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 121 lenders originated 1,414 FHA loans during 2022. The total origination value was $395,660,000, with an average FHA loan value of $279,816.

Spokane FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Spokane averaged -0.26% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Spokane's average FHA mortgage closing costs are $8,403.

The average rate for the prior week (2024-02-16) was 6.48% and one month ago for the week of 2024-01-19, the average rate was 6.32%.

The average rate one year ago was 5.78%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.57%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Sunflower Bank 99 5.25% $10,391
QUICKEN LOANS, LLC 84 4.14% $12,062
UNITED WHOLESALE MORTGAGE, LLC 62 4.75% $11,608
CALIBER HOME LOANS, INC. 39 5.28% $11,285
MOVEMENT MORTGAGE, LLC 38 5.38% $11,181
GUILD MORTGAGE COMPANY 38 4.97% $11,752
Flagstar Bank, FSB 31 4.88% $11,774
ENVOY MORTGAGE, LTD 26 5.48% $11,759
LAKEVIEW LOAN SERVICING, LLC 26 3.88% $7,297
LOANDEPOT.COM, LLC 23 4.82% $12,536
AMERICAN PACIFIC MORTGAGE CORPORATION 23 5.08% $13,572
Willamette Valley Bank 22 5.16% $11,653
HOMEBRIDGE FINANCIAL SERVICES, INC. 22 5.14% $12,254
SUMMIT FUNDING, INC. 21 5.61% $13,510
Northpointe Bank 21 4.82% $12,602
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 5.35% $11,293
LEADERONE FINANCIAL CORPORATION 20 4.62% $10,682
FREEDOM MORTGAGE CORPORATION 19 4.32% $10,644
Hometown Lenders, Inc. 16 5.87% $13,918
Paramount Residential Mortgage Group, Inc. 16 5.60% $13,225
HOMESIDE FINANCIAL, LLC 16 5.52% $13,114
CARDINAL FINANCIAL 15 4.67% $10,952
Wheatland Bank 15 4.77% $12,673
BROKER SOLUTIONS, INC. 15 5.32% $12,133
PREMIER MORTGAGE RESOURCES, L.L.C. 13 4.80% $14,239
PENNYMAC LOAN SERVICES, LLC 13 4.12% $12,461
ACADEMY MORTGAGE CORPORATION 12 5.31% $11,136
GENEVA FINANCIAL, LLC 12 5.30% $13,722
CMG MORTGAGE, INC. 12 5.46% $12,315
AMERISAVE MORTGAGE CORPORATION 10 4.03% $14,298
Mr. Cooper ( Nationstar Mortgage ) 10 4.33% $14,347
MANN FINANCIAL INC. 10 5.41% $11,235
PENRITH HOME LOANS LLC 9 4.63% $10,121
Washington Trust Bank 9 4.75% $11,493
Carrington Mortgage Services, LLC 8 4.69% $12,307
GUARANTEED RATE, INC. 8 5.05% $10,765
S1L, Inc. 8 5.16% $10,262
Banner Bank 7 4.86% $11,128
FINANCE OF AMERICA MORTGAGE LLC 7 5.16% $13,760
HOME POINT FINANCIAL CORPORATION 7 4.14% $11,159
DIRECTORS MORTGAGE, INC. 7 5.30% $13,851
CHURCHILL MORTGAGE CORPORATION 7 5.77% $11,762
CHERRY CREEK MORTGAGE, LLC 7 5.61% $4,247
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 6 5.98% $12,359
CALCON MUTUAL MORTGAGE LLC 6 5.04% $13,075
PRIORITY HOME LENDING, LLC 6 4.58% $11,346
AMERICAN FINANCING CORPORATION 5 3.80% $7,621
BAY EQUITY LLC 5 6.35% $8,984
JPMorgan Chase Bank 5 4.48% $8,614
Gateway First Bank 5 5.65% $7,293
CORNERSTONE HOME LENDING, INC. 5 6.38% $13,230
