Duncan FHA Loan Rates, Closing Costs & Stats

Duncan, 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.

    Duncan's 35 lenders originated 116 FHA loans during 2023. The total origination value was $17,010,000, with an average FHA loan value of $146,638.

    Duncan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Duncan averaged 6.99% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Duncan's average FHA mortgage closing costs are $5,839.

    The average rate for the prior week (2024-04-12) was 6.88% and one month ago for the week of 2024-03-15, the average rate was 6.65%.

    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 7.06%.

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

    Duncan 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 Duncan level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 13 6.62% $8,255
    GUARANTEED RATE, INC. 11 6.64% $7,205
    BancFirst 10 6.96% $6,577
    EVERETT FINANCIAL, INC. 10 7.13% $7,906
    Arvest Bank 9 6.17% $6,399
    Flagstar Bank, FSB 8 6.41% $5,483
    American Mortgage Bank, LLC 4 7.28% $8,509
    Chickasaw Community Bank 3 6.83% $6,592
    International Bank of Commerce 2 6.44% $5,536
    First Federal Bank 2 6.75% $4,815
    Gateway First Bank 2 6.50% $11,949
    GUILD MORTGAGE COMPANY 2 7.63% $10,958
    MID AMERICA MORTGAGE, INC. 2 7.13% $2,965
    Mortgage Research Center, LLC 2 7.38% $6,331
    Mr. Cooper ( Nationstar Mortgage ) 2 6.63% $12,893
    PENNYMAC LOAN SERVICES, LLC 2 6.13% $13,971
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.00% $6,650
    Bank of England 1 7.63% $8,289
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $9,578
    LEGEND LENDING CORPORATION 1 6.50% $9,317
    LOANPAL, LLC 1 6.13% $7,004
    TOTAL MORTGAGE SERVICES, LLC 1 7.13% $7,868
    TOWNE MORTGAGE COMPANY 1 7.00% $10,798
    Town Square Mortgage & Investments, Inc. 1 7.63% $3,708
    UNITED WHOLESALE MORTGAGE, LLC 1 5.75% $8,681
    PLAZA HOME MORTGAGE, INC. 1 6.25% $8,362
    ZILLOW HOME LOANS, LLC 1 7.13% $6,242
    ASSOCIATED MORTGAGE CORPORATION 1 6.63% $8,629
    First United Bank and Trust Company 1 6.63% $10,034
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $8,336
    FLAT BRANCH MORTGAGE, INC. 1 8.13% $8,832
    FREEDOM MORTGAGE CORPORATION 1 6.75% $10,487
    Regions Bank 1 6.25% $9,522
    BROKER SOLUTIONS, INC. 1 6.75% $12,870
    ROYAL UNITED MORTGAGE LLC 1 7.75% $4,755

    The top Duncan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $8,255, which is $1,051 higher than the next largest lender, GUARANTEED RATE, INC..

    The lowest fee Duncan FHA lenders (with over 10 loans originated) are BancFirst ($6,577), GUARANTEED RATE, INC. ($7,205), EVERETT FINANCIAL, INC. ($7,906), QUICKEN LOANS, LLC ($8,255) and .

    The lowest rate Duncan FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.62%), GUARANTEED RATE, INC. (6.64%), BancFirst (6.96%), EVERETT FINANCIAL, INC. (7.13%) and .

