Salem FHA Loans

SALEM, OR

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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.

    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 5.17% 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 5.38% and one month ago for the week of 2022-04-15, the average rate was 5.17%.

    The average rate one year ago was 3.24%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.16%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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 & INVESTMENT LLC ($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 $384,950 (35.1%) $504,971 (34.3%) 1.42 933
    2018-02-01 $384,945 (32.1%) $497,773 (30.3%) 1.39 923
    2018-03-01 $379,900 (27.9%) $485,585 (24.5%) 1.31 947
    2018-04-01 $385,000 (26.3%) $505,771 (25.9%) 1.29 997
    2018-05-01 $398,950 (29.8%) $504,267 (24.9%) 1.33 1,122
    2018-06-01 $394,900 (29.5%) $494,477 (25.2%) 1.32 1,186
    2018-07-01 $398,750 (9.3%) $496,069 (6.7%) 1.33 1,276
    2018-08-01 $379,950 (5.6%) $469,809 (0.8%) 1.27 1,517
    2018-09-01 $375,900 (4.5%) $462,908 (-1.1%) 1.26 1,608
    2018-10-01 $372,900 (-1.1%) $456,885 (-4.3%) 1.25 1,623
    2018-11-01 $364,950 (-3.5%) $444,090 (-8.3%) 1.22 1,638
    2018-12-01 $369,900 (-4.2%) $446,519 (-10.9%) 1.27 1,545
    2019-01-01 $367,000 (-4.7%) $439,844 (-12.9%) 1.27 1,418
    2019-02-01 $362,450 (-5.8%) $427,023 (-14.2%) 1.21 1,369
    2019-03-01 $366,657 (-3.5%) $428,472 (-11.8%) 1.19 1,392
    2019-04-01 $368,707 (-4.2%) $431,215 (-14.7%) 1.16 1,457
    2019-05-01 $369,450 (-7.4%) $434,839 (-13.8%) 1.14 1,573
    2019-06-01 $369,900 (-6.3%) $436,074 (-11.8%) 1.14 1,725
    2019-07-01 $374,950 (-6.0%) $437,898 (-11.7%) 1.17 1,789
    2019-08-01 $375,000 (-1.3%) $445,432 (-5.2%) 1.18 1,740
    2019-09-01 $375,000 (-0.2%) $456,545 (-1.4%) 1.19 1,690
    2019-10-01 $379,900 (1.9%) $460,521 (0.8%) 1.21 1,708
    2019-11-01 $383,400 (5.1%) $463,939 (4.5%) 1.24 1,587
    2019-12-01 $384,450 (3.9%) $470,338 (5.3%) 1.28 1,365
    2020-01-01 $387,450 (5.6%) $478,308 (8.7%) 1.29 1,190
    2020-02-01 $389,990 (7.6%) $482,290 (12.9%) 1.26 1,098
    2020-03-01 $407,175 (11.1%) $505,855 (18.1%) 1.27 1,062
    2020-04-01 $399,900 (8.5%) $490,217 (13.7%) 1.25 1,176
    2020-05-01 $419,900 (13.7%) $511,280 (17.6%) 1.27 1,082
    2020-06-01 $430,000 (16.3%) $538,418 (23.5%) 1.26 908
    2020-07-01 $429,950 (14.7%) $547,700 (25.1%) 1.23 844
    2020-08-01 $430,000 (14.7%) $556,533 (24.9%) 1.23 764
    2020-09-01 $449,995 (20.0%) $583,753 (27.9%) 1.29 633
    2020-10-01 $439,000 (15.6%) $569,358 (23.6%) 1.25 637
    2020-11-01 $454,475 (18.5%) $602,169 (29.8%) 1.30 530
    2020-12-01 $435,000 (13.2%) $600,801 (27.7%) 1.28 438
    2021-01-01 $448,000 (15.6%) $608,113 (27.1%) 1.32 383
    2021-02-01 $450,000 (15.4%) $602,677 (25.0%) 1.29 324
    2021-03-01 $427,450 (5.0%) $565,187 (11.7%) 1.20 341
    2021-04-01 $433,250 (8.3%) $585,419 (19.4%) 1.16 380
    2021-05-01 $445,000 (6.0%) $566,984 (10.9%) 1.17 452
    2021-06-01 $468,448 (8.9%) $591,425 (9.9%) 1.22 523
    2021-07-01 $449,950 (4.7%) $596,763 (9.0%) 1.17 637
    2021-08-01 $472,450 (9.9%) $601,357 (8.1%) 1.24 766
    2021-09-01 $467,400 (3.9%) $607,226 (4.0%) 1.23 860
    2021-10-01 $449,900 (2.5%) $602,025 (5.7%) 1.18 843
    2021-11-01 $452,500 (-0.4%) $620,889 (3.1%) 1.19 719
    2021-12-01 $477,450 (9.8%) $642,836 (7.0%) 1.27 570
    2022-01-01 $489,000 (9.2%) $705,786 (16.1%) 1.30 422
    2022-02-01 $495,800 (10.2%) $732,407 (21.5%) 1.26 404
    2022-03-01 $512,420 (19.9%) $718,311 (27.1%) 1.27 433
    2022-04-01 $512,900 (18.4%) $672,800 (14.9%) 1.21 532
    Salem's median listing price for 2022-04-01 was $512,900, a difference of $79,650 (18.4%) versus the prior year and $480 versus the prior month.

