Tacoma FHA Loan Rates, Closing Costs & Stats

TACOMA-LAKEWOOD, 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.

Tacoma FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Tacoma averaged 0% for the week of 2023-11-17, compared to the national average (all FHA variants) of 7.202% for the same period.

Tacoma's average FHA mortgage closing costs are $0.

The average rate for the prior week (2023-11-10) was 0% and one month ago for the week of 2023-10-13, the average rate was 0%.

The average rate one year ago was 0%.

For refis of the same type during the week of 2023-11-17, the average rate was 0%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Tacoma 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 Tacoma level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs

The lowest fee Tacoma FHA lenders (with over 10 loans originated) are .

The lowest rate Tacoma FHA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Tacoma (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 $494,878 (13.3%) $817,476 (17.5%) 1.83 2,935
2018-02-01 $522,475 (13.7%) $837,160 (12.5%) 1.90 2,977
2018-03-01 $550,000 (14.9%) $855,943 (13.2%) 1.93 3,291
2018-04-01 $559,975 (12.9%) $860,533 (10.6%) 1.90 3,916
2018-05-01 $571,500 (14.4%) $860,415 (9.9%) 1.91 4,776
2018-06-01 $575,000 (15.0%) $857,750 (10.4%) 1.92 5,926
2018-07-01 $565,925 (13.3%) $823,615 (7.1%) 1.89 7,217
2018-08-01 $550,483 (12.9%) $794,782 (6.7%) 1.84 8,155
2018-09-01 $549,950 (12.5%) $784,101 (4.7%) 1.85 9,205
2018-10-01 $552,500 (12.8%) $781,837 (3.0%) 1.87 9,383
2018-11-01 $549,998 (11.7%) $781,663 (0.8%) 1.86 8,294
2018-12-01 $550,000 (11.1%) $789,581 (-0.7%) 1.90 6,850
2019-01-01 $562,475 (13.7%) $817,211 (0.0%) 1.94 5,558
2019-02-01 $593,745 (13.6%) $859,510 (2.7%) 2.01 5,429
2019-03-01 $608,423 (10.6%) $873,910 (2.1%) 1.99 5,655
2019-04-01 $627,445 (12.1%) $899,002 (4.5%) 1.99 5,935
2019-05-01 $623,714 (9.1%) $881,335 (2.4%) 1.95 7,098
2019-06-01 $614,950 (7.0%) $859,290 (0.2%) 1.92 7,807
2019-07-01 $599,995 (6.0%) $850,226 (3.2%) 1.88 7,784
2019-08-01 $595,836 (8.2%) $841,720 (5.9%) 1.89 8,177
2019-09-01 $589,741 (7.2%) $834,170 (6.4%) 1.89 8,310
2019-10-01 $585,677 (6.0%) $829,137 (6.1%) 1.89 8,318
2019-11-01 $579,000 (5.3%) $833,915 (6.7%) 1.90 6,740
2019-12-01 $579,963 (5.5%) $846,325 (7.2%) 1.93 4,769
2020-01-01 $587,500 (4.5%) $867,078 (6.1%) 1.96 3,867
2020-02-01 $599,900 (1.0%) $889,450 (3.5%) 1.97 3,791
2020-03-01 $606,735 (-0.3%) $882,182 (1.0%) 1.90 4,300
2020-04-01 $599,950 (-4.4%) $851,056 (-5.3%) 1.88 4,889
