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 119 lenders originated 2,285 FHA loans during 2021. The total origination value was $570,685,000, with an average FHA loan value of $249,753.

Spokane FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Spokane averaged 6.14% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Spokane's average FHA mortgage closing costs are $7,937.

The average rate for the prior week (2023-01-20) was 6.12% and one month ago for the week of 2022-12-23, the average rate was 6.41%.

The average rate one year ago was 4%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.79%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 176 2.68% $7,001
GUILD MORTGAGE COMPANY 89 2.91% $9,641
MOVEMENT MORTGAGE, LLC 85 3.22% $9,274
ENVOY MORTGAGE, LTD 80 3.12% $10,803
CELEBRITY HOME LOANS, LLC 77 3.29% $9,954
Wheatland Bank 75 3.27% $10,016
LAKEVIEW LOAN SERVICING, LLC 61 2.98% $4,437
Sunflower Bank 59 3.41% $9,299
CALIBER HOME LOANS, INC. 56 3.07% $8,916
Mr. Cooper ( Nationstar Mortgage ) 52 3.14% $5,315
UNITED WHOLESALE MORTGAGE, LLC 52 2.65% $8,651
HOMEBRIDGE FINANCIAL SERVICES, INC. 49 2.92% $7,873
FREEDOM MORTGAGE CORPORATION 43 2.86% $4,907
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 41 3.38% $9,595
Flagstar Bank, FSB 38 3.00% $8,586
SUMMIT FUNDING, INC. 35 3.42% $10,235
AMERICAN PACIFIC MORTGAGE CORPORATION 34 3.07% $10,918
PENNYMAC LOAN SERVICES, LLC 28 3.03% $5,657
MANN FINANCIAL INC. 26 3.38% $10,851
LEADERONE FINANCIAL CORPORATION 26 3.27% $8,849
HOMESIDE FINANCIAL, LLC 26 3.09% $9,338
Willamette Valley Bank 25 3.24% $8,587
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 25 2.88% $8,836
PREMIER MORTGAGE RESOURCES, L.L.C. 24 3.33% $9,632
PENRITH HOME LOANS LLC 24 3.15% $8,811
GENEVA FINANCIAL, LLC 24 3.11% $9,522
BROKER SOLUTIONS, INC. 22 3.26% $8,869
Washington Trust Bank 21 3.29% $8,476
Carrington Mortgage Services, LLC 19 3.34% $9,505
Paramount Residential Mortgage Group, Inc. 19 3.53% $9,299
Northpointe Bank 18 2.95% $9,839
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 18 3.29% $9,054
VILLAGE CAPITAL MORTGAGE 18 2.65% $2,327
LOANDEPOT.COM, LLC 17 3.29% $10,168
GUARANTEED RATE, INC. 17 2.95% $8,800
Glacier Bank 15 3.06% $9,066
PLANET HOME LENDING, LLC 12 2.78% $5,893
PRIORITY HOME LENDING, LLC 12 3.30% $9,821
HomeStreet Bank 12 3.00% $9,489
ACADEMY MORTGAGE CORPORATION 12 3.18% $9,209
HOME POINT FINANCIAL CORPORATION 11 2.96% $9,418
Umpqua Bank 11 3.14% $8,370
AMERISAVE MORTGAGE CORPORATION 10 2.95% $9,219
CHERRY CREEK MORTGAGE, LLC 10 3.18% $7,681
FINANCE OF AMERICA MORTGAGE LLC 10 3.01% $9,881
CHURCHILL MORTGAGE CORPORATION 10 2.84% $9,142
Sierra Pacific Mortgage Company, Inc. 9 2.85% $9,344
NEWREZ LLC 8 3.23% $5,866
CMG MORTGAGE, INC. 8 3.30% $10,054
Boeing Employees Credit Union 8 2.72% $6,450
