Mcalester FHA Loan Rates, Closing Costs & Stats

McAlester, 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.

    Mcalester's 33 lenders originated 104 FHA loans during 2023. The total origination value was $17,160,000, with an average FHA loan value of $165,000.

    Mcalester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mcalester averaged 6.65% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Mcalester's average FHA mortgage closing costs are $6,364.

    The average rate for the prior week (2025-02-07) was 6.57% and one month ago for the week of 2025-01-10, the average rate was 6.83%.

    The average rate one year ago was 6.76%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.62%.

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

    Mcalester 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 Mcalester level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Arvest Bank 16 6.77% $7,361
    QUICKEN LOANS, LLC 10 6.46% $8,557
    First United Bank and Trust Company 10 7.35% $8,046
    OPEN MORTGAGE, LLC 7 6.61% $7,715
    UNITED WHOLESALE MORTGAGE, LLC 6 6.32% $10,831
    FLAT BRANCH MORTGAGE, INC. 5 6.63% $7,544
    Stride Bank 4 6.59% $6,484
    FREEDOM MORTGAGE CORPORATION 4 6.75% $11,506
    Mortgage Research Center, LLC 3 7.25% $9,298
    BancFirst 3 6.96% $7,940
    GUILD MORTGAGE COMPANY 3 6.79% $10,935
    Carrington Mortgage Services, LLC 2 6.44% $9,203
    Mortgage Investment Services Corporation 2 6.56% $3,077
    DAS Acquisition Company, LLC 2 7.63% $7,606
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $13,097
    NEWREZ LLC 2 6.94% $7,027
    FirstTrust Home Loans, Inc. 2 7.38% $7,631
    LOANDEPOT.COM, LLC 2 6.75% $9,037
    MID AMERICA MORTGAGE, INC. 2 6.88% $3,202
    ZILLOW HOME LOANS, LLC 1 7.13% $10,280
    AMERICAN FINANCING CORPORATION 1 5.99% $13,061
    Bank of England 1 6.13% $9,509
    BROKER SOLUTIONS, INC. 1 6.25% $9,348
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $9,970
    First Bank 1 6.63% $8,761
    Goldwater Bank, N.A. 1 6.50% $12,970
    LOANPAL, LLC 1 6.75% $7,750
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $15,891
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.75% $9,333
    Nations Lending Corporation 1 6.75% $8,058
    ROYAL UNITED MORTGAGE LLC 1 7.25% $4,999
    RUOFF MORTGAGE COMPANY, INC. 1 6.88% $5,098
    AMCAP MORTGAGE, LTD. 1 6.75% $8,126

    The top Mcalester FHA lender as defined by loan originations is Arvest Bank, with 16 FHA loans originated. Their average total fees are $7,361, which is $1,196 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Mcalester FHA lenders (with over 10 loans originated) are Arvest Bank ($7,361), First United Bank and Trust Company ($8,046), QUICKEN LOANS, LLC ($8,557), .

    The lowest rate Mcalester FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.46%), Arvest Bank (6.77%), First United Bank and Trust Company (7.35%), .