    Duncan FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Duncan (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 $108,975 (21.2%) $127,464 (4.9%) 0.00 289
    2018-02-01 $103,250 (15.4%) $126,593 (9.3%) 0.00 287
    2018-03-01 $104,000 (16.9%) $127,043 (6.1%) 0.00 290
    2018-04-01 $111,950 (21.7%) $129,867 (4.7%) 0.00 302
    2018-05-01 $105,500 (11.4%) $124,353 (-2.5%) 0.00 319
    2018-06-01 $104,950 (5.0%) $122,856 (-4.8%) 0.00 338
    2018-07-01 $105,000 (5.0%) $121,093 (-6.0%) 0.00 340
    2018-08-01 $106,500 (-3.0%) $123,958 (-3.9%) 0.00 344
    2018-09-01 $110,000 (-5.9%) $124,865 (-4.4%) 0.00 336
    2018-10-01 $105,000 (-11.5%) $123,470 (-7.7%) 0.00 339
    2018-11-01 $99,825 (-13.1%) $121,812 (-8.3%) 0.00 331
    2018-12-01 $99,500 (-9.6%) $121,600 (-7.0%) 0.00 301
    2019-01-01 $96,250 (-11.7%) $124,893 (-2.0%) 0.00 286
    2019-02-01 $95,250 (-7.8%) $127,645 (0.8%) 0.00 282
    2019-03-01 $101,300 (-2.6%) $138,615 (9.1%) 0.00 293
    2019-04-01 $108,550 (-3.0%) $142,459 (9.7%) 0.00 288
    2019-05-01 $109,975 (4.2%) $147,177 (18.4%) 0.00 284
    2019-06-01 $114,900 (9.5%) $158,706 (29.2%) 0.00 273
    2019-07-01 $114,450 (9.0%) $165,798 (36.9%) 0.00 277
    2019-08-01 $114,909 (7.9%) $167,619 (35.2%) 0.00 271
    2019-09-01 $116,648 (6.0%) $172,885 (38.5%) 0.00 265
    2019-10-01 $118,000 (12.4%) $177,393 (43.7%) 0.00 262
    2019-11-01 $110,000 (10.2%) $173,926 (42.8%) 0.00 259
    2019-12-01 $112,000 (12.6%) $169,056 (39.0%) 0.00 248
    2020-01-01 $119,425 (24.1%) $162,919 (30.5%) 0.00 248
    2020-02-01 $114,500 (20.2%) $159,107 (24.7%) 0.00 231
    2020-03-01 $110,000 (8.6%) $153,989 (11.1%) 0.00 210
    2020-04-01 $108,000 (-0.5%) $152,336 (6.9%) 0.00 203
    2020-05-01 $105,000 (-4.5%) $152,715 (3.8%) 0.00 181
    2020-06-01 $112,225 (-2.3%) $155,189 (-2.2%) 0.00 158
    2020-07-01 $115,750 (1.1%) $166,097 (0.2%) 0.00 139
    2020-08-01 $124,950 (8.7%) $166,704 (-0.6%) 0.00 141
    2020-09-01 $129,950 (11.4%) $170,404 (-1.4%) 0.00 123
    2020-10-01 $124,900 (5.9%) $166,913 (-5.9%) 0.00 122
    2020-11-01 $122,475 (11.3%) $174,504 (0.3%) 0.00 136
    2020-12-01 $122,750 (9.6%) $167,403 (-1.0%) 0.00 143
    2021-01-01 $125,500 (5.1%) $165,157 (1.4%) 0.00 130
    2021-02-01 $107,375 (-6.2%) $158,137 (-0.6%) 0.00 128
    2021-03-01 $103,575 (-5.8%) $159,981 (3.9%) 0.00 122
    2021-04-01 $105,000 (-2.8%) $156,863 (3.0%) 0.00 103
    2021-05-01 $97,450 (-7.2%) $146,682 (-4.0%) 0.00 102
    2021-06-01 $105,488 (-6.0%) $159,169 (2.6%) 0.00 100
    2021-07-01 $117,500 (1.5%) $161,082 (-3.0%) 0.00 111
    2021-08-01 $109,850 (-12.1%) $169,117 (1.5%) 0.00 120
    2021-09-01 $115,000 (-11.5%) $176,497 (3.6%) 0.00 117
    2021-10-01 $109,000 (-12.7%) $177,620 (6.4%) 0.00 122
    2021-11-01 $109,000 (-11.0%) $177,894 (1.9%) 0.00 108
    2021-12-01 $130,000 (5.9%) $211,898 (26.6%) 0.00 77
    2022-01-01 $127,500 (1.6%) $219,689 (33.0%) 0.00 78
    2022-02-01 $134,875 (25.6%) $221,760 (40.2%) 0.00 77
    2022-03-01 $127,750 (23.3%) $244,107 (52.6%) 0.00 80
    2022-04-01 $159,000 (51.4%) $285,492 (82.0%) 0.00 89
    2022-05-01 $155,925 (60.0%) $307,025 (109.3%) 0.00 79
    2022-06-01 $173,250 (64.2%) $316,474 (98.8%) 0.00 86
    2022-07-01 $192,500 (63.8%) $289,954 (80.0%) 0.00 113
    2022-08-01 $202,475 (84.3%) $301,411 (78.2%) 0.00 115
    2022-09-01 $194,750 (69.4%) $272,412 (54.3%) 0.00 112
    2022-10-01 $169,500 (55.5%) $249,394 (40.4%) 0.00 123
    2022-11-01 $162,500 (49.1%) $251,339 (41.3%) 0.00 119
    2022-12-01 $169,000 (30.0%) $266,410 (25.7%) 0.00 108
    2023-01-01 $176,000 (38.0%) $276,401 (25.8%) 0.00 98
    2023-02-01 $183,000 (35.7%) $284,030 (28.1%) 0.00 85
    2023-03-01 $181,625 (42.2%) $283,815 (16.3%) 0.00 86
    2023-04-01 $174,450 (9.7%) $246,672 (-13.6%) 0.00 74
    2023-05-01 $190,950 (22.5%) $265,944 (-13.4%) 0.00 68
    2023-06-01 $189,450 (9.4%) $313,837 (-0.8%) 0.00 81
    2023-07-01 $225,000 (16.9%) $320,726 (10.6%) 0.00 85
    2023-08-01 $236,250 (16.7%) $330,784 (9.7%) 0.00 93
    2023-09-01 $221,700 (13.8%) $309,176 (13.5%) 0.00 107
    2023-10-01 $203,700 (20.2%) $279,273 (12.0%) 0.00 122
    2023-11-01 $187,750 (15.5%) $279,474 (11.2%) 0.00 133
    2023-12-01 $199,450 (18.0%) $283,391 (6.4%) 0.00 132
    2024-01-01 $197,450 (12.2%) $403,616 (46.0%) 0.00 132
    2024-02-01 $189,725 (3.7%) $392,660 (38.3%) 0.00 134
    2024-03-01 $204,900 (12.8%) $421,861 (48.6%) 0.00 125
    Duncan's median listing price for 2024-03-01 was $204,900, a difference of $23,275 (12.8%) versus the prior year and $15,175 versus the prior month.

