Provo FHA Loan Rates, Closing Costs & Stats
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 105 lenders originated 2,368 FHA
loans during 2023. The total origination value was $978,080,000, with an average FHA loan value of
$413,041.
Provo FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Provo
averaged
6.05%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Provo's average FHA mortgage closing costs are $10,920.
The average rate for the prior week (2024-10-18) was
5.84% and
one month ago for the week of 2024-09-20, the
average rate was 5.66%.
The average rate one year ago was 6.9%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.23%.
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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Provo level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
341
|
6.05%
|
$15,958
|
DHI MORTGAGE COMPANY, LTD.
|
278
|
6.02%
|
$10,004
|
FIRST COLONY MORTGAGE CORPORATION
|
234
|
6.19%
|
$17,129
|
SECURITYNATIONAL MORTGAGE COMPANY
|
147
|
6.70%
|
$17,920
|
INTERCAP LENDING INC.
|
94
|
6.27%
|
$17,958
|
QUICKEN LOANS, LLC
|
87
|
6.03%
|
$16,440
|
SECURITY HOME MORTGAGE, LLC.
|
84
|
6.47%
|
$15,628
|
NEST HOME LENDING, LLC
|
45
|
5.36%
|
$18,254
|
ACADEMY MORTGAGE CORPORATION
|
43
|
6.52%
|
$16,302
|
NEWREZ LLC
|
38
|
6.08%
|
$16,089
|
EAGLE HOME MORTGAGE, LLC
|
36
|
5.18%
|
$15,489
|
Plains Commerce Bank
|
36
|
6.44%
|
$18,308
|
VERITAS FUNDING, LLC
|
35
|
6.53%
|
$19,444
|
HOMEAMERICAN MORTGAGE CORPORATION
|
34
|
5.42%
|
$9,564
|
Century Mortgage Company DBA Century Lending Company
|
33
|
5.97%
|
$16,756
|
CARDINAL FINANCIAL
|
26
|
6.37%
|
$14,298
|
PENNYMAC LOAN SERVICES, LLC
|
25
|
5.98%
|
$17,709
|
MY MOVE MORTGAGE, LLC
|
24
|
6.43%
|
$13,552
|
CROSSCOUNTRY MORTGAGE, LLC
|
24
|
6.33%
|
$16,882
|
CASTLE & COOKE MORTGAGE, LLC
|
23
|
6.18%
|
$20,273
|
RANLIFE, INC.
|
19
|
6.30%
|
$15,807
|
DIRECT MORTGAGE, CORP.
|
19
|
6.47%
|
$16,465
|
Paramount Residential Mortgage Group, Inc.
|
19
|
6.91%
|
$16,249
|
NATIONS RELIABLE LENDING, LLC
|
17
|
5.74%
|
$16,857
|
CANOPY MORTGAGE, LLC
|
16
|
6.40%
|
$17,676
|
AXIA FINANCIAL, LLC
|
16
|
5.98%
|
$19,559
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
16
|
6.63%
|
$16,519
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
15
|
6.71%
|
$15,554
|
BROKER SOLUTIONS, INC.
|
15
|
6.43%
|
$17,136
|
Northpointe Bank
|
13
|
6.03%
|
$15,134
|
CITYWIDE HOME LOANS, LLC
|
12
|
6.14%
|
$15,733
|
AMERICAN FINANCIAL NETWORK, INC.
|
11
|
6.89%
|
$16,204
|
GUILD MORTGAGE COMPANY
|
10
|
6.40%
|
$21,257
|
LOANDEPOT.COM, LLC
|
9
|
5.87%
|
$18,665
|
FREEDOM MORTGAGE CORPORATION
|
9
|
6.88%
|
$18,099
|
HOMESIDE FINANCIAL, LLC
|
8
|
6.03%
|
$18,162
|
Mr. Cooper ( Nationstar Mortgage )
|
8
|
5.94%
|
$22,158
|
GUARANTEED RATE, INC.
|
7
|
6.18%
|
$17,708
|
INSPIRE HOME LOANS INC.
|
7
|
5.16%
|
$13,142
|
VILLAGE CAPITAL MORTGAGE
|
7
|
6.11%
|
$14,439
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
7
|
6.25%
|
$18,043
|
SUN AMERICAN MORTGAGE COMPANY
|
6
|
6.21%
|
$13,295
|
SUN WEST MORTGAGE COMPANY, INC.
|
6
|
5.94%
|
$16,440
|
Network Funding, L.P.
|
6
|
6.17%
|
$18,704
|
PLANET HOME LENDING, LLC
|
5
|
5.10%
|
$14,112
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
5
|
6.65%
|
$19,650
|
Bank of Utah
|
5
|
6.48%
|
$12,633
|
OCMBC, INC.
|
5
|
6.95%
|
$19,898
|
PACIFIC RESIDENTIAL MORTGAGE, LLC
|
5
|
7.08%
|
$18,520
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
4
|
6.34%
|
$16,208
|
MOUNTAIN AMERICA
|
4
|
6.31%
|
$18,123
|
AMERISAVE MORTGAGE CORPORATION
|
4
|
6.03%
|
$22,150
|
Sierra Pacific Mortgage Company, Inc.
|
4
|
5.53%
|
$16,674
|
AMERICAN FINANCING CORPORATION
|
4
|
5.94%
|
$17,577
|
Carrington Mortgage Services, LLC
|
4
|
6.03%
|
$16,284
|
UNION HOME MORTGAGE CORP.
