Yakima FHA Loans

YAKIMA, 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.

Yakima's 83 lenders originated 1,036 FHA loans during 2021. The total origination value was $252,990,000, with an average FHA loan value of $244,199.

Yakima FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Yakima averaged 5.39% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.52% and one month ago for the week of 2022-04-08, the average rate was 4.98%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.15%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Yakima 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 Yakima level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 81 2.63% $7,594
AMERICAN PACIFIC MORTGAGE CORPORATION 79 3.25% $12,064
CALIBER HOME LOANS, INC. 78 3.11% $8,927
HOMEBRIDGE FINANCIAL SERVICES, INC. 78 3.11% $9,049
HOMESIDE FINANCIAL, LLC 77 3.25% $9,305
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 33 3.49% $10,284
Willamette Valley Bank 31 3.21% $8,601
CORNERSTONE HOME LENDING, INC. 25 3.38% $9,937
PRIMELENDING, A PLAINSCAPITAL COMPANY 18 3.44% $10,347
FREEDOM MORTGAGE CORPORATION 18 2.88% $5,486
ACADEMY MORTGAGE CORPORATION 17 3.07% $9,967
SUMMIT FUNDING, INC. 17 3.60% $9,026
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 3.25% $9,740
PENNYMAC LOAN SERVICES, LLC 14 3.00% $6,212
STEARNS LENDING, LLC 14 2.99% $8,575
LAKEVIEW LOAN SERVICING, LLC 13 2.98% $5,470
ENVOY MORTGAGE, LTD 12 3.30% $9,687
Mr. Cooper ( Nationstar Mortgage ) 11 3.45% $4,084
CHURCHILL MORTGAGE CORPORATION 9 2.71% $8,960
Umpqua Bank 8 3.39% $9,049
BROKER SOLUTIONS, INC. 8 3.13% $8,976
MID AMERICA MORTGAGE, INC. 7 2.95% $3,285
Flagstar Bank, FSB 7 2.72% $7,106
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 3.13% $11,667
U.S. Bank 6 3.04% $7,604
LOANDEPOT.COM, LLC 6 3.19% $9,490
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.27% $8,638
Banner Bank 6 2.58% $7,538
The Federal Savings Bank 5 2.90% $7,527
NEWREZ LLC 5 2.97% $4,896
CROSSCOUNTRY MORTGAGE, LLC 5 2.87% $12,137
FINANCE OF AMERICA MORTGAGE LLC 5 3.33% $8,784
Carrington Mortgage Services, LLC 5 3.40% $7,590
PREMIER MORTGAGE RESOURCES, L.L.C. 5 3.50% $9,762
Wheatland Bank 4 3.63% $9,976
AmeriHome Mortgage Company, LLC 4 2.97% $4,727
MOVEMENT MORTGAGE, LLC 4 3.53% $11,656
KeyBank 4 3.31% $9,940
VILLAGE CAPITAL & INVESTMENT LLC 4 2.75% $1,994
Lakeview Community Capital, LLC 4 2.78% $6,270
AMERICAN FINANCIAL NETWORK, INC. 3 3.17% $12,343
AMERISAVE MORTGAGE CORPORATION 3 2.75% $11,177
GUILD MORTGAGE COMPANY 3 2.71% $6,635
SWBC MORTGAGE CORPORATION 3 3.21% $7,299
HOME POINT FINANCIAL CORPORATION 3 2.66% $7,861
UNITED WHOLESALE MORTGAGE, LLC 3 2.58% $8,534
1st Security Bank of Washington 3 2.92% $9,793
DIRECTORS MORTGAGE, INC. 3 3.08% $8,573
HomeStreet Bank 2 3.31% $7,762
BAY EQUITY LLC 2 3.13% $10,700
SUN WEST MORTGAGE COMPANY, INC. 2 3.00% $8,371
Chickasaw Community Bank 2 2.81% $7,667
AMERICAN FINANCIAL RESOURCES, INC. 2 3.00% $15,199
First Guaranty Mortgage Corporation 2 3.00% $8,620
Nations Lending Corporation 2 3.19% $11,150
Equity Prime Mortgage LLC 2 3.19% $7,371
Gateway First Bank 2 3.50% $6,658
Paramount Residential Mortgage Group, Inc. 2 3.44% $10,201
ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.38% $9,263
KELLER MORTGAGE, LLC 2 2.56% $7,213
Loan Simple, Inc. 2 3.63% $8,369
THRIVE MORTGAGE, LLC 1 3.13% $9,678
EVERETT FINANCIAL, INC. 1 3.13% $6,515
CELEBRITY HOME LOANS, LLC 1 2.75% $6,257
First Home Bank 1 3.25% $11,320
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.99% $13,514
GSF Mortgage Corporation 1 3.75% $17,376
GUARANTEED RATE, INC. 1 3.38% $10,574
JPMorgan Chase Bank 1 2.99% $2,043
Mortgage Research Center, LLC 1 3.50% $4,340
MUTUAL OF OMAHA MORTGAGE, INC. 1 4.75% $15,339
MYCUMORTGAGE, LLC 1 2.63% $7,988
NEXERA HOLDING LLC 1 2.63% $9,709
Bank of America 1 3.13% $6,966
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.75% $8,127
RANLIFE, INC. 1 3.38% $11,149
RELIANCE FIRST CAPITAL, LLC 1 2.38% $12,264
SOUTHWEST STAGE FUNDING, LLC 1 2.75% $2,929
SOVEREIGN LENDING GROUP INCORPORATED 1 2.50% $7,710
SUMMIT MORTGAGE CORPORATION 1 2.88% $10,682
CMG MORTGAGE, INC. 1 2.75% $12,895
TOP FLITE FINANCIAL, INC. 1 3.25% $18,750
WESTERN EXPRESS LENDING 1 3.25% $7,634

