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 122 lenders originated 3,969 FHA loans during 2022. The total origination value was $1,558,605,000, with an average FHA loan value of $392,695.

    Salt Lake City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Salt Lake City averaged 6.31% for the week of 2023-09-15, compared to the national average (all FHA variants) of 6.991% for the same period.

    Salt Lake City's average FHA mortgage closing costs are $10,095.

    The average rate for the prior week (2023-09-08) was 6.32% and one month ago for the week of 2023-08-11, the average rate was 6.18%.

    The average rate one year ago was 5.28%.

    For refis of the same type during the week of 2023-09-15, the average rate was 5.62%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 304 4.71% $13,613
    SECURITYNATIONAL MORTGAGE COMPANY 283 5.29% $16,468
    INTERCAP LENDING INC. 178 4.92% $14,317
    CALIBER HOME LOANS, INC. 135 4.28% $13,280
    QUICKEN LOANS, LLC 120 4.19% $14,024
    CITYWIDE HOME LOANS, LLC 118 5.02% $14,525
    HOME POINT FINANCIAL CORPORATION 87 4.11% $12,847
    DHI MORTGAGE COMPANY, LTD. 80 4.38% $9,371
    BROKER SOLUTIONS, INC. 79 5.20% $16,218
    FIRST COLONY MORTGAGE CORPORATION 79 4.90% $14,966
    VERITAS FUNDING, LLC 76 5.05% $14,812
    RANLIFE, INC. 71 4.55% $14,567
    CARDINAL FINANCIAL 68 4.61% $13,555
    ACADEMY MORTGAGE CORPORATION 67 5.22% $15,878
    LOANDEPOT.COM, LLC 63 4.56% $14,121
    Network Funding, L.P. 57 5.05% $15,807
    MY MOVE MORTGAGE, LLC 49 5.23% $13,922
    PACIFIC RESIDENTIAL MORTGAGE, LLC 49 5.73% $17,345
    CROSSCOUNTRY MORTGAGE, LLC 45 5.06% $17,217
    FREEDOM MORTGAGE CORPORATION 44 4.52% $12,954
    SECURITY HOME MORTGAGE, LLC. 42 4.92% $15,375
    PENNYMAC LOAN SERVICES, LLC 41 3.90% $12,581
    DIRECT MORTGAGE, CORP. 38 4.54% $14,748
    PANORAMA MORTGAGE GROUP, LLC 37 5.84% $16,035
    GUILD MORTGAGE COMPANY 32 4.57% $14,890
    CASTLE & COOKE MORTGAGE, LLC 30 4.87% $15,243
    LAKEVIEW LOAN SERVICING, LLC 29 3.75% $8,997
    AMERISAVE MORTGAGE CORPORATION 29 4.33% $13,353
    Mr. Cooper ( Nationstar Mortgage ) 29 4.10% $13,955
    AMERICAN PACIFIC MORTGAGE CORPORATION 28 4.76% $13,622
    CANOPY MORTGAGE, LLC 25 4.99% $16,512
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 25 5.09% $14,642
    HOMEAMERICAN MORTGAGE CORPORATION 24 4.41% $8,287
    Carrington Mortgage Services, LLC 21 5.07% $16,186
    Century Mortgage Company DBA Century Lending Company 20 5.22% $13,515
    LOANPAL, LLC 17 4.29% $16,638
    NEWREZ LLC 17 5.40% $12,535
    AMERICAN FINANCING CORPORATION 16 4.25% $11,664
    Plains Commerce Bank 16 5.65% $15,252
    EVERETT FINANCIAL, INC. 15 4.63% $9,637
    NBH Bank 15 4.22% $13,925
    Sierra Pacific Mortgage Company, Inc. 14 5.04% $14,681
    Equity Prime Mortgage LLC 13 5.63% $13,362
    Gateway First Bank 12 4.78% $11,019
    FINANCE OF AMERICA MORTGAGE LLC 12 4.14% $13,328
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 4.65% $13,967
    AMERICA FIRST 10 5.20% $12,139
    Flagstar Bank, FSB 10 4.80% $10,795
    CYPRUS Federal Credit Union 10 4.51% $12,064
    PRIMELENDING, A PLAINSCAPITAL COMPANY 10 5.24% $13,651
    MOUNTAIN AMERICA 10 4.40% $9,789
