Spokane FHA Loan Rates, Closing Costs & Stats

SPOKANE-SPOKANE VALLEY, 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.

    Spokane's 113 lenders originated 1,559 FHA loans during 2024. The total origination value was $522,475,000, with an average FHA loan value of $335,135.

    Spokane FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Spokane averaged -0.1% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Spokane's average FHA mortgage closing costs are $9,646.

    The average rate for the prior week (2025-06-27) was 6.48% and one month ago for the week of 2025-05-30, the average rate was 6.66%.

    The average rate one year ago was 6.68%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.29%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 138 6.08% $13,997
    CANOPY MORTGAGE, LLC 104 6.46% $17,927
    Sunflower Bank 102 6.59% $13,769
    DHI MORTGAGE COMPANY, LTD. 89 5.25% $10,010
    QUICKEN LOANS, LLC 82 6.16% $13,723
    CROSSCOUNTRY MORTGAGE, LLC 50 6.60% $14,170
    GUILD MORTGAGE COMPANY 44 6.60% $12,680
    Glacier Bank 41 6.47% $13,982
    MOVEMENT MORTGAGE, LLC 40 6.49% $13,758
    CMG MORTGAGE, INC. 37 6.52% $14,296
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 6.55% $14,190
    FREEDOM MORTGAGE CORPORATION 27 6.27% $13,148
    BROKER SOLUTIONS, INC. 26 6.71% $14,420
    SUMMIT FUNDING, INC. 23 6.53% $15,034
    GUARANTEED RATE, INC. 22 6.32% $13,882
    PREMIER MORTGAGE RESOURCES, L.L.C. 21 5.86% $17,105
    LOANDEPOT.COM, LLC 19 6.14% $13,369
    PENNYMAC LOAN SERVICES, LLC 17 6.09% $11,844
    CARDINAL FINANCIAL 16 6.44% $13,744
    AMERICAN PACIFIC MORTGAGE CORPORATION 16 6.41% $15,945
    CORNERSTONE HOME LENDING, INC. 15 6.59% $13,952
    CHURCHILL MORTGAGE CORPORATION 14 6.79% $12,745
    American Mortgage & Equity Consultants, Inc. 13 6.68% $15,022
    EAGLE HOME MORTGAGE, LLC 13 5.54% $12,421
    GENEVA FINANCIAL, LLC 12 6.93% $14,085
    S1L, Inc. 12 6.41% $14,387
    Paramount Residential Mortgage Group, Inc. 12 6.29% $12,854
    LEADERONE FINANCIAL CORPORATION 12 6.93% $13,658
    Century Mortgage Company DBA Century Lending Company 11 6.03% $13,576
    Willamette Valley Bank 11 6.34% $15,181
    Washington Trust Bank 10 6.34% $14,645
    LAKEVIEW LOAN SERVICING, LLC 10 6.18% $9,862
    NEWREZ LLC 10 6.47% $13,451
    Mr. Cooper ( Nationstar Mortgage ) 9 6.44% $15,555
    ENVOY MORTGAGE, LTD 9 6.56% $14,523
    LOANPAL, LLC 8 5.42% $13,714
    DIRECTORS MORTGAGE, INC. 8 6.19% $13,882
    NUMERICA CREDIT UNION 8 6.20% $12,114
    Flagstar Bank, FSB 8 6.09% $12,976
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 8 6.34% $12,830
    MUTUAL OF OMAHA MORTGAGE, INC. 8 5.91% $18,798
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 7 6.66% $14,338
    T2 FINANCIAL LLC 7 6.86% $14,646
    Northpointe Bank 7 6.59% $13,294
    WASHINGTON STATE EMPLOYEES Credit Union 7 5.87% $11,181
    SUN WEST MORTGAGE COMPANY, INC. 6 5.79% $20,581
    Banner Bank 6 6.31% $12,162
    VILLAGE CAPITAL MORTGAGE 5 6.15% $12,643
    MID AMERICA MORTGAGE, INC. 5 6.33% $7,366
    PLANET HOME LENDING, LLC 5 6.17% $9,223
    Plains Commerce Bank 4 6.50% $14,055
    BAY EQUITY LLC 4 6.72% $15,799
    IDAHO CENTRAL 4 6.78% $12,225
    NFM, INC. 4 7.06% $12,888
    SCENIC OAKS FUNDING, INC. 4 6.28% $11,243
    Sierra Pacific Mortgage Company, Inc. 4 6.22% $13,326
    SUMMIT MORTGAGE CORPORATION 4 6.40% $14,208
