Salt Lake City FHA Loan Rates, Closing Costs & Stats

SALT LAKE CITY, 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.

    Salt Lake City's 124 lenders originated 3,501 FHA loans during 2023. The total origination value was $1,412,645,000, with an average FHA loan value of $403,498.

    Salt Lake City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Salt Lake City averaged 6.48% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Salt Lake City's average FHA mortgage closing costs are $10,717.

    The average rate for the prior week (2025-02-07) was 6.39% and one month ago for the week of 2025-01-10, the average rate was 6.55%.

    The average rate one year ago was 6.28%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.54%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Salt Lake City 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 Salt Lake City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 569 6.12% $15,701
    SECURITYNATIONAL MORTGAGE COMPANY 255 6.73% $18,931
    QUICKEN LOANS, LLC 187 6.12% $16,097
    DHI MORTGAGE COMPANY, LTD. 172 6.00% $10,383
    INTERCAP LENDING INC. 138 6.38% $16,906
    FIRST COLONY MORTGAGE CORPORATION 117 6.32% $19,595
    VERITAS FUNDING, LLC 79 6.62% $18,100
    RANLIFE, INC. 78 6.34% $17,437
    Plains Commerce Bank 70 6.47% $18,027
    CARDINAL FINANCIAL 69 6.42% $15,292
    PACIFIC RESIDENTIAL MORTGAGE, LLC 66 7.06% $18,359
    Paramount Residential Mortgage Group, Inc. 64 6.95% $17,254
    CROSSCOUNTRY MORTGAGE, LLC 59 6.60% $18,203
    CITYWIDE HOME LOANS, LLC 58 6.14% $14,906
    NEWREZ LLC 57 6.21% $14,776
    Century Mortgage Company DBA Century Lending Company 56 6.36% $14,908
    MY MOVE MORTGAGE, LLC 56 6.10% $17,665
    ACADEMY MORTGAGE CORPORATION 50 6.44% $20,025
    SECURITY HOME MORTGAGE, LLC. 45 6.32% $16,710
    DIRECT MORTGAGE, CORP. 43 6.31% $17,725
    BROKER SOLUTIONS, INC. 41 6.44% $17,488
    PENNYMAC LOAN SERVICES, LLC 37 6.06% $15,621
    LOANDEPOT.COM, LLC 28 6.50% $16,073
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 6.71% $15,707
    Network Funding, L.P. 25 6.49% $17,714
    HOMEAMERICAN MORTGAGE CORPORATION 23 5.40% $10,004
    CANOPY MORTGAGE, LLC 20 6.08% $21,726
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 6.78% $16,146
    AMERICAN PACIFIC MORTGAGE CORPORATION 17 6.67% $16,264
    CASTLE & COOKE MORTGAGE, LLC 16 6.50% $17,460
    Bank of Utah 16 6.52% $12,866
    Equity Prime Mortgage LLC 13 7.15% $19,758
    FREEDOM MORTGAGE CORPORATION 13 6.80% $16,939
    GUARANTEED RATE, INC. 13 6.31% $15,766
    MOUNTAIN AMERICA 12 6.43% $12,692
    AMERICA FIRST 12 6.67% $14,150
    GUILD MORTGAGE COMPANY 12 5.91% $13,770
    The Loan Store, Inc. 12 7.01% $13,887
    PLAZA HOME MORTGAGE, INC. 11 6.76% $13,079
    NATIONS RELIABLE LENDING, LLC 11 6.02% $15,746
    AMERICAN FINANCIAL NETWORK, INC. 11 6.84% $17,524
    CYPRUS Federal Credit Union 10 6.50% $13,014
    Mr. Cooper ( Nationstar Mortgage ) 10 5.94% $18,316
    LAKEVIEW LOAN SERVICING, LLC 9 6.08% $15,139
    Carrington Mortgage Services, LLC 9 6.29% $16,232
    PANORAMA MORTGAGE GROUP, LLC 9 6.86% $15,945
    AMERISAVE MORTGAGE CORPORATION 9 5.64% $20,476
    American Mortgage & Equity Consultants, Inc. 9 6.49% $17,165
    LOANPAL, LLC 9 5.80% $19,182
    S1L, Inc. 8 5.83% $19,930
