Sierra Vista FHA Loan Rates, Closing Costs & Stats

SIERRA VISTA-DOUGLAS, AZ

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.

Sierra Vista's 72 lenders originated 534 FHA loans during 2022. The total origination value was $107,200,000, with an average FHA loan value of $200,749.

Sierra Vista FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sierra Vista averaged -0.63% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Sierra Vista's average FHA mortgage closing costs are $5,944.

The average rate for the prior week (2024-02-16) was 6.01% and one month ago for the week of 2024-01-19, the average rate was 6.06%.

The average rate one year ago was 5.82%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.27%.

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

Sierra Vista 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 Sierra Vista level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
NOVA FINANCIAL & INVESTMENT CORPORATION 162 4.69% $5,578
QUICKEN LOANS, LLC 34 4.46% $9,544
GUILD MORTGAGE COMPANY 31 5.34% $8,923
ALTITUDE FINANCIAL CORPORATION 27 5.08% $5,893
UNITED WHOLESALE MORTGAGE, LLC 27 5.00% $8,650
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 5.27% $10,162
SUNSTREET MORTGAGE, LLC 15 4.39% $7,351
CROSSCOUNTRY MORTGAGE, LLC 11 5.92% $9,013
LOANDEPOT.COM, LLC 10 4.80% $9,741
Nations Lending Corporation 7 5.61% $9,976
SWBC MORTGAGE CORPORATION 6 5.65% $5,559
Lend Smart Mortgage, LLC 6 5.90% $6,568
Neighborhood Loans, Inc. 6 5.04% $8,064
NEWREZ LLC 5 4.35% $7,372
Paramount Residential Mortgage Group, Inc. 5 5.15% $7,495
PENNYMAC LOAN SERVICES, LLC 5 3.75% $6,619
Prosperity Home Mortgage, LLC 4 5.00% $7,095
BROKER SOLUTIONS, INC. 4 5.75% $10,155
CALIBER HOME LOANS, INC. 4 4.94% $8,305
FREEDOM MORTGAGE CORPORATION 4 3.72% $7,888
GENEVA FINANCIAL, LLC 4 5.47% $12,735
Carrington Mortgage Services, LLC 4 5.69% $13,604
AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.42% $8,849
VILLAGE CAPITAL MORTGAGE 3 3.50% $4,826
V.I.P. MORTGAGE, INC. 3 5.00% $7,776
Wells Fargo Bank 3 4.79% $3,019
CARDINAL FINANCIAL 3 4.79% $14,951
HOME POINT FINANCIAL CORPORATION 3 3.46% $9,449
TOP FLITE FINANCIAL, INC. 2 5.63% $9,905
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.88% $6,323
MOVEMENT MORTGAGE, LLC 2 5.69% $9,756
Mr. Cooper ( Nationstar Mortgage ) 2 4.19% $7,131
GUARANTEED RATE AFFINITY, LLC 2 6.00% $9,245
Equity Prime Mortgage LLC 2 5.50% $13,236
INSPIRE HOME LOANS INC. 2 4.19% $7,884
AmeriHome Mortgage Company, LLC 2 6.38% $10,438
ACADEMY MORTGAGE CORPORATION 2 4.50% $6,336
AMERISAVE MORTGAGE CORPORATION 2 4.19% $8,998
SUMMIT FUNDING, INC. 2 5.63% $10,143
Bank of England 2 5.44% $10,946
MANN FINANCIAL INC. 2 6.19% $8,955
VERITAS FUNDING, LLC 2 4.94% $13,194
Waterstone Mortgage Corporation 2 3.75% $8,432
AMERICAN FINANCING CORPORATION 2 5.50% $11,674
T2 FINANCIAL LLC 1 5.63% $9,022
AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $8,417
Barrington Bank & Trust Company, N.A. 1 4.63% $7,891
CALCON MUTUAL MORTGAGE LLC 1 4.75% $19,669
Century Mortgage Company DBA Century Lending Company 1 5.50% $7,162
CMG MORTGAGE, INC. 1 3.75% $7,594
Colonial Savings, F.A. 1 5.38% $17,403
Commerce Home Mortgage, Inc. 1 5.00% $11,539
First Home Bank 1 3.50% $6,289
Flagstar Bank, FSB 1 5.00% $9,820
Franklin Loan Corporation 1 6.63% $20,034
GUARANTEED RATE, INC. 1 4.25% $7,855
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $7,833
HOMESIDE FINANCIAL, LLC 1 3.63% $9,311
Hometown Lenders, Inc. 1 2.99% $9,522
LAKEVIEW LOAN SERVICING, LLC 1 4.75% $9,642
LHM FINANCIAL CORPORATION 1 4.75% $5,430
LOANPAL, LLC 1 4.50% $13,422
MORIA DEVELOPMENT, INC. 1 5.50% $11,250
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $8,719
NATIONS DIRECT MORTGAGE, LLC 1 3.88% $6,922
OCEANSIDE MORTGAGE COMPANY 1 4.38% $3,288
Plains Commerce Bank 1 4.25% $8,661
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.75% $4,934
SOUTHWEST STAGE FUNDING, LLC 1 4.50% $2,882
SUN AMERICAN MORTGAGE COMPANY 1 4.75% $15,790
The Federal Savings Bank 1 4.63% $12,513
Wallick & Volk, Inc. 1 3.25% $7,071