    Mcalester FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mcalester (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 $134,625 (6.3%) $190,248 (3.0%) 0.00 279
    2018-02-01 $136,825 (5.7%) $195,929 (2.7%) 0.00 255
    2018-03-01 $145,000 (7.4%) $202,416 (3.8%) 0.00 245
    2018-04-01 $149,675 (7.1%) $197,315 (-0.5%) 0.00 272
    2018-05-01 $149,900 (3.6%) $200,459 (6.6%) 0.00 267
    2018-06-01 $149,900 (4.9%) $196,782 (6.7%) 0.00 270
    2018-07-01 $149,125 (10.5%) $203,801 (14.0%) 0.00 293
    2018-08-01 $149,900 (5.9%) $207,122 (14.9%) 0.00 314
    2018-09-01 $146,950 (5.0%) $205,896 (14.0%) 0.00 298
    2018-10-01 $149,900 (6.4%) $217,967 (19.2%) 0.00 288
    2018-11-01 $152,400 (8.9%) $218,374 (16.6%) 0.00 266
    2018-12-01 $151,400 (12.4%) $222,306 (20.0%) 0.00 258
    2019-01-01 $149,225 (10.8%) $219,389 (15.3%) 0.00 257
    2019-02-01 $149,450 (9.2%) $223,280 (14.0%) 0.00 254
    2019-03-01 $146,686 (1.2%) $218,765 (8.1%) 0.00 263
    2019-04-01 $137,000 (-8.5%) $210,828 (6.9%) 0.00 277
    2019-05-01 $139,325 (-7.1%) $210,643 (5.1%) 0.00 276
    2019-06-01 $144,000 (-3.9%) $211,007 (7.2%) 0.00 274
    2019-07-01 $149,000 (-0.1%) $206,594 (1.4%) 0.00 249
    2019-08-01 $149,245 (-0.4%) $203,848 (-1.6%) 0.00 248
    2019-09-01 $149,614 (1.8%) $204,496 (-0.7%) 0.00 251
    2019-10-01 $149,900 (0.0%) $206,166 (-5.4%) 0.00 252
    2019-11-01 $159,999 (5.0%) $218,372 (0.0%) 0.00 249
    2019-12-01 $169,450 (11.9%) $226,617 (1.9%) 0.00 245
    2020-01-01 $169,500 (13.6%) $227,729 (3.8%) 0.00 235
    2020-02-01 $184,900 (23.7%) $238,852 (7.0%) 0.00 226
    2020-03-01 $192,450 (31.2%) $244,868 (11.9%) 0.00 206
    2020-04-01 $199,450 (45.6%) $253,313 (20.2%) 0.00 210
    2020-05-01 $181,200 (30.1%) $248,263 (17.9%) 0.00 196
    2020-06-01 $175,213 (21.7%) $239,244 (13.4%) 0.00 178
    2020-07-01 $159,250 (6.9%) $232,915 (12.7%) 0.00 166
    2020-08-01 $159,900 (7.1%) $227,647 (11.7%) 0.00 164
    2020-09-01 $152,473 (1.9%) $215,391 (5.3%) 0.00 150
    2020-10-01 $149,900 (0.0%) $217,508 (5.5%) 0.00 145
    2020-11-01 $150,475 (-6.0%) $220,213 (0.8%) 0.00 146
    2020-12-01 $149,900 (-11.5%) $212,763 (-6.1%) 0.00 132
    2021-01-01 $149,000 (-12.1%) $200,637 (-11.9%) 0.00 118
    2021-02-01 $151,175 (-18.2%) $200,765 (-16.0%) 0.00 104
    2021-03-01 $171,000 (-11.2%) $209,416 (-14.5%) 0.00 96
    2021-04-01 $174,700 (-12.4%) $210,810 (-16.8%) 0.00 91
    2021-05-01 $149,950 (-17.3%) $186,860 (-24.7%) 0.00 84
    2021-06-01 $157,500 (-10.1%) $187,993 (-21.4%) 0.00 97
    2021-07-01 $162,175 (1.8%) $204,668 (-12.1%) 0.00 112
