Provo FHA Loans

PROVO-OREM, UT

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.

Provo's 113 lenders originated 3,331 FHA loans during 2021. The total origination value was $1,148,265,000, with an average FHA loan value of $344,721.

Provo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Provo averaged 5.08% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.01% and one month ago for the week of 2022-04-08, the average rate was 4.77%.

The average rate one year ago was 2.88%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.15%.

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

Provo 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 Provo level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FIRST COLONY MORTGAGE CORPORATION 257 2.80% $11,426
SECURITYNATIONAL MORTGAGE COMPANY 213 2.95% $13,430
UNITED WHOLESALE MORTGAGE, LLC 171 2.61% $10,314
INTERCAP LENDING INC. 133 2.89% $11,488
CALIBER HOME LOANS, INC. 120 2.77% $9,283
QUICKEN LOANS, LLC 112 2.62% $8,732
DHI MORTGAGE COMPANY, LTD. 106 2.83% $9,146
FREEDOM MORTGAGE CORPORATION 86 2.56% $6,775
SECURITY HOME MORTGAGE, LLC. 83 2.90% $11,103
CITYWIDE HOME LOANS, LLC 73 3.08% $12,279
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 61 2.89% $11,317
LAKEVIEW LOAN SERVICING, LLC 60 2.82% $5,981
HOME POINT FINANCIAL CORPORATION 59 2.60% $10,414
PENNYMAC LOAN SERVICES, LLC 50 2.87% $6,768
Mr. Cooper ( Nationstar Mortgage ) 48 2.97% $6,203
VERITAS FUNDING, LLC 48 2.86% $12,531
DIRECT MORTGAGE, CORP. 47 2.71% $13,833
NEWREZ LLC 45 2.85% $8,266
MY MOVE MORTGAGE, LLC 43 2.80% $10,772
RANLIFE, INC. 41 2.86% $11,616
GUILD MORTGAGE COMPANY 40 2.85% $9,900
ACADEMY MORTGAGE CORPORATION 38 3.02% $11,345
CANOPY MORTGAGE, LLC 34 2.67% $11,338
Network Funding, L.P. 32 2.94% $13,981
BROKER SOLUTIONS, INC. 30 3.07% $11,973
NEST HOME LENDING, LLC 28 2.96% $10,667
CROSSCOUNTRY MORTGAGE, LLC 28 3.06% $11,986
Gateway First Bank 22 3.02% $10,815
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 3.16% $11,722
UTAH COMMUNITY 19 2.82% $10,043
FINANCE OF AMERICA MORTGAGE LLC 18 2.80% $11,558
VILLAGE CAPITAL & INVESTMENT LLC 18 2.65% $3,825
Paramount Residential Mortgage Group, Inc. 18 3.37% $9,074
PRIMARY RESIDENTIAL MORTGAGE, INC. 17 3.11% $13,529
HOMEAMERICAN MORTGAGE CORPORATION 16 2.39% $7,307
SUN AMERICAN MORTGAGE COMPANY 15 2.81% $11,074
Carrington Mortgage Services, LLC 14 3.35% $8,589
AMERICAN FINANCING CORPORATION 13 2.62% $9,783
AMERICAN FINANCIAL NETWORK, INC. 13 3.15% $13,009
STEARNS LENDING, LLC 12 2.89% $11,250
AMERICAN PACIFIC MORTGAGE CORPORATION 12 3.09% $9,673
GUARANTEED RATE AFFINITY, LLC 12 2.91% $8,966
UNITED SECURITY FINANCIAL CORP 12 2.52% $6,203
GUARANTEED RATE, INC. 11 2.81% $10,322
