Fairbanks FHA Loan Rates, Closing Costs & Stats

FAIRBANKS, AK

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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.

    Fairbanks's 27 lenders originated 147 FHA loans during 2023. The total origination value was $43,475,000, with an average FHA loan value of $295,748.

    Fairbanks FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fairbanks averaged 6.6% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Fairbanks's average FHA mortgage closing costs are $7,779.

    The average rate for the prior week (2024-04-12) was 6.59% and one month ago for the week of 2024-03-15, the average rate was 6.26%.

    The average rate one year ago was 6.09%.

    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.

    Fairbanks 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 Fairbanks level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NEWREZ LLC 34 6.59% $10,340
    Alaska USA Federal Credit Union 17 6.17% $9,935
    CROSSCOUNTRY MORTGAGE, LLC 13 6.77% $10,685
    RESIDENTIAL MORTGAGE, LLC 9 6.52% $10,059
    QUICKEN LOANS, LLC 7 6.23% $14,649
    GUILD MORTGAGE COMPANY 6 6.27% $11,390
    UNITED WHOLESALE MORTGAGE, LLC 6 6.40% $11,179
    CORNERSTONE HOME LENDING, INC. 4 6.50% $11,112
    Mortgage Research Center, LLC 2 6.38% $8,330
    CRESCENT MORTGAGE COMPANY 2 6.81% $11,506
    GUARANTEED RATE, INC. 2 7.63% $12,049
    NuVision Federal Credit Union 2 6.00% $11,606
    MID AMERICA MORTGAGE, INC. 1 6.88% $5,726
    ACADEMY MORTGAGE CORPORATION 1 6.63% $13,264
    MOVEMENT MORTGAGE, LLC 1 6.25% $11,882
    NBKC BANK 1 6.13% $8,130
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $13,732
    NFM, INC. 1 7.63% $19,813
    AMERICAN FINANCING CORPORATION 1 5.88% $20,594
    ON Q FINANCIAL, INC. 1 6.00% $9,821
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $12,378
    PNC Bank 1 6.00% $8,664
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $10,961
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $10,004
    BROKER SOLUTIONS, INC. 1 6.63% $10,785
    UNION HOME MORTGAGE CORP. 1 6.25% $15,404
    KeyBank 1 6.25% $10,074

    The top Fairbanks FHA lender as defined by loan originations is NEWREZ LLC, with 34 FHA loans originated. Their average total fees are $10,340, which is $404 higher than the next largest lender, Alaska USA Federal Credit Union.

    The lowest fee Fairbanks FHA lenders (with over 10 loans originated) are Alaska USA Federal Credit Union ($9,935), NEWREZ LLC ($10,340), CROSSCOUNTRY MORTGAGE, LLC ($10,685), .

    The lowest rate Fairbanks FHA lenders (with over 10 loans originated) are Alaska USA Federal Credit Union (6.17%), NEWREZ LLC (6.59%), CROSSCOUNTRY MORTGAGE, LLC (6.77%), .

