Ada FHA Loan Rates, Closing Costs & Stats

Ada, OK

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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.

    Ada's 29 lenders originated 102 FHA loans during 2023. The total origination value was $19,490,000, with an average FHA loan value of $191,078.

    Ada FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ada averaged 6.98% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Ada's average FHA mortgage closing costs are $6,352.

    The average rate for the prior week (2024-04-12) was 6.87% and one month ago for the week of 2024-03-15, the average rate was 6.44%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Ada 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 Ada level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Chickasaw Community Bank 17 6.41% $8,088
    Gateway First Bank 15 6.83% $8,302
    QUICKEN LOANS, LLC 12 6.45% $10,219
    First United Bank and Trust Company 11 6.83% $9,082
    UNITED WHOLESALE MORTGAGE, LLC 6 6.45% $9,980
    PLAZA HOME MORTGAGE, INC. 4 6.63% $7,688
    FREEDOM MORTGAGE CORPORATION 4 7.13% $11,941
    LOANDEPOT.COM, LLC 3 5.96% $9,747
    FirstBank 1 5.63% $8,358
    FLAT BRANCH MORTGAGE, INC. 1 6.75% $5,996
    GUILD MORTGAGE COMPANY 1 7.13% $9,457
    INTERLINC MORTGAGE SERVICES, LLC 1 6.13% $15,448
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $13,378
    MID AMERICA MORTGAGE, INC. 1 6.75% $5,209
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $9,044
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $10,612
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $5,297
    Servion, Inc. 1 6.00% $6,282
    UNION HOME MORTGAGE CORP. 1 7.63% $7,536
    Waterstone Mortgage Corporation 1 6.00% $7,676
    AMCAP MORTGAGE, LTD. 1 6.75% $6,236
    ZILLOW HOME LOANS, LLC 1 6.75% $8,222
    AmeriHome Mortgage Company, LLC 1 6.13% $5,893
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,121
    BETTER MORTGAGE CORPORATION 1 6.25% $13,784
    Century Mortgage Company DBA Century Lending Company 1 7.50% $15,470
    CORNERSTONE HOME LENDING, INC. 1 6.13% $10,212
    DAS Acquisition Company, LLC 1 6.12% $11,794
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $4,475

    The top Ada FHA lender as defined by loan originations is Chickasaw Community Bank, with 17 FHA loans originated. Their average total fees are $8,088, which is $214 lower than the next largest lender, Gateway First Bank.

    The lowest fee Ada FHA lenders (with over 10 loans originated) are Chickasaw Community Bank ($8,088), Gateway First Bank ($8,302), First United Bank and Trust Company ($9,082), QUICKEN LOANS, LLC ($10,219) and .

    The lowest rate Ada FHA lenders (with over 10 loans originated) are Chickasaw Community Bank (6.41%), QUICKEN LOANS, LLC (6.45%), First United Bank and Trust Company (6.83%), Gateway First Bank (6.83%) and .

