Tucson FHA Loan Rates, Closing Costs & Stats
TUCSON, 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.
Tucson's 153 lenders originated 3,770 FHA loans during 2022. The total origination value was $940,350,000, with an average FHA loan value of $249,430.
Tucson FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Tucson
averaged
-0.7%
for the week of 2023-06-02, compared to the national average (all FHA variants) of
0% for the same period.
Tucson's average FHA mortgage closing costs are $7,151.
The average rate for the prior week (2023-05-26) was
6.23% and
one month ago for the week of 2023-04-28, the
average rate was 5.88%.
The average rate one year ago was 4.74%.
For refis of the same type during the week of 2023-06-02, the average rate
was -1.61%.
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.
The top Tucson FHA lender as defined by loan originations is NOVA FINANCIAL & INVESTMENT CORPORATION, with
541 FHA loans originated. Their average total fees are
$5,614, which is $5,103
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Tucson FHA lenders (with over 10 loans originated) are
NOVA FINANCIAL & INVESTMENT CORPORATION ($5,614), Lakeview Community Capital, LLC ($5,856), PULTE MORTGAGE LLC ($6,737), LAKEVIEW LOAN SERVICING, LLC ($8,061) and ALTITUDE FINANCIAL CORPORATION ($8,297).
The lowest rate Tucson FHA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC (3.79%), PENNYMAC LOAN SERVICES, LLC (4.01%), HOME POINT FINANCIAL CORPORATION (4.08%), LAKEVIEW LOAN SERVICING, LLC (4.09%) and SUNSTREET MORTGAGE, LLC (4.13%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Tucson (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $266,975 (7.0%) | $381,569 (5.7%) | 0.99 | 3,611 |
2018-02-01 | $274,250 (6.7%) | $388,308 (4.1%) | 1.00 | 3,500 |
2018-03-01 | $274,900 (4.0%) | $388,186 (2.8%) | 0.96 | 3,450 |
2018-04-01 | $279,913 (5.9%) | $394,170 (4.8%) | 0.95 | 3,277 |
2018-05-01 | $282,400 (8.7%) | $397,676 (5.9%) | 0.94 | 3,220 |
2018-06-01 | $278,000 (5.4%) | $391,960 (4.2%) | 0.93 | 3,121 |
2018-07-01 | $279,715 (8.2%) | $385,827 (5.1%) | 0.93 | 3,090 |
2018-08-01 | $279,948 (9.8%) | $384,656 (6.1%) | 0.94 | 3,045 |
2018-09-01 | $279,900 (9.1%) | $384,625 (5.9%) | 0.94 | 3,102 |
2018-10-01 | $277,450 (6.9%) | $383,618 (4.2%) | 0.94 | 3,359 |
2018-11-01 | $279,250 (6.6%) | $382,495 (1.7%) | 0.95 | 3,481 |
2018-12-01 | $278,000 (6.9%) | $388,378 (2.8%) | 0.96 | 3,441 |
2019-01-01 | $279,500 (4.7%) | $394,252 (3.3%) | 0.97 | 3,368 |
2019-02-01 | $285,325 (4.0%) | $403,654 (4.0%) | 0.96 | 3,418 |
2019-03-01 | $293,857 (6.9%) | $416,166 (7.2%) | 0.96 | 3,288 |
2019-04-01 | $298,581 (6.7%) | $421,878 (7.0%) | 0.95 | 3,201 |
2019-05-01 | $298,641 (5.8%) | $422,167 (6.2%) | 0.93 | 3,040 |
2019-06-01 | $294,500 (5.9%) | $413,490 (5.5%) | 0.92 | 2,886 |
2019-07-01 | $287,972 (3.0%) | $406,323 (5.3%) | 0.90 | 2,794 |
2019-08-01 | $289,273 (3.3%) | $412,402 (7.2%) | 0.92 | 2,717 |