    Utah Mortgage Loan Corporation 9 5.65% $12,518
    VILLAGE CAPITAL MORTGAGE 8 3.67% $9,384
    SUN WEST MORTGAGE COMPANY, INC. 8 3.93% $13,392
    EAGLE HOME MORTGAGE, LLC 8 3.45% $11,259
    GUARANTEED RATE, INC. 7 4.52% $14,815
    Wells Fargo Bank 6 4.63% $11,116
    MOUNTAIN WEST FINANCIAL, INC. 6 4.10% $13,292
    Paramount Residential Mortgage Group, Inc. 6 5.50% $16,684
    Northpointe Bank 5 4.08% $13,626
    BAY EQUITY LLC 5 5.27% $18,780
    Nations Lending Corporation 5 4.98% $17,515
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.19% $12,845
    CORNERSTONE HOME LENDING, INC. 4 5.13% $15,252
    S1L, Inc. 4 5.31% $15,945
    Bank of Utah 4 5.97% $12,352
    PLAZA HOME MORTGAGE, INC. 4 3.94% $13,612
    CMG MORTGAGE, INC. 4 4.53% $13,909
    NATIONS DIRECT MORTGAGE, LLC 3 3.24% $20,077
    Bank of England 3 4.67% $22,785
    GUARANTEED RATE AFFINITY, LLC 3 4.46% $11,290
    JPMorgan Chase Bank 3 5.21% $10,696
    SUN AMERICAN MORTGAGE COMPANY 3 5.00% $13,304
    EMBRACE HOME LOANS, INC. 3 4.41% $13,315
    BELEM SERVICING LLC 3 4.79% $12,823
    CALCON MUTUAL MORTGAGE LLC 3 5.71% $15,294
    MUTUAL OF OMAHA MORTGAGE, INC. 3 5.71% $14,267
    The Federal Savings Bank 3 3.38% $14,562
    UTAH COMMUNITY 3 4.88% $10,311
    HOMESIDE FINANCIAL, LLC 2 3.25% $11,625
    LOANLEADERS OF AMERICA, INC. 2 3.88% $12,000
    First Guaranty Mortgage Corporation 2 2.81% $8,033
    SOVEREIGN LENDING GROUP INCORPORATED 2 4.19% $15,195
    MORIA DEVELOPMENT, INC. 2 4.94% $17,072
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 4.19% $12,031
    Hometown Equity Mortgage, LLC 2 4.75% $16,923
    ALAMEDA MORTGAGE CORPORATION 2 5.00% $14,522
    Wyndham Capital Mortgage, Inc. 2 4.13% $5,670
    MOVEMENT MORTGAGE, LLC 2 5.69% $13,831
    Peoples Bank 2 4.63% $19,823
    Zions Bank 1 5.25% $10,219
    LADERA LENDING, INC. 1 5.63% $20,305
    LAND HOME FINANCIAL SERVICES, INC. 1 5.50% $20,286
    LIBERTY HOME MORTGAGE CORPORATION 1 5.88% $15,092
    JMJ FINANCIAL GROUP 1 3.63% $14,137
    JLB CORPORATION 1 3.75% $7,371
    Magnolia Bank 1 5.25% $20,337
    MID AMERICA MORTGAGE, INC. 1 5.63% $4,538
    M&T Bank 1 5.25% $11,486
    NEST HOME LENDING, LLC 1 5.25% $13,164
    DATA MORTGAGE, INC. 1 5.25% $15,161
    NFM, INC. 1 6.00% $11,034
    North American Savings Bank, F.S.B. 1 4.38% $10,144
    OCMBC, INC. 1 6.25% $14,109
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 4.00% $13,275
    PENTAGON FEDERAL CREDIT UNION 1 3.88% $7,596
    PINNACLE LENDING GROUP, INC. 1 5.25% $12,076
    CHURCHILL MORTGAGE CORPORATION 1 4.13% $14,532
    PLANET HOME LENDING, LLC 1 4.99% $11,788
    PNC Bank 1 4.50% $19,998
    Chickasaw Community Bank 1 4.50% $13,869
    BECKAM FUNDING CORP. 1 4.25% $9,252
    Strong Home Mortgage, LLC 1 4.13% $12,064
    Austin Capital Bank SSB 1 5.25% $16,035
    Texana Bank 1 3.88% $13,728
    UNITED SECURITY FINANCIAL CORP 1 5.00% $15,764
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.50% $36,383
    U.S. Bank 1 4.75% $22,981
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.12% $13,947
    VAN DYK MORTGAGE CORPORATION 1 2.75% $17,954
    Watermark Capital, Inc. 1 3.50% $11,042
    J. VIRGIL, INC. 1 4.63% $15,283

