Portland FHA Loans

PORTLAND-VANCOUVER-HILLSBORO, OR-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.

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).