Tucson FHA Loan Rates, Closing Costs & Stats

TUCSON, 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.

    Tucson's 139 lenders originated 3,351 FHA loans during 2023. The total origination value was $928,495,000, with an average FHA loan value of $277,080.

    Tucson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Tucson averaged 6.34% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Tucson's average FHA mortgage closing costs are $7,724.

    The average rate for the prior week (2024-07-12) was 6.29% and one month ago for the week of 2024-06-14, the average rate was 6.45%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.54%.

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

    Tucson 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 Tucson level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NOVA FINANCIAL & INVESTMENT CORPORATION 396 6.56% $8,280
    CROSSCOUNTRY MORTGAGE, LLC 299 6.52% $11,977
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 208 6.72% $12,170
    LOANDEPOT.COM, LLC 183 6.14% $12,922
    QUICKEN LOANS, LLC 177 6.20% $11,842
    UNITED WHOLESALE MORTGAGE, LLC 176 6.13% $13,309
    ALTITUDE FINANCIAL CORPORATION 171 6.46% $8,208
    GUILD MORTGAGE COMPANY 164 6.55% $13,034
    V.I.P. MORTGAGE, INC. 131 6.60% $14,494
    AMERICAN PACIFIC MORTGAGE CORPORATION 122 6.73% $12,669
    EAGLE HOME MORTGAGE, LLC 84 4.91% $12,285
    DHI MORTGAGE COMPANY, LTD. 83 5.30% $13,467
    KBHS HOME LOANS, LLC 80 5.79% $15,676
    MOVEMENT MORTGAGE, LLC 61 6.56% $15,125
    Prosperity Home Mortgage, LLC 58 6.40% $12,004
    HOMEAMERICAN MORTGAGE CORPORATION 49 5.47% $7,939
    MORIA DEVELOPMENT, INC. 47 6.81% $12,817
    PULTE MORTGAGE LLC 27 5.40% $7,242
    Mr. Cooper ( Nationstar Mortgage ) 24 6.13% $14,727
    GUARANTEED RATE AFFINITY, LLC 22 6.57% $12,305
    FREEDOM MORTGAGE CORPORATION 22 6.72% $16,320
    GENEVA FINANCIAL, LLC 22 6.95% $16,201
    Equity Prime Mortgage LLC 22 7.18% $13,203
    GUARANTEED RATE, INC. 22 6.55% $12,570
    AMCAP MORTGAGE, LTD. 22 6.54% $13,938
    BROKER SOLUTIONS, INC. 22 6.72% $12,196
    NEWREZ LLC 21 6.31% $11,474
    LOANPAL, LLC 20 5.69% $12,557
    Flagstar Bank, FSB 20 6.70% $13,522
    AMERISAVE MORTGAGE CORPORATION 17 5.88% $14,291
    CARDINAL FINANCIAL 17 6.31% $13,184
    PENNYMAC LOAN SERVICES, LLC 17 6.01% $14,525
    Paramount Residential Mortgage Group, Inc. 17 6.37% $10,748
    MATTAMY HOME FUNDING, LLC 15 5.28% $16,120
    SUMMIT FUNDING, INC. 11 6.92% $12,588
    SUN WEST MORTGAGE COMPANY, INC. 10 6.34% $13,726
    MUTUAL OF OMAHA MORTGAGE, INC. 10 6.55% $13,078
    AMERICAN FINANCIAL NETWORK, INC. 9 7.17% $13,983
    Carrington Mortgage Services, LLC 9 6.38% $11,128
    TruHome Solutions, LLC 8 5.84% $10,513
    JPMorgan Chase Bank 8 6.37% $7,788
    Wells Fargo Bank 8 6.77% $6,229
    Lakeview Community Capital, LLC 7 5.86% $10,618
    CALCON MUTUAL MORTGAGE LLC 7 6.50% $15,794
    Plains Commerce Bank 7 6.13% $10,150
    Nations Lending Corporation 6 6.63% $14,272
    HOMEOWNERS FINANCIAL GROUP USA, LLC 5 6.83% $13,549
    VILLAGE CAPITAL MORTGAGE 5 6.30% $7,240
    EVERETT FINANCIAL, INC. 5 6.63% $16,220
    TOP FLITE FINANCIAL, INC. 4 6.44% $15,989
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.97% $13,230
    JMAC LENDING, INC. 4 6.81% $12,062
    STARBOARD FINANCIAL MANAGEMENT, LLC 4 6.53% $13,105
    DAS Acquisition Company, LLC 4 7.41% $12,971
    BAY EQUITY LLC 4 6.72% $14,490
    PHH Mortgage Corporation 3 6.33% $12,492
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 5.83% $10,709
    Lend Smart Mortgage, LLC 3 6.58% $6,954
    EMM LOANS LLC 3 5.92% $12,910
    ACADEMY MORTGAGE CORPORATION 3 7.50% $15,453
    NETWORK CAPITAL FUNDING CORPORATION 3 6.17% $9,058
    MANN FINANCIAL INC. 3 6.79% $16,145
    PREMIER LENDING, INC. 3 6.08% $14,050
    AmeriHome Mortgage Company, LLC 3 6.46% $11,279
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.46% $10,938
    PLANET HOME LENDING, LLC 3 5.83% $8,019
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.94% $16,119
    NEW DAY FINANCIAL, LLC 2 7.13% $7,872
    U.S. Bank 2 5.94% $12,563
    VERITAS FUNDING, LLC 2 6.75% $15,637
