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 119 lenders originated 1,165 FHA loans during 2023. The total origination value was $420,665,000, with an average FHA loan value of $361,086.

Salem FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Salem averaged 6.31% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Salem's average FHA mortgage closing costs are $10,302.

The average rate for the prior week (2024-07-12) was 6.77% and one month ago for the week of 2024-06-14, the average rate was 6.42%.

The average rate one year ago was 6.91%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.71%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 137 6.05% $16,294
QUICKEN LOANS, LLC 84 6.21% $14,791
GUILD MORTGAGE COMPANY 63 6.60% $16,103
DHI MORTGAGE COMPANY, LTD. 46 5.58% $11,459
NEWREZ LLC 31 6.38% $14,367
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 28 6.40% $13,292
CROSSCOUNTRY MORTGAGE, LLC 28 6.73% $16,103
NATIONS DIRECT MORTGAGE, LLC 26 6.38% $14,382
PACIFIC RESIDENTIAL MORTGAGE, LLC 26 6.62% $17,541
PENNYMAC LOAN SERVICES, LLC 25 5.99% $15,837
LPMC, LLC 24 6.56% $14,056
CHURCHILL MORTGAGE CORPORATION 23 6.56% $14,766
MANN FINANCIAL INC. 23 6.65% $16,460
MORTGAGE EXPRESS, LLC 22 6.61% $14,705
S1L, Inc. 22 6.59% $16,712
LOANDEPOT.COM, LLC 21 6.19% $16,591
PLAZA HOME MORTGAGE, INC. 21 5.93% $19,105
AMERICAN PACIFIC MORTGAGE CORPORATION 20 6.70% $15,178
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 15 6.74% $16,170
GUARANTEED RATE, INC. 14 6.59% $15,961
DIRECTORS MORTGAGE, INC. 14 6.87% $17,863
SUMMIT FUNDING, INC. 14 6.25% $21,652
BROKER SOLUTIONS, INC. 13 6.62% $15,331
PANORAMA MORTGAGE GROUP, LLC 11 6.98% $19,224
ACADEMY MORTGAGE CORPORATION 11 6.66% $17,061
CALIBER HOME LOANS, INC. 11 6.11% $14,531
AMERICAN FINANCIAL NETWORK, INC. 11 6.64% $19,199
Willamette Valley Bank 11 6.59% $17,035
EAGLE HOME MORTGAGE, LLC 10 6.21% $15,104
FREEDOM MORTGAGE CORPORATION 9 6.92% $18,805
Century Mortgage Company DBA Century Lending Company 9 6.08% $14,728
KeyBank 8 5.92% $14,540
Sierra Pacific Mortgage Company, Inc. 8 6.14% $16,565
CMG MORTGAGE, INC. 8 6.91% $15,300
CARDINAL FINANCIAL 8 6.09% $16,087
MOVEMENT MORTGAGE, LLC 7 6.64% $15,924
Equity Prime Mortgage LLC 7 6.41% $18,840
DAS Acquisition Company, LLC 6 6.75% $16,704
BAY EQUITY LLC 6 6.17% $17,086
Flagstar Bank, FSB 6 6.94% $14,694
GENEVA FINANCIAL, LLC 6 6.63% $20,960
OnPoint Community Credit Union 6 6.81% $12,117
SUCCESS MORTGAGE PARTNERS, INC. 6 6.56% $15,873
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.43% $14,777
Umpqua Bank 5 6.25% $18,377
SUN WEST MORTGAGE COMPANY, INC. 5 6.30% $14,153
Loan Simple, Inc. 5 7.13% $19,896
AMERISAVE MORTGAGE CORPORATION 5 5.95% $16,229
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.25% $14,845
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 7.13% $13,397
MUTUAL OF OMAHA MORTGAGE, INC. 5 6.65% $18,320
Nations Lending Corporation 4 6.44% $15,931
UNION HOME MORTGAGE CORP. 4 6.78% $15,218
MASON MCDUFFIE MORTGAGE CORPORATION 4 6.50% $14,142
HomeStreet Bank 4 6.19% $13,775
Mr. Cooper ( Nationstar Mortgage ) 4 6.22% $25,429
