Prescott Valley FHA Loans

PRESCOTT VALLEY-PRESCOTT, 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.

Prescott Valley's 117 lenders originated 1,538 FHA loans during 2021. The total origination value was $411,360,000, with an average FHA loan value of $267,464.

Prescott Valley FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Prescott Valley averaged 6.1% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 6.1% and one month ago for the week of 2022-08-19, the average rate was 5.42%.

The average rate one year ago was 3.36%.

For refis of the same type during the week of 2022-09-23, the average rate was 5.65%.

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

Prescott Valley FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Prescott Valley level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Wallick & Volk, Inc. 72 3.49% $8,913
GUILD MORTGAGE COMPANY 67 3.24% $8,265
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 64 3.38% $10,065
QUICKEN LOANS, LLC 61 2.69% $6,744
LAKEVIEW LOAN SERVICING, LLC 44 2.97% $4,370
UNITED WHOLESALE MORTGAGE, LLC 40 2.71% $9,250
LHM FINANCIAL CORPORATION 30 2.99% $9,000
Mr. Cooper ( Nationstar Mortgage ) 27 3.46% $3,156
FREEDOM MORTGAGE CORPORATION 23 2.78% $5,437
Carrington Mortgage Services, LLC 23 3.42% $8,021
Paramount Residential Mortgage Group, Inc. 20 3.07% $9,196
PRIMELENDING, A PLAINSCAPITAL COMPANY 19 3.59% $10,501
HOME POINT FINANCIAL CORPORATION 17 2.71% $8,405
BROKER SOLUTIONS, INC. 17 3.31% $8,428
CALIBER HOME LOANS, INC. 17 2.77% $6,405
NOVA FINANCIAL & INVESTMENT CORPORATION 15 3.49% $8,140
Nations Lending Corporation 15 3.18% $11,543
LOANDEPOT.COM, LLC 14 3.69% $10,475
VILLAGE CAPITAL MORTGAGE 14 3.11% $3,052
NEWREZ LLC 13 2.99% $4,946
Lakeview Community Capital, LLC 13 3.03% $4,454
PENNYMAC LOAN SERVICES, LLC 13 2.98% $5,819
AMERICAN FINANCIAL RESOURCES, INC. 13 3.06% $7,162
ACADEMY MORTGAGE CORPORATION 12 3.35% $11,353
ON Q FINANCIAL, INC. 12 3.30% $8,570
Amerifirst Financial, Inc. 12 3.25% $7,301
AMERICAN PACIFIC MORTGAGE CORPORATION 11 3.10% $9,224
UNION HOME MORTGAGE CORP. 10 3.26% $9,466
Neighborhood Loans, Inc. 10 3.96% $11,413
V.I.P. MORTGAGE, INC. 9 3.32% $11,494
NFM, INC. 9 3.57% $9,539
HOMEOWNERS FINANCIAL GROUP USA, LLC 9 3.13% $7,814
SUN WEST MORTGAGE COMPANY, INC. 8 3.48% $9,884
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 2.84% $5,215
First Guaranty Mortgage Corporation 8 2.81% $6,048
PLAZA HOME MORTGAGE, INC. 7 3.00% $8,217
GENEVA FINANCIAL, LLC 6 3.08% $12,771
STEARNS LENDING, LLC 6 2.92% $8,470
SECURITYNATIONAL MORTGAGE COMPANY 6 3.63% $10,854
Loan Simple, Inc. 6 3.00% $13,482
GUARANTEED RATE, INC. 5 3.00% $10,910
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.25% $10,799
CROSSCOUNTRY MORTGAGE, LLC 5 3.02% $9,792
MORIA DEVELOPMENT, INC. 5 3.33% $12,134
MOVEMENT MORTGAGE, LLC 5 3.13% $7,582
LEADERONE FINANCIAL CORPORATION 5 3.45% $10,200
SOVEREIGN LENDING GROUP INCORPORATED 5 2.75% $8,440
CMG MORTGAGE, INC. 4 3.19% $7,471
DAS Acquisition Company, LLC 4 3.53% $11,829
MID AMERICA MORTGAGE, INC. 4 3.19% $4,093
BAY EQUITY LLC 4 2.97% $11,854
CELEBRITY HOME LOANS, LLC 3 3.25% $10,171
Wells Fargo Bank 3 3.29% $4,807
STARBOARD FINANCIAL MANAGEMENT, LLC 3 3.17% $8,506
AmeriHome Mortgage Company, LLC 3 2.96% $4,235
AMERICAN FINANCING CORPORATION 3 2.75% $9,280
SOUTHWEST STAGE FUNDING, LLC 3 2.83% $9,119
The Federal Savings Bank 3 2.83% $9,682
NATIONS RELIABLE LENDING, LLC 3 3.25% $8,208