2020-05-01 $608,000 (-2.5%) $859,906 (-2.4%) 1.85 5,649
2020-06-01 $621,498 (1.1%) $887,354 (3.3%) 1.83 5,729
2020-07-01 $627,000 (4.5%) $896,012 (5.4%) 1.82 5,735
2020-08-01 $625,000 (4.9%) $885,121 (5.2%) 1.79 5,959
2020-09-01 $624,999 (6.0%) $885,251 (6.1%) 1.79 6,059
2020-10-01 $619,990 (5.9%) $890,134 (7.4%) 1.78 5,838
2020-11-01 $626,725 (8.2%) $922,318 (10.6%) 1.83 4,129
2020-12-01 $624,975 (7.8%) $930,668 (10.0%) 1.86 3,092
2021-01-01 $638,000 (8.6%) $958,591 (10.6%) 1.90 2,424
2021-02-01 $648,625 (8.1%) $953,436 (7.2%) 1.89 2,219
2021-03-01 $652,500 (7.5%) $924,093 (4.8%) 1.85 2,584
2021-04-01 $669,975 (11.7%) $940,369 (10.5%) 1.81 2,763
2021-05-01 $679,900 (11.8%) $946,099 (10.0%) 1.81 2,937
2021-06-01 $683,725 (10.0%) $944,535 (6.4%) 1.80 3,425
2021-07-01 $689,950 (10.0%) $943,656 (5.3%) 1.82 3,642
2021-08-01 $674,975 (8.0%) $912,385 (3.1%) 1.80 3,753
2021-09-01 $675,000 (8.0%) $918,542 (3.8%) 1.80 3,744
2021-10-01 $675,000 (8.9%) $939,780 (5.6%) 1.80 3,324
2021-11-01 $674,995 (7.7%) $947,493 (2.7%) 1.80 2,510
2021-12-01 $662,500 (6.0%) $933,599 (0.3%) 1.80 1,659
2022-01-01 $685,000 (7.4%) $1,001,556 (4.5%) 1.85 1,315
2022-02-01 $722,450 (11.4%) $1,051,274 (10.3%) 1.88 1,539
2022-03-01 $749,950 (14.9%) $1,075,899 (16.4%) 1.88 1,867
2022-04-01 $799,950 (19.4%) $1,128,806 (20.0%) 1.91 2,207
2022-05-01 $824,995 (21.3%) $1,161,979 (22.8%) 1.89 3,971
2022-06-01 $802,495 (17.4%) $1,135,816 (20.3%) 1.79 5,457
2022-07-01 $789,950 (14.5%) $1,083,279 (14.8%) 1.78 6,958
2022-08-01 $774,975 (14.8%) $1,075,045 (17.8%) 1.79 6,964
2022-09-01 $762,485 (13.0%) $1,078,753 (17.4%) 1.78 6,694
2022-10-01 $750,000 (11.1%) $1,060,491 (12.8%) 1.76 6,701
2022-11-01 $737,450 (9.3%) $1,056,954 (11.6%) 1.77 6,006
2022-12-01 $725,000 (9.4%) $1,038,782 (11.3%) 1.79 4,558
2023-01-01 $727,000 (6.1%) $1,042,111 (4.1%) 1.80 3,673
2023-02-01 $749,950 (3.8%) $1,105,965 (5.2%) 1.81 3,115
2023-03-01 $788,975 (5.2%) $1,177,386 (9.4%) 1.86 3,105
2023-04-01 $825,000 (3.1%) $1,236,506 (9.5%) 1.92 3,164
2023-05-01 $822,500 (-0.3%) $1,235,282 (6.3%) 1.86 3,543
2023-06-01 $824,720 (2.8%) $1,225,765 (7.9%) 1.85 4,090
2023-07-01 $815,000 (3.2%) $1,242,311 (14.7%) 1.85 4,267
2023-08-01 $799,475 (3.2%) $1,226,323 (14.1%) 1.84 4,504
2023-09-01 $799,000 (4.8%) $1,215,186 (12.7%) 1.86 4,774
2023-10-01 $792,250 (5.6%) $1,179,771 (11.3%) 1.86 4,808
Tacoma's median listing price for 2023-10-01 was $792,250, a difference of $42,250 (5.6%) versus the prior year and $-6,750 versus the prior month.

Tacoma's median listing price comes in at 186% of the national average.

