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 6.61% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

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

    The average rate for the prior week (2025-05-16) was 6.74% and one month ago for the week of 2025-04-18, the average rate was 6.37%.

    The average rate one year ago was 6.64%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.52%.

    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 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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spokane (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $285,000 (13.3%) $356,733 (11.9%) 1.06 1,073
    2018-02-01 $299,250 (14.0%) $373,678 (13.9%) 1.09 990
    2018-03-01 $309,900 (12.7%) $381,271 (11.0%) 1.09 979
    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%) $399,237 (14.0%) 1.06 1,543
    2018-08-01 $309,463 (12.5%) $391,344 (14.5%) 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 (15.2%) 1.10 1,127
    2019-01-01 $327,995 (15.1%) $415,262 (16.4%) 1.13 950
    2019-02-01 $335,845 (12.2%) $422,619 (13.1%) 1.13 859
    2019-03-01 $341,043 (10.1%) $427,846 (12.2%) 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%) $419,145 (6.0%) 1.09 1,287
    2019-07-01 $344,950 (8.7%) $408,021 (2.2%) 1.08 1,470
    2019-08-01 $340,273 (10.0%) $410,035 (4.8%) 1.08 1,492
    2019-09-01 $340,682 (13.6%) $415,430 (7.0%) 1.09 1,474
    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%) $554,290 (-0.6%) 1.08 1,219
    2022-12-01 $449,032 (-2.3%) $545,111 (-5.4%) 1.11 966
    2023-01-01 $449,463 (-6.5%) $548,437 (-11.2%) 1.11 762
    2023-02-01 $479,000 (-0.3%) $577,990 (-8.4%) 1.16 682
    2023-03-01 $497,475 (3.6%) $591,683 (-6.7%) 1.17 676
    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%) $629,070 (3.6%) 1.22 1,335
    2023-08-01 $525,000 (7.2%) $620,305 (4.4%) 1.21 1,401
    2023-09-01 $513,495 (7.9%) $618,446 (6.7%) 1.20 1,456
    2023-10-01 $499,450 (6.3%) $604,890 (5.8%) 1.18 1,447
    2023-11-01 $496,675 (10.4%) $597,836 (7.9%) 1.18 1,323
    2023-12-01 $490,000 (9.1%) $602,920 (10.6%) 1.20 1,113
    2024-01-01 $497,995 (10.8%) $612,352 (11.7%) 1.22 916
    2024-02-01 $502,995 (5.0%) $617,540 (6.8%) 1.21 876
    2024-03-01 $509,995 (2.5%) $619,832 (4.8%) 1.20 916
    2024-04-01 $522,500 (2.0%) $647,699 (7.1%) 1.22 1,079
    2024-05-01 $532,498 (1.4%) $650,116 (4.4%) 1.21 1,342
    2024-06-01 $524,990 (-1.4%) $639,555 (0.9%) 1.19 1,580
    2024-07-01 $525,000 (-1.9%) $633,632 (0.7%) 1.20 1,747
    2024-08-01 $515,000 (-1.9%) $624,397 (0.7%) 1.20 1,767
    2024-09-01 $505,000 (-1.7%) $623,689 (0.9%) 1.19 1,791
    2024-10-01 $497,250 (-0.4%) $615,281 (1.7%) 1.17 1,793
    2024-11-01 $489,970 (-1.4%) $607,587 (1.6%) 1.18 1,674
    2024-12-01 $484,973 (-1.0%) $596,098 (-1.1%) 1.20 1,339
    2025-01-01 $479,948 (-3.6%) $586,052 (-4.3%) 1.20 1,189
    2025-02-01 $482,500 (-4.1%) $590,519 (-4.4%) 1.17 1,088
    2025-03-01 $500,310 (-1.9%) $616,624 (-0.5%) 1.18 1,153
    2025-04-01 $522,225 (-0.1%) $633,549 (-2.2%) 1.21 1,401
    Spokane's median listing price for 2025-04-01 was $522,225, a difference of $-275 (-0.1%) versus the prior year and $21,915 versus the prior month.