DHI MORTGAGE COMPANY, LTD. 5 4.23% $9,497
AMERICAN FINANCIAL RESOURCES, INC. 5 4.13% $12,909
NEWREZ LLC 5 3.48% $5,960
Nations Lending Corporation 4 4.78% $18,538
EVERETT FINANCIAL, INC. 4 5.84% $7,968
Equity Prime Mortgage LLC 4 5.41% $13,095
CROSSCOUNTRY MORTGAGE, LLC 4 6.25% $14,112
Wallick & Volk, Inc. 4 5.16% $11,589
Glacier Bank 4 4.81% $14,232
PLANET HOME LENDING, LLC 3 3.46% $10,095
MID AMERICA MORTGAGE, INC. 3 5.92% $4,960
HomeStreet Bank 3 4.50% $10,996
SOVEREIGN LENDING GROUP INCORPORATED 3 3.75% $14,989
SUN WEST MORTGAGE COMPANY, INC. 3 5.08% $10,794
IDAHO CENTRAL 3 4.92% $11,616
Umpqua Bank 3 4.00% $10,865
NUMERICA CREDIT UNION 3 5.46% $16,257
NFM, INC. 2 5.19% $11,321
MEMBER FIRST MORTGAGE, LLC 2 5.63% $1,982
PREMIER LENDING, INC. 2 5.25% $12,058
LOANPAL, LLC 2 4.31% $14,634
Platinum Home Mortgage Corporation 2 5.75% $17,207
Sierra Pacific Mortgage Company, Inc. 2 5.44% $9,448
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.00% $17,279
Boeing Employees Credit Union 2 5.13% $6,117
LADERA LENDING, INC. 2 4.69% $19,851
KeyBank 2 3.38% $8,757
Wells Fargo Bank 2 5.50% $9,175
NETWORK CAPITAL FUNDING CORPORATION 2 5.31% $9,023
First Interstate Bank 2 4.94% $8,135
NBKC BANK 2 5.63% $8,648
V.I.P. MORTGAGE, INC. 1 3.00% $11,896
Alaska USA Mortgage Company LLC 1 3.63% $2,800
Golden Empire Mortgage, Inc. 1 4.75% $12,021
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 4.13% $8,780
HORIZON 1 5.50% $14,303
Lakeview Community Capital, LLC 1 2.88% $7,513
Franklin Loan Corporation 1 6.13% $15,968
LOANLEADERS OF AMERICA, INC. 1 3.13% $17,640
1st Security Bank of Washington 1 5.25% $14,873
MICHIGAN MUTUAL, INC. 1 4.99% $15,327
MORTGAGE LENDING GROUP LLC 1 5.63% $10,628
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $5,591
M&T Bank 1 3.00% $7,817
NATIONS DIRECT MORTGAGE, LLC 1 3.99% $16,724
NEW DAY FINANCIAL, LLC 1 5.75% $17,762
EAGLE HOME MORTGAGE, LLC 1 5.75% $15,936
NP, Inc. 1 3.88% $11,843
PHH Mortgage Corporation 1 6.00% $13,698
Colten Mortgage, LLC 1 4.88% $11,725
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $8,883
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $13,388
Wyndham Capital Mortgage, Inc. 1 4.75% $24,582
CITYWIDE HOME LOANS, LLC 1 4.50% $11,192
RELIANCE FIRST CAPITAL, LLC 1 3.25% $14,126
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.88% $11,459
ROYAL UNITED MORTGAGE LLC 1 4.63% $19,965
Servion, Inc. 1 5.63% $10,812
SOUTHWEST STAGE FUNDING, LLC 1 3.38% $12,021
Strong Home Mortgage, LLC 1 2.38% $10,429
BECKAM FUNDING CORP. 1 3.75% $8,171
T2 FINANCIAL LLC 1 5.13% $14,989
The Federal Savings Bank 1 4.63% $17,459
The Union Bank Company 1 3.63% $7,860
THRIVE MORTGAGE, LLC 1 5.63% $23,430
TOP FLITE FINANCIAL, INC. 1 6.75% $12,300
UNITED MORTGAGE CORP 1 7.13% $20,239
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.50% $8,679
U.S. Bank 1 4.25% $19,750
VILLAGE CAPITAL MORTGAGE 1 2.25% $1,170