    Fairbanks FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fairbanks (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 $199,650 (-0.1%) $205,187 (0.1%) 0.00 249
    2018-02-01 $199,200 (2.3%) $202,471 (-1.1%) 0.00 249
    2018-03-01 $209,900 (5.0%) $217,187 (1.4%) 0.00 300
    2018-04-01 $215,500 (7.8%) $228,412 (7.1%) 0.00 318
    2018-05-01 $217,225 (8.7%) $230,186 (8.9%) 0.00 333
    2018-06-01 $219,950 (8.9%) $233,210 (9.2%) 0.00 405
    2018-07-01 $233,650 (11.3%) $237,025 (9.1%) 0.00 473
    2018-08-01 $229,950 (8.8%) $236,458 (8.3%) 0.00 513
    2018-09-01 $229,900 (9.5%) $232,113 (6.2%) 0.00 488
    2018-10-01 $223,850 (9.2%) $225,466 (7.0%) 0.00 451
    2018-11-01 $222,450 (11.5%) $225,133 (10.2%) 0.00 404
    2018-12-01 $219,900 (11.6%) $225,804 (10.0%) 0.00 354
    2019-01-01 $214,900 (7.6%) $221,481 (7.9%) 0.00 301
    2019-02-01 $223,125 (12.0%) $225,758 (11.5%) 0.00 296
    2019-03-01 $226,071 (7.7%) $227,912 (4.9%) 0.00 322
    2019-04-01 $224,950 (4.4%) $229,335 (0.4%) 0.00 357
    2019-05-01 $224,938 (3.6%) $235,787 (2.4%) 0.00 400
    2019-06-01 $231,451 (5.2%) $242,717 (4.1%) 0.00 450
    2019-07-01 $232,700 (-0.4%) $246,377 (4.0%) 0.00 443
    2019-08-01 $230,809 (0.4%) $239,571 (1.3%) 0.00 427
    2019-09-01 $224,673 (-2.3%) $232,896 (0.3%) 0.00 404
    2019-10-01 $220,425 (-1.5%) $228,446 (1.3%) 0.00 379
    2019-11-01 $219,900 (-1.2%) $229,928 (2.1%) 0.00 296
    2019-12-01 $214,950 (-2.3%) $220,553 (-2.3%) 0.00 241
    2020-01-01 $215,000 (0.1%) $224,468 (1.4%) 0.00 205
    2020-02-01 $215,000 (-3.6%) $227,187 (0.6%) 0.00 210
    2020-03-01 $222,400 (-1.6%) $235,591 (3.4%) 0.00 247
    2020-04-01 $227,500 (1.1%) $239,343 (4.4%) 0.00 256
    2020-05-01 $231,500 (2.9%) $245,753 (4.2%) 0.00 270
    2020-06-01 $231,375 (0.0%) $245,968 (1.3%) 0.00 277
    2020-07-01 $230,250 (-1.1%) $245,632 (-0.3%) 0.00 288
    2020-08-01 $251,450 (8.9%) $261,092 (9.0%) 0.00 274
    2020-09-01 $228,675 (1.8%) $240,268 (3.2%) 0.00 223
    2020-10-01 $215,000 (-2.5%) $235,906 (3.3%) 0.00 209
    2020-11-01 $202,475 (-7.9%) $231,544 (0.7%) 0.00 192
    2020-12-01 $203,625 (-5.3%) $234,055 (6.1%) 0.00 151
    2021-01-01 $212,400 (-1.2%) $240,286 (7.1%) 0.00 119
    2021-02-01 $203,725 (-5.2%) $238,577 (5.0%) 0.00 109
    2021-03-01 $222,200 (-0.1%) $247,277 (5.0%) 0.00 103
    2021-04-01 $245,475 (7.9%) $271,699 (13.5%) 0.00 105
    2021-05-01 $247,450 (6.9%) $281,166 (14.4%) 0.00 112
    2021-06-01 $249,950 (8.0%) $285,053 (15.9%) 0.00 152
    2021-07-01 $239,900 (4.2%) $265,535 (8.1%) 0.00 195
    2021-08-01 $249,900 (-0.6%) $278,429 (6.6%) 0.00 243
    2021-09-01 $249,975 (9.3%) $278,792 (16.0%) 0.00 225
    2021-10-01 $245,000 (14.0%) $276,245 (17.1%) 0.00 192
    2021-11-01 $241,900 (19.5%) $284,235 (22.8%) 0.00 142
    2021-12-01 $262,700 (29.0%) $302,505 (29.3%) 0.00 104
    2022-01-01 $249,450 (17.4%) $302,647 (26.0%) 0.00 81
    2022-02-01 $251,450 (23.4%) $321,373 (34.7%) 0.00 74
    2022-03-01 $300,000 (35.0%) $343,378 (38.9%) 0.00 83
    2022-04-01 $329,900 (34.4%) $355,285 (30.8%) 0.00 95
    2022-05-01 $339,450 (37.2%) $358,950 (27.7%) 0.00 116
    2022-06-01 $339,900 (36.0%) $355,100 (24.6%) 0.00 185
    2022-07-01 $339,900 (41.7%) $346,816 (30.6%) 0.00 279
    2022-08-01 $339,900 (36.0%) $347,793 (24.9%) 0.00 285
    2022-09-01 $342,450 (37.0%) $347,843 (24.8%) 0.00 263
    2022-10-01 $329,450 (34.5%) $341,346 (23.6%) 0.00 236
    2022-11-01 $328,450 (35.8%) $345,690 (21.6%) 0.00 203
    2022-12-01 $325,000 (23.7%) $341,510 (12.9%) 0.00 178
    2023-01-01 $315,750 (26.6%) $331,543 (9.6%) 0.00 144
    2023-02-01 $324,700 (29.1%) $338,502 (5.3%) 0.00 128
    2023-03-01 $330,000 (10.0%) $353,860 (3.1%) 0.00 121
    2023-04-01 $349,900 (6.1%) $367,403 (3.4%) 0.00 133
    2023-05-01 $350,000 (3.1%) $383,611 (6.9%) 0.00 138
    2023-06-01 $333,000 (-2.0%) $349,071 (-1.7%) 0.00 153
    2023-07-01 $321,000 (-5.6%) $340,681 (-1.8%) 0.00 207
    2023-08-01 $313,400 (-7.8%) $331,702 (-4.6%) 0.00 237
    2023-09-01 $320,000 (-6.6%) $333,201 (-4.2%) 0.00 274
    2023-10-01 $318,750 (-3.3%) $333,217 (-2.4%) 0.00 235
    2023-11-01 $312,400 (-4.9%) $322,389 (-6.7%) 0.00 221
    2023-12-01 $300,000 (-7.7%) $318,045 (-6.9%) 0.00 194
    2024-01-01 $305,400 (-3.3%) $316,621 (-4.5%) 0.00 166
    2024-02-01 $320,750 (-1.2%) $326,579 (-3.5%) 0.00 142
    2024-03-01 $309,000 (-6.4%) $320,703 (-9.4%) 0.00 133
    Fairbanks's median listing price for 2024-03-01 was $309,000, a difference of $-21,000 (-6.4%) versus the prior year and $-11,750 versus the prior month.