The top Yakima FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 81 FHA loans originated. Their average total fees are $7,594, which is $4,470 lower than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

The lowest fee Yakima FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,084), LAKEVIEW LOAN SERVICING, LLC ($5,470), FREEDOM MORTGAGE CORPORATION ($5,486), PENNYMAC LOAN SERVICES, LLC ($6,212) and QUICKEN LOANS, LLC ($7,594).

The lowest rate Yakima FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.63%), FREEDOM MORTGAGE CORPORATION (2.88%), LAKEVIEW LOAN SERVICING, LLC (2.98%), STEARNS LENDING, LLC (2.99%) and PENNYMAC LOAN SERVICES, LLC (3.00%).

Yakima FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
YAKIMA, WA YAKIMA 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Yakima (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 $254,250 (5.1%) $317,595 (9.5%) 0.94 325
2018-02-01 $269,450 (12.3%) $343,446 (19.1%) 0.97 298
2018-03-01 $285,000 (24.0%) $369,244 (30.4%) 0.99 292
2018-04-01 $293,000 (27.4%) $369,629 (30.9%) 0.98 316
2018-05-01 $289,900 (17.6%) $360,903 (25.6%) 0.97 341
2018-06-01 $285,000 (15.6%) $364,984 (25.0%) 0.95 366
2018-07-01 $282,250 (13.4%) $361,609 (24.5%) 0.94 382
2018-08-01 $282,925 (19.4%) $370,315 (29.3%) 0.95 388
2018-09-01 $294,450 (21.7%) $361,814 (21.2%) 0.98 413
2018-10-01 $281,200 (17.2%) $354,251 (19.3%) 0.94 432
2018-11-01 $289,450 (17.1%) $362,006 (20.7%) 0.97 408
2018-12-01 $299,000 (16.3%) $359,286 (16.5%) 1.02 383
2019-01-01 $289,500 (13.9%) $347,677 (9.5%) 1.00 348
2019-02-01 $294,900 (9.5%) $354,743 (3.3%) 0.99 340
2019-03-01 $307,800 (8.0%) $363,241 (-1.6%) 1.00 331
2019-04-01 $322,800 (10.2%) $371,050 (0.4%) 1.02 337
2019-05-01 $319,700 (10.3%) $363,740 (0.8%) 0.99 351
2019-06-01 $325,000 (14.0%) $369,462 (1.2%) 1.00 400
2019-07-01 $324,900 (15.1%) $372,985 (3.2%) 1.01 387
2019-08-01 $315,000 (11.3%) $361,368 (-2.4%) 0.99 370
2019-09-01 $315,000 (7.0%) $347,556 (-3.9%) 1.00 376
2019-10-01 $321,714 (14.4%) $359,565 (1.5%) 1.03 390
2019-11-01 $320,000 (10.6%) $361,683 (-0.1%) 1.03 367
2019-12-01 $327,000 (9.4%) $363,887 (1.3%) 1.09 347
2020-01-01 $304,950 (5.3%) $361,940 (4.1%) 1.02 307
2020-02-01 $299,000 (1.4%) $356,980 (0.6%) 0.96 290
2020-03-01 $334,950 (8.8%) $391,092 (7.7%) 1.05 272
2020-04-01 $342,250 (6.0%) $381,381 (2.8%) 1.07 264
2020-05-01 $349,900 (9.5%) $392,192 (7.8%) 1.06 252
2020-06-01 $374,500 (15.2%) $401,654 (8.7%) 1.09 240
2020-07-01 $389,900 (20.0%) $418,117 (12.1%) 1.12 214
2020-08-01 $389,000 (23.5%) $415,767 (15.1%) 1.11 192
2020-09-01 $382,200 (21.3%) $413,819 (19.1%) 1.09 208
2020-10-01 $345,000 (7.2%) $413,089 (14.9%) 0.99 227
2020-11-01 $349,000 (9.1%) $434,606 (20.2%) 1.00 211
2020-12-01 $345,000 (5.5%) $430,088 (18.2%) 1.01 191
2021-01-01 $347,990 (14.1%) $422,618 (16.8%) 1.02 177
2021-02-01 $332,500 (11.2%) $408,269 (14.4%) 0.96 157
2021-03-01 $349,700 (4.4%) $430,835 (10.2%) 0.98 148
2021-04-01 $344,450 (0.6%) $405,269 (6.3%) 0.93 147
2021-05-01 $329,000 (-6.0%) $392,423 (0.1%) 0.87 157
2021-06-01 $339,500 (-9.4%) $389,188 (-3.1%) 0.88 192
2021-07-01 $356,543 (-8.6%) $415,127 (-0.7%) 0.93 224
2021-08-01 $357,450 (-8.1%) $416,038 (0.1%) 0.94 237
2021-09-01 $369,925 (-3.2%) $414,944 (0.3%) 0.97 276
2021-10-01 $370,194 (7.3%) $415,879 (0.7%) 0.97 261
2021-11-01 $387,450 (11.0%) $426,441 (-1.9%) 1.02 269
2021-12-01 $385,000 (11.6%) $431,687 (0.4%) 1.03 232
2022-01-01 $389,900 (12.0%) $424,450 (0.4%) 1.04 186
2022-02-01 $396,500 (19.3%) $454,296 (11.3%) 1.01 164
2022-03-01 $394,425 (12.8%) $466,703 (8.3%) 0.97 163
2022-04-01 $430,000 (24.8%) $504,541 (24.5%) 1.01 177
Yakima's median listing price for 2022-04-01 was $430,000, a difference of $85,550 (24.8%) versus the prior year and $35,575 versus the prior month.

