Elk City FHA Loan Rates, Closing Costs & Stats

Elk City, 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.

    Elk City's 17 lenders originated 57 FHA loans during 2023. The total origination value was $10,405,000, with an average FHA loan value of $182,544.

    Elk City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Elk City averaged 6.87% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Elk City's average FHA mortgage closing costs are $5,661.

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.63%.

    The average rate one year ago was 6.45%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Elk 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 Elk City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    INTERLINC MORTGAGE SERVICES, LLC 21 7.10% $6,083
    SUN WEST MORTGAGE COMPANY, INC. 7 6.73% $8,085
    QUICKEN LOANS, LLC 3 6.87% $10,271
    GUARANTEED RATE, INC. 2 7.00% $7,049
    Unify Home Lending Inc. 2 6.13% $4,665
    UNITED WHOLESALE MORTGAGE, LLC 2 6.33% $6,414
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $7,898
    NEWREZ LLC 1 7.25% $9,951
    NFM, INC. 1 6.88% $12,768
    POLARIS HOME FUNDING CORP. 1 6.63% $16,199
    RUOFF MORTGAGE COMPANY, INC. 1 7.50% $6,425
    LIBERTY HOME MORTGAGE CORPORATION 1 8.13% $17,314
    BancFirst 1 6.63% $6,749
    BETTER MORTGAGE CORPORATION 1 7.00% $11,187
    BROKER SOLUTIONS, INC. 1 6.25% $12,821
    Equity Prime Mortgage LLC 1 8.13% $10,235
    Great Plains National Bank 1 6.88% $8,546

    The top Elk City FHA lender as defined by loan originations is INTERLINC MORTGAGE SERVICES, LLC, with 21 FHA loans originated. Their average total fees are $6,083, which is $2,002 lower than the next largest lender, SUN WEST MORTGAGE COMPANY, INC..

    The lowest fee Elk City FHA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC ($6,083), .

    The lowest rate Elk City FHA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC (7.10%), .

