Provo FHA Loan Rates, Closing Costs & Stats

PROVO-OREM, UT

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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.

    Provo's 106 lenders originated 2,936 FHA loans during 2024. The total origination value was $1,252,730,000, with an average FHA loan value of $426,679.

    Provo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Provo averaged 6.28% for the week of 2025-07-11, compared to the national average (all FHA variants) of 6.523% for the same period.

    Provo's average FHA mortgage closing costs are $11,606.

    The average rate for the prior week (2025-07-04) was 6.21% and one month ago for the week of 2025-06-06, the average rate was 6.65%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2025-07-11, the average rate was 6.53%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 393 5.50% $9,634
    UNITED WHOLESALE MORTGAGE, LLC 340 5.96% $15,239
    FIRST COLONY MORTGAGE CORPORATION 291 6.01% $17,736
    SECURITYNATIONAL MORTGAGE COMPANY 230 6.43% $19,650
    QUICKEN LOANS, LLC 100 6.20% $15,436
    GUILD MORTGAGE COMPANY 79 6.20% $18,415
    INTERCAP LENDING INC. 73 6.24% $16,965
    EAGLE HOME MORTGAGE, LLC 71 5.19% $13,390
    Century Mortgage Company DBA Century Lending Company 68 5.93% $15,935
    NEST HOME LENDING, LLC 68 5.60% $18,590
    SECURITY HOME MORTGAGE, LLC. 64 6.20% $16,970
    MY MOVE MORTGAGE, LLC 53 5.81% $16,501
    Plains Commerce Bank 52 6.31% $19,492
    PENNYMAC LOAN SERVICES, LLC 40 6.01% $13,414
    The Loan Store, Inc. 37 6.17% $15,723
    Paramount Residential Mortgage Group, Inc. 36 6.31% $18,510
    FREEDOM MORTGAGE CORPORATION 36 6.30% $16,497
    LOANDEPOT.COM, LLC 36 6.00% $15,095
    VERITAS FUNDING, LLC 30 6.28% $18,538
    CLM MORTGAGE, INC 29 5.70% $17,223
    CROSSCOUNTRY MORTGAGE, LLC 27 6.29% $17,166
    RANLIFE, INC. 27 6.13% $18,307
    CMG MORTGAGE, INC. 21 6.10% $17,391
    CANOPY MORTGAGE, LLC 20 6.06% $18,060
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.28% $20,195
    NEWREZ LLC 18 6.17% $12,411
    Equity Prime Mortgage LLC 17 7.37% $19,013
    HOMEAMERICAN MORTGAGE CORPORATION 17 5.18% $10,802
    UTAH COMMUNITY 16 6.04% $13,465
    MOUNTAIN AMERICA 12 5.32% $13,378
    BROKER SOLUTIONS, INC. 12 6.11% $18,909
    Northpointe Bank 12 5.69% $20,044
    LAKEVIEW LOAN SERVICING, LLC 11 6.31% $11,006
    GUARANTEED RATE, INC. 10 5.83% $16,658
    DIRECT MORTGAGE, CORP. 10 6.24% $17,115
    CASTLE & COOKE MORTGAGE, LLC 10 6.23% $15,366
    GARDNER FINANCIAL SERVICES, LTD. 9 6.54% $19,596
    Mr. Cooper ( Nationstar Mortgage ) 9 6.38% $14,593
    AXIA FINANCIAL, LLC 8 6.36% $16,249
    VILLAGE CAPITAL MORTGAGE 8 6.29% $7,886
    AMERICAN FINANCIAL NETWORK, INC. 8 6.95% $17,761
    PLAZA HOME MORTGAGE, INC. 7 6.98% $13,905
    VAN DYK MORTGAGE CORPORATION 7 6.43% $15,730
    Sierra Pacific Mortgage Company, Inc. 6 6.27% $15,309
    CARDINAL FINANCIAL 6 6.23% $17,750
