inc. 61 2.78% $11,360
    Hometown Lenders, Inc. 61 3.24% $13,149
    CROSSCOUNTRY MORTGAGE, LLC 59 3.04% $13,600
    OnPoint Community Credit Union 57 3.05% $10,727
    DHI MORTGAGE COMPANY, LTD. 57 2.74% $9,211
    BROKER SOLUTIONS, INC. 56 3.15% $11,349
    GUARANTEED RATE, INC. 56 2.89% $11,653
    Commerce Home Mortgage, Inc. 55 3.04% $11,506
    VILLAGE CAPITAL & INVESTMENT LLC 54 2.67% $4,010
    Carrington Mortgage Services, LLC 53 3.18% $10,825
    GENEVA FINANCIAL, LLC 45 3.09% $12,651
    PRIMARY RESIDENTIAL MORTGAGE, INC. 45 3.48% $12,550
    Paramount Residential Mortgage Group, Inc. 43 3.25% $12,625
    MID AMERICA MORTGAGE, INC. 42 2.95% $5,158
    CHURCHILL MORTGAGE CORPORATION 40 2.81% $11,949
    AMERICAN FINANCIAL NETWORK, INC. 40 2.85% $15,056
    HomeStreet Bank 39 2.70% $12,236
    MANN FINANCIAL INC. 38 3.36% $15,327
    Flagstar Bank, FSB 35 2.64% $10,437
    First Guaranty Mortgage Corporation 35 2.83% $8,965
    LEADERONE FINANCIAL CORPORATION 33 3.19% $10,882
    S1L, Inc. 33 3.39% $12,248
    FIRST CENTENNIAL MORTGAGE CORPORATION 32 2.95% $10,288
    U.S. Bank 32 2.80% $11,687
    CHERRY CREEK MORTGAGE, LLC 31 2.72% $11,349
    MOVEMENT MORTGAGE, LLC 30 3.23% $10,332
    AmeriHome Mortgage Company, LLC 30 2.75% $7,532
    PREMIER MORTGAGE RESOURCES, L.L.C. 30 2.97% $13,480
    InterContinental Capital Group, Inc 28 2.55% $9,578
    SECURITYNATIONAL MORTGAGE COMPANY 28 3.25% $12,207
    AXIA FINANCIAL, LLC 28 3.24% $13,297
    Nations Lending Corporation 28 2.92% $15,532
    AMERISAVE MORTGAGE CORPORATION 27 2.99% $9,942
    EAGLE HOME MORTGAGE, LLC 27 3.08% $13,104
    AMERICAN FINANCING CORPORATION 26 2.74% $9,521
    Bank of England 23 2.98% $12,448
    PANORAMA MORTGAGE GROUP, LLC 23 3.34% $12,674
    PRIMELENDING, A PLAINSCAPITAL COMPANY 23 3.22% $12,367
    PLANET HOME LENDING, LLC 21 2.91% $9,199
    HOME MORTGAGE ALLIANCE, LLC 19 2.89% $11,616
    JLB CORPORATION 19 2.69% $11,392
    PLAZA HOME MORTGAGE, INC. 18 2.57% $16,689
    Citizens Bank 17 2.71% $12,014
    SUN WEST MORTGAGE COMPANY, INC. 17 2.96% $13,509
    HOMEAMERICAN MORTGAGE CORPORATION 17 2.65% $8,747
    LENDUS, LLC 16 2.81% $12,415
    STEARNS LENDING, LLC 15 2.92% $12,089
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 14 3.47% $11,155
    CANOPY MORTGAGE, LLC 14 2.92% $12,779
    MUTUAL OF OMAHA MORTGAGE, INC. 14 2.99% $12,376
    SUMMIT FUNDING, INC. 14 3.33% $12,778
    SOVEREIGN LENDING GROUP INCORPORATED 13 2.62% $11,518
    Banner Bank 13 2.61% $11,253
    Loan Simple, Inc. 13 3.04% $11,159
    LPMC, LLC 12 2.85% $10,214
    PRIORITY HOME LENDING, LLC 10 3.19% $12,602
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 10 3.06% $10,500
    COLUMBIA COMMUNITY CREDIT UNION 10 2.66% $11,753
    Neighborhood Loans, Inc. 9 3.74% $16,281
    NFM, INC. 9 3.26% $12,915
    South Pacific Financial Corporation 9 2.69% $11,240
    AMERICAN FINANCIAL RESOURCES, INC. 9 2.85% $11,810
