Flagstaff FHA Loan Rates, Closing Costs & Stats

FLAGSTAFF, AZ

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 7.1% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

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

The average rate for the prior week (2024-05-17) was 6.8% and one month ago for the week of 2024-04-19, the average rate was 7.12%.

The average rate one year ago was 6.44%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.79%.

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
2024-04-01 $750,000 (2.4%) $1,086,933 (-4.2%) 0.00 390
Flagstaff's median listing price for 2024-04-01 was $750,000, a difference of $17,500 (2.4%) versus the prior year and $0 versus the prior month.

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

Flagstaff's average listing price for 2024-04-01 was $1,086,933, a difference of $-47,402 (-4.2%) versus the prior year and $-38,403 versus the prior month.

For the 2024-04-01 period, Flagstaff had 390 MLS listings, a difference of 54 listings (16%) versus the prior month and 111 listings (40%) 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
2024-04-01 0 days 2,066 sqft
Flagstaff's median listing age (time on market) for 2024-04-01 was 0 days.

Flagstaff's median square footage for active listings during the 2024-04-01 period was 2,066 sqft. One year prior, the average listing was 2,033 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).