Wenatchee FHA Loan Rates, Closing Costs & Stats

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 52 lenders originated 229 FHA loans during 2023. The total origination value was $83,355,000, with an average FHA loan value of $363,996.

Wenatchee FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Wenatchee averaged 6.66% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Wenatchee's average FHA mortgage closing costs are $10,737.

The average rate for the prior week (2024-07-12) was 6.72% and one month ago for the week of 2024-06-14, the average rate was 6.87%.

The average rate one year ago was 6.76%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.59%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Wenatchee level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 19 6.08% $16,000
QUICKEN LOANS, LLC 19 6.08% $15,552
GUILD MORTGAGE COMPANY 19 6.78% $17,352
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 5.60% $19,066
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 11 7.00% $17,203
CARDINAL FINANCIAL 11 6.79% $20,822
MOVEMENT MORTGAGE, LLC 11 7.08% $15,241
Wheatland Bank 9 6.37% $18,486
Banner Bank 6 6.25% $15,137
DAS Acquisition Company, LLC 6 7.40% $14,927
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.85% $12,415
EVERETT FINANCIAL, INC. 5 6.63% $19,513
PREMIER MORTGAGE RESOURCES, L.L.C. 5 6.70% $18,511
BROKER SOLUTIONS, INC. 4 6.50% $19,365
CORNERSTONE HOME LENDING, INC. 4 5.84% $18,607
LOANDEPOT.COM, LLC 3 6.70% $19,701
CALCON MUTUAL MORTGAGE LLC 3 7.00% $19,884
CHURCHILL MORTGAGE CORPORATION 3 5.63% $20,226
NEWREZ LLC 3 5.96% $14,246
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.19% $17,802
NUMERICA CREDIT UNION 2 6.75% $15,391
OCMBC, INC. 2 6.00% $11,392
PACIFIC RESIDENTIAL MORTGAGE, LLC 2 6.06% $12,761
Peoples Bank 2 6.25% $19,992
FREEDOM MORTGAGE CORPORATION 2 7.25% $22,069
Umpqua Bank 2 7.50% $10,122
U.S. Bank 2 6.44% $12,815
Wells Fargo Bank 2 6.75% $14,421
1st Security Bank of Washington 2 6.56% $13,777
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.75% $18,752
CMG MORTGAGE, INC. 2 6.44% $15,497
ZILLOW HOME LOANS, LLC 1 6.00% $10,931
ACADEMY MORTGAGE CORPORATION 1 6.13% $20,670
AMERISAVE MORTGAGE CORPORATION 1 6.13% $13,484
BAY EQUITY LLC 1 6.25% $10,684
Carrington Mortgage Services, LLC 1 7.25% $8,789
CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $12,039
Flagstar Bank, FSB 1 6.25% $15,379
Glacier Bank 1 6.63% $9,950
HomeStreet Bank 1 5.63% $32,032
LAKEVIEW LOAN SERVICING, LLC 1 6.25% $11,183
MEMBER FIRST MORTGAGE, LLC 1 7.63% $4,464
MORTGAGE LENDING GROUP LLC 1 5.63% $15,206
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $18,418
Nations Lending Corporation 1 6.13% $19,024
Northpointe Bank 1 6.25% $14,739
Paramount Residential Mortgage Group, Inc. 1 6.13% $11,093
PENRITH HOME LOANS LLC 1 6.13% $17,369
Plains Commerce Bank 1 6.13% $13,488
PLANET HOME LENDING, LLC 1 6.63% $14,406
SUMMIT FUNDING, INC. 1 7.75% $13,103
Truist 1 5.25% $12,884

The top Wenatchee FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 19 FHA loans originated. Their average total fees are $16,000, which is $448 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Wenatchee FHA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($15,241), QUICKEN LOANS, LLC ($15,552), UNITED WHOLESALE MORTGAGE, LLC ($16,000), EVERGREEN MONEYSOURCE MORTGAGE COMPANY ($17,203) and GUILD MORTGAGE COMPANY ($17,352).

