Spokane FHA Loan Rates, Closing Costs & Stats
SPOKANE-SPOKANE VALLEY, 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.
Spokane's 110 lenders originated 1,318 FHA loans during 2023. The total origination value was $429,460,000, with an average FHA loan value of $325,842.
Spokane FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Spokane
averaged
6.13%
for the week of 2024-12-13, compared to the national average (all FHA variants) of
6.277% for the same period.
Spokane's average FHA mortgage closing costs are $9,068.
The average rate for the prior week (2024-12-06) was
6.5% and
one month ago for the week of 2024-11-08, the
average rate was 6.16%.
The average rate one year ago was 6.77%.
For refis of the same type during the week of 2024-12-13, the average rate
was 7.11%.
Spokane 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 Spokane level.
The top Spokane FHA lender as defined by loan originations is Sunflower Bank, with
113 FHA loans originated. Their average total fees are
$13,224, which is $1,261
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Spokane FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. ($10,625), Northpointe Bank ($11,762), T2 FINANCIAL LLC ($12,132), ACADEMY MORTGAGE CORPORATION ($12,641) and GUARANTEED RATE, INC. ($12,868).
The lowest rate Spokane FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (5.51%), DHI MORTGAGE COMPANY, LTD. (5.51%), AMERISAVE MORTGAGE CORPORATION (5.86%), QUICKEN LOANS, LLC (6.15%) and UNITED WHOLESALE MORTGAGE, LLC (6.18%).
Spokane FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
SPOKANE-SPOKANE VALLEY, WA | SPOKANE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPOKANE-SPOKANE VALLEY, WA | STEVENS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPOKANE-SPOKANE VALLEY, WA | SPOKANE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
SPOKANE-SPOKANE VALLEY, WA | STEVENS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Spokane (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $285,000 (13.3%) | $356,589 (11.9%) | 1.06 | 1,074 |
2018-02-01 | $298,625 (13.8%) | $373,506 (13.9%) | 1.08 | 991 |
2018-03-01 | $309,900 (12.7%) | $381,101 (10.9%) | 1.09 | 980 |
2018-04-01 | $319,225 (12.0%) | $392,806 (12.5%) | 1.08 | 1,110 |
2018-05-01 | $319,070 (10.4%) | $395,916 (11.7%) | 1.07 | 1,260 |
2018-06-01 | $315,000 (9.2%) | $395,583 (11.1%) | 1.05 | 1,421 |
2018-07-01 | $317,500 (11.4%) | $399,258 (14.0%) | 1.06 | 1,543 |
2018-08-01 | $309,463 (12.5%) | $391,344 (14.6%) | 1.04 | 1,605 |
