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 60 lenders originated 334 FHA loans during 2021. The total origination value was $67,720,000, with an average FHA loan value of $202,754.

    Payson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Payson averaged 6.25% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

    Payson's average FHA mortgage closing costs are $7,020.

    The average rate for the prior week (2023-03-10) was 6.4% and one month ago for the week of 2023-02-10, the average rate was 6.01%.

    The average rate one year ago was 4.2%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.06%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    AMERICAN PACIFIC MORTGAGE CORPORATION 29 2.94% $8,273
    GENEVA FINANCIAL, LLC 21 3.22% $8,250
    BAY EQUITY LLC 18 3.13% $9,615
    FREEDOM MORTGAGE CORPORATION 15 2.90% $5,341
    QUICKEN LOANS, LLC 14 2.75% $7,299
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 3.59% $10,196
    Carrington Mortgage Services, LLC 10 3.40% $5,804
    GUILD MORTGAGE COMPANY 10 3.44% $7,804
    LAKEVIEW LOAN SERVICING, LLC 10 3.00% $4,150
    SUN AMERICAN MORTGAGE COMPANY 10 3.28% $7,412
    Amerifirst Financial, Inc. 9 3.40% $8,599
    AMERICAN FINANCIAL RESOURCES, INC. 8 3.03% $5,582
    CALIBER HOME LOANS, INC. 7 2.67% $6,869
    PENNYMAC LOAN SERVICES, LLC 6 3.20% $5,075
    Mr. Cooper ( Nationstar Mortgage ) 6 3.96% $3,847
    Wallick & Volk, Inc. 5 3.33% $9,749
    LOANDEPOT.COM, LLC 5 3.75% $9,077
    Paramount Residential Mortgage Group, Inc. 4 3.41% $6,006
    VILLAGE CAPITAL MORTGAGE 4 2.88% $2,973
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.00% $8,809
    NOVA FINANCIAL & INVESTMENT CORPORATION 4 3.91% $8,287
    NEWREZ LLC 4 2.78% $3,073
    FINANCE OF AMERICA MORTGAGE LLC 3 2.88% $11,011
    GUARANTEED RATE AFFINITY, LLC 3 3.13% $8,368
    Barrington Bank & Trust Company, N.A. 2 2.75% $7,393
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.81% $4,847
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.44% $5,987
    InterContinental Capital Group, Inc 2 2.63% $8,329
    PLANET HOME LENDING, LLC 2 2.63% $4,923
    SECURITYNATIONAL MORTGAGE COMPANY 2 4.06% $12,035
    UNITED WHOLESALE MORTGAGE, LLC 2 2.65% $6,654
    V.I.P. MORTGAGE, INC. 2 3.75% $10,021
    LAND HOME FINANCIAL SERVICES, INC. 1 3.00% $8,156
    Lend Smart Mortgage, LLC 1 2.75% $4,551
    First Guaranty Mortgage Corporation 1 3.13% $2,890
    CROSSCOUNTRY MORTGAGE, LLC 1 2.88% $8,373
    NATIONS DIRECT MORTGAGE, LLC 1 2.99% $9,863
    COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $8,603
    NEW WEST LENDING, INC. 1 2.88% $8,673
    CHERRY CREEK MORTGAGE, LLC 1 3.25% $2,363
    ON Q FINANCIAL, INC. 1 3.38% $6,731
    CANOPY MORTGAGE, LLC 1 2.63% $9,581
    BROKER SOLUTIONS, INC. 1 2.75% $8,673
    AMERICAN FINANCING CORPORATION 1 2.88% $11,936
    PLAZA HOME MORTGAGE, INC. 1 3.13% $9,550
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $7,483
    BEST CAPITAL FUNDING 1 2.50% $13,195
    AMERISAVE MORTGAGE CORPORATION 1 2.63% $9,552
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.50% $6,538
    STARBOARD FINANCIAL MANAGEMENT, LLC 1 3.00% $11,483
    STEARNS LENDING, LLC 1 2.63% $4,070
    Alaska USA Federal Credit Union 1 2.75% $1,519
    Sunflower Bank 1 2.88% $7,212
    SUN WEST MORTGAGE COMPANY, INC. 1 2.63% $9,660
    The Federal Savings Bank 1 2.88% $8,658
    UNION HOME MORTGAGE CORP. 1 3.25% $10,594
    Ixonia Bank 1 3.00% $7,742
    LADERA LENDING, INC. 1 3.13% $9,194
    Lakeview Community Capital, LLC 1 2.75% $4,018
    HOME POINT FINANCIAL CORPORATION 1 3.25% $5,539

    The top Payson FHA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with 29 FHA loans originated. Their average total fees are $8,273, which is $22 higher than the next largest lender, GENEVA FINANCIAL, LLC.