V.I.P. MORTGAGE, INC. 4 7.19% $14,842
American Mortgage & Equity Consultants, Inc. 3 6.71% $15,659
PLANET HOME LENDING, LLC 3 5.63% $15,177
Paramount Residential Mortgage Group, Inc. 3 6.96% $13,667
iCore Lending, Inc. 3 6.38% $19,744
Bank of England 3 6.67% $15,005
Bank of the Pacific 3 6.21% $13,814
OCMBC, INC. 3 7.42% $17,157
U.S. Bank 3 6.42% $14,016
VERITAS FUNDING, LLC 3 6.88% $23,694
LADERA LENDING, INC. 3 6.38% $15,786
ENVOY MORTGAGE, LTD 3 6.83% $11,040
Carrington Mortgage Services, LLC 3 6.38% $14,140
Franklin Loan Corporation 3 6.63% $18,195
AMERICAN FINANCING CORPORATION 3 6.00% $19,478
CALCON MUTUAL MORTGAGE LLC 2 7.38% $22,229
LEADERONE FINANCIAL CORPORATION 2 7.06% $14,364
LOANPAL, LLC 2 5.44% $22,145
Mortgage Research Center, LLC 2 6.44% $8,613
MOUNTAIN WEST FINANCIAL, INC. 2 6.19% $10,945
CANOPY MORTGAGE, LLC 2 6.88% $17,339
NBKC BANK 2 6.38% $10,135
AMCAP MORTGAGE, LTD. 2 7.13% $22,060
ON Q FINANCIAL, INC. 2 6.19% $16,262
PHH Mortgage Corporation 2 6.31% $14,206
Plains Commerce Bank 2 5.50% $12,814
PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.13% $14,426
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.81% $22,295
Prosperity Home Mortgage, LLC 2 6.37% $18,919
RANLIFE, INC. 2 5.94% $19,529
AmeriHome Mortgage Company, LLC 2 6.31% $11,067
TOWNE MORTGAGE COMPANY 2 5.31% $22,979
VILLAGE CAPITAL MORTGAGE 2 6.32% $9,884
MLD MORTGAGE INC. 1 7.13% $14,015
Ameris Bank 1 5.38% $16,602
PREMIA MORTGAGE, LLC 1 6.25% $9,418
JPMorgan Chase Bank 1 7.49% $5,269
FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.25% $17,777
PRIORITY HOME LENDING, LLC 1 6.00% $16,638
Hometown Equity Mortgage, LLC 1 5.75% $15,653
MID AMERICA MORTGAGE, INC. 1 5.75% $13,224
Waterstone Mortgage Corporation 1 5.63% $15,545
Florida Capital Bank 1 6.13% $19,327
SECURITYNATIONAL MORTGAGE COMPANY 1 6.50% $7,848
CHERRY CREEK MORTGAGE, LLC 1 6.13% $7,485
ZILLOW HOME LOANS, LLC 1 6.00% $13,590
Commerce Home Mortgage, Inc. 1 5.63% $20,517
CORNERSTONE HOME LENDING, INC. 1 6.63% $14,876
The Federal Savings Bank 1 6.63% $13,933
The Loan Store, Inc. 1 5.99% $20,938
EMBRACE HOME LOANS, INC. 1 6.38% $10,357
TruHome Solutions, LLC 1 6.38% $17,439
NFM, INC. 1 6.13% $14,755
BMO Harris Bank 1 6.50% $11,959
LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $21,659
Keystone Funding, Inc. 1 6.25% $16,703
NEW DAY FINANCIAL, LLC 1 7.99% $13,918
NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $14,658
Wells Fargo Bank 1 6.00% $4,434
MYCUMORTGAGE, LLC 1 6.63% $12,157
PENTAGON FEDERAL CREDIT UNION 1 5.50% $11,945
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $20,501
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.25% $20,891

The top Salem FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 137 FHA loans originated. Their average total fees are $16,294, which is $1,504 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Salem FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,459), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($13,292), LPMC, LLC ($14,056), NEWREZ LLC ($14,367) and NATIONS DIRECT MORTGAGE, LLC ($14,382).

