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 161 lenders originated 6,087 FHA loans during 2021. The total origination value was $1,321,365,000, with an average FHA loan value of $217,080.
Tucson FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Tucson
averaged
0.05%
for the week of 2023-01-20, compared to the national average (all FHA variants) of
0% for the same period.
Tucson's average FHA mortgage closing costs are $6,680.
The average rate for the prior week (2023-01-13) was
6.18% and
one month ago for the week of 2022-12-16, the
average rate was 6.17%.
The average rate one year ago was 3.76%.
For refis of the same type during the week of 2023-01-20, the average rate
was -0.23%.
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
969 FHA loans originated. Their average total fees are
$6,869, which is $2,244
lower than the next largest lender,
GUILD MORTGAGE COMPANY.
The lowest fee Tucson FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,449), AmeriHome Mortgage Company, LLC ($4,036), NEWREZ LLC ($4,135), Mr. Cooper ( Nationstar Mortgage ) ($4,345) and LAKEVIEW LOAN SERVICING, LLC ($4,345).
The lowest rate Tucson FHA lenders (with over 10 loans originated) are
LOANPAL, LLC (2.57%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.63%), QUICKEN LOANS, LLC (2.68%), UNITED WHOLESALE MORTGAGE, LLC (2.73%) and FREEDOM MORTGAGE CORPORATION (2.74%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Tucson (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 | $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 (8.6%) | $397,676 (5.9%) | 0.94 | 3,220 |
| 2018-06-01 | $278,000 (5.4%) | $391,960 (4.3%) | 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%) | $384,650 (6.1%) | 0.94 | 3,045 |
| 2018-09-01 | $279,900 (9.2%) | $384,625 (5.9%) | 0.94 | 3,102 |
| 2018-10-01 | $277,450 (6.9%) | $383,547 (4.2%) | 0.94 | 3,359 |
| 2018-11-01 | $279,250 (6.6%) | $382,526 (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%) | $394,249 (3.3%) | 0.96 | 3,368 |
| 2019-02-01 | $285,325 (4.0%) | $403,646 (4.0%) | 0.96 | 3,418 |
| 2019-03-01 | $293,857 (6.9%) | $416,194 (7.2%) | 0.96 | 3,289 |
| 2019-04-01 | $298,500 (6.6%) | $422,001 (7.1%) | 0.95 | 3,203 |
| 2019-05-01 | $298,641 (5.8%) | $422,118 (6.2%) | 0.93 | 3,044 |
| 2019-06-01 | $294,500 (5.9%) | $413,341 (5.5%) | 0.92 | 2,890 |
| 2019-07-01 | $287,950 (2.9%) | $406,184 (5.3%) | 0.90 | 2,798 |
| 2019-08-01 | $289,273 (3.3%) | $412,223 (7.2%) | 0.92 | 2,721 |
| 2019-09-01 | $289,682 (3.5%) | $417,033 (8.4%) | 0.93 | 2,744 |
| 2019-10-01 | $289,955 (4.5%) | $418,888 (9.2%) | 0.94 | 2,788 |
| 2019-11-01 | $286,000 (2.4%) | $415,243 (8.6%) | 0.94 | 2,817 |
| 2019-12-01 | $285,149 (2.6%) | $413,325 (6.4%) | 0.95 | 2,676 |
| 2020-01-01 | $287,500 (2.9%) | $414,487 (5.1%) | 0.96 | 2,506 |
| 2020-02-01 | $297,600 (4.3%) | $428,824 (6.2%) | 0.97 | 2,453 |
| 2020-03-01 | $299,498 (1.9%) | $431,128 (3.6%) | 0.94 | 2,409 |
| 2020-04-01 | $296,950 (-0.5%) | $412,932 (-2.2%) | 0.93 | 2,647 |
| 2020-05-01 | $300,000 (0.5%) | $425,062 (0.7%) | 0.91 | 2,341 |
| 2020-06-01 | $321,809 (9.3%) | $455,939 (10.3%) | 0.95 | 1,777 |
| 2020-07-01 | $325,000 (12.9%) | $452,643 (11.4%) | 0.94 | 1,554 |
