Wenatchee FHA Loans

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 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).