Salt Lake City FHA Loan Rates, Closing Costs & Stats

SALT LAKE CITY, 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.

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).