Lake Havasu City FHA Loans

LAKE HAVASU CITY-KINGMAN, 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.

Lake Havasu City's 117 lenders originated 1,481 FHA loans during 2021. The total origination value was $298,645,000, with an average FHA loan value of $201,651.

Lake Havasu City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lake Havasu City averaged 5.43% 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 5.33% and one month ago for the week of 2022-04-15, the average rate was 5.13%.

The average rate one year ago was 3.4%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.13%.

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

Lake Havasu City 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 Lake Havasu City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 122 2.70% $6,930
BROKER SOLUTIONS, INC. 70 3.32% $7,662
LOANDEPOT.COM, LLC 57 3.49% $9,376
Hometown Lenders, Inc. 54 3.54% $8,403
SUN AMERICAN MORTGAGE COMPANY 54 3.14% $7,698
UNITED WHOLESALE MORTGAGE, LLC 53 2.70% $8,002
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 49 3.58% $8,484
NOVA FINANCIAL & INVESTMENT CORPORATION 38 3.72% $6,092
AMERICAN FINANCIAL NETWORK, INC. 35 2.96% $10,763
FREEDOM MORTGAGE CORPORATION 30 2.83% $4,859
LAKEVIEW LOAN SERVICING, LLC 29 3.05% $3,923
Mr. Cooper ( Nationstar Mortgage ) 28 3.40% $5,077
CROSSCOUNTRY MORTGAGE, LLC 26 3.33% $8,828
PENNYMAC LOAN SERVICES, LLC 23 3.16% $4,671
CALIBER HOME LOANS, INC. 21 2.80% $6,089
INSPIRE HOME LOANS INC. 20 3.48% $7,993
VILLAGE CAPITAL & INVESTMENT LLC 19 2.67% $3,986
Flagstar Bank, FSB 15 2.62% $8,468
FINANCE OF AMERICA MORTGAGE LLC 14 3.14% $8,648
ACADEMY MORTGAGE CORPORATION 14 3.44% $9,218
Amerifirst Financial, Inc. 13 3.25% $8,036
AXIA FINANCIAL, LLC 13 3.35% $8,870
HOMEBRIDGE FINANCIAL SERVICES, INC. 12 2.74% $5,300
Carrington Mortgage Services, LLC 11 3.27% $6,021
NEWREZ LLC 10 3.10% $4,210
SECURITYNATIONAL MORTGAGE COMPANY 10 3.45% $11,221
PRIMARY RESIDENTIAL MORTGAGE, INC. 10 3.28% $8,185
Barrington Bank & Trust Company, N.A. 10 3.44% $6,652
Nations Lending Corporation 10 3.03% $8,840
HOME POINT FINANCIAL CORPORATION 9 3.04% $8,710
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 3.66% $9,895
AMERICAN FINANCIAL RESOURCES, INC. 8 2.98% $6,319
SOVEREIGN LENDING GROUP INCORPORATED 7 2.91% $7,347
GUILD MORTGAGE COMPANY 7 3.11% $8,622
GUARANTEED RATE, INC. 7 3.39% $7,366
AMCAP MORTGAGE, LTD. 6 3.44% $8,994
SUN WEST MORTGAGE COMPANY, INC. 6 2.98% $6,788
AMERISAVE MORTGAGE CORPORATION 5 3.05% $9,982
First Guaranty Mortgage Corporation 5 2.70% $5,537
Glacier Bank 5 2.83% $6,799
FBC MORTGAGE, LLC 5 3.10% $9,651
PLANET HOME LENDING, LLC 5 2.58% $7,370
ON Q FINANCIAL, INC. 4 3.53% $7,522
AMERICAN FINANCING CORPORATION 4 2.97% $7,513
Wallick & Volk, Inc. 4 3.38% $9,364
MOUNTAIN WEST FINANCIAL, INC. 4 3.41% $11,350
AmeriHome Mortgage Company, LLC 4 3.06% $4,411
MID AMERICA MORTGAGE, INC. 4 2.94% $3,699
STEARNS LENDING, LLC 4 3.00% $8,641
Lakeview Community Capital, LLC 3 2.75% $5,070
NATIONS DIRECT MORTGAGE, LLC 3 3.46% $8,719
MOVEMENT MORTGAGE, LLC 3 3.00% $8,175
Commerce Home Mortgage, Inc. 3 2.92% $8,991
Paramount Residential Mortgage Group, Inc. 2 3.19% $8,468
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.63% $6,237
CHURCHILL MORTGAGE CORPORATION 2 2.88% $13,274
GENEVA FINANCIAL, LLC 2 3.06% $9,001