2018-09-01 | $300,000 (9.1%) | $388,146 (13.8%) | 1.01 | 1,633 |
2018-10-01 | $312,250 (14.6%) | $397,319 (16.3%) | 1.06 | 1,559 |
2018-11-01 | $319,500 (19.2%) | $403,049 (19.2%) | 1.08 | 1,342 |
2018-12-01 | $318,500 (15.8%) | $402,314 (15.3%) | 1.10 | 1,127 |
2019-01-01 | $327,995 (15.1%) | $415,262 (16.5%) | 1.13 | 950 |
2019-02-01 | $335,845 (12.5%) | $422,619 (13.2%) | 1.13 | 859 |
2019-03-01 | $341,043 (10.1%) | $427,846 (12.3%) | 1.12 | 892 |
2019-04-01 | $346,818 (8.6%) | $430,929 (9.7%) | 1.10 | 1,003 |
2019-05-01 | $349,985 (9.7%) | $426,538 (7.7%) | 1.09 | 1,170 |
2019-06-01 | $349,990 (11.1%) | $419,099 (5.9%) | 1.09 | 1,286 |
2019-07-01 | $344,850 (8.6%) | $407,997 (2.2%) | 1.08 | 1,469 |
2019-08-01 | $340,273 (10.0%) | $410,018 (4.8%) | 1.08 | 1,492 |
2019-09-01 | $340,682 (13.6%) | $415,422 (7.0%) | 1.09 | 1,473 |
2019-10-01 | $340,955 (9.2%) | $419,683 (5.6%) | 1.10 | 1,451 |
2019-11-01 | $345,000 (8.0%) | $422,492 (4.8%) | 1.13 | 1,256 |
2019-12-01 | $342,970 (7.7%) | $420,764 (4.6%) | 1.14 | 1,044 |
2020-01-01 | $342,498 (4.4%) | $419,674 (1.1%) | 1.14 | 813 |
2020-02-01 | $359,900 (7.2%) | $438,812 (3.8%) | 1.18 | 747 |
2020-03-01 | $379,924 (11.4%) | $448,389 (4.8%) | 1.19 | 795 |
2020-04-01 | $379,350 (9.4%) | $451,379 (4.8%) | 1.19 | 932 |
2020-05-01 | $385,604 (10.2%) | $455,230 (6.7%) | 1.17 | 940 |
2020-06-01 | $384,975 (10.0%) | $450,694 (7.5%) | 1.13 | 938 |
2020-07-01 | $393,963 (14.2%) | $459,805 (12.7%) | 1.14 | 885 |
2020-08-01 | $388,073 (14.1%) | $464,389 (13.3%) | 1.11 | 858 |
2020-09-01 | $387,419 (13.7%) | $462,065 (11.2%) | 1.11 | 842 |
2020-10-01 | $376,156 (10.3%) | $462,780 (10.3%) | 1.08 | 751 |
2020-11-01 | $374,950 (8.7%) | $466,012 (10.3%) | 1.10 | 614 |
2020-12-01 | $369,849 (7.8%) | $470,358 (11.8%) | 1.10 | 464 |
2021-01-01 | $369,900 (8.0%) | $490,305 (16.8%) | 1.10 | 324 |
2021-02-01 | $378,155 (5.1%) | $512,838 (16.9%) | 1.10 | 286 |
2021-03-01 | $377,450 (-0.7%) | $508,198 (13.3%) | 1.07 | 323 |
2021-04-01 | $399,900 (5.4%) | $529,689 (17.4%) | 1.08 | 331 |
2021-05-01 | $413,000 (7.1%) | $530,315 (16.5%) | 1.10 | 395 |
2021-06-01 | $422,450 (9.7%) | $569,547 (26.4%) | 1.11 | 514 |
2021-07-01 | $439,995 (11.7%) | $570,861 (24.2%) | 1.16 | 647 |
2021-08-01 | $454,400 (17.1%) | $567,544 (22.2%) | 1.21 | 728 |
2021-09-01 | $450,000 (16.2%) | $565,649 (22.4%) | 1.20 | 850 |
2021-10-01 | $450,000 (19.6%) | $551,467 (19.2%) | 1.20 | 839 |
2021-11-01 | $449,975 (20.0%) | $557,558 (19.6%) | 1.20 | 627 |
