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 45 lenders originated 159 FHA loans during 2023. The total origination value was $79,355,000, with an average FHA loan value of $499,088.

    Flagstaff FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Flagstaff averaged 6.81% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Flagstaff's average FHA mortgage closing costs are $9,509.

    The average rate for the prior week (2024-04-12) was 6.9% and one month ago for the week of 2024-03-15, the average rate was 6.77%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.3%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 19 5.89% $16,993
    QUICKEN LOANS, LLC 12 6.41% $14,969
    CROSSCOUNTRY MORTGAGE, LLC 11 6.76% $18,694
    ACADEMY MORTGAGE CORPORATION 11 7.17% $18,991
    GUILD MORTGAGE COMPANY 8 6.64% $15,112
    Wallick & Volk, Inc. 7 6.73% $12,807
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.79% $14,682
    NOVA FINANCIAL & INVESTMENT CORPORATION 5 6.30% $13,252
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.00% $18,101
    FREEDOM MORTGAGE CORPORATION 3 7.08% $19,168
    BROKER SOLUTIONS, INC. 3 6.33% $16,519
    V.I.P. MORTGAGE, INC. 3 7.08% $20,798
    Equity Prime Mortgage LLC 3 7.54% $17,697
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.04% $9,216
    GENEVA FINANCIAL, LLC 3 6.96% $17,061
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 5.69% $18,773
    LOANDEPOT.COM, LLC 2 5.62% $16,900
    SUMMIT FUNDING, INC. 2 7.75% $19,598
    MID AMERICA MORTGAGE, INC. 2 6.69% $6,541
    GUARANTEED RATE AFFINITY, LLC 2 6.25% $18,890
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $4,931
    Plains Commerce Bank 1 5.25% $19,860
    STARBOARD FINANCIAL MANAGEMENT, LLC 1 7.13% $13,363
    SUN AMERICAN MORTGAGE COMPANY 1 5.50% $9,291
    SUN WEST MORTGAGE COMPANY, INC. 1 6.62% $10,021
    Waterstone Mortgage Corporation 1 6.63% $18,369
    AMERICAN FINANCIAL RESOURCES, INC. 1 8.25% $19,232
    AMERICAN FINANCING CORPORATION 1 7.13% $17,849
    AMERISAVE MORTGAGE CORPORATION 1 6.38% $30,564
    CALCON MUTUAL MORTGAGE LLC 1 7.13% $15,790
    DIRECTORS MORTGAGE, INC. 1 7.13% $17,285
    Flagstar Bank, FSB 1 6.75% $16,421
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.00% $12,697
    INTELLILOAN, INC. 1 7.00% $5,024
    LOANLEADERS OF AMERICA, INC. 1 5.25% $14,781
    LOANPAL, LLC 1 5.99% $22,770
    MANN FINANCIAL INC. 1 7.75% $21,959
    Mortgage Research Center, LLC 1 7.25% $11,716
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $9,776
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $20,713
    Nations Lending Corporation 1 6.00% $13,023
    NBKC BANK 1 6.38% $12,521
    NFM, INC. 1 7.38% $14,441
    ON Q FINANCIAL, INC. 1 5.75% $15,099
    Paramount Residential Mortgage Group, Inc. 1 7.63% $23,418

    The top Flagstaff FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 19 FHA loans originated. Their average total fees are $16,993, which is $2,024 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Flagstaff FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($14,969), UNITED WHOLESALE MORTGAGE, LLC ($16,993), CROSSCOUNTRY MORTGAGE, LLC ($18,694), ACADEMY MORTGAGE CORPORATION ($18,991) and .