    2021-08-01 $163,313 (2.1%) $210,248 (-7.6%) 0.00 120
    2021-09-01 $173,450 (13.8%) $217,359 (0.9%) 0.00 121
    2021-10-01 $179,000 (19.4%) $238,234 (9.5%) 0.00 122
    2021-11-01 $168,650 (12.1%) $225,698 (2.5%) 0.00 101
    2021-12-01 $161,150 (7.5%) $228,846 (7.6%) 0.00 86
    2022-01-01 $155,750 (4.5%) $229,192 (14.2%) 0.00 91
    2022-02-01 $164,925 (9.1%) $251,416 (25.2%) 0.00 95
    2022-03-01 $188,000 (9.9%) $274,723 (31.2%) 0.00 84
    2022-04-01 $199,000 (13.9%) $304,619 (44.5%) 0.00 91
    2022-05-01 $202,425 (35.0%) $367,588 (96.7%) 0.00 110
    2022-06-01 $203,700 (29.3%) $348,565 (85.4%) 0.00 136
    2022-07-01 $219,000 (35.0%) $352,384 (72.2%) 0.00 148
    2022-08-01 $229,700 (40.7%) $364,503 (73.4%) 0.00 155
    2022-09-01 $237,200 (36.8%) $378,352 (74.1%) 0.00 148
    2022-10-01 $230,150 (28.6%) $352,246 (47.9%) 0.00 153
    2022-11-01 $218,250 (29.4%) $344,240 (52.5%) 0.00 154
    2022-12-01 $225,488 (39.9%) $341,279 (49.1%) 0.00 142
    2023-01-01 $219,575 (41.0%) $332,637 (45.1%) 0.00 134
    2023-02-01 $210,725 (27.8%) $318,398 (26.6%) 0.00 142
    2023-03-01 $199,975 (6.4%) $314,787 (14.6%) 0.00 149
    2023-04-01 $215,000 (8.0%) $349,870 (14.9%) 0.00 148
    2023-05-01 $219,000 (8.2%) $364,518 (-0.8%) 0.00 147
    2023-06-01 $234,450 (15.1%) $402,956 (15.6%) 0.00 147
    2023-07-01 $229,500 (4.8%) $411,909 (16.9%) 0.00 157
    2023-08-01 $241,425 (5.1%) $414,290 (13.7%) 0.00 174
    2023-09-01 $249,900 (5.4%) $426,111 (12.6%) 0.00 174
    2023-10-01 $249,450 (8.4%) $422,393 (19.9%) 0.00 173
    2023-11-01 $246,250 (12.8%) $398,261 (15.7%) 0.00 174
    2023-12-01 $237,000 (5.1%) $367,230 (7.6%) 0.00 175
    2024-01-01 $238,000 (8.4%) $349,260 (5.0%) 0.00 168
    2024-02-01 $239,900 (13.9%) $345,525 (8.5%) 0.00 165
    2024-03-01 $241,950 (21.0%) $356,757 (13.3%) 0.00 166
    2024-04-01 $257,200 (19.6%) $392,986 (12.3%) 0.00 170
    2024-05-01 $254,500 (16.2%) $399,705 (9.7%) 0.00 200
    2024-06-01 $252,000 (7.5%) $419,386 (4.1%) 0.00 220
    2024-07-01 $249,900 (8.9%) $420,997 (2.2%) 0.00 231
    2024-08-01 $240,000 (-0.6%) $415,307 (0.3%) 0.00 238
    2024-09-01 $237,425 (-5.0%) $400,420 (-6.0%) 0.00 246
    2024-10-01 $232,725 (-6.7%) $412,791 (-2.3%) 0.00 245
    2024-11-01 $229,000 (-7.0%) $412,382 (3.6%) 0.00 250
    2024-12-01 $233,625 (-1.4%) $407,306 (10.9%) 0.00 237
    2025-01-01 $230,625 (-3.1%) $389,640 (11.6%) 0.00 219
    Mcalester's median listing price for 2025-01-01 was $230,625, a difference of $-7,375 (-3.1%) versus the prior year and $-3,000 versus the prior month.

