Wenatchee FHA Loans

WENATCHEE, 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.

Wenatchee's 57 lenders originated 374 FHA loans during 2021. The total origination value was $106,190,000, with an average FHA loan value of $283,930.

Wenatchee FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Wenatchee averaged 5.15% 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 5.45% and one month ago for the week of 2022-04-15, the average rate was 5.04%.

The average rate one year ago was 3.11%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.2%.

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

Wenatchee 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 Wenatchee level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
GUILD MORTGAGE COMPANY 39 2.97% $9,505
CALIBER HOME LOANS, INC. 27 3.20% $9,793
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 23 3.21% $13,024
QUICKEN LOANS, LLC 22 2.58% $7,964
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 15 3.43% $12,106
FINANCE OF AMERICA MORTGAGE LLC 13 2.97% $10,712
Wheatland Bank 13 3.11% $10,261
LAKEVIEW LOAN SERVICING, LLC 10 3.01% $4,919
DAS Acquisition Company, LLC 10 3.44% $12,524
FREEDOM MORTGAGE CORPORATION 8 2.83% $6,772
BROKER SOLUTIONS, INC. 7 2.88% $9,048
Carrington Mortgage Services, LLC 6 3.48% $11,367
PRIMELENDING, A PLAINSCAPITAL COMPANY 6 3.25% $11,919
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.58% $11,244
PENNYMAC LOAN SERVICES, LLC 5 2.67% $5,105
UNITED WHOLESALE MORTGAGE, LLC 5 2.72% $10,547
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.53% $8,082
Mr. Cooper ( Nationstar Mortgage ) 4 3.19% $3,948
First Guaranty Mortgage Corporation 4 3.00% $6,450
Commerce Home Mortgage, Inc. 3 2.79% $14,060
Nations Lending Corporation 3 3.29% $10,246
CORNERSTONE HOME LENDING, INC. 3 3.08% $11,921
NUMERICA CREDIT UNION 3 2.67% $8,302
Lakeview Community Capital, LLC 3 2.88% $4,822
BAY EQUITY LLC 3 2.46% $16,599
Glacier Bank 2 2.63% $6,773
The Federal Savings Bank 2 2.81% $12,350
Banner Bank 2 2.25% $9,713
Washington Trust Bank 2 2.75% $8,693
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.50% $10,781
MID AMERICA MORTGAGE, INC. 2 2.75% $4,169
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.94% $7,313
LOANDEPOT.COM, LLC 2 2.81% $13,118
Willamette Valley Bank 1 3.38% $15,195
AMERICAN FINANCIAL RESOURCES, INC. 1 2.38% $10,359
AmeriHome Mortgage Company, LLC 1 2.63% $5,309
BAYSHORE MORTGAGE FUNDING, LLC 1 2.25% $12,074
BEST CAPITAL FUNDING 1 2.38% $7,931
CELEBRITY HOME LOANS, LLC 1 4.00% $11,939
CMG MORTGAGE, INC. 1 2.75% $9,295
First Savings Bank 1 2.50% $15,078
HomeStreet Bank 1 2.88% $14,064
JPMorgan Chase Bank 1 2.99% $5,544
LEADERONE FINANCIAL CORPORATION 1 2.75% $10,843
LOANLEADERS OF AMERICA, INC. 1 2.50% $9,973
NATIONS DIRECT MORTGAGE, LLC 1 2.99% $8,782
OCEANSIDE MORTGAGE COMPANY 1 2.25% $4,111
Peoples Bank 1 3.50% $9,377
Peoples Bank 1 3.13% $11,434
Platinum Home Mortgage Corporation 1 2.75% $10,118
RANLIFE, INC. 1 4.13% $9,364
SOVEREIGN LENDING GROUP INCORPORATED 1 2.63% $9,429
Umpqua Bank 1 3.13% $6,571
Victorian Finance, LLC 1 3.88% $10,007
VILLAGE CAPITAL & INVESTMENT LLC 1 2.50% $3,005
VISION ONE MORTGAGE, INC. 1 3.25% $7,760
AMERICAN FINANCIAL NETWORK, INC. 1 3.25% $16,832

The top Wenatchee FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 39 FHA loans originated. Their average total fees are $9,505, which is $288 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Wenatchee FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($4,919), QUICKEN LOANS, LLC ($7,964), GUILD MORTGAGE COMPANY ($9,505), CALIBER HOME LOANS, INC. ($9,793) and Wheatland Bank ($10,261).

