Portland FHA Loan Rates, Closing Costs & Stats
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 161 lenders originated 3,653 FHA
loans during 2023. The total origination value was $1,552,725,000, with an average FHA loan value of
$425,055.
Portland FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Portland
averaged
5.92%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Portland's average FHA mortgage closing costs are $11,472.
The average rate for the prior week (2024-10-04) was
5.74% and
one month ago for the week of 2024-09-06, the
average rate was 5.97%.
The average rate one year ago was 7.39%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.67%.
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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Portland level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
438
|
6.11%
|
$17,715
|
GUILD MORTGAGE COMPANY
|
238
|
6.62%
|
$17,833
|
QUICKEN LOANS, LLC
|
228
|
6.17%
|
$17,096
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
200
|
6.57%
|
$16,735
|
MORTGAGE EXPRESS, LLC
|
113
|
6.48%
|
$16,070
|
CMG MORTGAGE, INC.
|
100
|
6.51%
|
$16,136
|
NATIONS DIRECT MORTGAGE, LLC
|
80
|
6.30%
|
$16,423
|
LOANDEPOT.COM, LLC
|
76
|
6.08%
|
$15,634
|
ACADEMY MORTGAGE CORPORATION
|
75
|
6.59%
|
$19,780
|
PENNYMAC LOAN SERVICES, LLC
|
60
|
5.97%
|
$19,191
|
NEWREZ LLC
|
60
|
6.56%
|
$17,048
|
DIRECTORS MORTGAGE, INC.
|
57
|
6.89%
|
$20,006
|
DHI MORTGAGE COMPANY, LTD.
|
56
|
5.79%
|
$11,354
|
CROSSCOUNTRY MORTGAGE, LLC
|
52
|
6.77%
|
$17,782
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
48
|
6.70%
|
$16,852
|
GUARANTEED RATE, INC.
|
47
|
6.17%
|
$16,312
|
EVERGREEN MONEYSOURCE MORTGAGE COMPANY
|
46
|
6.64%
|
$17,802
|
PACIFIC RESIDENTIAL MORTGAGE, LLC
|
45
|
6.59%
|
$17,406
|
BROKER SOLUTIONS, INC.
|
43
|
6.76%
|
$17,045
|
EAGLE HOME MORTGAGE, LLC
|
41
|
5.84%
|
$15,545
|
CARDINAL FINANCIAL
|
39
|
6.58%
|
$20,093
|
CALIBER HOME LOANS, INC.
|
36
|
6.18%
|
$14,321
|
Paramount Residential Mortgage Group, Inc.
|
30
|
6.85%
|
$19,276
|
CANOPY MORTGAGE, LLC
|
30
|
6.46%
|
$20,656
|
Flagstar Bank, FSB
|
29
|
6.47%
|
$14,811
|
OnPoint Community Credit Union
|
29
|
6.77%
|
$12,310
|
AMERICAN FINANCIAL NETWORK, INC.
|
28
|
6.68%
|
$19,132
|
NOVA FINANCIAL & INVESTMENT CORPORATION
|
27
|
6.21%
|
$18,781
|
GENEVA FINANCIAL, LLC
|
27
|
6.80%
|
$20,917
|
PLAZA HOME MORTGAGE, INC.
|
26
|
6.39%
|
$19,678
|
FREEDOM MORTGAGE CORPORATION
|
26
|
6.71%
|
$20,558
|
MOVEMENT MORTGAGE, LLC
|
25
|
6.74%
|
$17,842
|
Century Mortgage Company DBA Century Lending Company
|
24
|
6.16%
|
$16,918
|
SUMMIT MORTGAGE CORPORATION
|
24
|
6.69%
|
$19,731
|
PANORAMA MORTGAGE GROUP, LLC
|
24
|
6.50%
|
$20,416
|
American Mortgage & Equity Consultants, Inc.
|
22
|
6.77%
|
$19,661
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
22
|
6.32%
|
$21,134
|
AMERISAVE MORTGAGE CORPORATION
|
21
|
5.82%
|
$21,881
|
S1L, Inc.
