Ardmore FHA Loan Rates, Closing Costs & Stats

Ardmore, OK

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.

Ardmore's 40 lenders originated 175 FHA loans during 2023. The total origination value was $32,705,000, with an average FHA loan value of $186,886.

Ardmore FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Ardmore averaged 6.54% for the week of 2024-07-12, compared to the national average (all FHA variants) of 6.655% for the same period.

Ardmore's average FHA mortgage closing costs are $6,646.

The average rate for the prior week (2024-07-05) was 6.61% and one month ago for the week of 2024-06-07, the average rate was 6.58%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.46%.

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

Ardmore 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 Ardmore level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
ASSOCIATED MORTGAGE CORPORATION 20 6.67% $9,990
QUICKEN LOANS, LLC 15 6.46% $11,325
NEWREZ LLC 12 6.83% $6,638
Chickasaw Community Bank 11 6.83% $8,072
First United Bank and Trust Company 11 7.23% $8,972
Gateway First Bank 8 6.92% $8,499
PLAZA HOME MORTGAGE, INC. 6 6.23% $11,045
GUILD MORTGAGE COMPANY 6 7.00% $8,518
TOWNE MORTGAGE COMPANY 6 7.31% $7,618
Mortgage Research Center, LLC 4 6.66% $5,959
LOANDEPOT.COM, LLC 4 5.75% $12,460
MID AMERICA MORTGAGE, INC. 4 6.72% $3,490
FREEDOM MORTGAGE CORPORATION 3 6.75% $9,100
PENNYMAC LOAN SERVICES, LLC 3 6.33% $8,357
NATIONS DIRECT MORTGAGE, LLC 3 6.33% $9,523
CROSSCOUNTRY MORTGAGE, LLC 3 6.75% $13,406
UNITED WHOLESALE MORTGAGE, LLC 3 6.50% $11,306
AmeriHome Mortgage Company, LLC 2 6.13% $8,891
BancFirst 2 6.56% $6,558
Carrington Mortgage Services, LLC 2 6.63% $16,392
Flagstar Bank, FSB 2 7.19% $8,195
F & M Bank 2 6.50% $8,745
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $15,191
POLARIS HOME FUNDING CORP. 2 7.19% $11,367
RESIDENTIAL BANCORP 2 6.75% $10,941
M&T Bank 1 5.75% $8,265
CARDINAL FINANCIAL 1 6.75% $8,845
MYCUMORTGAGE, LLC 1 7.63% $10,990
GUARANTEED RATE, INC. 1 7.75% $7,435
FLAT BRANCH MORTGAGE, INC. 1 7.63% $4,233
CORNERSTONE HOME LENDING, INC. 1 7.25% $10,552
COMMUNICATION 1 7.13% $7,320
United Fidelity Funding Corp. 1 7.63% $12,713
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $6,357
CMG MORTGAGE, INC. 1 6.75% $7,326
BROKER SOLUTIONS, INC. 1 6.25% $10,684
THE MORTGAGE LINK, INC. 1 8.75% $7,261
LOANPAL, LLC 1 6.38% $9,667
Ixonia Bank 1 6.99% $7,683
INTERLINC MORTGAGE SERVICES, LLC 1 7.12% $10,259

The top Ardmore FHA lender as defined by loan originations is ASSOCIATED MORTGAGE CORPORATION, with 20 FHA loans originated. Their average total fees are $9,990, which is $1,335 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Ardmore FHA lenders (with over 10 loans originated) are NEWREZ LLC ($6,638), Chickasaw Community Bank ($8,072), First United Bank and Trust Company ($8,972), ASSOCIATED MORTGAGE CORPORATION ($9,990) and QUICKEN LOANS, LLC ($11,325).

The lowest rate Ardmore FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.46%), ASSOCIATED MORTGAGE CORPORATION (6.67%), Chickasaw Community Bank (6.83%), NEWREZ LLC (6.83%) and First United Bank and Trust Company (7.23%).

