Washington FHA Loan Rates, Closing Costs & Stats
Washington-Arlington-Alexandria, DC-VA-MD-WV
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.
Washington's 292 lenders originated 14,049 FHA loans during 2022. The total origination value was $5,822,335,000, with an average FHA loan value of $414,431.
Washington FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Washington
averaged
6.06%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Washington's average FHA mortgage closing costs are $10,966.
The average rate for the prior week (2023-05-19) was
5.83% and
one month ago for the week of 2023-04-21, the
average rate was 5.57%.
The average rate one year ago was 4.79%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.76%.
Washington 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 Washington level.
The top Washington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
1,026 FHA loans originated. Their average total fees are
$14,507, which is $433
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Washington FHA lenders (with over 10 loans originated) are
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED ($4,062), CHERRY CREEK MORTGAGE, LLC ($6,183), CAPITAL CENTER, L.L.C. ($7,850), Lakeview Community Capital, LLC ($8,431) and LAKEVIEW LOAN SERVICING, LLC ($8,717).
The lowest rate Washington FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC (3.55%), VILLAGE CAPITAL MORTGAGE (3.63%), Lakeview Community Capital, LLC (3.66%), HOMEAMERICAN MORTGAGE CORPORATION (3.74%) and PENNYMAC LOAN SERVICES, LLC (3.87%).
Washington FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | DISTRICT OF COL | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | CALVERT | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | CHARLES | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FREDERICK | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | MONTGOMERY | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | PRINCE GEORGE'S | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | ARLINGTON | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | CLARKE | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | CULPEPER | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FAIRFAX | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FAUQUIER | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | LOUDOUN | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | MADISON | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | PRINCE WILLIAM | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | RAPPAHANNOCK | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | SPOTSYLVANIA | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | STAFFORD | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | WARREN | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | ALEXANDRIA CITY | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FAIRFAX CITY | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FALLS CHURCH CI | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FREDERICKSBURG | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | MANASSAS CITY | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | MANASSAS PARK C | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | JEFFERSON | 2022 | $970,800 | $1,243,050 | $1,502,475 | $1,867,275 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | DISTRICT OF COL | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | CALVERT | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | CHARLES | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FREDERICK | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | MONTGOMERY | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | PRINCE GEORGE'S | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | ARLINGTON | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | CLARKE | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | CULPEPER | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FAIRFAX | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FAUQUIER | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | LOUDOUN | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | MADISON | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | PRINCE WILLIAM | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | RAPPAHANNOCK | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | SPOTSYLVANIA | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | STAFFORD | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | WARREN | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | ALEXANDRIA CITY | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FAIRFAX CITY | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FALLS CHURCH CI | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | FREDERICKSBURG | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | MANASSAS CITY | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | MANASSAS PARK C | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | JEFFERSON | 2023 | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Washington (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 | $430,000 (1.9%) | $635,018 (1.2%) | 1.59 | 12,365 |
