Shelton FHA Loans

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 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).