Wenatchee FHA Loan Rates, Closing Costs & Stats

WENATCHEE, WA

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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.

    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 0.07% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.48% and one month ago for the week of 2024-10-11, the average rate was 5.98%.

    The average rate one year ago was 7.23%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

    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 $650,000 (-0.7%) $793,733 (-8.5%) 0.00 568
    2024-07-01 $650,000 (-4.3%) $798,665 (-12.3%) 0.00 593
    2024-08-01 $645,000 (-7.3%) $796,963 (-12.3%) 0.00 624
    2024-09-01 $627,450 (-7.7%) $789,993 (-11.1%) 0.00 630
    2024-10-01 $607,975 (-8.7%) $771,099 (-11.1%) 0.00 603
    Wenatchee's median listing price for 2024-10-01 was $607,975, a difference of $-57,975 (-8.7%) versus the prior year and $-19,475 versus the prior month.

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

    Wenatchee's average listing price for 2024-10-01 was $771,099, a difference of $-95,833 (-11.1%) versus the prior year and $-18,894 versus the prior month.

    For the 2024-10-01 period, Wenatchee had 603 MLS listings, a difference of -27 listings (-4%) versus the prior month and 258 listings (75%) 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 1,882 sqft
    2024-07-01 0 days 1,865 sqft
    2024-08-01 0 days 1,837 sqft
    2024-09-01 0 days 1,790 sqft
    2024-10-01 0 days 1,733 sqft
    Wenatchee's median listing age (time on market) for 2024-10-01 was 0 days.

    Wenatchee's median square footage for active listings during the 2024-10-01 period was 1,733 sqft. One year prior, the average listing was 2,099 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).