Flagstaff FHA Loans

FLAGSTAFF, AZ

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Flagstaff's 56 lenders originated 348 FHA loans during 2021. The total origination value was $92,020,000, with an average FHA loan value of $264,425.

    Flagstaff FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Flagstaff averaged 5.17% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.58% and one month ago for the week of 2022-04-15, the average rate was 4.97%.

    The average rate one year ago was 3.44%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.9%.

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

    Flagstaff FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Flagstaff level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    LAKEVIEW LOAN SERVICING, LLC 27 2.92% $5,291
    QUICKEN LOANS, LLC 23 2.62% $9,697
    Wallick & Volk, Inc. 23 3.47% $10,453
    SUNSTREET MORTGAGE, LLC 12 3.05% $9,827
    NOVA FINANCIAL & INVESTMENT CORPORATION 10 3.40% $9,279
    LHM FINANCIAL CORPORATION 10 3.21% $7,986
    FREEDOM MORTGAGE CORPORATION 9 2.90% $6,000
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 3.61% $11,486
    ACADEMY MORTGAGE CORPORATION 8 3.59% $11,466
    MID AMERICA MORTGAGE, INC. 8 3.06% $4,250
    STARBOARD FINANCIAL MANAGEMENT, LLC 8 3.33% $9,655
    PENNYMAC LOAN SERVICES, LLC 7 2.90% $6,069
    UNITED WHOLESALE MORTGAGE, LLC 7 2.56% $11,418
    Nations Lending Corporation 6 3.06% $15,120
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.35% $9,071
    First Guaranty Mortgage Corporation 6 2.85% $5,993
    GUILD MORTGAGE COMPANY 6 3.02% $6,921
    NEWREZ LLC 6 2.97% $5,119
    Mr. Cooper ( Nationstar Mortgage ) 5 3.60% $4,672
    BROKER SOLUTIONS, INC. 5 3.38% $9,190
    Lakeview Community Capital, LLC 4 2.78% $6,269
    AMERICAN FINANCIAL NETWORK, INC. 3 3.33% $15,119
    CITYWIDE HOME LOANS, LLC 3 3.21% $9,207
    Amerifirst Financial, Inc. 3 2.79% $7,774
    Carrington Mortgage Services, LLC 3 2.96% $8,112
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.63% $5,081
    AMERICAN FINANCING CORPORATION 2 2.63% $7,066
    AmeriHome Mortgage Company, LLC 2 2.81% $6,737
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.38% $12,503
    HOME POINT FINANCIAL CORPORATION 2 2.75% $3,944
    MORIA DEVELOPMENT, INC. 2 3.19% $16,496
    OCMBC, INC. 2 2.75% $11,052
    SOVEREIGN LENDING GROUP INCORPORATED 2 2.69% $12,977
    VILLAGE CAPITAL & INVESTMENT LLC 2 3.13% $1,580
    HOMESIDE FINANCIAL, LLC 1 3.13% $9,014
    GENEVA FINANCIAL, LLC 1 3.75% $7,198
    ARC HOME LLC 1 3.25% $16,597
    FINANCE OF AMERICA MORTGAGE LLC 1 3.75% $19,575
    PLANET HOME LENDING, LLC 1 2.63% $5,541
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.38% $11,733
    CMG MORTGAGE, INC. 1 3.75% $10,256
    Chickasaw Community Bank 1 2.88% $5,751
    RELIANCE FIRST CAPITAL, LLC 1 2.25% $7,653
    SOUTHWEST STAGE FUNDING, LLC 1 3.25% $2,530
    V.I.P. MORTGAGE, INC. 1 3.00% $9,333
    BAY EQUITY LLC 1 3.25% $13,450
    STEARNS LENDING, LLC 1 4.25% $13,467
    SUN AMERICAN MORTGAGE COMPANY 1 2.99% $11,040
    Barrington Bank & Trust Company, N.A. 1 3.25% $13,229
    SUN WEST MORTGAGE COMPANY, INC. 1 2.84% $7,681
    The Federal Savings Bank 1 2.75% $10,608
    UNION HOME MORTGAGE CORP. 1 3.63% $12,527
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.75% $8,931
    Loan Simple, Inc. 1 3.75% $14,468
    NATIONS DIRECT MORTGAGE, LLC 1 3.25% $9,585
    Hometown Lenders, Inc. 1 3.63% $10,721

    The top Flagstaff FHA lender as defined by loan originations is LAKEVIEW LOAN SERVICING, LLC, with 27 FHA loans originated. Their average total fees are $5,291, which is $4,405 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Flagstaff FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,291), LHM FINANCIAL CORPORATION ($7,986), NOVA FINANCIAL & INVESTMENT CORPORATION ($9,279), QUICKEN LOANS, LLC ($9,697) and SUNSTREET MORTGAGE, LLC ($9,827).