2019-09-01 | $289,682 (3.5%) | $417,264 (8.5%) | 0.93 | 2,739 |
2019-10-01 | $289,955 (4.5%) | $419,182 (9.3%) | 0.94 | 2,783 |
2019-11-01 | $286,390 (2.6%) | $415,873 (8.7%) | 0.94 | 2,812 |
2019-12-01 | $285,495 (2.7%) | $413,656 (6.5%) | 0.95 | 2,671 |
2020-01-01 | $287,500 (2.9%) | $414,853 (5.2%) | 0.96 | 2,501 |
2020-02-01 | $297,830 (4.4%) | $429,226 (6.3%) | 0.98 | 2,448 |
2020-03-01 | $299,675 (2.0%) | $431,529 (3.7%) | 0.94 | 2,404 |
2020-04-01 | $296,963 (-0.5%) | $413,561 (-2.0%) | 0.93 | 2,642 |
2020-05-01 | $300,000 (0.5%) | $425,640 (0.8%) | 0.91 | 2,336 |
2020-06-01 | $321,950 (9.3%) | $456,526 (10.4%) | 0.95 | 1,772 |
2020-07-01 | $325,000 (12.9%) | $453,254 (11.6%) | 0.94 | 1,549 |
2020-08-01 | $323,270 (11.8%) | $459,454 (11.4%) | 0.93 | 1,521 |
2020-09-01 | $316,332 (9.2%) | $465,601 (11.6%) | 0.91 | 1,532 |
2020-10-01 | $310,000 (6.9%) | $459,550 (9.6%) | 0.89 | 1,641 |
2020-11-01 | $313,439 (9.4%) | $470,630 (13.2%) | 0.92 | 1,553 |
2020-12-01 | $315,000 (10.3%) | $472,568 (14.2%) | 0.94 | 1,367 |
2021-01-01 | $320,000 (11.3%) | $494,616 (19.2%) | 0.96 | 1,169 |
2021-02-01 | $325,000 (9.1%) | $514,882 (20.0%) | 0.95 | 940 |
2021-03-01 | $335,000 (11.8%) | $527,242 (22.2%) | 0.95 | 878 |
2021-04-01 | $342,000 (15.2%) | $528,171 (27.7%) | 0.93 | 893 |
2021-05-01 | $344,000 (14.7%) | $520,864 (22.4%) | 0.91 | 933 |
2021-06-01 | $350,000 (8.7%) | $521,079 (14.1%) | 0.92 | 992 |
2021-07-01 | $350,000 (7.7%) | $489,729 (8.1%) | 0.92 | 1,181 |
2021-08-01 | $359,950 (11.4%) | $483,573 (5.3%) | 0.96 | 1,328 |
2021-09-01 | $359,950 (13.8%) | $484,250 (4.0%) | 0.96 | 1,497 |
2021-10-01 | $359,250 (15.9%) | $479,334 (4.3%) | 0.96 | 1,697 |
2021-11-01 | $359,975 (14.9%) | $483,352 (2.7%) | 0.96 | 1,674 |
2021-12-01 | $361,950 (14.9%) | $480,476 (1.7%) | 0.98 | 1,521 |
2022-01-01 | $365,000 (14.1%) | $501,023 (1.3%) | 0.99 | 1,362 |
2022-02-01 | $375,505 (15.5%) | $538,286 (4.6%) | 0.98 | 1,083 |
2022-03-01 | $388,877 (16.1%) | $562,191 (6.6%) | 0.97 | 997 |
2022-04-01 | $399,500 (16.8%) | $566,475 (7.3%) | 0.95 | 1,029 |
2022-05-01 | $407,015 (18.3%) | $581,113 (11.6%) | 0.93 | 1,204 |
2022-06-01 | $410,448 (17.3%) | $568,438 (9.1%) | 0.91 | 1,513 |
2022-07-01 | $399,995 (14.3%) | $541,531 (10.6%) | 0.90 | 1,946 |
2022-08-01 | $391,399 (8.7%) | $519,833 (7.5%) | 0.90 | 2,163 |
2022-09-01 | $384,123 (6.7%) | $507,534 (4.8%) | 0.90 | 2,362 |
2022-10-01 | $379,000 (5.5%) | $505,478 (5.5%) | 0.89 | 2,637 |
2022-11-01 | $375,000 (4.2%) | $510,223 (5.6%) | 0.90 | 2,782 |
2022-12-01 | $375,000 (3.6%) | $508,106 (5.8%) | 0.93 | 2,596 |
2023-01-01 | $377,000 (3.3%) | $524,574 (4.7%) | 0.93 | 2,370 |
2023-02-01 | $389,000 (3.6%) | $547,620 (1.7%) | 0.94 | 2,121 |
2023-03-01 | $399,950 (2.9%) | $565,451 (0.6%) | 0.94 | 1,953 |
2023-04-01 | $403,675 (1.1%) | $582,574 (2.8%) | 0.94 | 1,692 |
2023-05-01 | $414,350 (1.8%) | $595,129 (2.4%) | 0.94 | 1,608 |
Tucson's median listing price comes in at 94% of the national average.
