Oklahoma City FHA Loan Rates, Closing Costs & Stats

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 171 lenders originated 3,971 FHA loans during 2023. The total origination value was $897,635,000, with an average FHA loan value of $226,048.

    Oklahoma City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Oklahoma City averaged 6.7% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Oklahoma City's average FHA mortgage closing costs are $6,982.

    The average rate for the prior week (2024-07-12) was 6.86% and one month ago for the week of 2024-06-14, the average rate was 6.71%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.8%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Oklahoma City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First United Bank and Trust Company 263 6.93% $9,615
    QUICKEN LOANS, LLC 260 6.29% $10,692
    Stride Bank 220 6.82% $9,523
    CORNERSTONE HOME LENDING, INC. 186 6.69% $10,823
    UNITED WHOLESALE MORTGAGE, LLC 184 6.41% $10,986
    LOANDEPOT.COM, LLC 79 6.46% $11,463
    Chickasaw Community Bank 77 6.74% $8,851
    ASSOCIATED MORTGAGE CORPORATION 76 6.62% $10,692
    American Mortgage Bank, LLC 60 6.79% $10,417
    FIRST AMERICAN MORTGAGE, INC. 60 6.54% $7,769
    BOKF 57 6.61% $8,213
    Arvest Bank 55 6.59% $8,485
    CWM PARTNERS, L.P. 50 6.07% $9,458
    First National Bank and Trust Company 48 6.83% $9,889
    DHI MORTGAGE COMPANY, LTD. 45 5.33% $7,247
    AMCAP MORTGAGE, LTD. 42 6.74% $11,144
    PENNYMAC LOAN SERVICES, LLC 41 6.63% $11,644
    SWBC MORTGAGE CORPORATION 40 6.88% $6,576
    FREEDOM MORTGAGE CORPORATION 40 6.75% $12,762
    Gateway First Bank 40 6.96% $10,225
    PLAZA HOME MORTGAGE, INC. 40 6.40% $11,900
    GUARANTEED RATE, INC. 38 6.57% $9,404
    F & M Bank 38 6.61% $7,132
    NEWREZ LLC 37 6.55% $9,427
    GUILD MORTGAGE COMPANY 35 6.53% $9,450
    AMERICAN PACIFIC MORTGAGE CORPORATION 33 6.51% $11,485
    BROKER SOLUTIONS, INC. 33 6.71% $12,173
    FINANCIAL CONCEPTS MORTGAGE, LLC 33 6.49% $8,430
    MLD MORTGAGE INC. 32 7.19% $10,244
    CMG MORTGAGE, INC. 32 6.54% $10,420
    Mr. Cooper ( Nationstar Mortgage ) 30 6.22% $14,898
    CARDINAL FINANCIAL 29 6.28% $11,027
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 6.59% $9,820
    BancFirst 29 6.87% $7,460
    Great Plains National Bank 28 6.27% $9,807
    The Central Trust Bank 28 6.59% $8,499
    AMERISAVE MORTGAGE CORPORATION 27 6.10% $12,504
    SUN WEST MORTGAGE COMPANY, INC. 26 6.39% $9,660
    MID AMERICA MORTGAGE, INC. 26 7.17% $4,827
    AmeriHome Mortgage Company, LLC 25 6.68% $10,524
    CROSSCOUNTRY MORTGAGE, LLC 25 6.53% $11,715
    PRIMELENDING, A PLAINSCAPITAL COMPANY 25 6.94% $9,532
    LOANPAL, LLC 24 5.94% $10,915
    Flagstar Bank, FSB 23 6.26% $10,204
    Paramount Residential Mortgage Group, Inc. 21 6.80% $10,883
    THE MORTGAGE LINK, INC. 21 7.19% $9,485
    MORTGAGE SOLUTIONS OF COLORADO, LLC 21 6.79% $9,716
    Equity Prime Mortgage LLC 21 7.05% $8,573
    FLAT BRANCH MORTGAGE, INC. 21 6.79% $9,744
    MUTUAL OF OMAHA MORTGAGE, INC. 20 6.58% $13,551
    Town Square Mortgage & Investments, Inc. 20 6.91% $8,596
    RESIDENTIAL BANCORP 20 6.89% $13,309
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 6.35% $8,310
    OPEN MORTGAGE, LLC 19 6.55% $10,421
    UNION HOME MORTGAGE CORP. 16 6.73% $10,545
    Plains Commerce Bank 15 6.53% $9,914
    Prosperity Bank 15 6.18% $9,076
    Carrington Mortgage Services, LLC 15 6.44% $13,876
    Mortgage Research Center, LLC 15 7.05% $5,187
    EVERETT FINANCIAL, INC. 13 6.63% $10,415
    American Mortgage & Equity Consultants, Inc. 13 6.90% $9,740
    First Liberty Bank 12 6.74% $9,028
    United Fidelity Funding Corp. 12 6.75% $12,472
    Unify Home Lending Inc. 12 6.85% $6,207
    FirstTrust Home Loans, Inc. 11 6.58% $8,726
    MidFirst Bank 11 6.54% $7,983
    TOWNE MORTGAGE COMPANY 11 6.75% $13,872
    SUCCESS MORTGAGE PARTNERS, INC. 11 6.99% $11,188
    LAKEVIEW LOAN SERVICING, LLC 10 6.61% $11,834
    AMERICAN FINANCING CORPORATION 9 6.26% $11,717
    ZILLOW HOME LOANS, LLC 8 6.61% $9,138
    Bank of America 8 6.27% $6,267
    GARDNER FINANCIAL SERVICES, LTD. 8 7.00% $9,954
    PLANET HOME LENDING, LLC 7 5.75% $11,255
