Provo FHA Loans

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 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).