Sierra Vista FHA Loans

SIERRA VISTA-DOUGLAS, 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.

    Sierra Vista's 68 lenders originated 602 FHA loans during 2021. The total origination value was $101,310,000, with an average FHA loan value of $168,289.

    Sierra Vista FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sierra Vista averaged 5.2% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.11% and one month ago for the week of 2022-04-15, the average rate was 4.9%.

    The average rate one year ago was 3.17%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.78%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Sierra Vista level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    NOVA FINANCIAL & INVESTMENT CORPORATION 135 3.37% $5,452
    GUILD MORTGAGE COMPANY 46 3.23% $6,884
    QUICKEN LOANS, LLC 40 2.74% $5,800
    SUNSTREET MORTGAGE, LLC 38 3.35% $6,631
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 3.40% $8,289
    ALTITUDE FINANCIAL CORPORATION 23 3.22% $4,823
    VILLAGE CAPITAL & INVESTMENT LLC 18 2.99% $1,476
    PENNYMAC LOAN SERVICES, LLC 17 3.05% $4,071
    LOANDEPOT.COM, LLC 14 3.70% $8,310
    Lend Smart Mortgage, LLC 13 3.17% $7,685
    UNITED WHOLESALE MORTGAGE, LLC 10 2.73% $10,127
    NEWREZ LLC 10 3.01% $3,462
    LAKEVIEW LOAN SERVICING, LLC 8 3.04% $3,711
    GENEVA FINANCIAL, LLC 7 3.14% $7,857
    Neighborhood Loans, Inc. 7 3.41% $7,356
    BROKER SOLUTIONS, INC. 7 3.14% $7,141
    CALIBER HOME LOANS, INC. 6 2.58% $5,795
    FREEDOM MORTGAGE CORPORATION 6 2.69% $3,998
    Mr. Cooper ( Nationstar Mortgage ) 6 3.27% $4,430
    CMG MORTGAGE, INC. 5 3.62% $7,435
    HOME POINT FINANCIAL CORPORATION 4 2.94% $7,968
    Carrington Mortgage Services, LLC 4 3.56% $8,705
    Prosperity Home Mortgage, LLC 4 3.63% $7,638
    ALL WESTERN MORTGAGE, INC. 4 3.06% $5,964
    Lakeview Community Capital, LLC 4 3.25% $3,301
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.29% $5,863
    BAY EQUITY LLC 3 3.50% $7,295
    Nations Lending Corporation 3 3.33% $10,069
    AmeriHome Mortgage Company, LLC 3 3.08% $4,190
    Bank of America 3 3.00% $4,128
    V.I.P. MORTGAGE, INC. 3 3.25% $7,461
    SUN WEST MORTGAGE COMPANY, INC. 2 3.31% $6,114
    LHM FINANCIAL CORPORATION 2 3.31% $6,099
    ON Q FINANCIAL, INC. 2 3.38% $7,946
    MANN FINANCIAL INC. 2 3.75% $6,810
    MOVEMENT MORTGAGE, LLC 2 3.44% $3,731
    SECURITYNATIONAL MORTGAGE COMPANY 2 3.38% $9,517
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.50% $6,974
    Amerifirst Financial, Inc. 2 3.44% $8,077
    First Guaranty Mortgage Corporation 2 2.75% $5,073
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $4,611
    MORIA DEVELOPMENT, INC. 2 3.94% $6,403
    Wells Fargo Bank 1 3.00% $6,308
    AMCAP MORTGAGE, LTD. 1 3.50% $10,488
    AMERICAN FINANCIAL NETWORK, INC. 1 2.50% $6,713
    AMERISAVE MORTGAGE CORPORATION 1 3.25% $7,931
    ARC HOME LLC 1 2.63% $10,132
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $6,802
    AXIA FINANCIAL, LLC 1 2.75% $14,252
    CELEBRITY HOME LOANS, LLC 1 3.38% $7,584
    FINANCE OF AMERICA MORTGAGE LLC 1 3.13% $14,613
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.63% $7,008
    GoPrime Mortgage, Inc. 1 4.50% $7,738
    GUARANTEED RATE, INC. 1 3.00% $7,830
    Home Mortgage Alliance Corp 1 2.75% $12,195
    LOANPAL, LLC 1 2.75% $5,664
    Loan Simple, Inc. 1 2.75% $10,461
    MID AMERICA MORTGAGE, INC. 1 2.75% $1,806
    Mortgage Research Center, LLC 1 2.99% $2,995
    OCEANSIDE MORTGAGE COMPANY 1 2.88% $1,852
    PHH Mortgage Corporation 1 3.13% $2,857
    Plains Commerce Bank 1 3.25% $9,251
    Platinum Home Mortgage Corporation 1 3.75% $9,429
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.13% $7,553
    STARBOARD FINANCIAL MANAGEMENT, LLC 1 2.38% $5,102
    SUMMIT FUNDING, INC. 1 3.75% $7,468
    TOP FLITE FINANCIAL, INC. 1 2.88% $14,059
    ACADEMY MORTGAGE CORPORATION 1 3.13% $6,643

