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 137 lenders originated 6,831 FHA loans during 2021. The total origination value was $2,287,725,000, with an average FHA loan value of $334,903.

Salt Lake City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Salt Lake City averaged 6.52% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Salt Lake City's average FHA mortgage closing costs are $9,596.

The average rate for the prior week (2022-11-25) was 6.14% and one month ago for the week of 2022-10-28, the average rate was 6.78%.

The average rate one year ago was 3.31%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.26%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
SECURITYNATIONAL MORTGAGE COMPANY 499 2.98% $13,234
UNITED WHOLESALE MORTGAGE, LLC 322 2.69% $9,702
INTERCAP LENDING INC. 274 3.02% $11,370
QUICKEN LOANS, LLC 267 2.63% $8,436
CALIBER HOME LOANS, INC. 234 2.81% $9,054
FREEDOM MORTGAGE CORPORATION 212 2.65% $6,414
CITYWIDE HOME LOANS, LLC 186 3.08% $12,479
RANLIFE, INC. 159 2.96% $11,102
LAKEVIEW LOAN SERVICING, LLC 150 2.81% $5,787
VERITAS FUNDING, LLC 143 2.95% $11,520
Network Funding, L.P. 137 2.99% $12,932
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 134 2.90% $12,010
PENNYMAC LOAN SERVICES, LLC 127 2.90% $6,806
CROSSCOUNTRY MORTGAGE, LLC 125 3.02% $12,114
HOME POINT FINANCIAL CORPORATION 115 2.68% $9,917
Mr. Cooper ( Nationstar Mortgage ) 110 3.12% $5,914
BROKER SOLUTIONS, INC. 104 3.05% $11,819
FIRST COLONY MORTGAGE CORPORATION 92 2.85% $12,077
DIRECT MORTGAGE, CORP. 87 2.81% $11,542
FINANCE OF AMERICA MORTGAGE LLC 86 2.98% $13,525
GUILD MORTGAGE COMPANY 84 2.74% $10,437
MY MOVE MORTGAGE, LLC 82 2.84% $10,794
ACADEMY MORTGAGE CORPORATION 73 2.93% $11,580
CANOPY MORTGAGE, LLC 71 2.84% $11,300
NEWREZ LLC 70 2.78% $7,600
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 64 3.07% $11,565
Gateway First Bank 63 3.08% $10,653
SECURITY HOME MORTGAGE, LLC. 61 2.88% $12,420
NBH Bank 44 2.91% $10,304
DHI MORTGAGE COMPANY, LTD. 42 3.00% $9,210
Carrington Mortgage Services, LLC 42 3.24% $9,525
AMERICAN PACIFIC MORTGAGE CORPORATION 40 3.09% $10,099
LOANDEPOT.COM, LLC 38 2.91% $10,469
VILLAGE CAPITAL MORTGAGE 38 2.68% $4,403
GUARANTEED RATE, INC. 32 2.81% $10,980
AMERICAN FINANCIAL NETWORK, INC. 28 3.50% $14,163
CYPRUS Federal Credit Union 26 2.79% $10,005
PRIMARY RESIDENTIAL MORTGAGE, INC. 26 3.12% $11,081
The Federal Savings Bank 25 2.64% $11,927
STEARNS LENDING, LLC 23 2.86% $10,324
UNITED SECURITY FINANCIAL CORP 23 2.78% $8,005
PRIMELENDING, A PLAINSCAPITAL COMPANY 22 3.18% $11,551
PANORAMA MORTGAGE GROUP, LLC 21 3.06% $10,629
MOUNTAIN AMERICA 21 2.73% $10,757
HOMEAMERICAN MORTGAGE CORPORATION 18 2.50% $6,945
LOANPAL, LLC 17 2.85% $10,020
First Guaranty Mortgage Corporation 17 2.94% $8,213
AMERISAVE MORTGAGE CORPORATION 17 2.96% $10,746
S1L, Inc. 17 3.33% $12,107
MOUNTAIN WEST FINANCIAL, INC. 16 2.90% $15,978
AMERICAN FINANCING CORPORATION 16 2.99% $9,644
EVERETT FINANCIAL, INC. 15 3.21% $8,438
SOVEREIGN LENDING GROUP INCORPORATED 15 2.89% $10,679
Plains Commerce Bank 14 2.66% $10,437
First Home Bank 13 2.74% $12,855
Northpointe Bank 13 3.10% $13,964
CELEBRITY HOME LOANS, LLC 12 3.17% $10,308
VAN DYK MORTGAGE CORPORATION 11 2.93% $11,279