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

    Duncan's average listing price for 2024-03-01 was $421,861, a difference of $138,046 (48.6%) versus the prior year and $29,201 versus the prior month.

    For the 2024-03-01 period, Duncan had 125 MLS listings, a difference of -9 listings (-7%) versus the prior month and 39 listings (45%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Duncan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,700 sqft
    2018-02-01 0 days 1,698 sqft
    2018-03-01 0 days 1,695 sqft
    2018-04-01 0 days 1,693 sqft
    2018-05-01 0 days 1,651 sqft
    2018-06-01 0 days 1,664 sqft
    2018-07-01 0 days 1,663 sqft
    2018-08-01 0 days 1,679 sqft
    2018-09-01 0 days 1,700 sqft
    2018-10-01 0 days 1,667 sqft
    2018-11-01 0 days 1,638 sqft
    2018-12-01 0 days 1,623 sqft
    2019-01-01 0 days 1,626 sqft
    2019-02-01 0 days 1,662 sqft
    2019-03-01 0 days 1,671 sqft
    2019-04-01 0 days 1,695 sqft
    2019-05-01 0 days 1,700 sqft
    2019-06-01 0 days 1,720 sqft
    2019-07-01 0 days 1,724 sqft
    2019-08-01 0 days 1,739 sqft
    2019-09-01 0 days 1,753 sqft
    2019-10-01 0 days 1,767 sqft
    2019-11-01 0 days 1,721 sqft
    2019-12-01 0 days 1,703 sqft
    2020-01-01 0 days 1,698 sqft
    2020-02-01 0 days 1,685 sqft
    2020-03-01 0 days 1,660 sqft
    2020-04-01 0 days 1,668 sqft
    2020-05-01 0 days 1,642 sqft
    2020-06-01 0 days 1,713 sqft
    2020-07-01 0 days 1,709 sqft
    2020-08-01 0 days 1,700 sqft
    2020-09-01 0 days 1,701 sqft
    2020-10-01 0 days 1,698 sqft
    2020-11-01 0 days 1,680 sqft
    2020-12-01 0 days 1,687 sqft
    2021-01-01 0 days 1,732 sqft
    2021-02-01 0 days 1,639 sqft
    2021-03-01 0 days 1,591 sqft
    2021-04-01 0 days 1,616 sqft
    2021-05-01 0 days 1,527 sqft
    2021-06-01 0 days 1,509 sqft
    2021-07-01 0 days 1,600 sqft
    2021-08-01 0 days 1,529 sqft
    2021-09-01 0 days 1,544 sqft
    2021-10-01 0 days 1,500 sqft
    2021-11-01 0 days 1,541 sqft
    2021-12-01 0 days 1,680 sqft
    2022-01-01 0 days 1,646 sqft
    2022-02-01 0 days 1,686 sqft
    2022-03-01 0 days 1,770 sqft
    2022-04-01 0 days 1,700 sqft
    2022-05-01 0 days 1,796 sqft
    2022-06-01 0 days 1,927 sqft
    2022-07-01 0 days 1,903 sqft
    2022-08-01 0 days 1,948 sqft
    2022-09-01 0 days 1,893 sqft
    2022-10-01 0 days 1,866 sqft
    2022-11-01 0 days 1,804 sqft
    2022-12-01 0 days 1,800 sqft
    2023-01-01 0 days 1,994 sqft
    2023-02-01 0 days 2,059 sqft
    2023-03-01 0 days 2,028 sqft
    2023-04-01 0 days 1,849 sqft
    2023-05-01 0 days 1,942 sqft
    2023-06-01 0 days 1,901 sqft
    2023-07-01 0 days 2,068 sqft
    2023-08-01 0 days 2,070 sqft
    2023-09-01 0 days 1,885 sqft
    2023-10-01 0 days 1,847 sqft
    2023-11-01 0 days 1,869 sqft
    2023-12-01 0 days 1,900 sqft
    2024-01-01 0 days 1,807 sqft
    2024-02-01 0 days 1,704 sqft
    2024-03-01 0 days 1,840 sqft
    Duncan's median listing age (time on market) for 2024-03-01 was 0 days.

    Duncan's median square footage for active listings during the 2024-03-01 period was 1,840 sqft. One year prior, the average listing was 2,028 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).