    Elk City FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Elk City (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 $127,000 (-8.8%) $170,661 (11.7%) 0.00 195
    2018-02-01 $127,500 (-6.6%) $170,832 (16.0%) 0.00 198
    2018-03-01 $125,000 (-7.3%) $165,625 (12.0%) 0.00 208
    2018-04-01 $129,900 (-3.8%) $168,247 (10.0%) 0.00 222
    2018-05-01 $129,925 (-6.0%) $172,104 (7.4%) 0.00 221
    2018-06-01 $139,000 (-0.4%) $175,072 (9.6%) 0.00 236
    2018-07-01 $134,850 (-4.6%) $168,814 (5.8%) 0.00 227
    2018-08-01 $134,825 (-0.1%) $170,686 (9.2%) 0.00 225
    2018-09-01 $134,500 (-0.4%) $171,462 (8.7%) 0.00 210
    2018-10-01 $145,000 (7.4%) $179,034 (12.5%) 0.00 212
    2018-11-01 $149,325 (10.9%) $180,018 (12.6%) 0.00 220
    2018-12-01 $147,000 (13.1%) $179,938 (6.5%) 0.00 220
    2019-01-01 $144,225 (13.6%) $174,833 (2.5%) 0.00 211
    2019-02-01 $142,225 (11.6%) $177,557 (3.9%) 0.00 204
    2019-03-01 $146,829 (17.5%) $177,376 (7.1%) 0.00 197
    2019-04-01 $149,950 (15.4%) $185,313 (10.1%) 0.00 194
    2019-05-01 $149,950 (15.4%) $179,799 (4.5%) 0.00 193
    2019-06-01 $149,900 (7.8%) $175,737 (0.4%) 0.00 202
    2019-07-01 $149,000 (10.5%) $172,643 (2.3%) 0.00 198
    2019-08-01 $147,818 (9.6%) $172,920 (1.3%) 0.00 199
    2019-09-01 $149,045 (10.8%) $174,231 (1.6%) 0.00 198
    2019-10-01 $149,950 (3.4%) $175,105 (-2.2%) 0.00 197
    2019-11-01 $149,900 (0.4%) $172,430 (-4.2%) 0.00 190
    2019-12-01 $149,925 (2.0%) $169,177 (-6.0%) 0.00 203
    2020-01-01 $148,750 (3.1%) $167,965 (-3.9%) 0.00 204
    2020-02-01 $146,250 (2.8%) $163,586 (-7.9%) 0.00 196
    2020-03-01 $145,625 (-0.8%) $165,601 (-6.6%) 0.00 193
    2020-04-01 $146,000 (-2.6%) $170,233 (-8.1%) 0.00 199
    2020-05-01 $139,450 (-7.0%) $165,462 (-8.0%) 0.00 197
    2020-06-01 $139,000 (-7.3%) $168,949 (-3.9%) 0.00 172
    2020-07-01 $126,500 (-15.1%) $168,014 (-2.7%) 0.00 175
    2020-08-01 $132,900 (-10.1%) $170,883 (-1.2%) 0.00 168
    2020-09-01 $139,475 (-6.4%) $176,478 (1.3%) 0.00 156
    2020-10-01 $135,000 (-10.0%) $166,940 (-4.7%) 0.00 169
    2020-11-01 $134,750 (-10.1%) $167,767 (-2.7%) 0.00 158
    2020-12-01 $135,000 (-10.0%) $170,141 (0.6%) 0.00 158
    2021-01-01 $132,000 (-11.3%) $189,664 (12.9%) 0.00 155
    2021-02-01 $135,450 (-7.4%) $232,015 (41.8%) 0.00 151
    2021-03-01 $139,675 (-4.1%) $231,873 (40.0%) 0.00 150
    2021-04-01 $134,950 (-7.6%) $235,444 (38.3%) 0.00 153
    2021-05-01 $135,500 (-2.8%) $256,839 (55.2%) 0.00 137
    2021-06-01 $147,450 (6.1%) $277,367 (64.2%) 0.00 140
    2021-07-01 $159,900 (26.4%) $300,435 (78.8%) 0.00 144
    2021-08-01 $159,900 (20.3%) $306,970 (79.6%) 0.00 129
    2021-09-01 $162,250 (16.3%) $320,133 (81.4%) 0.00 128
    2021-10-01 $159,200 (17.9%) $309,904 (85.6%) 0.00 130
    2021-11-01 $160,450 (19.1%) $315,414 (88.0%) 0.00 119
    2021-12-01 $159,975 (18.5%) $287,886 (69.2%) 0.00 101
    2022-01-01 $158,500 (20.1%) $258,441 (36.3%) 0.00 97
    2022-02-01 $158,000 (16.7%) $206,205 (-11.1%) 0.00 96
    2022-03-01 $144,475 (3.4%) $199,365 (-14.0%) 0.00 90
    2022-04-01 $118,400 (-12.3%) $181,070 (-23.1%) 0.00 84
    2022-05-01 $136,000 (0.4%) $196,214 (-23.6%) 0.00 82
    2022-06-01 $126,975 (-13.9%) $195,640 (-29.5%) 0.00 100
    2022-07-01 $152,450 (-4.7%) $211,779 (-29.5%) 0.00 114
    2022-08-01 $154,975 (-3.1%) $215,822 (-29.7%) 0.00 110
    2022-09-01 $154,950 (-4.5%) $223,501 (-30.2%) 0.00 101
    2022-10-01 $157,450 (-1.1%) $236,029 (-23.8%) 0.00 92
    2022-11-01 $159,950 (-0.3%) $237,517 (-24.7%) 0.00 94
    2022-12-01 $159,900 (-0.1%) $231,358 (-19.6%) 0.00 97
    2023-01-01 $157,400 (-0.7%) $225,015 (-12.9%) 0.00 94
    2023-02-01 $184,925 (17.0%) $223,227 (8.3%) 0.00 94
    2023-03-01 $185,500 (28.4%) $230,443 (15.6%) 0.00 92
    2023-04-01 $187,500 (58.4%) $222,298 (22.8%) 0.00 87
    2023-05-01 $172,000 (26.5%) $218,183 (11.2%) 0.00 89
    2023-06-01 $172,000 (35.5%) $217,810 (11.3%) 0.00 86
    2023-07-01 $174,900 (14.7%) $227,527 (7.4%) 0.00 86
    2023-08-01 $196,500 (26.8%) $240,972 (11.7%) 0.00 85
    2023-09-01 $186,950 (20.7%) $229,381 (2.6%) 0.00 89
    2023-10-01 $185,250 (17.7%) $226,590 (-4.0%) 0.00 100
    2023-11-01 $178,000 (11.3%) $217,023 (-8.6%) 0.00 100
    2023-12-01 $179,000 (11.9%) $231,782 (0.2%) 0.00 95
    2024-01-01 $169,000 (7.4%) $233,281 (3.7%) 0.00 98
    2024-02-01 $162,000 (-12.4%) $233,111 (4.4%) 0.00 90
    2024-03-01 $177,400 (-4.4%) $237,232 (3.0%) 0.00 89
    Elk City's median listing price for 2024-03-01 was $177,400, a difference of $-8,100 (-4.4%) versus the prior year and $15,400 versus the prior month.

