Seattle FHA Loan Rates, Closing Costs & Stats

SEATTLE-BELLEVUE-KENT, WA

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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.

    Seattle FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Seattle averaged 0% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Seattle's average FHA mortgage closing costs are $0.

    The average rate for the prior week (2024-04-12) was 0% and one month ago for the week of 2024-03-15, the average rate was 0%.

    The average rate one year ago was 0%.

    For refis of the same type during the week of 2024-04-19, the average rate was 0%.

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

    Seattle 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 Seattle level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs

    The lowest fee Seattle FHA lenders (with over 10 loans originated) are .

    The lowest rate Seattle FHA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Seattle (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 $494,914 (13.3%) $817,526 (17.5%) 1.83 2,935
    2018-02-01 $522,475 (13.7%) $837,160 (12.5%) 1.90 2,977
    2018-03-01 $550,000 (14.9%) $855,943 (13.2%) 1.93 3,291
    2018-04-01 $560,350 (13.0%) $860,602 (10.6%) 1.90 3,915
    2018-05-01 $571,700 (14.5%) $860,476 (9.9%) 1.91 4,775
    2018-06-01 $575,000 (15.0%) $858,054 (10.4%) 1.92 5,926
    2018-07-01 $565,925 (13.3%) $823,717 (7.1%) 1.89 7,217
    2018-08-01 $551,484 (13.1%) $794,999 (6.7%) 1.85 8,156
    2018-09-01 $549,950 (12.5%) $784,270 (4.7%) 1.85 9,206
    2018-10-01 $552,500 (12.8%) $782,006 (3.0%) 1.87 9,384
    2018-11-01 $549,998 (11.7%) $781,745 (0.8%) 1.86 8,294
    2018-12-01 $550,000 (11.1%) $789,581 (-0.7%) 1.90 6,850
    2019-01-01 $562,475 (13.7%) $817,163 (0.0%) 1.94 5,558
    2019-02-01 $593,998 (13.7%) $859,546 (2.7%) 2.01 5,429
    2019-03-01 $608,711 (10.7%) $873,950 (2.1%) 1.99 5,655
    2019-04-01 $627,445 (12.0%) $899,002 (4.5%) 1.99 5,935
    2019-05-01 $623,714 (9.1%) $881,335 (2.4%) 1.95 7,098
    2019-06-01 $614,950 (7.0%) $859,290 (0.1%) 1.92 7,807
    2019-07-01 $599,995 (6.0%) $850,226 (3.2%) 1.88 7,784
    2019-08-01 $595,836 (8.0%) $841,704 (5.9%) 1.89 8,177
    2019-09-01 $589,741 (7.2%) $834,131 (6.4%) 1.89 8,311
    2019-10-01 $585,677 (6.0%) $829,082 (6.0%) 1.89 8,319
    2019-11-01 $579,000 (5.3%) $833,943 (6.7%) 1.90 6,739
    2019-12-01 $579,950 (5.5%) $846,363 (7.2%) 1.93 4,768
    2020-01-01 $587,500 (4.5%) $867,130 (6.1%) 1.96 3,866
    2020-02-01 $599,900 (1.0%) $889,510 (3.5%) 1.96 3,790
    2020-03-01 $606,495 (-0.4%) $882,234 (1.0%) 1.90 4,299
    2020-04-01 $599,950 (-4.4%) $851,077 (-5.3%) 1.88 4,888
    2020-05-01 $608,000 (-2.5%) $859,906 (-2.4%) 1.85 5,649
    2020-06-01 $621,498 (1.1%) $887,354 (3.3%) 1.83 5,729
    2020-07-01 $627,000 (4.5%) $896,058 (5.4%) 1.82 5,735
    2020-08-01 $625,000 (4.9%) $885,121 (5.2%) 1.79 5,959
