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 6.44% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Provo's average FHA mortgage closing costs are $10,920.

The average rate for the prior week (2024-04-05) was 6.26% and one month ago for the week of 2024-03-08, the average rate was 6.4%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.72%.

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

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 $370,411 (7.6%) $523,530 (5.2%) 1.37 1,467
2018-02-01 $383,425 (8.8%) $532,133 (4.0%) 1.39 1,406
2018-03-01 $393,000 (7.7%) $541,100 (2.5%) 1.38 1,402
2018-04-01 $395,090 (5.4%) $549,307 (2.3%) 1.34 1,512
2018-05-01 $398,950 (7.9%) $545,852 (2.1%) 1.33 1,678
2018-06-01 $399,810 (6.9%) $534,017 (0.5%) 1.33 1,911
2018-07-01 $398,900 (7.5%) $532,606 (3.4%) 1.33 1,923
2018-08-01 $398,238 (10.1%) $529,346 (5.4%) 1.33 2,006
2018-09-01 $389,950 (6.9%) $520,414 (5.6%) 1.31 2,091
2018-10-01 $387,055 (6.1%) $505,724 (0.8%) 1.31 2,291
2018-11-01 $380,975 (3.6%) $499,779 (-2.6%) 1.29 2,321
2018-12-01 $379,900 (3.0%) $494,576 (-4.2%) 1.31 2,218
2019-01-01 $381,400 (3.0%) $481,203 (-8.1%) 1.32 2,056
2019-02-01 $387,089 (1.0%) $477,634 (-10.2%) 1.31 2,028
2019-03-01 $395,843 (0.7%) $493,139 (-8.9%) 1.29 2,052
2019-04-01 $401,343 (1.6%) $513,318 (-6.6%) 1.27 2,101
2019-05-01 $399,000 (0.0%) $517,419 (-5.2%) 1.25 2,181
2019-06-01 $399,990 (0.1%) $526,718 (-1.4%) 1.25 2,278
2019-07-01 $407,220 (2.1%) $532,661 (0.0%) 1.27 2,311
2019-08-01 $405,027 (1.7%) $527,571 (-0.3%) 1.28 2,305
2019-09-01 $402,143 (3.1%) $521,785 (0.3%) 1.29 2,285
2019-10-01 $397,875 (2.8%) $512,963 (1.4%) 1.28 2,272
2019-11-01 $395,155 (3.7%) $514,908 (3.0%) 1.30 2,009
2019-12-01 $399,797 (5.2%) $526,964 (6.6%) 1.33 1,792
2020-01-01 $409,106 (7.3%) $526,596 (9.4%) 1.37 1,634
2020-02-01 $429,000 (10.8%) $549,361 (15.0%) 1.40 1,401
2020-03-01 $430,925 (8.9%) $560,647 (13.7%) 1.35 1,449
2020-04-01 $416,468 (3.8%) $510,586 (-0.5%) 1.30 1,834
2020-05-01 $426,990 (7.0%) $545,307 (5.4%) 1.30 1,726
2020-06-01 $438,710 (9.7%) $583,858 (10.9%) 1.29 1,421
2020-07-01 $453,433 (11.4%) $607,531 (14.1%) 1.31 1,176
2020-08-01 $470,495 (16.2%) $665,741 (26.2%) 1.35 1,015
2020-09-01 $495,490 (23.2%) $703,359 (34.8%) 1.42 871
2020-10-01 $504,995 (26.9%) $814,567 (58.8%) 1.45 708
2020-11-01 $522,475 (32.2%) $898,995 (74.6%) 1.53 581
2020-12-01 $545,745 (36.5%) $917,466 (74.1%) 1.62 500
2021-01-01 $534,444 (30.6%) $978,869 (85.9%) 1.60 404
2021-02-01 $529,950 (23.5%) $1,085,859 (97.7%) 1.54 310
2021-03-01 $510,425 (18.5%) $1,025,177 (82.9%) 1.45 357
2021-04-01 $541,750 (30.1%) $1,015,124 (98.8%) 1.47 436
2021-05-01 $550,000 (28.8%) $957,815 (75.7%) 1.46 550
2021-06-01 $547,450 (24.8%) $887,914 (52.1%) 1.44 712
2021-07-01 $544,950 (20.2%) $839,987 (38.3%) 1.44 851
2021-08-01 $550,575 (17.0%) $855,893 (28.6%) 1.47 879
2021-09-01 $537,119 (8.4%) $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 (4.7%) $943,434 (-3.6%) 1.51 469
2022-02-01 $590,000 (11.3%) $1,014,800 (-6.5%) 1.53 428
2022-03-01 $592,238 (16.0%) $964,803 (-5.9%) 1.48 462
2022-04-01 $619,000 (14.3%) $968,049 (-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 (3.9%) $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%) $780,639 (-23.1%) 1.34 1,518
2023-03-01 $574,995 (-2.9%) $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%) $839,796 (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
Provo's median listing price for 2024-03-01 was $569,999, a difference of $-4,996 (-0.9%) versus the prior year and $-1,146 versus the prior month.

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

Provo's average listing price for 2024-03-01 was $804,696, a difference of $-3,394 (-0.4%) versus the prior year and $-12,066 versus the prior month.

For the 2024-03-01 period, Provo had 1,415 MLS listings, a difference of 55 listings (4%) versus the prior month and 6 listings (0%) 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 3,387 sqft
2018-02-01 48 days 3,443 sqft
2018-03-01 26 days 3,467 sqft
2018-04-01 32 days 3,483 sqft
2018-05-01 31 days 3,463 sqft
2018-06-01 32 days 3,423 sqft
2018-07-01 31 days 3,431 sqft
2018-08-01 32 days 3,400 sqft
2018-09-01 43 days 3,340 sqft
2018-10-01 41 days 3,319 sqft
2018-11-01 41 days 3,282 sqft
2018-12-01 54 days 3,259 sqft
2019-01-01 56 days 3,251 sqft
2019-02-01 51 days 3,260 sqft
2019-03-01 47 days 3,307 sqft
2019-04-01 44 days 3,334 sqft
2019-05-01 41 days 3,263 sqft
2019-06-01 44 days 3,250 sqft
2019-07-01 45 days 3,266 sqft
2019-08-01 47 days 3,242 sqft
2019-09-01 50 days 3,215 sqft
2019-10-01 52 days 3,173 sqft
2019-11-01 53 days 3,153 sqft
2019-12-01 56 days 3,169 sqft
2020-01-01 60 days 3,236 sqft
2020-02-01 54 days 3,368 sqft
2020-03-01 45 days 3,302 sqft
2020-04-01 39 days 3,178 sqft
2020-05-01 44 days 3,219 sqft
2020-06-01 46 days 3,273 sqft
2020-07-01 47 days 3,352 sqft
2020-08-01 39 days 3,363 sqft
2020-09-01 30 days 3,387 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 19 days 3,179 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 2,953 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 2,958 sqft
2022-03-01 25 days 2,846 sqft
2022-04-01 23 days 2,898 sqft
2022-05-01 20 days 2,858 sqft
2022-06-01 29 days 2,896 sqft
2022-07-01 38 days 2,798 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 2,808 sqft
Provo's median listing age (time on market) for 2024-03-01 was 49 days. This is -16% shorter than the same period one year ago.

Provo's median square footage for active listings during the 2024-03-01 period was 2,808 sqft. One year prior, the average listing was 2,935 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).