    JPMorgan Chase Bank 7 7.21% $5,808
    INTERLINC MORTGAGE SERVICES, LLC 6 6.58% $9,353
    The Federal Savings Bank 6 6.04% $17,313
    Wells Fargo Bank 6 5.50% $10,169
    POLARIS HOME FUNDING CORP. 6 6.77% $11,728
    Simmons Bank 6 6.13% $6,389
    Waterstone Mortgage Corporation 6 6.75% $11,830
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.33% $13,411
    SENTE MORTGAGE, INC. 5 6.80% $10,377
    BAY EQUITY LLC 5 6.93% $13,060
    OCMBC, INC. 5 7.53% $10,358
    CHURCHILL MORTGAGE CORPORATION 5 6.97% $10,406
    VILLAGE CAPITAL MORTGAGE 5 6.08% $9,083
    SECURITYNATIONAL MORTGAGE COMPANY 4 6.63% $5,674
    RCB Bank 4 7.03% $6,948
    EAGLE HOME MORTGAGE, LLC 4 5.44% $8,547
    TOTAL MORTGAGE SERVICES, LLC 4 6.63% $10,680
    AMERICAN FINANCIAL RESOURCES, INC. 4 7.41% $8,093
    American Bank of Oklahoma 4 5.97% $12,513
    U.S. Bank 4 7.09% $8,943
    PHH Mortgage Corporation 4 6.00% $12,584
    NBKC BANK 3 6.50% $8,161
    NETWORK CAPITAL FUNDING CORPORATION 3 6.13% $10,232
    ENDEAVOR CAPITAL, LLC. 3 6.83% $10,669
    S1L, Inc. 3 6.88% $7,095
    Armstrong Bank 3 5.96% $7,319
    Citizens Bank 3 6.33% $7,950
    LEADERONE FINANCIAL CORPORATION 3 6.63% $12,908
    Century Mortgage Company DBA Century Lending Company 3 6.58% $11,480
    ROYAL UNITED MORTGAGE LLC 3 6.96% $9,700
    Goldwater Bank, N.A. 3 5.92% $12,374
    Prosperity Home Mortgage, LLC 3 6.21% $11,253
    OKLAHOMA'S 3 6.58% $8,676
    FBC MORTGAGE, LLC 3 6.58% $11,078
    HOMESIDE FINANCIAL, LLC 3 6.88% $10,105
    BETTER MORTGAGE CORPORATION 3 6.21% $7,412
    RUOFF MORTGAGE COMPANY, INC. 2 6.38% $8,168
    COMMUNICATION 2 7.13% $8,329
    GENEVA FINANCIAL, LLC 2 5.94% $21,851
    Servion, Inc. 2 6.38% $9,461
    PREMIA MORTGAGE, LLC 2 6.25% $6,184
    M&T Bank 2 7.13% $10,722
    PENTAGON FEDERAL CREDIT UNION 2 5.94% $9,357
    Network Funding, L.P. 2 7.00% $11,192
    International Bank of Commerce 2 7.38% $6,282
    TruHome Solutions, LLC 2 6.25% $10,034
    NEW FED MORTGAGE, CORP. 2 7.69% $7,774
    Fidelity Bank 2 6.44% $8,199
    DAS Acquisition Company, LLC 2 7.19% $11,986
    Nations Lending Corporation 2 7.00% $13,515
    AMERICAN FINANCIAL NETWORK, INC. 2 7.94% $10,962
    InterBank 2 6.63% $6,084
    SFMC, LP 2 6.25% $8,381
    ACADEMY MORTGAGE CORPORATION 1 7.75% $6,437
    GUARANTY HOME MORTGAGE CORPORATION 1 7.13% $5,648
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.75% $6,865
    HOMEXPRESS MORTGAGE CORP. 1 7.13% $12,001
    Ixonia Bank 1 7.13% $7,852
    LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $18,639
    LEGEND LENDING CORPORATION 1 6.75% $9,746
    LIBERTY HOME MORTGAGE CORPORATION 1 7.50% $12,471
    First State Bank of St. Charles, Missouri 1 7.25% $5,062
    First Savings Bank 1 4.63% $17,790
    MEMBER FIRST MORTGAGE, LLC 1 7.50% $7,160
    MICHIGAN MUTUAL, INC. 1 6.63% $9,896
    First National Bank Texas 1 6.25% $8,718
    Evolve Bank & Trust 1 6.75% $16,285
    MOUNTAIN WEST FINANCIAL, INC. 1 7.13% $8,362
    MOVEMENT MORTGAGE, LLC 1 7.75% $8,792
    NATIONS RELIABLE LENDING, LLC 1 7.00% $13,186
    Neighborhood Loans, Inc. 1 6.75% $8,604
    NEW DAY FINANCIAL, LLC 1 7.25% $5,740
    CRESCENT MORTGAGE COMPANY 1 6.50% $7,565
    NexBank 1 5.75% $12,330
    Northpointe Bank 1 7.75% $8,798
    NTFN, INC. 1 6.75% $7,269
    Cornerstone First Mortgage, Inc 1 7.25% $12,518
    CONTOUR MORTGAGE CORPORATION 1 5.25% $9,298
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.75% $7,456
    CANOPY MORTGAGE, LLC 1 5.13% $11,035
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $11,966
    Reliabank Dakota 1 6.13% $6,380
    BNC National Bank 1 5.25% $8,164
    Sierra Pacific Mortgage Company, Inc. 1 7.63% $9,432
    BMO Harris Bank 1 6.63% $6,835
    Blue Ridge Bank 1 7.13% $12,756
    BECKAM FUNDING CORP. 1 7.25% $6,230
    Bank of England 1 6.75% $14,947
    THRIVE MORTGAGE, LLC 1 6.63% $8,365
    AXIA FINANCIAL, LLC 1 6.50% $10,627
    Assurance Financial Group, L.L.C. 1 5.99% $27,327
    Truist 1 6.50% $6,159
    UMB Bank 1 5.75% $11,465
    VAN DYK MORTGAGE CORPORATION 1 7.13% $10,606
    V.I.P. MORTGAGE, INC. 1 6.00% $7,947
    WILLOW BEND MORTGAGE COMPANY, LLC 1 6.50% $9,166
    GSF Mortgage Corporation 1 5.88% $10,851

