Yakima FHA Loan Rates, Closing Costs & Stats

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 74 lenders originated 665 FHA loans during 2022. The total origination value was $179,715,000, with an average FHA loan value of $270,248.

Yakima FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Yakima averaged 6.56% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Yakima's average FHA mortgage closing costs are $9,211.

The average rate for the prior week (2024-02-23) was 6.45% and one month ago for the week of 2024-01-26, the average rate was 5.95%.

The average rate one year ago was 5.97%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.66%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Yakima level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
HOMESIDE FINANCIAL, LLC 64 5.25% $12,386
HOMEBRIDGE FINANCIAL SERVICES, INC. 54 5.34% $11,393
CALIBER HOME LOANS, INC. 38 4.65% $11,379
AMERICAN PACIFIC MORTGAGE CORPORATION 31 5.12% $14,060
ACADEMY MORTGAGE CORPORATION 29 5.13% $11,148
QUICKEN LOANS, LLC 28 4.13% $11,588
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 28 5.09% $11,551
CORNERSTONE HOME LENDING, INC. 26 5.21% $11,430
UNITED WHOLESALE MORTGAGE, LLC 15 5.03% $10,507
SUMMIT FUNDING, INC. 14 5.80% $11,936
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 5.33% $11,086
FREEDOM MORTGAGE CORPORATION 10 4.45% $12,025
BROKER SOLUTIONS, INC. 10 5.14% $13,652
FINANCE OF AMERICA MORTGAGE LLC 9 5.14% $11,553
CHURCHILL MORTGAGE CORPORATION 9 5.13% $9,500
LOANDEPOT.COM, LLC 9 4.07% $12,429
PENNYMAC LOAN SERVICES, LLC 9 3.97% $9,245
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 4.72% $10,731
CROSSCOUNTRY MORTGAGE, LLC 8 5.53% $14,217
Umpqua Bank 8 4.61% $11,268
SWBC MORTGAGE CORPORATION 7 5.20% $8,196
HOME POINT FINANCIAL CORPORATION 7 3.95% $10,371
Wheatland Bank 7 5.13% $9,954
Banner Bank 7 4.54% $8,673
ENVOY MORTGAGE, LTD 7 6.25% $12,270
LAKEVIEW LOAN SERVICING, LLC 7 3.66% $6,785
AMERISAVE MORTGAGE CORPORATION 5 4.08% $14,509
MOVEMENT MORTGAGE, LLC 5 5.88% $12,433
Mr. Cooper ( Nationstar Mortgage ) 5 4.03% $11,379
CARDINAL FINANCIAL 4 4.59% $11,639
U.S. Bank 4 6.16% $9,462
Flagstar Bank, FSB 4 3.30% $7,092
Carrington Mortgage Services, LLC 4 4.94% $10,282
GUILD MORTGAGE COMPANY 4 5.25% $14,078
KeyBank 3 3.83% $8,925
VILLAGE CAPITAL MORTGAGE 3 3.58% $5,692
HomeStreet Bank 3 4.67% $11,583
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 4.88% $15,691
Nations Lending Corporation 3 5.46% $12,804
MID AMERICA MORTGAGE, INC. 2 5.13% $4,208
JPMorgan Chase Bank 2 3.56% $7,793
Lakeview Community Capital, LLC 2 4.15% $5,636
Paramount Residential Mortgage Group, Inc. 2 5.00% $13,811
Peoples Bank 2 4.31% $15,108
The Federal Savings Bank 2 3.44% $14,745
Willamette Valley Bank 2 3.81% $10,071
NATIONS DIRECT MORTGAGE, LLC 1 5.50% $7,834
LPMC, LLC 1 6.75% $12,989
NEWREZ LLC 1 3.75% $3,082
NFM, INC. 1 6.00% $11,416
WASHINGTON STATE EMPLOYEES Credit Union 1 5.25% $12,709
CALCON MUTUAL MORTGAGE LLC 1 4.75% $11,760
Wells Fargo Bank 1 2.88% $9,358
PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.13% $13,486
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $7,496
AXIA FINANCIAL, LLC 1 5.13% $11,011
PRIORITY HOME LENDING, LLC 1 3.13% $15,281
CANOPY MORTGAGE, LLC 1 4.63% $13,012
RELIANCE FIRST CAPITAL, LLC 1 2.50% $12,211
Strong Home Mortgage, LLC 1 5.62% $6,755
First Home Bank 1 4.75% $9,830
First Guaranty Mortgage Corporation 1 3.75% $10,176
CONTOUR MORTGAGE CORPORATION 1 3.25% $15,240
TOP FLITE FINANCIAL, INC. 1 5.75% $15,144
DIRECTORS MORTGAGE, INC. 1 3.63% $12,051
Alaska USA Mortgage Company LLC 1 6.75% $9,330
Chickasaw Community Bank 1 6.25% $7,817
VERITAS FUNDING, LLC 1 4.75% $18,034
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.25% $11,524
Wallick & Volk, Inc. 1 4.00% $13,129
MEMBER FIRST MORTGAGE, LLC 1 5.13% $798
MANN FINANCIAL INC. 1 6.00% $12,527
Mutual Federal Bank 1 4.63% $11,076
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $16,912

