Shelton FHA Loan Rates, Closing Costs & Stats

Shelton, 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.

    Shelton's 48 lenders originated 241 FHA loans during 2023. The total origination value was $75,975,000, with an average FHA loan value of $315,249.

    Shelton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Shelton averaged 6.32% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Shelton's average FHA mortgage closing costs are $9,733.

    The average rate for the prior week (2024-11-01) was 6.3% and one month ago for the week of 2024-10-04, the average rate was 6.22%.

    The average rate one year ago was 7.26%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Shelton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 7.17% $15,658
    QUICKEN LOANS, LLC 19 6.12% $13,288
    ACADEMY MORTGAGE CORPORATION 17 6.55% $15,643
    MOVEMENT MORTGAGE, LLC 17 7.18% $14,162
    UNITED WHOLESALE MORTGAGE, LLC 16 6.04% $13,405
    GUILD MORTGAGE COMPANY 11 6.95% $15,267
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.92% $15,122
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 8 6.38% $16,336
    CROSSCOUNTRY MORTGAGE, LLC 7 7.31% $13,336
    CORNERSTONE HOME LENDING, INC. 5 7.10% $16,352
    PENNYMAC LOAN SERVICES, LLC 5 6.03% $19,897
    CALIBER HOME LOANS, INC. 4 6.00% $14,068
    CARDINAL FINANCIAL 4 6.66% $23,289
    NEWREZ LLC 4 6.84% $11,426
    BAY EQUITY LLC 4 6.69% $15,383
    MID AMERICA MORTGAGE, INC. 3 6.63% $3,617
    BROKER SOLUTIONS, INC. 3 7.33% $14,841
    1st Security Bank of Washington 3 7.42% $15,703
    CALCON MUTUAL MORTGAGE LLC 3 6.75% $19,266
    NOVA FINANCIAL & INVESTMENT CORPORATION 3 6.50% $12,189
    HomeStreet Bank 2 7.25% $11,957
    LOANDEPOT.COM, LLC 2 6.31% $14,706
    T2 FINANCIAL LLC 2 7.31% $12,538
    AMCAP MORTGAGE, LTD. 2 6.87% $19,237
    Paramount Residential Mortgage Group, Inc. 2 7.00% $17,321
    FREEDOM MORTGAGE CORPORATION 2 6.75% $14,144
    GUARANTEED RATE, INC. 2 5.93% $13,486
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.75% $18,898
    Wells Fargo Bank 1 5.63% $10,350
    Alaska USA Federal Credit Union 1 6.00% $11,488
    AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $11,569
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $16,321
    Century Mortgage Company DBA Century Lending Company 1 5.75% $10,986
    DHI MORTGAGE COMPANY, LTD. 1 7.38% $8,600
    GENEVA FINANCIAL, LLC 1 6.50% $20,997
    Ixonia Bank 1 7.63% $10,646
    LAND HOME FINANCIAL SERVICES, INC. 1 6.13% $15,253
    MICHIGAN MUTUAL, INC. 1 5.13% $20,126
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $8,794
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $13,660
    Northpointe Bank 1 7.38% $11,385
    ON Q FINANCIAL, INC. 1 7.38% $10,429
    PENRITH HOME LOANS LLC 1 7.13% $17,359
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $18,396
    PRIORITY HOME LENDING, LLC 1 6.13% $20,281
    ROYAL UNITED MORTGAGE LLC 1 6.75% $9,159
    U.S. Bank 1 7.75% $9,941
    WASHINGTON STATE EMPLOYEES Credit Union 1 7.13% $10,367

    The top Shelton FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 23 FHA loans originated. Their average total fees are $15,658, which is $2,369 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Shelton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($13,288), UNITED WHOLESALE MORTGAGE, LLC ($13,405), MOVEMENT MORTGAGE, LLC ($14,162), AMERICAN PACIFIC MORTGAGE CORPORATION ($15,122) and GUILD MORTGAGE COMPANY ($15,267).

    The lowest rate Shelton FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.04%), QUICKEN LOANS, LLC (6.12%), ACADEMY MORTGAGE CORPORATION (6.55%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.92%) and GUILD MORTGAGE COMPANY (6.95%).

    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
    SHELTON, WA MASON 2023 $472,030 $604,400 $730,525 $907,900

    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).