Tucson's average listing price for 2023-05-01 was $595,129, a difference of $14,016 (2.4%) versus the prior year and $12,555 versus the prior month.
For the 2023-05-01 period, Tucson had 1,608 MLS listings, a difference of -84 listings (-5%) versus the prior month and 404 listings (34%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Tucson (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 64 days | 2,004 sqft |
2018-02-01 | 51 days | 2,030 sqft |
2018-03-01 | 50 days | 2,036 sqft |
2018-04-01 | 50 days | 2,051 sqft |
2018-05-01 | 48 days | 2,058 sqft |
2018-06-01 | 50 days | 2,013 sqft |
2018-07-01 | 53 days | 2,026 sqft |
2018-08-01 | 54 days | 2,019 sqft |
2018-09-01 | 52 days | 2,020 sqft |
2018-10-01 | 50 days | 1,987 sqft |
2018-11-01 | 51 days | 1,985 sqft |
2018-12-01 | 58 days | 1,960 sqft |
2019-01-01 | 63 days | 1,993 sqft |
2019-02-01 | 48 days | 2,027 sqft |
2019-03-01 | 48 days | 2,058 sqft |
2019-04-01 | 51 days | 2,062 sqft |
2019-05-01 | 51 days | 2,047 sqft |
2019-06-01 | 51 days | 2,049 sqft |
2019-07-01 | 50 days | 2,020 sqft |
2019-08-01 | 50 days | 2,027 sqft |
2019-09-01 | 49 days | 2,026 sqft |
2019-10-01 | 49 days | 2,024 sqft |
2019-11-01 | 52 days | 1,976 sqft |
2019-12-01 | 60 days | 1,960 sqft |
2020-01-01 | 59 days | 1,981 sqft |
2020-02-01 | 44 days | 1,996 sqft |
2020-03-01 | 43 days | 1,997 sqft |
2020-04-01 | 44 days | 1,958 sqft |
2020-05-01 | 55 days | 1,980 sqft |
2020-06-01 | 57 days | 2,010 sqft |
2020-07-01 | 53 days | 2,008 sqft |
2020-08-01 | 51 days | 1,986 sqft |
2020-09-01 | 47 days | 1,937 sqft |
2020-10-01 | 48 days | 1,905 sqft |
2020-11-01 | 50 days | 1,911 sqft |
2020-12-01 | 55 days | 1,905 sqft |
2021-01-01 | 52 days | 1,912 sqft |
2021-02-01 | 40 days | 1,907 sqft |
2021-03-01 | 38 days | 1,921 sqft |
2021-04-01 | 35 days | 1,872 sqft |
2021-05-01 | 32 days | 1,870 sqft |
2021-06-01 | 32 days | 1,880 sqft |
2021-07-01 | 30 days | 1,844 sqft |
2021-08-01 | 30 days | 1,854 sqft |
2021-09-01 | 32 days | 1,851 sqft |
2021-10-01 | 33 days | 1,845 sqft |
2021-11-01 | 37 days | 1,868 sqft |
2021-12-01 | 44 days | 1,862 sqft |
2022-01-01 | 44 days | 1,861 sqft |
2022-02-01 | 37 days | 1,867 sqft |
2022-03-01 | 35 days | 1,878 sqft |
2022-04-01 | 32 days | 1,882 sqft |
2022-05-01 | 30 days | 1,920 sqft |
2022-06-01 | 30 days | 1,914 sqft |
2022-07-01 | 32 days | 1,873 sqft |
2022-08-01 | 37 days | 1,839 sqft |
2022-09-01 | 41 days | 1,817 sqft |
2022-10-01 | 44 days | 1,812 sqft |
2022-11-01 | 50 days | 1,813 sqft |
2022-12-01 | 60 days | 1,812 sqft |
2023-01-01 | 61 days | 1,822 sqft |
2023-02-01 | 52 days | 1,837 sqft |
2023-03-01 | 47 days | 1,860 sqft |
2023-04-01 | 47 days | 1,904 sqft |
2023-05-01 | 43 days | 1,924 sqft |
Tucson's median square footage for active listings during the 2023-05-01 period was 1,924 sqft. One year prior, the average listing was 1,920 sqft.