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).