Seattle FHA Loan Rates, Closing Costs & Stats

Seattle-Tacoma-Bellevue, 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's 176 lenders originated 5,073 FHA loans during 2023. The total origination value was $2,480,795,000, with an average FHA loan value of $489,019.

    Seattle FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Seattle averaged 6.12% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

    Seattle's average FHA mortgage closing costs are $12,559.

    The average rate for the prior week (2024-10-18) was 6.11% and one month ago for the week of 2024-09-20, the average rate was 5.73%.

    The average rate one year ago was 7.37%.

    For refis of the same type during the week of 2024-10-25, the average rate was 6.16%.

    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
    UNITED WHOLESALE MORTGAGE, LLC 428 6.05% $20,801
    MOVEMENT MORTGAGE, LLC 363 6.79% $21,574
    QUICKEN LOANS, LLC 335 6.14% $18,281
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 284 6.83% $18,211
    CROSSCOUNTRY MORTGAGE, LLC 238 6.72% $20,131
    GUILD MORTGAGE COMPANY 205 6.66% $19,875
    AMERICAN PACIFIC MORTGAGE CORPORATION 201 6.80% $20,416
    BROKER SOLUTIONS, INC. 125 6.75% $22,115
    LOANDEPOT.COM, LLC 113 6.28% $19,246
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 97 6.74% $19,079
    BAY EQUITY LLC 94 6.77% $18,716
    NFM, INC. 76 6.55% $20,950
    PENNYMAC LOAN SERVICES, LLC 70 6.15% $18,951
    1st Security Bank of Washington 69 6.30% $21,946
    PREMIER MORTGAGE RESOURCES, L.L.C. 65 6.17% $21,982
    CMG MORTGAGE, INC. 65 6.62% $21,135
    NOVA FINANCIAL & INVESTMENT CORPORATION 63 6.65% $16,990
    Paramount Residential Mortgage Group, Inc. 61 6.60% $18,051
    CORNERSTONE HOME LENDING, INC. 59 6.51% $20,392
    Ixonia Bank 57 6.80% $20,591
    GUARANTEED RATE, INC. 50 6.44% $20,102
    NEWREZ LLC 44 6.46% $18,089
    DHI MORTGAGE COMPANY, LTD. 39 5.72% $14,639
    FREEDOM MORTGAGE CORPORATION 39 6.70% $20,639
    CALIBER HOME LOANS, INC. 38 6.26% $17,858
    CARDINAL FINANCIAL 37 6.31% $21,673
    EAGLE HOME MORTGAGE, LLC 36 6.32% $19,974
    MUTUAL OF OMAHA MORTGAGE, INC. 34 6.56% $21,191
    HOMEBRIDGE FINANCIAL SERVICES, INC. 33 6.29% $20,971
    ACADEMY MORTGAGE CORPORATION 32 6.53% $22,892
    AMERISAVE MORTGAGE CORPORATION 32 5.92% $21,824
    DIRECTORS MORTGAGE, INC. 31 6.79% $25,584
    Mr. Cooper ( Nationstar Mortgage ) 29 6.04% $23,659
    PRIMELENDING, A PLAINSCAPITAL COMPANY 29 6.42% $21,192
    INSPIRE HOME LOANS INC. 28 5.47% $15,339
    Century Mortgage Company DBA Century Lending Company 25 6.31% $15,710
    MANN FINANCIAL INC. 22 7.21% $18,843
    Alaska USA Federal Credit Union 21 6.45% $18,167
    MLD MORTGAGE INC. 20 6.98% $18,089
    HomeStreet Bank 20 6.41% $18,362
    CALCON MUTUAL MORTGAGE LLC 19 6.43% $25,748
    DAS Acquisition Company, LLC 19 6.82% $19,843
    PLANET HOME LENDING, LLC 18 5.89% $20,043
    PRIORITY HOME LENDING, LLC 17 6.65% $17,958
    MID AMERICA MORTGAGE, INC. 16 6.81% $7,562
    KBHS HOME LOANS, LLC 16 5.80% $26,263
    PENRITH HOME LOANS LLC 16 6.39% $19,933
    Wallick & Volk, Inc. 16 6.98% $13,544
    AXIA FINANCIAL, LLC 16 6.42% $21,618
    SUN WEST MORTGAGE COMPANY, INC. 16 6.20% $19,139
    MORTGAGE SOLUTIONS OF COLORADO, LLC 16 6.66% $18,270
    AMERICAN FINANCIAL NETWORK, INC. 15 7.08% $20,025
    LAKEVIEW LOAN SERVICING, LLC 15 6.07% $18,919
    U.S. Bank 15 6.57% $14,772
    AMCAP MORTGAGE, LTD. 15 6.97% $17,303
    T2 FINANCIAL LLC 14 6.42% $18,628
    Flagstar Bank, FSB 14 6.46% $18,618
    GENEVA FINANCIAL, LLC 13 6.88% $23,484
    CHURCHILL MORTGAGE CORPORATION 13 6.63% $18,272
    ENVOY MORTGAGE, LTD 12 6.31% $20,833
    NATIONS DIRECT MORTGAGE, LLC 12 6.21% $20,395
    Carrington Mortgage Services, LLC 12 6.25% $18,834
    The Federal Savings Bank 12 6.26% $26,514
    Prosperity Home Mortgage, LLC 12 6.21% $19,231
    EVERETT FINANCIAL, INC. 12 6.56% $21,003
    HOMEAMERICAN MORTGAGE CORPORATION 11 5.61% $13,926
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 11 6.31% $21,028
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 11 6.50% $20,253
    MASON MCDUFFIE MORTGAGE CORPORATION 11 6.42% $18,540
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 6.61% $15,273
    ZILLOW HOME LOANS, LLC 11 6.42% $20,007
    LOANPAL, LLC 11 5.65% $20,882
    Boeing Employees Credit Union 11 6.48% $13,136
    VILLAGE CAPITAL MORTGAGE 10 5.99% $17,285
    KeyBank 9 6.22% $16,226
    PLAZA HOME MORTGAGE, INC. 9 6.60% $22,087
    GUARANTEED RATE AFFINITY, LLC 9 6.43% $20,056
