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 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 6.69% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.63% and one month ago for the week of 2024-04-12, the average rate was 6.89%.

The average rate one year ago was 6.65%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.58%.

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).