The lowest rate Wenatchee FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.58%), FINANCE OF AMERICA MORTGAGE LLC (2.97%), GUILD MORTGAGE COMPANY (2.97%), LAKEVIEW LOAN SERVICING, LLC (3.01%) and Wheatland Bank (3.11%).

Wenatchee FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
WENATCHEE, WA CHELAN 2022 $420,680 $538,650 $651,050 $809,150
WENATCHEE, WA DOUGLAS 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Wenatchee (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 $399,450 (15.3%) $495,382 (-0.4%) 0.00 363
2018-02-01 $401,950 (15.9%) $509,692 (4.5%) 0.00 358
2018-03-01 $419,000 (16.6%) $536,836 (8.2%) 0.00 352
2018-04-01 $427,000 (17.0%) $546,654 (9.6%) 0.00 367
2018-05-01 $419,900 (7.0%) $542,601 (5.4%) 0.00 458
2018-06-01 $449,000 (12.3%) $571,288 (7.4%) 0.00 520
2018-07-01 $446,500 (11.7%) $557,332 (4.6%) 0.00 618
2018-08-01 $442,200 (10.8%) $555,524 (6.7%) 0.00 642
2018-09-01 $449,000 (12.3%) $562,412 (7.5%) 0.00 675
2018-10-01 $434,000 (8.8%) $563,681 (7.1%) 0.00 649
2018-11-01 $402,900 (2.0%) $544,507 (7.1%) 0.00 582
2018-12-01 $389,890 (0.2%) $529,739 (7.0%) 0.00 491
2019-01-01 $384,950 (-3.6%) $530,097 (7.0%) 0.00 435
2019-02-01 $391,975 (-2.5%) $535,255 (5.0%) 0.00 426
2019-03-01 $399,900 (-4.6%) $553,121 (3.0%) 0.00 405
2019-04-01 $409,900 (-4.0%) $563,671 (3.1%) 0.00 403
2019-05-01 $436,500 (4.0%) $597,210 (10.1%) 0.00 477
2019-06-01 $444,000 (-1.1%) $598,232 (4.7%) 0.00 549
2019-07-01 $444,450 (-0.5%) $581,005 (4.3%) 0.00 590
2019-08-01 $441,407 (-0.2%) $580,553 (4.5%) 0.00 601
2019-09-01 $448,882 (0.0%) $578,103 (2.8%) 0.00 596
2019-10-01 $434,500 (0.1%) $558,552 (-0.9%) 0.00 603
2019-11-01 $435,000 (8.0%) $569,092 (4.5%) 0.00 549
2019-12-01 $439,900 (12.8%) $568,975 (7.4%) 0.00 470
2020-01-01 $453,950 (17.9%) $572,090 (7.9%) 0.00 383
2020-02-01 $465,000 (18.6%) $575,649 (7.6%) 0.00 353
2020-03-01 $457,000 (14.3%) $563,643 (1.9%) 0.00 405
2020-04-01 $434,700 (6.1%) $543,010 (-3.7%) 0.00 414
2020-05-01 $464,000 (6.3%) $563,406 (-5.7%) 0.00 463
2020-06-01 $447,500 (0.8%) $550,511 (-8.0%) 0.00 438
2020-07-01 $447,900 (0.8%) $551,064 (-5.2%) 0.00 382
2020-08-01 $464,900 (5.3%) $579,560 (-0.2%) 0.00 325
2020-09-01 $452,000 (0.7%) $567,458 (-1.8%) 0.00 323
2020-10-01 $449,900 (3.5%) $560,475 (0.3%) 0.00 310
2020-11-01 $413,950 (-4.8%) $530,893 (-6.7%) 0.00 257
2020-12-01 $417,450 (-5.1%) $535,876 (-5.8%) 0.00 202
2021-01-01 $434,995 (-4.2%) $571,659 (-0.1%) 0.00 154
2021-02-01 $418,400 (-10.0%) $608,386 (5.7%) 0.00 124
2021-03-01 $436,950 (-4.4%) $632,689 (12.3%) 0.00 129
2021-04-01 $452,400 (4.1%) $643,244 (18.5%) 0.00 135
2021-05-01 $489,900 (5.6%) $683,572 (21.3%) 0.00 151
2021-06-01 $529,475 (18.3%) $747,461 (35.8%) 0.00 178
2021-07-01 $579,450 (29.4%) $792,138 (43.8%) 0.00 214
2021-08-01 $547,500 (17.8%) $770,976 (33.0%) 0.00 254
2021-09-01 $559,000 (23.7%) $773,946 (36.4%) 0.00 287
2021-10-01 $559,000 (24.3%) $790,253 (41.0%) 0.00 312
2021-11-01 $567,000 (37.0%) $805,949 (51.8%) 0.00 282
2021-12-01 $594,000 (42.3%) $866,811 (61.8%) 0.00 230
2022-01-01 $600,000 (37.9%) $854,501 (49.5%) 0.00 178
2022-02-01 $621,900 (48.6%) $863,247 (41.9%) 0.00 112
2022-03-01 $649,500 (48.6%) $850,673 (34.5%) 0.00 130
2022-04-01 $649,000 (43.5%) $849,986 (32.1%) 0.00 155
Wenatchee's median listing price for 2022-04-01 was $649,000, a difference of $196,600 (43.5%) versus the prior year and $-500 versus the prior month.