|
20
|
6.64%
|
$20,938
|
Sierra Pacific Mortgage Company, Inc.
|
20
|
6.44%
|
$16,656
|
BAY EQUITY LLC
|
20
|
6.27%
|
$16,791
|
MANN FINANCIAL INC.
|
19
|
6.59%
|
$17,586
|
PRIORITY HOME LENDING, LLC
|
18
|
5.54%
|
$18,077
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
16
|
5.89%
|
$20,697
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
16
|
6.63%
|
$21,306
|
Banner Bank
|
15
|
6.03%
|
$17,005
|
Bank of England
|
15
|
6.48%
|
$17,626
|
HomeStreet Bank
|
15
|
6.03%
|
$18,727
|
RESIDENTIAL MORTGAGE, LLC
|
15
|
6.31%
|
$16,011
|
Mr. Cooper ( Nationstar Mortgage )
|
15
|
5.95%
|
$22,677
|
South Pacific Financial Corporation
|
14
|
5.38%
|
$14,202
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
13
|
6.57%
|
$14,853
|
Plains Commerce Bank
|
12
|
6.48%
|
$16,813
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
12
|
6.97%
|
$18,012
|
CHURCHILL MORTGAGE CORPORATION
|
12
|
6.30%
|
$15,859
|
Equity Prime Mortgage LLC
|
12
|
6.73%
|
$16,728
|
MASON MCDUFFIE MORTGAGE CORPORATION
|
12
|
6.18%
|
$20,627
|
SUN WEST MORTGAGE COMPANY, INC.
|
11
|
6.02%
|
$22,060
|
HOMEAMERICAN MORTGAGE CORPORATION
|
11
|
5.49%
|
$12,132
|
CORNERSTONE HOME LENDING, INC.
|
11
|
6.56%
|
$20,450
|
U.S. Bank
|
11
|
6.10%
|
$15,502
|
Willamette Valley Bank
|
11
|
6.36%
|
$18,152
|
KeyBank
|
10
|
6.04%
|
$14,608
|
UNION HOME MORTGAGE CORP.
|
10
|
6.70%
|
$16,431
|
ZILLOW HOME LOANS, LLC
|
10
|
6.18%
|
$16,996
|
JPMorgan Chase Bank
|
9
|
6.76%
|
$10,461
|
AMERICAN FINANCIAL RESOURCES, INC.
|
9
|
6.63%
|
$16,578
|
LEADERONE FINANCIAL CORPORATION
|
8
|
6.39%
|
$19,483
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
8
|
6.95%
|
$17,063
|
Nations Lending Corporation
|
8
|
6.61%
|
$14,064
|
ON Q FINANCIAL, INC.
|
8
|
6.95%
|
$14,042
|
SUMMIT FUNDING, INC.
|
8
|
6.56%
|
$24,263
|
PREMIER MORTGAGE RESOURCES, L.L.C.
|
8
|
6.75%
|
$19,598
|
Umpqua Bank
|
7
|
6.59%
|
$15,430
|
ENVOY MORTGAGE, LTD
|
7
|
7.02%
|
$18,013
|
CALCON MUTUAL MORTGAGE LLC
|
7
|
7.07%
|
$20,154
|
OCMBC, INC.
|
7
|
7.05%
|
$17,374
|
iCore Lending, Inc.
|
7
|
6.80%
|
$22,568
|
NFM, INC.
|
7
|
6.73%
|
$20,752
|
V.I.P. MORTGAGE, INC.
|
7
|
6.32%
|
$13,158
|
Carrington Mortgage Services, LLC
|
7
|
6.50%
|
$20,295
|
Cornerstone First Mortgage, Inc
|
7
|
6.66%
|
$20,095
|
Citizens Bank
|
7
|
6.84%
|
$14,025
|
PLANET HOME LENDING, LLC
|
6
|
6.25%
|
$15,197
|
FIRST CENTENNIAL MORTGAGE CORPORATION
|
6
|
6.85%
|
$15,428
|
LAKEVIEW LOAN SERVICING, LLC
|
6
|
5.81%
|
$17,072
|
Sunflower Bank
|
6
|
6.49%
|
$23,200
|
Wells Fargo Bank
|
6
|
6.31%
|
$9,430
|
DIAMOND RESIDENTIAL MORTGAGE CORPORATION
|
5
|
7.00%
|
$15,359
|
PHH Mortgage Corporation
|
5
|
6.30%
|
$13,178
|
Summit Mortgage Corporation
|
5
|
6.95%
|
$15,616
|
Loan Simple, Inc.
