Cedar City FHA Loan Rates, Closing Costs & Stats

Cedar City, UT

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Cedar City's 43 lenders originated 248 FHA loans during 2023. The total origination value was $76,900,000, with an average FHA loan value of $310,081.

    Cedar City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cedar City averaged 6.16% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Cedar City's average FHA mortgage closing costs are $9,486.

    The average rate for the prior week (2024-11-01) was 6.23% and one month ago for the week of 2024-10-04, the average rate was 6.05%.

    The average rate one year ago was 7.4%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.56%.

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

    Cedar City 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 Cedar City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 51 6.12% $14,968
    GUILD MORTGAGE COMPANY 25 6.39% $19,342
    AMERICAN FINANCIAL NETWORK, INC. 17 6.37% $14,214
    BROKER SOLUTIONS, INC. 16 6.53% $15,898
    QUICKEN LOANS, LLC 12 6.16% $12,092
    DHI MORTGAGE COMPANY, LTD. 9 6.11% $9,882
    SUN AMERICAN MORTGAGE COMPANY 9 6.76% $12,839
    INTERCAP LENDING INC. 7 6.32% $14,536
    CANOPY MORTGAGE, LLC 4 6.63% $14,802
    Plains Commerce Bank 4 6.81% $14,652
    ACADEMY MORTGAGE CORPORATION 3 6.71% $16,719
    MOUNTAIN AMERICA 3 6.33% $9,886
    Carrington Mortgage Services, LLC 2 6.44% $15,131
    AMERICA FIRST 2 6.75% $13,529
    BELEM SERVICING LLC 2 6.94% $15,086
    CITYWIDE HOME LOANS, LLC 2 6.50% $8,875
    FIRST COLONY MORTGAGE CORPORATION 2 5.25% $17,120
    FREEDOM MORTGAGE CORPORATION 2 7.00% $17,921
    LOANDEPOT.COM, LLC 2 6.12% $15,344
    MANN FINANCIAL INC. 2 6.50% $13,048
    MY MOVE MORTGAGE, LLC 2 6.50% $13,897
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.50% $13,838
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,543
    UTAH COMMUNITY 1 6.38% $9,971
    LOANPAL, LLC 1 5.63% $11,062
    VERITAS FUNDING, LLC 1 6.38% $11,708
    CASTLE & COOKE MORTGAGE, LLC 1 7.25% $20,299
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $11,939
    VILLAGE CAPITAL MORTGAGE 1 5.75% $14,535
    NATIONS DIRECT MORTGAGE, LLC 1 7.63% $6,448
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $14,465
    CARDINAL FINANCIAL 1 5.13% $8,123
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.49% $13,248
    BAY EQUITY LLC 1 6.75% $14,343
    RANLIFE, INC. 1 7.25% $16,544
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.50% $16,944
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $20,315
    The Federal Savings Bank 1 7.63% $12,384
    AMERICAN FINANCING CORPORATION 1 6.38% $6,605
    U.S. Bank 1 7.25% $5,816
    GENEVA FINANCIAL, LLC 1 5.75% $20,862
    DIRECT MORTGAGE, CORP. 1 6.13% $12,251
    HOMESIDE FINANCIAL, LLC 1 6.75% $14,538

    The top Cedar City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 51 FHA loans originated. Their average total fees are $14,968, which is $4,374 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Cedar City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($12,092), AMERICAN FINANCIAL NETWORK, INC. ($14,214), UNITED WHOLESALE MORTGAGE, LLC ($14,968), BROKER SOLUTIONS, INC. ($15,898) and GUILD MORTGAGE COMPANY ($19,342).

    The lowest rate Cedar City FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.12%), QUICKEN LOANS, LLC (6.16%), AMERICAN FINANCIAL NETWORK, INC. (6.37%), GUILD MORTGAGE COMPANY (6.39%) and BROKER SOLUTIONS, INC. (6.53%).

    Cedar City FHA Loan Limits

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

    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).