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 6.21% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.38% and one month ago for the week of 2024-11-08, the average rate was 6.35%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.48%.

    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 $133,125 (6.5%) $185,836 (1.7%) 0.00 275
    2018-02-01 $134,100 (4.0%) $191,280 (1.3%) 0.00 251
    2018-03-01 $144,900 (7.4%) $197,608 (2.3%) 0.00 241
    2018-04-01 $148,200 (6.2%) $192,715 (-1.9%) 0.00 268
    2018-05-01 $149,450 (5.1%) $196,215 (5.4%) 0.00 263
    2018-06-01 $149,900 (5.5%) $192,607 (5.7%) 0.00 266
    2018-07-01 $145,700 (7.9%) $201,423 (13.9%) 0.00 288
    2018-08-01 $149,900 (8.6%) $204,675 (14.7%) 0.00 306
    2018-09-01 $145,000 (3.7%) $204,285 (14.3%) 0.00 294
    2018-10-01 $147,125 (5.2%) $211,229 (17.3%) 0.00 279
    2018-11-01 $149,450 (7.1%) $211,151 (14.5%) 0.00 259
    2018-12-01 $149,000 (10.8%) $214,893 (17.2%) 0.00 251
    2019-01-01 $144,900 (8.9%) $211,925 (14.0%) 0.00 250
    2019-02-01 $147,300 (9.8%) $216,367 (13.1%) 0.00 248
    2019-03-01 $144,371 (-0.4%) $213,052 (7.8%) 0.00 257
    2019-04-01 $135,950 (-8.3%) $205,409 (6.6%) 0.00 271
    2019-05-01 $137,450 (-8.0%) $205,900 (4.9%) 0.00 270
    2019-06-01 $139,900 (-6.7%) $205,516 (6.7%) 0.00 267
    2019-07-01 $146,175 (0.3%) $199,331 (-1.0%) 0.00 243
    2019-08-01 $146,745 (-2.1%) $196,477 (-4.0%) 0.00 242
    2019-09-01 $148,014 (2.1%) $197,078 (-3.5%) 0.00 245
    2019-10-01 $149,125 (1.4%) $198,728 (-5.9%) 0.00 245
    2019-11-01 $152,400 (2.0%) $211,417 (0.1%) 0.00 243
    2019-12-01 $167,175 (12.2%) $221,665 (3.2%) 0.00 240
    2020-01-01 $167,500 (15.6%) $224,051 (5.7%) 0.00 231
    2020-02-01 $179,450 (21.8%) $234,823 (8.5%) 0.00 221
    2020-03-01 $188,950 (30.9%) $241,109 (13.2%) 0.00 202
    2020-04-01 $195,815 (44.0%) $250,554 (22.0%) 0.00 206
    2020-05-01 $176,500 (28.4%) $245,435 (19.2%) 0.00 191
    2020-06-01 $169,800 (21.4%) $237,233 (15.4%) 0.00 177
    2020-07-01 $158,250 (8.3%) $231,209 (16.0%) 0.00 165
    2020-08-01 $157,500 (7.3%) $224,388 (14.2%) 0.00 161
    2020-09-01 $150,500 (1.7%) $212,457 (7.8%) 0.00 147
    2020-10-01 $149,900 (0.5%) $216,202 (8.8%) 0.00 144
    2020-11-01 $149,950 (-1.6%) $213,172 (0.8%) 0.00 143
    2020-12-01 $149,675 (-10.5%) $207,369 (-6.5%) 0.00 129
    2021-01-01 $149,000 (-11.0%) $196,223 (-12.4%) 0.00 116
    2021-02-01 $149,950 (-16.4%) $197,937 (-15.7%) 0.00 103
    2021-03-01 $160,000 (-15.3%) $202,138 (-16.2%) 0.00 94
    2021-04-01 $168,625 (-13.9%) $204,987 (-18.2%) 0.00 89