    RANLIFE, INC. 9 2.96% $11,084
    VERITAS FUNDING, LLC 9 3.71% $15,870
    BKCO MORTGAGE, LLC 8 3.53% $10,380
    KeyBank 8 2.86% $12,008
    LAND HOME FINANCIAL SERVICES, INC. 8 3.23% $15,916
    MORTGAGE SOLUTIONS OF COLORADO, LLC 8 3.02% $13,352
    Northpointe Bank 8 2.89% $12,116
    PENRITH HOME LOANS LLC 8 3.08% $10,977
    Prosperity Home Mortgage, LLC 8 3.61% $12,968
    The Federal Savings Bank 7 2.70% $14,602
    KELLER MORTGAGE, LLC 7 2.59% $10,581
    Equity Prime Mortgage LLC 6 2.73% $11,702
    Mortgage Research Center, LLC 6 2.81% $9,018
    MUFG Union Bank 6 2.73% $7,849
    BAY EQUITY LLC 6 3.10% $11,414
    Lakeview Community Capital, LLC 6 2.73% $6,291
    JPMorgan Chase Bank 5 2.97% $7,196
    Manufacturers and Traders Trust Company 5 3.08% $11,052
    LOANPAL, LLC 5 2.65% $11,529
    Chickasaw Community Bank 5 2.85% $10,958
    CELEBRITY HOME LOANS, LLC 5 3.03% $11,494
    COUNTRYPLACE MORTGAGE, LTD. 4 3.75% $13,612
    OCEANSIDE MORTGAGE COMPANY 4 2.78% $5,273
    AmRes Corporation 4 2.84% $11,237
    MASON MCDUFFIE MORTGAGE CORPORATION 4 2.75% $10,886
    UNITED MORTGAGE CORP. 4 3.03% $12,807
    THE MORTGAGE COMPANY 4 2.72% $13,603
    HOMESIDE FINANCIAL, LLC 4 3.09% $11,938
    Golden Empire Mortgage, Inc. 4 3.53% $12,018
    PREMIER LENDING, INC. 4 3.09% $13,272
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 3.25% $8,802
    First Savings Bank 3 2.67% $12,196
    ZILLOW HOME LOANS, LLC 3 2.50% $10,804
    INSPIRE HOME LOANS INC. 3 3.13% $14,347
    LADERA LENDING, INC. 3 3.13% $12,219
    OCMBC, INC. 3 3.75% $13,015
    EMBRACE HOME LOANS, INC. 3 2.83% $11,892
    CORNERSTONE HOME LENDING, INC. 3 2.88% $13,726
    Barrington Bank & Trust Company, N.A. 3 3.26% $13,206
    Wells Fargo Bank 3 3.08% $12,083
    MORIA DEVELOPMENT, INC. 2 3.31% $12,222
    INTELLILOAN, INC. 2 2.44% $9,546
    Hometown Equity Mortgage, LLC 2 4.25% $11,958
    NEXERA HOLDING LLC 2 2.69% $9,833
    EVERETT FINANCIAL, INC. 2 3.19% $10,389
    OPEN MORTGAGE, LLC 2 3.31% $11,174
    PARKSIDE LENDING, LLC 2 2.69% $9,876
    ALL WESTERN MORTGAGE, INC. 2 4.06% $13,261
    Peoples Bank 2 3.00% $10,265
    Plains Commerce Bank 2 2.56% $9,747
    Colten Mortgage, LLC 2 3.00% $4,813
    Boeing Employees Credit Union 2 2.63% $10,053
    RELIANCE FIRST CAPITAL, LLC 2 3.50% $13,254
    SOUTHWEST FUNDING, LP 2 3.25% $12,433
    Summit Mortgage Corporation 2 2.75% $12,752
    Sunflower Bank 2 3.06% $13,553
    Bank of America 2 3.31% $10,485
    TOP FLITE FINANCIAL, INC. 2 2.88% $24,287
    ARC HOME LLC 2 2.94% $11,271
    AMCAP MORTGAGE, LTD. 2 2.75% $8,988
    First Home Bank 1 4.50% $10,765
    Network Funding, L.P. 1 3.38% $15,840
    NETWORK CAPITAL FUNDING CORPORATION 1 3.88% $13,763
    CALCULATED RISK ANALYTICS LLC 1 2.88% $9,770
    INTERNATIONAL CITY MORTGAGE, INC. 1 4.50% $8,433
    Magnolia Bank 1 3.25% $10,187
    NBH Bank 1 2.88% $5,488
    BNC National Bank 1 2.75% $7,422
    Blue Ridge Bank 1 2.75% $12,957