The lowest rate Wenatchee FHA lenders (with over 10 loans originated) are PRIMELENDING, A PLAINSCAPITAL COMPANY (5.60%), QUICKEN LOANS, LLC (6.08%), UNITED WHOLESALE MORTGAGE, LLC (6.08%), GUILD MORTGAGE COMPANY (6.78%) and CARDINAL FINANCIAL (6.79%).

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
WENATCHEE, WA CHELAN 2023 $506,000 $647,750 $783,000 $973,100
WENATCHEE, WA DOUGLAS 2023 $506,000 $647,750 $783,000 $973,100

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 $398,000 (14.9%) $493,503 (-0.3%) 0.00 328
2018-02-01 $401,950 (15.6%) $506,773 (3.9%) 0.00 317
2018-03-01 $424,900 (21.4%) $539,631 (9.2%) 0.00 311
2018-04-01 $424,900 (17.3%) $543,699 (9.6%) 0.00 329
2018-05-01 $408,725 (4.3%) $536,501 (4.6%) 0.00 407
2018-06-01 $429,000 (7.3%) $557,494 (6.0%) 0.00 449
2018-07-01 $432,923 (8.3%) $544,393 (3.6%) 0.00 526
2018-08-01 $429,450 (7.8%) $543,259 (4.8%) 0.00 552
2018-09-01 $429,900 (7.5%) $554,610 (6.0%) 0.00 575
2018-10-01 $421,950 (5.6%) $557,205 (6.6%) 0.00 551
2018-11-01 $399,225 (0.1%) $542,926 (7.5%) 0.00 497
2018-12-01 $380,000 (-2.3%) $527,028 (5.6%) 0.00 434
2019-01-01 $382,925 (-3.8%) $528,686 (7.1%) 0.00 384
2019-02-01 $389,950 (-3.0%) $528,126 (4.2%) 0.00 371
2019-03-01 $397,286 (-6.5%) $542,437 (0.5%) 0.00 361
2019-04-01 $397,511 (-6.5%) $548,269 (0.8%) 0.00 358
2019-05-01 $433,950 (6.2%) $585,439 (9.1%) 0.00 425
2019-06-01 $439,000 (2.3%) $588,046 (5.5%) 0.00 481
2019-07-01 $448,475 (3.6%) $577,540 (6.1%) 0.00 516
2019-08-01 $441,727 (2.9%) $571,452 (5.2%) 0.00 535
2019-09-01 $445,818 (3.7%) $566,579 (2.2%) 0.00 530
2019-10-01 $443,545 (5.1%) $563,403 (1.1%) 0.00 520
2019-11-01 $445,000 (11.5%) $574,092 (5.7%) 0.00 465
2019-12-01 $439,900 (15.8%) $570,482 (8.3%) 0.00 397
2020-01-01 $458,450 (19.7%) $571,994 (8.2%) 0.00 323
2020-02-01 $464,950 (19.2%) $580,626 (9.9%) 0.00 299
2020-03-01 $461,950 (16.3%) $573,460 (5.7%) 0.00 342
2020-04-01 $445,000 (12.0%) $563,218 (2.7%) 0.00 347
2020-05-01 $463,900 (6.9%) $578,479 (-1.2%) 0.00 382
2020-06-01 $467,400 (6.5%) $580,591 (-1.3%) 0.00 360
2020-07-01 $459,200 (2.4%) $572,078 (-1.0%) 0.00 331
2020-08-01 $479,500 (8.6%) $602,346 (5.4%) 0.00 290
2020-09-01 $456,725 (2.5%) $580,242 (2.4%) 0.00 282
2020-10-01 $459,000 (3.5%) $584,322 (3.7%) 0.00 259
2020-11-01 $437,248 (-1.7%) $557,521 (-2.9%) 0.00 218
2020-12-01 $426,675 (-3.0%) $555,073 (-2.7%) 0.00 163
2021-01-01 $425,000 (-7.3%) $557,866 (-2.5%) 0.00 139
2021-02-01 $422,500 (-9.1%) $624,411 (7.5%) 0.00 115