    CLM MORTGAGE, INC 8 6.09% $14,189
    GUARANTEED RATE AFFINITY, LLC 8 6.29% $19,306
    OCMBC, INC. 7 6.88% $18,462
    ON Q FINANCIAL, INC. 7 7.02% $12,518
    Sierra Pacific Mortgage Company, Inc. 7 6.18% $17,791
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 6.61% $15,437
    SUN WEST MORTGAGE COMPANY, INC. 6 6.29% $14,947
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.94% $17,286
    Northpointe Bank 5 6.05% $13,814
    AXIA FINANCIAL, LLC 5 6.70% $16,098
    KeyBank 5 5.65% $19,946
    VAN DYK MORTGAGE CORPORATION 5 6.68% $9,775
    Flagstar Bank, FSB 5 7.02% $13,865
    BAY EQUITY LLC 4 6.13% $15,398
    GENEVA FINANCIAL, LLC 4 6.66% $20,645
    SUMMIT FUNDING, INC. 4 6.22% $24,873
    UNION HOME MORTGAGE CORP. 4 6.63% $17,431
    Utah Mortgage Loan Corporation 4 6.19% $10,427
    VILLAGE CAPITAL MORTGAGE 4 6.03% $11,026
    Hometown Equity Mortgage, LLC 3 7.00% $15,916
    FLAT BRANCH MORTGAGE, INC. 3 6.67% $13,842
    The Federal Savings Bank 3 6.00% $17,447
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $14,670
    Cornerstone First Mortgage, Inc 2 6.38% $20,020
    MASON MCDUFFIE MORTGAGE CORPORATION 2 7.56% $23,692
    Waterstone Mortgage Corporation 2 5.38% $22,041
    AmeriHome Mortgage Company, LLC 2 6.00% $20,254
    CALCON MUTUAL MORTGAGE LLC 2 6.31% $21,278
    PHH Mortgage Corporation 2 5.75% $18,865
    AMERICAN FINANCING CORPORATION 2 5.63% $16,033
    LADERA LENDING, INC. 2 6.13% $17,952
    Mortgage Research Center, LLC 2 7.06% $8,151
    LAND HOME FINANCIAL SERVICES, INC. 2 7.25% $26,978
    PLANET HOME LENDING, LLC 2 6.06% $9,258
    Barrington Bank & Trust Company, N.A. 2 6.00% $10,001
    SOVEREIGN LENDING GROUP INCORPORATED 2 5.50% $22,273
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.44% $16,982
    SUN AMERICAN MORTGAGE COMPANY 2 5.75% $13,221
    CUSTOMER SERVICE MORTGAGE CORPORATION 1 6.00% $11,552
    CONTOUR MORTGAGE CORPORATION 1 7.00% $21,412
    CMG MORTGAGE, INC. 1 5.75% $15,014
    Citizens Bank 1 6.75% $12,926
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $16,395
    BELEM SERVICING LLC 1 7.50% $17,120
    BAY-VALLEY MORTGAGE GROUP 1 7.63% $14,726
    SIRVA MORTGAGE, INC. 1 5.25% $17,123
    Bank of England 1 6.25% $9,756
    SWBC MORTGAGE CORPORATION 1 7.00% $6,307
    Ameris Bank 1 7.13% $13,888
    TJC Mortgage, Inc. 1 7.25% $14,463
    U.S. Bank 1 7.13% $9,050
    UTAH COMMUNITY 1 7.25% $15,080
    Watermark Capital, Inc. 1 6.88% $11,635
    KINECTA 1 6.00% $9,583
    JMJ FINANCIAL GROUP 1 6.63% $6,175
    J. VIRGIL, INC. 1 6.13% $9,077
    Magnolia Bank 1 6.00% $22,766
    JMAC LENDING, INC. 1 7.63% $12,166
    M&T Bank 1 6.75% $10,277
    HOMESIDE FINANCIAL, LLC 1 7.75% $12,973
    Nations Lending Corporation 1 5.63% $7,968
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $24,156
    NBKC BANK 1 5.63% $14,959
    NEST HOME LENDING, LLC 1 4.99% $34,033
    GRANITE FEDERAL CREDIT UNION 1 7.88% $3,887
    GOLDENWEST 1 5.75% $16,734
    NFM, INC. 1 6.13% $16,770
    GARDNER FINANCIAL SERVICES, LTD. 1 7.13% $11,849
    First Savings Bank 1 5.25% $31,438
    EVERETT FINANCIAL, INC. 1 5.63% $28,398
    EMBRACE HOME LOANS, INC. 1 5.99% $15,462
    Eagle Bank and Trust Company 1 5.50% $17,902
    D. L. Evans Bank 1 5.25% $20,700
    PENTAGON FEDERAL CREDIT UNION 1 5.75% $7,537