AMERICAN FINANCIAL NETWORK, INC. 8 3.14% $11,737
NUMERICA CREDIT UNION 7 2.79% $9,308
AMERICAN FINANCIAL RESOURCES, INC. 7 3.11% $8,570
S1L, Inc. 7 3.21% $9,561
MID AMERICA MORTGAGE, INC. 6 3.00% $4,564
Nations Lending Corporation 6 3.19% $13,844
DIRECTORS MORTGAGE, INC. 6 3.17% $8,550
Banner Bank 5 2.48% $7,973
CROSSCOUNTRY MORTGAGE, LLC 5 3.17% $11,865
Gateway First Bank 5 3.83% $7,389
LAND HOME FINANCIAL SERVICES, INC. 5 3.30% $9,873
SUN WEST MORTGAGE COMPANY, INC. 4 2.81% $7,064
Wallick & Volk, Inc. 4 3.38% $9,010
SOVEREIGN LENDING GROUP INCORPORATED 4 2.72% $10,415
BAY EQUITY LLC 4 3.41% $9,237
AMERICAN FINANCING CORPORATION 4 2.72% $8,428
DHI MORTGAGE COMPANY, LTD. 4 2.75% $7,345
The Federal Savings Bank 4 2.66% $11,185
AmeriHome Mortgage Company, LLC 3 2.79% $4,221
GLOBAL 3 3.04% $5,978
LADERA LENDING, INC. 3 3.04% $8,452
Lakeview Community Capital, LLC 3 3.33% $3,476
IDAHO CENTRAL 3 2.92% $12,663
STEARNS LENDING, LLC 3 2.96% $11,771
Servion, Inc. 3 3.00% $8,312
VISION ONE MORTGAGE, INC. 3 3.42% $7,362
RANLIFE, INC. 3 3.00% $8,605
First Guaranty Mortgage Corporation 3 2.88% $8,802
CORNERSTONE HOME LENDING, INC. 2 4.31% $10,326
KELLER MORTGAGE, LLC 2 2.88% $6,197
Loan Simple, Inc. 2 3.06% $6,705
MORTGAGE MASTER SERVICE CORPORATION 2 3.13% $11,628
BECKAM FUNDING CORP. 2 3.38% $11,042
Barrington Bank & Trust Company, N.A. 2 2.57% $11,787
NP, Inc. 2 2.94% $9,301
Plains Commerce Bank 2 3.13% $10,895
First Home Bank 2 3.44% $14,130
SWBC MORTGAGE CORPORATION 2 3.25% $7,915
Platinum Home Mortgage Corporation 1 2.99% $13,479
PNC Bank 1 3.00% $5,662
Bank of America 1 3.50% $9,152
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $10,183
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.38% $12,225
OnPoint Community Credit Union 1 3.00% $7,214
EMBRACE HOME LOANS, INC. 1 2.75% $4,872
NBH Bank 1 3.00% $7,337
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.75% $5,537
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.88% $7,886
WESTERN EXPRESS LENDING 1 3.38% $7,306
Mortgage Research Center, LLC 1 2.50% $9,698
MEMBER FIRST MORTGAGE, LLC 1 2.88% $11,986
Alaska USA Federal Credit Union 1 2.75% $4,865
LPMC, LLC 1 4.13% $10,070
Century Mortgage Company DBA Century Lending Company 1 2.25% $14,020
1st Security Bank of Washington 1 3.88% $10,374
Texana Bank 1 3.00% $9,146
Chickasaw Community Bank 1 2.88% $6,505
TOP FLITE FINANCIAL, INC. 1 3.63% $18,763
JPMorgan Chase Bank 1 5.25% $5,057
D. L. Evans Bank 1 2.63% $9,345
U.S. Bank 1 3.00% $7,616
VERITAS FUNDING, LLC 1 3.63% $11,917
AMCAP MORTGAGE, LTD. 1 2.88% $8,942
JMJ FINANCIAL GROUP 1 2.25% $9,414
InterContinental Capital Group, Inc 1 2.75% $6,922
Alaska USA Mortgage Company LLC 1 2.75% $4,865
PHH Mortgage Corporation 1 4.00% $3,244
Commerce Home Mortgage, Inc. 1 2.75% $8,355
ARC HOME LLC 1 2.99% $9,710