The lowest rate Salem FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.58%), PLAZA HOME MORTGAGE, INC. (5.93%), PENNYMAC LOAN SERVICES, LLC (5.99%), UNITED WHOLESALE MORTGAGE, LLC (6.05%) and CALIBER HOME LOANS, INC. (6.11%).

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
SALEM, OR MARION 2023 $483,000 $618,300 $747,400 $928,850
SALEM, OR POLK 2023 $483,000 $618,300 $747,400 $928,850

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%) $492,987 (35.6%) 1.40 714
2018-02-01 $377,450 (34.3%) $486,422 (32.0%) 1.37 712
2018-03-01 $374,900 (32.3%) $478,838 (28.6%) 1.32 740
2018-04-01 $384,175 (30.2%) $499,384 (29.3%) 1.30 763
2018-05-01 $389,450 (31.1%) $496,079 (28.1%) 1.30 857
2018-06-01 $385,900 (29.8%) $488,871 (29.3%) 1.29 924
2018-07-01 $394,700 (12.2%) $487,251 (10.3%) 1.32 978
2018-08-01 $375,450 (5.3%) $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 (-6.5%) 1.23 1,223
2018-12-01 $364,900 (-3.1%) $443,344 (-9.0%) 1.26 1,130
2019-01-01 $367,450 (-2.6%) $440,820 (-10.6%) 1.27 1,065
2019-02-01 $362,450 (-4.0%) $423,227 (-13.0%) 1.22 1,025
2019-03-01 $364,371 (-2.8%) $423,621 (-11.5%) 1.19 1,035
2019-04-01 $365,000 (-5.0%) $425,952 (-14.7%) 1.16 1,063
2019-05-01 $365,175 (-6.2%) $429,796 (-13.4%) 1.14 1,141
2019-06-01 $365,000 (-5.4%) $428,623 (-12.3%) 1.14 1,253
2019-07-01 $369,900 (-6.3%) $429,676 (-11.8%) 1.16 1,317
2019-08-01 $373,609 (-0.5%) $434,708 (-5.8%) 1.18 1,299
2019-09-01 $371,523 (0.4%) $443,484 (-1.5%) 1.19 1,288
2019-10-01 $372,682 (1.4%) $453,796 (1.2%) 1.20 1,253
2019-11-01 $380,450 (5.0%) $462,231 (5.3%) 1.25 1,126
2019-12-01 $380,000 (4.1%) $467,497 (5.5%) 1.27 978
2020-01-01 $387,475 (5.5%) $474,112 (7.6%) 1.29 852
2020-02-01 $389,900 (7.6%) $480,831 (13.6%) 1.28 794
2020-03-01 $404,975 (11.1%) $501,706 (18.4%) 1.27 770
2020-04-01 $399,450 (9.4%) $481,605 (13.1%) 1.25 833
2020-05-01 $414,900 (13.6%) $503,742 (17.2%) 1.26 767
2020-06-01 $423,925 (16.1%) $516,805 (20.6%) 1.25 668
2020-07-01 $429,450 (16.1%) $532,956 (24.0%) 1.24 632
2020-08-01 $425,000 (13.8%) $540,325 (24.3%) 1.22 578
2020-09-01 $438,075 (17.9%) $553,802 (24.9%) 1.26 496
2020-10-01 $419,999 (12.7%) $542,943 (19.6%) 1.20 498
2020-11-01 $429,900 (13.0%) $559,831 (21.1%) 1.26 418
2020-12-01 $424,500 (11.7%) $568,387 (21.6%) 1.26 344
2021-01-01 $444,500 (14.7%) $608,697 (28.4%) 1.33 294
2021-02-01 $449,300 (15.2%) $597,622 (24.3%) 1.31 255
2021-03-01 $427,400 (5.5%) $569,909 (13.6%) 1.21 275