MOUNTAIN AMERICA 11 2.61% $10,563
The Federal Savings Bank 10 2.76% $10,534
First Guaranty Mortgage Corporation 10 2.95% $10,133
Utah Mortgage Loan Corporation 10 2.81% $11,331
LOANDEPOT.COM, LLC 10 3.30% $10,221
PANORAMA MORTGAGE GROUP, LLC 10 3.03% $11,292
S1L, Inc. 9 2.99% $12,756
CYPRUS Federal Credit Union 8 2.84% $10,863
MOUNTAIN WEST FINANCIAL, INC. 8 2.94% $14,674
AMERISAVE MORTGAGE CORPORATION 8 2.98% $11,293
AXIA FINANCIAL, LLC 8 2.95% $10,736
EVERLEND MORTGAGE COMPANY 8 2.97% $13,746
LOANPAL, LLC 7 2.82% $9,231
NBH Bank 7 2.71% $13,708
EAGLE HOME MORTGAGE, LLC 7 3.00% $10,765
INSPIRE HOME LOANS INC. 6 2.92% $13,756
SOVEREIGN LENDING GROUP INCORPORATED 5 2.63% $10,490
DATA MORTGAGE, INC. 5 3.75% $13,777
EVERETT FINANCIAL, INC. 5 3.30% $9,497
SUN WEST MORTGAGE COMPANY, INC. 5 2.79% $12,184
CORNERSTONE HOME LENDING, INC. 5 2.75% $14,126
Northpointe Bank 5 3.03% $12,387
HOMESIDE FINANCIAL, LLC 4 3.13% $13,892
Nations Lending Corporation 4 3.06% $11,218
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.09% $13,175
Plains Commerce Bank 4 3.00% $11,101
NATIONS DIRECT MORTGAGE, LLC 4 2.97% $12,641
MORIA DEVELOPMENT, INC. 3 2.92% $12,503
VAN DYK MORTGAGE CORPORATION 3 3.21% $9,167
First Home Bank 3 2.75% $16,117
Flagstar Bank, FSB 3 2.66% $7,731
LEADERONE FINANCIAL CORPORATION 3 2.46% $7,886
OCEANSIDE MORTGAGE COMPANY 3 2.75% $5,260
MID AMERICA MORTGAGE, INC. 3 2.88% $5,827
InterContinental Capital Group, Inc 2 2.94% $8,233
CHURCHILL MORTGAGE CORPORATION 2 2.94% $12,053
Century Mortgage Company DBA Century Lending Company 2 2.75% $10,395
JMJ FINANCIAL GROUP 2 3.06% $9,742
AMERICA FIRST 2 3.06% $12,350
Low VA Rates, LLC 2 2.31% $6,008
MOVEMENT MORTGAGE, LLC 2 3.38% $5,490
KELLER MORTGAGE, LLC 2 2.50% $8,526
First Savings Bank 1 3.63% $18,128
Florida Capital Bank 1 2.63% $14,211
Evolve Bank & Trust 1 3.00% $7,589
Glacier Bank 1 3.00% $14,084
AMERICAN FINANCIAL RESOURCES, INC. 1 2.88% $11,963
EMBRACE HOME LOANS, INC. 1 2.99% $11,717
JPMorgan Chase Bank 1 3.75% $0
J. VIRGIL, INC. 1 3.00% $14,764
Magnolia Bank 1 3.00% $12,403
MANN FINANCIAL INC. 1 2.88% $10,591
CMG MORTGAGE, INC. 1 2.25% $9,892
OCMBC, INC. 1 2.88% $11,585
CELEBRITY HOME LOANS, LLC 1 2.75% $16,252
PARKSIDE LENDING, LLC 1 2.38% $11,850
CASTLE & COOKE MORTGAGE, LLC 1 3.25% $5,203
Cache Valley Bank 1 2.50% $4,472
BELEM SERVICING LLC 1 3.75% $12,443
BAY EQUITY LLC 1 2.75% $11,836
Barrington Bank & Trust Company, N.A. 1 2.75% $9,450
Bank of England 1 3.63% $12,041
SRE MORTGAGE ALLIANCE INC. 1 2.88% $8,110
Strong Home Mortgage, LLC 1 2.38% $7,796
SUMMIT FUNDING, INC. 1 2.99% $11,137
Austin Capital Bank SSB 1 3.13% $9,726
Sunflower Bank 1 2.99% $8,762
SWBC MORTGAGE CORPORATION 1 2.88% $14,753
Amerifirst Financial, Inc. 1 2.38% $9,370