Ardmore FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Ardmore (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 $165,000 (3.1%) $255,808 (15.3%) 0.00 335
2018-02-01 $159,950 (-3.1%) $247,989 (13.2%) 0.00 339
2018-03-01 $168,200 (-1.0%) $207,777 (-6.5%) 0.00 331
2018-04-01 $169,900 (0.0%) $221,830 (-9.7%) 0.00 329
2018-05-01 $169,850 (-2.9%) $228,554 (-9.2%) 0.00 330
2018-06-01 $169,000 (-4.6%) $233,230 (-6.2%) 0.00 318
2018-07-01 $166,975 (-6.7%) $227,392 (-9.1%) 0.00 311
2018-08-01 $167,900 (-6.3%) $227,042 (-9.8%) 0.00 297
2018-09-01 $163,900 (-6.9%) $231,579 (-8.7%) 0.00 298
2018-10-01 $160,950 (-8.0%) $229,890 (-9.3%) 0.00 294
2018-11-01 $155,725 (-11.0%) $225,398 (-16.9%) 0.00 285
2018-12-01 $158,000 (-9.7%) $227,942 (-14.5%) 0.00 283
2019-01-01 $152,450 (-7.6%) $234,766 (-8.2%) 0.00 281
2019-02-01 $149,900 (-6.3%) $246,889 (-0.4%) 0.00 259
2019-03-01 $153,736 (-8.6%) $250,109 (20.4%) 0.00 260
2019-04-01 $155,236 (-8.6%) $252,586 (13.9%) 0.00 266
2019-05-01 $156,575 (-7.8%) $238,765 (4.5%) 0.00 277
2019-06-01 $159,000 (-5.9%) $238,618 (2.3%) 0.00 258
2019-07-01 $158,500 (-5.1%) $230,128 (1.2%) 0.00 249
2019-08-01 $164,091 (-2.3%) $241,935 (6.6%) 0.00 241
2019-09-01 $170,227 (3.9%) $255,783 (10.5%) 0.00 229
2019-10-01 $174,750 (8.6%) $269,520 (17.2%) 0.00 210
2019-11-01 $169,900 (9.1%) $261,021 (15.8%) 0.00 216
2019-12-01 $163,550 (3.5%) $259,198 (13.7%) 0.00 216
2020-01-01 $174,500 (14.5%) $278,910 (18.8%) 0.00 186
2020-02-01 $178,950 (19.4%) $275,324 (11.5%) 0.00 189
2020-03-01 $174,975 (13.8%) $268,874 (7.5%) 0.00 190
2020-04-01 $174,900 (12.7%) $277,708 (10.0%) 0.00 191
2020-05-01 $189,900 (21.3%) $283,709 (18.8%) 0.00 183
2020-06-01 $217,500 (36.8%) $297,941 (24.9%) 0.00 163
2020-07-01 $222,325 (40.3%) $292,824 (27.2%) 0.00 154
2020-08-01 $215,000 (31.0%) $286,910 (18.6%) 0.00 133
2020-09-01 $191,950 (12.8%) $287,502 (12.4%) 0.00 134
2020-10-01 $175,000 (0.1%) $292,970 (8.7%) 0.00 139
2020-11-01 $147,250 (-13.3%) $231,805 (-11.2%) 0.00 119
2020-12-01 $147,500 (-9.8%) $222,001 (-14.4%) 0.00 131
2021-01-01 $154,000 (-11.8%) $225,842 (-19.0%) 0.00 126
2021-02-01 $149,950 (-16.2%) $228,545 (-17.0%) 0.00 125
2021-03-01 $155,000 (-11.4%) $245,034 (-8.9%) 0.00 113
