Prescott Valley FHA Loans

PRESCOTT VALLEY-PRESCOTT, 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.

    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).