2021-04-01 $433,625 (8.6%) $597,237 (24.0%) 1.17 299
2021-05-01 $450,000 (8.5%) $572,892 (13.7%) 1.20 355
2021-06-01 $462,218 (9.0%) $591,684 (14.5%) 1.22 418
2021-07-01 $449,950 (4.8%) $597,008 (12.0%) 1.19 509
2021-08-01 $462,104 (8.7%) $596,846 (10.5%) 1.23 573
2021-09-01 $463,500 (5.8%) $619,073 (11.8%) 1.24 625
2021-10-01 $450,000 (7.1%) $621,742 (14.5%) 1.20 622
2021-11-01 $454,475 (5.7%) $633,856 (13.2%) 1.21 530
2021-12-01 $482,975 (13.8%) $663,040 (16.7%) 1.31 438
2022-01-01 $496,475 (11.7%) $730,178 (20.0%) 1.34 345
2022-02-01 $499,000 (11.1%) $765,098 (28.0%) 1.30 326
2022-03-01 $509,950 (19.3%) $744,159 (30.6%) 1.28 348
2022-04-01 $506,630 (16.8%) $686,111 (14.9%) 1.21 414
2022-05-01 $509,998 (13.3%) $660,496 (15.3%) 1.17 503
2022-06-01 $504,945 (9.2%) $645,544 (9.1%) 1.12 619
2022-07-01 $499,900 (11.1%) $617,545 (3.4%) 1.13 815
2022-08-01 $499,000 (8.0%) $607,389 (1.8%) 1.15 897
2022-09-01 $497,000 (7.2%) $604,679 (-2.3%) 1.16 935
2022-10-01 $489,225 (8.7%) $567,286 (-8.8%) 1.15 975
2022-11-01 $484,945 (6.7%) $570,383 (-10.0%) 1.17 954
2022-12-01 $489,000 (1.3%) $589,835 (-11.0%) 1.21 838
2023-01-01 $491,998 (-0.9%) $589,971 (-19.2%) 1.22 727
2023-02-01 $497,000 (-0.4%) $596,657 (-22.0%) 1.20 646
2023-03-01 $500,724 (-1.8%) $614,653 (-17.4%) 1.18 642
2023-04-01 $506,140 (-0.1%) $627,086 (-8.6%) 1.18 604
2023-05-01 $507,450 (-0.5%) $633,381 (-4.1%) 1.15 639
2023-06-01 $503,868 (-0.2%) $621,945 (-3.7%) 1.13 748
2023-07-01 $525,000 (5.0%) $631,180 (2.2%) 1.19 819
2023-08-01 $517,474 (3.7%) $632,566 (4.2%) 1.19 864
2023-09-01 $495,000 (-0.4%) $610,032 (0.9%) 1.15 881
2023-10-01 $489,450 (0.1%) $606,533 (6.9%) 1.15 905
2023-11-01 $481,450 (-0.7%) $603,261 (5.8%) 1.15 875
2023-12-01 $475,000 (-2.9%) $599,052 (1.6%) 1.16 809
2024-01-01 $481,995 (-2.0%) $611,083 (3.6%) 1.18 728
2024-02-01 $489,220 (-1.6%) $614,220 (2.9%) 1.18 684
2024-03-01 $499,000 (-0.3%) $625,846 (1.8%) 1.17 712
2024-04-01 $510,950 (1.0%) $630,805 (0.6%) 1.19 802
2024-05-01 $525,000 (3.5%) $642,777 (1.5%) 1.19 885
2024-06-01 $525,000 (4.2%) $643,434 (3.5%) 1.18 966
Salem's median listing price for 2024-06-01 was $525,000, a difference of $21,132 (4.2%) versus the prior year and $0 versus the prior month.

Salem's median listing price comes in at 118% of the national average.

Salem's average listing price for 2024-06-01 was $643,434, a difference of $21,489 (3.5%) versus the prior year and $657 versus the prior month.