    The lowest rate Flagstaff FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.62%), LAKEVIEW LOAN SERVICING, LLC (2.92%), SUNSTREET MORTGAGE, LLC (3.05%), LHM FINANCIAL CORPORATION (3.21%) and NOVA FINANCIAL & INVESTMENT CORPORATION (3.40%).

    Flagstaff FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FLAGSTAFF, AZ COCONINO 2022 $423,200 $541,750 $654,850 $813,850

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Flagstaff (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 $399,000 (5.3%) $521,718 (1.7%) 0.00 290
    2018-02-01 $419,000 (6.1%) $536,639 (1.6%) 0.00 280
    2018-03-01 $419,000 (5.0%) $531,835 (1.0%) 0.00 291
    2018-04-01 $426,000 (9.5%) $566,928 (12.5%) 0.00 327
    2018-05-01 $455,000 (13.8%) $617,201 (17.2%) 0.00 364
    2018-06-01 $449,600 (14.0%) $614,087 (17.2%) 0.00 449
    2018-07-01 $445,250 (11.6%) $603,386 (14.3%) 0.00 481
    2018-08-01 $426,500 (8.2%) $593,287 (13.3%) 0.00 494
    2018-09-01 $419,600 (7.3%) $581,213 (13.3%) 0.00 487
    2018-10-01 $412,335 (7.1%) $573,204 (11.6%) 0.00 485
    2018-11-01 $407,733 (3.7%) $574,040 (9.4%) 0.00 455
    2018-12-01 $405,000 (1.3%) $591,696 (9.9%) 0.00 393
    2019-01-01 $399,950 (0.2%) $532,990 (2.2%) 0.00 357
    2019-02-01 $401,700 (-4.1%) $576,279 (7.4%) 0.00 341
    2019-03-01 $398,886 (-4.8%) $566,820 (6.6%) 0.00 333
    2019-04-01 $391,413 (-8.1%) $538,986 (-4.9%) 0.00 350
    2019-05-01 $393,630 (-13.5%) $528,397 (-14.4%) 0.00 386
    2019-06-01 $389,000 (-13.5%) $531,432 (-13.5%) 0.00 408
    2019-07-01 $389,950 (-12.4%) $537,475 (-10.9%) 0.00 451
    2019-08-01 $394,264 (-7.6%) $546,292 (-7.9%) 0.00 444
    2019-09-01 $402,475 (-4.1%) $565,235 (-2.8%) 0.00 418
    2019-10-01 $399,900 (-3.0%) $564,006 (-1.6%) 0.00 400
    2019-11-01 $399,900 (-1.9%) $511,663 (-10.9%) 0.00 377
    2019-12-01 $414,900 (2.4%) $525,790 (-11.1%) 0.00 315
    2020-01-01 $414,180 (3.6%) $529,597 (-0.6%) 0.00 248
    2020-02-01 $419,000 (4.3%) $544,408 (-5.5%) 0.00 214
    2020-03-01 $425,900 (6.8%) $555,756 (-2.0%) 0.00 242
    2020-04-01 $422,035 (7.8%) $551,429 (2.3%) 0.00 287
    2020-05-01 $433,412 (10.1%) $557,459 (5.5%) 0.00 298
    2020-06-01 $435,572 (12.0%) $615,712 (15.9%) 0.00 275
    2020-07-01 $440,286 (12.9%) $583,594 (8.6%) 0.00 248
    2020-08-01 $469,000 (19.0%) $631,325 (15.6%) 0.00 166
    2020-09-01 $529,450 (31.6%) $668,402 (18.3%) 0.00 143
    2020-10-01 $545,000 (36.3%) $670,359 (18.9%) 0.00 119
    2020-11-01 $561,450 (40.4%) $709,283 (38.6%) 0.00 104
    2020-12-01 $511,950 (23.4%) $636,136 (21.0%) 0.00 87
    2021-01-01 $575,000 (38.8%) $649,666 (22.7%) 0.00 73
    2021-02-01 $534,250 (27.5%) $627,198 (15.2%) 0.00 70
    2021-03-01 $537,500 (26.2%) $684,998 (23.3%) 0.00 84
    2021-04-01 $545,000 (29.1%) $699,550 (26.9%) 0.00 107
    2021-05-01 $565,000 (30.4%) $675,079 (21.1%) 0.00 126
    2021-06-01 $599,450 (37.6%) $708,308 (15.0%) 0.00 156
    2021-07-01 $599,500 (36.2%) $742,739 (27.3%) 0.00 175
    2021-08-01 $629,000 (34.1%) $769,443 (21.9%) 0.00 185
    2021-09-01 $614,900 (16.1%) $791,609 (18.4%) 0.00 186
    2021-10-01 $595,000 (9.2%) $845,247 (26.1%) 0.00 136
    2021-11-01 $624,500 (11.2%) $871,922 (22.9%) 0.00 133
    2021-12-01 $585,000 (14.3%) $779,369 (22.5%) 0.00 127
    2022-01-01 $625,000 (8.7%) $776,859 (19.6%) 0.00 110
    2022-02-01 $634,950 (18.9%) $769,252 (22.7%) 0.00 105
    2022-03-01 $669,900 (24.6%) $761,563 (11.2%) 0.00 103
    2022-04-01 $670,000 (22.9%) $829,495 (18.6%) 0.00 137
    Flagstaff's median listing price for 2022-04-01 was $670,000, a difference of $125,000 (22.9%) versus the prior year and $100 versus the prior month.

