Lawton FHA Loan Rates, Closing Costs & Stats

LAWTON, OK

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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.

    Lawton's 51 lenders originated 262 FHA loans during 2023. The total origination value was $39,480,000, with an average FHA loan value of $150,687.

    Lawton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lawton averaged 6.77% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Lawton's average FHA mortgage closing costs are $5,647.

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.53%.

    The average rate one year ago was 6.56%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.28%.

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

    Lawton 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 Lawton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First United Bank and Trust Company 37 6.80% $7,077
    EVERETT FINANCIAL, INC. 29 6.88% $6,280
    PRIMELENDING, A PLAINSCAPITAL COMPANY 25 6.91% $8,079
    QUICKEN LOANS, LLC 24 6.38% $7,594
    Arvest Bank 20 6.85% $6,401
    Gateway First Bank 13 6.96% $7,246
    GUILD MORTGAGE COMPANY 10 7.73% $8,893
    Chickasaw Community Bank 7 6.61% $7,962
    Flagstar Bank, FSB 7 6.57% $7,733
    BancFirst 5 7.18% $8,540
    Mortgage Research Center, LLC 5 7.40% $2,904
    BOKF 4 6.59% $9,791
    BROKER SOLUTIONS, INC. 4 6.38% $9,604
    GUARANTEED RATE, INC. 3 6.58% $4,899
    American Mortgage Bank, LLC 3 7.29% $8,676
    American Mortgage & Equity Consultants, Inc. 3 6.96% $6,577
    PLAZA HOME MORTGAGE, INC. 3 6.08% $8,170
    UNITED WHOLESALE MORTGAGE, LLC 3 6.54% $7,518
    FLAT BRANCH MORTGAGE, INC. 2 6.75% $8,471
    TruHome Solutions, LLC 2 6.50% $9,120
    Barrington Bank & Trust Company, N.A. 2 6.56% $7,457
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.25% $16,276
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.00% $5,614
    MID AMERICA MORTGAGE, INC. 2 7.19% $3,729
    LOANPAL, LLC 2 5.63% $8,804
    Network Funding, L.P. 2 7.19% $7,182
    ZILLOW HOME LOANS, LLC 1 5.50% $9,073
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $9,916
    ASSOCIATED MORTGAGE CORPORATION 1 5.63% $18,654
    CANOPY MORTGAGE, LLC 1 7.13% $6,534
    CARDINAL FINANCIAL 1 6.75% $6,618
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $6,618
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $10,366
    First National Bank and Trust Company 1 7.38% $5,821
    FREEDOM MORTGAGE CORPORATION 1 7.25% $13,152
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.13% $17,032
    Great Plains National Bank 1 6.00% $8,072
    INTERLINC MORTGAGE SERVICES, LLC 1 6.25% $9,638
    International Bank of Commerce 1 7.13% $10,611
    LOANDEPOT.COM, LLC 1 6.50% $7,164
    NBKC BANK 1 6.38% $12,697
    OPEN MORTGAGE, LLC 1 6.50% $8,284
    Paramount Residential Mortgage Group, Inc. 1 6.75% $8,239
    PENNYMAC LOAN SERVICES, LLC 1 7.63% $5,143
    Stride Bank 1 6.75% $17,254
    SUN WEST MORTGAGE COMPANY, INC. 1 6.57% $5,492
    The Central Trust Bank 1 8.13% $6,118
    Unify Home Lending Inc. 1 7.13% $6,055
    UNION HOME MORTGAGE CORP. 1 7.63% $8,491
    US MORTGAGE CORPORATION 1 7.13% $5,867
    AMERICAN FINANCIAL NETWORK, INC. 1 7.00% $6,040

    The top Lawton FHA lender as defined by loan originations is First United Bank and Trust Company, with 37 FHA loans originated. Their average total fees are $7,077, which is $797 higher than the next largest lender, EVERETT FINANCIAL, INC..

    The lowest fee Lawton FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($6,280), Arvest Bank ($6,401), First United Bank and Trust Company ($7,077), Gateway First Bank ($7,246) and QUICKEN LOANS, LLC ($7,594).

