Spokane FHA Loan Rates, Closing Costs & Stats

SPOKANE-SPOKANE VALLEY, WA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.47% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

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

    The average rate for the prior week (2023-09-15) was 6.43% and one month ago for the week of 2023-08-18, the average rate was 6.44%.

    The average rate one year ago was 5.72%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.57%.

    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%) $356,733 (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%) $438,974 (3.9%) 1.18 747
    2020-03-01 $381,250 (11.8%) $448,525 (4.8%) 1.20 796
    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 (16.8%) 1.10 286
    2021-03-01 $377,450 (-1.0%) $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%) $629,217 (3.6%) 1.22 1,336
    2023-08-01 $525,000 (7.2%) $620,451 (4.4%) 1.21 1,402
    Spokane's median listing price for 2023-08-01 was $525,000, a difference of $35,049 (7.2%) versus the prior year and $-10,000 versus the prior month.

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

    Spokane's average listing price for 2023-08-01 was $620,451, a difference of $26,063 (4.4%) versus the prior year and $-8,766 versus the prior month.

    For the 2023-08-01 period, Spokane had 1,402 MLS listings, a difference of 66 listings (5%) versus the prior month and 27 listings (2%) 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 2,259 sqft
    2018-02-01 47 days 2,326 sqft
    2018-03-01 44 days 2,349 sqft
    2018-04-01 36 days 2,369 sqft
    2018-05-01 33 days 2,405 sqft
    2018-06-01 36 days 2,363 sqft
    2018-07-01 39 days 2,394 sqft
    2018-08-01 41 days 2,356 sqft
    2018-09-01 44 days 2,354 sqft
    2018-10-01 46 days 2,315 sqft
    2018-11-01 53 days 2,330 sqft
    2018-12-01 66 days 2,314 sqft
    2019-01-01 66 days 2,352 sqft
    2019-02-01 49 days 2,350 sqft
    2019-03-01 41 days 2,355 sqft
    2019-04-01 30 days 2,350 sqft
    2019-05-01 32 days 2,380 sqft
    2019-06-01 35 days 2,425 sqft
    2019-07-01 37 days 2,401 sqft
    2019-08-01 38 days 2,390 sqft
    2019-09-01 39 days 2,373 sqft
    2019-10-01 41 days 2,359 sqft
    2019-11-01 47 days 2,281 sqft
    2019-12-01 62 days 2,232 sqft
    2020-01-01 69 days 2,196 sqft
    2020-02-01 53 days 2,249 sqft
    2020-03-01 40 days 2,316 sqft
    2020-04-01 40 days 2,325 sqft
    2020-05-01 43 days 2,320 sqft
    2020-06-01 39 days 2,319 sqft
    2020-07-01 39 days 2,341 sqft
    2020-08-01 39 days 2,304 sqft
    2020-09-01 43 days 2,308 sqft
    2020-10-01 47 days 2,270 sqft
    2020-11-01 52 days 2,208 sqft
    2020-12-01 57 days 2,141 sqft
    2021-01-01 52 days 2,112 sqft
    2021-02-01 40 days 2,093 sqft
    2021-03-01 30 days 2,152 sqft
    2021-04-01 25 days 2,145 sqft
    2021-05-01 27 days 2,160 sqft
    2021-06-01 21 days 2,220 sqft
    2021-07-01 26 days 2,208 sqft
    2021-08-01 29 days 2,206 sqft
    2021-09-01 31 days 2,253 sqft
    2021-10-01 35 days 2,212 sqft
    2021-11-01 50 days 2,144 sqft
    2021-12-01 72 days 2,140 sqft
    2022-01-01 61 days 2,034 sqft
    2022-02-01 33 days 2,024 sqft
    2022-03-01 25 days 2,034 sqft
    2022-04-01 22 days 2,165 sqft
    2022-05-01 20 days 2,222 sqft
    2022-06-01 22 days 2,217 sqft
    2022-07-01 28 days 2,192 sqft
    2022-08-01 32 days 2,192 sqft
    2022-09-01 39 days 2,178 sqft
    2022-10-01 39 days 2,158 sqft
    2022-11-01 44 days 2,132 sqft
    2022-12-01 57 days 2,120 sqft
    2023-01-01 52 days 2,102 sqft
    2023-02-01 43 days 2,124 sqft
    2023-03-01 37 days 2,169 sqft
    2023-04-01 30 days 2,195 sqft
    2023-05-01 29 days 2,263 sqft
    2023-06-01 30 days 2,309 sqft
    2023-07-01 35 days 2,317 sqft
    2023-08-01 37 days 2,317 sqft
    Spokane's median listing age (time on market) for 2023-08-01 was 37 days. This is 17% longer than the same period one year ago.

    Spokane's median square footage for active listings during the 2023-08-01 period was 2,317 sqft. One year prior, the average listing was 2,192 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).