    ON Q FINANCIAL, INC. 9 7.11% $14,980
    SUMMIT FUNDING, INC. 8 6.33% $23,638
    Banner Bank 8 6.59% $18,070
    Mortgage Research Center, LLC 8 6.48% $14,483
    LEADERONE FINANCIAL CORPORATION 8 6.67% $22,454
    NBKC BANK 7 6.13% $14,325
    Loan Simple, Inc. 7 7.00% $25,854
    TOP FLITE FINANCIAL, INC. 6 6.98% $17,735
    TJC Mortgage, Inc. 6 5.67% $29,654
    PANORAMA MORTGAGE GROUP, LLC 6 6.52% $25,807
    Stride Bank 6 6.52% $21,248
    LADERA LENDING, INC. 6 6.60% $16,983
    INTERNATIONAL CITY MORTGAGE, INC. 5 6.68% $15,560
    VERITAS FUNDING, LLC 5 6.75% $22,667
    HOMESIDE FINANCIAL, LLC 5 6.50% $23,377
    American Mortgage & Equity Consultants, Inc. 5 6.83% $25,366
    LAND HOME FINANCIAL SERVICES, INC. 5 7.08% $23,505
    UNION HOME MORTGAGE CORP. 5 6.60% $17,720
    GSF Mortgage Corporation 5 5.98% $19,005
    Plains Commerce Bank 5 5.68% $21,819
    AMERICAN FINANCING CORPORATION 4 5.84% $18,328
    JMAC LENDING, INC. 4 6.25% $16,589
    Bank of England 4 6.28% $14,460
    Wells Fargo Bank 4 6.63% $23,153
    Umpqua Bank 4 6.66% $19,461
    Equity Prime Mortgage LLC 4 6.28% $20,828
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.47% $18,780
    Sunflower Bank 4 6.15% $27,717
    JPMorgan Chase Bank 3 6.75% $11,039
    Barrington Bank & Trust Company, N.A. 3 6.92% $13,448
    TOWNE MORTGAGE COMPANY 3 6.29% $21,332
    Nations Lending Corporation 3 7.04% $17,603
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.92% $15,264
    Sierra Pacific Mortgage Company, Inc. 3 6.12% $13,705
    NETWORK CAPITAL FUNDING CORPORATION 3 5.38% $20,100
    OCMBC, INC. 3 6.83% $15,983
    Bank of America 3 6.50% $14,810
    United Fidelity Funding Corp. 3 6.75% $27,537
    Willamette Valley Bank 3 6.25% $27,805
    NexBank 3 6.04% $15,661
    Lakeview Community Capital, LLC 3 6.00% $21,603
    Gateway First Bank 3 6.33% $25,032
    FIRST CONTINENTAL MORTGAGE, LTD. 2 6.63% $11,900
    AHL FUNDING 2 7.06% $43,338
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.75% $19,800
    GUARANTY HOME MORTGAGE CORPORATION 2 5.56% $18,809
    MOUNTAIN WEST FINANCIAL, INC. 2 7.25% $14,799
    NATIONWIDE MORTGAGE BANKERS, INC. 2 7.12% $18,728
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.38% $16,047
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 6.94% $19,770
    PACIFIC RESIDENTIAL MORTGAGE, LLC 2 6.50% $18,393
    Citizens Bank 2 6.19% $22,570
    BELEM SERVICING LLC 2 7.38% $17,626
    SeaTrust Mortgage Company 2 6.75% $31,961
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.44% $29,195
    South Pacific Financial Corporation 2 6.00% $15,936
    Strong Home Mortgage, LLC 2 6.13% $18,001
    Summit Mortgage Corporation 2 5.69% $28,643
    AmeriHome Mortgage Company, LLC 2 6.88% $16,533
    The Loan Store, Inc. 2 6.87% $30,658
    TOTAL MORTGAGE SERVICES, LLC 2 6.56% $15,278
    WASHINGTON STATE EMPLOYEES Credit Union 2 6.87% $17,656
    Waterstone Mortgage Corporation 2 5.69% $23,104
    RANLIFE, INC. 1 6.99% $20,226
    RESIDENTIAL BANCORP 1 5.75% $16,624
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.50% $12,480
    HOMEXPRESS MORTGAGE CORP. 1 8.13% $10,923
    Opportunity Bank of Montana 1 6.13% $19,499
    LOANLEADERS OF AMERICA, INC. 1 5.75% $24,269
    DATA MORTGAGE, INC. 1 6.38% $16,906
    V.I.P. MORTGAGE, INC. 1 5.75% $15,732
    Northpointe Bank 1 8.25% $10,527
    LIBERTY HOME MORTGAGE CORPORATION 1 8.13% $21,393
    North American Savings Bank, F.S.B. 1 5.25% $11,490
    Armed Forces Bank 1 5.75% $21,217
    NJ LENDERS CORP. 1 6.25% $13,573
    The Central Trust Bank 1 6.63% $16,302
    Keystone Funding, Inc. 1 6.75% $15,839
    KINECTA 1 6.63% $9,319
    NEW DAY FINANCIAL, LLC 1 7.50% $5,789
    Financial Partners Credit Union 1 6.50% $13,996
    KELLER MORTGAGE, LLC 1 5.63% $30,805
    FIRST COLONY MORTGAGE CORPORATION 1 7.25% $12,167
    TRISTAR FINANCE, INC. 1 6.75% $20,107
    M&T Bank 1 5.75% $19,720
    Heritage Bank 1 5.50% $16,159
    MORTGAGE EXPRESS, LLC 1 7.13% $14,530
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $23,733
    PHH Mortgage Corporation 1 5.99% $19,985
    PENTAGON FEDERAL CREDIT UNION 1 4.75% $17,677
    BNC National Bank 1 6.13% $22,329
    BM Real Estate Services, Inc. 1 6.50% $25,682
    PNC Bank 1 6.75% $10,517
    BETTER MORTGAGE CORPORATION 1 6.50% $15,263
    MICHIGAN MUTUAL, INC. 1 5.63% $21,111
    BECKAM FUNDING CORP. 1 5.75% $23,517
    BAY-VALLEY MORTGAGE GROUP 1 7.38% $18,680
    CONTOUR MORTGAGE CORPORATION 1 5.50% $23,715
    Cornerstone First Mortgage, Inc 1 6.13% $13,977

