Altus FHA Loan Rates, Closing Costs & Stats

Altus, 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.

    Altus's 18 lenders originated 41 FHA loans during 2023. The total origination value was $6,535,000, with an average FHA loan value of $159,390.

    Altus FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Altus averaged 0.21% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Altus's average FHA mortgage closing costs are $5,533.

    The average rate for the prior week (2024-11-08) was 6.32% and one month ago for the week of 2024-10-11, the average rate was 6.12%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Altus 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 Altus level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    INTERLINC MORTGAGE SERVICES, LLC 12 6.72% $5,743
    PENNYMAC LOAN SERVICES, LLC 4 6.69% $6,116
    Paramount Residential Mortgage Group, Inc. 3 7.41% $8,133
    Mortgage Research Center, LLC 2 7.06% $3,631
    QUICKEN LOANS, LLC 2 6.24% $5,236
    MID AMERICA MORTGAGE, INC. 2 6.88% $7,389
    First United Bank and Trust Company 2 7.25% $10,925
    MLD MORTGAGE INC. 1 7.13% $15,138
    Northpointe Bank 1 7.25% $6,272
    UNION SQUARE 1 6.13% $6,556
    Arvest Bank 1 7.25% $5,532
    U.S. Bank 1 7.25% $4,814
    Chickasaw Community Bank 1 7.50% $16,758
    First National Bank and Trust Company 1 6.13% $6,319
    F & M Bank 1 6.88% $8,066
    Gateway First Bank 1 6.75% $8,069
    HOMESIDE FINANCIAL, LLC 1 7.62% $11,768
    LEGEND LENDING CORPORATION 1 6.63% $13,649

    The top Altus FHA lender as defined by loan originations is INTERLINC MORTGAGE SERVICES, LLC, with 12 FHA loans originated. Their average total fees are $5,743, which is $373 lower than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

    The lowest fee Altus FHA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC ($5,743), .

    The lowest rate Altus FHA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC (6.72%), .