The top Sierra Vista FHA lender as defined by loan originations is NOVA FINANCIAL & INVESTMENT CORPORATION, with 162 FHA loans originated. Their average total fees are $5,578, which is $3,966 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Sierra Vista FHA lenders (with over 10 loans originated) are NOVA FINANCIAL & INVESTMENT CORPORATION ($5,578), ALTITUDE FINANCIAL CORPORATION ($5,893), SUNSTREET MORTGAGE, LLC ($7,351), UNITED WHOLESALE MORTGAGE, LLC ($8,650) and GUILD MORTGAGE COMPANY ($8,923).

The lowest rate Sierra Vista FHA lenders (with over 10 loans originated) are SUNSTREET MORTGAGE, LLC (4.39%), QUICKEN LOANS, LLC (4.46%), NOVA FINANCIAL & INVESTMENT CORPORATION (4.69%), LOANDEPOT.COM, LLC (4.80%) and UNITED WHOLESALE MORTGAGE, LLC (5.00%).

Sierra Vista FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SIERRA VISTA-DOUGLAS, AZ COCHISE 2022 $420,680 $538,650 $651,050 $809,150
SIERRA VISTA-DOUGLAS, AZ COCHISE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sierra Vista (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 $169,450 (9.3%) $218,700 (-2.1%) 0.00 763
2018-02-01 $174,925 (11.1%) $223,683 (-1.7%) 0.00 745
2018-03-01 $170,750 (10.2%) $220,482 (-1.0%) 0.00 708
2018-04-01 $176,000 (12.1%) $226,031 (1.5%) 0.00 660
2018-05-01 $178,925 (13.4%) $241,223 (6.4%) 0.00 654
2018-06-01 $185,000 (12.1%) $240,645 (5.2%) 0.00 690
2018-07-01 $189,500 (13.8%) $243,218 (5.5%) 0.00 677
2018-08-01 $184,950 (9.5%) $242,706 (5.9%) 0.00 667
2018-09-01 $179,900 (5.8%) $244,940 (6.7%) 0.00 663
2018-10-01 $180,200 (6.8%) $242,546 (7.6%) 0.00 639
2018-11-01 $185,000 (12.1%) $243,696 (13.3%) 0.00 635
2018-12-01 $185,000 (12.1%) $241,386 (12.0%) 0.00 617
2019-01-01 $189,250 (11.7%) $236,926 (8.3%) 0.00 593
2019-02-01 $186,225 (6.5%) $236,739 (5.8%) 0.00 590
2019-03-01 $192,400 (12.7%) $247,303 (12.2%) 0.00 562
2019-04-01 $196,550 (11.7%) $257,748 (14.0%) 0.00 533
2019-05-01 $196,750 (10.0%) $256,947 (6.5%) 0.00 513
2019-06-01 $196,500 (6.2%) $248,021 (3.1%) 0.00 549
2019-07-01 $198,125 (4.6%) $247,929 (1.9%) 0.00 564
2019-08-01 $198,341 (7.2%) $248,001 (2.2%) 0.00 564
2019-09-01 $198,852 (10.5%) $248,565 (1.5%) 0.00 552
2019-10-01 $199,598 (10.8%) $250,113 (3.1%) 0.00 542
2019-11-01 $199,950 (8.1%) $256,694 (5.3%) 0.00 513
2019-12-01 $204,450 (10.5%) $260,374 (7.9%) 0.00 487
2020-01-01 $199,750 (5.6%) $261,729 (10.5%) 0.00 460
2020-02-01 $203,000 (9.0%) $265,376 (12.1%) 0.00 427
2020-03-01 $199,999 (4.0%) $266,222 (7.7%) 0.00 402
2020-04-01 $207,200 (5.4%) $261,540 (1.5%) 0.00 340