    UNION HOME MORTGAGE CORP. 2 6.25% $14,326
    ZILLOW HOME LOANS, LLC 2 6.63% $12,814
    INTELLILOAN, INC. 2 5.81% $7,236
    SOVEREIGN LENDING GROUP INCORPORATED 2 5.31% $18,735
    LADERA LENDING, INC. 2 6.25% $11,309
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.94% $13,187
    Citizens Bank 2 6.50% $12,094
    LAND HOME FINANCIAL SERVICES, INC. 2 5.94% $12,756
    RESIDENTIAL BANCORP 2 6.19% $17,890
    RELIANCE FIRST CAPITAL, LLC 2 6.00% $10,006
    LOANLEADERS OF AMERICA, INC. 2 5.63% $16,169
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.25% $10,392
    PNC Bank 2 6.13% $8,274
    PLAZA HOME MORTGAGE, INC. 2 7.13% $18,106
    M&T Bank 2 6.75% $9,741
    AMERICAN FINANCING CORPORATION 2 7.19% $12,977
    The Federal Savings Bank 1 5.75% $19,255
    AHL FUNDING 1 6.50% $19,350
    American Mortgage & Equity Consultants, Inc. 1 6.50% $18,213
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $21,420
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $13,534
    AXIA FINANCIAL, LLC 1 6.63% $6,874
    Bank of America 1 7.63% $10,233
    BECKAM FUNDING CORP. 1 6.88% $17,527
    CALIBER HOME LOANS, INC. 1 6.75% $9,526
    CENTENNIAL LENDING, LLC 1 6.25% $11,506
    Chickasaw Community Bank 1 6.38% $13,035
    CHURCHILL MORTGAGE CORPORATION 1 6.88% $21,351
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.50% $19,104
    CORNERSTONE HOME LENDING, INC. 1 6.25% $14,206
    First Internet Bank of Indiana 1 5.75% $10,495
    First National Bank Texas 1 4.88% $19,318
    First Savings Bank 1 5.75% $14,680
    Franklin Loan Corporation 1 6.00% $16,866
    Gateway First Bank 1 5.25% $3,565
    Goldwater Bank, N.A. 1 6.25% $21,846
    GoPrime Mortgage, Inc. 1 6.63% $9,931
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.50% $10,948
    HOMESIDE FINANCIAL, LLC 1 6.63% $9,952
    Hometown Equity Mortgage, LLC 1 6.25% $11,601
    INTERCAP LENDING INC. 1 6.63% $15,550
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $10,054
    LHM FINANCIAL CORPORATION 1 5.75% $6,698
    Loan Simple, Inc. 1 6.25% $17,044
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.63% $20,461
    MICHIGAN MUTUAL, INC. 1 5.13% $13,907
    MID AMERICA MORTGAGE, INC. 1 7.25% $5,815
    NATIONS DIRECT MORTGAGE, LLC 1 6.63% $8,539
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $22,161
    NBKC BANK 1 5.50% $8,917
    Neighborhood Loans, Inc. 1 6.75% $12,032
    NFM, INC. 1 7.00% $8,264
    NuVision Federal Credit Union 1 6.75% $6,972
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.63% $7,811
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.63% $18,643
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $15,653
    ROYAL UNITED MORTGAGE LLC 1 6.00% $16,704
    S1L, Inc. 1 6.25% $12,217
    Sierra Pacific Mortgage Company, Inc. 1 6.88% $7,516
    SIRVA MORTGAGE, INC. 1 5.75% $7,800
    Strong Home Mortgage, LLC 1 6.75% $5,721
    SUN AMERICAN MORTGAGE COMPANY 1 7.13% $5,372
    The Loan Store, Inc. 1 6.99% $10,358
    THRIVE MORTGAGE, LLC 1 6.50% $14,592
    TOWNE MORTGAGE COMPANY 1 6.25% $13,344
    UNITED SECURITY FINANCIAL CORP 1 7.50% $18,740
    Wallick & Volk, Inc. 1 6.89% $8,263
    Waterstone Mortgage Corporation 1 7.00% $14,395
    Willamette Valley Bank 1 6.25% $17,217

    The top Tucson FHA lender as defined by loan originations is NOVA FINANCIAL & INVESTMENT CORPORATION, with 396 FHA loans originated. Their average total fees are $8,280, which is $3,697 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Tucson FHA lenders (with over 10 loans originated) are PULTE MORTGAGE LLC ($7,242), HOMEAMERICAN MORTGAGE CORPORATION ($7,939), ALTITUDE FINANCIAL CORPORATION ($8,208), NOVA FINANCIAL & INVESTMENT CORPORATION ($8,280) and Paramount Residential Mortgage Group, Inc. ($10,748).

    The lowest rate Tucson FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (4.91%), MATTAMY HOME FUNDING, LLC (5.28%), DHI MORTGAGE COMPANY, LTD. (5.30%), PULTE MORTGAGE LLC (5.40%) and HOMEAMERICAN MORTGAGE CORPORATION (5.47%).

    Tucson FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TUCSON, AZ PIMA 2022 $420,680 $538,650 $651,050 $809,150
    TUCSON, AZ PIMA 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).