The top Spokane FHA lender as defined by loan originations is Sunflower Bank, with 99 FHA loans originated. Their average total fees are $10,391, which is $1,671 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Spokane FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($7,297), Sunflower Bank ($10,391), FREEDOM MORTGAGE CORPORATION ($10,644), LEADERONE FINANCIAL CORPORATION ($10,682) and CARDINAL FINANCIAL ($10,952).

The lowest rate Spokane FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.88%), AMERISAVE MORTGAGE CORPORATION (4.03%), PENNYMAC LOAN SERVICES, LLC (4.12%), QUICKEN LOANS, LLC (4.14%) and FREEDOM MORTGAGE CORPORATION (4.32%).

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%) $356,589 (11.9%) 1.06 1,074
2018-02-01 $298,625 (13.8%) $373,506 (13.9%) 1.08 991
2018-03-01 $309,900 (12.7%) $381,101 (10.9%) 1.09 980
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%) $399,258 (14.0%) 1.06 1,543
2018-08-01 $309,463 (12.5%) $391,344 (14.6%) 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 (15.3%) 1.10 1,127
2019-01-01 $327,995 (15.1%) $415,262 (16.5%) 1.13 950
2019-02-01 $335,845 (12.5%) $422,619 (13.2%) 1.13 859
2019-03-01 $341,043 (10.1%) $427,846 (12.3%) 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%) $419,099 (5.9%) 1.09 1,286
2019-07-01 $344,850 (8.6%) $407,997 (2.2%) 1.08 1,469
2019-08-01 $340,273 (10.0%) $410,018 (4.8%) 1.08 1,492
2019-09-01 $340,682 (13.6%) $415,422 (7.0%) 1.09 1,473
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%) $554,276 (-0.6%) 1.08 1,219
2022-12-01 $449,063 (-2.3%) $545,089 (-5.4%) 1.11 967
2023-01-01 $449,475 (-6.5%) $548,403 (-11.2%) 1.11 763
2023-02-01 $480,500 (0.0%) $577,914 (-8.5%) 1.16 683
2023-03-01 $497,725 (3.7%) $591,639 (-6.7%) 1.17 677
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%) $629,217 (3.6%) 1.22 1,336
2023-08-01 $525,000 (7.2%) $620,451 (4.4%) 1.21 1,402
2023-09-01 $514,000 (8.0%) $618,592 (6.7%) 1.20 1,457
2023-10-01 $499,575 (6.3%) $605,209 (5.9%) 1.18 1,447
2023-11-01 $497,000 (10.5%) $598,163 (7.9%) 1.18 1,323
2023-12-01 $490,000 (9.1%) $603,323 (10.7%) 1.20 1,113
Spokane's median listing price for 2023-12-01 was $490,000, a difference of $40,937 (9.1%) versus the prior year and $-7,000 versus the prior month.

Spokane's median listing price comes in at 120% of the national average.

Spokane's average listing price for 2023-12-01 was $603,323, a difference of $58,234 (10.7%) versus the prior year and $5,160 versus the prior month.

For the 2023-12-01 period, Spokane had 1,113 MLS listings, a difference of -210 listings (-16%) versus the prior month and 146 listings (15%) 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 2,262 sqft
2018-02-01 47 days 2,315 sqft
2018-03-01 44 days 2,356 sqft
2018-04-01 36 days 2,364 sqft
2018-05-01 33 days 2,401 sqft
2018-06-01 36 days 2,360 sqft
2018-07-01 39 days 2,390 sqft
2018-08-01 41 days 2,353 sqft
2018-09-01 44 days 2,352 sqft
2018-10-01 46 days 2,320 sqft
2018-11-01 53 days 2,329 sqft
2018-12-01 66 days 2,316 sqft
2019-01-01 66 days 2,353 sqft
2019-02-01 49 days 2,350 sqft
2019-03-01 41 days 2,363 sqft
2019-04-01 30 days 2,349 sqft
2019-05-01 32 days 2,380 sqft
2019-06-01 35 days 2,434 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 2,225 sqft
2020-01-01 69 days 2,194 sqft
2020-02-01 53 days 2,241 sqft
2020-03-01 40 days 2,315 sqft
2020-04-01 40 days 2,324 sqft
2020-05-01 43 days 2,321 sqft
2020-06-01 39 days 2,319 sqft
2020-07-01 39 days 2,342 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 2,152 sqft
2021-01-01 52 days 2,114 sqft
2021-02-01 40 days 2,091 sqft
2021-03-01 30 days 2,151 sqft
2021-04-01 25 days 2,150 sqft
2021-05-01 27 days 2,161 sqft
2021-06-01 21 days 2,218 sqft
2021-07-01 26 days 2,211 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 2,041 sqft
2022-02-01 33 days 2,022 sqft
2022-03-01 25 days 2,038 sqft
2022-04-01 22 days 2,165 sqft
2022-05-01 20 days 2,220 sqft
2022-06-01 22 days 2,217 sqft
2022-07-01 28 days 2,190 sqft
2022-08-01 32 days 2,193 sqft
2022-09-01 39 days 2,178 sqft
2022-10-01 39 days 2,158 sqft
2022-11-01 44 days 2,131 sqft
2022-12-01 57 days 2,120 sqft
2023-01-01 52 days 2,102 sqft
2023-02-01 43 days 2,123 sqft
2023-03-01 37 days 2,167 sqft
2023-04-01 30 days 2,193 sqft
2023-05-01 29 days 2,253 sqft
2023-06-01 30 days 2,304 sqft
2023-07-01 35 days 2,314 sqft
2023-08-01 37 days 2,319 sqft
2023-09-01 41 days 2,304 sqft
2023-10-01 39 days 2,276 sqft
2023-11-01 47 days 2,256 sqft
2023-12-01 57 days 2,260 sqft
Spokane's median listing age (time on market) for 2023-12-01 was 57 days. This is 0% longer than the same period one year ago.

Spokane's median square footage for active listings during the 2023-12-01 period was 2,260 sqft. One year prior, the average listing was 2,120 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).