Shelton FHA Loan Rates, Closing Costs & Stats

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 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 6.79% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.87% and one month ago for the week of 2024-05-03, the average rate was 6.87%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.59%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Shelton (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 $238,850 (8.9%) $300,461 (8.9%) 0.00 199
2018-02-01 $243,631 (4.6%) $307,423 (7.1%) 0.00 179
2018-03-01 $259,450 (8.4%) $332,454 (12.4%) 0.00 183
2018-04-01 $274,750 (14.7%) $340,965 (15.6%) 0.00 182
2018-05-01 $296,000 (19.6%) $360,929 (16.6%) 0.00 203
2018-06-01 $295,000 (17.4%) $364,070 (11.1%) 0.00 250
2018-07-01 $297,445 (14.4%) $375,929 (12.0%) 0.00 282
2018-08-01 $299,163 (12.9%) $382,346 (13.4%) 0.00 306
2018-09-01 $299,900 (11.3%) $382,816 (13.2%) 0.00 309
2018-10-01 $292,450 (15.2%) $369,470 (13.7%) 0.00 297
2018-11-01 $299,000 (18.9%) $365,180 (14.2%) 0.00 237
2018-12-01 $302,450 (21.3%) $372,771 (20.2%) 0.00 223
2019-01-01 $294,000 (23.1%) $374,067 (24.5%) 0.00 200
2019-02-01 $306,000 (25.6%) $382,504 (24.4%) 0.00 175
2019-03-01 $315,136 (21.5%) $404,239 (21.6%) 0.00 164
2019-04-01 $329,075 (19.8%) $431,834 (26.7%) 0.00 168
2019-05-01 $329,248 (11.2%) $408,478 (13.2%) 0.00 206
2019-06-01 $329,000 (11.5%) $397,043 (9.1%) 0.00 241
2019-07-01 $337,000 (13.3%) $410,046 (9.1%) 0.00 243
2019-08-01 $332,273 (11.1%) $408,988 (7.0%) 0.00 254
2019-09-01 $328,182 (9.4%) $409,310 (6.9%) 0.00 258
2019-10-01 $325,000 (11.1%) $408,273 (10.5%) 0.00 252
2019-11-01 $314,975 (5.3%) $382,159 (4.7%) 0.00 217
2019-12-01 $299,125 (-1.1%) $384,226 (3.1%) 0.00 181
2020-01-01 $311,250 (5.9%) $386,223 (3.3%) 0.00 163
2020-02-01 $300,000 (-2.0%) $377,848 (-1.2%) 0.00 152
2020-03-01 $329,750 (4.6%) $405,688 (0.4%) 0.00 176
2020-04-01 $333,500 (1.3%) $406,435 (-5.9%) 0.00 189
2020-05-01 $349,000 (6.0%) $430,189 (5.3%) 0.00 187
2020-06-01 $376,550 (14.5%) $444,571 (12.0%) 0.00 174
2020-07-01 $386,500 (14.7%) $445,455 (8.6%) 0.00 166
2020-08-01 $359,750 (8.3%) $444,776 (8.8%) 0.00 147
2020-09-01 $363,750 (10.8%) $455,886 (11.4%) 0.00 129
2020-10-01 $350,000 (7.7%) $455,281 (11.5%) 0.00 117
2020-11-01 $337,250 (7.1%) $441,803 (15.6%) 0.00 73
2020-12-01 $344,748 (15.3%) $397,649 (3.5%) 0.00 59
2021-01-01 $326,250 (4.8%) $392,237 (1.6%) 0.00 40
2021-02-01 $381,975 (27.3%) $453,077 (19.9%) 0.00 41
2021-03-01 $332,000 (0.7%) $415,918 (2.5%) 0.00 47
2021-04-01 $385,738 (15.7%) $448,635 (10.4%) 0.00 58
2021-05-01 $390,000 (11.8%) $452,186 (5.1%) 0.00 62
2021-06-01 $383,000 (1.7%) $511,775 (15.1%) 0.00 75
2021-07-01 $432,000 (11.8%) $539,807 (21.2%) 0.00 82
2021-08-01 $432,125 (20.1%) $552,748 (24.3%) 0.00 88
2021-09-01 $429,500 (18.1%) $553,262 (21.4%) 0.00 104
2021-10-01 $445,000 (27.1%) $569,288 (25.0%) 0.00 80
2021-11-01 $474,500 (40.7%) $580,783 (31.5%) 0.00 70
2021-12-01 $482,500 (40.0%) $645,326 (62.3%) 0.00 55
2022-01-01 $480,000 (47.1%) $691,080 (76.2%) 0.00 40
2022-02-01 $493,500 (29.2%) $746,056 (64.7%) 0.00 49
2022-03-01 $502,450 (51.3%) $690,510 (66.0%) 0.00 51
2022-04-01 $500,000 (29.6%) $688,261 (53.4%) 0.00 72
2022-05-01 $519,063 (33.1%) $719,964 (59.2%) 0.00 97
2022-06-01 $507,375 (32.5%) $665,538 (30.1%) 0.00 138
2022-07-01 $499,000 (15.5%) $637,957 (18.2%) 0.00 177
2022-08-01 $497,000 (15.0%) $615,561 (11.4%) 0.00 212
2022-09-01 $488,750 (13.8%) $606,762 (9.7%) 0.00 206
2022-10-01 $475,000 (6.7%) $601,346 (5.6%) 0.00 197
2022-11-01 $475,225 (0.2%) $611,543 (5.3%) 0.00 188
2022-12-01 $472,000 (-2.2%) $587,339 (-9.0%) 0.00 152
2023-01-01 $475,000 (-1.0%) $639,236 (-7.5%) 0.00 129
2023-02-01 $473,875 (-4.0%) $701,078 (-6.0%) 0.00 101
2023-03-01 $499,475 (-0.6%) $740,022 (7.2%) 0.00 106
2023-04-01 $521,500 (4.3%) $797,945 (15.9%) 0.00 105
2023-05-01 $502,188 (-3.3%) $710,318 (-1.3%) 0.00 121
2023-06-01 $498,750 (-1.7%) $701,329 (5.4%) 0.00 142
2023-07-01 $512,475 (2.7%) $687,760 (7.8%) 0.00 160
2023-08-01 $505,000 (1.6%) $678,603 (10.2%) 0.00 153
2023-09-01 $530,000 (8.4%) $695,637 (14.7%) 0.00 149
2023-10-01 $499,983 (5.3%) $648,693 (7.9%) 0.00 160
2023-11-01 $473,712 (-0.3%) $601,230 (-1.7%) 0.00 178
2023-12-01 $472,725 (0.2%) $594,883 (1.3%) 0.00 160
2024-01-01 $463,663 (-2.4%) $592,976 (-7.2%) 0.00 124
2024-02-01 $467,488 (-1.4%) $631,246 (-10.0%) 0.00 113
2024-03-01 $467,500 (-6.4%) $645,029 (-12.8%) 0.00 126
2024-04-01 $499,250 (-4.3%) $655,370 (-17.9%) 0.00 168
2024-05-01 $524,975 (4.5%) $649,118 (-8.6%) 0.00 214
Shelton's median listing price for 2024-05-01 was $524,975, a difference of $22,787 (4.5%) versus the prior year and $25,725 versus the prior month.