    2021-05-01 $149,950 (-15.0%) $186,206 (-24.1%) 0.00 84
    2021-06-01 $157,475 (-7.3%) $187,254 (-21.1%) 0.00 97
    2021-07-01 $162,175 (2.5%) $203,546 (-12.0%) 0.00 112
    2021-08-01 $162,175 (3.0%) $207,869 (-7.4%) 0.00 118
    2021-09-01 $173,425 (15.2%) $215,826 (1.6%) 0.00 121
    2021-10-01 $172,900 (15.3%) $230,310 (6.5%) 0.00 121
    2021-11-01 $167,400 (11.6%) $219,386 (2.9%) 0.00 100
    2021-12-01 $159,700 (6.7%) $222,011 (7.1%) 0.00 84
    2022-01-01 $150,500 (1.0%) $218,049 (11.1%) 0.00 88
    2022-02-01 $159,875 (6.6%) $236,993 (19.7%) 0.00 92
    2022-03-01 $182,225 (13.9%) $255,167 (26.2%) 0.00 81
    2022-04-01 $185,000 (9.7%) $263,963 (28.8%) 0.00 86
    2022-05-01 $196,350 (30.9%) $327,960 (76.1%) 0.00 104
    2022-06-01 $199,950 (27.0%) $320,593 (71.2%) 0.00 130
    2022-07-01 $200,000 (23.3%) $330,714 (62.5%) 0.00 144
    2022-08-01 $227,500 (40.3%) $342,806 (64.9%) 0.00 151
    2022-09-01 $232,200 (33.9%) $354,026 (64.0%) 0.00 144
    2022-10-01 $225,194 (30.3%) $329,709 (43.2%) 0.00 148
    2022-11-01 $212,475 (26.9%) $321,001 (46.3%) 0.00 150
    2022-12-01 $219,500 (37.5%) $315,258 (42.0%) 0.00 138
    2023-01-01 $219,000 (45.5%) $310,791 (42.5%) 0.00 130
    2023-02-01 $202,200 (26.5%) $291,167 (22.9%) 0.00 138
    2023-03-01 $199,800 (9.6%) $280,802 (10.1%) 0.00 142
    2023-04-01 $200,000 (8.1%) $317,720 (20.4%) 0.00 140
    2023-05-01 $203,475 (3.6%) $326,935 (-0.3%) 0.00 138
    2023-06-01 $223,000 (11.5%) $355,608 (10.9%) 0.00 137
    2023-07-01 $219,000 (9.5%) $397,006 (20.1%) 0.00 152
    2023-08-01 $226,875 (-0.3%) $399,311 (16.5%) 0.00 167
    2023-09-01 $247,000 (6.4%) $411,565 (16.3%) 0.00 168
    2023-10-01 $246,725 (9.6%) $407,403 (23.6%) 0.00 166
    2023-11-01 $244,925 (15.3%) $385,830 (20.2%) 0.00 169
    2023-12-01 $235,000 (7.1%) $359,019 (13.9%) 0.00 168
    2024-01-01 $235,000 (7.3%) $332,896 (7.1%) 0.00 159
    2024-02-01 $231,350 (14.4%) $320,418 (10.1%) 0.00 156
    2024-03-01 $235,000 (17.6%) $323,856 (15.3%) 0.00 154
    2024-04-01 $249,450 (24.7%) $360,891 (13.6%) 0.00 157
    2024-05-01 $245,700 (20.8%) $363,098 (11.1%) 0.00 187
    2024-06-01 $249,900 (12.1%) $398,190 (12.0%) 0.00 210
    2024-07-01 $249,000 (13.7%) $402,623 (1.4%) 0.00 223
    2024-08-01 $239,950 (5.8%) $401,456 (0.5%) 0.00 231
    2024-09-01 $233,000 (-5.7%) $388,596 (-5.6%) 0.00 240
    2024-10-01 $229,900 (-6.8%) $400,453 (-1.7%) 0.00 239
    2024-11-01 $225,000 (-8.1%) $401,292 (4.0%) 0.00 246
    Mcalester's median listing price for 2024-11-01 was $225,000, a difference of $-19,925 (-8.1%) versus the prior year and $-4,900 versus the prior month.