    The lowest rate Lawton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.38%), First United Bank and Trust Company (6.80%), Arvest Bank (6.85%), EVERETT FINANCIAL, INC. (6.88%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (6.91%).

    Lawton FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LAWTON, OK COMANCHE 2022 $420,680 $538,650 $651,050 $809,150
    LAWTON, OK COTTON 2022 $420,680 $538,650 $651,050 $809,150
    LAWTON, OK COMANCHE 2023 $472,030 $604,400 $730,525 $907,900
    LAWTON, OK COTTON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lawton (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 $109,925 (-1.8%) $135,906 (2.5%) 0.00 777
    2018-02-01 $113,675 (-0.9%) $139,216 (2.6%) 0.00 777
    2018-03-01 $119,900 (2.4%) $145,093 (3.8%) 0.00 759
    2018-04-01 $119,950 (4.3%) $147,363 (4.8%) 0.00 757
    2018-05-01 $118,700 (-0.5%) $146,459 (2.4%) 0.00 778
    2018-06-01 $119,900 (0.8%) $148,132 (3.8%) 0.00 783
    2018-07-01 $119,700 (1.4%) $148,714 (4.2%) 0.00 797
    2018-08-01 $119,950 (3.9%) $149,194 (7.5%) 0.00 769
    2018-09-01 $127,750 (14.1%) $152,244 (11.9%) 0.00 742
    2018-10-01 $121,375 (10.4%) $149,056 (9.2%) 0.00 724
    2018-11-01 $119,900 (4.3%) $147,890 (7.0%) 0.00 707
    2018-12-01 $119,000 (8.2%) $145,229 (6.0%) 0.00 715
    2019-01-01 $118,250 (7.6%) $144,885 (6.6%) 0.00 661
    2019-02-01 $117,450 (3.3%) $144,212 (3.6%) 0.00 656
    2019-03-01 $119,943 (0.0%) $148,701 (2.5%) 0.00 642
    2019-04-01 $119,993 (0.0%) $151,109 (2.5%) 0.00 617
    2019-05-01 $119,963 (1.1%) $150,002 (2.4%) 0.00 608
    2019-06-01 $120,000 (0.1%) $147,013 (-0.8%) 0.00 600
    2019-07-01 $124,450 (4.0%) $148,589 (-0.1%) 0.00 600
    2019-08-01 $121,791 (1.5%) $149,185 (0.0%) 0.00 599
    2019-09-01 $120,727 (-5.5%) $150,269 (-1.3%) 0.00 588
    2019-10-01 $120,568 (-0.7%) $152,970 (2.6%) 0.00 586
    2019-11-01 $123,500 (3.0%) $156,902 (6.1%) 0.00 574
    2019-12-01 $122,875 (3.3%) $156,470 (7.7%) 0.00 568
    2020-01-01 $121,725 (2.9%) $157,103 (8.4%) 0.00 540
    2020-02-01 $119,900 (2.1%) $154,333 (7.0%) 0.00 531
    2020-03-01 $120,900 (0.8%) $155,590 (4.6%) 0.00 504
    2020-04-01 $120,750 (0.6%) $161,000 (6.6%) 0.00 461
    2020-05-01 $121,000 (0.9%) $165,327 (10.2%) 0.00 430
    2020-06-01 $122,475 (2.1%) $165,694 (12.7%) 0.00 369
    2020-07-01 $129,700 (4.2%) $168,677 (13.5%) 0.00 311
    2020-08-01 $125,900 (3.4%) $167,795 (12.5%) 0.00 285
    2020-09-01 $121,375 (0.5%) $162,413 (8.1%) 0.00 285
    2020-10-01 $118,500 (-1.7%) $157,649 (3.1%) 0.00 285
    2020-11-01 $115,500 (-6.5%) $157,103 (0.1%) 0.00 272
    2020-12-01 $115,825 (-5.7%) $155,243 (-0.8%) 0.00 262
