Mcalester FHA Loan Rates, Closing Costs & Stats

McAlester, OK

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 32 lenders originated 99 FHA loans during 2024. The total origination value was $17,425,000, with an average FHA loan value of $176,010.

Mcalester FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mcalester averaged 6.48% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

Mcalester's average FHA mortgage closing costs are $6,615.

The average rate for the prior week (2025-03-28) was 6.87% and one month ago for the week of 2025-02-28, the average rate was 6.66%.

The average rate one year ago was 6.88%.

For refis of the same type during the week of 2025-04-04, the average rate was 6.26%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
First United Bank and Trust Company 16 6.93% $6,724
Arvest Bank 15 6.48% $7,763
QUICKEN LOANS, LLC 12 6.54% $9,316
GUILD MORTGAGE COMPANY 6 6.88% $8,920
Stride Bank 4 6.72% $7,793
Equity Prime Mortgage LLC 4 7.25% $9,505
BancFirst 3 6.96% $6,153
LOANDEPOT.COM, LLC 3 7.00% $11,313
BROKER SOLUTIONS, INC. 3 7.00% $9,948
UNITED WHOLESALE MORTGAGE, LLC 2 6.25% $8,755
American Mortgage Bank, LLC 2 6.94% $8,781
OPEN MORTGAGE, LLC 2 6.56% $9,579
LAKEVIEW LOAN SERVICING, LLC 2 6.75% $10,750
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $19,745
NEWREZ LLC 1 6.75% $9,629
OCEANSIDE MORTGAGE COMPANY 1 6.25% $2,634
PENNYMAC LOAN SERVICES, LLC 1 6.63% $8,111
Plains Commerce Bank 1 6.25% $9,241
Servion, Inc. 1 6.13% $6,063
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $10,586
American Mortgage & Equity Consultants, Inc. 1 7.63% $14,697
AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,171
BOKF 1 5.75% $6,486
CWM PARTNERS, L.P. 1 5.75% $7,904
Fifth Third Bank 1 6.63% $5,676
Firstar Bank 1 6.50% $8,050
FLAT BRANCH MORTGAGE, INC. 1 7.50% $11,792
FREEDOM MORTGAGE CORPORATION 1 7.00% $5,211
American Bank of Oklahoma 1 6.13% $5,590
LOANPAL, LLC 1 5.63% $14,503
MID AMERICA MORTGAGE, INC. 1 7.25% $4,517
Mortgage Investment Services Corporation 1 6.63% $2,227

The top Mcalester FHA lender as defined by loan originations is First United Bank and Trust Company, with 16 FHA loans originated. Their average total fees are $6,724, which is $1,040 lower than the next largest lender, Arvest Bank.

The lowest fee Mcalester FHA lenders (with over 10 loans originated) are First United Bank and Trust Company ($6,724), Arvest Bank ($7,763), QUICKEN LOANS, LLC ($9,316), .

The lowest rate Mcalester FHA lenders (with over 10 loans originated) are Arvest Bank (6.48%), QUICKEN LOANS, LLC (6.54%), First United Bank and Trust Company (6.93%), .

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%) $409,123 (11.4%) 0.00 237
2025-01-01 $231,950 (-2.5%) $389,640 (11.6%) 0.00 219
2025-02-01 $224,900 (-6.3%) $391,363 (13.3%) 0.00 228
2025-03-01 $235,000 (-2.9%) $425,853 (19.4%) 0.00 249
Mcalester's median listing price for 2025-03-01 was $235,000, a difference of $-6,950 (-2.9%) versus the prior year and $10,100 versus the prior month.

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

Mcalester's average listing price for 2025-03-01 was $425,853, a difference of $69,096 (19.4%) versus the prior year and $34,490 versus the prior month.

For the 2025-03-01 period, Mcalester had 249 MLS listings, a difference of 21 listings (9%) versus the prior month and 83 listings (50%) 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
2025-02-01 0 days 1,678 sqft
2025-03-01 0 days 1,714 sqft
Mcalester's median listing age (time on market) for 2025-03-01 was 0 days.

Mcalester's median square footage for active listings during the 2025-03-01 period was 1,714 sqft. One year prior, the average listing was 1,620 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).