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.88% $12,652
    NATIONS RELIABLE LENDING, LLC 6 5.65% $20,879
    Cornerstone First Mortgage, Inc 5 6.03% $18,336
    HOMESIDE FINANCIAL, LLC 5 6.50% $20,194
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 6.30% $14,892
    INSPIRE HOME LOANS INC. 5 5.78% $18,978
    GUARANTEED RATE AFFINITY, LLC 5 6.00% $13,599
    SUN AMERICAN MORTGAGE COMPANY 4 6.25% $16,800
    American Mortgage & Equity Consultants, Inc. 4 6.56% $18,843
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.72% $13,905
    Glacier Bank 4 5.72% $15,115
    JMAC LENDING, INC. 4 6.66% $9,651
    PLANET HOME LENDING, LLC 4 6.15% $10,406
    PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.38% $20,148
    S1L, Inc. 4 6.25% $16,179
    Utah Mortgage Loan Corporation 4 6.00% $6,926
    Flagstar Bank, FSB 3 6.10% $14,460
    Network Funding, L.P. 3 6.08% $16,781
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 3 5.88% $15,536
    SUN WEST MORTGAGE COMPANY, INC. 3 5.75% $21,829
    AMERICAN FINANCING CORPORATION 3 5.79% $19,087
    LOANPAL, LLC 3 5.42% $19,431
    PACIFIC RESIDENTIAL MORTGAGE, LLC 3 6.67% $17,357
    BAY EQUITY LLC 3 5.88% $17,625
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.04% $22,867
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.92% $21,051
    MICHIGAN MUTUAL, INC. 2 6.19% $17,454
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.19% $4,396
    Carrington Mortgage Services, LLC 2 6.00% $18,238
    City Lending Inc. 2 7.63% $20,345
    Nations Lending Corporation 2 6.44% $16,941
    Franklin Loan Corporation 2 6.00% $13,389
    Encompass Lending Group, LP 2 6.00% $14,505
    BELEM SERVICING LLC 2 6.38% $14,460
    CYPRUS Federal Credit Union 2 6.56% $16,592
    UNION HOME MORTGAGE CORP. 2 6.00% $21,264
    Bank of Utah 2 5.88% $8,569
    CITYWIDE HOME LOANS, LLC 2 6.25% $13,485
    Zions Bank 2 5.94% $11,894
    CALCON MUTUAL MORTGAGE LLC 1 6.25% $27,544
    Ixonia Bank 1 6.63% $16,268
    Hometown Equity Mortgage, LLC 1 6.75% $13,916
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.25% $26,853
    GENEVA FINANCIAL, LLC 1 6.63% $25,238
    NFM, INC. 1 6.13% $11,802
    FLAT BRANCH MORTGAGE, INC. 1 6.25% $15,851
    NORWICH COMMERCIAL GROUP, INC. 1 6.25% $7,168
    OPEN MORTGAGE, LLC 1 5.63% $18,380
    AmeriHome Mortgage Company, LLC 1 6.75% $9,002
    RESIDENTIAL BANCORP 1 5.99% $16,250
    Waterstone Mortgage Corporation 1 5.00% $27,561
    JPMorgan Chase Bank 1 6.50% $7,577
    Cache Valley Bank 1 5.75% $7,676
    BETTER MORTGAGE CORPORATION 1 4.75% $14,043
    SUMMIT FUNDING, INC. 1 6.63% $15,563
    The Federal Savings Bank 1 7.75% $8,855
    TOWNE MORTGAGE COMPANY 1 4.99% $14,134
    Bank of England 1 6.75% $21,793
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $9,762
    MORTGAGEONE, INC. 1 6.13% $15,359
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.63% $13,042