The top Provo FHA lender as defined by loan originations is FIRST COLONY MORTGAGE CORPORATION, with 257 FHA loans originated. Their average total fees are $11,426, which is $2,004 lower than the next largest lender, SECURITYNATIONAL MORTGAGE COMPANY.

The lowest fee Provo FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,825), LAKEVIEW LOAN SERVICING, LLC ($5,981), UNITED SECURITY FINANCIAL CORP ($6,203), Mr. Cooper ( Nationstar Mortgage ) ($6,203) and PENNYMAC LOAN SERVICES, LLC ($6,768).

The lowest rate Provo FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION (2.39%), UNITED SECURITY FINANCIAL CORP (2.52%), FREEDOM MORTGAGE CORPORATION (2.56%), HOME POINT FINANCIAL CORPORATION (2.60%) and MOUNTAIN AMERICA (2.61%).

Provo FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
PROVO-OREM, UT JUAB 2022 $508,300 $650,700 $786,550 $977,500
PROVO-OREM, UT UTAH 2022 $508,300 $650,700 $786,550 $977,500

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Provo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $368,900 (7.2%) $522,797 (4.8%) 1.36 1,449
2018-02-01 $379,950 (8.3%) $530,538 (3.7%) 1.37 1,390
2018-03-01 $389,900 (7.6%) $534,101 (0.7%) 1.35 1,381
2018-04-01 $391,648 (5.9%) $547,968 (1.7%) 1.31 1,482
2018-05-01 $397,335 (8.2%) $541,491 (1.1%) 1.32 1,655
2018-06-01 $399,720 (7.4%) $530,511 (-0.6%) 1.33 1,894
2018-07-01 $398,845 (7.8%) $530,135 (3.3%) 1.33 1,908
2018-08-01 $398,975 (10.4%) $529,055 (5.5%) 1.33 1,992
2018-09-01 $389,950 (7.8%) $520,532 (5.7%) 1.30 2,065
2018-10-01 $386,400 (6.5%) $505,703 (1.6%) 1.29 2,245
2018-11-01 $383,400 (4.9%) $499,824 (-1.8%) 1.29 2,275
2018-12-01 $380,000 (3.4%) $494,744 (-3.7%) 1.30 2,180
2019-01-01 $380,700 (3.2%) $480,582 (-8.1%) 1.31 2,012
2019-02-01 $385,450 (1.5%) $478,269 (-9.9%) 1.29 1,972
2019-03-01 $394,900 (1.3%) $496,286 (-7.1%) 1.29 1,975
2019-04-01 $401,900 (2.6%) $519,147 (-5.3%) 1.27 1,994
2019-05-01 $398,500 (0.3%) $522,549 (-3.5%) 1.23 2,077
2019-06-01 $399,900 (0.1%) $533,478 (0.6%) 1.23 2,161
2019-07-01 $407,500 (2.2%) $538,335 (1.6%) 1.27 2,181
2019-08-01 $397,957 (-0.3%) $519,267 (-1.9%) 1.25 2,509
2019-09-01 $394,457 (1.2%) $511,759 (-1.7%) 1.25 2,531
2019-10-01 $399,950 (3.5%) $527,897 (4.4%) 1.28 2,113
2019-11-01 $401,370 (4.7%) $531,385 (6.3%) 1.30 1,871
2019-12-01 $403,450 (6.2%) $542,277 (9.6%) 1.35 1,675
2020-01-01 $418,450 (9.9%) $546,056 (13.6%) 1.40 1,529
2020-02-01 $429,900 (11.5%) $556,608 (16.4%) 1.39 1,340
2020-03-01 $432,450 (9.5%) $568,298 (14.5%) 1.35 1,385
2020-04-01 $416,445 (3.6%) $514,889 (-0.8%) 1.30 1,732
2020-05-01 $425,000 (6.7%) $551,576 (5.6%) 1.29 1,629
2020-06-01 $437,450 (9.4%) $593,052 (11.2%) 1.28 1,352
2020-07-01 $451,950 (10.9%) $618,523 (14.9%) 1.30 1,127
2020-08-01 $478,500 (20.2%) $679,131 (30.8%) 1.37 962
2020-09-01 $508,400 (28.9%) $723,991 (41.5%) 1.45 818
2020-10-01 $520,000 (30.0%) $833,251 (57.8%) 1.49 683
2020-11-01 $531,570 (32.4%) $914,420 (72.1%) 1.52 564
2020-12-01 $544,450 (35.0%) $917,546 (69.2%) 1.60 498
2021-01-01 $539,900 (29.0%) $988,802 (81.1%) 1.59 398
2021-02-01 $534,250 (24.3%) $1,162,194 (108.8%) 1.54 308
2021-03-01 $521,450 (20.6%) $1,137,339 (100.1%) 1.46 328
2021-04-01 $549,816 (32.0%) $1,110,645 (115.7%) 1.48 417
2021-05-01 $559,000 (31.5%) $1,042,774 (89.1%) 1.47 528
2021-06-01 $549,950 (25.7%) $935,613 (57.8%) 1.43 692
2021-07-01 $547,000 (21.0%) $893,396 (44.4%) 1.42 780
2021-08-01 $550,000 (14.9%) $897,738 (32.2%) 1.45 849
2021-09-01 $535,000 (5.2%) $848,378 (17.2%) 1.41 883
2021-10-01 $538,000 (3.5%) $876,018 (5.1%) 1.42 813
2021-11-01 $544,450 (2.4%) $904,587 (-1.1%) 1.43 737
2021-12-01 $553,750 (1.7%) $956,232 (4.2%) 1.48 574
2022-01-01 $565,000 (4.7%) $989,717 (0.1%) 1.51 464
2022-02-01 $587,650 (10.0%) $1,067,691 (-8.1%) 1.50 402
2022-03-01 $593,664 (13.9%) $985,642 (-13.3%) 1.47 450
2022-04-01 $612,250 (11.4%) $955,538 (-14.0%) 1.44 668
Provo's median listing price for 2022-04-01 was $612,250, a difference of $62,434 (11.4%) versus the prior year and $18,586 versus the prior month.