    Altus FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Altus (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 $120,000 (-10.9%) $129,086 (-11.3%) 0.00 141
    2018-02-01 $128,000 (-5.2%) $132,090 (-8.3%) 0.00 141
    2018-03-01 $132,500 (-5.0%) $135,664 (-6.1%) 0.00 143
    2018-04-01 $141,375 (1.0%) $141,690 (-1.0%) 0.00 168
    2018-05-01 $145,875 (6.3%) $143,454 (0.4%) 0.00 190
    2018-06-01 $139,950 (-1.8%) $141,600 (-1.9%) 0.00 199
    2018-07-01 $139,675 (-2.0%) $140,440 (-1.8%) 0.00 208
    2018-08-01 $141,200 (0.0%) $141,792 (-0.8%) 0.00 217
    2018-09-01 $145,500 (7.8%) $145,763 (5.1%) 0.00 207
    2018-10-01 $148,300 (9.9%) $152,288 (10.6%) 0.00 209
    2018-11-01 $145,500 (17.6%) $149,755 (13.5%) 0.00 204
    2018-12-01 $142,000 (15.9%) $146,279 (13.2%) 0.00 203
    2019-01-01 $139,625 (16.4%) $145,219 (12.5%) 0.00 185
    2019-02-01 $137,675 (7.6%) $144,090 (9.1%) 0.00 176
    2019-03-01 $136,714 (3.2%) $145,193 (7.0%) 0.00 166
    2019-04-01 $135,000 (-4.5%) $145,340 (2.6%) 0.00 151
    2019-05-01 $132,650 (-9.1%) $147,963 (3.1%) 0.00 156
    2019-06-01 $137,900 (-1.5%) $151,684 (7.1%) 0.00 147
    2019-07-01 $137,350 (-1.7%) $153,908 (9.6%) 0.00 128
    2019-08-01 $135,817 (-3.8%) $150,895 (6.4%) 0.00 127
    2019-09-01 $132,542 (-8.9%) $145,865 (0.1%) 0.00 132
    2019-10-01 $129,993 (-12.3%) $141,708 (-7.0%) 0.00 134
    2019-11-01 $124,900 (-14.2%) $137,841 (-8.0%) 0.00 119
    2019-12-01 $124,250 (-12.5%) $138,787 (-5.1%) 0.00 117
    2020-01-01 $113,500 (-18.7%) $135,723 (-6.5%) 0.00 115
    2020-02-01 $99,000 (-28.1%) $126,674 (-12.1%) 0.00 107
    2020-03-01 $118,225 (-13.5%) $138,711 (-4.5%) 0.00 101
    2020-04-01 $127,725 (-5.4%) $140,690 (-3.2%) 0.00 98
    2020-05-01 $134,900 (1.7%) $148,664 (0.5%) 0.00 91
    2020-06-01 $125,500 (-9.0%) $141,696 (-6.6%) 0.00 77
    2020-07-01 $127,250 (-7.4%) $143,333 (-6.9%) 0.00 67
    2020-08-01 $144,500 (6.4%) $153,329 (1.6%) 0.00 61
    2020-09-01 $144,850 (9.3%) $151,924 (4.2%) 0.00 65
    2020-10-01 $149,000 (14.6%) $148,203 (4.6%) 0.00 62
    2020-11-01 $118,750 (-4.9%) $139,641 (1.3%) 0.00 54
    2020-12-01 $129,625 (4.3%) $148,288 (6.9%) 0.00 49
    2021-01-01 $125,000 (10.1%) $146,417 (7.9%) 0.00 38
    2021-02-01 $99,750 (0.8%) $131,907 (4.1%) 0.00 43
    2021-03-01 $121,125 (2.5%) $162,585 (17.2%) 0.00 36
    2021-04-01 $119,950 (-6.1%) $165,249 (17.5%) 0.00 30
    2021-05-01 $137,900 (2.2%) $200,344 (34.8%) 0.00 32
    2021-06-01 $166,850 (33.0%) $174,453 (23.1%) 0.00 30
    2021-07-01 $139,500 (9.6%) $157,690 (10.0%) 0.00 25
    2021-08-01 $159,000 (10.0%) $173,696 (13.3%) 0.00 32
    2021-09-01 $148,000 (2.2%) $164,857 (8.5%) 0.00 32
    2021-10-01 $139,900 (-6.1%) $163,477 (10.3%) 0.00 39
    2021-11-01 $175,200 (47.5%) $172,563 (23.6%) 0.00 41
    2021-12-01 $180,975 (39.6%) $173,304 (16.9%) 0.00 36
    2022-01-01 $135,000 (8.0%) $161,226 (10.1%) 0.00 30
    2022-02-01 $144,500 (44.9%) $163,890 (24.3%) 0.00 26
    2022-03-01 $146,250 (20.7%) $162,059 (-0.3%) 0.00 21
    2022-04-01 $166,000 (38.4%) $182,761 (10.6%) 0.00 20
    2022-05-01 $160,000 (16.0%) $169,153 (-15.6%) 0.00 27
    2022-06-01 $163,125 (-2.2%) $171,125 (-1.9%) 0.00 38
    2022-07-01 $155,000 (11.1%) $174,579 (10.7%) 0.00 42
    2022-08-01 $164,950 (3.7%) $175,426 (1.0%) 0.00 42
    2022-09-01 $173,756 (17.4%) $184,392 (11.9%) 0.00 38
    2022-10-01 $177,000 (26.5%) $181,705 (11.2%) 0.00 44
    2022-11-01 $179,000 (2.2%) $182,891 (6.0%) 0.00 44
    2022-12-01 $162,000 (-10.5%) $181,385 (4.7%) 0.00 45
    2023-01-01 $149,500 (10.7%) $171,759 (6.5%) 0.00 45
    2023-02-01 $117,500 (-18.7%) $177,307 (8.2%) 0.00 48
    2023-03-01 $156,125 (6.8%) $191,608 (18.2%) 0.00 51
    2023-04-01 $175,000 (5.4%) $211,349 (15.6%) 0.00 59
    2023-05-01 $206,175 (28.9%) $220,867 (30.6%) 0.00 52
    2023-06-01 $213,225 (30.7%) $227,709 (33.1%) 0.00 67
    2023-07-01 $205,000 (32.3%) $229,706 (31.6%) 0.00 62
    2023-08-01 $172,500 (4.6%) $224,719 (28.1%) 0.00 65
    2023-09-01 $160,000 (-7.9%) $224,584 (21.8%) 0.00 68
    2023-10-01 $167,200 (-5.5%) $228,249 (25.6%) 0.00 65
    2023-11-01 $178,725 (-0.2%) $233,521 (27.7%) 0.00 64
    2023-12-01 $199,000 (22.8%) $248,823 (37.2%) 0.00 60
    2024-01-01 $210,000 (40.5%) $260,057 (51.4%) 0.00 58
    2024-02-01 $204,700 (74.2%) $254,848 (43.7%) 0.00 58
    2024-03-01 $205,000 (31.3%) $249,132 (30.0%) 0.00 58
    2024-04-01 $242,000 (38.3%) $256,685 (21.5%) 0.00 60
    2024-05-01 $259,750 (26.0%) $273,039 (23.6%) 0.00 76
    2024-06-01 $250,000 (17.3%) $258,486 (13.5%) 0.00 77
    2024-07-01 $228,700 (11.6%) $243,275 (5.9%) 0.00 86
    2024-08-01 $221,500 (28.4%) $247,010 (9.9%) 0.00 84
    2024-09-01 $221,125 (38.2%) $251,479 (12.0%) 0.00 92
    2024-10-01 $219,800 (31.5%) $239,779 (5.1%) 0.00 97
    Altus's median listing price for 2024-10-01 was $219,800, a difference of $52,600 (31.5%) versus the prior year and $-1,325 versus the prior month.