    The top Sierra Vista FHA lender as defined by loan originations is NOVA FINANCIAL & INVESTMENT CORPORATION, with 135 FHA loans originated. Their average total fees are $5,452, which is $1,431 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Sierra Vista FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($1,476), NEWREZ LLC ($3,462), PENNYMAC LOAN SERVICES, LLC ($4,071), ALTITUDE FINANCIAL CORPORATION ($4,823) and NOVA FINANCIAL & INVESTMENT CORPORATION ($5,452).

    The lowest rate Sierra Vista FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.73%), QUICKEN LOANS, LLC (2.74%), VILLAGE CAPITAL & INVESTMENT LLC (2.99%), NEWREZ LLC (3.01%) and PENNYMAC LOAN SERVICES, LLC (3.05%).

    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

    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 $172,305 (7.8%) $222,234 (-4.9%) 0.00 839
    2018-02-01 $175,000 (9.4%) $225,030 (-5.7%) 0.00 821
    2018-03-01 $174,000 (9.1%) $224,249 (-3.6%) 0.00 787
    2018-04-01 $179,700 (9.2%) $232,036 (0.4%) 0.00 725
    2018-05-01 $185,000 (11.8%) $244,592 (3.5%) 0.00 721
    2018-06-01 $190,000 (11.8%) $245,508 (3.2%) 0.00 750
    2018-07-01 $198,500 (16.8%) $249,884 (4.4%) 0.00 737
    2018-08-01 $190,000 (12.1%) $250,300 (6.3%) 0.00 730
    2018-09-01 $187,500 (7.8%) $253,042 (6.4%) 0.00 733
    2018-10-01 $186,750 (9.9%) $251,302 (7.5%) 0.00 711
    2018-11-01 $190,000 (12.4%) $248,527 (11.5%) 0.00 717
    2018-12-01 $189,900 (12.4%) $247,329 (12.2%) 0.00 691
    2019-01-01 $194,950 (13.1%) $241,544 (8.7%) 0.00 664
    2019-02-01 $191,250 (9.3%) $240,871 (7.0%) 0.00 652
    2019-03-01 $193,857 (11.4%) $250,560 (11.7%) 0.00 620
    2019-04-01 $198,357 (10.4%) $258,872 (11.6%) 0.00 585
    2019-05-01 $197,750 (6.9%) $256,021 (4.7%) 0.00 563
    2019-06-01 $197,500 (4.0%) $250,490 (2.0%) 0.00 604
    2019-07-01 $198,950 (0.2%) $250,166 (0.1%) 0.00 628
    2019-08-01 $201,514 (6.1%) $252,221 (0.8%) 0.00 637
    2019-09-01 $204,564 (9.1%) $255,903 (1.1%) 0.00 625
    2019-10-01 $202,500 (8.4%) $253,926 (1.0%) 0.00 610
    2019-11-01 $211,027 (11.1%) $262,547 (5.6%) 0.00 582
    2019-12-01 $211,964 (11.6%) $267,676 (8.2%) 0.00 563
    2020-01-01 $210,000 (7.7%) $271,510 (12.4%) 0.00 542
    2020-02-01 $210,000 (9.8%) $274,796 (14.1%) 0.00 506
    2020-03-01 $207,450 (7.0%) $275,583 (10.0%) 0.00 492
    2020-04-01 $212,500 (7.1%) $267,020 (3.2%) 0.00 373
    2020-05-01 $215,000 (8.7%) $279,849 (9.3%) 0.00 377
    2020-06-01 $217,450 (10.1%) $286,397 (14.3%) 0.00 353
    2020-07-01 $217,500 (9.3%) $290,370 (16.1%) 0.00 329
    2020-08-01 $230,000 (14.1%) $303,811 (20.5%) 0.00 294
    2020-09-01 $227,500 (11.2%) $314,130 (22.8%) 0.00 270
    2020-10-01 $225,000 (11.1%) $319,677 (25.9%) 0.00 268
    2020-11-01 $225,000 (6.6%) $323,674 (23.3%) 0.00 253
    2020-12-01 $219,950 (3.8%) $316,674 (18.3%) 0.00 265
    2021-01-01 $225,000 (7.1%) $314,388 (15.8%) 0.00 255
    2021-02-01 $239,000 (13.8%) $348,622 (26.9%) 0.00 229
    2021-03-01 $247,500 (19.3%) $367,159 (33.2%) 0.00 230
    2021-04-01 $264,950 (24.7%) $388,256 (45.4%) 0.00 215
    2021-05-01 $255,000 (18.6%) $393,060 (40.5%) 0.00 230
    2021-06-01 $265,750 (22.2%) $405,067 (41.4%) 0.00 267
    2021-07-01 $280,500 (29.0%) $410,164 (41.3%) 0.00 282
    2021-08-01 $287,500 (25.0%) $423,490 (39.4%) 0.00 256
    2021-09-01 $312,000 (37.1%) $439,860 (40.0%) 0.00 270
    2021-10-01 $320,000 (42.2%) $431,873 (35.1%) 0.00 273
    2021-11-01 $299,450 (33.1%) $431,820 (33.4%) 0.00 275
    2021-12-01 $296,250 (34.7%) $434,864 (37.3%) 0.00 234
    2022-01-01 $287,000 (27.6%) $448,643 (42.7%) 0.00 193
    2022-02-01 $304,950 (27.6%) $452,853 (29.9%) 0.00 185
    2022-03-01 $287,450 (16.1%) $437,922 (19.3%) 0.00 184
    2022-04-01 $299,500 (13.0%) $448,453 (15.5%) 0.00 208
    Sierra Vista's median listing price for 2022-04-01 was $299,500, a difference of $34,550 (13.0%) versus the prior year and $12,050 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 2022-04-01 was $448,453, a difference of $60,197 (15.5%) versus the prior year and $10,531 versus the prior month.