    Boeing Employees Credit Union 3 6.38% $9,208
    Loan Simple, Inc. 3 6.50% $14,366
    INTELLILOAN, INC. 3 5.69% $5,925
    Mortgage Research Center, LLC 3 6.71% $11,572
    Carrington Mortgage Services, LLC 3 6.29% $13,738
    AMERICAN FINANCING CORPORATION 3 5.75% $19,029
    JPMorgan Chase Bank 3 5.96% $9,231
    DAS Acquisition Company, LLC 2 6.69% $11,920
    Cornerstone First Mortgage, Inc 2 6.69% $12,981
    PENRITH HOME LOANS LLC 2 6.63% $12,877
    HomeStreet Bank 2 6.25% $14,016
    The Loan Store, Inc. 2 5.87% $17,662
    TOP FLITE FINANCIAL, INC. 2 6.88% $7,857
    Alaska USA Federal Credit Union 2 6.19% $13,527
    LAND HOME FINANCIAL SERVICES, INC. 2 6.87% $11,678
    AMERISAVE MORTGAGE CORPORATION 2 6.44% $13,617
    U.S. Bank 2 6.63% $10,721
    PLAZA HOME MORTGAGE, INC. 2 6.19% $11,813
    PREMIER LENDING, INC. 2 7.00% $11,758
    LADERA LENDING, INC. 2 6.12% $13,701
    NATIONS DIRECT MORTGAGE, LLC 2 6.50% $11,290
    AMERICAN FINANCIAL NETWORK, INC. 2 7.25% $16,196
    HOMESIDE FINANCIAL, LLC 2 6.13% $21,466
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.06% $12,789
    Armed Forces Bank 1 6.75% $11,211
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $16,222
    Texana Bank 1 5.75% $18,389
    Umpqua Bank 1 5.50% $14,828
    UNION HOME MORTGAGE CORP. 1 5.25% $15,109
    AmeriHome Mortgage Company, LLC 1 6.63% $7,834
    Wallick & Volk, Inc. 1 6.63% $7,996
    Lakeview Community Capital, LLC 1 5.63% $8,296
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.25% $14,989
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.25% $17,813
    MEMBER FIRST MORTGAGE, LLC 1 6.25% $3,895
    ML Mortgage Corp. 1 6.25% $16,446
    MORIA DEVELOPMENT, INC. 1 6.25% $25,790
    M&T Bank 1 6.63% $10,679
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $5,485
    Nations Lending Corporation 1 6.75% $12,717
    NATIONS RELIABLE LENDING, LLC 1 6.13% $19,201
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $14,342
    EVERETT FINANCIAL, INC. 1 7.13% $23,390
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $5,433
    Equity Prime Mortgage LLC 1 5.88% $16,002
    D. L. Evans Bank 1 6.25% $5,995
    OnPoint Community Credit Union 1 6.63% $10,455
    Opportunity Bank of Montana 1 6.13% $6,452
    PHH Mortgage Corporation 1 5.63% $8,033
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $13,430
    BETTER MORTGAGE CORPORATION 1 5.75% $4,296
    Wells Fargo Bank 1 5.88% $13,143
    Ixonia Bank 1 5.50% $22,275
    Bank of the Pacific 1 6.38% $8,937
    ZILLOW HOME LOANS, LLC 1 6.13% $16,406
    Bank of America 1 6.63% $16,838

    The top Spokane FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 138 FHA loans originated. Their average total fees are $13,997, which is $3,930 lower than the next largest lender, CANOPY MORTGAGE, LLC.

    The lowest fee Spokane FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($9,862), DHI MORTGAGE COMPANY, LTD. ($10,010), PENNYMAC LOAN SERVICES, LLC ($11,844), EAGLE HOME MORTGAGE, LLC ($12,421) and GUILD MORTGAGE COMPANY ($12,680).

    The lowest rate Spokane FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.25%), EAGLE HOME MORTGAGE, LLC (5.54%), PREMIER MORTGAGE RESOURCES, L.L.C. (5.86%), Century Mortgage Company DBA Century Lending Company (6.03%) and UNITED WHOLESALE MORTGAGE, LLC (6.08%).

    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).