Prescott Valley FHA Loan Rates, Closing Costs & Stats

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 99 lenders originated 759 FHA loans during 2023. The total origination value was $216,525,000, with an average FHA loan value of $285,277.

    Prescott Valley FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Prescott Valley averaged 6.37% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Prescott Valley's average FHA mortgage closing costs are $8,980.

    The average rate for the prior week (2024-11-01) was 6.54% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    The average rate one year ago was 7.61%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.36%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Prescott Valley level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 117 6.23% $13,758
    QUICKEN LOANS, LLC 53 6.22% $13,351
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 52 6.67% $12,575
    GUILD MORTGAGE COMPANY 18 6.25% $15,747
    NFM, INC. 16 6.68% $15,108
    PRIMELENDING, A PLAINSCAPITAL COMPANY 14 6.70% $15,218
    ACADEMY MORTGAGE CORPORATION 14 6.27% $18,273
    Paramount Residential Mortgage Group, Inc. 14 6.57% $11,525
    Wallick & Volk, Inc. 12 6.56% $9,743
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.24% $14,627
    V.I.P. MORTGAGE, INC. 12 6.65% $14,667
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.25% $12,739
    LOANDEPOT.COM, LLC 10 6.68% $15,793
    Equity Prime Mortgage LLC 10 6.98% $12,282
    Nations Lending Corporation 9 7.15% $9,450
    ON Q FINANCIAL, INC. 9 6.58% $10,775
    PENNYMAC LOAN SERVICES, LLC 8 6.12% $12,117
    NOVA FINANCIAL & INVESTMENT CORPORATION 8 6.59% $11,034
    CROSSCOUNTRY MORTGAGE, LLC 8 6.85% $12,278
    BROKER SOLUTIONS, INC. 8 6.58% $15,182
    S1L, Inc. 8 6.70% $15,158
    GARDNER FINANCIAL SERVICES, LTD. 7 6.93% $18,311
    PLAZA HOME MORTGAGE, INC. 6 6.71% $10,144
    LOANPAL, LLC 6 5.69% $15,707
    AMERISAVE MORTGAGE CORPORATION 6 5.92% $21,978
    SUN WEST MORTGAGE COMPANY, INC. 6 6.21% $17,285
    AMERICAN FINANCIAL NETWORK, INC. 5 6.88% $11,893
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 5 6.83% $12,912
    FREEDOM MORTGAGE CORPORATION 4 6.56% $16,581
    Carrington Mortgage Services, LLC 4 5.94% $15,122
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 7.00% $11,938
    Prosperity Home Mortgage, LLC 4 6.03% $15,696
    Bank of Colorado 4 6.16% $13,506
    GUARANTEED RATE, INC. 4 6.41% $11,385
    CALCON MUTUAL MORTGAGE LLC 3 7.93% $10,605
    VILLAGE CAPITAL MORTGAGE 3 6.08% $10,395
    CARDINAL FINANCIAL 3 6.42% $11,773
    Mortgage Research Center, LLC 2 7.38% $5,835
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.44% $13,194
    AMERICAN FINANCING CORPORATION 2 7.13% $15,019
    Franklin Loan Corporation 2 7.06% $13,717
    NEWREZ LLC 2 5.38% $11,537
    PHH Mortgage Corporation 2 6.31% $13,203
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.69% $16,839
    Sierra Pacific Mortgage Company, Inc. 2 6.75% $9,265
    STARBOARD FINANCIAL MANAGEMENT, LLC 2 6.81% $18,403
    UNION HOME MORTGAGE CORP. 2 6.69% $15,017
    Hometown Equity Mortgage, LLC 2 6.88% $15,751
    Waterstone Mortgage Corporation 2 6.63% $12,140
    JPMorgan Chase Bank 2 7.06% $7,485
    LAKEVIEW LOAN SERVICING, LLC 2 5.75% $10,712
    AXIA FINANCIAL, LLC 2 6.06% $20,755
    CMG MORTGAGE, INC. 2 6.94% $11,762
    DIRECTORS MORTGAGE, INC. 2 6.19% $15,481
    Wells Fargo Bank 1 6.13% $7,176
    ALTITUDE FINANCIAL CORPORATION 1 6.63% $4,728
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $15,051
    American Mortgage & Equity Consultants, Inc. 1 8.00% $16,812
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $6,643
    Bank of England 1 7.25% $17,709
    Bell Bank 1 6.13% $8,619
    BEST FINANCE CAPITAL, INC. 1 6.25% $17,451
    BOKF 1 7.13% $10,964
    CASTLE & COOKE MORTGAGE, LLC 1 6.25% $18,457
    CITYWIDE HOME LOANS, LLC 1 6.88% $10,085
    DAS Acquisition Company, LLC 1 7.63% $17,407
    EMM LOANS LLC 1 6.88% $21,549
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.50% $21,391
    GENEVA FINANCIAL, LLC 1 7.75% $14,053
    Glacier Bank 1 7.38% $9,573
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.99% $6,052
    GoPrime Mortgage, Inc. 1 6.25% $20,371
    GUARANTEED RATE AFFINITY, LLC 1 6.50% $15,872
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $10,400
    INTERCAP LENDING INC. 1 5.13% $19,068
    LEADERONE FINANCIAL CORPORATION 1 7.25% $13,460
    LHM FINANCIAL CORPORATION 1 5.75% $4,966
    MID AMERICA MORTGAGE, INC. 1 5.13% $17,000
    MORIA DEVELOPMENT, INC. 1 7.13% $15,810
    MOVEMENT MORTGAGE, LLC 1 6.63% $14,190
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $25,046
    NATIONS DIRECT MORTGAGE, LLC 1 5.38% $16,601
    NBKC BANK 1 5.50% $9,477
    NETWORK CAPITAL FUNDING CORPORATION 1 7.38% $12,683
    NEW DAY FINANCIAL, LLC 1 7.99% $7,752
    Northpointe Bank 1 6.88% $13,299
    OCEANSIDE MORTGAGE COMPANY 1 6.00% $7,382
    OCMBC, INC. 1 7.75% $11,863
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $15,927
    PANORAMA MORTGAGE GROUP, LLC 1 6.75% $16,317
    Plains Commerce Bank 1 6.88% $13,039
    SOVEREIGN LENDING GROUP INCORPORATED 1 7.25% $11,140
    SWBC MORTGAGE CORPORATION 1 7.25% $7,144
    The Federal Savings Bank 1 6.25% $14,878
    THRIVE MORTGAGE, LLC 1 6.75% $17,279
    TOWNE MORTGAGE COMPANY 1 7.00% $11,074
    U.S. Bank 1 6.63% $10,071
    VERITAS FUNDING, LLC 1 7.25% $21,516
    Watermark Capital, Inc. 1 5.50% $13,447

    The top Prescott Valley FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 117 FHA loans originated. Their average total fees are $13,758, which is $407 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Prescott Valley FHA lenders (with over 10 loans originated) are Wallick & Volk, Inc. ($9,743), Paramount Residential Mortgage Group, Inc. ($11,525), Equity Prime Mortgage LLC ($12,282), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($12,575) and AMERICAN PACIFIC MORTGAGE CORPORATION ($12,739).

    The lowest rate Prescott Valley FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.22%), UNITED WHOLESALE MORTGAGE, LLC (6.23%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.24%), GUILD MORTGAGE COMPANY (6.25%) and AMERICAN PACIFIC MORTGAGE CORPORATION (6.25%).

    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
    PRESCOTT VALLEY-PRESCOTT, AZ YAVAPAI 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).