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 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).