|
3
|
5.96%
|
$20,695
|
AMERICA FIRST
|
3
|
6.58%
|
$14,611
|
Flagstar Bank, FSB
|
3
|
6.33%
|
$14,330
|
LADERA LENDING, INC.
|
3
|
6.88%
|
$13,736
|
Cornerstone First Mortgage, Inc
|
3
|
6.17%
|
$17,836
|
BAY EQUITY LLC
|
3
|
5.83%
|
$21,941
|
CHURCHILL MORTGAGE CORPORATION
|
3
|
6.13%
|
$15,269
|
CMG MORTGAGE, INC.
|
2
|
6.37%
|
$15,968
|
MORTGAGEONE, INC.
|
2
|
6.50%
|
$17,805
|
FLAT BRANCH MORTGAGE, INC.
|
2
|
6.75%
|
$15,751
|
S1L, Inc.
|
2
|
7.00%
|
$18,117
|
UTAH COMMUNITY
|
2
|
6.25%
|
$8,670
|
American Mortgage & Equity Consultants, Inc.
|
2
|
6.50%
|
$17,500
|
PLAZA HOME MORTGAGE, INC.
|
2
|
6.94%
|
$11,682
|
The Loan Store, Inc.
|
2
|
6.00%
|
$21,096
|
EVERETT FINANCIAL, INC.
|
2
|
5.63%
|
$22,237
|
Mortgage Research Center, LLC
|
2
|
6.81%
|
$8,360
|
PANORAMA MORTGAGE GROUP, LLC
|
2
|
6.69%
|
$16,281
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
5.75%
|
$16,281
|
Utah Mortgage Loan Corporation
|
1
|
7.25%
|
$16,368
|
VAN DYK MORTGAGE CORPORATION
|
1
|
7.50%
|
$13,874
|
ALAMEDA MORTGAGE CORPORATION
|
1
|
6.75%
|
$14,137
|
Watermark Capital, Inc.
|
1
|
5.50%
|
$11,676
|
Wells Fargo Bank
|
1
|
4.75%
|
$8,964
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
1
|
5.38%
|
$14,555
|
Hometown Equity Mortgage, LLC
|
1
|
6.63%
|
$12,006
|
GUARANTEED RATE AFFINITY, LLC
|
1
|
6.25%
|
$13,412
|
GOLDENWEST
|
1
|
7.88%
|
$8,919
|
Glacier Bank
|
1
|
6.63%
|
$17,058
|
JMJ FINANCIAL GROUP
|
1
|
6.75%
|
$13,584
|
LAKEVIEW LOAN SERVICING, LLC
|
1
|
6.25%
|
$21,997
|
LAND HOME FINANCIAL SERVICES, INC.
|
1
|
7.00%
|
$21,183
|
GENEVA FINANCIAL, LLC
|
1
|
7.13%
|
$24,561
|
LOANPAL, LLC
|
1
|
6.38%
|
$19,721
|
MICHIGAN MUTUAL, INC.
|
1
|
5.75%
|
$16,636
|
Nations Lending Corporation
|
1
|
6.75%
|
$22,743
|
NBH Bank
|
1
|
6.50%
|
$10,769
|
Equity Prime Mortgage LLC
|
1
|
7.75%
|
$20,869
|
Encompass Lending Group, LP
|
1
|
7.13%
|
$16,667
|
D. L. Evans Bank
|
1
|
5.63%
|
$14,180
|
ZILLOW HOME LOANS, LLC
|
1
|
6.75%
|
$10,289
|
ON Q FINANCIAL, INC.
|
1
|
7.75%
|
$12,343
|
Zions Bank
|
1
|
7.13%
|
$10,040
|
CLM MORTGAGE, INC
|
1
|
5.99%
|
$13,952
|
CHERRY CREEK MORTGAGE, LLC
|
1
|
7.38%
|
$8,899
|
CALCON MUTUAL MORTGAGE LLC
|
1
|
5.63%
|
$38,880
|
BELEM SERVICING LLC
|
1
|
6.25%
|
$18,284
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
6.25%
|
$28,099
|
SUMMIT FUNDING, INC.
|
1
|
6.50%
|
$16,924
|
The Federal Savings Bank
|
1
|
6.00%
|
$23,447
|
The top Provo FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
341 FHA loans originated. Their average total fees are
$15,958, which is $5,954
higher than the next largest lender,
DHI MORTGAGE COMPANY, LTD..
The lowest fee Provo FHA lenders (with over 10 loans originated) are
HOMEAMERICAN MORTGAGE CORPORATION ($9,564), DHI MORTGAGE COMPANY, LTD. ($10,004), MY MOVE MORTGAGE, LLC ($13,552), CARDINAL FINANCIAL ($14,298) and Northpointe Bank ($15,134).
The lowest rate Provo FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (5.18%), NEST HOME LENDING, LLC (5.36%), HOMEAMERICAN MORTGAGE CORPORATION (5.42%), NATIONS RELIABLE LENDING, LLC (5.74%) and Century Mortgage Company DBA Century Lending Company (5.97%).
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 |
PROVO-OREM, UT |
JUAB |
2023 |
$601,450 |
$769,950 |
$930,700 |
$1,156,650 |
PROVO-OREM, UT |
UTAH |
2023 |
$601,450 |
$769,950 |
$930,700 |
$1,156,650 |
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).