    2021-01-01 $104,975 (-13.8%) $141,600 (-9.9%) 0.00 235
    2021-02-01 $98,700 (-17.7%) $141,272 (-8.5%) 0.00 200
    2021-03-01 $105,750 (-12.5%) $159,057 (2.2%) 0.00 154
    2021-04-01 $107,625 (-10.9%) $159,118 (-1.2%) 0.00 158
    2021-05-01 $106,000 (-12.4%) $154,912 (-6.3%) 0.00 151
    2021-06-01 $113,725 (-7.1%) $167,473 (1.1%) 0.00 190
    2021-07-01 $119,900 (-7.6%) $172,640 (2.4%) 0.00 240
    2021-08-01 $119,700 (-4.9%) $167,261 (-0.3%) 0.00 255
    2021-09-01 $112,200 (-7.6%) $159,670 (-1.7%) 0.00 268
    2021-10-01 $110,000 (-7.2%) $161,035 (2.2%) 0.00 277
    2021-11-01 $108,875 (-5.7%) $166,872 (6.2%) 0.00 258
    2021-12-01 $107,700 (-7.0%) $165,814 (6.8%) 0.00 241
    2022-01-01 $109,900 (4.7%) $169,460 (19.7%) 0.00 185
    2022-02-01 $108,450 (9.9%) $166,291 (17.7%) 0.00 159
    2022-03-01 $99,700 (-5.7%) $168,989 (6.2%) 0.00 156
    2022-04-01 $132,000 (22.7%) $189,489 (19.1%) 0.00 167
    2022-05-01 $145,000 (36.8%) $199,180 (28.6%) 0.00 184
    2022-06-01 $144,749 (27.3%) $195,705 (16.9%) 0.00 250
    2022-07-01 $155,000 (29.3%) $204,593 (18.5%) 0.00 288
    2022-08-01 $159,725 (33.4%) $210,836 (26.1%) 0.00 275
    2022-09-01 $144,325 (28.6%) $203,627 (27.5%) 0.00 291
    2022-10-01 $159,450 (45.0%) $212,677 (32.1%) 0.00 330
    2022-11-01 $186,432 (71.2%) $216,195 (29.6%) 0.00 326
    2022-12-01 $183,465 (70.4%) $210,295 (26.8%) 0.00 319
    2023-01-01 $186,600 (69.8%) $217,067 (28.1%) 0.00 297
    2023-02-01 $216,488 (99.6%) $237,921 (43.1%) 0.00 269
    2023-03-01 $230,000 (130.7%) $263,229 (55.8%) 0.00 242
    2023-04-01 $235,000 (78.0%) $263,588 (39.1%) 0.00 239
    2023-05-01 $240,750 (66.0%) $273,275 (37.2%) 0.00 252
    2023-06-01 $252,450 (74.4%) $281,176 (43.7%) 0.00 244
    2023-07-01 $235,000 (51.6%) $271,808 (32.9%) 0.00 247
    2023-08-01 $227,625 (42.5%) $267,915 (27.1%) 0.00 244
    2023-09-01 $225,000 (55.9%) $246,818 (21.2%) 0.00 261
    2023-10-01 $195,000 (22.3%) $228,914 (7.6%) 0.00 292
    2023-11-01 $189,125 (1.4%) $223,673 (3.5%) 0.00 303
    2023-12-01 $195,000 (6.3%) $225,324 (7.2%) 0.00 313
    2024-01-01 $203,688 (9.2%) $231,902 (6.8%) 0.00 288
    2024-02-01 $197,000 (-9.0%) $232,670 (-2.2%) 0.00 279
    2024-03-01 $193,450 (-15.9%) $238,031 (-9.6%) 0.00 280
    Lawton's median listing price for 2024-03-01 was $193,450, a difference of $-36,550 (-15.9%) versus the prior year and $-3,550 versus the prior month.

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

    Lawton's average listing price for 2024-03-01 was $238,031, a difference of $-25,198 (-9.6%) versus the prior year and $5,361 versus the prior month.