MOVEMENT MORTGAGE, LLC 11 3.38% $8,743
EAGLE HOME MORTGAGE, LLC 10 2.69% $10,234
MORIA DEVELOPMENT, INC. 10 3.00% $12,900
Hometown Equity Mortgage, LLC 10 3.75% $13,161
Blue Ridge Bank 9 2.92% $8,311
Nations Lending Corporation 9 3.00% $13,020
Bank of Utah 9 2.96% $10,601
SUN WEST MORTGAGE COMPANY, INC. 9 2.79% $8,810
Century Mortgage Company DBA Century Lending Company 9 2.97% $9,080
EVERLEND MORTGAGE COMPANY 8 2.94% $13,142
OCMBC, INC. 8 2.61% $9,646
AMERICA FIRST 8 2.95% $10,846
Utah Mortgage Loan Corporation 8 2.95% $13,130
DATA MORTGAGE, INC. 7 3.71% $11,005
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.96% $9,883
OCEANSIDE MORTGAGE COMPANY 7 2.59% $5,150
MID AMERICA MORTGAGE, INC. 6 3.23% $4,601
GUARANTEED RATE AFFINITY, LLC 6 2.75% $9,580
HOMESIDE FINANCIAL, LLC 6 3.01% $11,554
Low VA Rates, LLC 6 2.85% $6,210
UTAH COMMUNITY 6 2.69% $10,590
CORNERSTONE HOME LENDING, INC. 5 3.00% $12,083
Paramount Residential Mortgage Group, Inc. 5 3.40% $10,134
Wyndham Capital Mortgage, Inc. 5 2.83% $8,500
PINNACLE LENDING GROUP, INC. 4 3.13% $8,596
BECKAM FUNDING CORP. 4 2.66% $9,366
Barrington Bank & Trust Company, N.A. 4 3.13% $10,636
CALCON MUTUAL MORTGAGE LLC 4 3.78% $13,985
Commerce Home Mortgage, Inc. 4 3.13% $11,772
M&T Bank 3 2.92% $10,131
EMBRACE HOME LOANS, INC. 3 3.21% $6,072
KELLER MORTGAGE, LLC 3 2.58% $6,808
Equity Prime Mortgage LLC 3 3.63% $10,895
SUN AMERICAN MORTGAGE COMPANY 3 3.04% $10,995
J. VIRGIL, INC. 3 2.92% $11,518
Strong Home Mortgage, LLC 3 2.67% $8,742
AXIA FINANCIAL, LLC 3 2.75% $8,270
CMG MORTGAGE, INC. 3 3.08% $8,056
LEADERONE FINANCIAL CORPORATION 2 2.31% $4,734
JPMorgan Chase Bank 2 2.87% $10,707
GOLDENWEST 2 3.12% $11,763
NEST HOME LENDING, LLC 2 3.25% $10,623
NEXERA HOLDING LLC 2 2.88% $12,929
Flagstar Bank, FSB 2 2.89% $9,569
CITY FIRST MORTGAGE SERVICES, L.L.C. 2 3.63% $15,331
BAY EQUITY LLC 2 2.93% $11,764
Zions Bancorporation, N.A. 2 2.56% $5,483
LAND HOME FINANCIAL SERVICES, INC. 2 3.63% $14,148
LENDUS, LLC 2 3.50% $8,736
NBKC BANK 1 2.38% $8,152
GUARANTY HOME MORTGAGE CORPORATION 1 2.63% $9,024
Peoples Bank 1 3.25% $7,979
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $11,445
HAMILTON HOME LOANS, INC. 1 2.75% $8,277
HighTechLending Inc 1 2.75% $12,261
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 2.88% $12,650
Amerifirst Financial, Inc. 1 2.38% $7,976
Chickasaw Community Bank 1 3.00% $7,511
CHERRY CREEK MORTGAGE, LLC 1 3.75% $6,223
INSPIRE HOME LOANS INC. 1 3.38% $12,672
BELEM SERVICING LLC 1 2.75% $12,076
InterContinental Capital Group, Inc 1 3.25% $6,948
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $12,711
Mid-Continent Funding, Inc. 1 3.13% $16,334
Magnolia Bank 1 2.75% $15,548
LOANLEADERS OF AMERICA, INC. 1 3.25% $7,451
SWBC MORTGAGE CORPORATION 1 3.13% $12,345
Bank of England 1 2.25% $12,125
The Union Bank Company 1 2.38% $8,578
Bank of America 1 3.00% $10,634
KeyBank 1 2.75% $6,916
WESTERN EXPRESS LENDING 1 2.50% $7,966
GENEVA FINANCIAL, LLC 1 2.88% $8,349
Austin Capital Bank SSB 1 2.88% $9,449
North American Savings Bank, F.S.B. 1 2.25% $4,001
Florida Capital Bank 1 2.63% $11,521
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.38% $12,272
First Savings Bank 1 2.63% $7,170
Glacier Bank 1 3.25% $8,818