    Ada FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ADA, OK PONTOTOC 2022 $420,680 $538,650 $651,050 $809,150
    ADA, OK PONTOTOC 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ada (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 $158,900 (10.7%) $203,975 (9.5%) 0.00 146
    2018-02-01 $151,000 (10.5%) $201,861 (18.6%) 0.00 141
    2018-03-01 $154,500 (5.0%) $199,552 (16.0%) 0.00 150
    2018-04-01 $152,450 (-1.7%) $196,581 (10.5%) 0.00 163
    2018-05-01 $152,425 (-3.5%) $187,886 (3.6%) 0.00 169
    2018-06-01 $154,500 (-7.8%) $184,424 (-1.8%) 0.00 181
    2018-07-01 $154,875 (0.0%) $184,877 (0.4%) 0.00 202
    2018-08-01 $149,975 (-0.4%) $178,496 (-3.3%) 0.00 212
    2018-09-01 $150,000 (1.4%) $178,718 (-4.0%) 0.00 212
    2018-10-01 $149,500 (-7.8%) $173,460 (-14.8%) 0.00 209
    2018-11-01 $144,950 (-6.5%) $168,703 (-14.7%) 0.00 195
    2018-12-01 $144,900 (-6.5%) $170,466 (-16.8%) 0.00 166
    2019-01-01 $142,200 (-10.5%) $171,727 (-15.8%) 0.00 150
    2019-02-01 $136,650 (-9.5%) $175,502 (-13.1%) 0.00 133
    2019-03-01 $141,471 (-8.4%) $182,279 (-8.7%) 0.00 132
    2019-04-01 $149,450 (-2.0%) $192,885 (-1.9%) 0.00 139
    2019-05-01 $150,000 (-1.6%) $192,848 (2.6%) 0.00 148
    2019-06-01 $154,950 (0.3%) $199,214 (8.0%) 0.00 152
    2019-07-01 $169,000 (9.1%) $199,320 (7.8%) 0.00 160
    2019-08-01 $161,382 (7.6%) $192,658 (7.9%) 0.00 155
    2019-09-01 $156,105 (4.1%) $186,407 (4.3%) 0.00 147
    2019-10-01 $152,586 (2.1%) $181,873 (4.9%) 0.00 140
    2019-11-01 $157,500 (8.7%) $181,011 (7.3%) 0.00 136
    2019-12-01 $138,150 (-4.7%) $168,453 (-1.2%) 0.00 143
    2020-01-01 $133,975 (-5.8%) $168,585 (-1.8%) 0.00 140
    2020-02-01 $129,500 (-5.2%) $168,129 (-4.2%) 0.00 134
    2020-03-01 $115,475 (-18.4%) $147,165 (-19.3%) 0.00 137
    2020-04-01 $124,125 (-17.0%) $154,464 (-19.9%) 0.00 133
    2020-05-01 $120,000 (-20.0%) $155,903 (-19.2%) 0.00 98
    2020-06-01 $118,750 (-23.4%) $146,475 (-26.5%) 0.00 108
    2020-07-01 $99,675 (-41.0%) $146,421 (-26.5%) 0.00 108
    2020-08-01 $109,900 (-31.9%) $145,684 (-24.4%) 0.00 100
    2020-09-01 $113,250 (-27.5%) $151,053 (-19.0%) 0.00 92
    2020-10-01 $114,500 (-25.0%) $160,456 (-11.8%) 0.00 103
    2020-11-01 $107,000 (-32.1%) $156,799 (-13.4%) 0.00 100
    2020-12-01 $120,600 (-12.7%) $166,478 (-1.2%) 0.00 93
    2021-01-01 $109,900 (-18.0%) $163,146 (-3.2%) 0.00 79
    2021-02-01 $104,675 (-19.2%) $178,922 (6.4%) 0.00 69
    2021-03-01 $97,200 (-15.8%) $179,707 (22.1%) 0.00 55
    2021-04-01 $106,075 (-14.5%) $209,493 (35.6%) 0.00 45
    2021-05-01 $123,500 (2.9%) $200,982 (28.9%) 0.00 41
    2021-06-01 $157,175 (32.4%) $222,798 (52.1%) 0.00 51
    2021-07-01 $172,400 (73.0%) $238,274 (62.7%) 0.00 60
    2021-08-01 $189,875 (72.8%) $245,368 (68.4%) 0.00 79
    2021-09-01 $199,925 (76.5%) $256,499 (69.8%) 0.00 84
    2021-10-01 $215,000 (87.8%) $270,231 (68.4%) 0.00 75
    2021-11-01 $215,000 (100.9%) $279,046 (78.0%) 0.00 62
    2021-12-01 $232,000 (92.4%) $358,250 (115.2%) 0.00 57
    2022-01-01 $219,400 (99.6%) $371,947 (128.0%) 0.00 55
    2022-02-01 $194,823 (86.1%) $360,056 (101.2%) 0.00 50
    2022-03-01 $179,450 (84.6%) $357,106 (98.7%) 0.00 46
    2022-04-01 $240,000 (126.3%) $370,931 (77.1%) 0.00 53
    2022-05-01 $244,475 (98.0%) $395,362 (96.7%) 0.00 59
    2022-06-01 $244,500 (55.6%) $371,933 (66.9%) 0.00 64
    2022-07-01 $260,000 (50.8%) $351,431 (47.5%) 0.00 60
    2022-08-01 $247,250 (30.2%) $348,438 (42.0%) 0.00 66
    2022-09-01 $251,950 (26.0%) $330,415 (28.8%) 0.00 69
    2022-10-01 $235,000 (9.3%) $321,263 (18.9%) 0.00 74
    2022-11-01 $236,200 (9.9%) $327,475 (17.4%) 0.00 88
    2022-12-01 $246,500 (6.3%) $403,449 (12.6%) 0.00 88
    2023-01-01 $227,600 (3.7%) $362,904 (-2.4%) 0.00 87
    2023-02-01 $259,500 (33.2%) $308,875 (-14.2%) 0.00 71
    2023-03-01 $247,000 (37.6%) $283,473 (-20.6%) 0.00 68
    2023-04-01 $249,500 (4.0%) $355,674 (-4.1%) 0.00 68
    2023-05-01 $265,000 (8.4%) $373,256 (-5.6%) 0.00 80
    2023-06-01 $256,725 (5.0%) $373,569 (0.4%) 0.00 79
    2023-07-01 $269,900 (3.8%) $392,444 (11.7%) 0.00 73
    2023-08-01 $209,250 (-15.4%) $335,288 (-3.8%) 0.00 91
    2023-09-01 $203,450 (-19.3%) $325,171 (-1.6%) 0.00 100
    2023-10-01 $201,225 (-14.4%) $267,308 (-16.8%) 0.00 92
    2023-11-01 $218,000 (-7.7%) $272,517 (-16.8%) 0.00 98
    2023-12-01 $222,450 (-9.8%) $291,199 (-27.8%) 0.00 94
    2024-01-01 $213,000 (-6.4%) $301,593 (-16.9%) 0.00 83
    2024-02-01 $228,450 (-12.0%) $316,200 (2.4%) 0.00 79
    2024-03-01 $226,000 (-8.5%) $335,642 (18.4%) 0.00 81
    Ada's median listing price for 2024-03-01 was $226,000, a difference of $-21,000 (-8.5%) versus the prior year and $-2,450 versus the prior month.

