Payson FHA Loan Rates, Closing Costs & Stats

Payson, AZ

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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.

    Payson's 53 lenders originated 159 FHA loans during 2023. The total origination value was $41,335,000, with an average FHA loan value of $259,969.

    Payson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Payson averaged 6.79% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Payson's average FHA mortgage closing costs are $8,159.

    The average rate for the prior week (2024-07-12) was 6.94% and one month ago for the week of 2024-06-14, the average rate was 6.99%.

    The average rate one year ago was 6.78%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.69%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    AMERICAN PACIFIC MORTGAGE CORPORATION 14 6.71% $12,697
    QUICKEN LOANS, LLC 12 5.81% $13,222
    SUN AMERICAN MORTGAGE COMPANY 12 7.06% $8,904
    GENEVA FINANCIAL, LLC 12 6.44% $13,804
    GUILD MORTGAGE COMPANY 7 6.52% $11,181
    AMERICAN FINANCIAL RESOURCES, INC. 7 6.80% $10,421
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.75% $13,207
    LOANDEPOT.COM, LLC 5 7.25% $10,615
    UNITED WHOLESALE MORTGAGE, LLC 4 6.11% $14,439
    V.I.P. MORTGAGE, INC. 4 7.22% $11,435
    ALTITUDE FINANCIAL CORPORATION 3 6.50% $6,901
    CROSSCOUNTRY MORTGAGE, LLC 3 6.48% $18,636
    NOVA FINANCIAL & INVESTMENT CORPORATION 3 6.67% $8,630
    OCMBC, INC. 3 6.92% $12,133
    CMG MORTGAGE, INC. 3 7.08% $11,062
    BAY EQUITY LLC 2 6.00% $16,515
    ON Q FINANCIAL, INC. 2 7.63% $11,522
    BROKER SOLUTIONS, INC. 2 6.75% $11,581
    AMERICAN FINANCIAL NETWORK, INC. 2 6.06% $14,696
    Plains Commerce Bank 2 6.38% $10,040
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.12% $13,876
    DAS Acquisition Company, LLC 2 6.94% $10,070
    Neighborhood Loans, Inc. 2 7.19% $17,948
    STARBOARD FINANCIAL MANAGEMENT, LLC 1 5.75% $18,704
    SWBC MORTGAGE CORPORATION 1 6.25% $11,792
    The Federal Savings Bank 1 6.75% $15,008
    TOP FLITE FINANCIAL, INC. 1 7.25% $15,889
    VILLAGE CAPITAL MORTGAGE 1 5.13% $9,461
    Wallick & Volk, Inc. 1 6.13% $6,333
    ACADEMY MORTGAGE CORPORATION 1 6.25% $23,272
    Wells Fargo Bank 1 6.63% $7,203
    AMERICA FIRST 1 5.75% $11,238
    ARIZONA 1 6.00% $9,656
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $9,563
    CANOPY MORTGAGE, LLC 1 6.13% $18,589
    CARDINAL FINANCIAL 1 6.75% $15,290
    CITYWIDE HOME LOANS, LLC 1 5.00% $20,428
    Equity Prime Mortgage LLC 1 6.50% $13,099
    First Western Trust Bank 1 6.63% $7,559
    Flagstar Bank, FSB 1 6.25% $16,718
    FREEDOM MORTGAGE CORPORATION 1 6.75% $21,025
    Gateway First Bank 1 6.25% $8,954
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $13,011
    MANN FINANCIAL INC. 1 6.75% $9,922
    MID AMERICA MORTGAGE, INC. 1 6.13% $5,370
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $25,306
    Nations Lending Corporation 1 7.13% $11,168
    NEW WEST LENDING, INC. 1 5.75% $9,775
    Paramount Residential Mortgage Group, Inc. 1 5.99% $12,769
    PHH Mortgage Corporation 1 6.63% $14,092
    PLANET HOME LENDING, LLC 1 5.50% $11,848
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.38% $19,231
    SOUTHWEST STAGE FUNDING, LLC 1 7.00% $9,532

    The top Payson FHA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with 14 FHA loans originated. Their average total fees are $12,697, which is $526 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 ($8,904), AMERICAN PACIFIC MORTGAGE CORPORATION ($12,697), QUICKEN LOANS, LLC ($13,222), GENEVA FINANCIAL, LLC ($13,804) and .

    The lowest rate Payson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.81%), GENEVA FINANCIAL, LLC (6.44%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.71%), SUN AMERICAN MORTGAGE COMPANY (7.06%) and .

    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

    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).