The top Yakima FHA lender as defined by loan originations is HOMESIDE FINANCIAL, LLC, with 64 FHA loans originated. Their average total fees are $12,386, which is $994 higher than the next largest lender, HOMEBRIDGE FINANCIAL SERVICES, INC..

The lowest fee Yakima FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($10,507), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($11,086), ACADEMY MORTGAGE CORPORATION ($11,148), CALIBER HOME LOANS, INC. ($11,379) and HOMEBRIDGE FINANCIAL SERVICES, INC. ($11,393).

The lowest rate Yakima FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.13%), FREEDOM MORTGAGE CORPORATION (4.45%), CALIBER HOME LOANS, INC. (4.65%), UNITED WHOLESALE MORTGAGE, LLC (5.03%) and EVERGREEN MONEYSOURCE MORTGAGE COMPANY (5.09%).

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
YAKIMA, WA YAKIMA 2023 $472,030 $604,400 $730,525 $907,900

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 $257,300 (6.3%) $323,394 (10.8%) 0.95 312
2018-02-01 $270,798 (12.9%) $349,371 (19.2%) 0.98 286
2018-03-01 $289,500 (23.2%) $369,237 (29.3%) 1.02 275
2018-04-01 $298,975 (30.1%) $379,533 (32.8%) 1.01 291
2018-05-01 $291,451 (17.4%) $366,815 (26.4%) 0.97 312
2018-06-01 $290,000 (17.8%) $369,889 (25.7%) 0.97 333
2018-07-01 $287,475 (15.9%) $365,676 (24.3%) 0.96 353
2018-08-01 $289,500 (18.2%) $374,271 (26.4%) 0.97 353
2018-09-01 $295,000 (18.0%) $364,647 (19.0%) 0.99 375
2018-10-01 $283,221 (13.3%) $355,046 (16.2%) 0.96 387
2018-11-01 $290,959 (16.4%) $365,461 (18.6%) 0.99 364
2018-12-01 $299,950 (15.8%) $364,494 (16.4%) 1.03 335
2019-01-01 $289,900 (12.7%) $357,344 (10.5%) 1.00 305
2019-02-01 $298,450 (10.2%) $366,937 (5.0%) 1.01 296
2019-03-01 $319,979 (10.5%) $377,020 (2.1%) 1.05 292
2019-04-01 $329,979 (10.4%) $379,570 (0.0%) 1.05 294
2019-05-01 $324,800 (11.4%) $369,742 (0.8%) 1.02 308
2019-06-01 $335,000 (15.5%) $377,539 (2.1%) 1.05 346
2019-07-01 $326,125 (13.4%) $378,251 (3.4%) 1.02 340
2019-08-01 $318,564 (10.0%) $372,652 (-0.4%) 1.01 331
2019-09-01 $316,559 (7.3%) $364,032 (-0.2%) 1.01 348
2019-10-01 $317,723 (12.2%) $360,869 (1.6%) 1.03 350
2019-11-01 $322,500 (10.8%) $366,948 (0.4%) 1.06 331
2019-12-01 $319,950 (6.7%) $363,134 (-0.4%) 1.07 306
2020-01-01 $303,700 (4.8%) $363,781 (1.8%) 1.01 269
2020-02-01 $296,750 (-0.6%) $363,870 (-0.8%) 0.97 256
2020-03-01 $334,925 (4.7%) $394,527 (4.6%) 1.05 246
2020-04-01 $338,750 (2.7%) $384,581 (1.3%) 1.06 244
2020-05-01 $345,000 (6.2%) $390,166 (5.5%) 1.05 228