    The top Salt Lake City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 569 FHA loans originated. Their average total fees are $15,701, which is $3,231 lower than the next largest lender, SECURITYNATIONAL MORTGAGE COMPANY.

    The lowest fee Salt Lake City FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION ($10,004), DHI MORTGAGE COMPANY, LTD. ($10,383), MOUNTAIN AMERICA ($12,692), Bank of Utah ($12,866) and CYPRUS Federal Credit Union ($13,014).

    The lowest rate Salt Lake City FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION (5.40%), GUILD MORTGAGE COMPANY (5.91%), Mr. Cooper ( Nationstar Mortgage ) (5.94%), DHI MORTGAGE COMPANY, LTD. (6.00%) and NATIONS RELIABLE LENDING, LLC (6.02%).

    Salt Lake City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SALT LAKE CITY, UT SALT LAKE 2022 $523,250 $669,850 $809,700 $1,006,250
    SALT LAKE CITY, UT TOOELE 2022 $523,250 $669,850 $809,700 $1,006,250
    SALT LAKE CITY, UT SALT LAKE 2023 $619,850 $793,500 $959,200 $1,192,050
    SALT LAKE CITY, UT TOOELE 2023 $619,850 $793,500 $959,200 $1,192,050

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salt Lake City (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 $386,923 (8.6%) $542,664 (2.6%) 1.43 2,087
    2018-02-01 $389,998 (5.2%) $553,476 (1.3%) 1.42 1,907
    2018-03-01 $402,930 (2.7%) $576,303 (1.3%) 1.41 1,858
    2018-04-01 $417,447 (5.9%) $582,077 (1.6%) 1.42 2,034
    2018-05-01 $423,719 (8.0%) $585,039 (4.4%) 1.42 2,226
    2018-06-01 $421,460 (6.9%) $586,497 (5.7%) 1.41 2,484
    2018-07-01 $422,765 (8.4%) $586,104 (9.0%) 1.41 2,629
    2018-08-01 $405,600 (4.6%) $561,552 (7.8%) 1.36 2,988
    2018-09-01 $404,993 (6.6%) $553,625 (9.5%) 1.36 3,134
    2018-10-01 $399,317 (6.1%) $544,099 (8.8%) 1.35 3,331
    2018-11-01 $399,000 (7.6%) $538,966 (8.9%) 1.35 3,214
    2018-12-01 $399,000 (6.4%) $542,276 (7.0%) 1.38 2,864
    2019-01-01 $399,767 (3.3%) $542,462 (0.0%) 1.38 2,586
    2019-02-01 $409,500 (5.0%) $558,178 (0.9%) 1.38 2,410
    2019-03-01 $425,671 (5.6%) $573,632 (-0.5%) 1.39 2,377
    2019-04-01 $437,121 (4.7%) $577,176 (-0.8%) 1.39 2,432
