Washington FHA Loan Rates, Closing Costs & Stats

Washington, NC

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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.

    Washington's 28 lenders originated 73 FHA loans during 2023. The total origination value was $15,325,000, with an average FHA loan value of $209,932.

    Washington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Washington averaged 6.32% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Washington's average FHA mortgage closing costs are $7,172.

    The average rate for the prior week (2024-11-01) was 6.1% and one month ago for the week of 2024-10-04, the average rate was 5.72%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

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

    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.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 10 5.41% $7,344
    QUICKEN LOANS, LLC 7 6.60% $10,086
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.78% $9,314
    GUARANTEED RATE, INC. 4 6.46% $10,907
    LOANDEPOT.COM, LLC 4 6.59% $9,240
    Mortgage Research Center, LLC 3 7.38% $3,360
    MOVEMENT MORTGAGE, LLC 3 6.96% $11,831
    Truist 3 6.25% $7,224
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.19% $8,116
    UNITED WHOLESALE MORTGAGE, LLC 2 6.31% $9,798
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.25% $12,094
    FREEDOM MORTGAGE CORPORATION 2 7.00% $9,569
    STOCKTON MORTGAGE CORPORATION 1 7.13% $5,781
    Towne Bank 1 6.25% $11,715
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.88% $10,827
    Alcova Mortgage LLC 1 7.25% $7,921
    Wells Fargo Bank 1 6.63% $8,900
    BETTER MORTGAGE CORPORATION 1 7.13% $7,384
    CARDINAL FINANCIAL 1 7.25% $7,544
    CORNERSTONE HOME LENDING, INC. 1 6.75% $11,900
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $14,005
    FIRST COMMUNITY MORTGAGE, INC. 1 7.00% $4,932
    GSF Mortgage Corporation 1 6.25% $9,540
    Mid-Continent Funding, Inc. 1 7.13% $3,619
    MILEND, INC. 1 7.13% $14,517
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $18,032
    NFM, INC. 1 6.88% $8,589
    RELIANCE FIRST CAPITAL, LLC 1 5.38% $19,049

    The top Washington FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 10 FHA loans originated. Their average total fees are $7,344, which is $2,742 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Washington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,344), .

    The lowest rate Washington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.41%), .