The top Salt Lake City FHA lender as defined by loan originations is SECURITYNATIONAL MORTGAGE COMPANY, with 499 FHA loans originated. Their average total fees are $13,234, which is $3,533 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Salt Lake City FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($4,403), LAKEVIEW LOAN SERVICING, LLC ($5,787), Mr. Cooper ( Nationstar Mortgage ) ($5,914), FREEDOM MORTGAGE CORPORATION ($6,414) and PENNYMAC LOAN SERVICES, LLC ($6,806).

The lowest rate Salt Lake City FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION (2.50%), QUICKEN LOANS, LLC (2.63%), The Federal Savings Bank (2.64%), FREEDOM MORTGAGE CORPORATION (2.65%) and Plains Commerce Bank (2.66%).

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

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 $386,972 (8.3%) $542,532 (2.6%) 1.43 2,089
2018-02-01 $390,000 (5.0%) $553,438 (1.3%) 1.42 1,909
2018-03-01 $402,960 (2.6%) $576,283 (1.3%) 1.41 1,859
2018-04-01 $417,475 (5.9%) $581,928 (1.6%) 1.42 2,037
2018-05-01 $424,036 (8.1%) $585,001 (4.4%) 1.42 2,228
2018-06-01 $421,460 (6.9%) $586,497 (5.7%) 1.41 2,484
2018-07-01 $423,081 (8.5%) $586,278 (9.1%) 1.41 2,629
2018-08-01 $406,262 (4.5%) $561,703 (7.8%) 1.36 2,988
2018-09-01 $405,000 (6.6%) $553,579 (9.5%) 1.36 3,136
2018-10-01 $399,450 (6.0%) $544,673 (9.0%) 1.35 3,338
2018-11-01 $399,000 (7.4%) $540,153 (9.1%) 1.35 3,221
2018-12-01 $399,000 (6.4%) $543,638 (7.3%) 1.38 2,870
2019-01-01 $399,900 (3.3%) $543,979 (0.3%) 1.38 2,589
2019-02-01 $409,996 (5.1%) $559,761 (1.1%) 1.38 2,414
2019-03-01 $425,671 (5.6%) $575,569 (-0.1%) 1.39 2,383
2019-04-01 $438,707 (5.1%) $579,723 (-0.4%) 1.39 2,442
2019-05-01 $442,473 (4.4%) $579,739 (-0.9%) 1.38 2,736
2019-06-01 $442,575 (5.0%) $577,444 (-1.5%) 1.38 2,940
2019-07-01 $437,450 (3.4%) $572,367 (-2.4%) 1.37 2,933
2019-08-01 $435,836 (7.3%) $569,940 (1.5%) 1.38 2,902
2019-09-01 $429,741 (6.1%) $563,473 (1.8%) 1.38 2,889
2019-10-01 $425,000 (6.4%) $563,788 (3.5%) 1.37 2,866
2019-11-01 $430,000 (7.8%) $584,375 (8.2%) 1.41 2,508
2019-12-01 $442,450 (10.9%) $605,918 (11.5%) 1.48 1,990