2021-03-01 $437,075 (-5.4%) $646,206 (12.7%) 0.00 122
2021-04-01 $441,625 (-0.8%) $635,543 (12.8%) 0.00 123
2021-05-01 $469,900 (1.3%) $702,228 (21.4%) 0.00 138
2021-06-01 $592,175 (26.7%) $787,708 (35.7%) 0.00 161
2021-07-01 $579,900 (26.3%) $812,709 (42.1%) 0.00 192
2021-08-01 $579,950 (21.0%) $805,967 (33.8%) 0.00 225
2021-09-01 $569,450 (24.7%) $805,782 (38.9%) 0.00 248
2021-10-01 $587,000 (27.9%) $813,908 (39.3%) 0.00 262
2021-11-01 $580,725 (32.8%) $837,961 (50.3%) 0.00 237
2021-12-01 $589,500 (38.2%) $892,890 (60.9%) 0.00 192
2022-01-01 $599,000 (40.9%) $867,031 (55.4%) 0.00 153
2022-02-01 $652,450 (54.4%) $882,556 (41.3%) 0.00 95
2022-03-01 $661,000 (51.2%) $867,996 (34.3%) 0.00 122
2022-04-01 $679,900 (54.0%) $867,459 (36.5%) 0.00 145
2022-05-01 $701,000 (49.2%) $909,999 (29.6%) 0.00 211
2022-06-01 $699,000 (18.0%) $888,430 (12.8%) 0.00 262
2022-07-01 $684,000 (18.0%) $855,762 (5.3%) 0.00 323
2022-08-01 $677,450 (16.8%) $855,484 (6.1%) 0.00 363
2022-09-01 $661,998 (16.3%) $849,859 (5.5%) 0.00 357
2022-10-01 $642,000 (9.4%) $804,464 (-1.2%) 0.00 342
2022-11-01 $615,000 (5.9%) $787,320 (-6.0%) 0.00 320
2022-12-01 $627,500 (6.5%) $796,002 (-10.9%) 0.00 250
2023-01-01 $667,248 (11.4%) $846,300 (-2.4%) 0.00 221
2023-02-01 $674,998 (3.5%) $880,901 (-0.2%) 0.00 204
2023-03-01 $660,945 (0.0%) $849,939 (-2.1%) 0.00 222
2023-04-01 $649,000 (-4.5%) $810,354 (-6.6%) 0.00 238
2023-05-01 $652,000 (-7.0%) $828,286 (-9.0%) 0.00 236
2023-06-01 $654,700 (-6.3%) $867,397 (-2.4%) 0.00 284
2023-07-01 $679,495 (-0.7%) $910,939 (6.5%) 0.00 318
2023-08-01 $695,995 (2.7%) $908,661 (6.2%) 0.00 346
2023-09-01 $679,990 (2.7%) $888,170 (4.5%) 0.00 350
2023-10-01 $665,950 (3.7%) $866,932 (7.8%) 0.00 345
2023-11-01 $649,475 (5.6%) $850,309 (8.0%) 0.00 310
2023-12-01 $644,450 (2.7%) $830,034 (4.3%) 0.00 285
2024-01-01 $646,700 (-3.1%) $828,883 (-2.1%) 0.00 219
2024-02-01 $641,100 (-5.0%) $810,556 (-8.0%) 0.00 188
2024-03-01 $699,000 (5.8%) $859,432 (1.1%) 0.00 230
2024-04-01 $731,000 (12.6%) $918,556 (13.4%) 0.00 305
2024-05-01 $749,000 (14.9%) $953,900 (15.2%) 0.00 429
2024-06-01 $654,500 (0.0%) $799,072 (-7.9%) 0.00 568
Wenatchee's median listing price for 2024-06-01 was $654,500, a difference of $-200 (0.0%) versus the prior year and $-94,500 versus the prior month.

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

Wenatchee's average listing price for 2024-06-01 was $799,072, a difference of $-68,325 (-7.9%) versus the prior year and $-154,828 versus the prior month.

