Show Low FHA Loan Rates, Closing Costs & Stats

Show Low, AZ

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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.

    Show Low's 52 lenders originated 199 FHA loans during 2023. The total origination value was $48,585,000, with an average FHA loan value of $244,146.

    Show Low FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Show Low averaged 7% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Show Low's average FHA mortgage closing costs are $8,182.

    The average rate for the prior week (2024-07-12) was 6.85% and one month ago for the week of 2024-06-14, the average rate was 6.8%.

    The average rate one year ago was 7.29%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.18%.

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

    Show Low 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 Show Low level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 25 6.12% $12,361
    QUICKEN LOANS, LLC 21 6.52% $11,548
    AMERICAN PACIFIC MORTGAGE CORPORATION 17 6.43% $17,644
    NOVA FINANCIAL & INVESTMENT CORPORATION 10 6.49% $7,133
    GUILD MORTGAGE COMPANY 9 6.58% $10,732
    ACADEMY MORTGAGE CORPORATION 4 6.88% $9,578
    LOANDEPOT.COM, LLC 4 6.62% $10,693
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.81% $14,353
    V.I.P. MORTGAGE, INC. 4 6.22% $16,216
    CROSSCOUNTRY MORTGAGE, LLC 4 6.50% $11,449
    NEWREZ LLC 4 6.84% $11,766
    CMG MORTGAGE, INC. 3 6.92% $10,822
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 6.54% $8,747
    Equity Prime Mortgage LLC 3 6.96% $13,734
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.38% $10,486
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.29% $11,602
    LOANPAL, LLC 3 5.42% $15,171
    FREEDOM MORTGAGE CORPORATION 3 6.50% $11,926
    AMERISAVE MORTGAGE CORPORATION 3 6.00% $10,808
    MANN FINANCIAL INC. 2 7.88% $16,660
    AMERICAN FINANCING CORPORATION 2 6.06% $11,826
    CALCON MUTUAL MORTGAGE LLC 2 6.81% $19,548
    Flagstar Bank, FSB 2 6.69% $11,276
    LAKEVIEW LOAN SERVICING, LLC 2 5.94% $16,011
    MORIA DEVELOPMENT, INC. 2 7.25% $18,138
    Mr. Cooper ( Nationstar Mortgage ) 2 5.81% $14,193
    Nations Lending Corporation 2 7.19% $15,762
    UNION HOME MORTGAGE CORP. 2 6.56% $8,104
    AmeriHome Mortgage Company, LLC 1 6.13% $15,701
    MOVEMENT MORTGAGE, LLC 1 6.00% $11,431
    U.S. Bank 1 6.75% $8,588
    ALTITUDE FINANCIAL CORPORATION 1 7.13% $7,297
    NETWORK CAPITAL FUNDING CORPORATION 1 6.13% $6,943
    NEW DAY FINANCIAL, LLC 1 7.00% $3,691
    Gateway First Bank 1 6.75% $13,873
    CARDINAL FINANCIAL 1 6.75% $16,555
    OCMBC, INC. 1 6.75% $22,729
    Paramount Residential Mortgage Group, Inc. 1 7.13% $10,589
    PENNYMAC LOAN SERVICES, LLC 1 5.63% $12,324
    PHH Mortgage Corporation 1 5.63% $11,232
    PLANET HOME LENDING, LLC 1 6.75% $4,025
    BROKER SOLUTIONS, INC. 1 6.25% $15,908
    Prosperity Home Mortgage, LLC 1 5.13% $20,749
    Barrington Bank & Trust Company, N.A. 1 6.25% $7,320
    ROYAL UNITED MORTGAGE LLC 1 6.50% $9,469
    SUMMIT FUNDING, INC. 1 5.63% $20,006
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $7,529
    Wallick & Volk, Inc. 1 5.00% $3,229
    INTERNATIONAL CITY MORTGAGE, INC. 1 6.13% $8,705
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.38% $11,551
    GUARANTEED RATE, INC. 1 7.50% $8,393
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.75% $10,778

    The top Show Low FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 25 FHA loans originated. Their average total fees are $12,361, which is $812 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Show Low FHA lenders (with over 10 loans originated) are NOVA FINANCIAL & INVESTMENT CORPORATION ($7,133), QUICKEN LOANS, LLC ($11,548), UNITED WHOLESALE MORTGAGE, LLC ($12,361), AMERICAN PACIFIC MORTGAGE CORPORATION ($17,644) and .

    The lowest rate Show Low FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.12%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.43%), NOVA FINANCIAL & INVESTMENT CORPORATION (6.49%), QUICKEN LOANS, LLC (6.52%) and .

    Show Low FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SHOW LOW, AZ NAVAJO 2022 $420,680 $538,650 $651,050 $809,150
    SHOW LOW, AZ NAVAJO 2023 $472,030 $604,400 $730,525 $907,900

    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).