Logan FHA Loans

LOGAN, UT-ID

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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.

    Logan's 64 lenders originated 487 FHA loans during 2021. The total origination value was $126,375,000, with an average FHA loan value of $259,497.

    Logan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Logan averaged 5.25% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.38% and one month ago for the week of 2022-04-08, the average rate was 4.54%.

    The average rate one year ago was 2.85%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.12%.

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

    Logan 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 Logan level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    GUILD MORTGAGE COMPANY 118 2.83% $10,354
    CALIBER HOME LOANS, INC. 35 2.70% $7,275
    QUICKEN LOANS, LLC 31 2.68% $7,021
    UNITED WHOLESALE MORTGAGE, LLC 18 2.74% $8,065
    FREEDOM MORTGAGE CORPORATION 16 2.92% $5,022
    FIRST COLONY MORTGAGE CORPORATION 16 2.77% $9,406
    STEARNS LENDING, LLC 14 2.79% $7,777
    INTERCAP LENDING INC. 11 2.90% $9,714
    LAKEVIEW LOAN SERVICING, LLC 9 2.93% $4,586
    PRIMARY RESIDENTIAL MORTGAGE, INC. 8 3.11% $8,673
    PENNYMAC LOAN SERVICES, LLC 7 2.89% $5,060
    Mr. Cooper ( Nationstar Mortgage ) 5 3.25% $5,932
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.90% $10,120
    AMERICA FIRST 5 2.80% $8,956
    Glacier Bank 4 2.75% $9,616
    MOVEMENT MORTGAGE, LLC 4 3.47% $8,414
    GOLDENWEST 4 2.88% $9,078
    VILLAGE CAPITAL & INVESTMENT LLC 4 2.56% $4,066
    HOME POINT FINANCIAL CORPORATION 3 3.21% $8,921
    Cache Valley Bank 3 2.79% $4,976
    BROKER SOLUTIONS, INC. 3 3.33% $11,857
    Bank of Utah 3 2.96% $10,148
    DIRECT MORTGAGE, CORP. 2 2.75% $12,168
    ADVANTAGE PLUS 2 2.44% $9,681
    ACADEMY MORTGAGE CORPORATION 2 3.25% $8,468
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.19% $12,112
    First Guaranty Mortgage Corporation 2 3.19% $7,500
    Gateway First Bank 2 2.81% $9,161
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.31% $9,261
    LOANDEPOT.COM, LLC 2 3.31% $9,519
    NEWREZ LLC 2 2.69% $4,688
    Northpointe Bank 2 3.00% $8,378
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 2.88% $10,564
    SECURITY HOME MORTGAGE, LLC. 2 2.88% $9,936
    SECURITYNATIONAL MORTGAGE COMPANY 2 3.56% $7,794
    The Federal Savings Bank 2 2.94% $10,214
    UNITED SECURITY FINANCIAL CORP 2 2.63% $6,441
    VAN DYK MORTGAGE CORPORATION 2 3.00% $10,360
    Nations Lending Corporation 1 3.00% $16,340
    Network Funding, L.P. 1 3.00% $10,908
    AMERICAN FINANCIAL NETWORK, INC. 1 3.63% $6,614
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.75% $10,658
    PARKSIDE LENDING, LLC 1 2.88% $5,079
    Citizens Bank 1 2.88% $9,255
    Plains Commerce Bank 1 2.50% $5,907
    Century Mortgage Company DBA Century Lending Company 1 4.25% $6,337
    Utah Mortgage Loan Corporation 1 2.88% $9,949
    Carrington Mortgage Services, LLC 1 2.75% $11,210
    RANLIFE, INC. 1 2.99% $9,487
    S1L, Inc. 1 3.50% $8,758
    Zions Bancorporation, N.A. 1 3.00% $5,149
    VERITAS FUNDING, LLC 1 3.25% $9,185
    BELEM SERVICING LLC 1 2.88% $12,344
    SUN WEST MORTGAGE COMPANY, INC. 1 3.99% $5,991
    Victorian Finance, LLC 1 3.13% $6,772
    Hometown Equity Mortgage, LLC 1 3.75% $13,511
    Flagstar Bank, FSB 1 2.25% $6,533
    KeyBank 1 3.38% $9,291
    EVERETT FINANCIAL, INC. 1 3.38% $8,306
    THRIVE MORTGAGE, LLC 1 4.25% $8,417
    LOANPAL, LLC 1 2.88% $11,738
    MOUNTAIN AMERICA 1 2.50% $8,482
    CMG MORTGAGE, INC. 1 2.75% $11,404
    CITYWIDE HOME LOANS, LLC 1 3.00% $11,420

    The top Logan FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 118 FHA loans originated. Their average total fees are $10,354, which is $3,079 higher than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Logan FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($5,022), QUICKEN LOANS, LLC ($7,021), CALIBER HOME LOANS, INC. ($7,275), STEARNS LENDING, LLC ($7,777) and UNITED WHOLESALE MORTGAGE, LLC ($8,065).