    2020-09-01 $624,999 (6.0%) $885,251 (6.1%) 1.79 6,059
    2020-10-01 $619,990 (5.9%) $890,134 (7.4%) 1.78 5,838
    2020-11-01 $626,725 (8.2%) $922,318 (10.6%) 1.83 4,129
    2020-12-01 $624,975 (7.8%) $930,668 (10.0%) 1.86 3,092
    2021-01-01 $638,000 (8.6%) $958,591 (10.6%) 1.90 2,424
    2021-02-01 $648,625 (8.1%) $953,436 (7.2%) 1.89 2,219
    2021-03-01 $652,500 (7.6%) $924,093 (4.7%) 1.85 2,584
    2021-04-01 $669,975 (11.7%) $940,369 (10.5%) 1.81 2,763
    2021-05-01 $679,900 (11.8%) $946,099 (10.0%) 1.81 2,937
    2021-06-01 $683,725 (10.0%) $944,575 (6.5%) 1.80 3,424
    2021-07-01 $689,950 (10.0%) $943,656 (5.3%) 1.82 3,641
    2021-08-01 $674,975 (8.0%) $912,385 (3.1%) 1.80 3,753
    2021-09-01 $675,000 (8.0%) $918,542 (3.8%) 1.80 3,744
    2021-10-01 $675,000 (8.9%) $939,780 (5.6%) 1.80 3,324
    2021-11-01 $674,995 (7.7%) $947,493 (2.7%) 1.80 2,510
    2021-12-01 $662,500 (6.0%) $933,507 (0.3%) 1.79 1,660
    2022-01-01 $685,000 (7.4%) $1,001,387 (4.5%) 1.85 1,315
    2022-02-01 $722,450 (11.4%) $1,051,274 (10.3%) 1.88 1,539
    2022-03-01 $749,950 (14.9%) $1,075,930 (16.4%) 1.88 1,867
    2022-04-01 $799,950 (19.4%) $1,128,806 (20.0%) 1.91 2,207
    2022-05-01 $824,995 (21.3%) $1,161,979 (22.8%) 1.89 3,971
    2022-06-01 $802,495 (17.4%) $1,135,816 (20.3%) 1.79 5,457
    2022-07-01 $789,950 (14.5%) $1,083,308 (14.8%) 1.78 6,954
    2022-08-01 $774,950 (14.8%) $1,075,090 (17.8%) 1.79 6,961
    2022-09-01 $762,485 (13.0%) $1,078,846 (17.5%) 1.78 6,694
    2022-10-01 $750,000 (11.1%) $1,060,491 (12.8%) 1.76 6,701
    2022-11-01 $737,450 (9.3%) $1,056,940 (11.6%) 1.77 6,006
    2022-12-01 $725,000 (9.4%) $1,038,754 (11.3%) 1.79 4,559
    2023-01-01 $727,000 (6.1%) $1,042,070 (4.1%) 1.80 3,674
    2023-02-01 $749,950 (3.8%) $1,105,889 (5.2%) 1.81 3,116
    2023-03-01 $789,225 (5.2%) $1,177,299 (9.4%) 1.86 3,106
    2023-04-01 $825,000 (3.1%) $1,236,224 (9.5%) 1.92 3,165
    2023-05-01 $822,500 (-0.3%) $1,235,201 (6.3%) 1.87 3,543
    2023-06-01 $824,500 (2.7%) $1,225,756 (7.9%) 1.85 4,090
    2023-07-01 $815,000 (3.2%) $1,242,311 (14.7%) 1.85 4,267
    2023-08-01 $799,475 (3.2%) $1,226,323 (14.1%) 1.84 4,504
    2023-09-01 $799,000 (4.8%) $1,215,186 (12.6%) 1.86 4,774
    2023-10-01 $792,250 (5.6%) $1,179,771 (11.3%) 1.86 4,808
    2023-11-01 $752,413 (2.0%) $1,110,443 (5.1%) 1.79 5,293
    2023-12-01 $749,000 (3.3%) $1,088,306 (4.8%) 1.83 4,177
    2024-01-01 $749,495 (3.1%) $1,122,633 (7.7%) 1.83 3,319
    2024-02-01 $765,000 (2.0%) $1,155,569 (4.5%) 1.84 3,294
    2024-03-01 $767,875 (-2.7%) $1,150,459 (-2.3%) 1.81 3,737
    Seattle's median listing price for 2024-03-01 was $767,875, a difference of $-21,350 (-2.7%) versus the prior year and $2,875 versus the prior month.

    Seattle's median listing price comes in at 181% of the national average.

    Seattle's average listing price for 2024-03-01 was $1,150,459, a difference of $-26,840 (-2.3%) versus the prior year and $-5,110 versus the prior month.

