Flagstaff FHA Loan Rates, Closing Costs & Stats

FLAGSTAFF, AZ

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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.

    Flagstaff's 51 lenders originated 209 FHA loans during 2022. The total origination value was $63,745,000, with an average FHA loan value of $305,000.

    Flagstaff FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Flagstaff averaged -0.15% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Flagstaff's average FHA mortgage closing costs are $8,805.

    The average rate for the prior week (2023-11-17) was 7.14% and one month ago for the week of 2023-10-20, the average rate was 7.25%.

    The average rate one year ago was 6.07%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.3%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Flagstaff level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    LHM FINANCIAL CORPORATION 12 4.78% $11,810
    UNITED WHOLESALE MORTGAGE, LLC 10 4.77% $11,209
    GUILD MORTGAGE COMPANY 10 5.50% $12,297
    NOVA FINANCIAL & INVESTMENT CORPORATION 10 5.43% $6,512
    ACADEMY MORTGAGE CORPORATION 7 5.45% $16,302
    Wallick & Volk, Inc. 7 5.95% $13,884
    STARBOARD FINANCIAL MANAGEMENT, LLC 6 5.33% $11,486
    LOANDEPOT.COM, LLC 5 4.53% $15,989
    SUNSTREET MORTGAGE, LLC 5 4.55% $10,729
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 5.20% $16,627
    Carrington Mortgage Services, LLC 5 4.93% $15,383
    CROSSCOUNTRY MORTGAGE, LLC 4 5.59% $13,776
    FINANCE OF AMERICA MORTGAGE LLC 4 5.09% $12,050
    FREEDOM MORTGAGE CORPORATION 4 5.31% $9,703
    SUN AMERICAN MORTGAGE COMPANY 3 4.71% $14,252
    AMERISAVE MORTGAGE CORPORATION 3 5.00% $12,355
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.21% $11,017
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 5.25% $14,218
    NEWREZ LLC 3 5.00% $9,232
    HOME POINT FINANCIAL CORPORATION 2 4.13% $13,594
    Nations Lending Corporation 2 4.19% $14,724
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.13% $13,002
    LAKEVIEW LOAN SERVICING, LLC 2 3.31% $3,585
    QUICKEN LOANS, LLC 2 4.13% $9,482
    Flagstar Bank, FSB 2 4.25% $13,748
    MID AMERICA MORTGAGE, INC. 2 4.13% $4,242
    PENNYMAC LOAN SERVICES, LLC 2 4.37% $14,268
    Wells Fargo Bank 1 5.38% $7,812
    NFM, INC. 1 6.75% $19,155
    Equity Prime Mortgage LLC 1 5.63% $13,450
    PLANET HOME LENDING, LLC 1 5.63% $14,708
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.63% $12,745
    CALIBER HOME LOANS, INC. 1 5.63% $16,072
    RANLIFE, INC. 1 3.25% $7,596
    RESIDENTIAL BANCORP 1 6.63% $16,483
    SOUTHWEST STAGE FUNDING, LLC 1 4.88% $10,927
    BROKER SOLUTIONS, INC. 1 2.75% $14,216
    Amerifirst Financial, Inc. 1 4.50% $7,150
    AMERICAN FINANCING CORPORATION 1 4.75% $13,471
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.00% $21,776
    VISION ONE MORTGAGE, INC. 1 3.63% $12,528
    GENEVA FINANCIAL, LLC 1 7.00% $11,778
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.88% $13,569
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.88% $15,732
    Hometown Lenders, Inc. 1 3.99% $10,201
    LEGACY MORTGAGE LLC 1 6.38% $18,941
    LENOX FINANCIAL MORTGAGE CORPORATION 1 3.75% $11,730
    First Guaranty Mortgage Corporation 1 4.25% $9,388
    LOANPAL, LLC 1 3.75% $19,194
    MANN FINANCIAL INC. 1 6.63% $7,702
    Mr. Cooper ( Nationstar Mortgage ) 1 3.50% $4,913

    The top Flagstaff FHA lender as defined by loan originations is LHM FINANCIAL CORPORATION, with 12 FHA loans originated. Their average total fees are $11,810, which is $600 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Flagstaff FHA lenders (with over 10 loans originated) are NOVA FINANCIAL & INVESTMENT CORPORATION ($6,512), UNITED WHOLESALE MORTGAGE, LLC ($11,209), LHM FINANCIAL CORPORATION ($11,810), GUILD MORTGAGE COMPANY ($12,297) and .

