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 5.95% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

The average rate for the prior week (2024-10-04) was 5.77% and one month ago for the week of 2024-09-06, the average rate was 6%.

The average rate one year ago was 7.22%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.63%.

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).