    2019-05-01 $442,425 (4.4%) $578,554 (-1.1%) 1.38 2,721
    2019-06-01 $441,154 (4.7%) $576,651 (-1.7%) 1.38 2,922
    2019-07-01 $437,450 (3.5%) $571,750 (-2.5%) 1.37 2,915
    2019-08-01 $435,836 (7.5%) $569,807 (1.5%) 1.38 2,881
    2019-09-01 $429,741 (6.1%) $563,916 (1.9%) 1.38 2,863
    2019-10-01 $425,000 (6.4%) $564,647 (3.8%) 1.37 2,838
    2019-11-01 $429,900 (7.7%) $585,417 (8.6%) 1.41 2,486
    2019-12-01 $442,450 (10.9%) $607,559 (12.0%) 1.48 1,965
    2020-01-01 $446,268 (11.6%) $627,206 (15.6%) 1.49 1,649
    2020-02-01 $467,000 (14.0%) $663,063 (18.8%) 1.53 1,404
    2020-03-01 $470,475 (10.5%) $659,355 (14.9%) 1.48 1,573
    2020-04-01 $446,553 (2.2%) $600,787 (4.1%) 1.40 2,185
    2020-05-01 $456,945 (3.3%) $606,643 (4.9%) 1.39 2,110
    2020-06-01 $476,225 (8.0%) $643,883 (11.7%) 1.40 1,853
    2020-07-01 $482,000 (10.2%) $670,226 (17.2%) 1.40 1,627
    2020-08-01 $479,999 (10.1%) $689,916 (21.1%) 1.38 1,570
    2020-09-01 $473,600 (10.2%) $691,909 (22.7%) 1.36 1,486
    2020-10-01 $479,900 (12.9%) $710,466 (25.8%) 1.38 1,381
    2020-11-01 $499,775 (16.3%) $763,765 (30.5%) 1.46 1,128
    2020-12-01 $538,032 (21.6%) $830,051 (36.6%) 1.60 857
    2021-01-01 $579,900 (29.9%) $904,593 (44.2%) 1.75 622
    2021-02-01 $577,350 (23.6%) $867,737 (30.9%) 1.69 520
    2021-03-01 $528,630 (12.4%) $825,159 (25.2%) 1.50 623
    2021-04-01 $549,850 (23.1%) $823,945 (37.1%) 1.49 652
    2021-05-01 $570,000 (24.7%) $775,676 (27.9%) 1.51 715
    2021-06-01 $566,950 (19.1%) $759,297 (17.9%) 1.49 898
    2021-07-01 $559,079 (16.0%) $761,462 (13.6%) 1.48 1,105
    2021-08-01 $562,800 (17.3%) $744,267 (7.9%) 1.50 1,271
    2021-09-01 $542,450 (14.5%) $723,946 (4.6%) 1.45 1,389
    2021-10-01 $539,900 (12.5%) $726,706 (2.3%) 1.44 1,339
    2021-11-01 $552,400 (10.5%) $739,404 (-3.2%) 1.48 1,065
    2021-12-01 $563,970 (4.8%) $742,234 (-10.6%) 1.53 686
    2022-01-01 $565,000 (-2.6%) $732,575 (-19.0%) 1.53 489
    2022-02-01 $555,000 (-3.9%) $749,310 (-13.7%) 1.44 472
    2022-03-01 $582,500 (10.2%) $770,003 (-6.7%) 1.46 572
    2022-04-01 $624,950 (13.7%) $764,139 (-7.3%) 1.49 764
