Yakima FHA Loan Rates, Closing Costs & Stats

YAKIMA, 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.

    Yakima's 72 lenders originated 604 FHA loans during 2023. The total origination value was $179,710,000, with an average FHA loan value of $297,533.

    Yakima FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Yakima averaged 6.84% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Yakima's average FHA mortgage closing costs are $9,839.

    The average rate for the prior week (2024-04-12) was 6.83% and one month ago for the week of 2024-03-15, the average rate was 6.6%.

    The average rate one year ago was 6.63%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.94%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    AMERICAN PACIFIC MORTGAGE CORPORATION 83 7.14% $14,388
    QUICKEN LOANS, LLC 48 6.16% $13,809
    CMG MORTGAGE, INC. 38 6.49% $15,467
    BROKER SOLUTIONS, INC. 35 7.10% $14,135
    SUMMIT FUNDING, INC. 26 7.02% $14,314
    UNITED WHOLESALE MORTGAGE, LLC 20 5.91% $14,966
    CROSSCOUNTRY MORTGAGE, LLC 19 6.98% $13,674
    ENVOY MORTGAGE, LTD 14 7.05% $16,265
    ACADEMY MORTGAGE CORPORATION 14 6.65% $14,087
    Wheatland Bank 13 6.42% $12,141
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 6.44% $14,239
    HOMESIDE FINANCIAL, LLC 11 6.07% $14,737
    CHURCHILL MORTGAGE CORPORATION 11 6.25% $15,381
    MUTUAL OF OMAHA MORTGAGE, INC. 10 6.51% $14,680
    PENNYMAC LOAN SERVICES, LLC 9 6.14% $12,807
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 6.86% $13,154
    CARDINAL FINANCIAL 9 6.75% $14,852
    LOANDEPOT.COM, LLC 8 6.17% $15,202
    Lakeview Community Capital, LLC 8 6.14% $10,794
    FREEDOM MORTGAGE CORPORATION 6 6.88% $11,795
    U.S. Bank 5 6.65% $10,183
    Cornerstone First Mortgage, Inc 5 6.43% $14,722
    CORNERSTONE HOME LENDING, INC. 5 6.73% $13,740
    BAY EQUITY LLC 5 7.10% $14,906
    Carrington Mortgage Services, LLC 4 6.72% $11,197
    Flagstar Bank, FSB 4 6.53% $11,593
    AMERICAN FINANCIAL NETWORK, INC. 4 6.28% $12,883
    KeyBank 4 6.22% $9,529
    AMERISAVE MORTGAGE CORPORATION 4 5.88% $15,028
    NEWREZ LLC 4 6.25% $14,535
    PLANET HOME LENDING, LLC 4 5.66% $11,283
    Wells Fargo Bank 3 6.79% $11,225
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 7.25% $18,406
    GUILD MORTGAGE COMPANY 3 6.33% $10,399
    Banner Bank 3 5.67% $12,589
    MOVEMENT MORTGAGE, LLC 3 7.17% $12,361
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $14,332
    Mr. Cooper ( Nationstar Mortgage ) 2 6.44% $15,863
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.13% $12,201
    VERITAS FUNDING, LLC 2 6.19% $16,674
    Loan Simple, Inc. 2 6.12% $12,721
    CALCON MUTUAL MORTGAGE LLC 2 6.81% $15,012
    CANOPY MORTGAGE, LLC 2 6.25% $13,975
    WASHINGTON STATE EMPLOYEES Credit Union 2 5.44% $6,798
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $9,843
    JPMorgan Chase Bank 2 6.62% $9,887
    Equity Prime Mortgage LLC 2 6.50% $15,525
    ZILLOW HOME LOANS, LLC 1 7.13% $11,927
    AMCAP MORTGAGE, LTD. 1 7.63% $10,226
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.12% $12,537
    BAY-VALLEY MORTGAGE GROUP 1 5.75% $16,853
    CLIFFCO, INC. 1 7.75% $9,113
    GENEVA FINANCIAL, LLC 1 6.75% $16,969
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.63% $17,090
    HomeStreet Bank 1 6.13% $12,160
    Ixonia Bank 1 6.25% $18,194
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $13,390
    LOANPAL, LLC 1 5.38% $8,858
    MANN FINANCIAL INC. 1 7.13% $15,009
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $3,176
    MID AMERICA MORTGAGE, INC. 1 7.25% $5,252
    M&T Bank 1 6.75% $7,871
    Nations Lending Corporation 1 6.50% $23,670
    Paramount Residential Mortgage Group, Inc. 1 5.75% $14,641
    Plains Commerce Bank 1 5.75% $15,591
    SIRVA MORTGAGE, INC. 1 7.25% $10,244
    SUN WEST MORTGAGE COMPANY, INC. 1 6.68% $12,375
    The Federal Savings Bank 1 7.00% $23,753
    TOP FLITE FINANCIAL, INC. 1 7.00% $10,565
    Umpqua Bank 1 7.50% $6,984
    VILLAGE CAPITAL MORTGAGE 1 4.75% $10,055
    1st Security Bank of Washington 1 5.63% $17,063

    The top Yakima FHA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with 83 FHA loans originated. Their average total fees are $14,388, which is $580 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Yakima FHA lenders (with over 10 loans originated) are Wheatland Bank ($12,141), CROSSCOUNTRY MORTGAGE, LLC ($13,674), QUICKEN LOANS, LLC ($13,809), ACADEMY MORTGAGE CORPORATION ($14,087) and BROKER SOLUTIONS, INC. ($14,135).

    The lowest rate Yakima FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.91%), HOMESIDE FINANCIAL, LLC (6.07%), QUICKEN LOANS, LLC (6.16%), CHURCHILL MORTGAGE CORPORATION (6.25%) and Wheatland Bank (6.42%).

    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
    2024-02-01 $409,725 (7.9%) $474,843 (9.6%) 0.99 270
    2024-03-01 $415,000 (7.8%) $465,180 (-4.5%) 0.98 275
    Yakima's median listing price for 2024-03-01 was $415,000, a difference of $30,100 (7.8%) versus the prior year and $5,275 versus the prior month.

    Yakima's median listing price comes in at 98% of the national average.

    Yakima's average listing price for 2024-03-01 was $465,180, a difference of $-21,955 (-4.5%) versus the prior year and $-9,663 versus the prior month.

    For the 2024-03-01 period, Yakima had 275 MLS listings, a difference of 5 listings (2%) versus the prior month and 61 listings (29%) 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
    2024-02-01 81 days 1,777 sqft
    2024-03-01 63 days 1,789 sqft
    Yakima's median listing age (time on market) for 2024-03-01 was 63 days. This is 39% longer than the same period one year ago.

    Yakima's median square footage for active listings during the 2024-03-01 period was 1,789 sqft. One year prior, the average listing was 1,846 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).