2020-05-01 $211,750 (7.6%) $272,200 (5.9%) 0.00 340
2020-06-01 $215,100 (9.5%) $278,240 (12.2%) 0.00 316
2020-07-01 $211,750 (6.9%) $286,271 (15.5%) 0.00 298
2020-08-01 $225,000 (13.4%) $300,827 (21.3%) 0.00 274
2020-09-01 $218,725 (10.0%) $296,596 (19.3%) 0.00 252
2020-10-01 $219,900 (10.2%) $303,560 (21.4%) 0.00 250
2020-11-01 $218,700 (9.4%) $308,397 (20.1%) 0.00 232
2020-12-01 $215,000 (5.2%) $302,976 (16.4%) 0.00 243
2021-01-01 $219,950 (10.1%) $315,431 (20.5%) 0.00 227
2021-02-01 $225,000 (10.8%) $334,917 (26.2%) 0.00 205
2021-03-01 $240,250 (20.1%) $353,431 (32.8%) 0.00 200
2021-04-01 $245,000 (18.2%) $370,423 (41.6%) 0.00 184
2021-05-01 $245,000 (15.7%) $371,009 (36.3%) 0.00 197
2021-06-01 $254,475 (18.3%) $387,207 (39.2%) 0.00 238
2021-07-01 $262,631 (24.0%) $391,928 (36.9%) 0.00 250
2021-08-01 $266,250 (18.3%) $406,441 (35.1%) 0.00 230
2021-09-01 $299,750 (37.0%) $417,765 (40.9%) 0.00 244
2021-10-01 $294,500 (33.9%) $411,914 (35.7%) 0.00 245
2021-11-01 $282,000 (28.9%) $418,562 (35.7%) 0.00 251
2021-12-01 $282,125 (31.2%) $421,003 (39.0%) 0.00 214
2022-01-01 $287,000 (30.5%) $432,645 (37.2%) 0.00 181
2022-02-01 $297,250 (32.1%) $441,312 (31.8%) 0.00 168
2022-03-01 $281,225 (17.1%) $414,043 (17.2%) 0.00 160
2022-04-01 $289,000 (18.0%) $425,698 (14.9%) 0.00 185
2022-05-01 $284,975 (16.3%) $414,727 (11.8%) 0.00 231
2022-06-01 $295,000 (15.9%) $402,825 (4.0%) 0.00 298
2022-07-01 $295,000 (12.3%) $405,693 (3.5%) 0.00 330
2022-08-01 $316,200 (18.8%) $415,816 (2.3%) 0.00 342
2022-09-01 $330,250 (10.2%) $421,849 (1.0%) 0.00 339
2022-10-01 $329,500 (11.9%) $421,439 (2.3%) 0.00 348
2022-11-01 $317,500 (12.6%) $409,223 (-2.2%) 0.00 368
2022-12-01 $299,250 (6.1%) $404,266 (-4.0%) 0.00 359
2023-01-01 $314,870 (9.7%) $413,193 (-4.5%) 0.00 336
2023-02-01 $299,389 (0.7%) $410,870 (-6.9%) 0.00 327
2023-03-01 $322,475 (14.7%) $434,954 (5.1%) 0.00 307
2023-04-01 $325,000 (12.5%) $426,837 (0.3%) 0.00 315
2023-05-01 $328,000 (15.1%) $433,183 (4.5%) 0.00 307
2023-06-01 $328,450 (11.3%) $436,157 (8.3%) 0.00 305
2023-07-01 $325,000 (10.2%) $434,186 (7.0%) 0.00 303
2023-08-01 $325,000 (2.8%) $421,809 (1.4%) 0.00 330
2023-09-01 $325,000 (-1.6%) $423,331 (0.4%) 0.00 337
2023-10-01 $332,950 (1.1%) $425,879 (1.1%) 0.00 379
2023-11-01 $327,000 (3.0%) $421,697 (3.1%) 0.00 425
2023-12-01 $322,250 (7.7%) $421,145 (4.2%) 0.00 436
Sierra Vista's median listing price for 2023-12-01 was $322,250, a difference of $23,000 (7.7%) versus the prior year and $-4,750 versus the prior month.