    The lowest rate Flagstaff FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.77%), LHM FINANCIAL CORPORATION (4.78%), NOVA FINANCIAL & INVESTMENT CORPORATION (5.43%), GUILD MORTGAGE COMPANY (5.50%) and .

    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
    FLAGSTAFF, AZ COCONINO 2023 $517,500 $662,500 $800,800 $995,200

    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 $495,342 (4.7%) $656,228 (-4.0%) 0.00 510
    2018-02-01 $518,000 (9.1%) $666,948 (-3.6%) 0.00 516
    2018-03-01 $499,000 (5.1%) $685,510 (-0.1%) 0.00 541
    2018-04-01 $505,500 (7.7%) $685,529 (3.9%) 0.00 582
    2018-05-01 $499,000 (2.9%) $664,537 (0.3%) 0.00 627
    2018-06-01 $485,000 (5.5%) $647,319 (0.2%) 0.00 731
    2018-07-01 $471,350 (4.8%) $636,095 (0.2%) 0.00 780
    2018-08-01 $456,625 (1.5%) $623,268 (-1.5%) 0.00 781
    2018-09-01 $450,000 (-1.1%) $616,458 (-4.6%) 0.00 785
    2018-10-01 $449,688 (-3.2%) $600,882 (-9.4%) 0.00 751
    2018-11-01 $453,500 (-7.7%) $604,184 (-11.0%) 0.00 695
    2018-12-01 $459,000 (-9.0%) $612,167 (-9.0%) 0.00 601
    2019-01-01 $449,700 (-9.2%) $610,909 (-6.9%) 0.00 558
    2019-02-01 $459,000 (-11.4%) $638,459 (-4.3%) 0.00 544
    2019-03-01 $463,829 (-7.1%) $659,221 (-3.8%) 0.00 566
    2019-04-01 $458,517 (-9.3%) $649,113 (-5.3%) 0.00 614
    2019-05-01 $449,975 (-9.8%) $636,282 (-4.3%) 0.00 686
    2019-06-01 $438,500 (-9.6%) $628,638 (-2.9%) 0.00 731
    2019-07-01 $438,000 (-7.1%) $621,280 (-2.3%) 0.00 788
    2019-08-01 $442,000 (-3.2%) $624,136 (0.1%) 0.00 758
    2019-09-01 $446,500 (-0.8%) $631,622 (2.5%) 0.00 710
    2019-10-01 $450,000 (0.1%) $639,753 (6.5%) 0.00 671
    2019-11-01 $468,900 (3.4%) $644,205 (6.6%) 0.00 582
    2019-12-01 $484,753 (5.6%) $662,456 (8.2%) 0.00 486
    2020-01-01 $479,625 (6.7%) $659,922 (8.0%) 0.00 399
    2020-02-01 $509,000 (10.9%) $692,135 (8.4%) 0.00 368
    2020-03-01 $534,950 (15.3%) $687,917 (4.4%) 0.00 419
    2020-04-01 $515,725 (12.5%) $662,703 (2.1%) 0.00 481
    2020-05-01 $515,000 (14.5%) $656,767 (3.2%) 0.00 462
    2020-06-01 $491,450 (12.1%) $649,251 (3.3%) 0.00 407
    2020-07-01 $486,750 (11.1%) $643,642 (3.6%) 0.00 362
    2020-08-01 $535,000 (21.0%) $680,410 (9.0%) 0.00 279
    2020-09-01 $557,475 (24.9%) $715,009 (13.2%) 0.00 216
    2020-10-01 $564,000 (25.3%) $766,520 (19.8%) 0.00 180
    2020-11-01 $586,250 (25.0%) $796,066 (23.6%) 0.00 153