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

    Altus's average listing price for 2024-10-01 was $239,779, a difference of $11,530 (5.1%) versus the prior year and $-11,700 versus the prior month.

    For the 2024-10-01 period, Altus had 97 MLS listings, a difference of 5 listings (5%) versus the prior month and 32 listings (49%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Altus (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,616 sqft
    2018-02-01 0 days 1,666 sqft
    2018-03-01 0 days 1,676 sqft
    2018-04-01 0 days 1,748 sqft
    2018-05-01 0 days 1,775 sqft
    2018-06-01 0 days 1,764 sqft
    2018-07-01 0 days 1,750 sqft
    2018-08-01 0 days 1,748 sqft
    2018-09-01 0 days 1,797 sqft
    2018-10-01 0 days 1,804 sqft
    2018-11-01 0 days 1,796 sqft
    2018-12-01 0 days 1,748 sqft
    2019-01-01 0 days 1,752 sqft
    2019-02-01 0 days 1,738 sqft
    2019-03-01 0 days 1,731 sqft
    2019-04-01 0 days 1,714 sqft
    2019-05-01 0 days 1,690 sqft
    2019-06-01 0 days 1,750 sqft
    2019-07-01 0 days 1,809 sqft
    2019-08-01 0 days 1,780 sqft
    2019-09-01 0 days 1,746 sqft
    2019-10-01 0 days 1,699 sqft
    2019-11-01 0 days 1,650 sqft
    2019-12-01 0 days 1,651 sqft
    2020-01-01 0 days 1,645 sqft
    2020-02-01 0 days 1,551 sqft
    2020-03-01 0 days 1,672 sqft
    2020-04-01 0 days 1,689 sqft
    2020-05-01 0 days 1,800 sqft
    2020-06-01 0 days 1,703 sqft
    2020-07-01 0 days 1,667 sqft
    2020-08-01 0 days 1,845 sqft
    2020-09-01 0 days 1,811 sqft
    2020-10-01 0 days 1,821 sqft
    2020-11-01 0 days 1,756 sqft
    2020-12-01 0 days 1,800 sqft
    2021-01-01 0 days 1,803 sqft
    2021-02-01 0 days 1,685 sqft
    2021-03-01 0 days 1,814 sqft
    2021-04-01 0 days 1,808 sqft
    2021-05-01 0 days 1,815 sqft
    2021-06-01 0 days 1,787 sqft
    2021-07-01 0 days 1,803 sqft
    2021-08-01 0 days 1,955 sqft
    2021-09-01 0 days 1,858 sqft
    2021-10-01 0 days 1,780 sqft
    2021-11-01 0 days 1,836 sqft
    2021-12-01 0 days 1,837 sqft
    2022-01-01 0 days 1,696 sqft
    2022-02-01 0 days 1,725 sqft
    2022-03-01 0 days 1,572 sqft
    2022-04-01 0 days 1,638 sqft
    2022-05-01 0 days 1,707 sqft
    2022-06-01 0 days 1,699 sqft
    2022-07-01 0 days 1,694 sqft
    2022-08-01 0 days 1,704 sqft
    2022-09-01 0 days 1,826 sqft
    2022-10-01 0 days 1,858 sqft
    2022-11-01 0 days 1,822 sqft
    2022-12-01 0 days 1,871 sqft
    2023-01-01 0 days 1,720 sqft
    2023-02-01 0 days 1,759 sqft
    2023-03-01 0 days 1,839 sqft
    2023-04-01 0 days 1,833 sqft
    2023-05-01 0 days 1,985 sqft
    2023-06-01 0 days 1,956 sqft
    2023-07-01 0 days 1,813 sqft
    2023-08-01 0 days 1,704 sqft
    2023-09-01 0 days 1,700 sqft
    2023-10-01 0 days 1,703 sqft
    2023-11-01 0 days 1,670 sqft
    2023-12-01 0 days 1,746 sqft
    2024-01-01 0 days 1,797 sqft
    2024-02-01 0 days 1,831 sqft
    2024-03-01 0 days 1,833 sqft
    2024-04-01 0 days 1,887 sqft
    2024-05-01 0 days 1,969 sqft
    2024-06-01 0 days 1,888 sqft
    2024-07-01 0 days 1,886 sqft
    2024-08-01 0 days 1,811 sqft
    2024-09-01 0 days 1,958 sqft
    2024-10-01 0 days 1,881 sqft
    Altus's median listing age (time on market) for 2024-10-01 was 0 days.

    Altus's median square footage for active listings during the 2024-10-01 period was 1,881 sqft. One year prior, the average listing was 1,703 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).