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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.