Flagstaff FHA Loans

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 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).