Enid FHA Loan Rates, Closing Costs & Stats

ENID, 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.

    Enid's 36 lenders originated 167 FHA loans during 2023. The total origination value was $25,475,000, with an average FHA loan value of $152,545.

    Enid FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Enid averaged 6.51% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Enid's average FHA mortgage closing costs are $5,624.

    The average rate for the prior week (2024-11-01) was 6.18% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.35%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Enid 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 Enid level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PRIMELENDING, A PLAINSCAPITAL COMPANY 21 6.89% $6,856
    BOKF 18 6.67% $6,116
    QUICKEN LOANS, LLC 14 6.54% $8,320
    Gateway First Bank 12 7.18% $7,296
    American Mortgage & Equity Consultants, Inc. 6 6.98% $8,541
    OPEN MORTGAGE, LLC 3 6.75% $7,278
    Stride Bank 3 6.50% $6,679
    GUARANTEED RATE, INC. 3 6.63% $8,276
    ENDEAVOR CAPITAL, LLC. 2 6.56% $8,524
    UNITED WHOLESALE MORTGAGE, LLC 2 5.38% $17,991
    FLAT BRANCH MORTGAGE, INC. 1 6.75% $10,768
    GUARANTY HOME MORTGAGE CORPORATION 1 6.63% $14,346
    GUILD MORTGAGE COMPANY 1 7.00% $4,940
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $15,500
    LOANDEPOT.COM, LLC 1 7.13% $8,315
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $15,957
    Nations Lending Corporation 1 6.63% $16,247
    NBKC BANK 1 6.25% $4,469
    NEW FED MORTGAGE, CORP. 1 6.75% $5,974
    NEWREZ LLC 1 6.25% $15,579
    PENNYMAC LOAN SERVICES, LLC 1 5.88% $12,607
    PLANET HOME LENDING, LLC 1 7.50% $7,914
    SUN WEST MORTGAGE COMPANY, INC. 1 5.50% $8,562
    United Fidelity Funding Corp. 1 6.63% $9,540
    US MORTGAGE CORPORATION 1 7.25% $11,667
    AMERICAN FINANCING CORPORATION 1 6.75% $9,715
    ZILLOW HOME LOANS, LLC 1 6.25% $9,193
    Arvest Bank 1 7.00% $11,464
    Assurance Financial Group, L.L.C. 1 6.50% $8,474
    BancFirst 1 6.25% $7,589
    Barrington Bank & Trust Company, N.A. 1 5.50% $16,706
    CARDINAL FINANCIAL 1 6.75% $6,703
    Chickasaw Community Bank 1 6.50% $6,336
    COMMUNICATION 1 7.00% $5,005
    EVERETT FINANCIAL, INC. 1 6.75% $6,190
    Flagstar Bank, FSB 1 5.38% $4,684

    The top Enid FHA lender as defined by loan originations is PRIMELENDING, A PLAINSCAPITAL COMPANY, with 21 FHA loans originated. Their average total fees are $6,856, which is $740 higher than the next largest lender, BOKF.

    The lowest fee Enid FHA lenders (with over 10 loans originated) are BOKF ($6,116), PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,856), Gateway First Bank ($7,296), QUICKEN LOANS, LLC ($8,320) and .

    The lowest rate Enid FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.54%), BOKF (6.67%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.89%), Gateway First Bank (7.18%) and .

    Enid FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ENID, OK GARFIELD 2022 $420,680 $538,650 $651,050 $809,150
    ENID, OK GARFIELD 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).