    Ada's median listing price comes in at 0% of the national average.

    Ada's average listing price for 2024-03-01 was $335,642, a difference of $52,169 (18.4%) versus the prior year and $19,442 versus the prior month.

    For the 2024-03-01 period, Ada had 81 MLS listings, a difference of 2 listings (3%) versus the prior month and 13 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ada (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,745 sqft
    2018-02-01 0 days 1,660 sqft
    2018-03-01 0 days 1,669 sqft
    2018-04-01 0 days 1,708 sqft
    2018-05-01 0 days 1,724 sqft
    2018-06-01 0 days 1,750 sqft
    2018-07-01 0 days 1,819 sqft
    2018-08-01 0 days 1,794 sqft
    2018-09-01 0 days 1,794 sqft
    2018-10-01 0 days 1,759 sqft
    2018-11-01 0 days 1,767 sqft
    2018-12-01 0 days 1,809 sqft
    2019-01-01 0 days 1,791 sqft
    2019-02-01 0 days 1,804 sqft
    2019-03-01 0 days 1,819 sqft
    2019-04-01 0 days 1,832 sqft
    2019-05-01 0 days 1,819 sqft
    2019-06-01 0 days 1,826 sqft
    2019-07-01 0 days 1,868 sqft
    2019-08-01 0 days 1,827 sqft
    2019-09-01 0 days 1,764 sqft
    2019-10-01 0 days 1,716 sqft
    2019-11-01 0 days 1,773 sqft
    2019-12-01 0 days 1,706 sqft
    2020-01-01 0 days 1,697 sqft
    2020-02-01 0 days 1,702 sqft
    2020-03-01 0 days 1,620 sqft
    2020-04-01 0 days 1,651 sqft
    2020-05-01 0 days 1,584 sqft
    2020-06-01 0 days 1,523 sqft
    2020-07-01 0 days 1,530 sqft
    2020-08-01 0 days 1,520 sqft
    2020-09-01 0 days 1,558 sqft
    2020-10-01 0 days 1,504 sqft
    2020-11-01 0 days 1,462 sqft
    2020-12-01 0 days 1,635 sqft
    2021-01-01 0 days 1,388 sqft
    2021-02-01 0 days 1,436 sqft
    2021-03-01 0 days 1,419 sqft
    2021-04-01 0 days 1,328 sqft
    2021-05-01 0 days 1,554 sqft
    2021-06-01 0 days 1,670 sqft
    2021-07-01 0 days 1,669 sqft
    2021-08-01 0 days 1,751 sqft
    2021-09-01 0 days 1,769 sqft
    2021-10-01 0 days 1,773 sqft
    2021-11-01 0 days 1,789 sqft
    2021-12-01 0 days 1,873 sqft
    2022-01-01 0 days 1,754 sqft
    2022-02-01 0 days 1,610 sqft
    2022-03-01 0 days 1,661 sqft
    2022-04-01 0 days 1,839 sqft
    2022-05-01 0 days 1,980 sqft
    2022-06-01 0 days 1,916 sqft
    2022-07-01 0 days 1,792 sqft
    2022-08-01 0 days 1,914 sqft
    2022-09-01 0 days 1,914 sqft
    2022-10-01 0 days 1,816 sqft
    2022-11-01 0 days 1,854 sqft
    2022-12-01 0 days 1,848 sqft
    2023-01-01 0 days 1,806 sqft
    2023-02-01 0 days 1,905 sqft
    2023-03-01 0 days 1,850 sqft
    2023-04-01 0 days 1,840 sqft
    2023-05-01 0 days 1,986 sqft
    2023-06-01 0 days 1,928 sqft
    2023-07-01 0 days 2,050 sqft
    2023-08-01 0 days 1,883 sqft
    2023-09-01 0 days 1,855 sqft
    2023-10-01 0 days 1,885 sqft
    2023-11-01 0 days 1,857 sqft
    2023-12-01 0 days 1,794 sqft
    2024-01-01 0 days 1,744 sqft
    2024-02-01 0 days 1,644 sqft
    2024-03-01 0 days 1,758 sqft
    Ada's median listing age (time on market) for 2024-03-01 was 0 days.

    Ada's median square footage for active listings during the 2024-03-01 period was 1,758 sqft. One year prior, the average listing was 1,850 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).