    The lowest fee Payson FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($4,150), FREEDOM MORTGAGE CORPORATION ($5,341), Carrington Mortgage Services, LLC ($5,804), QUICKEN LOANS, LLC ($7,299) and SUN AMERICAN MORTGAGE COMPANY ($7,412).

    The lowest rate Payson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.75%), FREEDOM MORTGAGE CORPORATION (2.90%), AMERICAN PACIFIC MORTGAGE CORPORATION (2.94%), LAKEVIEW LOAN SERVICING, LLC (3.00%) and BAY EQUITY LLC (3.13%).

    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

    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 $302,450 (12.2%) $435,273 (13.3%) 0.00 355
    2018-02-01 $299,900 (9.1%) $430,787 (12.7%) 0.00 346
    2018-03-01 $299,900 (8.8%) $427,205 (11.2%) 0.00 368
    2018-04-01 $313,500 (5.2%) $423,765 (6.0%) 0.00 381
    2018-05-01 $317,750 (6.1%) $422,424 (3.9%) 0.00 418
    2018-06-01 $319,500 (4.9%) $424,516 (1.1%) 0.00 437
    2018-07-01 $325,900 (3.5%) $427,343 (1.1%) 0.00 436
    2018-08-01 $340,950 (6.7%) $442,015 (2.2%) 0.00 404
    2018-09-01 $349,500 (11.0%) $461,757 (6.9%) 0.00 395
    2018-10-01 $344,375 (15.2%) $463,713 (11.4%) 0.00 374
    2018-11-01 $339,500 (13.6%) $466,231 (12.7%) 0.00 359
    2018-12-01 $335,900 (12.1%) $466,004 (8.7%) 0.00 335
    2019-01-01 $346,000 (14.4%) $457,522 (5.1%) 0.00 283
    2019-02-01 $349,675 (16.6%) $454,444 (5.5%) 0.00 306
    2019-03-01 $343,900 (14.7%) $449,298 (5.2%) 0.00 330
    2019-04-01 $335,675 (7.1%) $440,698 (4.0%) 0.00 364
    2019-05-01 $337,225 (6.1%) $440,824 (4.4%) 0.00 384
    2019-06-01 $339,000 (6.1%) $439,801 (3.6%) 0.00 403
    2019-07-01 $333,750 (2.4%) $431,102 (0.9%) 0.00 429
    2019-08-01 $336,333 (-1.4%) $433,250 (-2.0%) 0.00 412
    2019-09-01 $336,982 (-3.6%) $432,471 (-6.3%) 0.00 392
    2019-10-01 $338,244 (-1.8%) $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 $338,600 (-2.1%) $458,249 (0.2%) 0.00 260
    2020-02-01 $329,500 (-5.8%) $470,359 (3.5%) 0.00 257
    2020-03-01 $357,000 (3.8%) $475,630 (5.9%) 0.00 277
    2020-04-01 $331,425 (-1.3%) $450,984 (2.3%) 0.00 305
    2020-05-01 $339,950 (0.8%) $458,168 (3.9%) 0.00 301
    2020-06-01 $342,700 (1.1%) $466,513 (6.1%) 0.00 255
    2020-07-01 $363,425 (8.9%) $491,918 (14.1%) 0.00 208
    2020-08-01 $364,900 (8.5%) $516,391 (19.2%) 0.00 153
    2020-09-01 $362,450 (7.6%) $544,321 (25.9%) 0.00 143
    2020-10-01 $399,000 (18.0%) $583,135 (34.8%) 0.00 130
    2020-11-01 $392,500 (13.8%) $614,726 (38.0%) 0.00 113
    2020-12-01 $388,475 (13.5%) $605,844 (33.8%) 0.00 103
    2021-01-01 $392,450 (15.9%) $619,268 (35.1%) 0.00 103
    2021-02-01 $425,000 (29.0%) $739,141 (57.1%) 0.00 90
    2021-03-01 $462,000 (29.4%) $754,300 (58.6%) 0.00 93
    2021-04-01 $437,250 (31.9%) $691,511 (53.3%) 0.00 109
    2021-05-01 $450,000 (32.4%) $660,609 (44.2%) 0.00 111
    2021-06-01 $467,875 (36.5%) $650,228 (39.4%) 0.00 119
    2021-07-01 $450,000 (23.8%) $625,566 (27.2%) 0.00 130
    2021-08-01 $468,750 (28.5%) $614,288 (19.0%) 0.00 140
    2021-09-01 $463,875 (28.0%) $623,386 (14.5%) 0.00 144
    2021-10-01 $450,000 (12.8%) $640,383 (9.8%) 0.00 135
    2021-11-01 $442,500 (12.7%) $641,924 (4.4%) 0.00 117
    2021-12-01 $444,450 (14.4%) $638,064 (5.3%) 0.00 107
    2022-01-01 $455,000 (15.9%) $640,303 (3.4%) 0.00 99
    2022-02-01 $439,000 (3.3%) $591,327 (-20.0%) 0.00 103
    2022-03-01 $449,975 (-2.6%) $627,632 (-16.8%) 0.00 105
    2022-04-01 $479,900 (9.8%) $643,181 (-7.0%) 0.00 136
    2022-05-01 $499,000 (10.9%) $639,567 (-3.2%) 0.00 190
    2022-06-01 $532,000 (13.7%) $655,576 (0.8%) 0.00 243
    2022-07-01 $525,000 (16.7%) $649,660 (3.9%) 0.00 275
    2022-08-01 $513,500 (9.6%) $624,525 (1.7%) 0.00 288
    2022-09-01 $497,000 (7.1%) $605,631 (-2.9%) 0.00 299
    2022-10-01 $489,500 (8.8%) $598,337 (-6.6%) 0.00 292
    2022-11-01 $476,000 (7.6%) $591,019 (-7.9%) 0.00 281
    2022-12-01 $474,900 (6.9%) $581,804 (-8.8%) 0.00 241
    2023-01-01 $462,200 (1.6%) $568,655 (-11.2%) 0.00 212
    2023-02-01 $473,500 (7.9%) $623,025 (5.4%) 0.00 193
    Payson's median listing price for 2023-02-01 was $473,500, a difference of $34,500 (7.9%) versus the prior year and $11,300 versus the prior month.

