Oklahoma City FHA Loans
OKLAHOMA CITY, 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.
Oklahoma City's 162 lenders originated 7,396 FHA
loans during 2021. The total origination value was $1,380,190,000, with an average FHA loan value of
$186,613.
Oklahoma City FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Oklahoma City
averaged
5.43%
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
5.16% and
one month ago for the week of 2022-04-08, the
average rate was 5.13%.
The average rate one year ago was 3.24%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.85%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Oklahoma City 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 Oklahoma City level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
QUICKEN LOANS, LLC
|
467
|
2.80%
|
$6,067
|
First United Bank and Trust Company
|
438
|
3.25%
|
$6,671
|
CORNERSTONE HOME LENDING, INC.
|
420
|
3.21%
|
$8,068
|
Chickasaw Community Bank
|
256
|
2.94%
|
$7,112
|
CROSSCOUNTRY MORTGAGE, LLC
|
224
|
3.58%
|
$7,919
|
LOANDEPOT.COM, LLC
|
223
|
3.47%
|
$7,271
|
Stride Bank
|
222
|
3.40%
|
$7,300
|
Gateway First Bank
|
216
|
3.39%
|
$5,883
|
Great Plains National Bank
|
213
|
3.15%
|
$7,124
|
LAKEVIEW LOAN SERVICING, LLC
|
194
|
3.20%
|
$5,336
|
American Mortgage Bank, LLC
|
177
|
3.00%
|
$7,176
|
ASSOCIATED MORTGAGE CORPORATION
|
163
|
3.18%
|
$6,793
|
FREEDOM MORTGAGE CORPORATION
|
157
|
2.99%
|
$4,646
|
Hometown Lenders, Inc.
|
141
|
3.40%
|
$7,819
|
PENNYMAC LOAN SERVICES, LLC
|
127
|
3.22%
|
$6,328
|
CALIBER HOME LOANS, INC.
|
124
|
3.03%
|
$6,087
|
Mr. Cooper ( Nationstar Mortgage )
|
111
|
3.38%
|
$3,936
|
FIRST AMERICAN MORTGAGE, INC.
|
110
|
2.98%
|
$5,956
|
UNITED WHOLESALE MORTGAGE, LLC
|
109
|
2.79%
|
$7,221
|
Arvest Bank
|
106
|
3.02%
|
$6,310
|
Paramount Residential Mortgage Group, Inc.
|
95
|
3.60%
|
$7,901
|
GUILD MORTGAGE COMPANY
|
94
|
2.98%
|
$7,007
|
BOKF
|
88
|
3.17%
|
$6,558
|
VILLAGE CAPITAL & INVESTMENT LLC
|
72
|
2.97%
|
$2,467
|
CWM PARTNERS, L.P.
|
66
|
2.75%
|
$7,174
|
DHI MORTGAGE COMPANY, LTD.
|
66
|
2.88%
|
$5,994
|
MID AMERICA MORTGAGE, INC.
|
66
|
3.23%
|
$4,248
|
LEADERONE FINANCIAL CORPORATION
|
65
|
3.05%
|
$6,642
|
F & M Bank
|
65
|
2.96%
|
$6,481
|
SWBC MORTGAGE CORPORATION
|
62
|
3.23%
|
$6,379
|
AMCAP MORTGAGE, LTD.
|
61
|
3.26%
|
$7,367
|
CERTAINTY HOME LOANS, LLC
|
60
|
3.21%
|
$6,973
|
Town Square Mortgage & Investments, Inc.
|
59
|
3.43%
|
$6,218
|
BancFirst
|
59
|
3.07%
|
$6,075
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
55
|
3.52%
|
$7,907
|
CMG MORTGAGE, INC.
|
54
|
3.18%
|
$7,520
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
50
|
3.37%
|
$7,400
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
49
|
2.57%
|
$5,996
|
First Guaranty Mortgage Corporation
|
44
|
3.02%
|
$6,854
|
GUARANTEED RATE, INC.
|
41
|
3.19%
|
$7,477
|
United Fidelity Funding Corp.
|
38
|
3.14%
|
$7,971
|
INTERLINC MORTGAGE SERVICES, LLC
|
37
|
3.19%
|
$7,792
|
ARC HOME LLC
|
36
|
2.87%
|
$7,182
|
EVERETT FINANCIAL, INC.
|
32
|
3.66%
|
$6,094
|
FBC MORTGAGE, LLC
|
31
|
3.33%
|
$7,630
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
30
|
3.45%
|
$7,234
|
The First State Bank
|
28
|
2.84%
|
$7,589
|
BROKER SOLUTIONS, INC.
|
28
|
3.14%
|
$7,445
|
AMERISAVE MORTGAGE CORPORATION
|
26
|
3.20%
|
$8,086
|
NEWREZ LLC
|
23
|
2.85%
|
$5,100
|
Bank of England
|
21
|
3.15%
|
$8,562
|
Carrington Mortgage Services, LLC
|
21
|
3.60%
|
$6,703
|
MidFirst Bank
|
21
|
2.85%
|
$5,596
|
OPEN MORTGAGE, LLC
|
19
|
3.21%
|
$8,159
|
BAY EQUITY LLC
|
19
|
3.26%
|
$7,804
|
HOME POINT FINANCIAL CORPORATION
|
19
|
2.68%
|
$6,976
|
UNION HOME MORTGAGE CORP.