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

    Fairbanks's average listing price for 2024-03-01 was $320,703, a difference of $-33,157 (-9.4%) versus the prior year and $-5,876 versus the prior month.

    For the 2024-03-01 period, Fairbanks had 133 MLS listings, a difference of -9 listings (-6%) versus the prior month and 12 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fairbanks (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,560 sqft
    2018-02-01 0 days 1,545 sqft
    2018-03-01 0 days 1,568 sqft
    2018-04-01 0 days 1,600 sqft
    2018-05-01 0 days 1,600 sqft
    2018-06-01 0 days 1,607 sqft
    2018-07-01 0 days 1,694 sqft
    2018-08-01 0 days 1,678 sqft
    2018-09-01 0 days 1,667 sqft
    2018-10-01 0 days 1,606 sqft
    2018-11-01 0 days 1,605 sqft
    2018-12-01 0 days 1,604 sqft
    2019-01-01 0 days 1,600 sqft
    2019-02-01 0 days 1,607 sqft
    2019-03-01 0 days 1,575 sqft
    2019-04-01 0 days 1,553 sqft
    2019-05-01 0 days 1,603 sqft
    2019-06-01 0 days 1,689 sqft
    2019-07-01 0 days 1,759 sqft
    2019-08-01 0 days 1,745 sqft
    2019-09-01 0 days 1,700 sqft
    2019-10-01 0 days 1,650 sqft
    2019-11-01 0 days 1,596 sqft
    2019-12-01 0 days 1,578 sqft
    2020-01-01 0 days 1,584 sqft
    2020-02-01 0 days 1,536 sqft
    2020-03-01 0 days 1,610 sqft
    2020-04-01 0 days 1,611 sqft
    2020-05-01 0 days 1,631 sqft
    2020-06-01 0 days 1,556 sqft
    2020-07-01 0 days 1,569 sqft
    2020-08-01 0 days 1,743 sqft
    2020-09-01 0 days 1,732 sqft
    2020-10-01 0 days 1,670 sqft
    2020-11-01 0 days 1,584 sqft
    2020-12-01 0 days 1,595 sqft
    2021-01-01 0 days 1,546 sqft
    2021-02-01 0 days 1,449 sqft
    2021-03-01 0 days 1,508 sqft
    2021-04-01 0 days 1,573 sqft
    2021-05-01 0 days 1,600 sqft
    2021-06-01 0 days 1,552 sqft
    2021-07-01 0 days 1,481 sqft
    2021-08-01 0 days 1,537 sqft
    2021-09-01 0 days 1,603 sqft
    2021-10-01 0 days 1,564 sqft
    2021-11-01 0 days 1,633 sqft
    2021-12-01 0 days 1,738 sqft
    2022-01-01 0 days 1,647 sqft
    2022-02-01 0 days 1,558 sqft
    2022-03-01 0 days 1,808 sqft
    2022-04-01 0 days 1,782 sqft
    2022-05-01 0 days 1,766 sqft
    2022-06-01 0 days 1,740 sqft
    2022-07-01 0 days 1,824 sqft
    2022-08-01 0 days 1,863 sqft
    2022-09-01 0 days 1,833 sqft
    2022-10-01 0 days 1,808 sqft
    2022-11-01 0 days 1,805 sqft
    2022-12-01 0 days 1,824 sqft
    2023-01-01 0 days 1,792 sqft
    2023-02-01 0 days 1,820 sqft
    2023-03-01 0 days 1,790 sqft
    2023-04-01 0 days 1,796 sqft
    2023-05-01 0 days 1,882 sqft
    2023-06-01 0 days 1,783 sqft
    2023-07-01 0 days 1,652 sqft
    2023-08-01 0 days 1,647 sqft
    2023-09-01 0 days 1,644 sqft
    2023-10-01 0 days 1,662 sqft
    2023-11-01 0 days 1,662 sqft
    2023-12-01 0 days 1,664 sqft
    2024-01-01 0 days 1,636 sqft
    2024-02-01 0 days 1,601 sqft
    2024-03-01 0 days 1,600 sqft
    Fairbanks's median listing age (time on market) for 2024-03-01 was 0 days.

    Fairbanks's median square footage for active listings during the 2024-03-01 period was 1,600 sqft. One year prior, the average listing was 1,790 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).