Ardmore FHA Loan Rates, Closing Costs & Stats

Ardmore, 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.

    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 0.18% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.29% and one month ago for the week of 2024-10-11, the average rate was 5.99%.

    The average rate one year ago was 7.44%.

    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.

    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
    2024-07-01 $214,950 (-11.9%) $305,446 (-18.3%) 0.00 274
    2024-08-01 $228,500 (-4.5%) $305,341 (-13.5%) 0.00 271
    2024-09-01 $230,000 (-3.8%) $301,952 (-11.2%) 0.00 289
    2024-10-01 $236,750 (4.8%) $303,269 (-10.4%) 0.00 261
    Ardmore's median listing price for 2024-10-01 was $236,750, a difference of $10,750 (4.8%) versus the prior year and $6,750 versus the prior month.

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

    Ardmore's average listing price for 2024-10-01 was $303,269, a difference of $-35,214 (-10.4%) versus the prior year and $1,317 versus the prior month.

    For the 2024-10-01 period, Ardmore had 261 MLS listings, a difference of -28 listings (-10%) versus the prior month and 74 listings (40%) 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 1,704 sqft
    2024-07-01 0 days 1,712 sqft
    2024-08-01 0 days 1,719 sqft
    2024-09-01 0 days 1,679 sqft
    2024-10-01 0 days 1,738 sqft
    Ardmore's median listing age (time on market) for 2024-10-01 was 0 days.

    Ardmore's median square footage for active listings during the 2024-10-01 period was 1,738 sqft. One year prior, the average listing was 1,612 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).