For the 2024-06-01 period, Wenatchee had 568 MLS listings, a difference of 139 listings (32%) versus the prior month and 284 listings (100%) 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 2,024 sqft
2018-02-01 0 days 2,019 sqft
2018-03-01 0 days 2,000 sqft
2018-04-01 0 days 1,938 sqft
2018-05-01 0 days 1,953 sqft
2018-06-01 0 days 2,016 sqft
2018-07-01 0 days 1,998 sqft
2018-08-01 0 days 1,986 sqft
2018-09-01 0 days 1,986 sqft
2018-10-01 0 days 1,990 sqft
2018-11-01 0 days 1,950 sqft
2018-12-01 0 days 1,900 sqft
2019-01-01 0 days 1,879 sqft
2019-02-01 0 days 1,855 sqft
2019-03-01 0 days 1,902 sqft
2019-04-01 0 days 1,983 sqft
2019-05-01 0 days 2,004 sqft
2019-06-01 0 days 2,016 sqft
2019-07-01 0 days 2,105 sqft
2019-08-01 0 days 2,048 sqft
2019-09-01 0 days 1,981 sqft
2019-10-01 0 days 1,915 sqft
2019-11-01 0 days 1,901 sqft
2019-12-01 0 days 1,825 sqft
2020-01-01 0 days 1,815 sqft
2020-02-01 0 days 1,824 sqft
2020-03-01 0 days 1,827 sqft
2020-04-01 0 days 1,884 sqft
2020-05-01 0 days 1,841 sqft
2020-06-01 0 days 1,919 sqft
2020-07-01 0 days 2,038 sqft
2020-08-01 0 days 2,100 sqft
2020-09-01 0 days 2,089 sqft
2020-10-01 0 days 2,045 sqft
2020-11-01 0 days 1,920 sqft
2020-12-01 0 days 1,848 sqft
2021-01-01 0 days 1,874 sqft
2021-02-01 0 days 1,904 sqft
2021-03-01 0 days 1,899 sqft
2021-04-01 0 days 1,890 sqft
2021-05-01 0 days 1,980 sqft
2021-06-01 0 days 2,004 sqft
2021-07-01 0 days 2,021 sqft
2021-08-01 0 days 2,080 sqft
2021-09-01 0 days 2,096 sqft
2021-10-01 0 days 2,150 sqft
2021-11-01 0 days 2,123 sqft
2021-12-01 0 days 2,180 sqft
2022-01-01 0 days 2,178 sqft
2022-02-01 0 days 2,003 sqft
2022-03-01 0 days 2,099 sqft
2022-04-01 0 days 2,078 sqft
2022-05-01 0 days 2,129 sqft
2022-06-01 0 days 2,021 sqft
2022-07-01 0 days 2,000 sqft
2022-08-01 0 days 2,023 sqft
2022-09-01 0 days 2,009 sqft
2022-10-01 0 days 1,982 sqft
2022-11-01 0 days 1,952 sqft
2022-12-01 0 days 2,000 sqft
2023-01-01 0 days 2,182 sqft
2023-02-01 0 days 2,268 sqft
2023-03-01 0 days 2,180 sqft
2023-04-01 0 days 2,081 sqft
2023-05-01 0 days 1,996 sqft
2023-06-01 0 days 2,107 sqft
2023-07-01 0 days 2,080 sqft
2023-08-01 0 days 2,166 sqft
2023-09-01 0 days 2,144 sqft
2023-10-01 0 days 2,099 sqft
2023-11-01 0 days 2,005 sqft
2023-12-01 0 days 2,001 sqft
2024-01-01 0 days 1,986 sqft
2024-02-01 0 days 1,993 sqft
2024-03-01 0 days 2,020 sqft
2024-04-01 0 days 2,096 sqft
2024-05-01 0 days 2,124 sqft
2024-06-01 0 days 1,902 sqft
Wenatchee's median listing age (time on market) for 2024-06-01 was 0 days.

Wenatchee's median square footage for active listings during the 2024-06-01 period was 1,902 sqft. One year prior, the average listing was 2,107 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).