    The top Provo FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 393 FHA loans originated. Their average total fees are $9,634, which is $5,605 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Provo FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($9,634), HOMEAMERICAN MORTGAGE CORPORATION ($10,802), LAKEVIEW LOAN SERVICING, LLC ($11,006), NEWREZ LLC ($12,411) and MOUNTAIN AMERICA ($13,378).

    The lowest rate Provo FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION (5.18%), EAGLE HOME MORTGAGE, LLC (5.19%), MOUNTAIN AMERICA (5.32%), DHI MORTGAGE COMPANY, LTD. (5.50%) and NEST HOME LENDING, LLC (5.60%).

    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

    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 $370,450 (7.6%) $523,394 (5.2%) 1.37 1,471
    2018-02-01 $383,550 (8.8%) $532,076 (4.0%) 1.39 1,408
    2018-03-01 $393,450 (7.8%) $541,098 (2.6%) 1.38 1,403
    2018-04-01 $395,540 (5.5%) $549,204 (2.2%) 1.34 1,516
    2018-05-01 $398,950 (7.9%) $545,797 (2.1%) 1.33 1,680
    2018-06-01 $399,810 (6.9%) $534,017 (0.5%) 1.33 1,912
    2018-07-01 $398,913 (7.5%) $532,608 (3.4%) 1.33 1,924
    2018-08-01 $398,413 (9.5%) $529,349 (5.5%) 1.33 2,007
    2018-09-01 $389,970 (6.8%) $520,406 (5.6%) 1.31 2,094
    2018-10-01 $387,450 (6.2%) $505,780 (0.9%) 1.31 2,296
    2018-11-01 $381,590 (3.4%) $499,874 (-2.5%) 1.29 2,327
    2018-12-01 $379,950 (2.9%) $494,649 (-4.1%) 1.31 2,222
    2019-01-01 $381,444 (3.0%) $481,272 (-8.1%) 1.32 2,058
    2019-02-01 $387,621 (1.1%) $477,776 (-10.2%) 1.31 2,032
    2019-03-01 $396,053 (0.7%) $493,252 (-8.8%) 1.30 2,057
    2019-04-01 $402,332 (1.7%) $513,208 (-6.6%) 1.28 2,107
    2019-05-01 $399,188 (0.1%) $517,156 (-5.3%) 1.25 2,184
    2019-06-01 $399,995 (0.1%) $526,470 (-1.4%) 1.25 2,283
    2019-07-01 $408,485 (2.4%) $532,696 (0.0%) 1.28 2,316
    2019-08-01 $405,811 (1.9%) $527,635 (-0.3%) 1.29 2,313
    2019-09-01 $402,542 (3.2%) $521,896 (0.3%) 1.29 2,297
    2019-10-01 $398,500 (2.9%) $513,125 (1.5%) 1.29 2,286
    2019-11-01 $398,828 (4.5%) $515,045 (3.0%) 1.31 2,016
    2019-12-01 $399,900 (5.3%) $527,180 (6.6%) 1.33 1,804
    2020-01-01 $409,950 (7.5%) $526,694 (9.4%) 1.37 1,641
    2020-02-01 $429,900 (10.9%) $549,410 (15.0%) 1.41 1,404
    2020-03-01 $430,950 (8.8%) $560,687 (13.7%) 1.35 1,450
    2020-04-01 $416,861 (3.6%) $510,862 (-0.5%) 1.31 1,839
    2020-05-01 $427,905 (7.2%) $545,596 (5.5%) 1.30 1,730
    2020-06-01 $438,938 (9.7%) $583,967 (10.9%) 1.29 1,423
    2020-07-01 $453,970 (11.1%) $607,626 (14.1%) 1.32 1,178
    2020-08-01 $470,990 (16.1%) $665,773 (26.2%) 1.35 1,016
    2020-09-01 $495,968 (23.2%) $703,263 (34.8%) 1.42 872
    2020-10-01 $504,995 (26.7%) $814,567 (58.8%) 1.45 708
    2020-11-01 $522,475 (31.0%) $898,995 (74.6%) 1.53 581
    2020-12-01 $545,745 (36.5%) $917,466 (74.0%) 1.62 500
    2021-01-01 $535,000 (30.5%) $978,869 (85.9%) 1.60 404
    2021-02-01 $534,225 (24.3%) $1,081,654 (96.9%) 1.56 314
    2021-03-01 $510,425 (18.4%) $1,025,177 (82.8%) 1.45 357
    2021-04-01 $541,750 (30.0%) $1,015,124 (98.7%) 1.47 436