The top Spokane FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 176 FHA loans originated. Their average total fees are $7,001, which is $2,640 lower than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Spokane FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,327), LAKEVIEW LOAN SERVICING, LLC ($4,437), FREEDOM MORTGAGE CORPORATION ($4,907), Mr. Cooper ( Nationstar Mortgage ) ($5,315) and PENNYMAC LOAN SERVICES, LLC ($5,657).

The lowest rate Spokane FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.65%), VILLAGE CAPITAL MORTGAGE (2.65%), QUICKEN LOANS, LLC (2.68%), PLANET HOME LENDING, LLC (2.78%) and CHURCHILL MORTGAGE CORPORATION (2.84%).

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

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%) $356,505 (11.8%) 1.06 1,075
2018-02-01 $298,625 (13.8%) $373,573 (13.9%) 1.08 991
2018-03-01 $309,900 (12.8%) $381,165 (11.0%) 1.09 980
2018-04-01 $319,000 (12.0%) $392,699 (12.5%) 1.08 1,111
2018-05-01 $318,950 (10.4%) $395,822 (11.7%) 1.07 1,261
2018-06-01 $315,000 (9.3%) $395,496 (11.1%) 1.05 1,422
2018-07-01 $317,500 (11.4%) $399,161 (14.0%) 1.06 1,544
2018-08-01 $308,897 (12.3%) $391,273 (14.6%) 1.03 1,606
2018-09-01 $300,000 (9.1%) $388,124 (13.8%) 1.01 1,634
2018-10-01 $311,850 (14.5%) $397,240 (16.3%) 1.05 1,560
2018-11-01 $319,250 (19.2%) $402,962 (19.2%) 1.08 1,343
2018-12-01 $318,000 (15.6%) $402,214 (15.3%) 1.10 1,128
2019-01-01 $327,735 (15.0%) $415,117 (16.4%) 1.13 951
2019-02-01 $335,495 (12.4%) $422,455 (13.1%) 1.13 860
2019-03-01 $340,770 (10.0%) $427,611 (12.2%) 1.11 894
2019-04-01 $346,092 (8.5%) $430,624 (9.7%) 1.10 1,009
2019-05-01 $349,950 (9.7%) $425,435 (7.5%) 1.09 1,180
2019-06-01 $349,950 (11.1%) $418,163 (5.7%) 1.09 1,298
2019-07-01 $344,450 (8.5%) $407,069 (2.0%) 1.08 1,481
2019-08-01 $339,996 (10.1%) $409,064 (4.6%) 1.08 1,504
2019-09-01 $339,998 (13.3%) $414,406 (6.8%) 1.09 1,485
2019-10-01 $340,000 (9.0%) $418,594 (5.4%) 1.10 1,463
2019-11-01 $344,999 (8.1%) $421,336 (4.6%) 1.13 1,268
2019-12-01 $342,500 (7.7%) $419,212 (4.2%) 1.14 1,055
2020-01-01 $342,200 (4.4%) $417,860 (0.7%) 1.14 825
2020-02-01 $359,900 (7.3%) $436,620 (3.4%) 1.18 759
2020-03-01 $377,450 (10.8%) $446,475 (4.4%) 1.18 808
2020-04-01 $377,500 (9.1%) $449,545 (4.4%) 1.18 944
2020-05-01 $385,000 (10.0%) $453,395 (6.6%) 1.17 953
2020-06-01 $384,950 (10.0%) $448,996 (7.4%) 1.13 950
2020-07-01 $393,019 (14.1%) $457,929 (12.5%) 1.14 897
2020-08-01 $385,000 (13.2%) $462,441 (13.1%) 1.10 871
2020-09-01 $387,250 (13.9%) $460,070 (11.0%) 1.11 855
2020-10-01 $375,000 (10.3%) $460,556 (10.0%) 1.07 764
2020-11-01 $373,660 (8.3%) $463,458 (10.0%) 1.09 627
2020-12-01 $369,450 (7.9%) $467,128 (11.4%) 1.10 477
2021-01-01 $369,900 (8.1%) $485,013 (16.1%) 1.10 337
2021-02-01 $377,440 (4.9%) $506,374 (16.0%) 1.10 299
2021-03-01 $377,450 (0.0%) $502,611 (12.6%) 1.07 336
2021-04-01 $399,450 (5.8%) $523,394 (16.4%) 1.08 344
2021-05-01 $409,559 (6.4%) $525,309 (15.9%) 1.08 408
2021-06-01 $416,242 (8.1%) $564,979 (25.8%) 1.10 526
2021-07-01 $435,000 (10.7%) $567,331 (23.9%) 1.15 658
2021-08-01 $445,000 (15.6%) $563,907 (21.9%) 1.19 740
2021-09-01 $449,900 (16.2%) $562,388 (22.2%) 1.20 863
2021-10-01 $449,900 (20.0%) $548,373 (19.1%) 1.20 852
2021-11-01 $449,000 (20.2%) $553,676 (19.5%) 1.20 640
2021-12-01 $457,000 (23.7%) $571,284 (22.3%) 1.24 492
2022-01-01 $474,900 (28.4%) $611,039 (26.0%) 1.28 341
2022-02-01 $471,924 (25.0%) $621,092 (22.7%) 1.23 319
2022-03-01 $475,250 (25.9%) $624,957 (24.3%) 1.19 346
2022-04-01 $499,900 (25.2%) $635,800 (21.5%) 1.19 453
2022-05-01 $500,000 (22.1%) $630,479 (20.0%) 1.14 732
2022-06-01 $512,698 (23.2%) $639,160 (13.1%) 1.14 968
2022-07-01 $499,000 (14.7%) $604,654 (6.6%) 1.13 1,289
2022-08-01 $489,584 (10.0%) $592,407 (5.1%) 1.13 1,388
2022-09-01 $475,000 (5.6%) $577,612 (2.7%) 1.11 1,389
2022-10-01 $469,250 (4.3%) $569,934 (3.9%) 1.10 1,368
2022-11-01 $449,700 (0.2%) $552,031 (-0.3%) 1.08 1,232
2022-12-01 $446,500 (-2.3%) $541,798 (-5.2%) 1.12 985
Spokane's median listing price for 2022-12-01 was $446,500, a difference of $-10,500 (-2.3%) versus the prior year and $-3,200 versus the prior month.

