Lake Havasu City FHA Loans

LAKE HAVASU CITY-KINGMAN, 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.

    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).