    2021-05-01 $550,000 (28.5%) $957,661 (75.5%) 1.46 550
    2021-06-01 $547,450 (24.7%) $887,914 (52.1%) 1.44 712
    2021-07-01 $544,950 (20.0%) $839,987 (38.2%) 1.44 851
    2021-08-01 $551,200 (17.0%) $855,981 (28.6%) 1.47 880
    2021-09-01 $537,119 (8.3%) $838,551 (19.2%) 1.43 913
    2021-10-01 $539,900 (6.9%) $861,239 (5.7%) 1.44 847
    2021-11-01 $546,950 (4.7%) $891,802 (-0.8%) 1.46 753
    2021-12-01 $559,675 (2.6%) $953,207 (3.9%) 1.52 582
    2022-01-01 $559,450 (4.6%) $943,434 (-3.6%) 1.51 469
    2022-02-01 $590,000 (10.4%) $1,014,629 (-6.2%) 1.53 428
    2022-03-01 $592,475 (16.1%) $964,746 (-5.9%) 1.48 462
    2022-04-01 $619,000 (14.3%) $967,994 (-4.6%) 1.48 678
    2022-05-01 $617,400 (12.3%) $855,307 (-10.7%) 1.41 1,232
    2022-06-01 $608,789 (11.2%) $824,474 (-7.1%) 1.36 1,700
    2022-07-01 $589,900 (8.3%) $791,646 (-5.8%) 1.33 2,169
    2022-08-01 $571,915 (3.8%) $757,555 (-11.5%) 1.32 2,326
    2022-09-01 $558,015 (3.9%) $742,636 (-11.4%) 1.30 2,351
    2022-10-01 $549,900 (1.9%) $747,324 (-13.2%) 1.29 2,419
    2022-11-01 $549,900 (0.5%) $747,133 (-16.2%) 1.32 2,289
    2022-12-01 $550,000 (-1.7%) $747,637 (-21.6%) 1.36 2,070
    2023-01-01 $561,560 (0.4%) $762,957 (-19.1%) 1.39 1,722
    2023-02-01 $554,950 (-5.9%) $780,706 (-23.1%) 1.34 1,519
    2023-03-01 $574,995 (-3.0%) $808,090 (-16.2%) 1.36 1,409
    2023-04-01 $589,443 (-4.8%) $822,619 (-15.0%) 1.37 1,357
    2023-05-01 $599,997 (-2.8%) $829,175 (-3.1%) 1.36 1,430
    2023-06-01 $599,450 (-1.5%) $839,871 (1.9%) 1.35 1,553
    2023-07-01 $599,990 (1.7%) $859,701 (8.6%) 1.36 1,616
    2023-08-01 $591,675 (3.5%) $839,916 (10.9%) 1.36 1,747
    2023-09-01 $579,900 (3.9%) $826,947 (11.4%) 1.35 1,851
    2023-10-01 $569,188 (3.5%) $813,483 (8.9%) 1.34 1,842
    2023-11-01 $573,986 (4.4%) $832,263 (11.4%) 1.37 1,776
    2023-12-01 $569,990 (3.6%) $842,343 (12.7%) 1.39 1,535
    2024-01-01 $574,650 (2.3%) $834,235 (9.3%) 1.40 1,378
    2024-02-01 $571,145 (2.9%) $816,762 (4.6%) 1.37 1,360
    2024-03-01 $569,999 (-0.9%) $804,696 (-0.4%) 1.34 1,415
    2024-04-01 $588,900 (-0.1%) $840,829 (2.2%) 1.37 1,557
    2024-05-01 $590,498 (-1.6%) $830,396 (0.2%) 1.34 1,849
    2024-06-01 $585,000 (-2.4%) $812,465 (-3.3%) 1.33 2,049
    2024-07-01 $586,725 (-2.2%) $806,996 (-6.1%) 1.34 2,316
    2024-08-01 $576,900 (-2.5%) $793,874 (-5.5%) 1.34 2,292
    2024-09-01 $592,450 (2.2%) $802,608 (-2.9%) 1.39 2,407
    2024-10-01 $587,450 (3.2%) $801,577 (-1.5%) 1.38 2,381
    2024-11-01 $575,000 (0.2%) $788,299 (-5.3%) 1.38 2,331
    2024-12-01 $572,535 (0.5%) $783,510 (-7.0%) 1.42 2,026
    2025-01-01 $566,375 (-1.4%) $767,195 (-8.0%) 1.41 1,934
    2025-02-01 $567,150 (-0.7%) $758,449 (-7.1%) 1.38 2,006
    2025-03-01 $560,000 (-1.8%) $756,847 (-6.0%) 1.32 2,265
    2025-04-01 $562,450 (-4.5%) $765,980 (-8.9%) 1.30 2,479
    2025-05-01 $575,020 (-2.6%) $772,052 (-7.0%) 1.31 2,663
    2025-06-01 $589,000 (0.7%) $792,867 (-2.4%) 1.34 2,836
    Provo's median listing price for 2025-06-01 was $589,000, a difference of $4,000 (0.7%) versus the prior year and $13,980 versus the prior month.