Spokane's median listing price comes in at 112% of the national average.

Spokane's average listing price for 2022-12-01 was $541,798, a difference of $-29,486 (-5.2%) versus the prior year and $-10,233 versus the prior month.

For the 2022-12-01 period, Spokane had 985 MLS listings, a difference of -247 listings (-20%) versus the prior month and 493 listings (100%) 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 73 days 2,268 sqft
2018-02-01 52 days 2,329 sqft
2018-03-01 46 days 2,353 sqft
2018-04-01 37 days 2,373 sqft
2018-05-01 35 days 2,414 sqft
2018-06-01 36 days 2,361 sqft
2018-07-01 41 days 2,395 sqft
2018-08-01 43 days 2,357 sqft
2018-09-01 46 days 2,358 sqft
2018-10-01 47 days 2,320 sqft
2018-11-01 54 days 2,337 sqft
2018-12-01 69 days 2,318 sqft
2019-01-01 70 days 2,360 sqft
2019-02-01 53 days 2,355 sqft
2019-03-01 43 days 2,364 sqft
2019-04-01 32 days 2,350 sqft
2019-05-01 33 days 2,376 sqft
2019-06-01 36 days 2,411 sqft
2019-07-01 38 days 2,397 sqft
2019-08-01 39 days 2,389 sqft
2019-09-01 41 days 2,371 sqft
2019-10-01 43 days 2,354 sqft
2019-11-01 50 days 2,275 sqft
2019-12-01 65 days 2,225 sqft
2020-01-01 73 days 2,193 sqft
2020-02-01 56 days 2,226 sqft
2020-03-01 42 days 2,314 sqft
2020-04-01 43 days 2,319 sqft
2020-05-01 45 days 2,320 sqft
2020-06-01 40 days 2,315 sqft
2020-07-01 40 days 2,334 sqft
2020-08-01 43 days 2,297 sqft
2020-09-01 45 days 2,307 sqft
2020-10-01 50 days 2,264 sqft
2020-11-01 55 days 2,207 sqft
2020-12-01 60 days 2,139 sqft
2021-01-01 57 days 2,112 sqft
2021-02-01 43 days 2,087 sqft
2021-03-01 32 days 2,149 sqft
2021-04-01 26 days 2,134 sqft
2021-05-01 30 days 2,160 sqft
2021-06-01 22 days 2,214 sqft
2021-07-01 29 days 2,208 sqft
2021-08-01 30 days 2,211 sqft
2021-09-01 33 days 2,253 sqft
2021-10-01 36 days 2,209 sqft
2021-11-01 52 days 2,142 sqft
2021-12-01 75 days 2,142 sqft
2022-01-01 66 days 2,035 sqft
2022-02-01 35 days 2,018 sqft
2022-03-01 28 days 2,027 sqft
2022-04-01 22 days 2,160 sqft
2022-05-01 21 days 2,220 sqft
2022-06-01 23 days 2,216 sqft
2022-07-01 29 days 2,195 sqft
2022-08-01 33 days 2,193 sqft
2022-09-01 39 days 2,175 sqft
2022-10-01 40 days 2,158 sqft
2022-11-01 44 days 2,131 sqft
2022-12-01 58 days 2,120 sqft
Spokane's median listing age (time on market) for 2022-12-01 was 58 days. This is -22% shorter than the same period one year ago.

Spokane's median square footage for active listings during the 2022-12-01 period was 2,120 sqft. One year prior, the average listing was 2,142 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).