    The top Seattle FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 428 FHA loans originated. Their average total fees are $20,801, which is $773 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Seattle FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($7,562), Boeing Employees Credit Union ($13,136), Wallick & Volk, Inc. ($13,544), HOMEAMERICAN MORTGAGE CORPORATION ($13,926) and DHI MORTGAGE COMPANY, LTD. ($14,639).

    The lowest rate Seattle FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.47%), HOMEAMERICAN MORTGAGE CORPORATION (5.61%), LOANPAL, LLC (5.65%), DHI MORTGAGE COMPANY, LTD. (5.72%) and KBHS HOME LOANS, LLC (5.80%).

    Seattle FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SEATTLE-TACOMA-BELLEVUE, WA KING 2022 $891,250 $1,140,950 $1,379,150 $1,713,950
    SEATTLE-TACOMA-BELLEVUE, WA PIERCE 2022 $891,250 $1,140,950 $1,379,150 $1,713,950
    SEATTLE-TACOMA-BELLEVUE, WA SNOHOMISH 2022 $891,250 $1,140,950 $1,379,150 $1,713,950
    SEATTLE-TACOMA-BELLEVUE, WA KING 2023 $977,500 $1,251,400 $1,512,650 $1,879,850
    SEATTLE-TACOMA-BELLEVUE, WA PIERCE 2023 $977,500 $1,251,400 $1,512,650 $1,879,850
    SEATTLE-TACOMA-BELLEVUE, WA SNOHOMISH 2023 $977,500 $1,251,400 $1,512,650 $1,879,850

    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).