Salem FHA Loan Rates, Closing Costs & Stats

SALEM, OR

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.

Salem's 126 lenders originated 2,094 FHA loans during 2021. The total origination value was $600,740,000, with an average FHA loan value of $286,886.

Salem FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Salem averaged 6.19% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Salem's average FHA mortgage closing costs are $8,967.

The average rate for the prior week (2022-11-25) was 6.51% and one month ago for the week of 2022-10-28, the average rate was 6.95%.

The average rate one year ago was 3.48%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.07%.

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

Salem 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 Salem level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
CALIBER HOME LOANS, INC. 162 2.75% $9,317
QUICKEN LOANS, LLC 116 2.60% $8,357
GUILD MORTGAGE COMPANY 92 3.03% $11,655
LPMC, LLC 81 2.87% $9,803
AMERICAN PACIFIC MORTGAGE CORPORATION 80 3.08% $11,290
FREEDOM MORTGAGE CORPORATION 69 2.81% $6,024
LAKEVIEW LOAN SERVICING, LLC 64 2.93% $5,941
MANN FINANCIAL INC. 56 3.43% $12,511
PACIFIC RESIDENTIAL MORTGAGE, LLC 52 3.17% $11,307
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 49 3.28% $9,642
PENNYMAC LOAN SERVICES, LLC 47 2.94% $7,147
HOMEBRIDGE FINANCIAL SERVICES, INC. 47 2.81% $8,880
UNITED WHOLESALE MORTGAGE, LLC 41 2.66% $9,276
ACADEMY MORTGAGE CORPORATION 35 3.17% $10,271
NATIONS DIRECT MORTGAGE, LLC 34 2.75% $10,078
MOVEMENT MORTGAGE, LLC 30 3.45% $8,544
DHI MORTGAGE COMPANY, LTD. 29 2.60% $9,595
CHURCHILL MORTGAGE CORPORATION 28 2.99% $10,032
GENEVA FINANCIAL, LLC 27 3.13% $10,608
Mr. Cooper ( Nationstar Mortgage ) 26 3.33% $4,610
S1L, Inc. 25 3.21% $11,769
CROSSCOUNTRY MORTGAGE, LLC 24 3.20% $11,994
LOANDEPOT.COM, LLC 23 2.79% $10,558
NEWREZ LLC 21 2.87% $7,276
Willamette Valley Bank 21 2.99% $9,681
HOME POINT FINANCIAL CORPORATION 20 2.64% $9,545
ROUNDPOINT MORTGAGE SERVICING CORPORATION 20 2.93% $9,110
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 19 3.58% $12,957
FINANCE OF AMERICA MORTGAGE LLC 16 3.13% $10,224
VILLAGE CAPITAL MORTGAGE 15 2.67% $2,976
Umpqua Bank 14 3.00% $9,681
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 14 2.98% $9,648
Commerce Home Mortgage, Inc. 14 3.18% $10,291
PLAZA HOME MORTGAGE, INC. 12 2.88% $12,469
LEADERONE FINANCIAL CORPORATION 12 3.06% $9,920
AMERICAN FINANCING CORPORATION 11 2.44% $8,923
PRIMARY RESIDENTIAL MORTGAGE, INC. 10 3.41% $14,078
CHERRY CREEK MORTGAGE, LLC 10 2.70% $10,949
CMG MORTGAGE, INC. 10 2.95% $9,607
InterContinental Capital Group, Inc 10 2.60% $8,707
INSPIRE HOME LOANS INC. 9 3.15% $11,446
DIRECTORS MORTGAGE, INC. 9 3.39% $11,850
Carrington Mortgage Services, LLC 9 3.17% $9,287
BROKER SOLUTIONS, INC. 9 3.04% $9,296
Flagstar Bank, FSB 9 2.90% $9,888
Hometown Lenders, Inc. 9 3.39% $11,427
PLANET HOME LENDING, LLC 8 2.80% $6,410
AMERISAVE MORTGAGE CORPORATION 8 2.78% $10,937
SUMMIT FUNDING, INC. 8 3.47% $12,680
MID AMERICA MORTGAGE, INC. 8 2.98% $4,611
Sierra Pacific Mortgage Company, Inc. 7 2.54% $14,920
STEARNS LENDING, LLC 7 2.48% $10,348
HomeStreet Bank 7 2.70% $12,281
Prosperity Home Mortgage, LLC 7 3.34% $10,370
AmeriHome Mortgage Company, LLC 6 2.69% $6,033
First Guaranty Mortgage Corporation 6 2.81% $7,042
