Muskogee FHA Loan Rates, Closing Costs & Stats

Muskogee, 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.

    Muskogee's 47 lenders originated 245 FHA loans during 2023. The total origination value was $42,395,000, with an average FHA loan value of $173,041.

    Muskogee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Muskogee averaged 6.36% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Muskogee's average FHA mortgage closing costs are $6,005.

    The average rate for the prior week (2024-11-01) was 6.14% and one month ago for the week of 2024-10-04, the average rate was 5.76%.

    The average rate one year ago was 7.1%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

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

    Muskogee 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 Muskogee level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    American Bank of Oklahoma 51 5.99% $7,877
    AXIA FINANCIAL, LLC 23 6.79% $9,821
    QUICKEN LOANS, LLC 22 6.42% $10,063
    FLAT BRANCH MORTGAGE, INC. 20 6.83% $6,873
    Firstar Bank 18 6.14% $6,956
    BancFirst 12 6.69% $7,329
    Arvest Bank 9 6.56% $6,012
    BOKF 8 6.72% $6,864
    First United Bank and Trust Company 6 6.56% $7,597
    ASSOCIATED MORTGAGE CORPORATION 5 6.40% $7,107
    Chickasaw Community Bank 4 6.59% $7,351
    US MORTGAGE CORPORATION 3 6.21% $7,772
    OPEN MORTGAGE, LLC 3 6.71% $9,762
    UNITED WHOLESALE MORTGAGE, LLC 3 6.46% $10,758
    United Fidelity Funding Corp. 3 7.00% $8,356
    EVERETT FINANCIAL, INC. 2 7.13% $9,207
    BROKER SOLUTIONS, INC. 2 6.88% $10,102
    CARDINAL FINANCIAL 2 6.50% $11,189
    CORNERSTONE HOME LENDING, INC. 2 7.19% $7,419
    FBC MORTGAGE, LLC 2 6.50% $6,582
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $16,866
    NEWREZ LLC 2 6.69% $9,430
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $9,039
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $7,848
    FREEDOM MORTGAGE CORPORATION 1 5.50% $8,197
    Gateway First Bank 1 7.00% $11,691
    LAKEVIEW LOAN SERVICING, LLC 1 6.99% $9,070
    LOANPAL, LLC 1 5.63% $10,530
    MID AMERICA MORTGAGE, INC. 1 6.75% $3,769
    MidFirst Bank 1 7.63% $6,955
    Mortgage Research Center, LLC 1 5.75% $6,747
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $11,897
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $4,520
    Waterstone Mortgage Corporation 1 7.25% $8,221
    Armstrong Bank 1 5.75% $4,290
    PENNYMAC LOAN SERVICES, LLC 1 7.63% $5,352
    PLAZA HOME MORTGAGE, INC. 1 7.25% $4,450
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $10,702
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $12,292
    SUMMIT FUNDING, INC. 1 7.13% $11,121
    TJC Mortgage, Inc. 1 6.75% $7,356
    TruHome Solutions, LLC 1 6.88% $7,688
    UNION HOME MORTGAGE CORP. 1 6.63% $5,917
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $6,884
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.63% $14,779
    FIRST AMERICAN MORTGAGE, INC. 1 7.00% $6,369
    ENDEAVOR CAPITAL, LLC. 1 6.38% $9,015

    The top Muskogee FHA lender as defined by loan originations is American Bank of Oklahoma, with 51 FHA loans originated. Their average total fees are $7,877, which is $1,944 lower than the next largest lender, AXIA FINANCIAL, LLC.

    The lowest fee Muskogee FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($6,873), Firstar Bank ($6,956), BancFirst ($7,329), American Bank of Oklahoma ($7,877) and AXIA FINANCIAL, LLC ($9,821).

    The lowest rate Muskogee FHA lenders (with over 10 loans originated) are American Bank of Oklahoma (5.99%), Firstar Bank (6.14%), QUICKEN LOANS, LLC (6.42%), BancFirst (6.69%) and AXIA FINANCIAL, LLC (6.79%).

    Muskogee FHA Loan Limits

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

    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).