Provo's median listing price comes in at 144% of the national average.

Provo's average listing price for 2022-04-01 was $955,538, a difference of $-155,107 (-14.0%) versus the prior year and $-30,104 versus the prior month.

For the 2022-04-01 period, Provo had 668 MLS listings, a difference of 218 listings (48%) versus the prior month and 251 listings (60%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Provo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 52 days 3,379 sqft
2018-02-01 49 days 3,442 sqft
2018-03-01 26 days 3,501 sqft
2018-04-01 32 days 3,480 sqft
2018-05-01 33 days 3,474 sqft
2018-06-01 33 days 3,488 sqft
2018-07-01 32 days 3,448 sqft
2018-08-01 33 days 3,408 sqft
2018-09-01 44 days 3,340 sqft
2018-10-01 42 days 3,333 sqft
2018-11-01 42 days 3,294 sqft
2018-12-01 54 days 3,294 sqft
2019-01-01 57 days 3,268 sqft
2019-02-01 51 days 3,264 sqft
2019-03-01 53 days 3,327 sqft
2019-04-01 44 days 3,354 sqft
2019-05-01 42 days 3,287 sqft
2019-06-01 44 days 3,264 sqft
2019-07-01 46 days 3,299 sqft
2019-08-01 53 days 3,188 sqft
2019-09-01 57 days 3,171 sqft
2019-10-01 54 days 3,229 sqft
2019-11-01 55 days 3,249 sqft
2019-12-01 57 days 3,227 sqft
2020-01-01 60 days 3,305 sqft
2020-02-01 57 days 3,391 sqft
2020-03-01 49 days 3,325 sqft
2020-04-01 39 days 3,203 sqft
2020-05-01 44 days 3,224 sqft
2020-06-01 50 days 3,313 sqft
2020-07-01 51 days 3,369 sqft
2020-08-01 43 days 3,450 sqft
2020-09-01 33 days 3,485 sqft
2020-10-01 39 days 3,431 sqft
2020-11-01 44 days 3,520 sqft
2020-12-01 48 days 3,568 sqft
2021-01-01 56 days 3,454 sqft
2021-02-01 27 days 3,223 sqft
2021-03-01 12 days 2,994 sqft
2021-04-01 10 days 3,147 sqft
2021-05-01 10 days 3,040 sqft
2021-06-01 15 days 2,978 sqft
2021-07-01 16 days 2,898 sqft
2021-08-01 19 days 2,971 sqft
2021-09-01 22 days 2,850 sqft
2021-10-01 24 days 2,736 sqft
2021-11-01 25 days 2,817 sqft
2021-12-01 40 days 2,941 sqft
2022-01-01 51 days 3,050 sqft
2022-02-01 31 days 3,035 sqft
2022-03-01 28 days 2,887 sqft
2022-04-01 25 days 2,911 sqft
Provo's median listing age (time on market) for 2022-04-01 was 25 days. This is 163% longer than the same period one year ago.

Provo's median square footage for active listings during the 2022-04-01 period was 2,911 sqft. One year prior, the average listing was 3,147 sqft.

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).