Oklahoma City FHA Loans

OKLAHOMA CITY, 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.

    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).