Spokane FHA Loan Rates, Closing Costs & Stats

SPOKANE-SPOKANE VALLEY, WA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 6.64% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Spokane's average FHA mortgage closing costs are $9,068.

    The average rate for the prior week (2024-07-12) was 6.79% and one month ago for the week of 2024-06-14, the average rate was 6.85%.

    The average rate one year ago was 6.84%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.52%.

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

    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.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Sunflower Bank 113 6.37% $13,224
    UNITED WHOLESALE MORTGAGE, LLC 84 6.18% $14,485
    QUICKEN LOANS, LLC 80 6.15% $13,325
    American Mortgage & Equity Consultants, Inc. 52 6.68% $15,095
    AMERICAN PACIFIC MORTGAGE CORPORATION 51 6.73% $15,144
    CMG MORTGAGE, INC. 37 6.66% $15,296
    DHI MORTGAGE COMPANY, LTD. 36 5.51% $10,625
    GUILD MORTGAGE COMPANY 36 6.92% $13,740
    MOVEMENT MORTGAGE, LLC 31 7.06% $14,258
    SUMMIT FUNDING, INC. 26 6.84% $14,411
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 7.04% $14,433
    CROSSCOUNTRY MORTGAGE, LLC 22 7.05% $15,344
    ENVOY MORTGAGE, LTD 21 7.07% $13,869
    LOANDEPOT.COM, LLC 18 6.19% $15,993
    CHURCHILL MORTGAGE CORPORATION 17 6.76% $13,557
    LEADERONE FINANCIAL CORPORATION 16 6.23% $15,098
    AMERISAVE MORTGAGE CORPORATION 15 5.86% $15,732
    Willamette Valley Bank 15 6.53% $15,153
    CORNERSTONE HOME LENDING, INC. 15 6.69% $15,040
    CARDINAL FINANCIAL 15 6.40% $15,444
    PREMIER MORTGAGE RESOURCES, L.L.C. 14 6.29% $19,662
    PENRITH HOME LOANS LLC 13 6.46% $14,072
    Northpointe Bank 13 7.20% $11,762
    PENNYMAC LOAN SERVICES, LLC 13 6.36% $14,149
    ACADEMY MORTGAGE CORPORATION 12 6.50% $12,641
    Paramount Residential Mortgage Group, Inc. 12 6.51% $16,842
    MANN FINANCIAL INC. 12 6.57% $13,066
    EAGLE HOME MORTGAGE, LLC 12 5.51% $13,773
    CANOPY MORTGAGE, LLC 11 7.29% $19,992
    Wheatland Bank 11 6.78% $14,640
    T2 FINANCIAL LLC 11 7.39% $12,132
    PREMIER LENDING, INC. 10 6.88% $13,038
    GUARANTEED RATE, INC. 10 6.37% $12,868
    Sierra Pacific Mortgage Company, Inc. 9 6.46% $14,306
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 9 6.81% $15,471
    FREEDOM MORTGAGE CORPORATION 9 6.83% $15,595
    HomeStreet Bank 9 6.76% $15,110
    NUMERICA CREDIT UNION 8 6.31% $11,014
    EVERETT FINANCIAL, INC. 8 6.38% $13,978
    BROKER SOLUTIONS, INC. 8 6.81% $13,844
    MID AMERICA MORTGAGE, INC. 7 6.79% $9,505
    Flagstar Bank, FSB 6 6.58% $10,374
    Carrington Mortgage Services, LLC 6 6.10% $15,627
    BAY EQUITY LLC 5 6.08% $15,042
    AMERICAN FINANCIAL NETWORK, INC. 5 7.13% $14,978
    Boeing Employees Credit Union 5 6.65% $9,726
    IDAHO CENTRAL 5 6.68% $14,869
    LAKEVIEW LOAN SERVICING, LLC 5 6.23% $15,720
    Mr. Cooper ( Nationstar Mortgage ) 5 5.83% $19,931
    NEWREZ LLC 5 6.48% $15,409
    PLANET HOME LENDING, LLC 5 5.65% $11,331
    S1L, Inc. 5 6.80% $11,290
    Banner Bank 4 7.00% $8,469
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.62% $10,875
    Glacier Bank 4 6.28% $14,194
    The Federal Savings Bank 4 6.31% $15,054
    SUN WEST MORTGAGE COMPANY, INC. 4 6.09% $15,986
    AXIA FINANCIAL, LLC 4 6.88% $13,807
    Equity Prime Mortgage LLC 4 6.72% $15,938
    Washington Trust Bank 4 7.06% $13,550
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.50% $16,683
    Loan Simple, Inc. 3 7.37% $13,613
    Lakeview Community Capital, LLC 3 6.54% $15,775
    AMERICAN FINANCING CORPORATION 3 6.38% $10,499
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.58% $14,710
    ZILLOW HOME LOANS, LLC 3 6.83% $12,994
    Century Mortgage Company DBA Century Lending Company 3 6.29% $15,167
    CHERRY CREEK MORTGAGE, LLC 3 6.75% $4,058
    U.S. Bank 3 7.00% $13,680
    TOP FLITE FINANCIAL, INC. 3 7.08% $16,293
    JPMorgan Chase Bank 3 6.96% $9,850
    LOANPAL, LLC 3 5.83% $13,300
    INTERCAP LENDING INC. 2 7.00% $17,634
    GENEVA FINANCIAL, LLC 2 6.81% $14,632
    Mortgage Research Center, LLC 2 6.44% $10,356
    NETWORK CAPITAL FUNDING CORPORATION 2 5.94% $11,187
    Alaska USA Federal Credit Union 2 6.31% $11,971
    CALIBER HOME LOANS, INC. 2 5.94% $12,227
    Plains Commerce Bank 2 6.38% $14,428
    CALCON MUTUAL MORTGAGE LLC 2 6.44% $20,244
    SUMMIT MORTGAGE CORPORATION 2 6.81% $12,458
    Umpqua Bank 2 6.88% $10,048
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.25% $13,531
    VILLAGE CAPITAL MORTGAGE 2 5.82% $14,657
    V.I.P. MORTGAGE, INC. 2 6.81% $15,897
    HOMESIDE FINANCIAL, LLC 2 6.25% $15,033
    Wallick & Volk, Inc. 2 7.19% $9,426
    Ixonia Bank 2 6.75% $18,967
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.12% $22,030
    Barrington Bank & Trust Company, N.A. 1 7.25% $13,779
    SOUTHWEST STAGE FUNDING, LLC 1 5.75% $4,741
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $16,611
    HORIZON 1 6.75% $13,546
    MORTGAGE LENDING GROUP LLC 1 6.99% $18,114
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $17,002
    MICHIGAN MUTUAL, INC. 1 5.13% $21,339
    First Savings Bank 1 7.00% $19,688
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $18,472
    WASHINGTON STATE EMPLOYEES Credit Union 1 5.63% $13,325
    Chickasaw Community Bank 1 7.38% $6,811
    Commerce Home Mortgage, Inc. 1 7.38% $12,078
    United Fidelity Funding Corp. 1 5.50% $15,286
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $11,296
    AHL FUNDING 1 6.13% $25,023
    LEGEND LENDING CORPORATION 1 6.75% $14,569
    BAY-VALLEY MORTGAGE GROUP 1 6.75% $15,161
    PRIORITY HOME LENDING, LLC 1 5.63% $6,137
    1st Security Bank of Washington 1 7.63% $17,045
    RANLIFE, INC. 1 6.50% $17,613
    RESIDENTIAL BANCORP 1 7.00% $9,134

    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

    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).