|
18
|
3.10%
|
$7,329
|
FLAT BRANCH MORTGAGE, INC.
|
17
|
3.35%
|
$6,941
|
SOUTHWEST FUNDING, LP
|
16
|
3.55%
|
$10,478
|
AMERICAN FINANCIAL NETWORK, INC.
|
16
|
3.17%
|
$10,759
|
Bank of America
|
15
|
2.72%
|
$3,525
|
PLANET HOME LENDING, LLC
|
14
|
2.63%
|
$6,803
|
GUARANTY HOME MORTGAGE CORPORATION
|
14
|
2.93%
|
$7,096
|
Mortgage Research Center, LLC
|
13
|
3.21%
|
$4,495
|
Armstrong Bank
|
13
|
2.84%
|
$5,995
|
AMERICAN FINANCING CORPORATION
|
12
|
3.11%
|
$7,545
|
Equity Prime Mortgage LLC
|
11
|
3.65%
|
$6,507
|
Flagstar Bank, FSB
|
11
|
2.73%
|
$6,513
|
OKLAHOMA'S
|
11
|
3.20%
|
$6,652
|
Goldwater Bank, N.A.
|
11
|
3.17%
|
$7,613
|
PLAZA HOME MORTGAGE, INC.
|
10
|
3.21%
|
$10,626
|
Citizens Bank
|
10
|
2.64%
|
$6,070
|
Sierra Pacific Mortgage Company, Inc.
|
10
|
2.91%
|
$5,339
|
NATIONS RELIABLE LENDING, LLC
|
10
|
3.65%
|
$8,565
|
U.S. Bank
|
10
|
3.79%
|
$6,583
|
MOVEMENT MORTGAGE, LLC
|
10
|
3.26%
|
$6,103
|
Servion, Inc.
|
9
|
3.15%
|
$7,785
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
8
|
3.23%
|
$9,560
|
OCEANSIDE MORTGAGE COMPANY
|
7
|
2.71%
|
$4,328
|
FirstTrust Home Loans, Inc.
|
7
|
2.59%
|
$6,549
|
Waterstone Mortgage Corporation
|
7
|
3.14%
|
$7,902
|
Fidelity Bank
|
7
|
3.11%
|
$6,397
|
Nations Lending Corporation
|
7
|
3.46%
|
$11,528
|
COUNTRYPLACE MORTGAGE, LTD.
|
7
|
3.11%
|
$14,738
|
InterContinental Capital Group, Inc
|
6
|
2.54%
|
$8,146
|
NATIONS DIRECT MORTGAGE, LLC
|
6
|
3.25%
|
$6,745
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
6
|
3.75%
|
$6,363
|
SOUTHWEST STAGE FUNDING, LLC
|
6
|
3.23%
|
$4,147
|
RCB Bank
|
6
|
3.21%
|
$6,379
|
Mortgage Investment Services Corporation
|
5
|
3.15%
|
$5,982
|
American Bank of Oklahoma
|
5
|
2.65%
|
$8,074
|
CHURCHILL MORTGAGE CORPORATION
|
5
|
2.90%
|
$7,353
|
Hometown Equity Mortgage, LLC
|
5
|
3.65%
|
$7,789
|
GREAT WESTERN FINANCIAL SERVICES, INC.
|
5
|
3.00%
|
$8,193
|
Peoples Bank
|
4
|
3.38%
|
$9,570
|
Barrington Bank & Trust Company, N.A.
|
4
|
3.22%
|
$7,569
|
BECKAM FUNDING CORP.
|
4
|
3.34%
|
$8,829
|
InterBank
|
4
|
3.44%
|
$7,594
|
LOANPAL, LLC
|
4
|
2.69%
|
$8,522
|
MORIA DEVELOPMENT, INC.
|
4
|
3.97%
|
$7,992
|
Network Funding, L.P.
|
4
|
3.19%
|
$9,380
|
JPMorgan Chase Bank
|
3
|
2.88%
|
$4,112
|
SECURITYNATIONAL MORTGAGE COMPANY
|
3
|
3.75%
|
$6,081
|
GENEVA FINANCIAL, LLC
|
3
|
3.04%
|
$6,149
|
AMERICAN FINANCIAL RESOURCES, INC.
|
3
|
2.71%
|
$6,510
|
International Bank of Commerce
|
3
|
3.33%
|
$7,879
|
Prosperity Bank
|
3
|
3.00%
|
$8,041
|
US Employees O.C. Federal Credit Union
|
3
|
3.04%
|
$8,447
|
Amerifirst Financial, Inc.
|
2
|
2.50%
|
$7,330
|
HIGHLANDS RESIDENTIAL MORTGAGE, LTD.
