Prescott Valley FHA Loan Rates, Closing Costs & Stats
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
-0.18%
for the week of 2023-01-20, compared to the national average (all FHA variants) of
0% for the same period.
Prescott Valley's average FHA mortgage closing costs are $7,739.
The average rate for the prior week (2023-01-13) was
6.05% and
one month ago for the week of 2022-12-16, the
average rate was 6.34%.
The average rate one year ago was 3.63%.
For refis of the same type during the week of 2023-01-20, the average rate
was -0.13%.
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 |
2021 Avg. 30yFix Rate |
2021 Avg. Closing Costs |
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).