2018-02-01 | $442,000 (2.3%) | $648,208 (0.7%) | 1.61 | 12,225 |
2018-03-01 | $464,962 (3.8%) | $663,656 (0.8%) | 1.63 | 13,632 |
2018-04-01 | $475,000 (3.3%) | $674,708 (1.1%) | 1.61 | 15,541 |
2018-05-01 | $474,950 (2.1%) | $675,536 (1.6%) | 1.59 | 16,855 |
2018-06-01 | $475,000 (1.6%) | $672,832 (1.9%) | 1.58 | 17,471 |
2018-07-01 | $463,000 (0.7%) | $655,034 (0.9%) | 1.55 | 17,909 |
2018-08-01 | $449,950 (0.3%) | $636,202 (1.0%) | 1.51 | 17,949 |
2018-09-01 | $449,900 (0.0%) | $632,295 (-0.5%) | 1.51 | 18,591 |
2018-10-01 | $449,900 (0.2%) | $633,424 (-0.6%) | 1.52 | 18,698 |
2018-11-01 | $444,950 (1.2%) | $632,549 (-0.1%) | 1.51 | 17,512 |
2018-12-01 | $434,900 (1.2%) | $631,653 (0.2%) | 1.50 | 14,345 |
2019-01-01 | $432,450 (0.6%) | $637,290 (0.4%) | 1.49 | 12,155 |
2019-02-01 | $446,825 (1.1%) | $654,050 (0.9%) | 1.51 | 11,841 |
2019-03-01 | $459,000 (-1.3%) | $660,813 (-0.4%) | 1.53 | 12,956 |
2019-04-01 | $478,571 (0.8%) | $683,039 (1.2%) | 1.52 | 14,068 |
2019-05-01 | $487,000 (2.5%) | $689,051 (2.0%) | 1.52 | 15,308 |
2019-06-01 | $485,000 (2.1%) | $685,736 (1.9%) | 1.52 | 15,948 |
2019-07-01 | $475,000 (2.6%) | $671,474 (2.5%) | 1.49 | 15,790 |
2019-08-01 | $475,900 (5.8%) | $679,653 (6.8%) | 1.49 | 15,598 |
2019-09-01 | $487,450 (8.4%) | $714,598 (13.0%) | 1.54 | 13,298 |
2019-10-01 | $476,450 (5.9%) | $691,518 (9.2%) | 1.54 | 15,261 |
2019-11-01 | $474,990 (6.8%) | $697,761 (10.3%) | 1.56 | 13,862 |
2019-12-01 | $469,900 (8.1%) | $707,230 (12.0%) | 1.57 | 10,993 |
2020-01-01 | $466,497 (7.9%) | $715,343 (12.3%) | 1.56 | 9,526 |
2020-02-01 | $480,762 (7.6%) | $739,298 (13.0%) | 1.57 | 9,272 |
2020-03-01 | $501,495 (9.3%) | $762,464 (15.4%) | 1.57 | 9,919 |
2020-04-01 | $499,900 (4.5%) | $736,987 (7.9%) | 1.57 | 10,557 |
2020-05-01 | $509,000 (4.5%) | $757,173 (9.9%) | 1.55 | 10,599 |
2020-06-01 | $527,450 (8.8%) | $782,292 (14.1%) | 1.55 | 9,952 |
2020-07-01 | $527,450 (11.0%) | $792,479 (18.0%) | 1.53 | 9,132 |
2020-08-01 | $525,000 (10.3%) | $794,824 (17.0%) | 1.50 | 8,810 |
2020-09-01 | $516,750 (6.0%) | $788,637 (10.4%) | 1.48 | 9,236 |
2020-10-01 | $499,990 (4.9%) | $768,592 (11.2%) | 1.43 | 9,644 |
2020-11-01 | $499,900 (5.2%) | $781,985 (12.1%) | 1.46 | 9,133 |
2020-12-01 | $495,995 (5.6%) | $795,475 (12.5%) | 1.48 | 7,601 |
2021-01-01 | $485,000 (4.0%) | $815,076 (13.9%) | 1.45 | 6,446 |
2021-02-01 | $489,450 (1.8%) | $818,119 (10.7%) | 1.42 | 5,880 |
2021-03-01 | $492,500 (-1.8%) | $795,604 (4.4%) | 1.40 | 6,511 |
2021-04-01 | $503,863 (0.8%) | $794,140 (7.8%) | 1.36 | 7,116 |
2021-05-01 | $514,950 (1.2%) | $787,685 (4.0%) | 1.37 | 7,915 |
2021-06-01 | $524,900 (-0.5%) | $777,785 (-0.6%) | 1.38 | 9,074 |
2021-07-01 | $510,000 (-3.3%) | $749,483 (-5.4%) | 1.35 | 10,152 |
2021-08-01 | $502,500 (-4.3%) | $733,815 (-7.7%) | 1.34 | 10,312 |
2021-09-01 | $504,950 (-2.3%) | $733,994 (-6.9%) | 1.35 | 10,805 |
2021-10-01 | $505,000 (1.0%) | $736,563 (-4.2%) | 1.35 | 10,442 |
2021-11-01 | $501,122 (0.2%) | $745,430 (-4.7%) | 1.34 | 8,637 |
2021-12-01 | $499,950 (0.8%) | $763,623 (-4.0%) | 1.35 | 6,569 |
2022-01-01 | $500,000 (3.1%) | $803,275 (-1.5%) | 1.35 | 5,142 |
2022-02-01 | $527,500 (7.8%) | $827,054 (1.1%) | 1.37 | 4,964 |
2022-03-01 | $544,900 (10.6%) | $828,810 (4.2%) | 1.36 | 5,430 |
2022-04-01 | $565,000 (12.1%) | $821,759 (3.5%) | 1.35 | 6,160 |
2022-05-01 | $585,000 (13.6%) | $833,915 (5.9%) | 1.34 | 7,906 |
2022-06-01 | $590,400 (12.5%) | $820,025 (5.4%) | 1.31 | 9,271 |
2022-07-01 | $580,000 (13.7%) | $801,306 (6.9%) | 1.31 | 10,490 |
2022-08-01 | $569,998 (13.4%) | $785,204 (7.0%) | 1.32 | 10,395 |
2022-09-01 | $569,950 (12.9%) | $785,220 (7.0%) | 1.33 | 10,501 |
2022-10-01 | $574,000 (13.7%) | $794,600 (7.9%) | 1.35 | 10,799 |
2022-11-01 | $565,000 (12.8%) | $800,319 (7.4%) | 1.36 | 10,326 |
2022-12-01 | $559,900 (12.0%) | $814,004 (6.6%) | 1.38 | 8,234 |
2023-01-01 | $568,945 (13.8%) | $843,282 (5.0%) | 1.41 | 6,809 |
2023-02-01 | $584,665 (10.8%) | $880,416 (6.5%) | 1.41 | 6,119 |
2023-03-01 | $599,450 (10.0%) | $908,292 (9.6%) | 1.41 | 6,201 |
2023-04-01 | $624,000 (10.4%) | $937,432 (14.1%) | 1.45 | 6,477 |
Washington's median listing price comes in at 145% of the national average.