    2020-12-01 $575,250 (18.7%) $762,840 (15.2%) 0.00 129
    2021-01-01 $643,750 (34.2%) $810,820 (22.9%) 0.00 113
    2021-02-01 $635,975 (25.0%) $820,442 (18.5%) 0.00 109
    2021-03-01 $614,750 (14.9%) $832,349 (21.0%) 0.00 109
    2021-04-01 $637,450 (23.6%) $834,230 (25.9%) 0.00 148
    2021-05-01 $635,000 (23.3%) $851,437 (29.6%) 0.00 178
    2021-06-01 $649,900 (32.2%) $854,033 (31.5%) 0.00 217
    2021-07-01 $633,750 (30.2%) $883,947 (37.3%) 0.00 228
    2021-08-01 $646,000 (20.8%) $895,640 (31.6%) 0.00 239
    2021-09-01 $639,675 (14.8%) $928,515 (29.9%) 0.00 239
    2021-10-01 $650,000 (15.3%) $965,194 (25.9%) 0.00 179
    2021-11-01 $681,725 (16.3%) $1,032,774 (29.7%) 0.00 168
    2021-12-01 $645,475 (12.2%) $993,386 (30.2%) 0.00 153
    2022-01-01 $672,450 (4.5%) $1,048,538 (29.3%) 0.00 134
    2022-02-01 $674,611 (6.1%) $1,039,074 (26.7%) 0.00 128
    2022-03-01 $697,450 (13.5%) $952,519 (14.4%) 0.00 134
    2022-04-01 $715,000 (12.2%) $953,887 (14.3%) 0.00 192
    2022-05-01 $729,975 (15.0%) $971,860 (14.1%) 0.00 282
    2022-06-01 $725,000 (11.6%) $964,538 (12.9%) 0.00 389
    2022-07-01 $700,000 (10.5%) $936,683 (6.0%) 0.00 467
    2022-08-01 $718,875 (11.3%) $964,247 (7.7%) 0.00 437
    2022-09-01 $736,375 (15.1%) $945,346 (1.8%) 0.00 398
    2022-10-01 $750,000 (15.4%) $984,791 (2.0%) 0.00 411
    2022-11-01 $739,000 (8.4%) $981,848 (-4.9%) 0.00 365
    2022-12-01 $712,450 (10.4%) $979,774 (-1.4%) 0.00 331
    2023-01-01 $743,750 (10.6%) $1,033,136 (-1.5%) 0.00 279
    2023-02-01 $738,250 (9.4%) $1,079,568 (3.9%) 0.00 275
    2023-03-01 $738,500 (5.9%) $1,089,654 (14.4%) 0.00 257
    2023-04-01 $732,500 (2.5%) $1,134,335 (18.9%) 0.00 279
    2023-05-01 $758,750 (3.9%) $1,149,996 (18.3%) 0.00 353
    2023-06-01 $735,000 (1.4%) $1,074,734 (11.4%) 0.00 399
    2023-07-01 $734,000 (4.9%) $1,071,476 (14.4%) 0.00 433
    2023-08-01 $714,950 (-0.6%) $1,046,521 (8.5%) 0.00 463
    2023-09-01 $722,030 (-2.0%) $1,083,966 (14.7%) 0.00 453
    2023-10-01 $733,500 (-2.2%) $1,038,779 (5.5%) 0.00 450
    Flagstaff's median listing price for 2023-10-01 was $733,500, a difference of $-16,500 (-2.2%) versus the prior year and $11,470 versus the prior month.

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

    Flagstaff's average listing price for 2023-10-01 was $1,038,779, a difference of $53,988 (5.5%) versus the prior year and $-45,187 versus the prior month.