    For the 2024-03-01 period, Lawton had 280 MLS listings, a difference of 1 listings (0%) versus the prior month and 38 listings (16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lawton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,600 sqft
    2018-02-01 0 days 1,600 sqft
    2018-03-01 0 days 1,600 sqft
    2018-04-01 0 days 1,600 sqft
    2018-05-01 0 days 1,600 sqft
    2018-06-01 0 days 1,600 sqft
    2018-07-01 0 days 1,600 sqft
    2018-08-01 0 days 1,600 sqft
    2018-09-01 0 days 1,600 sqft
    2018-10-01 0 days 1,600 sqft
    2018-11-01 0 days 1,600 sqft
    2018-12-01 0 days 1,600 sqft
    2019-01-01 0 days 1,600 sqft
    2019-02-01 0 days 1,600 sqft
    2019-03-01 0 days 1,600 sqft
    2019-04-01 0 days 1,600 sqft
    2019-05-01 0 days 1,600 sqft
    2019-06-01 0 days 1,600 sqft
    2019-07-01 0 days 1,600 sqft
    2019-08-01 0 days 1,600 sqft
    2019-09-01 0 days 1,600 sqft
    2019-10-01 0 days 1,600 sqft
    2019-11-01 0 days 1,600 sqft
    2019-12-01 0 days 1,600 sqft
    2020-01-01 0 days 1,600 sqft
    2020-02-01 0 days 1,600 sqft
    2020-03-01 0 days 1,600 sqft
    2020-04-01 0 days 1,600 sqft
    2020-05-01 0 days 1,600 sqft
    2020-06-01 0 days 1,612 sqft
    2020-07-01 0 days 1,700 sqft
    2020-08-01 0 days 1,653 sqft
    2020-09-01 0 days 1,600 sqft
    2020-10-01 0 days 1,600 sqft
    2020-11-01 0 days 1,600 sqft
    2020-12-01 0 days 1,600 sqft
    2021-01-01 0 days 1,500 sqft
    2021-02-01 0 days 1,500 sqft
    2021-03-01 0 days 1,450 sqft
    2021-04-01 0 days 1,494 sqft
    2021-05-01 0 days 1,500 sqft
    2021-06-01 0 days 1,540 sqft
    2021-07-01 0 days 1,500 sqft
    2021-08-01 0 days 1,500 sqft
    2021-09-01 0 days 1,400 sqft
    2021-10-01 0 days 1,400 sqft
    2021-11-01 0 days 1,400 sqft
    2021-12-01 0 days 1,400 sqft
    2022-01-01 0 days 1,400 sqft
    2022-02-01 0 days 1,400 sqft
    2022-03-01 0 days 1,450 sqft
    2022-04-01 0 days 1,600 sqft
    2022-05-01 0 days 1,600 sqft
    2022-06-01 0 days 1,600 sqft
    2022-07-01 0 days 1,600 sqft
    2022-08-01 0 days 1,625 sqft
    2022-09-01 0 days 1,600 sqft
    2022-10-01 0 days 1,664 sqft
    2022-11-01 0 days 1,700 sqft
    2022-12-01 0 days 1,700 sqft
    2023-01-01 0 days 1,701 sqft
    2023-02-01 0 days 1,800 sqft
    2023-03-01 0 days 1,804 sqft
    2023-04-01 0 days 1,820 sqft
    2023-05-01 0 days 1,850 sqft
    2023-06-01 0 days 1,900 sqft
    2023-07-01 0 days 1,900 sqft
    2023-08-01 0 days 1,800 sqft
    2023-09-01 0 days 1,800 sqft
    2023-10-01 0 days 1,800 sqft
    2023-11-01 0 days 1,700 sqft
    2023-12-01 0 days 1,700 sqft
    2024-01-01 0 days 1,782 sqft
    2024-02-01 0 days 1,762 sqft
    2024-03-01 0 days 1,700 sqft
    Lawton's median listing age (time on market) for 2024-03-01 was 0 days.

    Lawton's median square footage for active listings during the 2024-03-01 period was 1,700 sqft. One year prior, the average listing was 1,804 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).