PRIMELENDING, A PLAINSCAPITAL COMPANY 6 3.21% $12,574
Paramount Residential Mortgage Group, Inc. 6 3.21% $11,377
Nations Lending Corporation 6 3.17% $12,917
SOVEREIGN LENDING GROUP INCORPORATED 6 2.85% $10,683
RANLIFE, INC. 6 3.37% $9,698
PREMIER MORTGAGE RESOURCES, L.L.C. 5 3.15% $10,882
AMERICAN FINANCIAL RESOURCES, INC. 5 3.25% $9,757
AMERICAN FINANCIAL NETWORK, INC. 5 3.23% $13,698
Waterstone Mortgage Corporation 4 3.63% $12,614
OnPoint Community Credit Union 4 3.00% $9,471
Gateway First Bank 4 3.22% $11,547
Summit Mortgage Corporation 4 2.84% $12,404
JLB CORPORATION 4 2.38% $10,930
HOMESIDE FINANCIAL, LLC 4 2.97% $7,340
SECURITYNATIONAL MORTGAGE COMPANY 3 3.38% $11,078
GUARANTEED RATE, INC. 3 3.00% $9,216
Equity Prime Mortgage LLC 3 3.33% $8,967
Chickasaw Community Bank 3 2.96% $9,132
RESIDENTIAL BANCORP. 3 3.12% $10,467
The Federal Savings Bank 3 2.58% $13,336
U.S. Bank 3 2.83% $9,728
Washington Trust Bank 3 3.08% $10,444
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 2.96% $11,334
PARKSIDE LENDING, LLC 3 2.79% $8,433
1st Security Bank of Washington 2 2.94% $10,043
AmRes Corporation 2 2.88% $9,477
AXIA FINANCIAL, LLC 2 3.00% $10,773
EAGLE HOME MORTGAGE, LLC 2 2.56% $9,361
Golden Empire Mortgage, Inc. 2 3.13% $12,124
INTELLILOAN, INC. 2 2.94% $9,704
LAND HOME FINANCIAL SERVICES, INC. 2 2.88% $7,310
LENDING 3, INC. 2 3.00% $10,842
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.75% $12,133
MYCUMORTGAGE, LLC 2 3.13% $8,229
VERITAS FUNDING, LLC 2 3.25% $12,760
PANORAMA MORTGAGE GROUP, LLC 1 3.25% $8,931
Platinum Home Mortgage Corporation 1 2.75% $12,006
ON Q FINANCIAL, INC. 1 3.38% $12,437
OCMBC, INC. 1 3.25% $10,918
NFM, INC. 1 3.13% $12,691
Neighborhood Loans, Inc. 1 3.25% $10,997
PRIORITY HOME LENDING, LLC 1 3.25% $11,512
MUFG Union Bank 1 3.25% $8,701
Loan Simple, Inc. 1 3.25% $12,065
LOANPAL, LLC 1 3.13% $17,911
LENDUS, LLC 1 2.75% $10,023
JAMES B. NUTTER & COMPANY 1 2.88% $4,418
INTERCAP LENDING INC. 1 3.50% $7,693
Hometown Equity Mortgage, LLC 1 4.38% $11,260
First Interstate Bank 1 2.50% $8,400
SOUTHWEST STAGE FUNDING, LLC 1 2.75% $4,176
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.75% $9,758
CORNERSTONE HOME LENDING, INC. 1 3.25% $10,420
Stifel Bank and Trust 1 2.25% $8,454
Strong Home Mortgage, LLC 1 2.63% $8,237
Citizens Bank 1 2.63% $10,192
CELEBRITY HOME LOANS, LLC 1 2.38% $7,678
SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $19,917
CANOPY MORTGAGE, LLC 1 3.75% $10,617
BELEM SERVICING LLC 1 3.25% $10,891
UNITED SECURITY FINANCIAL CORP 1 2.38% $10,051
BECKAM FUNDING CORP. 1 3.25% $15,821
BAYSHORE MORTGAGE FUNDING, LLC 1 2.75% $7,290
Wyndham Capital Mortgage, Inc. 1 2.38% $10,143
Barrington Bank & Trust Company, N.A. 1 3.50% $16,356
V.I.P. MORTGAGE, INC. 1 3.00% $11,725
Bank of England 1 3.13% $11,600
Bank of America 1 3.13% $8,073
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.75% $9,094
PENRITH HOME LOANS LLC 1 2.75% $11,400

The top Salem FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 162 FHA loans originated. Their average total fees are $9,317, which is $960 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Salem FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,976), Mr. Cooper ( Nationstar Mortgage ) ($4,610), LAKEVIEW LOAN SERVICING, LLC ($5,941), FREEDOM MORTGAGE CORPORATION ($6,024) and PENNYMAC LOAN SERVICES, LLC ($7,147).