    The top Salt Lake City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 304 FHA loans originated. Their average total fees are $13,613, which is $2,856 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 ($8,287), LAKEVIEW LOAN SERVICING, LLC ($8,997), DHI MORTGAGE COMPANY, LTD. ($9,371), EVERETT FINANCIAL, INC. ($9,637) and MOUNTAIN AMERICA ($9,789).

    The lowest rate Salt Lake City FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.75%), PENNYMAC LOAN SERVICES, LLC (3.90%), Mr. Cooper ( Nationstar Mortgage ) (4.10%), HOME POINT FINANCIAL CORPORATION (4.11%) and FINANCE OF AMERICA MORTGAGE LLC (4.14%).

    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 $386,945 (8.6%) $542,683 (2.6%) 1.43 2,086
    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 $422,898 (8.4%) $586,297 (9.1%) 1.41 2,628
    2018-08-01 $405,931 (4.7%) $561,712 (7.8%) 1.36 2,987
    2018-09-01 $404,997 (6.6%) $553,629 (9.5%) 1.36 3,134
    2018-10-01 $399,375 (6.1%) $544,685 (8.9%) 1.35 3,334
    2018-11-01 $399,000 (7.7%) $540,152 (9.1%) 1.35 3,216
    2018-12-01 $399,000 (6.4%) $543,621 (7.3%) 1.38 2,866
    2019-01-01 $399,834 (3.3%) $543,970 (0.2%) 1.38 2,587
    2019-02-01 $409,500 (5.0%) $559,772 (1.1%) 1.38 2,411
    2019-03-01 $425,671 (5.6%) $575,257 (-0.2%) 1.39 2,378
    2019-04-01 $437,121 (4.7%) $578,756 (-0.6%) 1.39 2,433
    2019-05-01 $442,437 (4.4%) $579,984 (-0.9%) 1.38 2,722
    2019-06-01 $442,000 (4.9%) $577,965 (-1.5%) 1.38 2,923
    2019-07-01 $437,450 (3.4%) $573,067 (-2.3%) 1.37 2,916
    2019-08-01 $435,836 (7.4%) $570,775 (1.6%) 1.38 2,882
    2019-09-01 $429,741 (6.1%) $564,339 (1.9%) 1.38 2,863
    2019-10-01 $425,000 (6.4%) $564,708 (3.7%) 1.37 2,838
    2019-11-01 $429,900 (7.7%) $585,509 (8.4%) 1.41 2,487
    2019-12-01 $442,450 (10.9%) $607,559 (11.8%) 1.48 1,965
    2020-01-01 $446,268 (11.6%) $627,206 (15.3%) 1.49 1,649
    2020-02-01 $467,000 (14.0%) $663,063 (18.5%) 1.53 1,404
    2020-03-01 $470,475 (10.5%) $659,355 (14.6%) 1.47 1,573
    2020-04-01 $446,553 (2.2%) $600,787 (3.8%) 1.40 2,185
    2020-05-01 $456,945 (3.3%) $606,643 (4.6%) 1.39 2,111
    2020-06-01 $476,225 (7.7%) $643,865 (11.4%) 1.40 1,853
    2020-07-01 $482,000 (10.2%) $670,226 (17.0%) 1.40 1,627
    2020-08-01 $479,999 (10.1%) $689,916 (20.9%) 1.38 1,570
    2020-09-01 $473,600 (10.2%) $691,909 (22.6%) 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 (30.4%) 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%) 1.73 622
    2021-02-01 $577,350 (23.6%) $867,737 (30.9%) 1.68 520
    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%) 1.52 715
    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%) $815,504 (3.9%) 1.44 1,678
    2023-06-01 $625,720 (-1.1%) $809,426 (3.5%) 1.41 1,921
    2023-07-01 $629,444 (2.4%) $813,345 (7.9%) 1.43 2,055
    2023-08-01 $605,000 (1.1%) $795,765 (7.8%) 1.39 2,203
    Salt Lake City's median listing price for 2023-08-01 was $605,000, a difference of $6,550 (1.1%) versus the prior year and $-24,444 versus the prior month.

    Salt Lake City's median listing price comes in at 139% of the national average.

    Salt Lake City's average listing price for 2023-08-01 was $795,765, a difference of $57,723 (7.8%) versus the prior year and $-17,580 versus the prior month.

    For the 2023-08-01 period, Salt Lake City had 2,203 MLS listings, a difference of 148 listings (7%) versus the prior month and -465 listings (-17%) 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 2,794 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 2,938 sqft
    2018-08-01 30 days 2,782 sqft
    2018-09-01 35 days 2,730 sqft
    2018-10-01 36 days 2,650 sqft
    2018-11-01 43 days 2,657 sqft
    2018-12-01 52 days 2,699 sqft
    2019-01-01 58 days 2,705 sqft
    2019-02-01 50 days 2,789 sqft
    2019-03-01 39 days 2,862 sqft
    2019-04-01 33 days 2,936 sqft
    2019-05-01 31 days 2,920 sqft
    2019-06-01 33 days 2,896 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 32 days 2,552 sqft
    2021-02-01 14 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 2,517 sqft
    Salt Lake City's median listing age (time on market) for 2023-08-01 was 42 days. This is 12% longer than the same period one year ago.

    Salt Lake City's median square footage for active listings during the 2023-08-01 period was 2,517 sqft. One year prior, the average listing was 2,412 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).