    Washington FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WASHINGTON, NC BEAUFORT 2022 $420,680 $538,650 $651,050 $809,150
    WASHINGTON, NC BEAUFORT 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Washington (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 $238,750 (19.4%) $260,876 (7.2%) 0.00 317
    2018-02-01 $241,800 (10.2%) $260,749 (2.6%) 0.00 312
    2018-03-01 $249,900 (1.3%) $263,230 (-0.7%) 0.00 312
    2018-04-01 $249,900 (-3.5%) $266,120 (-3.1%) 0.00 335
    2018-05-01 $256,950 (-4.2%) $271,863 (-3.4%) 0.00 347
    2018-06-01 $249,900 (-9.1%) $278,904 (-3.4%) 0.00 333
    2018-07-01 $252,400 (-8.2%) $288,110 (-0.8%) 0.00 326
    2018-08-01 $249,900 (-3.5%) $290,313 (2.7%) 0.00 311
    2018-09-01 $248,450 (-0.6%) $286,107 (3.1%) 0.00 307
    2018-10-01 $245,000 (-1.7%) $281,816 (4.4%) 0.00 292
    2018-11-01 $243,700 (-2.5%) $280,461 (3.3%) 0.00 290
    2018-12-01 $245,000 (1.0%) $281,559 (6.7%) 0.00 274
    2019-01-01 $243,650 (2.1%) $280,720 (7.6%) 0.00 260
    2019-02-01 $249,900 (3.4%) $289,286 (10.9%) 0.00 257
    2019-03-01 $261,164 (4.5%) $296,656 (12.7%) 0.00 261
    2019-04-01 $264,664 (5.9%) $304,056 (14.3%) 0.00 264
    2019-05-01 $273,675 (6.5%) $309,234 (13.8%) 0.00 271
    2019-06-01 $274,900 (10.0%) $307,481 (10.3%) 0.00 283
    2019-07-01 $275,000 (9.0%) $311,912 (8.3%) 0.00 279
    2019-08-01 $281,209 (12.5%) $320,331 (10.3%) 0.00 262
    2019-09-01 $283,173 (14.0%) $326,608 (14.2%) 0.00 251
    2019-10-01 $284,482 (16.1%) $326,354 (15.8%) 0.00 237
    2019-11-01 $269,900 (10.8%) $311,402 (11.0%) 0.00 233
    2019-12-01 $266,000 (8.6%) $309,519 (9.9%) 0.00 231
    2020-01-01 $259,650 (6.6%) $301,137 (7.3%) 0.00 223
    2020-02-01 $259,900 (4.0%) $302,889 (4.7%) 0.00 217
    2020-03-01 $259,450 (-0.7%) $297,152 (0.2%) 0.00 219
    2020-04-01 $254,725 (-3.8%) $295,058 (-3.0%) 0.00 216
    2020-05-01 $259,200 (-5.3%) $296,387 (-4.2%) 0.00 196
    2020-06-01 $261,250 (-5.0%) $303,696 (-1.2%) 0.00 177
    2020-07-01 $259,975 (-5.5%) $310,099 (-0.6%) 0.00 161
    2020-08-01 $249,900 (-11.1%) $307,982 (-3.9%) 0.00 153
    2020-09-01 $274,825 (-3.0%) $315,722 (-3.3%) 0.00 139
    2020-10-01 $255,000 (-10.4%) $309,174 (-5.3%) 0.00 119
    2020-11-01 $252,500 (-6.5%) $306,632 (-1.5%) 0.00 108
    2020-12-01 $280,625 (5.5%) $354,729 (14.6%) 0.00 96
    2021-01-01 $293,000 (12.8%) $376,303 (25.0%) 0.00 89
    2021-02-01 $294,000 (13.1%) $380,381 (25.6%) 0.00 71
    2021-03-01 $296,392 (14.2%) $370,455 (24.7%) 0.00 69
    2021-04-01 $304,367 (19.5%) $381,640 (29.3%) 0.00 64
    2021-05-01 $324,950 (25.4%) $388,953 (31.2%) 0.00 61
    2021-06-01 $340,950 (30.5%) $396,347 (30.5%) 0.00 57
    2021-07-01 $299,000 (15.0%) $366,668 (18.2%) 0.00 65
    2021-08-01 $318,000 (27.3%) $382,555 (24.2%) 0.00 68
    2021-09-01 $256,200 (-6.8%) $335,883 (6.4%) 0.00 76
    2021-10-01 $269,900 (5.8%) $354,688 (14.7%) 0.00 72
    2021-11-01 $274,900 (8.9%) $335,172 (9.3%) 0.00 61
    2021-12-01 $289,450 (3.1%) $340,700 (-4.0%) 0.00 61
    2022-01-01 $259,450 (-11.5%) $335,970 (-10.7%) 0.00 60
    2022-02-01 $262,400 (-10.8%) $327,681 (-13.9%) 0.00 53
    2022-03-01 $282,500 (-4.7%) $317,007 (-14.4%) 0.00 47
    2022-04-01 $322,000 (5.8%) $373,522 (-2.1%) 0.00 53
    2022-05-01 $312,000 (-4.0%) $365,549 (-6.0%) 0.00 61
    2022-06-01 $322,225 (-5.5%) $384,631 (-3.0%) 0.00 75
    2022-07-01 $311,500 (4.2%) $382,100 (4.2%) 0.00 87
    2022-08-01 $311,225 (-2.1%) $383,016 (0.1%) 0.00 89
    2022-09-01 $288,500 (12.6%) $351,724 (4.7%) 0.00 82
    2022-10-01 $312,000 (15.6%) $396,220 (11.7%) 0.00 86
    2022-11-01 $306,000 (11.3%) $384,382 (14.7%) 0.00 95
    2022-12-01 $308,950 (6.7%) $384,876 (13.0%) 0.00 78
    2023-01-01 $299,360 (15.4%) $363,931 (8.3%) 0.00 75
    2023-02-01 $309,975 (18.1%) $377,128 (15.1%) 0.00 60
    2023-03-01 $329,725 (16.7%) $399,012 (25.9%) 0.00 61
    2023-04-01 $329,900 (2.5%) $434,870 (16.4%) 0.00 61
    2023-05-01 $339,195 (8.7%) $481,816 (31.8%) 0.00 76
    2023-06-01 $324,365 (0.7%) $485,027 (26.1%) 0.00 92
    2023-07-01 $339,000 (8.8%) $472,438 (23.6%) 0.00 95
    2023-08-01 $335,623 (7.8%) $473,851 (23.7%) 0.00 87
    2023-09-01 $349,945 (21.3%) $479,253 (36.3%) 0.00 72
    2023-10-01 $375,000 (20.2%) $485,497 (22.5%) 0.00 76
    2023-11-01 $372,450 (21.7%) $447,440 (16.4%) 0.00 80
    2023-12-01 $375,000 (21.4%) $445,665 (15.8%) 0.00 73
    2024-01-01 $389,500 (30.1%) $427,881 (17.6%) 0.00 78
    2024-02-01 $373,725 (20.6%) $422,708 (12.1%) 0.00 94
    2024-03-01 $399,500 (21.2%) $426,716 (6.9%) 0.00 105
    2024-04-01 $442,425 (34.1%) $476,305 (9.5%) 0.00 92
    2024-05-01 $414,000 (22.1%) $476,398 (-1.1%) 0.00 105
    2024-06-01 $395,000 (21.8%) $459,682 (-5.2%) 0.00 128
    2024-07-01 $396,000 (16.8%) $455,430 (-3.6%) 0.00 113
    2024-08-01 $377,750 (12.6%) $459,181 (-3.1%) 0.00 119
    2024-09-01 $378,625 (8.2%) $440,712 (-8.0%) 0.00 129
    2024-10-01 $354,950 (-5.4%) $412,637 (-15.0%) 0.00 136
    Washington's median listing price for 2024-10-01 was $354,950, a difference of $-20,050 (-5.4%) versus the prior year and $-23,675 versus the prior month.