Washington's average listing price for 2023-04-01 was $937,432, a difference of $115,673 (14.1%) versus the prior year and $29,140 versus the prior month.
For the 2023-04-01 period, Washington had 6,477 MLS listings, a difference of 276 listings (4%) versus the prior month and 317 listings (5%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Washington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 71 days | 2,043 sqft |
2018-02-01 | 53 days | 2,083 sqft |
2018-03-01 | 36 days | 2,112 sqft |
2018-04-01 | 33 days | 2,121 sqft |
2018-05-01 | 33 days | 2,132 sqft |
2018-06-01 | 39 days | 2,253 sqft |
2018-07-01 | 44 days | 2,211 sqft |
2018-08-01 | 47 days | 2,171 sqft |
2018-09-01 | 48 days | 2,136 sqft |
2018-10-01 | 47 days | 2,110 sqft |
2018-11-01 | 52 days | 2,114 sqft |
2018-12-01 | 64 days | 2,132 sqft |
2019-01-01 | 71 days | 2,154 sqft |
2019-02-01 | 56 days | 2,195 sqft |
2019-03-01 | 36 days | 2,234 sqft |
2019-04-01 | 30 days | 2,312 sqft |
2019-05-01 | 32 days | 2,328 sqft |
2019-06-01 | 38 days | 2,340 sqft |
2019-07-01 | 44 days | 2,305 sqft |
2019-08-01 | 57 days | 2,353 sqft |
2019-09-01 | 60 days | 2,393 sqft |
2019-10-01 | 45 days | 2,248 sqft |
2019-11-01 | 51 days | 2,220 sqft |
2019-12-01 | 65 days | 2,200 sqft |
2020-01-01 | 66 days | 2,180 sqft |
2020-02-01 | 39 days | 2,208 sqft |
2020-03-01 | 30 days | 2,247 sqft |
2020-04-01 | 36 days | 2,214 sqft |
2020-05-01 | 45 days | 2,220 sqft |
2020-06-01 | 38 days | 2,206 sqft |
2020-07-01 | 33 days | 2,128 sqft |
2020-08-01 | 30 days | 2,035 sqft |
2020-09-01 | 28 days | 1,929 sqft |
2020-10-01 | 36 days | 1,845 sqft |
2020-11-01 | 41 days | 1,786 sqft |
2020-12-01 | 48 days | 1,742 sqft |
2021-01-01 | 50 days | 1,670 sqft |
2021-02-01 | 38 days | 1,606 sqft |
2021-03-01 | 31 days | 1,672 sqft |
2021-04-01 | 29 days | 1,739 sqft |
2021-05-01 | 29 days | 1,805 sqft |
2021-06-01 | 29 days | 1,819 sqft |
2021-07-01 | 30 days | 1,816 sqft |
2021-08-01 | 33 days | 1,817 sqft |
2021-09-01 | 34 days | 1,786 sqft |
2021-10-01 | 35 days | 1,754 sqft |
2021-11-01 | 41 days | 1,689 sqft |
2021-12-01 | 48 days | 1,666 sqft |
2022-01-01 | 49 days | 1,620 sqft |
2022-02-01 | 33 days | 1,677 sqft |
2022-03-01 | 28 days | 1,748 sqft |
2022-04-01 | 27 days | 1,844 sqft |
2022-05-01 | 26 days | 1,928 sqft |
2022-06-01 | 28 days | 1,963 sqft |
2022-07-01 | 31 days | 1,987 sqft |
2022-08-01 | 37 days | 1,968 sqft |
2022-09-01 | 40 days | 1,935 sqft |
2022-10-01 | 37 days | 1,956 sqft |
2022-11-01 | 44 days | 1,943 sqft |
2022-12-01 | 56 days | 1,912 sqft |
2023-01-01 | 62 days | 1,904 sqft |
2023-02-01 | 43 days | 1,921 sqft |
2023-03-01 | 36 days | 1,960 sqft |
2023-04-01 | 33 days | 2,029 sqft |
Washington's median square footage for active listings during the 2023-04-01 period was 2,029 sqft. One year prior, the average listing was 1,844 sqft.