    Salem's median listing price comes in at 121% of the national average.

    Salem's average listing price for 2022-04-01 was $672,800, a difference of $87,381 (14.9%) versus the prior year and $-45,511 versus the prior month.

    For the 2022-04-01 period, Salem had 532 MLS listings, a difference of 99 listings (23%) versus the prior month and 152 listings (40%) 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 70 days 2,159 sqft
    2018-02-01 56 days 2,119 sqft
    2018-03-01 40 days 2,074 sqft
    2018-04-01 37 days 2,084 sqft
    2018-05-01 32 days 2,094 sqft
    2018-06-01 35 days 2,064 sqft
    2018-07-01 43 days 2,111 sqft
    2018-08-01 37 days 2,055 sqft
    2018-09-01 44 days 2,019 sqft
    2018-10-01 52 days 2,016 sqft
    2018-11-01 53 days 2,000 sqft
    2018-12-01 61 days 2,004 sqft
    2019-01-01 72 days 1,982 sqft
    2019-02-01 61 days 1,944 sqft
    2019-03-01 49 days 1,984 sqft
    2019-04-01 45 days 1,994 sqft
    2019-05-01 43 days 1,988 sqft
    2019-06-01 39 days 1,988 sqft
    2019-07-01 41 days 1,985 sqft
    2019-08-01 46 days 2,000 sqft
    2019-09-01 49 days 2,015 sqft
    2019-10-01 51 days 2,038 sqft
    2019-11-01 55 days 2,048 sqft
    2019-12-01 65 days 2,001 sqft
    2020-01-01 72 days 2,001 sqft
    2020-02-01 69 days 1,988 sqft
    2020-03-01 43 days 2,046 sqft
    2020-04-01 44 days 2,016 sqft
    2020-05-01 49 days 2,127 sqft
    2020-06-01 44 days 2,228 sqft
    2020-07-01 39 days 2,198 sqft
    2020-08-01 39 days 2,164 sqft
    2020-09-01 42 days 2,224 sqft
    2020-10-01 36 days 2,128 sqft
    2020-11-01 47 days 2,158 sqft
    2020-12-01 56 days 2,046 sqft
    2021-01-01 49 days 2,092 sqft
    2021-02-01 36 days 1,984 sqft
    2021-03-01 29 days 1,893 sqft
    2021-04-01 23 days 1,880 sqft
    2021-05-01 17 days 1,948 sqft
    2021-06-01 21 days 1,970 sqft
    2021-07-01 22 days 1,940 sqft
    2021-08-01 24 days 1,946 sqft
    2021-09-01 29 days 1,911 sqft
    2021-10-01 33 days 1,845 sqft
    2021-11-01 37 days 1,894 sqft
    2021-12-01 44 days 1,932 sqft
    2022-01-01 52 days 1,968 sqft
    2022-02-01 33 days 1,913 sqft
    2022-03-01 27 days 1,912 sqft
    2022-04-01 23 days 1,864 sqft
    Salem's median listing age (time on market) for 2022-04-01 was 23 days. This is 0% longer than the same period one year ago.

    Salem's median square footage for active listings during the 2022-04-01 period was 1,864 sqft. One year prior, the average listing was 1,880 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).