    The lowest rate Logan FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.68%), CALIBER HOME LOANS, INC. (2.70%), UNITED WHOLESALE MORTGAGE, LLC (2.74%), FIRST COLONY MORTGAGE CORPORATION (2.77%) and STEARNS LENDING, LLC (2.79%).

    Logan FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LOGAN, UT-ID FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    LOGAN, UT-ID CACHE 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Logan (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 $298,750 (15.8%) $390,998 (26.4%) 0.00 220
    2018-02-01 $319,000 (18.6%) $434,912 (38.2%) 0.00 209
    2018-03-01 $320,000 (12.3%) $444,206 (31.8%) 0.00 215
    2018-04-01 $326,950 (15.5%) $439,261 (27.8%) 0.00 255
    2018-05-01 $324,900 (12.1%) $433,824 (23.5%) 0.00 282
    2018-06-01 $318,240 (10.3%) $420,049 (20.6%) 0.00 343
    2018-07-01 $319,200 (8.6%) $411,929 (15.6%) 0.00 360
    2018-08-01 $299,900 (0.2%) $375,483 (1.9%) 0.00 359
    2018-09-01 $299,000 (0.4%) $378,771 (5.3%) 0.00 357
    2018-10-01 $299,000 (0.5%) $385,242 (5.1%) 0.00 355
    2018-11-01 $299,700 (1.2%) $388,421 (2.7%) 0.00 341
    2018-12-01 $308,499 (3.6%) $408,309 (6.2%) 0.00 288
    2019-01-01 $294,950 (-1.3%) $390,212 (-0.2%) 0.00 255
    2019-02-01 $299,700 (-6.1%) $398,035 (-8.5%) 0.00 249
    2019-03-01 $313,657 (-2.0%) $414,788 (-6.6%) 0.00 245
    2019-04-01 $335,500 (2.6%) $429,340 (-2.3%) 0.00 263
    2019-05-01 $346,950 (6.8%) $440,061 (1.4%) 0.00 264
    2019-06-01 $345,592 (8.6%) $450,251 (7.2%) 0.00 290
    2019-07-01 $333,635 (4.5%) $444,869 (8.0%) 0.00 304
    2019-08-01 $322,068 (7.4%) $416,896 (11.0%) 0.00 371
    2019-09-01 $318,821 (6.6%) $398,075 (5.1%) 0.00 391
    2019-10-01 $319,900 (7.0%) $406,896 (5.6%) 0.00 333
    2019-11-01 $319,000 (6.4%) $394,239 (1.5%) 0.00 316
    2019-12-01 $314,250 (1.9%) $384,761 (-5.8%) 0.00 279
    2020-01-01 $310,450 (5.3%) $388,813 (-0.4%) 0.00 237
    2020-02-01 $301,900 (0.7%) $407,143 (2.3%) 0.00 233
    2020-03-01 $314,950 (0.4%) $424,026 (2.2%) 0.00 215
    2020-04-01 $323,000 (-3.7%) $440,238 (2.5%) 0.00 244
    2020-05-01 $320,000 (-7.8%) $442,694 (0.6%) 0.00 244
    2020-06-01 $335,776 (-2.8%) $461,581 (2.5%) 0.00 225
    2020-07-01 $339,700 (1.8%) $487,261 (9.5%) 0.00 180
    2020-08-01 $349,900 (8.6%) $531,290 (27.4%) 0.00 125
    2020-09-01 $344,250 (8.0%) $567,818 (42.6%) 0.00 118
    2020-10-01 $365,000 (14.1%) $623,941 (53.3%) 0.00 105
    2020-11-01 $386,900 (21.3%) $680,960 (72.7%) 0.00 87
    2020-12-01 $354,900 (12.9%) $702,275 (82.5%) 0.00 79
    2021-01-01 $374,900 (20.8%) $769,230 (97.8%) 0.00 64
    2021-02-01 $499,450 (65.4%) $931,700 (128.8%) 0.00 53
    2021-03-01 $462,500 (46.9%) $887,472 (109.3%) 0.00 56
    2021-04-01 $465,000 (44.0%) $875,475 (98.9%) 0.00 64
    2021-05-01 $494,900 (54.7%) $903,282 (104.0%) 0.00 70
    2021-06-01 $517,500 (54.1%) $900,379 (95.1%) 0.00 77
    2021-07-01 $522,500 (53.8%) $872,817 (79.1%) 0.00 89
    2021-08-01 $449,950 (28.6%) $779,151 (46.7%) 0.00 115
    2021-09-01 $467,450 (35.8%) $766,531 (35.0%) 0.00 126
    2021-10-01 $495,000 (35.6%) $823,769 (32.0%) 0.00 124
    2021-11-01 $493,950 (27.7%) $853,316 (25.3%) 0.00 101
    2021-12-01 $499,950 (40.9%) $758,426 (8.0%) 0.00 81
    2022-01-01 $495,000 (32.0%) $821,776 (6.8%) 0.00 78
    2022-02-01 $527,500 (5.6%) $857,975 (-7.9%) 0.00 82
    2022-03-01 $535,000 (15.7%) $889,137 (0.2%) 0.00 72
    2022-04-01 $499,000 (7.3%) $756,524 (-13.6%) 0.00 98
    Logan's median listing price for 2022-04-01 was $499,000, a difference of $34,000 (7.3%) versus the prior year and $-36,000 versus the prior month.