2020-01-01 $446,495 (11.7%) $625,111 (14.9%) 1.49 1,670
2020-02-01 $466,141 (13.7%) $660,436 (18.0%) 1.52 1,421
2020-03-01 $468,689 (10.1%) $657,084 (14.2%) 1.47 1,588
2020-04-01 $446,526 (1.8%) $599,652 (3.4%) 1.40 2,203
2020-05-01 $456,945 (3.3%) $605,497 (4.4%) 1.39 2,129
2020-06-01 $475,735 (7.5%) $642,205 (11.2%) 1.40 1,869
2020-07-01 $482,000 (10.2%) $668,203 (16.7%) 1.40 1,643
2020-08-01 $479,900 (10.1%) $687,579 (20.6%) 1.38 1,584
2020-09-01 $472,450 (9.9%) $689,278 (22.3%) 1.35 1,500
2020-10-01 $479,750 (12.9%) $707,484 (25.5%) 1.37 1,395
2020-11-01 $499,450 (16.2%) $759,529 (30.0%) 1.46 1,142
2020-12-01 $531,500 (20.1%) $823,400 (35.9%) 1.58 871
2021-01-01 $575,000 (28.8%) $892,301 (42.7%) 1.72 636
2021-02-01 $564,550 (21.1%) $853,059 (29.2%) 1.64 538
2021-03-01 $524,950 (12.0%) $816,254 (24.2%) 1.49 636
2021-04-01 $543,575 (21.7%) $815,217 (36.0%) 1.47 666
2021-05-01 $565,000 (23.7%) $768,925 (27.0%) 1.49 729
2021-06-01 $559,125 (17.5%) $753,970 (17.4%) 1.47 912
2021-07-01 $550,000 (14.1%) $757,921 (13.4%) 1.45 1,117
2021-08-01 $560,063 (16.7%) $741,018 (7.8%) 1.49 1,284
2021-09-01 $542,000 (14.7%) $720,976 (4.6%) 1.45 1,403
2021-10-01 $539,383 (12.4%) $723,817 (2.3%) 1.44 1,353
2021-11-01 $549,500 (10.0%) $735,326 (-3.2%) 1.47 1,079
2021-12-01 $560,000 (5.4%) $736,822 (-10.5%) 1.52 700
2022-01-01 $559,900 (-2.6%) $726,784 (-18.6%) 1.51 503
2022-02-01 $553,540 (-2.0%) $743,010 (-12.9%) 1.44 486
2022-03-01 $582,000 (10.9%) $764,603 (-6.3%) 1.46 586
2022-04-01 $619,000 (13.9%) $760,347 (-6.7%) 1.48 778
2022-05-01 $636,075 (12.6%) $781,777 (1.7%) 1.45 1,342
2022-06-01 $630,688 (12.8%) $780,124 (3.5%) 1.40 1,865
2022-07-01 $615,000 (11.8%) $752,173 (-0.8%) 1.39 2,557
2022-08-01 $596,450 (6.5%) $736,536 (-0.6%) 1.38 2,682
2022-09-01 $579,999 (7.0%) $733,653 (1.8%) 1.36 2,729
2022-10-01 $574,500 (6.5%) $718,379 (-0.8%) 1.35 2,932
2022-11-01 $550,000 (0.1%) $713,914 (-2.9%) 1.32 2,793
Salt Lake City's median listing price for 2022-11-01 was $550,000, a difference of $500 (0.1%) versus the prior year and $-24,500 versus the prior month.