2020-06-01 $360,000 (7.5%) $400,171 (6.0%) 1.06 223
2020-07-01 $386,125 (18.4%) $421,393 (11.4%) 1.12 194
2020-08-01 $385,000 (20.9%) $413,073 (10.9%) 1.10 167
2020-09-01 $375,000 (18.5%) $416,813 (14.5%) 1.07 184
2020-10-01 $342,000 (7.6%) $411,988 (14.2%) 0.98 199
2020-11-01 $349,000 (8.2%) $433,834 (18.2%) 1.02 186
2020-12-01 $342,560 (7.1%) $425,599 (17.2%) 1.02 170
2021-01-01 $349,000 (14.9%) $421,451 (15.9%) 1.04 155
2021-02-01 $335,000 (12.9%) $405,155 (11.4%) 0.98 136
2021-03-01 $346,500 (3.5%) $425,235 (7.8%) 0.98 133
2021-04-01 $347,250 (2.5%) $404,975 (5.3%) 0.94 134
2021-05-01 $337,500 (-2.2%) $395,090 (1.3%) 0.90 150
2021-06-01 $330,000 (-8.3%) $386,061 (-3.5%) 0.87 175
2021-07-01 $355,000 (-8.1%) $414,220 (-1.7%) 0.94 202
2021-08-01 $349,962 (-9.1%) $413,190 (0.0%) 0.93 220
2021-09-01 $369,425 (-1.5%) $412,712 (-1.0%) 0.99 253
2021-10-01 $369,000 (7.9%) $411,716 (-0.1%) 0.98 243
2021-11-01 $381,675 (9.4%) $423,640 (-2.4%) 1.02 242
2021-12-01 $386,187 (12.7%) $433,491 (1.9%) 1.05 220
2022-01-01 $386,449 (10.7%) $426,043 (1.1%) 1.04 174
2022-02-01 $401,938 (20.0%) $462,517 (14.2%) 1.05 157
2022-03-01 $392,838 (13.4%) $472,314 (11.1%) 0.98 152
2022-04-01 $425,000 (22.4%) $498,386 (23.1%) 1.01 159
2022-05-01 $430,000 (27.4%) $483,203 (22.3%) 0.98 193
2022-06-01 $425,000 (28.8%) $499,719 (29.4%) 0.95 216
2022-07-01 $429,950 (21.1%) $487,904 (17.8%) 0.97 281
2022-08-01 $414,475 (18.4%) $472,701 (14.4%) 0.96 313
2022-09-01 $398,950 (8.0%) $464,185 (12.5%) 0.93 319
2022-10-01 $393,850 (6.7%) $448,760 (9.0%) 0.93 307
2022-11-01 $387,000 (1.4%) $438,210 (3.4%) 0.93 321
2022-12-01 $384,500 (-0.4%) $433,182 (-0.1%) 0.95 275
2023-01-01 $370,000 (-4.3%) $429,103 (0.7%) 0.92 237
2023-02-01 $379,725 (-5.5%) $433,252 (-6.3%) 0.92 235
2023-03-01 $384,900 (-2.0%) $487,135 (3.1%) 0.91 214
2023-04-01 $399,000 (-6.1%) $505,787 (1.5%) 0.93 223
2023-05-01 $415,000 (-3.5%) $510,011 (5.6%) 0.94 235
2023-06-01 $406,600 (-4.3%) $505,896 (1.2%) 0.91 252
2023-07-01 $408,950 (-4.9%) $515,666 (5.7%) 0.93 267
2023-08-01 $425,000 (2.5%) $523,630 (10.8%) 0.98 276
2023-09-01 $429,900 (7.8%) $522,680 (12.6%) 1.00 317
2023-10-01 $427,900 (8.7%) $503,521 (12.2%) 1.01 352
2023-11-01 $417,250 (7.8%) $503,273 (14.9%) 0.99 339
2023-12-01 $415,000 (7.9%) $494,709 (14.2%) 1.01 322
2024-01-01 $414,950 (12.2%) $485,674 (13.2%) 1.01 302
Yakima's median listing price for 2024-01-01 was $414,950, a difference of $44,950 (12.2%) versus the prior year and $-50 versus the prior month.