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

    Logan's average listing price for 2022-04-01 was $756,524, a difference of $-118,951 (-13.6%) versus the prior year and $-132,613 versus the prior month.

    For the 2022-04-01 period, Logan had 98 MLS listings, a difference of 26 listings (36%) versus the prior month and 34 listings (53%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Logan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 3,000 sqft
    2018-02-01 0 days 3,066 sqft
    2018-03-01 0 days 3,117 sqft
    2018-04-01 0 days 3,071 sqft
    2018-05-01 0 days 3,024 sqft
    2018-06-01 0 days 2,880 sqft
    2018-07-01 0 days 2,888 sqft
    2018-08-01 0 days 2,703 sqft
    2018-09-01 0 days 2,688 sqft
    2018-10-01 0 days 2,664 sqft
    2018-11-01 0 days 2,665 sqft
    2018-12-01 0 days 2,803 sqft
    2019-01-01 0 days 2,705 sqft
    2019-02-01 0 days 2,619 sqft
    2019-03-01 0 days 2,731 sqft
    2019-04-01 0 days 2,930 sqft
    2019-05-01 0 days 2,991 sqft
    2019-06-01 0 days 3,090 sqft
    2019-07-01 0 days 2,896 sqft
    2019-08-01 0 days 2,760 sqft
    2019-09-01 0 days 2,726 sqft
    2019-10-01 0 days 2,717 sqft
    2019-11-01 0 days 2,648 sqft
    2019-12-01 0 days 2,588 sqft
    2020-01-01 0 days 2,601 sqft
    2020-02-01 0 days 2,415 sqft
    2020-03-01 0 days 2,563 sqft
    2020-04-01 0 days 2,490 sqft
    2020-05-01 0 days 2,486 sqft
    2020-06-01 0 days 2,646 sqft
    2020-07-01 0 days 2,717 sqft
    2020-08-01 0 days 2,834 sqft
    2020-09-01 0 days 2,729 sqft
    2020-10-01 0 days 2,741 sqft
    2020-11-01 0 days 2,793 sqft
    2020-12-01 0 days 2,737 sqft
    2021-01-01 0 days 2,598 sqft
    2021-02-01 0 days 2,862 sqft
    2021-03-01 0 days 3,078 sqft
    2021-04-01 0 days 2,855 sqft
    2021-05-01 0 days 2,855 sqft
    2021-06-01 0 days 2,829 sqft
    2021-07-01 0 days 2,842 sqft
    2021-08-01 0 days 2,619 sqft
    2021-09-01 0 days 2,673 sqft
    2021-10-01 0 days 2,732 sqft
    2021-11-01 0 days 2,762 sqft
    2021-12-01 0 days 2,598 sqft
    2022-01-01 0 days 2,487 sqft
    2022-02-01 0 days 2,618 sqft
    2022-03-01 0 days 2,611 sqft
    2022-04-01 0 days 2,524 sqft
    Logan's median listing age (time on market) for 2022-04-01 was 0 days.

    Logan's median square footage for active listings during the 2022-04-01 period was 2,524 sqft. One year prior, the average listing was 2,855 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).