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

Wenatchee's average listing price for 2022-04-01 was $849,986, a difference of $206,742 (32.1%) versus the prior year and $-687 versus the prior month.

For the 2022-04-01 period, Wenatchee had 155 MLS listings, a difference of 25 listings (19%) versus the prior month and 20 listings (15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Wenatchee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,030 sqft
2018-02-01 0 days 2,013 sqft
2018-03-01 0 days 1,992 sqft
2018-04-01 0 days 1,963 sqft
2018-05-01 0 days 1,987 sqft
2018-06-01 0 days 2,035 sqft
2018-07-01 0 days 2,025 sqft
2018-08-01 0 days 1,995 sqft
2018-09-01 0 days 1,986 sqft
2018-10-01 0 days 2,026 sqft
2018-11-01 0 days 1,985 sqft
2018-12-01 0 days 1,920 sqft
2019-01-01 0 days 1,910 sqft
2019-02-01 0 days 1,884 sqft
2019-03-01 0 days 1,938 sqft
2019-04-01 0 days 2,028 sqft
2019-05-01 0 days 2,046 sqft
2019-06-01 0 days 2,016 sqft
2019-07-01 0 days 2,148 sqft
2019-08-01 0 days 2,088 sqft
2019-09-01 0 days 2,021 sqft
2019-10-01 0 days 1,964 sqft
2019-11-01 0 days 1,924 sqft
2019-12-01 0 days 1,889 sqft
2020-01-01 0 days 1,909 sqft
2020-02-01 0 days 1,919 sqft
2020-03-01 0 days 1,908 sqft
2020-04-01 0 days 1,907 sqft
2020-05-01 0 days 1,824 sqft
2020-06-01 0 days 1,900 sqft
2020-07-01 0 days 2,024 sqft
2020-08-01 0 days 2,080 sqft
2020-09-01 0 days 2,142 sqft
2020-10-01 0 days 2,079 sqft
2020-11-01 0 days 1,956 sqft
2020-12-01 0 days 1,871 sqft
2021-01-01 0 days 1,916 sqft
2021-02-01 0 days 1,883 sqft
2021-03-01 0 days 1,872 sqft
2021-04-01 0 days 1,935 sqft
2021-05-01 0 days 1,993 sqft
2021-06-01 0 days 1,985 sqft
2021-07-01 0 days 2,068 sqft
2021-08-01 0 days 2,092 sqft
2021-09-01 0 days 2,097 sqft
2021-10-01 0 days 2,178 sqft
2021-11-01 0 days 2,136 sqft
2021-12-01 0 days 2,224 sqft
2022-01-01 0 days 2,253 sqft
2022-02-01 0 days 2,047 sqft
2022-03-01 0 days 2,066 sqft
2022-04-01 0 days 2,052 sqft
Wenatchee's median listing age (time on market) for 2022-04-01 was 0 days.

Wenatchee's median square footage for active listings during the 2022-04-01 period was 2,052 sqft. One year prior, the average listing was 1,935 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).