    Provo's median listing price comes in at 134% of the national average.

    Provo's average listing price for 2025-06-01 was $792,867, a difference of $-19,598 (-2.4%) versus the prior year and $20,815 versus the prior month.

    For the 2025-06-01 period, Provo had 2,836 MLS listings, a difference of 173 listings (6%) versus the prior month and 787 listings (38%) 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 49 days 3,388 sqft
    2018-02-01 48 days 3,444 sqft
    2018-03-01 26 days 3,469 sqft
    2018-04-01 32 days 3,486 sqft
    2018-05-01 31 days 3,463 sqft
    2018-06-01 32 days 3,427 sqft
    2018-07-01 31 days 3,431 sqft
    2018-08-01 32 days 3,401 sqft
    2018-09-01 43 days 3,346 sqft
    2018-10-01 41 days 3,324 sqft
    2018-11-01 41 days 3,288 sqft
    2018-12-01 54 days 3,260 sqft
    2019-01-01 57 days 3,251 sqft
    2019-02-01 51 days 3,263 sqft
    2019-03-01 47 days 3,308 sqft
    2019-04-01 44 days 3,335 sqft
    2019-05-01 41 days 3,265 sqft
    2019-06-01 44 days 3,250 sqft
    2019-07-01 45 days 3,268 sqft
    2019-08-01 47 days 3,245 sqft
    2019-09-01 50 days 3,222 sqft
    2019-10-01 52 days 3,183 sqft
    2019-11-01 53 days 3,161 sqft
    2019-12-01 56 days 3,186 sqft
    2020-01-01 60 days 3,244 sqft
    2020-02-01 54 days 3,370 sqft
    2020-03-01 45 days 3,303 sqft
    2020-04-01 39 days 3,184 sqft
    2020-05-01 44 days 3,224 sqft
    2020-06-01 46 days 3,279 sqft
    2020-07-01 47 days 3,352 sqft
    2020-08-01 39 days 3,364 sqft
    2020-09-01 30 days 3,386 sqft
    2020-10-01 37 days 3,301 sqft
    2020-11-01 41 days 3,470 sqft
    2020-12-01 44 days 3,556 sqft
    2021-01-01 42 days 3,454 sqft
    2021-02-01 18 days 3,207 sqft
    2021-03-01 7 days 2,965 sqft
    2021-04-01 9 days 3,089 sqft
    2021-05-01 11 days 2,943 sqft
    2021-06-01 15 days 2,961 sqft
    2021-07-01 17 days 2,883 sqft
    2021-08-01 18 days 2,955 sqft
    2021-09-01 22 days 2,846 sqft
    2021-10-01 24 days 2,702 sqft
    2021-11-01 24 days 2,815 sqft
    2021-12-01 41 days 2,912 sqft
    2022-01-01 47 days 3,008 sqft
    2022-02-01 29 days 2,960 sqft
    2022-03-01 25 days 2,847 sqft
    2022-04-01 23 days 2,898 sqft
    2022-05-01 20 days 2,858 sqft
    2022-06-01 29 days 2,897 sqft
    2022-07-01 38 days 2,799 sqft
    2022-08-01 46 days 2,751 sqft
    2022-09-01 51 days 2,693 sqft
    2022-10-01 58 days 2,714 sqft
    2022-11-01 71 days 2,731 sqft
    2022-12-01 86 days 2,773 sqft
    2023-01-01 89 days 2,844 sqft
    2023-02-01 86 days 2,824 sqft
    2023-03-01 58 days 2,935 sqft
    2023-04-01 55 days 3,019 sqft
    2023-05-01 45 days 3,103 sqft
    2023-06-01 41 days 3,028 sqft
    2023-07-01 47 days 3,100 sqft
    2023-08-01 45 days 2,994 sqft
    2023-09-01 46 days 2,964 sqft
    2023-10-01 57 days 2,864 sqft
    2023-11-01 59 days 2,913 sqft
    2023-12-01 67 days 2,854 sqft
    2024-01-01 66 days 2,821 sqft
    2024-02-01 52 days 2,835 sqft
    2024-03-01 49 days 2,812 sqft
    2024-04-01 40 days 2,917 sqft
    2024-05-01 36 days 2,935 sqft
    2024-06-01 44 days 2,863 sqft
    2024-07-01 51 days 2,868 sqft
    2024-08-01 57 days 2,863 sqft
    2024-09-01 60 days 2,926 sqft
    2024-10-01 62 days 2,906 sqft
    2024-11-01 70 days 2,860 sqft
    2024-12-01 76 days 2,864 sqft
    2025-01-01 77 days 2,848 sqft
    2025-02-01 56 days 2,825 sqft
    2025-03-01 46 days 2,790 sqft
    2025-04-01 50 days 2,749 sqft
    2025-05-01 50 days 2,834 sqft
    2025-06-01 53 days 2,898 sqft
    Provo's median listing age (time on market) for 2025-06-01 was 53 days. This is 19% longer than the same period one year ago.

    Provo's median square footage for active listings during the 2025-06-01 period was 2,898 sqft. One year prior, the average listing was 2,863 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).