Spokane FHA Loans

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 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 5.11% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.32% and one month ago for the week of 2022-04-15, the average rate was 4.81%.

    The average rate one year ago was 3.18%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.05%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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 & INVESTMENT LLC ($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 & INVESTMENT LLC (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

    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).