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

Yakima's average listing price for 2024-01-01 was $485,674, a difference of $56,571 (13.2%) versus the prior year and $-9,035 versus the prior month.

For the 2024-01-01 period, Yakima had 302 MLS listings, a difference of -20 listings (-6%) versus the prior month and 65 listings (27%) 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 85 days 1,981 sqft
2018-02-01 75 days 1,982 sqft
2018-03-01 45 days 2,009 sqft
2018-04-01 45 days 2,027 sqft
2018-05-01 40 days 1,965 sqft
2018-06-01 41 days 1,983 sqft
2018-07-01 48 days 1,950 sqft
2018-08-01 51 days 1,975 sqft
2018-09-01 46 days 1,983 sqft
2018-10-01 47 days 1,915 sqft
2018-11-01 58 days 1,985 sqft
2018-12-01 78 days 1,999 sqft
2019-01-01 76 days 1,946 sqft
2019-02-01 66 days 1,990 sqft
2019-03-01 55 days 2,009 sqft
2019-04-01 47 days 2,032 sqft
2019-05-01 39 days 1,988 sqft
2019-06-01 40 days 2,052 sqft
2019-07-01 44 days 2,017 sqft
2019-08-01 50 days 1,985 sqft
2019-09-01 48 days 1,938 sqft
2019-10-01 48 days 1,920 sqft
2019-11-01 53 days 1,986 sqft
2019-12-01 59 days 2,039 sqft
2020-01-01 73 days 1,970 sqft
2020-02-01 57 days 1,961 sqft
2020-03-01 45 days 2,052 sqft
2020-04-01 48 days 2,091 sqft
2020-05-01 51 days 2,064 sqft
2020-06-01 45 days 2,112 sqft
2020-07-01 41 days 2,056 sqft
2020-08-01 39 days 2,116 sqft
2020-09-01 28 days 2,052 sqft
2020-10-01 30 days 1,915 sqft
2020-11-01 43 days 1,905 sqft
2020-12-01 47 days 1,927 sqft
2021-01-01 55 days 1,853 sqft
2021-02-01 32 days 1,820 sqft
2021-03-01 24 days 1,769 sqft
2021-04-01 24 days 1,821 sqft
2021-05-01 21 days 1,770 sqft
2021-06-01 24 days 1,747 sqft
2021-07-01 22 days 1,761 sqft
2021-08-01 23 days 1,756 sqft
2021-09-01 29 days 1,790 sqft
2021-10-01 36 days 1,800 sqft
2021-11-01 35 days 1,834 sqft
2021-12-01 45 days 1,780 sqft
2022-01-01 53 days 1,697 sqft
2022-02-01 61 days 1,792 sqft
2022-03-01 39 days 1,794 sqft
2022-04-01 31 days 1,924 sqft
2022-05-01 25 days 1,975 sqft
2022-06-01 27 days 2,057 sqft
2022-07-01 32 days 2,014 sqft
2022-08-01 39 days 2,014 sqft
2022-09-01 41 days 1,986 sqft
2022-10-01 51 days 1,952 sqft
2022-11-01 50 days 1,941 sqft
2022-12-01 66 days 1,919 sqft
2023-01-01 75 days 1,940 sqft
2023-02-01 61 days 1,900 sqft
2023-03-01 45 days 1,846 sqft
2023-04-01 43 days 1,881 sqft
2023-05-01 40 days 1,907 sqft
2023-06-01 42 days 1,891 sqft
2023-07-01 44 days 1,897 sqft
2023-08-01 41 days 1,934 sqft
2023-09-01 38 days 1,941 sqft
2023-10-01 45 days 1,902 sqft
2023-11-01 51 days 1,881 sqft
2023-12-01 65 days 1,883 sqft
2024-01-01 72 days 1,861 sqft
Yakima's median listing age (time on market) for 2024-01-01 was 72 days. This is -4% shorter than the same period one year ago.

Yakima's median square footage for active listings during the 2024-01-01 period was 1,861 sqft. One year prior, the average listing was 1,940 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).