Payson FHA Loan Rates, Closing Costs & Stats

Payson, AZ

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.

Payson's 52 lenders originated 228 FHA loans during 2022. The total origination value was $50,060,000, with an average FHA loan value of $219,561.

Payson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Payson averaged 6.56% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Payson's average FHA mortgage closing costs are $7,553.

The average rate for the prior week (2024-02-23) was 6.45% and one month ago for the week of 2024-01-26, the average rate was 6.05%.

The average rate one year ago was 6.17%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.73%.

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

Payson 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 Payson level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
AMERICAN PACIFIC MORTGAGE CORPORATION 17 4.51% $9,525
QUICKEN LOANS, LLC 16 4.21% $9,992
SUN AMERICAN MORTGAGE COMPANY 14 5.03% $8,307
GENEVA FINANCIAL, LLC 11 4.38% $10,453
UNITED WHOLESALE MORTGAGE, LLC 11 4.47% $10,058
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 5.51% $10,705
GUILD MORTGAGE COMPANY 9 4.90% $11,743
AMERICAN FINANCIAL RESOURCES, INC. 9 4.68% $8,777
FREEDOM MORTGAGE CORPORATION 7 4.37% $7,251
V.I.P. MORTGAGE, INC. 5 5.68% $8,069
Amerifirst Financial, Inc. 5 4.98% $9,880
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 4.83% $10,446
LOANDEPOT.COM, LLC 4 5.06% $9,742
PENNYMAC LOAN SERVICES, LLC 4 4.91% $10,479
NOVA FINANCIAL & INVESTMENT CORPORATION 4 4.59% $4,489
BROKER SOLUTIONS, INC. 4 5.78% $9,835
ACADEMY MORTGAGE CORPORATION 2 6.19% $12,898
ENVOY MORTGAGE, LTD 2 6.31% $10,479
Equity Prime Mortgage LLC 2 4.69% $10,444
Flagstar Bank, FSB 2 6.25% $13,338
BAY EQUITY LLC 2 3.88% $11,282
CARDINAL FINANCIAL 2 4.38% $8,464
TOP FLITE FINANCIAL, INC. 2 6.00% $10,370
Wallick & Volk, Inc. 2 6.00% $10,873
CROSSCOUNTRY MORTGAGE, LLC 2 5.38% $11,321
VILLAGE CAPITAL MORTGAGE 1 4.88% $9,634
Waterstone Mortgage Corporation 1 4.63% $15,468
Wells Fargo Bank 1 3.75% $7,488
AMERICAN FINANCING CORPORATION 1 4.25% $7,248
AMERISAVE MORTGAGE CORPORATION 1 5.25% $14,483
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.75% $7,481
Carrington Mortgage Services, LLC 1 4.63% $12,603
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 4.63% $14,450
CMG MORTGAGE, INC. 1 7.38% $12,820
Franklin Loan Corporation 1 5.63% $9,596
GSF Mortgage Corporation 1 6.00% $15,223
GUARANTEED RATE AFFINITY, LLC 1 5.25% $7,593
HOME POINT FINANCIAL CORPORATION 1 4.38% $8,191
HUNT MORTGAGE CORPORATION 1 4.38% $13,631
INTERCAP LENDING INC. 1 6.50% $10,695
INTERLINC MORTGAGE SERVICES, LLC 1 7.13% $6,327
Magnolia Bank 1 4.25% $17,728
MID AMERICA MORTGAGE, INC. 1 5.00% $6,049
MORIA DEVELOPMENT, INC. 1 5.50% $10,854
Mr. Cooper ( Nationstar Mortgage ) 1 4.75% $16,649
Nations Lending Corporation 1 4.75% $22,324
NATIONS RELIABLE LENDING, LLC 1 5.50% $22,864
NEW WEST LENDING, INC. 1 5.63% $7,966
PLANET HOME LENDING, LLC 1 2.75% $4,119
PREMIER LENDING, INC. 1 4.75% $18,373
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.25% $11,148
SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $6,103

The top Payson FHA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with 17 FHA loans originated. Their average total fees are $9,525, which is $467 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Payson FHA lenders (with over 10 loans originated) are SUN AMERICAN MORTGAGE COMPANY ($8,307), AMERICAN PACIFIC MORTGAGE CORPORATION ($9,525), QUICKEN LOANS, LLC ($9,992), UNITED WHOLESALE MORTGAGE, LLC ($10,058) and GENEVA FINANCIAL, LLC ($10,453).