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

    Payson's average listing price for 2023-02-01 was $623,025, a difference of $31,698 (5.4%) versus the prior year and $54,370 versus the prior month.

    For the 2023-02-01 period, Payson had 193 MLS listings, a difference of -19 listings (-9%) versus the prior month and 90 listings (87%) 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 1,963 sqft
    2018-02-01 0 days 1,946 sqft
    2018-03-01 0 days 1,973 sqft
    2018-04-01 0 days 1,906 sqft
    2018-05-01 0 days 1,865 sqft
    2018-06-01 0 days 1,881 sqft
    2018-07-01 0 days 1,889 sqft
    2018-08-01 0 days 1,914 sqft
    2018-09-01 0 days 1,940 sqft
    2018-10-01 0 days 1,920 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 1,949 sqft
    2020-02-01 0 days 1,864 sqft
    2020-03-01 0 days 1,938 sqft
    2020-04-01 0 days 1,842 sqft
    2020-05-01 0 days 1,896 sqft
    2020-06-01 0 days 1,936 sqft
    2020-07-01 0 days 2,011 sqft
    2020-08-01 0 days 2,024 sqft
    2020-09-01 0 days 2,043 sqft
    2020-10-01 0 days 2,048 sqft
    2020-11-01 0 days 2,098 sqft
    2020-12-01 0 days 2,046 sqft
    2021-01-01 0 days 2,083 sqft
    2021-02-01 0 days 2,168 sqft
    2021-03-01 0 days 2,272 sqft
    2021-04-01 0 days 2,095 sqft
    2021-05-01 0 days 1,990 sqft
    2021-06-01 0 days 1,896 sqft
    2021-07-01 0 days 1,806 sqft
    2021-08-01 0 days 1,811 sqft
    2021-09-01 0 days 1,786 sqft
    2021-10-01 0 days 1,796 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 1,590 sqft
    2022-03-01 0 days 1,645 sqft
    2022-04-01 0 days 1,700 sqft
    2022-05-01 0 days 1,733 sqft
    2022-06-01 0 days 1,751 sqft
    2022-07-01 0 days 1,773 sqft
    2022-08-01 0 days 1,756 sqft
    2022-09-01 0 days 1,770 sqft
    2022-10-01 0 days 1,775 sqft
    2022-11-01 0 days 1,752 sqft
    2022-12-01 0 days 1,700 sqft
    2023-01-01 0 days 1,647 sqft
    2023-02-01 0 days 1,701 sqft
    Payson's median listing age (time on market) for 2023-02-01 was 0 days.

    Payson's median square footage for active listings during the 2023-02-01 period was 1,701 sqft. One year prior, the average listing was 1,590 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).