2021-12-01 | $459,725 (24.3%) | $576,341 (22.5%) | 1.25 | 479 |
2022-01-01 | $480,825 (30.0%) | $617,610 (26.0%) | 1.30 | 328 |
2022-02-01 | $480,480 (27.1%) | $631,296 (23.1%) | 1.25 | 306 |
2022-03-01 | $479,995 (27.2%) | $633,895 (24.7%) | 1.20 | 333 |
2022-04-01 | $500,000 (25.0%) | $642,876 (21.4%) | 1.19 | 440 |
2022-05-01 | $509,625 (23.4%) | $635,058 (19.8%) | 1.17 | 719 |
2022-06-01 | $517,450 (22.5%) | $642,778 (12.9%) | 1.15 | 955 |
2022-07-01 | $499,000 (13.4%) | $607,213 (6.4%) | 1.12 | 1,276 |
2022-08-01 | $489,951 (7.8%) | $594,388 (4.7%) | 1.13 | 1,375 |
2022-09-01 | $476,125 (5.8%) | $579,690 (2.5%) | 1.11 | 1,376 |
2022-10-01 | $469,900 (4.4%) | $571,775 (3.7%) | 1.11 | 1,355 |
2022-11-01 | $449,935 (0.0%) | $554,276 (-0.6%) | 1.08 | 1,219 |
2022-12-01 | $449,063 (-2.3%) | $545,089 (-5.4%) | 1.11 | 967 |
2023-01-01 | $449,475 (-6.5%) | $548,403 (-11.2%) | 1.11 | 763 |
2023-02-01 | $480,500 (0.0%) | $577,914 (-8.5%) | 1.16 | 683 |
2023-03-01 | $497,725 (3.7%) | $591,639 (-6.7%) | 1.17 | 677 |
2023-04-01 | $512,500 (2.5%) | $604,916 (-5.9%) | 1.19 | 780 |
2023-05-01 | $524,924 (3.0%) | $622,699 (-2.0%) | 1.19 | 941 |
2023-06-01 | $532,488 (2.9%) | $633,820 (-1.4%) | 1.20 | 1,136 |
2023-07-01 | $535,000 (7.2%) | $629,217 (3.6%) | 1.22 | 1,336 |
2023-08-01 | $525,000 (7.2%) | $620,451 (4.4%) | 1.21 | 1,402 |
2023-09-01 | $514,000 (8.0%) | $618,592 (6.7%) | 1.20 | 1,457 |
2023-10-01 | $499,575 (6.3%) | $605,209 (5.9%) | 1.18 | 1,447 |
2023-11-01 | $497,000 (10.5%) | $598,163 (7.9%) | 1.18 | 1,323 |
2023-12-01 | $490,000 (9.1%) | $603,323 (10.7%) | 1.20 | 1,113 |
2024-01-01 | $498,120 (10.8%) | $612,666 (11.7%) | 1.22 | 915 |
2024-02-01 | $503,985 (4.9%) | $617,954 (6.9%) | 1.21 | 875 |
2024-03-01 | $510,000 (2.5%) | $620,133 (4.8%) | 1.20 | 915 |
2024-04-01 | $522,500 (2.0%) | $647,977 (7.1%) | 1.22 | 1,078 |
2024-05-01 | $544,450 (3.7%) | $662,479 (6.4%) | 1.23 | 1,341 |
2024-06-01 | $530,000 (-0.5%) | $650,286 (2.6%) | 1.19 | 1,579 |
2024-07-01 | $525,000 (-1.9%) | $633,632 (0.7%) | 1.20 | 1,747 |
2024-08-01 | $515,000 (-1.9%) | $624,397 (0.6%) | 1.20 | 1,767 |
2024-09-01 | $505,000 (-1.8%) | $623,689 (0.8%) | 1.19 | 1,791 |
2024-10-01 | $497,125 (-0.5%) | $615,083 (1.6%) | 1.17 | 1,792 |
2024-11-01 | $489,950 (-1.4%) | $607,370 (1.5%) | 1.18 | 1,673 |
Spokane's median listing price comes in at 118% of the national average.
Spokane's average listing price for 2024-11-01 was $607,370, a difference of $9,207 (1.5%) versus the prior year and $-7,713 versus the prior month.