The lowest rate Salem FHA lenders (with over 10 loans originated) are AMERICAN FINANCING CORPORATION (2.44%), InterContinental Capital Group, Inc (2.60%), QUICKEN LOANS, LLC (2.60%), DHI MORTGAGE COMPANY, LTD. (2.60%) and HOME POINT FINANCIAL CORPORATION (2.64%).

Salem FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SALEM, OR MARION 2022 $420,680 $538,650 $651,050 $809,150
SALEM, OR POLK 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Salem (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 $377,425 (36.6%) $492,929 (36.0%) 1.40 714
2018-02-01 $377,450 (34.3%) $486,511 (32.1%) 1.37 712
2018-03-01 $374,900 (32.3%) $478,838 (28.4%) 1.32 740
2018-04-01 $384,700 (30.4%) $499,480 (29.4%) 1.30 763
2018-05-01 $389,450 (31.2%) $495,312 (27.9%) 1.30 857
2018-06-01 $385,900 (29.9%) $488,871 (29.3%) 1.29 924
2018-07-01 $394,700 (12.1%) $487,251 (10.2%) 1.32 978
2018-08-01 $375,450 (5.4%) $461,644 (2.0%) 1.26 1,168
2018-09-01 $369,900 (5.7%) $450,427 (0.4%) 1.24 1,235
2018-10-01 $367,450 (0.0%) $448,628 (-2.8%) 1.24 1,236
2018-11-01 $362,200 (-2.1%) $438,794 (-6.6%) 1.23 1,223
2018-12-01 $364,900 (-3.3%) $443,344 (-9.0%) 1.26 1,131
2019-01-01 $367,950 (-2.5%) $440,787 (-10.6%) 1.27 1,067
2019-02-01 $362,450 (-4.0%) $423,048 (-13.0%) 1.22 1,027
2019-03-01 $364,371 (-2.8%) $423,441 (-11.6%) 1.19 1,038
2019-04-01 $364,973 (-5.1%) $425,572 (-14.8%) 1.16 1,066
2019-05-01 $364,950 (-6.3%) $428,588 (-13.5%) 1.14 1,145
2019-06-01 $364,900 (-5.4%) $427,292 (-12.6%) 1.14 1,258
2019-07-01 $369,900 (-6.3%) $429,007 (-12.0%) 1.16 1,322
2019-08-01 $373,536 (-0.5%) $434,004 (-6.0%) 1.18 1,304
2019-09-01 $371,491 (0.4%) $442,734 (-1.7%) 1.19 1,293
2019-10-01 $372,677 (1.4%) $452,984 (1.0%) 1.20 1,258
2019-11-01 $379,995 (4.9%) $461,313 (5.1%) 1.25 1,131
2019-12-01 $379,925 (4.1%) $466,399 (5.2%) 1.27 983
2020-01-01 $387,400 (5.3%) $472,836 (7.3%) 1.29 857
2020-02-01 $389,900 (7.6%) $479,395 (13.3%) 1.27 799
2020-03-01 $404,925 (11.1%) $500,099 (18.1%) 1.27 775
2020-04-01 $399,000 (9.3%) $480,277 (12.9%) 1.25 838
2020-05-01 $414,900 (13.7%) $503,048 (17.4%) 1.26 772
2020-06-01 $421,863 (15.6%) $514,944 (20.5%) 1.24 673
2020-07-01 $427,000 (15.4%) $530,831 (23.7%) 1.24 637
2020-08-01 $425,000 (13.8%) $537,966 (24.0%) 1.22 583
2020-09-01 $432,500 (16.4%) $550,989 (24.5%) 1.24 501
2020-10-01 $417,450 (12.0%) $540,263 (19.3%) 1.20 503
2020-11-01 $427,839 (12.6%) $556,575 (20.7%) 1.25 423
2020-12-01 $420,700 (10.7%) $564,260 (21.0%) 1.25 349
2021-01-01 $438,000 (13.1%) $603,152 (27.6%) 1.31 299
2021-02-01 $442,450 (13.5%) $591,887 (23.5%) 1.29 260
2021-03-01 $423,250 (4.5%) $566,178 (13.2%) 1.20 280
2021-04-01 $430,200 (7.8%) $592,404 (23.4%) 1.16 305
2021-05-01 $446,000 (7.5%) $569,888 (13.3%) 1.18 360
2021-06-01 $458,798 (8.8%) $588,191 (14.2%) 1.21 423
2021-07-01 $449,900 (5.4%) $594,019 (11.9%) 1.18 514
2021-08-01 $459,750 (8.2%) $594,055 (10.4%) 1.23 578
2021-09-01 $462,450 (6.9%) $616,549 (11.9%) 1.23 630
2021-10-01 $449,950 (7.8%) $618,905 (14.6%) 1.20 627
2021-11-01 $452,500 (5.8%) $630,500 (13.3%) 1.21 535
2021-12-01 $479,725 (14.0%) $658,810 (16.8%) 1.30 443
2022-01-01 $489,900 (11.9%) $723,844 (20.0%) 1.32 350
2022-02-01 $497,750 (12.5%) $757,833 (28.0%) 1.29 331
2022-03-01 $508,450 (20.1%) $739,117 (30.5%) 1.27 353
2022-04-01 $500,000 (16.2%) $683,422 (15.4%) 1.19 420
2022-05-01 $509,675 (14.3%) $657,723 (15.4%) 1.17 508
2022-06-01 $503,265 (9.7%) $642,738 (9.3%) 1.12 625
2022-07-01 $499,000 (10.9%) $615,091 (3.6%) 1.13 821
2022-08-01 $499,000 (8.5%) $605,837 (2.0%) 1.15 902
2022-09-01 $496,996 (7.5%) $603,036 (-2.2%) 1.16 940
2022-10-01 $489,000 (8.7%) $565,714 (-8.6%) 1.15 980
2022-11-01 $484,720 (7.1%) $569,159 (-9.7%) 1.17 959
Salem's median listing price for 2022-11-01 was $484,720, a difference of $32,220 (7.1%) versus the prior year and $-4,280 versus the prior month.