    For the 2023-10-01 period, Flagstaff had 450 MLS listings, a difference of -3 listings (-1%) versus the prior month and 39 listings (9%) 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 2,412 sqft
    2018-02-01 0 days 2,426 sqft
    2018-03-01 0 days 2,442 sqft
    2018-04-01 0 days 2,445 sqft
    2018-05-01 0 days 2,422 sqft
    2018-06-01 0 days 2,402 sqft
    2018-07-01 0 days 2,352 sqft
    2018-08-01 0 days 2,302 sqft
    2018-09-01 0 days 2,279 sqft
    2018-10-01 0 days 2,266 sqft
    2018-11-01 0 days 2,288 sqft
    2018-12-01 0 days 2,240 sqft
    2019-01-01 0 days 2,199 sqft
    2019-02-01 0 days 2,200 sqft
    2019-03-01 0 days 2,182 sqft
    2019-04-01 0 days 2,166 sqft
    2019-05-01 0 days 2,134 sqft
    2019-06-01 0 days 2,114 sqft
    2019-07-01 0 days 2,087 sqft
    2019-08-01 0 days 2,116 sqft
    2019-09-01 0 days 2,156 sqft
    2019-10-01 0 days 2,185 sqft
    2019-11-01 0 days 2,193 sqft
    2019-12-01 0 days 2,200 sqft
    2020-01-01 0 days 2,166 sqft
    2020-02-01 0 days 2,296 sqft
    2020-03-01 0 days 2,317 sqft
    2020-04-01 0 days 2,200 sqft
    2020-05-01 0 days 2,193 sqft
    2020-06-01 0 days 2,175 sqft
    2020-07-01 0 days 2,181 sqft
    2020-08-01 0 days 2,147 sqft
    2020-09-01 0 days 2,190 sqft
    2020-10-01 0 days 2,196 sqft
    2020-11-01 0 days 2,218 sqft
    2020-12-01 0 days 2,124 sqft
    2021-01-01 0 days 2,202 sqft
    2021-02-01 0 days 2,056 sqft
    2021-03-01 0 days 2,163 sqft
    2021-04-01 0 days 2,092 sqft
    2021-05-01 0 days 2,077 sqft
    2021-06-01 0 days 2,052 sqft
    2021-07-01 0 days 2,005 sqft
    2021-08-01 0 days 2,013 sqft
    2021-09-01 0 days 2,031 sqft
    2021-10-01 0 days 2,071 sqft
    2021-11-01 0 days 2,108 sqft
    2021-12-01 0 days 2,061 sqft
    2022-01-01 0 days 2,063 sqft
    2022-02-01 0 days 2,068 sqft
    2022-03-01 0 days 2,074 sqft
    2022-04-01 0 days 2,004 sqft
    2022-05-01 0 days 2,030 sqft
    2022-06-01 0 days 2,044 sqft
    2022-07-01 0 days 2,007 sqft
    2022-08-01 0 days 2,055 sqft
    2022-09-01 0 days 2,095 sqft
    2022-10-01 0 days 2,130 sqft
    2022-11-01 0 days 2,051 sqft
    2022-12-01 0 days 2,004 sqft
    2023-01-01 0 days 2,047 sqft
    2023-02-01 0 days 2,028 sqft
    2023-03-01 0 days 2,024 sqft
    2023-04-01 0 days 2,033 sqft
    2023-05-01 0 days 2,101 sqft
    2023-06-01 0 days 2,052 sqft
    2023-07-01 0 days 2,065 sqft
    2023-08-01 0 days 2,093 sqft
    2023-09-01 0 days 2,104 sqft
    2023-10-01 0 days 2,087 sqft
    Flagstaff's median listing age (time on market) for 2023-10-01 was 0 days.

    Flagstaff's median square footage for active listings during the 2023-10-01 period was 2,087 sqft. One year prior, the average listing was 2,130 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).