LAND HOME FINANCIAL SERVICES, INC. 3 3.75% $15,838
AMERICAN FINANCIAL NETWORK, INC. 3 2.96% $11,529
COUNTRYPLACE MORTGAGE, LTD. 2 4.13% $15,379
Peoples Bank 2 3.25% $8,560
PLANET HOME LENDING, LLC 2 2.50% $5,210
Equity Prime Mortgage LLC 2 3.31% $9,729
Sierra Pacific Mortgage Company, Inc. 2 2.81% $6,562
SUMMIT FUNDING, INC. 2 3.06% $13,793
FINANCE OF AMERICA MORTGAGE LLC 2 2.63% $9,049
AMERISAVE MORTGAGE CORPORATION 2 3.25% $11,092
VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.25% $10,369
Bank of England 2 3.50% $13,964
Barrington Bank & Trust Company, N.A. 2 2.50% $7,897
Hometown Equity Mortgage, LLC 2 3.75% $7,446
INTERCAP LENDING INC. 2 2.69% $10,793
BECKAM FUNDING CORP. 2 3.81% $7,843
LADERA LENDING, INC. 2 2.88% $5,219
LOANPAL, LLC 2 2.38% $10,785
CITYWIDE HOME LOANS, LLC 2 3.50% $8,478
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.38% $7,678
CLEARPATH LENDING 2 2.75% $4,741
CORNERSTONE HOME LENDING, INC. 2 3.25% $10,638
ZILLOW HOME LOANS, LLC 1 2.88% $6,633
ALL WESTERN MORTGAGE, INC. 1 3.25% $11,274
Austin Capital Bank SSB 1 4.63% $8,679
Century Mortgage Company DBA Century Lending Company 1 4.00% $9,990
DIRECT MORTGAGE, CORP. 1 2.50% $14,955
ENVOY MORTGAGE, LTD 1 4.13% $7,536
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 3.99% $11,097
Evolve Bank & Trust 1 3.13% $8,301
Financial Funding Solutions, Inc. 1 3.63% $7,625
Gateway First Bank 1 3.13% $12,374
Glacier Bank 1 4.13% $10,138
GUARANTEED RATE AFFINITY, LLC 1 3.00% $7,924
Home Mortgage Alliance Corp 1 3.25% $9,527
InterContinental Capital Group, Inc 1 3.38% $4,588
JAMES B. NUTTER & COMPANY 1 3.25% $2,485
JMAC LENDING, INC. 1 2.88% $7,629
JPMorgan Chase Bank 1 3.13% $7,426
LENDING 3, INC. 1 3.25% $9,739
Lend Smart Mortgage, LLC 1 3.00% $7,439
Low VA Rates, LLC 1 3.13% $2,798
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $8,038
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $8,093
NETWORK CAPITAL FUNDING CORPORATION 1 3.88% $7,507
OCEANSIDE MORTGAGE COMPANY 1 2.99% $4,525
OCMBC, INC. 1 4.25% $18,279
PREMIER LENDING, INC. 1 3.25% $9,482
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.50% $12,425
RELIANCE FIRST CAPITAL, LLC 1 3.00% $11,197
RESIDENTIAL BANCORP. 1 3.00% $8,097
SFMC, LP 1 2.63% $11,415
SUN AMERICAN MORTGAGE COMPANY 1 4.50% $10,864
SUNSTREET MORTGAGE, LLC 1 3.50% $9,381
SWBC MORTGAGE CORPORATION 1 4.25% $6,361
The Home Loan Expert LLC 1 3.13% $9,999
TOP FLITE FINANCIAL, INC. 1 3.63% $22,093
UNITED SECURITY FINANCIAL CORP 1 2.38% $7,514

The top Prescott Valley FHA lender as defined by loan originations is Wallick & Volk, Inc., with 72 FHA loans originated. Their average total fees are $8,913, which is $647 higher than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Prescott Valley FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,052), Mr. Cooper ( Nationstar Mortgage ) ($3,156), LAKEVIEW LOAN SERVICING, LLC ($4,370), Lakeview Community Capital, LLC ($4,454) and NEWREZ LLC ($4,946).

The lowest rate Prescott Valley FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.69%), HOME POINT FINANCIAL CORPORATION (2.71%), UNITED WHOLESALE MORTGAGE, LLC (2.71%), CALIBER HOME LOANS, INC. (2.77%) and FREEDOM MORTGAGE CORPORATION (2.78%).

Prescott Valley FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
PRESCOTT VALLEY-PRESCOTT, AZ YAVAPAI 2022 $420,680 $538,650 $651,050 $809,150

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).