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

    Mcalester's average listing price for 2024-11-01 was $401,292, a difference of $15,462 (4.0%) versus the prior year and $839 versus the prior month.

    For the 2024-11-01 period, Mcalester had 246 MLS listings, a difference of 7 listings (3%) versus the prior month and 77 listings (46%) 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 1,715 sqft
    2018-02-01 0 days 1,703 sqft
    2018-03-01 0 days 1,730 sqft
    2018-04-01 0 days 1,723 sqft
    2018-05-01 0 days 1,714 sqft
    2018-06-01 0 days 1,706 sqft
    2018-07-01 0 days 1,702 sqft
    2018-08-01 0 days 1,669 sqft
    2018-09-01 0 days 1,656 sqft
    2018-10-01 0 days 1,688 sqft
    2018-11-01 0 days 1,691 sqft
    2018-12-01 0 days 1,732 sqft
    2019-01-01 0 days 1,740 sqft
    2019-02-01 0 days 1,752 sqft
    2019-03-01 0 days 1,730 sqft
    2019-04-01 0 days 1,644 sqft
    2019-05-01 0 days 1,672 sqft
    2019-06-01 0 days 1,661 sqft
    2019-07-01 0 days 1,657 sqft
    2019-08-01 0 days 1,648 sqft
    2019-09-01 0 days 1,659 sqft
    2019-10-01 0 days 1,657 sqft
    2019-11-01 0 days 1,681 sqft
    2019-12-01 0 days 1,676 sqft
    2020-01-01 0 days 1,676 sqft
    2020-02-01 0 days 1,791 sqft
    2020-03-01 0 days 1,806 sqft
    2020-04-01 0 days 1,811 sqft
    2020-05-01 0 days 1,800 sqft
    2020-06-01 0 days 1,754 sqft
    2020-07-01 0 days 1,708 sqft
    2020-08-01 0 days 1,756 sqft
    2020-09-01 0 days 1,725 sqft
    2020-10-01 0 days 1,745 sqft
    2020-11-01 0 days 1,795 sqft
    2020-12-01 0 days 1,798 sqft
    2021-01-01 0 days 1,775 sqft
    2021-02-01 0 days 1,823 sqft
    2021-03-01 0 days 1,799 sqft
    2021-04-01 0 days 1,790 sqft
    2021-05-01 0 days 1,747 sqft
    2021-06-01 0 days 1,692 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 1,605 sqft
    2021-11-01 0 days 1,590 sqft
    2021-12-01 0 days 1,610 sqft
    2022-01-01 0 days 1,590 sqft
    2022-02-01 0 days 1,553 sqft
    2022-03-01 0 days 1,627 sqft
    2022-04-01 0 days 1,597 sqft
    2022-05-01 0 days 1,553 sqft
    2022-06-01 0 days 1,613 sqft
    2022-07-01 0 days 1,644 sqft
    2022-08-01 0 days 1,714 sqft
    2022-09-01 0 days 1,755 sqft
    2022-10-01 0 days 1,813 sqft
    2022-11-01 0 days 1,832 sqft
    2022-12-01 0 days 1,818 sqft
    2023-01-01 0 days 1,833 sqft
    2023-02-01 0 days 1,715 sqft
    2023-03-01 0 days 1,626 sqft
    2023-04-01 0 days 1,654 sqft
    2023-05-01 0 days 1,729 sqft
    2023-06-01 0 days 1,808 sqft
    2023-07-01 0 days 1,759 sqft
    2023-08-01 0 days 1,750 sqft
    2023-09-01 0 days 1,874 sqft
    2023-10-01 0 days 1,872 sqft
    2023-11-01 0 days 1,883 sqft
    2023-12-01 0 days 1,838 sqft
    2024-01-01 0 days 1,770 sqft
    2024-02-01 0 days 1,741 sqft
    2024-03-01 0 days 1,620 sqft
    2024-04-01 0 days 1,630 sqft
    2024-05-01 0 days 1,669 sqft
    2024-06-01 0 days 1,720 sqft
    2024-07-01 0 days 1,780 sqft
    2024-08-01 0 days 1,800 sqft
    2024-09-01 0 days 1,716 sqft
    2024-10-01 0 days 1,707 sqft
    2024-11-01 0 days 1,715 sqft
    Mcalester's median listing age (time on market) for 2024-11-01 was 0 days.

    Mcalester's median square footage for active listings during the 2024-11-01 period was 1,715 sqft. One year prior, the average listing was 1,883 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).