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

    Flagstaff's average listing price for 2022-04-01 was $829,495, a difference of $129,945 (18.6%) versus the prior year and $67,932 versus the prior month.

    For the 2022-04-01 period, Flagstaff had 137 MLS listings, a difference of 34 listings (33%) versus the prior month and 30 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Flagstaff (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,182 sqft
    2018-02-01 0 days 2,205 sqft
    2018-03-01 0 days 2,182 sqft
    2018-04-01 0 days 2,230 sqft
    2018-05-01 0 days 2,298 sqft
    2018-06-01 0 days 2,328 sqft
    2018-07-01 0 days 2,264 sqft
    2018-08-01 0 days 2,205 sqft
    2018-09-01 0 days 2,100 sqft
    2018-10-01 0 days 2,089 sqft
    2018-11-01 0 days 2,069 sqft
    2018-12-01 0 days 2,025 sqft
    2019-01-01 0 days 2,000 sqft
    2019-02-01 0 days 1,984 sqft
    2019-03-01 0 days 1,969 sqft
    2019-04-01 0 days 1,956 sqft
    2019-05-01 0 days 1,961 sqft
    2019-06-01 0 days 1,908 sqft
    2019-07-01 0 days 1,911 sqft
    2019-08-01 0 days 1,951 sqft
    2019-09-01 0 days 1,987 sqft
    2019-10-01 0 days 1,994 sqft
    2019-11-01 0 days 1,932 sqft
    2019-12-01 0 days 1,937 sqft
    2020-01-01 0 days 1,937 sqft
    2020-02-01 0 days 1,937 sqft
    2020-03-01 0 days 1,970 sqft
    2020-04-01 0 days 1,920 sqft
    2020-05-01 0 days 1,923 sqft
    2020-06-01 0 days 1,990 sqft
    2020-07-01 0 days 1,996 sqft
    2020-08-01 0 days 2,100 sqft
    2020-09-01 0 days 2,138 sqft
    2020-10-01 0 days 2,176 sqft
    2020-11-01 0 days 2,136 sqft
    2020-12-01 0 days 1,919 sqft
    2021-01-01 0 days 2,100 sqft
    2021-02-01 0 days 1,907 sqft
    2021-03-01 0 days 2,035 sqft
    2021-04-01 0 days 1,897 sqft
    2021-05-01 0 days 1,892 sqft
    2021-06-01 0 days 1,986 sqft
    2021-07-01 0 days 1,966 sqft
    2021-08-01 0 days 1,997 sqft
    2021-09-01 0 days 2,020 sqft
    2021-10-01 0 days 2,073 sqft
    2021-11-01 0 days 2,074 sqft
    2021-12-01 0 days 1,937 sqft
    2022-01-01 0 days 1,986 sqft
    2022-02-01 0 days 2,014 sqft
    2022-03-01 0 days 2,063 sqft
    2022-04-01 0 days 2,008 sqft
    Flagstaff's median listing age (time on market) for 2022-04-01 was 0 days.

    Flagstaff's median square footage for active listings during the 2022-04-01 period was 2,008 sqft. One year prior, the average listing was 1,897 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).