|
5
|
7.10%
|
$20,025
|
LADERA LENDING, INC.
|
5
|
6.88%
|
$17,263
|
Franklin Loan Corporation
|
5
|
6.05%
|
$21,730
|
AMERICAN FINANCING CORPORATION
|
5
|
6.28%
|
$20,278
|
LPMC, LLC
|
5
|
6.80%
|
$15,261
|
PENRITH HOME LOANS LLC
|
5
|
6.90%
|
$13,512
|
Prosperity Home Mortgage, LLC
|
4
|
6.53%
|
$18,095
|
Commerce Home Mortgage, Inc.
|
4
|
6.34%
|
$23,085
|
EVERETT FINANCIAL, INC.
|
4
|
6.63%
|
$19,140
|
TOP FLITE FINANCIAL, INC.
|
4
|
6.59%
|
$27,047
|
AXIA FINANCIAL, LLC
|
4
|
6.56%
|
$18,497
|
LOANPAL, LLC
|
4
|
6.03%
|
$16,312
|
Hometown Equity Mortgage, LLC
|
4
|
6.13%
|
$21,828
|
BECKAM FUNDING CORP.
|
3
|
6.92%
|
$20,866
|
UNITED SECURITY FINANCIAL CORP
|
3
|
7.04%
|
$26,009
|
Northpointe Bank
|
3
|
6.96%
|
$23,897
|
PENTAGON FEDERAL CREDIT UNION
|
2
|
5.13%
|
$22,327
|
Neighborhood Loans, Inc.
|
2
|
6.75%
|
$20,294
|
AmeriHome Mortgage Company, LLC
|
2
|
5.50%
|
$15,456
|
Keystone Funding, Inc.
|
2
|
7.06%
|
$15,161
|
VERITAS FUNDING, LLC
|
2
|
6.94%
|
$25,503
|
VILLAGE CAPITAL MORTGAGE
|
2
|
6.63%
|
$11,667
|
BMO Harris Bank
|
2
|
6.56%
|
$9,577
|
Washington Trust Bank
|
2
|
6.44%
|
$14,738
|
Bank of the Pacific
|
2
|
6.19%
|
$14,792
|
Bank of America
|
2
|
6.63%
|
$14,787
|
JMAC LENDING, INC.
|
2
|
6.63%
|
$15,059
|
JLB CORPORATION
|
2
|
6.38%
|
$14,655
|
SUCCESS MORTGAGE PARTNERS, INC.
|
2
|
6.56%
|
$20,181
|
The Federal Savings Bank
|
2
|
6.94%
|
$21,095
|
DAS Acquisition Company, LLC
|
2
|
7.44%
|
$17,931
|
MID AMERICA MORTGAGE, INC.
|
1
|
7.50%
|
$4,696
|
AMCAP MORTGAGE, LTD.
|
1
|
6.12%
|
$22,890
|
Zions Bank
|
1
|
5.88%
|
$12,822
|
ALLIED MORTGAGE GROUP, INC.
|
1
|
6.13%
|
$21,282
|
Magnolia Bank
|
1
|
5.75%
|
$23,972
|
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC.
|
1
|
6.63%
|
$25,038
|
Mortgage Research Center, LLC
|
1
|
5.63%
|
$8,740
|
MOUNTAIN WEST FINANCIAL, INC.
|
1
|
6.25%
|
$20,812
|
LOANLEADERS OF AMERICA, INC.