For the 2024-11-01 period, Spokane had 1,673 MLS listings, a difference of -119 listings (-7%) versus the prior month and 350 listings (26%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Spokane (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 69 days | 2,262 sqft |
2018-02-01 | 47 days | 2,315 sqft |
2018-03-01 | 44 days | 2,356 sqft |
2018-04-01 | 36 days | 2,364 sqft |
2018-05-01 | 33 days | 2,401 sqft |
2018-06-01 | 36 days | 2,360 sqft |
2018-07-01 | 39 days | 2,390 sqft |
2018-08-01 | 41 days | 2,353 sqft |
2018-09-01 | 44 days | 2,352 sqft |
2018-10-01 | 46 days | 2,320 sqft |
2018-11-01 | 53 days | 2,329 sqft |
2018-12-01 | 66 days | 2,316 sqft |
2019-01-01 | 66 days | 2,353 sqft |
2019-02-01 | 49 days | 2,351 sqft |
2019-03-01 | 41 days | 2,363 sqft |
2019-04-01 | 30 days | 2,349 sqft |
2019-05-01 | 32 days | 2,380 sqft |
2019-06-01 | 35 days | 2,434 sqft |
2019-07-01 | 37 days | 2,401 sqft |
2019-08-01 | 38 days | 2,391 sqft |
2019-09-01 | 39 days | 2,373 sqft |
2019-10-01 | 41 days | 2,359 sqft |
2019-11-01 | 47 days | 2,275 sqft |
2019-12-01 | 62 days | 2,225 sqft |
2020-01-01 | 69 days | 2,194 sqft |
2020-02-01 | 53 days | 2,241 sqft |
2020-03-01 | 40 days | 2,315 sqft |
2020-04-01 | 40 days | 2,324 sqft |
2020-05-01 | 43 days | 2,321 sqft |
2020-06-01 | 39 days | 2,319 sqft |
2020-07-01 | 39 days | 2,342 sqft |
2020-08-01 | 39 days | 2,308 sqft |
2020-09-01 | 43 days | 2,307 sqft |
2020-10-01 | 47 days | 2,264 sqft |
2020-11-01 | 52 days | 2,215 sqft |
2020-12-01 | 57 days | 2,152 sqft |
2021-01-01 | 52 days | 2,114 sqft |
2021-02-01 | 40 days | 2,091 sqft |
2021-03-01 | 30 days | 2,151 sqft |
2021-04-01 | 25 days | 2,150 sqft |
2021-05-01 | 27 days | 2,161 sqft |
2021-06-01 | 21 days | 2,218 sqft |
2021-07-01 | 26 days | 2,211 sqft |
2021-08-01 | 29 days | 2,209 sqft |
2021-09-01 | 31 days | 2,254 sqft |
2021-10-01 | 35 days | 2,219 sqft |
2021-11-01 | 50 days | 2,144 sqft |
2021-12-01 | 72 days | 2,145 sqft |
2022-01-01 | 61 days | 2,041 sqft |
2022-02-01 | 33 days | 2,022 sqft |
2022-03-01 | 25 days | 2,038 sqft |
2022-04-01 | 22 days | 2,165 sqft |
2022-05-01 | 20 days | 2,220 sqft |
2022-06-01 | 22 days | 2,217 sqft |
2022-07-01 | 28 days | 2,190 sqft |
2022-08-01 | 32 days | 2,193 sqft |
2022-09-01 | 39 days | 2,178 sqft |
2022-10-01 | 39 days | 2,158 sqft |
2022-11-01 | 44 days | 2,131 sqft |
2022-12-01 | 57 days | 2,120 sqft |
2023-01-01 | 52 days | 2,102 sqft |
2023-02-01 | 43 days | 2,123 sqft |
2023-03-01 | 37 days | 2,167 sqft |
2023-04-01 | 30 days | 2,193 sqft |
2023-05-01 | 29 days | 2,251 sqft |
2023-06-01 | 30 days | 2,303 sqft |
2023-07-01 | 35 days | 2,312 sqft |
2023-08-01 | 37 days | 2,318 sqft |
2023-09-01 | 41 days | 2,304 sqft |
2023-10-01 | 39 days | 2,276 sqft |
2023-11-01 | 47 days | 2,255 sqft |
2023-12-01 | 57 days | 2,258 sqft |
2024-01-01 | 46 days | 2,247 sqft |
2024-02-01 | 39 days | 2,210 sqft |
2024-03-01 | 39 days | 2,211 sqft |
2024-04-01 | 31 days | 2,240 sqft |
2024-05-01 | 26 days | 2,309 sqft |
2024-06-01 | 30 days | 2,326 sqft |
2024-07-01 | 38 days | 2,301 sqft |
2024-08-01 | 44 days | 2,287 sqft |
2024-09-01 | 43 days | 2,264 sqft |
2024-10-01 | 45 days | 2,245 sqft |
2024-11-01 | 54 days | 2,203 sqft |
Spokane's median square footage for active listings during the 2024-11-01 period was 2,203 sqft. One year prior, the average listing was 2,255 sqft.