The lowest rate Payson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.21%), GENEVA FINANCIAL, LLC (4.38%), UNITED WHOLESALE MORTGAGE, LLC (4.47%), AMERICAN PACIFIC MORTGAGE CORPORATION (4.51%) and SUN AMERICAN MORTGAGE COMPANY (5.03%).

Payson FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Payson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $301,175 (11.7%) $432,695 (12.2%) 0.00 355
2018-02-01 $299,900 (9.1%) $428,093 (11.6%) 0.00 346
2018-03-01 $299,900 (8.6%) $425,672 (10.4%) 0.00 367
2018-04-01 $310,750 (4.3%) $422,226 (5.6%) 0.00 380
2018-05-01 $316,750 (5.8%) $421,001 (3.5%) 0.00 417
2018-06-01 $319,250 (4.7%) $423,219 (0.7%) 0.00 436
2018-07-01 $325,900 (3.5%) $427,062 (1.0%) 0.00 435
2018-08-01 $339,450 (5.3%) $441,756 (2.1%) 0.00 403
2018-09-01 $349,500 (11.0%) $461,279 (6.8%) 0.00 394
2018-10-01 $342,000 (14.3%) $463,468 (11.2%) 0.00 374
2018-11-01 $339,500 (13.7%) $466,231 (12.9%) 0.00 359
2018-12-01 $335,900 (12.3%) $466,004 (9.3%) 0.00 335
2019-01-01 $346,000 (14.9%) $457,522 (5.7%) 0.00 283
2019-02-01 $349,675 (16.6%) $454,444 (6.2%) 0.00 306
2019-03-01 $343,900 (14.7%) $449,298 (5.6%) 0.00 330
2019-04-01 $335,675 (8.0%) $440,698 (4.4%) 0.00 364
2019-05-01 $337,225 (6.5%) $440,824 (4.7%) 0.00 384
2019-06-01 $339,000 (6.2%) $439,801 (3.9%) 0.00 403
2019-07-01 $333,750 (2.4%) $431,102 (1.0%) 0.00 429
2019-08-01 $336,333 (-0.9%) $433,250 (-1.9%) 0.00 412
2019-09-01 $336,982 (-3.6%) $432,471 (-6.3%) 0.00 392
2019-10-01 $338,244 (-1.1%) $432,656 (-6.7%) 0.00 374
2019-11-01 $345,000 (1.6%) $445,416 (-4.5%) 0.00 333
2019-12-01 $342,250 (1.9%) $452,698 (-2.9%) 0.00 308
2020-01-01 $338,800 (-2.1%) $459,233 (0.4%) 0.00 259
2020-02-01 $332,200 (-5.0%) $471,419 (3.7%) 0.00 256
2020-03-01 $358,000 (4.1%) $476,585 (6.1%) 0.00 276
2020-04-01 $332,700 (-0.9%) $451,788 (2.5%) 0.00 304
2020-05-01 $340,000 (0.8%) $458,995 (4.1%) 0.00 300
2020-06-01 $344,825 (1.7%) $467,573 (6.3%) 0.00 254
2020-07-01 $364,900 (9.3%) $493,258 (14.4%) 0.00 207
2020-08-01 $364,900 (8.5%) $517,614 (19.5%) 0.00 151
2020-09-01 $362,450 (7.6%) $546,616 (26.4%) 0.00 142
2020-10-01 $399,500 (18.1%) $585,833 (35.4%) 0.00 129
2020-11-01 $396,000 (14.8%) $618,216 (38.8%) 0.00 112