Salem's median listing price comes in at 117% of the national average.

Salem's average listing price for 2022-11-01 was $569,159, a difference of $-61,341 (-9.7%) versus the prior year and $3,445 versus the prior month.

For the 2022-11-01 period, Salem had 959 MLS listings, a difference of -21 listings (-2%) versus the prior month and 424 listings (79%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Salem (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 74 days 2,100 sqft
2018-02-01 58 days 2,058 sqft
2018-03-01 43 days 2,032 sqft
2018-04-01 42 days 2,038 sqft
2018-05-01 33 days 2,067 sqft
2018-06-01 35 days 2,030 sqft
2018-07-01 45 days 2,079 sqft
2018-08-01 38 days 2,031 sqft
2018-09-01 44 days 1,994 sqft
2018-10-01 56 days 1,996 sqft
2018-11-01 59 days 1,968 sqft
2018-12-01 71 days 1,969 sqft
2019-01-01 75 days 1,948 sqft
2019-02-01 62 days 1,930 sqft
2019-03-01 49 days 1,953 sqft
2019-04-01 46 days 1,947 sqft
2019-05-01 43 days 1,919 sqft
2019-06-01 38 days 1,949 sqft
2019-07-01 42 days 1,954 sqft
2019-08-01 47 days 1,989 sqft
2019-09-01 50 days 1,998 sqft
2019-10-01 53 days 2,017 sqft
2019-11-01 58 days 2,026 sqft
2019-12-01 70 days 2,005 sqft
2020-01-01 79 days 1,993 sqft
2020-02-01 71 days 1,994 sqft
2020-03-01 46 days 2,023 sqft
2020-04-01 48 days 1,988 sqft
2020-05-01 57 days 2,088 sqft
2020-06-01 48 days 2,141 sqft
2020-07-01 38 days 2,148 sqft
2020-08-01 38 days 2,051 sqft
2020-09-01 42 days 2,092 sqft
2020-10-01 43 days 2,016 sqft
2020-11-01 59 days 2,026 sqft
2020-12-01 63 days 1,987 sqft
2021-01-01 42 days 2,070 sqft
2021-02-01 34 days 1,956 sqft
2021-03-01 23 days 1,873 sqft
2021-04-01 22 days 1,867 sqft
2021-05-01 15 days 1,880 sqft
2021-06-01 19 days 1,942 sqft
2021-07-01 23 days 1,932 sqft
2021-08-01 25 days 1,936 sqft
2021-09-01 29 days 1,906 sqft
2021-10-01 33 days 1,845 sqft
2021-11-01 37 days 1,869 sqft
2021-12-01 45 days 1,930 sqft
2022-01-01 55 days 1,942 sqft
2022-02-01 31 days 1,893 sqft
2022-03-01 28 days 1,905 sqft
2022-04-01 23 days 1,864 sqft
2022-05-01 26 days 1,905 sqft
2022-06-01 24 days 1,891 sqft
2022-07-01 29 days 1,854 sqft
2022-08-01 37 days 1,899 sqft
2022-09-01 48 days 1,898 sqft
2022-10-01 50 days 1,842 sqft
2022-11-01 56 days 1,810 sqft
Salem's median listing age (time on market) for 2022-11-01 was 56 days. This is 49% longer than the same period one year ago.

Salem's median square footage for active listings during the 2022-11-01 period was 1,810 sqft. One year prior, the average listing was 1,869 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).