Home Mortgage Alliance Corp 2 2.50% $12,339
HOMESIDE FINANCIAL, LLC 2 3.50% $9,427
LEADERONE FINANCIAL CORPORATION 2 3.25% $9,745
LHM FINANCIAL CORPORATION 2 3.00% $7,964
LOANPAL, LLC 2 2.38% $15,553
MORIA DEVELOPMENT, INC. 2 3.56% $9,100
ONY GLO, INC. 2 3.44% $12,592
SOUTHWEST STAGE FUNDING, LLC 2 2.75% $2,971
SUBURBAN MORTGAGE, INC. 2 3.31% $5,745
VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.56% $9,644
V.I.P. MORTGAGE, INC. 2 2.38% $9,196
Wells Fargo Bank 2 3.06% $8,370
MANN FINANCIAL INC. 1 3.75% $7,253
MASON MCDUFFIE MORTGAGE CORPORATION 1 2.75% $7,286
JAMES B. NUTTER & COMPANY 1 3.00% $2,374
U.S. Bank 1 2.63% $8,470
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.00% $12,144
ISERVE RESIDENTIAL LENDING, LLC 1 3.88% $9,995
InterContinental Capital Group, Inc 1 3.50% $10,231
INTERCAP LENDING INC. 1 2.88% $8,905
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $11,599
Goldwater Bank, N.A. 1 2.63% $4,196
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.75% $8,625
Neighborhood Loans, Inc. 1 2.75% $9,527
NETWORK CAPITAL FUNDING CORPORATION 1 3.25% $4,243
Gateway First Bank 1 4.25% $13,314
NEW WEST LENDING, INC. 1 2.88% $9,952
Florida Capital Bank 1 2.50% $6,167
OCEANSIDE MORTGAGE COMPANY 1 2.49% $3,383
First National Bank Texas 1 4.13% $5,662
ALTITUDE FINANCIAL CORPORATION 1 3.50% $3,798
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.25% $11,224
Equity Prime Mortgage LLC 1 2.75% $8,573
PHH Mortgage Corporation 1 2.88% $10,221
EMM LOANS LLC 1 3.50% $15,236
PLAZA HOME MORTGAGE, INC. 1 3.00% $9,974
DIRECTORS MORTGAGE, INC. 1 3.75% $12,841
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $13,633
DATA MORTGAGE, INC. 1 3.88% $4,564
RELIANCE FIRST CAPITAL, LLC 1 3.00% $9,454
RESIDENTIAL BANCORP. 1 2.49% $6,630
CORNERSTONE HOME LENDING, INC. 1 3.25% $10,609
Bank of America 1 2.88% $4,585
CMG MORTGAGE, INC. 1 4.25% $5,575
CITYWIDE HOME LOANS, LLC 1 3.13% $7,175
Willamette Valley Bank 1 3.13% $10,515
CHOICE LENDING CORP. 1 3.13% $6,789
SUNSTREET MORTGAGE, LLC 1 3.00% $10,405
CELEBRITY HOME LOANS, LLC 1 2.50% $8,012
SWBC MORTGAGE CORPORATION 1 3.63% $10,353
LADERA LENDING, INC. 1 2.38% $8,514
KELLER MORTGAGE, LLC 1 2.88% $7,570
JPMorgan Chase Bank 1 2.75% $11,075
UNION HOME MORTGAGE CORP. 1 3.75% $6,509
LENDING 3, INC. 1 4.25% $3,675
UNITED MORTGAGE CORP. 1 2.88% $7,737
JMJ FINANCIAL GROUP 1 2.75% $9,169
BAY EQUITY LLC 1 3.25% $9,983
Loan Simple, Inc. 1 2.50% $8,670
Magnolia Bank 1 2.63% $11,127

The top Lake Havasu City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 122 FHA loans originated. Their average total fees are $6,930, which is $732 lower than the next largest lender, BROKER SOLUTIONS, INC..

The lowest fee Lake Havasu City FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,923), VILLAGE CAPITAL & INVESTMENT LLC ($3,986), NEWREZ LLC ($4,210), PENNYMAC LOAN SERVICES, LLC ($4,671) and FREEDOM MORTGAGE CORPORATION ($4,859).

The lowest rate Lake Havasu City FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.62%), VILLAGE CAPITAL & INVESTMENT LLC (2.67%), QUICKEN LOANS, LLC (2.70%), UNITED WHOLESALE MORTGAGE, LLC (2.70%) and HOMEBRIDGE FINANCIAL SERVICES, INC. (2.74%).

Lake Havasu City FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LAKE HAVASU CITY-KINGMAN, AZ MOHAVE 2022 $420,680 $538,650 $651,050 $809,150

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).