Shelton FHA Loans

Shelton, WA

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.

Shelton's 71 lenders originated 461 FHA loans during 2021. The total origination value was $121,865,000, with an average FHA loan value of $264,349.

Shelton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Shelton averaged 5.39% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.43% and one month ago for the week of 2022-07-01, the average rate was 5.42%.

The average rate one year ago was 3.12%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.09%.

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

Shelton 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 Shelton level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 46 3.49% $11,128
MOVEMENT MORTGAGE, LLC 41 3.29% $9,614
QUICKEN LOANS, LLC 19 2.54% $7,395
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 17 3.64% $10,018
CALIBER HOME LOANS, INC. 17 3.23% $9,235
LAKEVIEW LOAN SERVICING, LLC 14 2.99% $4,933
GUILD MORTGAGE COMPANY 14 3.40% $10,933
ACADEMY MORTGAGE CORPORATION 11 3.31% $10,585
FREEDOM MORTGAGE CORPORATION 11 2.81% $6,818
BROKER SOLUTIONS, INC. 7 3.32% $9,417
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.64% $5,610
AXIA FINANCIAL, LLC 7 3.25% $9,767
PENNYMAC LOAN SERVICES, LLC 6 3.08% $4,891
Carrington Mortgage Services, LLC 6 3.46% $8,637
CROSSCOUNTRY MORTGAGE, LLC 6 3.38% $11,028
Nations Lending Corporation 5 3.50% $13,621
LOANDEPOT.COM, LLC 5 3.30% $12,687
Mr. Cooper ( Nationstar Mortgage ) 5 3.20% $3,786
FINANCE OF AMERICA MORTGAGE LLC 5 3.38% $11,737
UNITED WHOLESALE MORTGAGE, LLC 4 2.73% $8,756
AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.03% $10,688
AMERICAN FINANCIAL RESOURCES, INC. 4 3.41% $8,833
AMERICAN FINANCIAL NETWORK, INC. 4 3.22% $16,103
MID AMERICA MORTGAGE, INC. 4 3.22% $5,312
PLANET HOME LENDING, LLC 4 2.72% $5,945
CORNERSTONE HOME LENDING, INC. 3 3.46% $13,232
Lakeview Community Capital, LLC 3 2.74% $5,045
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 3.17% $9,124
1st Security Bank of Washington 2 3.31% $13,324
AMCAP MORTGAGE, LTD. 2 3.00% $8,944
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.00% $8,492
Banner Bank 2 2.88% $8,342
BAY EQUITY LLC 2 3.44% $12,606
Boeing Employees Credit Union 2 3.13% $7,572
First Home Bank 2 3.88% $9,294
HOME POINT FINANCIAL CORPORATION 2 2.62% $6,853
HomeStreet Bank 2 3.38% $13,685
Hometown Lenders, Inc. 2 3.25% $9,609
LENDUS, LLC 2 3.38% $11,077
MORTGAGE MASTER SERVICE CORPORATION 2 2.88% $9,675
NATIONS DIRECT MORTGAGE, LLC 2 3.37% $8,246
NEWREZ LLC 2 2.69% $3,633
Servion, Inc. 2 3.06% $11,377
Umpqua Bank 1 3.75% $7,258
GUARANTEED RATE, INC. 1 2.75% $10,717
Magnolia Bank 1 2.88% $14,266
FIRST CONTINENTAL MORTGAGE, LTD. 1 3.00% $5,869
UNITED MORTGAGE CORP. 1 3.13% $8,301
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.50% $12,108
Equity Prime Mortgage LLC 1 3.38% $10,697
DIRECTORS MORTGAGE, INC. 1 2.99% $12,735
Amerifirst Financial, Inc. 1 3.50% $6,561
Colonial Savings, F.A. 1 2.88% $10,287
U.S. Bank 1 2.75% $7,673
ON Q FINANCIAL, INC. 1 3.88% $12,931
Paramount Residential Mortgage Group, Inc. 1 2.99% $9,225
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.88% $8,707
BKCO MORTGAGE, LLC 1 3.50% $8,775
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.00% $10,303
PRIORITY HOME LENDING, LLC 1 3.25% $10,705
Bank of England 1 3.50% $9,505
VILLAGE CAPITAL & INVESTMENT LLC 1 2.25% $2,860
SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $11,429
SUMMIT FUNDING, INC. 1 3.38% $12,076
The Federal Savings Bank 1 3.13% $11,065
THRIVE MORTGAGE, LLC 1 2.75% $9,380
INTERNATIONAL CITY MORTGAGE, INC. 1 3.13% $9,720
HOMESIDE FINANCIAL, LLC 1 2.50% $9,402
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 2.88% $12,488
LAND HOME FINANCIAL SERVICES, INC. 1 3.63% $8,412
LEADERONE FINANCIAL CORPORATION 1 3.25% $7,920

The top Shelton FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 46 FHA loans originated. Their average total fees are $11,128, which is $1,514 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Shelton FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($4,933), FREEDOM MORTGAGE CORPORATION ($6,818), QUICKEN LOANS, LLC ($7,395), CALIBER HOME LOANS, INC. ($9,235) and MOVEMENT MORTGAGE, LLC ($9,614).

The lowest rate Shelton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.54%), FREEDOM MORTGAGE CORPORATION (2.81%), LAKEVIEW LOAN SERVICING, LLC (2.99%), CALIBER HOME LOANS, INC. (3.23%) and MOVEMENT MORTGAGE, LLC (3.29%).

Shelton FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SHELTON, WA MASON 2022 $420,680 $538,650 $651,050 $809,150

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).