Sierra Vista FHA Loans

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 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).