    2022-05-01 $637,500 (11.8%) $784,861 (1.2%) 1.46 1,329
    2022-06-01 $632,450 (11.6%) $782,387 (3.0%) 1.41 1,854
    2022-07-01 $615,000 (10.0%) $753,832 (-1.0%) 1.39 2,544
    2022-08-01 $598,450 (6.3%) $738,042 (-0.8%) 1.38 2,668
    2022-09-01 $580,250 (7.0%) $735,074 (1.5%) 1.36 2,715
    2022-10-01 $574,900 (6.5%) $719,675 (-1.0%) 1.35 2,918
    2022-11-01 $550,000 (-0.4%) $715,491 (-3.2%) 1.32 2,779
    2022-12-01 $549,945 (-2.5%) $716,621 (-3.5%) 1.36 2,289
    2023-01-01 $559,125 (-1.0%) $729,539 (-0.4%) 1.39 1,947
    2023-02-01 $569,950 (2.7%) $746,243 (-0.4%) 1.38 1,633
    2023-03-01 $589,975 (1.3%) $751,748 (-2.4%) 1.39 1,546
    2023-04-01 $609,481 (-2.5%) $792,254 (3.7%) 1.42 1,498
    2023-05-01 $635,000 (-0.4%) $815,095 (3.9%) 1.44 1,682
    2023-06-01 $625,233 (-1.1%) $808,679 (3.4%) 1.41 1,925
    2023-07-01 $629,000 (2.3%) $813,345 (7.9%) 1.43 2,055
    2023-08-01 $605,000 (1.1%) $795,681 (7.8%) 1.39 2,203
    2023-09-01 $599,000 (3.2%) $789,245 (7.4%) 1.39 2,429
    2023-10-01 $589,075 (2.5%) $774,337 (7.6%) 1.39 2,561
    2023-11-01 $579,475 (5.4%) $765,030 (6.9%) 1.38 2,447
    2023-12-01 $574,900 (4.5%) $762,957 (6.5%) 1.40 2,223
    2024-01-01 $572,425 (2.4%) $775,484 (6.3%) 1.40 1,862
    2024-02-01 $569,000 (-0.2%) $771,147 (3.3%) 1.37 1,740
    2024-03-01 $579,950 (-1.7%) $785,386 (4.5%) 1.37 1,717
    2024-04-01 $598,500 (-1.8%) $799,762 (1.0%) 1.39 1,933
    2024-05-01 $615,425 (-3.1%) $814,455 (-0.1%) 1.40 2,211
    2024-06-01 $601,900 (-3.7%) $810,671 (0.3%) 1.38 2,423
    2024-07-01 $593,425 (-5.7%) $790,994 (-2.8%) 1.36 2,512
    2024-08-01 $589,000 (-2.6%) $779,140 (-2.1%) 1.37 2,718
    2024-09-01 $580,000 (-3.2%) $780,246 (-1.1%) 1.36 2,902
    2024-10-01 $581,200 (-1.3%) $777,119 (0.4%) 1.37 2,916
    2024-11-01 $575,000 (-0.8%) $769,851 (0.6%) 1.38 2,838
    2024-12-01 $571,950 (-0.5%) $763,723 (0.1%) 1.42 2,388
    2025-01-01 $567,495 (-0.9%) $757,978 (-2.3%) 0.00 2,235
    Salt Lake City's median listing price for 2025-01-01 was $567,495, a difference of $-4,930 (-0.9%) versus the prior year and $-4,455 versus the prior month.

