Ponca City FHA Loan Rates, Closing Costs & Stats

Ponca 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.

    Ponca City's 39 lenders originated 120 FHA loans during 2023. The total origination value was $17,370,000, with an average FHA loan value of $144,750.

    Ponca City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ponca City averaged 6.25% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Ponca City's average FHA mortgage closing costs are $6,185.

    The average rate for the prior week (2024-11-01) was 6.22% and one month ago for the week of 2024-10-04, the average rate was 6.04%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Ponca 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 Ponca City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 38 6.94% $6,342
    QUICKEN LOANS, LLC 9 6.33% $9,105
    OPEN MORTGAGE, LLC 9 6.39% $6,857
    RCB Bank 5 7.08% $6,698
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 7.03% $7,752
    United Fidelity Funding Corp. 4 6.37% $7,260
    PENNYMAC LOAN SERVICES, LLC 3 6.50% $8,655
    ACADEMY MORTGAGE CORPORATION 2 6.56% $8,432
    AMERISAVE MORTGAGE CORPORATION 2 6.13% $10,096
    Gateway First Bank 2 7.00% $7,307
    Great Plains National Bank 2 6.69% $6,600
    Carrington Mortgage Services, LLC 2 6.44% $8,647
    CORNERSTONE HOME LENDING, INC. 2 7.19% $9,181
    LOANDEPOT.COM, LLC 2 7.00% $9,723
    Neighborhood Loans, Inc. 1 6.75% $12,359
    NEWREZ LLC 1 6.63% $7,278
    PENTAGON FEDERAL CREDIT UNION 1 7.00% $7,565
    POLARIS HOME FUNDING CORP. 1 7.25% $9,755
    PREMIA MORTGAGE, LLC 1 6.25% $8,155
    SENTE MORTGAGE, INC. 1 6.75% $14,012
    Stride Bank 1 5.63% $5,918
    Town Square Mortgage & Investments, Inc. 1 6.88% $4,756
    TruHome Solutions, LLC 1 6.13% $6,712
    UNION HOME MORTGAGE CORP. 1 6.88% $6,557
    UNITED WHOLESALE MORTGAGE, LLC 1 5.11% $19,181
    Waterstone Mortgage Corporation 1 6.75% $9,762
    AmeriHome Mortgage Company, LLC 1 7.63% $8,876
    Chickasaw Community Bank 1 7.25% $4,601
    Colonial Savings, F.A. 1 6.50% $6,493
    CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $22,096
    Equity Bank 1 6.63% $7,278
    First United Bank and Trust Company 1 7.38% $8,306
    Flagstar Bank, FSB 1 7.25% $9,370
    JPMorgan Chase Bank 1 7.13% $8,317
    LAKEVIEW LOAN SERVICING, LLC 1 6.63% $9,111
    LOANPAL, LLC 1 6.13% $10,256
    MID AMERICA MORTGAGE, INC. 1 7.63% $5,276
    Mortgage Research Center, LLC 1 7.50% $3,527
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $6,417

    The top Ponca City FHA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 38 FHA loans originated. Their average total fees are $6,342, which is $2,763 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Ponca City FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($6,342), .

    The lowest rate Ponca City FHA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (6.94%), .

    Ponca City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PONCA CITY, OK KAY 2022 $420,680 $538,650 $651,050 $809,150
    PONCA CITY, OK KAY 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).