Salt Lake City's median listing price comes in at 132% of the national average.

Salt Lake City's average listing price for 2022-11-01 was $713,914, a difference of $-21,412 (-2.9%) versus the prior year and $-4,465 versus the prior month.

For the 2022-11-01 period, Salt Lake City had 2,793 MLS listings, a difference of -139 listings (-5%) versus the prior month and 1,714 listings (159%) 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 55 days 2,796 sqft
2018-02-01 44 days 2,856 sqft
2018-03-01 34 days 2,999 sqft
2018-04-01 30 days 2,995 sqft
2018-05-01 29 days 3,013 sqft
2018-06-01 30 days 2,988 sqft
2018-07-01 32 days 2,939 sqft
2018-08-01 31 days 2,783 sqft
2018-09-01 36 days 2,734 sqft
2018-10-01 36 days 2,651 sqft
2018-11-01 44 days 2,661 sqft
2018-12-01 53 days 2,701 sqft
2019-01-01 60 days 2,706 sqft
2019-02-01 52 days 2,791 sqft
2019-03-01 41 days 2,867 sqft
2019-04-01 34 days 2,943 sqft
2019-05-01 32 days 2,921 sqft
2019-06-01 36 days 2,892 sqft
2019-07-01 38 days 2,845 sqft
2019-08-01 40 days 2,789 sqft
2019-09-01 39 days 2,705 sqft
2019-10-01 40 days 2,664 sqft
2019-11-01 46 days 2,676 sqft
2019-12-01 61 days 2,721 sqft
2020-01-01 66 days 2,798 sqft
2020-02-01 44 days 2,936 sqft
2020-03-01 26 days 2,866 sqft
2020-04-01 28 days 2,695 sqft
2020-05-01 37 days 2,653 sqft
2020-06-01 37 days 2,652 sqft
2020-07-01 35 days 2,598 sqft
2020-08-01 30 days 2,516 sqft
2020-09-01 30 days 2,417 sqft
2020-10-01 29 days 2,396 sqft
2020-11-01 34 days 2,433 sqft
2020-12-01 40 days 2,571 sqft
2021-01-01 36 days 2,544 sqft
2021-02-01 16 days 2,543 sqft
2021-03-01 9 days 2,393 sqft
2021-04-01 9 days 2,364 sqft
2021-05-01 10 days 2,402 sqft
2021-06-01 11 days 2,435 sqft
2021-07-01 16 days 2,438 sqft
2021-08-01 19 days 2,460 sqft
2021-09-01 22 days 2,402 sqft
2021-10-01 25 days 2,402 sqft
2021-11-01 26 days 2,404 sqft
2021-12-01 37 days 2,477 sqft
2022-01-01 40 days 2,479 sqft
2022-02-01 26 days 2,348 sqft
2022-03-01 23 days 2,370 sqft
2022-04-01 21 days 2,404 sqft
2022-05-01 20 days 2,558 sqft
2022-06-01 25 days 2,523 sqft
2022-07-01 30 days 2,472 sqft
2022-08-01 38 days 2,412 sqft
2022-09-01 45 days 2,402 sqft
2022-10-01 47 days 2,395 sqft
2022-11-01 54 days 2,378 sqft
Salt Lake City's median listing age (time on market) for 2022-11-01 was 54 days. This is 110% longer than the same period one year ago.

Salt Lake City's median square footage for active listings during the 2022-11-01 period was 2,378 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).