|
2
|
2.88%
|
$6,367
|
Simmons Bank
|
2
|
2.81%
|
$8,265
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
2
|
3.19%
|
$8,603
|
Wells Fargo Bank
|
2
|
3.38%
|
$6,529
|
Strong Home Mortgage, LLC
|
2
|
3.06%
|
$5,560
|
First State Bank of St. Charles, Missouri
|
2
|
3.00%
|
$7,943
|
ZILLOW HOME LOANS, LLC
|
2
|
3.19%
|
$6,940
|
First Savings Bank
|
2
|
3.19%
|
$5,198
|
HOMESIDE FINANCIAL, LLC
|
2
|
3.00%
|
$9,682
|
Bank of the West
|
2
|
3.69%
|
$5,679
|
First Financial Bank
|
2
|
2.88%
|
$7,573
|
Low VA Rates, LLC
|
2
|
3.06%
|
$4,931
|
ROUNDPOINT MORTGAGE SERVICING CORPORATION
|
1
|
3.38%
|
$5,208
|
S1L, Inc.
|
1
|
3.50%
|
$6,639
|
City Bank
|
1
|
2.38%
|
$7,973
|
SFMC, LP
|
1
|
2.75%
|
$8,703
|
CENTENNIAL LENDING, LLC
|
1
|
2.50%
|
$9,031
|
CELEBRITY HOME LOANS, LLC
|
1
|
2.63%
|
$4,197
|
CALCON MUTUAL MORTGAGE LLC
|
1
|
3.75%
|
$5,907
|
BNC National Bank
|
1
|
2.75%
|
$5,402
|
SUMMIT FUNDING, INC.
|
1
|
3.25%
|
$9,919
|
Sunflower Bank
|
1
|
2.99%
|
$10,697
|
Blue Ridge Bank
|
1
|
2.25%
|
$7,079
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
4.25%
|
$11,405
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
4.13%
|
$3,886
|
AmeriHome Mortgage Company, LLC
|
1
|
3.13%
|
$5,063
|
UNITED MORTGAGE CORP.
|
1
|
3.25%
|
$11,439
|
UNITED SECURITY FINANCIAL CORP
|
1
|
2.88%
|
$5,651
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
1
|
3.13%
|
$13,919
|
US MORTGAGE CORPORATION
|
1
|
3.50%
|
$5,808
|
AMERICAN HOMESTAR MORTGAGE, L.L.C.
|
1
|
3.25%
|
$10,718
|
Wyndham Capital Mortgage, Inc.
|
1
|
3.00%
|
$7,493
|
MICHIGAN MUTUAL, INC.
|
1
|
2.88%
|
$4,887
|
RESIDENTIAL BANCORP.
|
1
|
2.88%
|
$7,902
|
Manufacturers and Traders Trust Company
|
1
|
3.13%
|
$9,460
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
2.75%
|
$7,474
|
Ixonia Bank
|
1
|
2.88%
|
$6,540
|
Independent Bank
|
1
|
3.88%
|
$10,264
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
2.88%
|
$15,519
|
NEW DAY FINANCIAL, LLC
|
1
|
3.38%
|
$5,097
|
North American Savings Bank, F.S.B.
|
1
|
3.13%
|
$8,800
|
Northpointe Bank
|
1
|
3.13%
|
$10,320
|
Paramount Bank
|
1
|
3.50%
|
$6,690
|
First National Bank Texas
|
1
|
2.88%
|
$7,949
|
First Midwest Bank
|
1
|
2.25%
|
$6,610
|
Plains Commerce Bank
|
1
|
2.63%
|
$11,398
|
EMBRACE HOME LOANS, INC.
|
1
|
3.63%
|
$6,720
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
1
|
4.63%
|
$6,318
|
CRESCENT MORTGAGE COMPANY
|
1
|
2.75%
|
$6,068
|
COMMUNICATION
|
1
|
2.88%
|
$5,987
|
Colonial Savings, F.A.
|
1
|
3.00%
|
$9,175
|
Regions Bank
|
1
|
2.63%
|
$4,726
|
Meridian Bank Corporation
|
1
|
2.75%
|
$6,327
|
The top Oklahoma City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
467 FHA loans originated. Their average total fees are
$6,067, which is $604
lower than the next largest lender,
First United Bank and Trust Company.
The lowest fee Oklahoma City FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,467), Bank of America ($3,525), Mr. Cooper ( Nationstar Mortgage ) ($3,936), MID AMERICA MORTGAGE, INC. ($4,248) and Mortgage Research Center, LLC ($4,495).
The lowest rate Oklahoma City FHA lenders (with over 10 loans originated) are
HOMEBRIDGE FINANCIAL SERVICES, INC. (2.57%), PLANET HOME LENDING, LLC (2.63%), Citizens Bank (2.64%), HOME POINT FINANCIAL CORPORATION (2.68%) and Bank of America (2.72%).
Oklahoma City FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
OKLAHOMA CITY, OK |
CANADIAN |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
OKLAHOMA CITY, OK |
CLEVELAND |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
OKLAHOMA CITY, OK |
GRADY |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
OKLAHOMA CITY, OK |
LINCOLN |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
OKLAHOMA CITY, OK |
LOGAN |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
OKLAHOMA CITY, OK |
MCCLAIN |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
OKLAHOMA CITY, OK |
OKLAHOMA |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
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).