2021-04-01 $145,475 (-16.8%) $239,708 (-13.7%) 0.00 128
2021-05-01 $169,000 (-11.0%) $257,075 (-9.4%) 0.00 124
2021-06-01 $184,000 (-15.4%) $291,620 (-2.1%) 0.00 135
2021-07-01 $181,250 (-18.5%) $295,241 (0.8%) 0.00 127
2021-08-01 $196,100 (-8.8%) $310,393 (8.2%) 0.00 122
2021-09-01 $193,500 (0.8%) $358,934 (24.9%) 0.00 116
2021-10-01 $192,000 (9.7%) $343,862 (17.4%) 0.00 135
2021-11-01 $168,500 (14.4%) $372,944 (60.9%) 0.00 126
2021-12-01 $169,675 (15.0%) $413,220 (86.1%) 0.00 97
2022-01-01 $160,000 (3.9%) $379,667 (68.1%) 0.00 98
2022-02-01 $162,000 (8.0%) $412,440 (80.5%) 0.00 94
2022-03-01 $207,500 (33.9%) $466,396 (90.3%) 0.00 81
2022-04-01 $172,500 (18.6%) $370,264 (54.5%) 0.00 90
2022-05-01 $198,125 (17.2%) $338,638 (31.7%) 0.00 89
2022-06-01 $199,000 (8.2%) $328,820 (12.8%) 0.00 105
2022-07-01 $199,000 (9.8%) $338,354 (14.6%) 0.00 109
2022-08-01 $195,000 (-0.6%) $298,322 (-3.9%) 0.00 129
2022-09-01 $189,749 (-1.9%) $315,291 (-12.2%) 0.00 131
2022-10-01 $195,000 (1.6%) $291,829 (-15.1%) 0.00 143
2022-11-01 $207,250 (23.0%) $267,736 (-28.2%) 0.00 147
2022-12-01 $229,000 (35.0%) $281,021 (-32.0%) 0.00 141
2023-01-01 $222,150 (38.8%) $298,741 (-21.3%) 0.00 125
2023-02-01 $200,750 (23.9%) $325,114 (-21.2%) 0.00 124
2023-03-01 $231,725 (11.7%) $351,536 (-24.6%) 0.00 131
2023-04-01 $232,250 (34.6%) $357,292 (-3.5%) 0.00 125
2023-05-01 $229,125 (15.7%) $357,618 (5.6%) 0.00 127
2023-06-01 $248,000 (24.6%) $369,954 (12.5%) 0.00 129
2023-07-01 $244,000 (22.6%) $373,640 (10.4%) 0.00 123
2023-08-01 $239,225 (22.7%) $353,032 (18.3%) 0.00 153
2023-09-01 $239,000 (26.0%) $340,051 (7.9%) 0.00 175
2023-10-01 $226,000 (15.9%) $338,483 (16.0%) 0.00 187
2023-11-01 $212,250 (2.4%) $323,213 (20.7%) 0.00 184
2023-12-01 $219,950 (-4.0%) $337,387 (20.1%) 0.00 180
2024-01-01 $221,225 (-0.4%) $330,236 (10.5%) 0.00 190
2024-02-01 $212,450 (5.8%) $327,400 (0.7%) 0.00 189
2024-03-01 $200,000 (-13.7%) $315,024 (-10.4%) 0.00 190
2024-04-01 $227,625 (-2.0%) $316,264 (-11.5%) 0.00 206
2024-05-01 $227,500 (-0.7%) $314,809 (-12.0%) 0.00 232
2024-06-01 $215,000 (-13.3%) $303,435 (-18.0%) 0.00 254
Ardmore's median listing price for 2024-06-01 was $215,000, a difference of $-33,000 (-13.3%) versus the prior year and $-12,500 versus the prior month.

