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 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 6.55% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.34% and one month ago for the week of 2024-03-15, the average rate was 6.51%.

    The average rate one year ago was 5.94%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.14%.

    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).