For the 2024-06-01 period, Salem had 966 MLS listings, a difference of 81 listings (9%) versus the prior month and 218 listings (29%) 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 69 days 2,099 sqft
2018-02-01 53 days 2,058 sqft
2018-03-01 38 days 2,032 sqft
2018-04-01 39 days 2,037 sqft
2018-05-01 31 days 2,070 sqft
2018-06-01 33 days 2,030 sqft
2018-07-01 41 days 2,079 sqft
2018-08-01 36 days 2,031 sqft
2018-09-01 43 days 1,994 sqft
2018-10-01 55 days 1,996 sqft
2018-11-01 56 days 1,968 sqft
2018-12-01 66 days 1,971 sqft
2019-01-01 73 days 1,949 sqft
2019-02-01 55 days 1,932 sqft
2019-03-01 48 days 1,956 sqft
2019-04-01 45 days 1,951 sqft
2019-05-01 41 days 1,928 sqft
2019-06-01 37 days 1,950 sqft
2019-07-01 40 days 1,955 sqft
2019-08-01 45 days 1,990 sqft
2019-09-01 50 days 1,999 sqft
2019-10-01 52 days 2,018 sqft
2019-11-01 57 days 2,027 sqft
2019-12-01 68 days 2,005 sqft
2020-01-01 75 days 1,993 sqft
2020-02-01 67 days 1,995 sqft
2020-03-01 45 days 2,023 sqft
2020-04-01 46 days 1,989 sqft
2020-05-01 52 days 2,076 sqft
2020-06-01 45 days 2,144 sqft
2020-07-01 35 days 2,157 sqft
2020-08-01 33 days 2,053 sqft
2020-09-01 37 days 2,097 sqft
2020-10-01 38 days 2,017 sqft
2020-11-01 55 days 2,029 sqft
2020-12-01 57 days 1,989 sqft
2021-01-01 37 days 2,084 sqft
2021-02-01 30 days 1,956 sqft
2021-03-01 19 days 1,873 sqft
2021-04-01 19 days 1,868 sqft
2021-05-01 15 days 1,880 sqft
2021-06-01 18 days 1,944 sqft
2021-07-01 22 days 1,933 sqft
2021-08-01 24 days 1,938 sqft
2021-09-01 28 days 1,907 sqft
2021-10-01 31 days 1,851 sqft
2021-11-01 37 days 1,872 sqft
2021-12-01 44 days 1,932 sqft
2022-01-01 52 days 1,952 sqft
2022-02-01 28 days 1,896 sqft
2022-03-01 27 days 1,908 sqft
2022-04-01 22 days 1,864 sqft
2022-05-01 25 days 1,912 sqft
2022-06-01 23 days 1,897 sqft
2022-07-01 29 days 1,855 sqft
2022-08-01 36 days 1,901 sqft
2022-09-01 46 days 1,899 sqft
2022-10-01 48 days 1,842 sqft
2022-11-01 55 days 1,812 sqft
2022-12-01 71 days 1,848 sqft
2023-01-01 83 days 1,846 sqft
2023-02-01 84 days 1,863 sqft
2023-03-01 56 days 1,890 sqft
2023-04-01 50 days 1,851 sqft
2023-05-01 34 days 1,871 sqft
2023-06-01 33 days 1,805 sqft
2023-07-01 40 days 1,865 sqft
2023-08-01 45 days 1,865 sqft
2023-09-01 51 days 1,824 sqft
2023-10-01 55 days 1,815 sqft
2023-11-01 58 days 1,790 sqft
2023-12-01 71 days 1,781 sqft
2024-01-01 79 days 1,733 sqft
2024-02-01 73 days 1,746 sqft
2024-03-01 50 days 1,815 sqft
2024-04-01 37 days 1,865 sqft
2024-05-01 38 days 1,895 sqft
2024-06-01 44 days 1,909 sqft
Salem's median listing age (time on market) for 2024-06-01 was 44 days. This is 35% longer than the same period one year ago.

Salem's median square footage for active listings during the 2024-06-01 period was 1,909 sqft. One year prior, the average listing was 1,805 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).