    The top Oklahoma City FHA lender as defined by loan originations is First United Bank and Trust Company, with 263 FHA loans originated. Their average total fees are $9,615, which is $1,077 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Oklahoma City FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,827), Mortgage Research Center, LLC ($5,187), Unify Home Lending Inc. ($6,207), SWBC MORTGAGE CORPORATION ($6,576) and F & M Bank ($7,132).

    The lowest rate Oklahoma City FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.33%), LOANPAL, LLC (5.94%), CWM PARTNERS, L.P. (6.07%), AMERISAVE MORTGAGE CORPORATION (6.10%) and Prosperity Bank (6.18%).

    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
    OKLAHOMA CITY, OK CANADIAN 2023 $472,030 $604,400 $730,525 $907,900
    OKLAHOMA CITY, OK CLEVELAND 2023 $472,030 $604,400 $730,525 $907,900
    OKLAHOMA CITY, OK GRADY 2023 $472,030 $604,400 $730,525 $907,900
    OKLAHOMA CITY, OK LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
    OKLAHOMA CITY, OK LOGAN 2023 $472,030 $604,400 $730,525 $907,900
    OKLAHOMA CITY, OK MCCLAIN 2023 $472,030 $604,400 $730,525 $907,900
    OKLAHOMA CITY, OK OKLAHOMA 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).