    For the 2024-03-01 period, Seattle had 3,737 MLS listings, a difference of 443 listings (13%) versus the prior month and 631 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Seattle (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 43 days 2,184 sqft
    2018-02-01 26 days 2,179 sqft
    2018-03-01 22 days 2,172 sqft
    2018-04-01 22 days 2,153 sqft
    2018-05-01 19 days 2,180 sqft
    2018-06-01 22 days 2,180 sqft
    2018-07-01 29 days 2,136 sqft
    2018-08-01 30 days 2,104 sqft
    2018-09-01 36 days 2,041 sqft
    2018-10-01 38 days 2,036 sqft
    2018-11-01 45 days 2,018 sqft
    2018-12-01 59 days 2,040 sqft
    2019-01-01 63 days 2,085 sqft
    2019-02-01 42 days 2,141 sqft
    2019-03-01 33 days 2,137 sqft
    2019-04-01 24 days 2,160 sqft
    2019-05-01 28 days 2,117 sqft
    2019-06-01 31 days 2,110 sqft
    2019-07-01 37 days 2,110 sqft
    2019-08-01 39 days 2,084 sqft
    2019-09-01 41 days 2,059 sqft
    2019-10-01 43 days 2,045 sqft
    2019-11-01 50 days 2,020 sqft
    2019-12-01 61 days 2,044 sqft
    2020-01-01 65 days 2,052 sqft
    2020-02-01 31 days 2,065 sqft
    2020-03-01 23 days 2,089 sqft
    2020-04-01 31 days 2,078 sqft
    2020-05-01 35 days 2,054 sqft
    2020-06-01 31 days 2,036 sqft
    2020-07-01 30 days 2,010 sqft
    2020-08-01 30 days 1,920 sqft
    2020-09-01 33 days 1,840 sqft
    2020-10-01 35 days 1,773 sqft
    2020-11-01 41 days 1,708 sqft
    2020-12-01 48 days 1,686 sqft
    2021-01-01 43 days 1,660 sqft
    2021-02-01 29 days 1,678 sqft
    2021-03-01 23 days 1,748 sqft
    2021-04-01 23 days 1,773 sqft
    2021-05-01 20 days 1,800 sqft
    2021-06-01 20 days 1,820 sqft
    2021-07-01 23 days 1,824 sqft
    2021-08-01 26 days 1,825 sqft
    2021-09-01 29 days 1,856 sqft
    2021-10-01 33 days 1,846 sqft
    2021-11-01 35 days 1,825 sqft
    2021-12-01 39 days 1,794 sqft
    2022-01-01 37 days 1,793 sqft
    2022-02-01 16 days 1,820 sqft
    2022-03-01 17 days 1,888 sqft
    2022-04-01 16 days 1,964 sqft
    2022-05-01 16 days 2,068 sqft
    2022-06-01 22 days 2,050 sqft
    2022-07-01 28 days 2,040 sqft
    2022-08-01 34 days 2,026 sqft
    2022-09-01 39 days 2,010 sqft
    2022-10-01 39 days 1,970 sqft
    2022-11-01 45 days 1,953 sqft
    2022-12-01 59 days 1,960 sqft
    2023-01-01 65 days 1,950 sqft
    2023-02-01 43 days 1,980 sqft
    2023-03-01 32 days 2,050 sqft
    2023-04-01 31 days 2,030 sqft
    2023-05-01 29 days 2,037 sqft
    2023-06-01 29 days 2,037 sqft
    2023-07-01 33 days 2,040 sqft
    2023-08-01 33 days 2,003 sqft
    2023-09-01 37 days 1,989 sqft
    2023-10-01 38 days 1,960 sqft
    2023-11-01 45 days 1,913 sqft
    2023-12-01 57 days 1,888 sqft
    2024-01-01 59 days 1,845 sqft
    2024-02-01 32 days 1,841 sqft
    2024-03-01 29 days 1,860 sqft
    Seattle's median listing age (time on market) for 2024-03-01 was 29 days. This is -9% shorter than the same period one year ago.

    Seattle's median square footage for active listings during the 2024-03-01 period was 1,860 sqft. One year prior, the average listing was 2,050 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).