Sierra Vista FHA Loan Rates, Closing Costs & Stats

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 59 lenders originated 329 FHA loans during 2023. The total origination value was $66,945,000, with an average FHA loan value of $203,480.

    Sierra Vista FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sierra Vista averaged 6.27% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Sierra Vista's average FHA mortgage closing costs are $6,385.

    The average rate for the prior week (2024-11-01) was 6.24% and one month ago for the week of 2024-10-04, the average rate was 5.76%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.28%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 42 6.78% $9,564
    NOVA FINANCIAL & INVESTMENT CORPORATION 39 6.58% $5,650
    UNITED WHOLESALE MORTGAGE, LLC 31 6.24% $11,001
    QUICKEN LOANS, LLC 21 6.15% $10,074
    ALTITUDE FINANCIAL CORPORATION 16 6.46% $6,809
    GENEVA FINANCIAL, LLC 14 7.30% $13,212
    GUILD MORTGAGE COMPANY 13 6.36% $9,440
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.88% $9,675
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 6.77% $10,884
    Prosperity Home Mortgage, LLC 8 6.20% $10,104
    INSPIRE HOME LOANS INC. 7 5.84% $8,984
    Neighborhood Loans, Inc. 6 6.85% $13,214
    LOANDEPOT.COM, LLC 5 6.40% $12,935
    FREEDOM MORTGAGE CORPORATION 4 6.50% $9,004
    Equity Prime Mortgage LLC 4 7.06% $7,373
    LOANPAL, LLC 4 6.09% $9,632
    MOVEMENT MORTGAGE, LLC 4 6.63% $10,127
    Wells Fargo Bank 3 7.13% $5,937
    PENNYMAC LOAN SERVICES, LLC 3 6.12% $11,563
    BROKER SOLUTIONS, INC. 3 6.96% $9,909
    SWBC MORTGAGE CORPORATION 3 6.54% $5,529
    NEW DAY FINANCIAL, LLC 3 7.33% $5,686
    Sierra Pacific Mortgage Company, Inc. 3 6.54% $14,163
    V.I.P. MORTGAGE, INC. 3 7.17% $12,255
    SUN AMERICAN MORTGAGE COMPANY 2 7.44% $10,238
    Mortgage Research Center, LLC 2 6.75% $7,021
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.69% $6,440
    JMAC LENDING, INC. 2 6.63% $11,074
    CARDINAL FINANCIAL 2 6.25% $11,286
    Lend Smart Mortgage, LLC 2 6.44% $7,549
    MANN FINANCIAL INC. 2 7.63% $9,276
    ACADEMY MORTGAGE CORPORATION 2 6.25% $11,222
    MASON MCDUFFIE MORTGAGE CORPORATION 1 7.25% $15,220
    AmeriHome Mortgage Company, LLC 1 7.25% $7,832
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $5,550
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.63% $12,793
    Barrington Bank & Trust Company, N.A. 1 6.75% $7,052
    Carrington Mortgage Services, LLC 1 6.50% $7,827
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $9,043
    CMG MORTGAGE, INC. 1 7.25% $6,916
    EMM LOANS LLC 1 6.25% $25,383
    ENVOY MORTGAGE, LTD 1 6.63% $10,979
    INTERLINC MORTGAGE SERVICES, LLC 1 7.25% $8,746
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $9,975
    MICHIGAN MUTUAL, INC. 1 5.63% $9,120
    MID AMERICA MORTGAGE, INC. 1 6.50% $3,981
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $9,123
    OCMBC, INC. 1 7.25% $16,029
    PHH Mortgage Corporation 1 7.49% $9,372
    PLANET HOME LENDING, LLC 1 5.63% $12,540
    PLAZA HOME MORTGAGE, INC. 1 5.63% $7,478
    ROYAL UNITED MORTGAGE LLC 1 5.63% $13,773
    SeaTrust Mortgage Company 1 7.00% $12,986
    SUMMIT FUNDING, INC. 1 7.25% $10,960
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $10,207
    TruHome Solutions, LLC 1 6.38% $7,647
    U.S. Bank 1 5.75% $10,312
    VILLAGE CAPITAL MORTGAGE 1 7.50% $14,538
    ZILLOW HOME LOANS, LLC 1 6.25% $9,592

    The top Sierra Vista FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 42 FHA loans originated. Their average total fees are $9,564, which is $3,914 higher than the next largest lender, NOVA FINANCIAL & INVESTMENT CORPORATION.

    The lowest fee Sierra Vista FHA lenders (with over 10 loans originated) are NOVA FINANCIAL & INVESTMENT CORPORATION ($5,650), ALTITUDE FINANCIAL CORPORATION ($6,809), GUILD MORTGAGE COMPANY ($9,440), CROSSCOUNTRY MORTGAGE, LLC ($9,564) and QUICKEN LOANS, LLC ($10,074).

    The lowest rate Sierra Vista FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.15%), UNITED WHOLESALE MORTGAGE, LLC (6.24%), GUILD MORTGAGE COMPANY (6.36%), ALTITUDE FINANCIAL CORPORATION (6.46%) and NOVA FINANCIAL & INVESTMENT CORPORATION (6.58%).

    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
    2024-01-01 $313,450 (-0.5%) $423,296 (2.4%) 0.00 428
    2024-02-01 $313,000 (4.6%) $427,013 (3.9%) 0.00 421
    2024-03-01 $319,000 (-1.1%) $421,835 (-3.0%) 0.00 461
    2024-04-01 $318,500 (-2.0%) $420,846 (-1.4%) 0.00 460
    2024-05-01 $320,500 (-2.3%) $428,493 (-1.1%) 0.00 473
    2024-06-01 $329,450 (0.3%) $436,052 (0.0%) 0.00 428
    2024-07-01 $313,591 (-3.5%) $396,317 (-8.7%) 0.00 404
    2024-08-01 $310,000 (-4.6%) $407,019 (-3.5%) 0.00 398
    2024-09-01 $329,225 (1.3%) $404,022 (-4.6%) 0.00 408
    2024-10-01 $327,000 (-1.8%) $406,817 (-4.5%) 0.00 421
    Sierra Vista's median listing price for 2024-10-01 was $327,000, a difference of $-5,950 (-1.8%) versus the prior year and $-2,225 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 2024-10-01 was $406,817, a difference of $-19,062 (-4.5%) versus the prior year and $2,795 versus the prior month.

    For the 2024-10-01 period, Sierra Vista had 421 MLS listings, a difference of 13 listings (3%) versus the prior month and 42 listings (11%) 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
    2024-01-01 0 days 1,809 sqft
    2024-02-01 0 days 1,792 sqft
    2024-03-01 0 days 1,802 sqft
    2024-04-01 0 days 1,803 sqft
    2024-05-01 0 days 1,804 sqft
    2024-06-01 0 days 1,820 sqft
    2024-07-01 0 days 1,804 sqft
    2024-08-01 0 days 1,816 sqft
    2024-09-01 0 days 1,815 sqft
    2024-10-01 0 days 1,832 sqft
    Sierra Vista's median listing age (time on market) for 2024-10-01 was 0 days.

    Sierra Vista's median square footage for active listings during the 2024-10-01 period was 1,832 sqft. One year prior, the average listing was 1,894 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).