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

    Mcalester's average listing price for 2025-01-01 was $389,640, a difference of $40,380 (11.6%) versus the prior year and $-17,666 versus the prior month.

    For the 2025-01-01 period, Mcalester had 219 MLS listings, a difference of -18 listings (-8%) versus the prior month and 51 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mcalester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,730 sqft
    2018-02-01 0 days 1,715 sqft
    2018-03-01 0 days 1,755 sqft
    2018-04-01 0 days 1,736 sqft
    2018-05-01 0 days 1,716 sqft
    2018-06-01 0 days 1,715 sqft
    2018-07-01 0 days 1,709 sqft
    2018-08-01 0 days 1,670 sqft
    2018-09-01 0 days 1,652 sqft
    2018-10-01 0 days 1,693 sqft
    2018-11-01 0 days 1,703 sqft
    2018-12-01 0 days 1,733 sqft
    2019-01-01 0 days 1,741 sqft
    2019-02-01 0 days 1,755 sqft
    2019-03-01 0 days 1,735 sqft
    2019-04-01 0 days 1,662 sqft
    2019-05-01 0 days 1,677 sqft
    2019-06-01 0 days 1,671 sqft
    2019-07-01 0 days 1,663 sqft
    2019-08-01 0 days 1,654 sqft
    2019-09-01 0 days 1,664 sqft
    2019-10-01 0 days 1,670 sqft
    2019-11-01 0 days 1,694 sqft
    2019-12-01 0 days 1,676 sqft
    2020-01-01 0 days 1,676 sqft
    2020-02-01 0 days 1,800 sqft
    2020-03-01 0 days 1,817 sqft
    2020-04-01 0 days 1,821 sqft
    2020-05-01 0 days 1,807 sqft
    2020-06-01 0 days 1,764 sqft
    2020-07-01 0 days 1,715 sqft
    2020-08-01 0 days 1,763 sqft
    2020-09-01 0 days 1,736 sqft
    2020-10-01 0 days 1,746 sqft
    2020-11-01 0 days 1,792 sqft
    2020-12-01 0 days 1,820 sqft
    2021-01-01 0 days 1,791 sqft
    2021-02-01 0 days 1,837 sqft
    2021-03-01 0 days 1,831 sqft
    2021-04-01 0 days 1,797 sqft
    2021-05-01 0 days 1,752 sqft
    2021-06-01 0 days 1,696 sqft
    2021-07-01 0 days 1,638 sqft
    2021-08-01 0 days 1,634 sqft
    2021-09-01 0 days 1,634 sqft
    2021-10-01 0 days 1,620 sqft
    2021-11-01 0 days 1,606 sqft
    2021-12-01 0 days 1,614 sqft
    2022-01-01 0 days 1,602 sqft
    2022-02-01 0 days 1,615 sqft
    2022-03-01 0 days 1,643 sqft
    2022-04-01 0 days 1,644 sqft
    2022-05-01 0 days 1,629 sqft
    2022-06-01 0 days 1,662 sqft
    2022-07-01 0 days 1,676 sqft
    2022-08-01 0 days 1,722 sqft
    2022-09-01 0 days 1,798 sqft
    2022-10-01 0 days 1,818 sqft
    2022-11-01 0 days 1,848 sqft
    2022-12-01 0 days 1,838 sqft
    2023-01-01 0 days 1,853 sqft
    2023-02-01 0 days 1,732 sqft
    2023-03-01 0 days 1,683 sqft
    2023-04-01 0 days 1,715 sqft
    2023-05-01 0 days 1,750 sqft
    2023-06-01 0 days 1,829 sqft
    2023-07-01 0 days 1,816 sqft
    2023-08-01 0 days 1,806 sqft
    2023-09-01 0 days 1,882 sqft
    2023-10-01 0 days 1,883 sqft
    2023-11-01 0 days 1,887 sqft
    2023-12-01 0 days 1,817 sqft
    2024-01-01 0 days 1,779 sqft
    2024-02-01 0 days 1,760 sqft
    2024-03-01 0 days 1,620 sqft
    2024-04-01 0 days 1,655 sqft
    2024-05-01 0 days 1,694 sqft
    2024-06-01 0 days 1,736 sqft
    2024-07-01 0 days 1,800 sqft
    2024-08-01 0 days 1,800 sqft
    2024-09-01 0 days 1,738 sqft
    2024-10-01 0 days 1,727 sqft
    2024-11-01 0 days 1,724 sqft
    2024-12-01 0 days 1,764 sqft
    2025-01-01 0 days 1,706 sqft
    Mcalester's median listing age (time on market) for 2025-01-01 was 0 days.

    Mcalester's median square footage for active listings during the 2025-01-01 period was 1,706 sqft. One year prior, the average listing was 1,779 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).