Shelton's median listing price comes in at 0% of the national average.

Shelton's average listing price for 2024-05-01 was $649,118, a difference of $-61,200 (-8.6%) versus the prior year and $-6,252 versus the prior month.

For the 2024-05-01 period, Shelton had 214 MLS listings, a difference of 46 listings (27%) versus the prior month and 93 listings (77%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Shelton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,636 sqft
2018-02-01 0 days 1,598 sqft
2018-03-01 0 days 1,626 sqft
2018-04-01 0 days 1,599 sqft
2018-05-01 0 days 1,598 sqft
2018-06-01 0 days 1,680 sqft
2018-07-01 0 days 1,728 sqft
2018-08-01 0 days 1,750 sqft
2018-09-01 0 days 1,780 sqft
2018-10-01 0 days 1,763 sqft
2018-11-01 0 days 1,770 sqft
2018-12-01 0 days 1,840 sqft
2019-01-01 0 days 1,782 sqft
2019-02-01 0 days 1,785 sqft
2019-03-01 0 days 1,779 sqft
2019-04-01 0 days 1,766 sqft
2019-05-01 0 days 1,758 sqft
2019-06-01 0 days 1,758 sqft
2019-07-01 0 days 1,786 sqft
2019-08-01 0 days 1,767 sqft
2019-09-01 0 days 1,749 sqft
2019-10-01 0 days 1,730 sqft
2019-11-01 0 days 1,683 sqft
2019-12-01 0 days 1,682 sqft
2020-01-01 0 days 1,706 sqft
2020-02-01 0 days 1,666 sqft
2020-03-01 0 days 1,657 sqft
2020-04-01 0 days 1,680 sqft
2020-05-01 0 days 1,702 sqft
2020-06-01 0 days 1,704 sqft
2020-07-01 0 days 1,741 sqft
2020-08-01 0 days 1,572 sqft
2020-09-01 0 days 1,667 sqft
2020-10-01 0 days 1,749 sqft
2020-11-01 0 days 1,559 sqft
2020-12-01 0 days 1,647 sqft
2021-01-01 0 days 1,480 sqft
2021-02-01 0 days 1,573 sqft
2021-03-01 0 days 1,450 sqft
2021-04-01 0 days 1,569 sqft
2021-05-01 0 days 1,620 sqft
2021-06-01 0 days 1,569 sqft
2021-07-01 0 days 1,724 sqft
2021-08-01 0 days 1,762 sqft
2021-09-01 0 days 1,720 sqft
2021-10-01 0 days 1,836 sqft
2021-11-01 0 days 1,739 sqft
2021-12-01 0 days 1,772 sqft
2022-01-01 0 days 1,814 sqft
2022-02-01 0 days 1,802 sqft
2022-03-01 0 days 1,805 sqft
2022-04-01 0 days 1,718 sqft
2022-05-01 0 days 1,750 sqft
2022-06-01 0 days 1,794 sqft
2022-07-01 0 days 1,752 sqft
2022-08-01 0 days 1,764 sqft
2022-09-01 0 days 1,767 sqft
2022-10-01 0 days 1,764 sqft
2022-11-01 0 days 1,811 sqft
2022-12-01 0 days 1,765 sqft
2023-01-01 0 days 1,751 sqft
2023-02-01 0 days 1,735 sqft
2023-03-01 0 days 1,783 sqft
2023-04-01 0 days 1,792 sqft
2023-05-01 0 days 1,662 sqft
2023-06-01 0 days 1,743 sqft
2023-07-01 0 days 1,768 sqft
2023-08-01 0 days 1,769 sqft
2023-09-01 0 days 1,815 sqft
2023-10-01 0 days 1,747 sqft
2023-11-01 0 days 1,711 sqft
2023-12-01 0 days 1,768 sqft
2024-01-01 0 days 1,746 sqft
2024-02-01 0 days 1,768 sqft
2024-03-01 0 days 1,877 sqft
2024-04-01 0 days 1,725 sqft
2024-05-01 0 days 1,760 sqft
Shelton's median listing age (time on market) for 2024-05-01 was 0 days.

Shelton's median square footage for active listings during the 2024-05-01 period was 1,760 sqft. One year prior, the average listing was 1,662 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).