    Washington's median listing price comes in at 0% of the national average.

    Washington's average listing price for 2024-10-01 was $412,637, a difference of $-72,860 (-15.0%) versus the prior year and $-28,075 versus the prior month.

    For the 2024-10-01 period, Washington had 136 MLS listings, a difference of 7 listings (5%) versus the prior month and 60 listings (79%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Washington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,052 sqft
    2018-02-01 0 days 2,060 sqft
    2018-03-01 0 days 2,021 sqft
    2018-04-01 0 days 2,004 sqft
    2018-05-01 0 days 2,050 sqft
    2018-06-01 0 days 2,000 sqft
    2018-07-01 0 days 2,050 sqft
    2018-08-01 0 days 2,061 sqft
    2018-09-01 0 days 2,000 sqft
    2018-10-01 0 days 1,975 sqft
    2018-11-01 0 days 1,960 sqft
    2018-12-01 0 days 1,950 sqft
    2019-01-01 0 days 1,948 sqft
    2019-02-01 0 days 1,948 sqft
    2019-03-01 0 days 1,984 sqft
    2019-04-01 0 days 2,030 sqft
    2019-05-01 0 days 1,994 sqft
    2019-06-01 0 days 2,051 sqft
    2019-07-01 0 days 2,051 sqft
    2019-08-01 0 days 2,087 sqft
    2019-09-01 0 days 2,121 sqft
    2019-10-01 0 days 2,144 sqft
    2019-11-01 0 days 2,036 sqft
    2019-12-01 0 days 2,033 sqft
    2020-01-01 0 days 2,006 sqft
    2020-02-01 0 days 2,012 sqft
    2020-03-01 0 days 2,044 sqft
    2020-04-01 0 days 2,024 sqft
    2020-05-01 0 days 2,077 sqft
    2020-06-01 0 days 2,077 sqft
    2020-07-01 0 days 2,083 sqft
    2020-08-01 0 days 2,050 sqft
    2020-09-01 0 days 2,091 sqft
    2020-10-01 0 days 2,100 sqft
    2020-11-01 0 days 1,996 sqft
    2020-12-01 0 days 2,105 sqft
    2021-01-01 0 days 2,180 sqft
    2021-02-01 0 days 2,138 sqft
    2021-03-01 0 days 2,030 sqft
    2021-04-01 0 days 2,140 sqft
    2021-05-01 0 days 2,111 sqft
    2021-06-01 0 days 1,983 sqft
    2021-07-01 0 days 1,908 sqft
    2021-08-01 0 days 2,005 sqft
    2021-09-01 0 days 1,899 sqft
    2021-10-01 0 days 1,977 sqft
    2021-11-01 0 days 2,000 sqft
    2021-12-01 0 days 2,024 sqft
    2022-01-01 0 days 1,842 sqft
    2022-02-01 0 days 1,776 sqft
    2022-03-01 0 days 1,845 sqft
    2022-04-01 0 days 1,863 sqft
    2022-05-01 0 days 1,869 sqft
    2022-06-01 0 days 1,878 sqft
    2022-07-01 0 days 1,785 sqft
    2022-08-01 0 days 1,792 sqft
    2022-09-01 0 days 1,732 sqft
    2022-10-01 0 days 1,787 sqft
    2022-11-01 0 days 1,929 sqft
    2022-12-01 0 days 2,026 sqft
    2023-01-01 0 days 1,869 sqft
    2023-02-01 0 days 2,020 sqft
    2023-03-01 0 days 2,026 sqft
    2023-04-01 0 days 2,028 sqft
    2023-05-01 0 days 2,055 sqft
    2023-06-01 0 days 2,141 sqft
    2023-07-01 0 days 2,030 sqft
    2023-08-01 0 days 2,076 sqft
    2023-09-01 0 days 2,120 sqft
    2023-10-01 0 days 2,117 sqft
    2023-11-01 0 days 2,036 sqft
    2023-12-01 0 days 1,997 sqft
    2024-01-01 0 days 1,842 sqft
    2024-02-01 0 days 1,871 sqft
    2024-03-01 0 days 1,963 sqft
    2024-04-01 0 days 1,966 sqft
    2024-05-01 0 days 1,952 sqft
    2024-06-01 0 days 1,872 sqft
    2024-07-01 0 days 1,852 sqft
    2024-08-01 0 days 1,851 sqft
    2024-09-01 0 days 1,853 sqft
    2024-10-01 0 days 1,846 sqft
    Washington's median listing age (time on market) for 2024-10-01 was 0 days.

    Washington's median square footage for active listings during the 2024-10-01 period was 1,846 sqft. One year prior, the average listing was 2,117 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).