    Spokane's median listing price comes in at 121% of the national average.

    Spokane's average listing price for 2025-04-01 was $633,549, a difference of $-14,150 (-2.2%) versus the prior year and $16,925 versus the prior month.

    For the 2025-04-01 period, Spokane had 1,401 MLS listings, a difference of 248 listings (22%) versus the prior month and 322 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spokane (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 69 days 2,255 sqft
    2018-02-01 47 days 2,310 sqft
    2018-03-01 44 days 2,349 sqft
    2018-04-01 36 days 2,369 sqft
    2018-05-01 33 days 2,404 sqft
    2018-06-01 36 days 2,360 sqft
    2018-07-01 39 days 2,389 sqft
    2018-08-01 41 days 2,353 sqft
    2018-09-01 44 days 2,352 sqft
    2018-10-01 46 days 2,319 sqft
    2018-11-01 53 days 2,324 sqft
    2018-12-01 66 days 2,316 sqft
    2019-01-01 66 days 2,351 sqft
    2019-02-01 49 days 2,349 sqft
    2019-03-01 41 days 2,360 sqft
    2019-04-01 30 days 2,349 sqft
    2019-05-01 32 days 2,380 sqft
    2019-06-01 35 days 2,429 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 2,228 sqft
    2020-01-01 69 days 2,196 sqft
    2020-02-01 53 days 2,240 sqft
    2020-03-01 40 days 2,318 sqft
    2020-04-01 40 days 2,325 sqft
    2020-05-01 43 days 2,321 sqft
    2020-06-01 39 days 2,321 sqft
    2020-07-01 39 days 2,348 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 2,150 sqft
    2021-01-01 52 days 2,121 sqft
    2021-02-01 40 days 2,092 sqft
    2021-03-01 30 days 2,152 sqft
    2021-04-01 25 days 2,140 sqft
    2021-05-01 27 days 2,161 sqft
    2021-06-01 21 days 2,214 sqft
    2021-07-01 26 days 2,214 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 2,035 sqft
    2022-02-01 33 days 2,024 sqft
    2022-03-01 25 days 2,035 sqft
    2022-04-01 22 days 2,165 sqft
    2022-05-01 20 days 2,220 sqft
    2022-06-01 22 days 2,215 sqft
    2022-07-01 28 days 2,187 sqft
    2022-08-01 32 days 2,193 sqft
    2022-09-01 39 days 2,178 sqft
    2022-10-01 39 days 2,157 sqft
    2022-11-01 44 days 2,130 sqft
    2022-12-01 57 days 2,118 sqft
    2023-01-01 52 days 2,101 sqft
    2023-02-01 43 days 2,122 sqft
    2023-03-01 37 days 2,166 sqft
    2023-04-01 30 days 2,194 sqft
    2023-05-01 29 days 2,256 sqft
    2023-06-01 30 days 2,304 sqft
    2023-07-01 35 days 2,314 sqft
    2023-08-01 37 days 2,318 sqft
    2023-09-01 41 days 2,305 sqft
    2023-10-01 39 days 2,276 sqft
    2023-11-01 47 days 2,253 sqft
    2023-12-01 56 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 2,202 sqft
    2024-04-01 31 days 2,242 sqft
    2024-05-01 28 days 2,293 sqft
    2024-06-01 33 days 2,288 sqft
    2024-07-01 38 days 2,298 sqft
    2024-08-01 44 days 2,285 sqft
    2024-09-01 43 days 2,265 sqft
    2024-10-01 45 days 2,246 sqft
    2024-11-01 54 days 2,201 sqft
    2024-12-01 65 days 2,194 sqft
    2025-01-01 74 days 2,124 sqft
    2025-02-01 44 days 2,121 sqft
    2025-03-01 41 days 2,160 sqft
    2025-04-01 30 days 2,214 sqft
    Spokane's median listing age (time on market) for 2025-04-01 was 30 days. This is -3% shorter than the same period one year ago.

    Spokane's median square footage for active listings during the 2025-04-01 period was 2,214 sqft. One year prior, the average listing was 2,242 sqft.

    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).