    BETTER MORTGAGE CORPORATION 1 2.63% $9,574
    SIRVA MORTGAGE, INC. 1 3.13% $7,699
    SIWELL, INC. 1 2.88% $10,542
    BECKAM FUNDING CORP. 1 3.38% $13,496
    LOANLEADERS OF AMERICA, INC. 1 2.75% $10,464
    SOUTHWEST STAGE FUNDING, LLC 1 2.75% $5,248
    Goldwater Bank, N.A. 1 3.50% $11,961
    GoPrime Mortgage, Inc. 1 2.38% $11,935
    Stifel Bank and Trust 1 2.88% $8,067
    Strong Home Mortgage, LLC 1 2.25% $7,143
    Bank of the West 1 3.88% $6,054
    V.I.P. MORTGAGE, INC. 1 3.25% $13,623
    Bank of the Pacific 1 2.88% $10,625
    INTERCAP LENDING INC. 1 3.00% $10,214
    Low VA Rates, LLC 1 2.38% $6,395
    Washington Trust Bank 1 2.88% $10,165
    MORTGAGE MASTER SERVICE CORPORATION 1 3.25% $12,227
    TJC Mortgage, Inc. 1 3.00% $5,525
    ON Q FINANCIAL, INC. 1 2.75% $13,086
    NP, Inc. 1 2.25% $7,949
    Paramount Bank 1 2.63% $13,888
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.13% $12,232
    VISION ONE MORTGAGE, INC. 1 3.25% $7,088
    DATA MORTGAGE, INC. 1 3.00% $12,559
    TruHome Solutions, LLC 1 2.75% $9,733
    Austin Capital Bank SSB 1 3.50% $8,199
    Ixonia Bank 1 3.00% $15,204
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 3.00% $9,736
    North American Savings Bank, F.S.B. 1 2.50% $8,140
    FBC MORTGAGE, LLC 1 2.88% $12,845
    CONTOUR MORTGAGE CORPORATION 1 3.38% $5,624
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.88% $13,476

    The top Portland FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 465 FHA loans originated. Their average total fees are $12,897, which is $3,867 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Portland FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($4,010), MID AMERICA MORTGAGE, INC. ($5,158), Mr. Cooper ( Nationstar Mortgage ) ($6,693), LAKEVIEW LOAN SERVICING, LLC ($7,060) and AmeriHome Mortgage Company, LLC ($7,532).

    The lowest rate Portland FHA lenders (with over 10 loans originated) are InterContinental Capital Group, Inc (2.55%), PLAZA HOME MORTGAGE, INC. (2.57%), UNITED WHOLESALE MORTGAGE, LLC (2.59%), Banner Bank (2.61%) and SOVEREIGN LENDING GROUP INCORPORATED (2.62%).

    Portland FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA CLACKAMAS 2022 $598,000 $765,550 $925,350 $1,150,000
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA COLUMBIA 2022 $598,000 $765,550 $925,350 $1,150,000
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA MULTNOMAH 2022 $598,000 $765,550 $925,350 $1,150,000
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA WASHINGTON 2022 $598,000 $765,550 $925,350 $1,150,000
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA YAMHILL 2022 $598,000 $765,550 $925,350 $1,150,000
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA CLARK 2022 $598,000 $765,550 $925,350 $1,150,000
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA SKAMANIA 2022 $598,000 $765,550 $925,350 $1,150,000

    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).