    Salt Lake City's median listing price comes in at 0% of the national average.

    Salt Lake City's average listing price for 2025-01-01 was $757,978, a difference of $-17,506 (-2.3%) versus the prior year and $-5,745 versus the prior month.

    For the 2025-01-01 period, Salt Lake City had 2,235 MLS listings, a difference of -153 listings (-6%) versus the prior month and 373 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salt Lake City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 52 days 2,796 sqft
    2018-02-01 41 days 2,855 sqft
    2018-03-01 31 days 2,998 sqft
    2018-04-01 29 days 2,987 sqft
    2018-05-01 26 days 3,012 sqft
    2018-06-01 29 days 2,988 sqft
    2018-07-01 31 days 2,936 sqft
    2018-08-01 30 days 2,781 sqft
    2018-09-01 35 days 2,730 sqft
    2018-10-01 36 days 2,649 sqft
    2018-11-01 43 days 2,656 sqft
    2018-12-01 52 days 2,697 sqft
    2019-01-01 58 days 2,705 sqft
    2019-02-01 50 days 2,788 sqft
    2019-03-01 39 days 2,861 sqft
    2019-04-01 33 days 2,935 sqft
    2019-05-01 31 days 2,920 sqft
    2019-06-01 33 days 2,892 sqft
    2019-07-01 38 days 2,845 sqft
    2019-08-01 39 days 2,787 sqft
    2019-09-01 38 days 2,701 sqft
    2019-10-01 39 days 2,661 sqft
    2019-11-01 45 days 2,675 sqft
    2019-12-01 58 days 2,714 sqft
    2020-01-01 63 days 2,796 sqft
    2020-02-01 39 days 2,940 sqft
    2020-03-01 24 days 2,875 sqft
    2020-04-01 28 days 2,695 sqft
    2020-05-01 36 days 2,650 sqft
    2020-06-01 36 days 2,650 sqft
    2020-07-01 32 days 2,593 sqft
    2020-08-01 29 days 2,516 sqft
    2020-09-01 29 days 2,416 sqft
    2020-10-01 28 days 2,394 sqft
    2020-11-01 31 days 2,431 sqft
    2020-12-01 36 days 2,571 sqft
    2021-01-01 31 days 2,552 sqft
    2021-02-01 13 days 2,528 sqft
    2021-03-01 8 days 2,390 sqft
    2021-04-01 8 days 2,346 sqft
    2021-05-01 9 days 2,402 sqft
    2021-06-01 11 days 2,432 sqft
    2021-07-01 16 days 2,437 sqft
    2021-08-01 19 days 2,457 sqft
    2021-09-01 21 days 2,402 sqft
    2021-10-01 24 days 2,402 sqft
    2021-11-01 25 days 2,402 sqft
    2021-12-01 35 days 2,475 sqft
    2022-01-01 38 days 2,475 sqft
    2022-02-01 25 days 2,338 sqft
    2022-03-01 21 days 2,364 sqft
    2022-04-01 19 days 2,402 sqft
    2022-05-01 19 days 2,558 sqft
    2022-06-01 24 days 2,524 sqft
    2022-07-01 30 days 2,473 sqft
    2022-08-01 37 days 2,412 sqft
    2022-09-01 44 days 2,402 sqft
    2022-10-01 46 days 2,394 sqft
    2022-11-01 53 days 2,379 sqft
    2022-12-01 67 days 2,396 sqft
    2023-01-01 74 days 2,411 sqft
    2023-02-01 62 days 2,463 sqft
    2023-03-01 45 days 2,574 sqft
    2023-04-01 41 days 2,674 sqft
    2023-05-01 36 days 2,692 sqft
    2023-06-01 36 days 2,661 sqft
    2023-07-01 38 days 2,630 sqft
    2023-08-01 42 days 2,515 sqft
    2023-09-01 43 days 2,448 sqft
    2023-10-01 46 days 2,417 sqft
    2023-11-01 54 days 2,425 sqft
    2023-12-01 63 days 2,405 sqft
    2024-01-01 67 days 2,404 sqft
    2024-02-01 54 days 2,370 sqft
    2024-03-01 44 days 2,370 sqft
    2024-04-01 38 days 2,415 sqft
    2024-05-01 34 days 2,518 sqft
    2024-06-01 39 days 2,452 sqft
    2024-07-01 45 days 2,406 sqft
    2024-08-01 46 days 2,398 sqft
    2024-09-01 51 days 2,363 sqft
    2024-10-01 54 days 2,362 sqft
    2024-11-01 57 days 2,340 sqft
    2024-12-01 65 days 2,296 sqft
    2025-01-01 0 days 2,301 sqft
    Salt Lake City's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Salt Lake City's median square footage for active listings during the 2025-01-01 period was 2,301 sqft. One year prior, the average listing was 2,404 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).