2020-12-01 $389,500 (13.8%) $609,469 (34.6%) 0.00 102
2021-01-01 $399,900 (18.0%) $623,115 (35.7%) 0.00 102
2021-02-01 $432,500 (30.2%) $748,470 (58.8%) 0.00 89
2021-03-01 $471,833 (31.8%) $761,421 (59.8%) 0.00 92
2021-04-01 $438,750 (31.9%) $697,260 (54.3%) 0.00 108
2021-05-01 $450,278 (32.4%) $665,506 (45.0%) 0.00 110
2021-06-01 $474,125 (37.5%) $657,117 (40.5%) 0.00 118
2021-07-01 $458,000 (25.5%) $634,646 (28.7%) 0.00 130
2021-08-01 $472,500 (29.5%) $621,831 (20.1%) 0.00 140
2021-09-01 $467,350 (28.9%) $630,583 (15.4%) 0.00 144
2021-10-01 $460,000 (15.1%) $647,435 (10.5%) 0.00 135
2021-11-01 $444,450 (12.2%) $648,439 (4.9%) 0.00 115
2021-12-01 $444,450 (14.1%) $647,938 (6.3%) 0.00 105
2022-01-01 $450,000 (12.5%) $642,038 (3.0%) 0.00 98
2022-02-01 $439,000 (1.5%) $592,471 (-20.8%) 0.00 102
2022-03-01 $443,738 (-6.0%) $629,036 (-17.4%) 0.00 104
2022-04-01 $482,200 (9.9%) $644,438 (-7.6%) 0.00 135
2022-05-01 $499,475 (10.9%) $640,465 (-3.8%) 0.00 189
2022-06-01 $532,000 (12.2%) $651,282 (-0.9%) 0.00 241
2022-07-01 $525,000 (14.6%) $645,073 (1.6%) 0.00 273
2022-08-01 $512,375 (8.4%) $620,123 (-0.3%) 0.00 287
2022-09-01 $497,000 (6.3%) $601,382 (-4.6%) 0.00 298
2022-10-01 $489,250 (6.4%) $595,189 (-8.1%) 0.00 290
2022-11-01 $476,000 (7.1%) $591,591 (-8.8%) 0.00 279
2022-12-01 $474,900 (6.9%) $582,460 (-10.1%) 0.00 239
2023-01-01 $462,200 (2.7%) $569,696 (-11.3%) 0.00 210
2023-02-01 $472,225 (7.6%) $622,519 (5.1%) 0.00 192
2023-03-01 $482,000 (8.6%) $632,898 (0.6%) 0.00 189
2023-04-01 $513,500 (6.5%) $633,645 (-1.7%) 0.00 200
2023-05-01 $515,000 (3.1%) $619,335 (-3.3%) 0.00 237
2023-06-01 $525,000 (-1.3%) $650,902 (-0.1%) 0.00 271
2023-07-01 $525,000 (0.0%) $676,277 (4.8%) 0.00 281
2023-08-01 $495,000 (-3.4%) $671,175 (8.2%) 0.00 294
2023-09-01 $499,000 (0.4%) $692,276 (15.1%) 0.00 286
2023-10-01 $479,750 (-1.9%) $659,134 (10.7%) 0.00 297
2023-11-01 $477,875 (0.4%) $653,108 (10.4%) 0.00 295
2023-12-01 $474,950 (0.0%) $649,069 (11.4%) 0.00 268
2024-01-01 $494,125 (6.9%) $640,198 (12.4%) 0.00 226
Payson's median listing price for 2024-01-01 was $494,125, a difference of $31,925 (6.9%) versus the prior year and $19,175 versus the prior month.

Payson's median listing price comes in at 0% of the national average.