Yakima's median listing price comes in at 101% of the national average.

Yakima's average listing price for 2022-04-01 was $504,541, a difference of $99,272 (24.5%) versus the prior year and $37,838 versus the prior month.

For the 2022-04-01 period, Yakima had 177 MLS listings, a difference of 14 listings (9%) versus the prior month and 30 listings (20%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Yakima (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 86 days 1,955 sqft
2018-02-01 81 days 1,960 sqft
2018-03-01 46 days 1,999 sqft
2018-04-01 47 days 2,005 sqft
2018-05-01 44 days 1,941 sqft
2018-06-01 45 days 1,963 sqft
2018-07-01 52 days 1,945 sqft
2018-08-01 57 days 1,964 sqft
2018-09-01 49 days 1,976 sqft
2018-10-01 49 days 1,927 sqft
2018-11-01 60 days 1,948 sqft
2018-12-01 79 days 1,992 sqft
2019-01-01 79 days 1,940 sqft
2019-02-01 71 days 1,973 sqft
2019-03-01 66 days 1,971 sqft
2019-04-01 53 days 1,985 sqft
2019-05-01 43 days 1,955 sqft
2019-06-01 46 days 2,016 sqft
2019-07-01 49 days 2,002 sqft
2019-08-01 46 days 1,972 sqft
2019-09-01 49 days 1,947 sqft
2019-10-01 50 days 1,959 sqft
2019-11-01 53 days 1,973 sqft
2019-12-01 62 days 2,067 sqft
2020-01-01 77 days 1,964 sqft
2020-02-01 67 days 1,964 sqft
2020-03-01 47 days 2,063 sqft
2020-04-01 51 days 2,094 sqft
2020-05-01 56 days 2,084 sqft
2020-06-01 49 days 2,118 sqft
2020-07-01 48 days 2,088 sqft
2020-08-01 44 days 2,116 sqft
2020-09-01 34 days 2,079 sqft
2020-10-01 32 days 1,947 sqft
2020-11-01 47 days 1,973 sqft
2020-12-01 53 days 1,952 sqft
2021-01-01 59 days 1,850 sqft
2021-02-01 36 days 1,820 sqft
2021-03-01 29 days 1,774 sqft
2021-04-01 28 days 1,825 sqft
2021-05-01 24 days 1,774 sqft
2021-06-01 24 days 1,800 sqft
2021-07-01 26 days 1,800 sqft
2021-08-01 26 days 1,801 sqft
2021-09-01 29 days 1,860 sqft
2021-10-01 38 days 1,824 sqft
2021-11-01 36 days 1,859 sqft
2021-12-01 45 days 1,806 sqft
2022-01-01 53 days 1,709 sqft
2022-02-01 59 days 1,781 sqft
2022-03-01 44 days 1,813 sqft
2022-04-01 36 days 1,938 sqft
Yakima's median listing age (time on market) for 2022-04-01 was 36 days. This is 29% longer than the same period one year ago.

Yakima's median square footage for active listings during the 2022-04-01 period was 1,938 sqft. One year prior, the average listing was 1,825 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).