|
1
|
5.38%
|
$24,632
|
Lakeview Community Capital, LLC
|
1
|
7.25%
|
$17,267
|
M&T Bank
|
1
|
7.13%
|
$7,622
|
MYCUMORTGAGE, LLC
|
1
|
6.63%
|
$7,839
|
KELLER MORTGAGE, LLC
|
1
|
5.63%
|
$13,017
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
6.25%
|
$22,441
|
NBKC BANK
|
1
|
5.13%
|
$8,004
|
NETWORK CAPITAL FUNDING CORPORATION
|
1
|
5.75%
|
$10,428
|
INTERCAP LENDING INC.
|
1
|
6.63%
|
$12,792
|
HOMEXPRESS MORTGAGE CORP.
|
1
|
7.88%
|
$18,191
|
HOMESIDE FINANCIAL, LLC
|
1
|
5.63%
|
$26,015
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
1
|
7.50%
|
$18,553
|
Golden Empire Mortgage, Inc.
|
1
|
6.49%
|
$26,132
|
Peoples Bank
|
1
|
7.25%
|
$16,490
|
EMBRACE HOME LOANS, INC.
|
1
|
6.63%
|
$17,799
|
1st Security Bank of Washington
|
1
|
6.75%
|
$19,938
|
POLARIS HOME FUNDING CORP.
|
1
|
6.63%
|
$11,723
|
DATA MORTGAGE, INC.
|
1
|
6.63%
|
$23,962
|
CUSTOMER SERVICE MORTGAGE CORPORATION
|
1
|
7.13%
|
$11,524
|
CRESCENT MORTGAGE COMPANY
|
1
|
6.00%
|
$19,605
|
RANLIFE, INC.
|
1
|
6.99%
|
$23,830
|
Boeing Employees Credit Union
|
1
|
7.13%
|
$11,281
|
SECURITYNATIONAL MORTGAGE COMPANY
|
1
|
7.13%
|
$10,070
|
Bank of the West
|
1
|
5.38%
|
$11,949
|
STARBOARD FINANCIAL MANAGEMENT, LLC
|
1
|
6.63%
|
$19,899
|
Strong Home Mortgage, LLC
|
1
|
6.49%
|
$18,469
|
ALAMEDA MORTGAGE CORPORATION
|
1
|
7.25%
|
$17,096
|
Axos Bank
|
1
|
6.63%
|
$10,996
|
T2 FINANCIAL LLC
|
1
|
7.13%
|
$21,366
|
TOWNE MORTGAGE COMPANY
|
1
|
6.75%
|
$17,171
|
TruHome Solutions, LLC
|
1
|
5.88%
|
$16,340
|
The top Portland FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
438 FHA loans originated. Their average total fees are
$17,715, which is $118
lower than the next largest lender,
GUILD MORTGAGE COMPANY.
The lowest fee Portland FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. ($11,354), HOMEAMERICAN MORTGAGE CORPORATION ($12,132), OnPoint Community Credit Union ($12,310), South Pacific Financial Corporation ($14,202) and CALIBER HOME LOANS, INC. ($14,321).
The lowest rate Portland FHA lenders (with over 10 loans originated) are
South Pacific Financial Corporation (5.38%), HOMEAMERICAN MORTGAGE CORPORATION (5.49%), PRIORITY HOME LENDING, LLC (5.54%), DHI MORTGAGE COMPANY, LTD. (5.79%) and AMERISAVE MORTGAGE CORPORATION (5.82%).
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 |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA |
CLACKAMAS |
2023 |
$672,750 |
$861,250 |
$1,041,050 |
$1,293,750 |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA |
COLUMBIA |
2023 |
$672,750 |
$861,250 |
$1,041,050 |
$1,293,750 |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA |
MULTNOMAH |
2023 |
$672,750 |
$861,250 |
$1,041,050 |
$1,293,750 |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA |
WASHINGTON |
2023 |
$672,750 |
$861,250 |
$1,041,050 |
$1,293,750 |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA |
YAMHILL |
2023 |
$672,750 |
$861,250 |
$1,041,050 |
$1,293,750 |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA |
CLARK |
2023 |
$672,750 |
$861,250 |
$1,041,050 |
$1,293,750 |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA |
SKAMANIA |
2023 |
$672,750 |
$861,250 |
$1,041,050 |
$1,293,750 |
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).