Payson's average listing price for 2024-01-01 was $640,198, a difference of $70,502 (12.4%) versus the prior year and $-8,871 versus the prior month.

For the 2024-01-01 period, Payson had 226 MLS listings, a difference of -42 listings (-16%) versus the prior month and 16 listings (8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Payson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,960 sqft
2018-02-01 0 days 1,926 sqft
2018-03-01 0 days 1,951 sqft
2018-04-01 0 days 1,903 sqft
2018-05-01 0 days 1,863 sqft
2018-06-01 0 days 1,877 sqft
2018-07-01 0 days 1,887 sqft
2018-08-01 0 days 1,911 sqft
2018-09-01 0 days 1,935 sqft
2018-10-01 0 days 1,918 sqft
2018-11-01 0 days 1,898 sqft
2018-12-01 0 days 1,840 sqft
2019-01-01 0 days 1,888 sqft
2019-02-01 0 days 1,894 sqft
2019-03-01 0 days 1,864 sqft
2019-04-01 0 days 1,826 sqft
2019-05-01 0 days 1,835 sqft
2019-06-01 0 days 1,846 sqft
2019-07-01 0 days 1,823 sqft
2019-08-01 0 days 1,870 sqft
2019-09-01 0 days 1,892 sqft
2019-10-01 0 days 1,906 sqft
2019-11-01 0 days 1,906 sqft
2019-12-01 0 days 1,926 sqft
2020-01-01 0 days 1,939 sqft
2020-02-01 0 days 1,855 sqft
2020-03-01 0 days 1,934 sqft
2020-04-01 0 days 1,830 sqft
2020-05-01 0 days 1,891 sqft
2020-06-01 0 days 1,935 sqft
2020-07-01 0 days 2,025 sqft
2020-08-01 0 days 2,020 sqft
2020-09-01 0 days 2,062 sqft
2020-10-01 0 days 2,074 sqft
2020-11-01 0 days 2,101 sqft
2020-12-01 0 days 2,053 sqft
2021-01-01 0 days 2,088 sqft
2021-02-01 0 days 2,172 sqft
2021-03-01 0 days 2,282 sqft
2021-04-01 0 days 2,123 sqft
2021-05-01 0 days 2,066 sqft
2021-06-01 0 days 1,913 sqft
2021-07-01 0 days 1,815 sqft
2021-08-01 0 days 1,821 sqft
2021-09-01 0 days 1,792 sqft
2021-10-01 0 days 1,800 sqft
2021-11-01 0 days 1,750 sqft
2021-12-01 0 days 1,724 sqft
2022-01-01 0 days 1,750 sqft
2022-02-01 0 days 1,584 sqft
2022-03-01 0 days 1,627 sqft
2022-04-01 0 days 1,692 sqft
2022-05-01 0 days 1,730 sqft
2022-06-01 0 days 1,747 sqft
2022-07-01 0 days 1,770 sqft
2022-08-01 0 days 1,754 sqft
2022-09-01 0 days 1,766 sqft
2022-10-01 0 days 1,773 sqft
2022-11-01 0 days 1,752 sqft
2022-12-01 0 days 1,700 sqft
2023-01-01 0 days 1,646 sqft
2023-02-01 0 days 1,690 sqft
2023-03-01 0 days 1,742 sqft
2023-04-01 0 days 1,722 sqft
2023-05-01 0 days 1,721 sqft
2023-06-01 0 days 1,801 sqft
2023-07-01 0 days 1,794 sqft
2023-08-01 0 days 1,748 sqft
2023-09-01 0 days 1,792 sqft
2023-10-01 0 days 1,751 sqft
2023-11-01 0 days 1,735 sqft
2023-12-01 0 days 1,710 sqft
2024-01-01 0 days 1,725 sqft
Payson's median listing age (time on market) for 2024-01-01 was 0 days.

Payson's median square footage for active listings during the 2024-01-01 period was 1,725 sqft. One year prior, the average listing was 1,646 sqft.

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).