Logan FHA Loans

LOGAN, UT-ID

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).