Salem FHA Loans

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 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).