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

    Elk City's average listing price for 2024-03-01 was $237,232, a difference of $6,789 (3.0%) versus the prior year and $4,121 versus the prior month.

    For the 2024-03-01 period, Elk City had 89 MLS listings, a difference of -1 listings (-1%) versus the prior month and -3 listings (-3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Elk City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,634 sqft
    2018-02-01 0 days 1,612 sqft
    2018-03-01 0 days 1,522 sqft
    2018-04-01 0 days 1,600 sqft
    2018-05-01 0 days 1,570 sqft
    2018-06-01 0 days 1,599 sqft
    2018-07-01 0 days 1,600 sqft
    2018-08-01 0 days 1,602 sqft
    2018-09-01 0 days 1,687 sqft
    2018-10-01 0 days 1,674 sqft
    2018-11-01 0 days 1,718 sqft
    2018-12-01 0 days 1,716 sqft
    2019-01-01 0 days 1,706 sqft
    2019-02-01 0 days 1,690 sqft
    2019-03-01 0 days 1,715 sqft
    2019-04-01 0 days 1,747 sqft
    2019-05-01 0 days 1,747 sqft
    2019-06-01 0 days 1,724 sqft
    2019-07-01 0 days 1,677 sqft
    2019-08-01 0 days 1,677 sqft
    2019-09-01 0 days 1,683 sqft
    2019-10-01 0 days 1,685 sqft
    2019-11-01 0 days 1,638 sqft
    2019-12-01 0 days 1,618 sqft
    2020-01-01 0 days 1,631 sqft
    2020-02-01 0 days 1,620 sqft
    2020-03-01 0 days 1,630 sqft
    2020-04-01 0 days 1,631 sqft
    2020-05-01 0 days 1,608 sqft
    2020-06-01 0 days 1,622 sqft
    2020-07-01 0 days 1,629 sqft
    2020-08-01 0 days 1,658 sqft
    2020-09-01 0 days 1,621 sqft
    2020-10-01 0 days 1,608 sqft
    2020-11-01 0 days 1,564 sqft
    2020-12-01 0 days 1,603 sqft
    2021-01-01 0 days 1,587 sqft
    2021-02-01 0 days 1,541 sqft
    2021-03-01 0 days 1,595 sqft
    2021-04-01 0 days 1,582 sqft
    2021-05-01 0 days 1,608 sqft
    2021-06-01 0 days 1,675 sqft
    2021-07-01 0 days 1,730 sqft
    2021-08-01 0 days 1,696 sqft
    2021-09-01 0 days 1,715 sqft
    2021-10-01 0 days 1,755 sqft
    2021-11-01 0 days 1,732 sqft
    2021-12-01 0 days 1,639 sqft
    2022-01-01 0 days 1,632 sqft
    2022-02-01 0 days 1,580 sqft
    2022-03-01 0 days 1,627 sqft
    2022-04-01 0 days 1,448 sqft
    2022-05-01 0 days 1,586 sqft
    2022-06-01 0 days 1,573 sqft
    2022-07-01 0 days 1,614 sqft
    2022-08-01 0 days 1,589 sqft
    2022-09-01 0 days 1,623 sqft
    2022-10-01 0 days 1,719 sqft
    2022-11-01 0 days 1,775 sqft
    2022-12-01 0 days 1,717 sqft
    2023-01-01 0 days 1,718 sqft
    2023-02-01 0 days 1,766 sqft
    2023-03-01 0 days 1,821 sqft
    2023-04-01 0 days 1,766 sqft
    2023-05-01 0 days 1,709 sqft
    2023-06-01 0 days 1,702 sqft
    2023-07-01 0 days 1,680 sqft
    2023-08-01 0 days 1,798 sqft
    2023-09-01 0 days 1,748 sqft
    2023-10-01 0 days 1,706 sqft
    2023-11-01 0 days 1,634 sqft
    2023-12-01 0 days 1,600 sqft
    2024-01-01 0 days 1,581 sqft
    2024-02-01 0 days 1,578 sqft
    2024-03-01 0 days 1,610 sqft
    Elk City's median listing age (time on market) for 2024-03-01 was 0 days.

    Elk City's median square footage for active listings during the 2024-03-01 period was 1,610 sqft. One year prior, the average listing was 1,821 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).