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 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 6.26% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Wenatchee's average FHA mortgage closing costs are $9,298.

    The average rate for the prior week (2022-11-25) was 6.28% and one month ago for the week of 2022-10-28, the average rate was 6.72%.

    The average rate one year ago was 3.65%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.02%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 $397,000 (14.8%) $492,702 (-0.3%) 0.00 329
    2018-02-01 $401,950 (15.6%) $505,902 (3.7%) 0.00 318
    2018-03-01 $424,850 (21.4%) $538,683 (9.0%) 0.00 312
    2018-04-01 $423,700 (16.9%) $542,805 (9.4%) 0.00 330
    2018-05-01 $407,950 (4.1%) $535,743 (4.5%) 0.00 408
    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 (7.9%) $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 (6.2%) 0.00 551
    2018-11-01 $399,225 (0.1%) $542,926 (7.0%) 0.00 497
    2018-12-01 $380,000 (-2.3%) $527,028 (5.8%) 0.00 434
    2019-01-01 $382,925 (-3.6%) $528,686 (7.3%) 0.00 384
    2019-02-01 $389,950 (-3.0%) $528,126 (4.4%) 0.00 371
    2019-03-01 $397,286 (-6.5%) $542,437 (0.7%) 0.00 361
    2019-04-01 $397,511 (-6.2%) $548,613 (1.1%) 0.00 358
    2019-05-01 $433,950 (6.4%) $585,439 (9.3%) 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%) $571,322 (5.2%) 0.00 535
    2019-09-01 $445,818 (3.7%) $566,254 (2.1%) 0.00 531
    2019-10-01 $442,545 (4.9%) $562,939 (1.0%) 0.00 521
    2019-11-01 $445,000 (11.5%) $573,566 (5.6%) 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 (2.5%) 0.00 282
    2020-10-01 $459,000 (3.7%) $584,322 (3.8%) 0.00 259
    2020-11-01 $437,248 (-1.7%) $557,521 (-2.8%) 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
    Wenatchee's median listing price for 2022-11-01 was $615,000, a difference of $34,275 (5.9%) versus the prior year and $-27,000 versus the prior month.

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

    Wenatchee's average listing price for 2022-11-01 was $787,320, a difference of $-50,641 (-6.0%) versus the prior year and $-17,144 versus the prior month.

    For the 2022-11-01 period, Wenatchee had 320 MLS listings, a difference of -22 listings (-6%) versus the prior month and 83 listings (35%) 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 1,999 sqft
    2018-08-01 0 days 1,987 sqft
    2018-09-01 0 days 1,986 sqft
    2018-10-01 0 days 1,992 sqft
    2018-11-01 0 days 1,952 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 2,126 sqft
    2019-08-01 0 days 2,069 sqft
    2019-09-01 0 days 2,004 sqft
    2019-10-01 0 days 1,930 sqft
    2019-11-01 0 days 1,912 sqft
    2019-12-01 0 days 1,844 sqft
    2020-01-01 0 days 1,827 sqft
    2020-02-01 0 days 1,869 sqft
    2020-03-01 0 days 1,860 sqft
    2020-04-01 0 days 1,901 sqft
    2020-05-01 0 days 1,850 sqft
    2020-06-01 0 days 1,928 sqft
    2020-07-01 0 days 2,043 sqft
    2020-08-01 0 days 2,102 sqft
    2020-09-01 0 days 2,099 sqft
    2020-10-01 0 days 2,050 sqft
    2020-11-01 0 days 1,922 sqft
    2020-12-01 0 days 1,860 sqft
    2021-01-01 0 days 1,882 sqft
    2021-02-01 0 days 1,925 sqft
    2021-03-01 0 days 1,899 sqft
    2021-04-01 0 days 1,874 sqft
    2021-05-01 0 days 1,980 sqft
    2021-06-01 0 days 2,006 sqft
    2021-07-01 0 days 2,049 sqft
    2021-08-01 0 days 2,087 sqft
    2021-09-01 0 days 2,097 sqft
    2021-10-01 0 days 2,150 sqft
    2021-11-01 0 days 2,123 sqft
    2021-12-01 0 days 2,181 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 2,139 sqft
    2022-06-01 0 days 2,026 sqft
    2022-07-01 0 days 2,000 sqft
    2022-08-01 0 days 2,041 sqft
    2022-09-01 0 days 2,015 sqft
    2022-10-01 0 days 1,988 sqft
    2022-11-01 0 days 1,959 sqft
    Wenatchee's median listing age (time on market) for 2022-11-01 was 0 days.

    Wenatchee's median square footage for active listings during the 2022-11-01 period was 1,959 sqft. One year prior, the average listing was 2,123 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).