    For the 2022-04-01 period, Sierra Vista had 208 MLS listings, a difference of 24 listings (13%) versus the prior month and -7 listings (-3%) 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 1,801 sqft
    2018-02-01 0 days 1,814 sqft
    2018-03-01 0 days 1,808 sqft
    2018-04-01 0 days 1,813 sqft
    2018-05-01 0 days 1,815 sqft
    2018-06-01 0 days 1,851 sqft
    2018-07-01 0 days 1,883 sqft
    2018-08-01 0 days 1,868 sqft
    2018-09-01 0 days 1,851 sqft
    2018-10-01 0 days 1,830 sqft
    2018-11-01 0 days 1,826 sqft
    2018-12-01 0 days 1,830 sqft
    2019-01-01 0 days 1,816 sqft
    2019-02-01 0 days 1,816 sqft
    2019-03-01 0 days 1,824 sqft
    2019-04-01 0 days 1,818 sqft
    2019-05-01 0 days 1,797 sqft
    2019-06-01 0 days 1,794 sqft
    2019-07-01 0 days 1,789 sqft
    2019-08-01 0 days 1,785 sqft
    2019-09-01 0 days 1,785 sqft
    2019-10-01 0 days 1,762 sqft
    2019-11-01 0 days 1,785 sqft
    2019-12-01 0 days 1,815 sqft
    2020-01-01 0 days 1,813 sqft
    2020-02-01 0 days 1,804 sqft
    2020-03-01 0 days 1,830 sqft
    2020-04-01 0 days 1,811 sqft
    2020-05-01 0 days 1,794 sqft
    2020-06-01 0 days 1,799 sqft
    2020-07-01 0 days 1,845 sqft
    2020-08-01 0 days 1,870 sqft
    2020-09-01 0 days 1,855 sqft
    2020-10-01 0 days 1,859 sqft
    2020-11-01 0 days 1,845 sqft
    2020-12-01 0 days 1,865 sqft
    2021-01-01 0 days 1,881 sqft
    2021-02-01 0 days 1,865 sqft
    2021-03-01 0 days 1,881 sqft
    2021-04-01 0 days 1,931 sqft
    2021-05-01 0 days 1,867 sqft
    2021-06-01 0 days 1,848 sqft
    2021-07-01 0 days 1,886 sqft
    2021-08-01 0 days 1,860 sqft
    2021-09-01 0 days 1,923 sqft
    2021-10-01 0 days 1,950 sqft
    2021-11-01 0 days 1,935 sqft
    2021-12-01 0 days 1,952 sqft
    2022-01-01 0 days 1,999 sqft
    2022-02-01 0 days 1,953 sqft
    2022-03-01 0 days 1,890 sqft
    2022-04-01 0 days 1,846 sqft
    Sierra Vista's median listing age (time on market) for 2022-04-01 was 0 days.

    Sierra Vista's median square footage for active listings during the 2022-04-01 period was 1,846 sqft. One year prior, the average listing was 1,931 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).