    The lowest rate Flagstaff FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.89%), QUICKEN LOANS, LLC (6.41%), CROSSCOUNTRY MORTGAGE, LLC (6.76%), ACADEMY MORTGAGE CORPORATION (7.17%) 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 (5.4%) $656,228 (-3.8%) 0.00 510
    2018-02-01 $518,000 (9.1%) $666,948 (-3.4%) 0.00 516
    2018-03-01 $499,000 (5.1%) $683,634 (-0.2%) 0.00 540
    2018-04-01 $502,725 (7.2%) $683,814 (3.8%) 0.00 581
    2018-05-01 $499,000 (2.9%) $662,935 (0.2%) 0.00 626
    2018-06-01 $485,000 (5.6%) $647,319 (0.3%) 0.00 731
    2018-07-01 $471,350 (4.8%) $636,095 (0.3%) 0.00 780
    2018-08-01 $456,250 (1.4%) $622,870 (-1.4%) 0.00 782
    2018-09-01 $450,000 (-1.1%) $614,662 (-5.9%) 0.00 785
    2018-10-01 $449,225 (-3.6%) $599,006 (-10.7%) 0.00 751
    2018-11-01 $451,225 (-8.3%) $602,100 (-12.4%) 0.00 695
    2018-12-01 $450,000 (-10.8%) $609,854 (-9.4%) 0.00 601
    2019-01-01 $449,375 (-9.3%) $608,426 (-7.3%) 0.00 558
    2019-02-01 $459,000 (-11.4%) $635,858 (-4.7%) 0.00 545
    2019-03-01 $463,514 (-7.1%) $659,822 (-3.5%) 0.00 567
    2019-04-01 $455,392 (-9.4%) $646,919 (-5.4%) 0.00 614
    2019-05-01 $449,938 (-9.8%) $634,303 (-4.3%) 0.00 686
    2019-06-01 $438,000 (-9.7%) $626,803 (-3.2%) 0.00 731
    2019-07-01 $436,750 (-7.3%) $619,251 (-2.7%) 0.00 788
    2019-08-01 $440,545 (-3.4%) $622,641 (0.0%) 0.00 758
    2019-09-01 $445,864 (-0.9%) $630,968 (2.7%) 0.00 710
    2019-10-01 $450,000 (0.2%) $639,753 (6.8%) 0.00 671
    2019-11-01 $468,900 (3.9%) $644,205 (7.0%) 0.00 582
    2019-12-01 $484,753 (7.7%) $662,456 (8.6%) 0.00 486
    2020-01-01 $479,625 (6.7%) $659,922 (8.5%) 0.00 399
    2020-02-01 $509,000 (10.9%) $692,135 (8.9%) 0.00 368
    2020-03-01 $535,200 (15.5%) $688,957 (4.4%) 0.00 418
    2020-04-01 $517,250 (13.6%) $663,608 (2.6%) 0.00 480
    2020-05-01 $515,000 (14.5%) $656,921 (3.6%) 0.00 461
    2020-06-01 $491,975 (12.3%) $649,732 (3.7%) 0.00 407
    2020-07-01 $486,750 (11.5%) $643,642 (3.9%) 0.00 362
    2020-08-01 $535,000 (21.4%) $680,410 (9.3%) 0.00 279
    2020-09-01 $557,475 (25.0%) $715,009 (13.3%) 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 (20.8%) 0.00 109
    2021-04-01 $637,450 (23.2%) $834,230 (25.7%) 0.00 148
    2021-05-01 $635,000 (23.3%) $851,437 (29.6%) 0.00 178
    2021-06-01 $649,900 (32.1%) $854,033 (31.4%) 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%) $962,107 (25.5%) 0.00 180
    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 $734,500 (14.8%) $945,346 (1.8%) 0.00 399
    2022-10-01 $750,000 (15.4%) $984,791 (2.4%) 0.00 412
    2022-11-01 $739,000 (8.4%) $981,848 (-4.9%) 0.00 365
    2022-12-01 $715,000 (10.8%) $980,094 (-1.3%) 0.00 331
    2023-01-01 $745,500 (10.9%) $1,048,913 (0.0%) 0.00 280
    2023-02-01 $738,250 (9.4%) $1,087,352 (4.7%) 0.00 276
    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 (-1.7%) $1,083,966 (14.7%) 0.00 453
    2023-10-01 $733,500 (-2.2%) $1,038,779 (5.5%) 0.00 450
    2023-11-01 $735,000 (-0.5%) $1,087,357 (10.8%) 0.00 418
    2023-12-01 $740,000 (3.5%) $1,096,642 (11.9%) 0.00 359
    2024-01-01 $740,000 (-0.7%) $1,077,223 (2.7%) 0.00 306
    2024-02-01 $741,200 (0.4%) $1,077,076 (-1.0%) 0.00 301
    2024-03-01 $750,000 (1.6%) $1,125,336 (3.3%) 0.00 336
    Flagstaff's median listing price for 2024-03-01 was $750,000, a difference of $11,500 (1.6%) versus the prior year and $8,800 versus the prior month.

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

    Flagstaff's average listing price for 2024-03-01 was $1,125,336, a difference of $35,682 (3.3%) versus the prior year and $48,260 versus the prior month.

    For the 2024-03-01 period, Flagstaff had 336 MLS listings, a difference of 35 listings (12%) versus the prior month and 79 listings (31%) 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 2,441 sqft
    2018-04-01 0 days 2,444 sqft
    2018-05-01 0 days 2,421 sqft
    2018-06-01 0 days 2,402 sqft
    2018-07-01 0 days 2,352 sqft
    2018-08-01 0 days 2,305 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 2,112 sqft
    2019-07-01 0 days 2,075 sqft
    2019-08-01 0 days 2,105 sqft
    2019-09-01 0 days 2,150 sqft
    2019-10-01 0 days 2,184 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 2,321 sqft
    2020-04-01 0 days 2,201 sqft
    2020-05-01 0 days 2,207 sqft
    2020-06-01 0 days 2,177 sqft
    2020-07-01 0 days 2,181 sqft
    2020-08-01 0 days 2,147 sqft
    2020-09-01 0 days 2,186 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 2,051 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
    2023-11-01 0 days 2,120 sqft
    2023-12-01 0 days 2,121 sqft
    2024-01-01 0 days 2,124 sqft
    2024-02-01 0 days 2,062 sqft
    2024-03-01 0 days 2,118 sqft
    Flagstaff's median listing age (time on market) for 2024-03-01 was 0 days.

    Flagstaff's median square footage for active listings during the 2024-03-01 period was 2,118 sqft. One year prior, the average listing was 2,024 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).