Tacoma's average listing price for 2023-10-01 was $1,179,771, a difference of $119,280 (11.3%) versus the prior year and $-35,415 versus the prior month.

For the 2023-10-01 period, Tacoma had 4,808 MLS listings, a difference of 34 listings (1%) versus the prior month and -1,893 listings (-28%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Tacoma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 43 days 2,183 sqft
2018-02-01 26 days 2,178 sqft
2018-03-01 22 days 2,171 sqft
2018-04-01 22 days 2,153 sqft
2018-05-01 19 days 2,180 sqft
2018-06-01 22 days 2,180 sqft
2018-07-01 29 days 2,136 sqft
2018-08-01 30 days 2,104 sqft
2018-09-01 36 days 2,041 sqft
2018-10-01 38 days 2,035 sqft
2018-11-01 45 days 2,018 sqft
2018-12-01 59 days 2,040 sqft
2019-01-01 63 days 2,085 sqft
2019-02-01 42 days 2,141 sqft
2019-03-01 33 days 2,137 sqft
2019-04-01 24 days 2,160 sqft
2019-05-01 28 days 2,118 sqft
2019-06-01 31 days 2,110 sqft
2019-07-01 37 days 2,110 sqft
2019-08-01 39 days 2,084 sqft
2019-09-01 41 days 2,059 sqft
2019-10-01 43 days 2,046 sqft
2019-11-01 50 days 2,020 sqft
2019-12-01 61 days 2,044 sqft
2020-01-01 65 days 2,052 sqft
2020-02-01 31 days 2,066 sqft
2020-03-01 23 days 2,089 sqft
2020-04-01 31 days 2,075 sqft
2020-05-01 35 days 2,054 sqft
2020-06-01 31 days 2,038 sqft
2020-07-01 30 days 2,009 sqft
2020-08-01 30 days 1,920 sqft
2020-09-01 33 days 1,840 sqft
2020-10-01 35 days 1,778 sqft
2020-11-01 41 days 1,712 sqft
2020-12-01 48 days 1,689 sqft
2021-01-01 43 days 1,664 sqft
2021-02-01 29 days 1,680 sqft
2021-03-01 23 days 1,749 sqft
2021-04-01 23 days 1,774 sqft
2021-05-01 20 days 1,800 sqft
2021-06-01 20 days 1,819 sqft
2021-07-01 23 days 1,827 sqft
2021-08-01 26 days 1,825 sqft
2021-09-01 29 days 1,856 sqft
2021-10-01 33 days 1,846 sqft
2021-11-01 35 days 1,825 sqft
2021-12-01 39 days 1,793 sqft
2022-01-01 37 days 1,792 sqft
2022-02-01 16 days 1,819 sqft
2022-03-01 17 days 1,888 sqft
2022-04-01 16 days 1,964 sqft
2022-05-01 16 days 2,068 sqft
2022-06-01 22 days 2,050 sqft
2022-07-01 28 days 2,040 sqft
2022-08-01 34 days 2,026 sqft
2022-09-01 39 days 2,011 sqft
2022-10-01 39 days 1,970 sqft
2022-11-01 45 days 1,954 sqft
2022-12-01 59 days 1,960 sqft
2023-01-01 65 days 1,950 sqft
2023-02-01 43 days 1,981 sqft
2023-03-01 32 days 2,050 sqft
2023-04-01 31 days 2,030 sqft
2023-05-01 29 days 2,041 sqft
2023-06-01 29 days 2,044 sqft
2023-07-01 33 days 2,041 sqft
2023-08-01 33 days 2,006 sqft
2023-09-01 37 days 1,990 sqft
2023-10-01 38 days 1,962 sqft
Tacoma's median listing age (time on market) for 2023-10-01 was 38 days. This is -4% shorter than the same period one year ago.

Tacoma's median square footage for active listings during the 2023-10-01 period was 1,962 sqft. One year prior, the average listing was 1,970 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).