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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.