Sierra Vista's median listing price comes in at 0% of the national average.

Sierra Vista's average listing price for 2023-12-01 was $421,145, a difference of $16,879 (4.2%) versus the prior year and $-552 versus the prior month.

For the 2023-12-01 period, Sierra Vista had 436 MLS listings, a difference of 11 listings (3%) versus the prior month and 77 listings (21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sierra Vista (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,778 sqft
2018-02-01 0 days 1,806 sqft
2018-03-01 0 days 1,769 sqft
2018-04-01 0 days 1,785 sqft
2018-05-01 0 days 1,779 sqft
2018-06-01 0 days 1,820 sqft
2018-07-01 0 days 1,835 sqft
2018-08-01 0 days 1,829 sqft
2018-09-01 0 days 1,812 sqft
2018-10-01 0 days 1,798 sqft
2018-11-01 0 days 1,802 sqft
2018-12-01 0 days 1,800 sqft
2019-01-01 0 days 1,795 sqft
2019-02-01 0 days 1,788 sqft
2019-03-01 0 days 1,801 sqft
2019-04-01 0 days 1,806 sqft
2019-05-01 0 days 1,790 sqft
2019-06-01 0 days 1,775 sqft
2019-07-01 0 days 1,776 sqft
2019-08-01 0 days 1,768 sqft
2019-09-01 0 days 1,761 sqft
2019-10-01 0 days 1,757 sqft
2019-11-01 0 days 1,756 sqft
2019-12-01 0 days 1,792 sqft
2020-01-01 0 days 1,787 sqft
2020-02-01 0 days 1,788 sqft
2020-03-01 0 days 1,826 sqft
2020-04-01 0 days 1,805 sqft
2020-05-01 0 days 1,796 sqft
2020-06-01 0 days 1,797 sqft
2020-07-01 0 days 1,828 sqft
2020-08-01 0 days 1,865 sqft
2020-09-01 0 days 1,811 sqft
2020-10-01 0 days 1,812 sqft
2020-11-01 0 days 1,792 sqft
2020-12-01 0 days 1,840 sqft
2021-01-01 0 days 1,840 sqft
2021-02-01 0 days 1,817 sqft
2021-03-01 0 days 1,832 sqft
2021-04-01 0 days 1,880 sqft
2021-05-01 0 days 1,798 sqft
2021-06-01 0 days 1,806 sqft
2021-07-01 0 days 1,856 sqft
2021-08-01 0 days 1,837 sqft
2021-09-01 0 days 1,899 sqft
2021-10-01 0 days 1,925 sqft
2021-11-01 0 days 1,913 sqft
2021-12-01 0 days 1,941 sqft
2022-01-01 0 days 1,965 sqft
2022-02-01 0 days 1,934 sqft
2022-03-01 0 days 1,831 sqft
2022-04-01 0 days 1,830 sqft
2022-05-01 0 days 1,800 sqft
2022-06-01 0 days 1,859 sqft
2022-07-01 0 days 1,824 sqft
2022-08-01 0 days 1,885 sqft
2022-09-01 0 days 1,937 sqft
2022-10-01 0 days 1,944 sqft
2022-11-01 0 days 1,883 sqft
2022-12-01 0 days 1,807 sqft
2023-01-01 0 days 1,865 sqft
2023-02-01 0 days 1,843 sqft
2023-03-01 0 days 1,901 sqft
2023-04-01 0 days 1,869 sqft
2023-05-01 0 days 1,903 sqft
2023-06-01 0 days 1,908 sqft
2023-07-01 0 days 1,877 sqft
2023-08-01 0 days 1,855 sqft
2023-09-01 0 days 1,826 sqft
2023-10-01 0 days 1,894 sqft
2023-11-01 0 days 1,875 sqft
2023-12-01 0 days 1,842 sqft
Sierra Vista's median listing age (time on market) for 2023-12-01 was 0 days.

Sierra Vista's median square footage for active listings during the 2023-12-01 period was 1,842 sqft. One year prior, the average listing was 1,807 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).