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

Ardmore's average listing price for 2024-06-01 was $303,435, a difference of $-66,519 (-18.0%) versus the prior year and $-11,374 versus the prior month.

For the 2024-06-01 period, Ardmore had 254 MLS listings, a difference of 22 listings (9%) versus the prior month and 125 listings (97%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Ardmore (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,827 sqft
2018-02-01 0 days 1,799 sqft
2018-03-01 0 days 1,798 sqft
2018-04-01 0 days 1,825 sqft
2018-05-01 0 days 1,799 sqft
2018-06-01 0 days 1,832 sqft
2018-07-01 0 days 1,841 sqft
2018-08-01 0 days 1,836 sqft
2018-09-01 0 days 1,834 sqft
2018-10-01 0 days 1,783 sqft
2018-11-01 0 days 1,750 sqft
2018-12-01 0 days 1,742 sqft
2019-01-01 0 days 1,750 sqft
2019-02-01 0 days 1,755 sqft
2019-03-01 0 days 1,746 sqft
2019-04-01 0 days 1,734 sqft
2019-05-01 0 days 1,738 sqft
2019-06-01 0 days 1,745 sqft
2019-07-01 0 days 1,767 sqft
2019-08-01 0 days 1,807 sqft
2019-09-01 0 days 1,820 sqft
2019-10-01 0 days 1,836 sqft
2019-11-01 0 days 1,799 sqft
2019-12-01 0 days 1,720 sqft
2020-01-01 0 days 1,761 sqft
2020-02-01 0 days 1,858 sqft
2020-03-01 0 days 1,798 sqft
2020-04-01 0 days 1,918 sqft
2020-05-01 0 days 1,960 sqft
2020-06-01 0 days 2,036 sqft
2020-07-01 0 days 2,046 sqft
2020-08-01 0 days 1,977 sqft
2020-09-01 0 days 1,728 sqft
2020-10-01 0 days 1,725 sqft
2020-11-01 0 days 1,597 sqft
2020-12-01 0 days 1,644 sqft
2021-01-01 0 days 1,646 sqft
2021-02-01 0 days 1,636 sqft
2021-03-01 0 days 1,637 sqft
2021-04-01 0 days 1,589 sqft
2021-05-01 0 days 1,712 sqft
2021-06-01 0 days 1,773 sqft
2021-07-01 0 days 1,745 sqft
2021-08-01 0 days 1,812 sqft
2021-09-01 0 days 1,797 sqft
2021-10-01 0 days 1,779 sqft
2021-11-01 0 days 1,680 sqft
2021-12-01 0 days 1,776 sqft
2022-01-01 0 days 1,731 sqft
2022-02-01 0 days 1,667 sqft
2022-03-01 0 days 1,791 sqft
2022-04-01 0 days 1,704 sqft
2022-05-01 0 days 1,724 sqft
2022-06-01 0 days 1,625 sqft
2022-07-01 0 days 1,624 sqft
2022-08-01 0 days 1,614 sqft
2022-09-01 0 days 1,661 sqft
2022-10-01 0 days 1,679 sqft
2022-11-01 0 days 1,656 sqft
2022-12-01 0 days 1,743 sqft
2023-01-01 0 days 1,686 sqft
2023-02-01 0 days 1,615 sqft
2023-03-01 0 days 1,685 sqft
2023-04-01 0 days 1,690 sqft
2023-05-01 0 days 1,678 sqft
2023-06-01 0 days 1,668 sqft
2023-07-01 0 days 1,692 sqft
2023-08-01 0 days 1,733 sqft
2023-09-01 0 days 1,744 sqft
2023-10-01 0 days 1,612 sqft
2023-11-01 0 days 1,619 sqft
2023-12-01 0 days 1,668 sqft
2024-01-01 0 days 1,629 sqft
2024-02-01 0 days 1,583 sqft
2024-03-01 0 days 1,608 sqft
2024-04-01 0 days 1,664 sqft
2024-05-01 0 days 1,728 sqft
2024-06-01 0 days 1,703 sqft
Ardmore's median listing age (time on market) for 2024-06-01 was 0 days.

Ardmore's median square footage for active listings during the 2024-06-01 period was 1,703 sqft. One year prior, the average listing was 1,668 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).