| 2020-08-01 | $321,085 (11.0%) | $457,872 (11.1%) | 0.92 | 1,525 |
| 2020-09-01 | $315,748 (9.0%) | $463,896 (11.2%) | 0.90 | 1,536 |
| 2020-10-01 | $310,000 (6.9%) | $458,095 (9.4%) | 0.89 | 1,645 |
| 2020-11-01 | $312,617 (9.3%) | $469,047 (13.0%) | 0.91 | 1,557 |
| 2020-12-01 | $314,955 (10.5%) | $470,868 (13.9%) | 0.94 | 1,371 |
| 2021-01-01 | $319,500 (11.1%) | $492,570 (18.8%) | 0.95 | 1,173 |
| 2021-02-01 | $325,000 (9.2%) | $512,011 (19.4%) | 0.94 | 944 |
| 2021-03-01 | $334,700 (11.8%) | $524,656 (21.7%) | 0.95 | 882 |
| 2021-04-01 | $341,238 (14.9%) | $525,842 (27.3%) | 0.92 | 897 |
| 2021-05-01 | $340,000 (13.3%) | $518,464 (22.0%) | 0.90 | 937 |
| 2021-06-01 | $350,000 (8.8%) | $518,746 (13.8%) | 0.92 | 996 |
| 2021-07-01 | $350,000 (7.7%) | $487,528 (7.7%) | 0.92 | 1,184 |
| 2021-08-01 | $359,500 (12.0%) | $481,492 (5.2%) | 0.96 | 1,331 |
| 2021-09-01 | $359,950 (14.0%) | $482,552 (4.0%) | 0.96 | 1,500 |
| 2021-10-01 | $359,000 (15.8%) | $477,895 (4.3%) | 0.96 | 1,700 |
| 2021-11-01 | $359,925 (15.1%) | $481,864 (2.7%) | 0.96 | 1,676 |
| 2021-12-01 | $360,965 (14.6%) | $478,960 (1.7%) | 0.98 | 1,524 |
| 2022-01-01 | $364,900 (14.2%) | $499,152 (1.3%) | 0.99 | 1,366 |
| 2022-02-01 | $375,000 (15.4%) | $536,239 (4.7%) | 0.98 | 1,086 |
| 2022-03-01 | $387,810 (15.9%) | $559,082 (6.6%) | 0.97 | 1,001 |
| 2022-04-01 | $399,250 (17.0%) | $564,543 (7.4%) | 0.95 | 1,034 |
| 2022-05-01 | $406,223 (19.5%) | $579,904 (11.9%) | 0.93 | 1,209 |
| 2022-06-01 | $410,178 (17.2%) | $568,103 (9.5%) | 0.91 | 1,517 |
| 2022-07-01 | $399,900 (14.3%) | $541,091 (11.0%) | 0.90 | 1,950 |
| 2022-08-01 | $390,000 (8.5%) | $518,118 (7.6%) | 0.90 | 2,167 |
| 2022-09-01 | $382,594 (6.3%) | $506,821 (5.0%) | 0.90 | 2,366 |
| 2022-10-01 | $379,000 (5.6%) | $503,982 (5.5%) | 0.89 | 2,641 |
| 2022-11-01 | $375,000 (4.2%) | $509,524 (5.7%) | 0.90 | 2,786 |
| 2022-12-01 | $374,900 (3.9%) | $507,165 (5.9%) | 0.94 | 2,602 |
Tucson's median listing price comes in at 94% of the national average.
Tucson's average listing price for 2022-12-01 was $507,165, a difference of $28,205 (5.9%) versus the prior year and $-2,359 versus the prior month.
For the 2022-12-01 period, Tucson had 2,602 MLS listings, a difference of -184 listings (-7%) versus the prior month and 1,078 listings (71%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Tucson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 65 days | 2,004 sqft |
| 2018-02-01 | 54 days | 2,030 sqft |
| 2018-03-01 | 51 days | 2,036 sqft |
| 2018-04-01 | 52 days | 2,052 sqft |
| 2018-05-01 | 50 days | 2,058 sqft |
| 2018-06-01 | 51 days | 2,013 sqft |
| 2018-07-01 | 54 days | 2,026 sqft |
| 2018-08-01 | 56 days | 2,019 sqft |
| 2018-09-01 | 54 days | 2,020 sqft |
| 2018-10-01 | 51 days | 1,987 sqft |
| 2018-11-01 | 52 days | 1,987 sqft |
| 2018-12-01 | 59 days | 1,962 sqft |
| 2019-01-01 | 64 days | 1,993 sqft |
| 2019-02-01 | 50 days | 2,029 sqft |
| 2019-03-01 | 49 days | 2,058 sqft |
| 2019-04-01 | 53 days | 2,063 sqft |
| 2019-05-01 | 52 days | 2,048 sqft |
| 2019-06-01 | 53 days | 2,050 sqft |
| 2019-07-01 | 52 days | 2,020 sqft |
| 2019-08-01 | 51 days | 2,026 sqft |
| 2019-09-01 | 51 days | 2,025 sqft |
| 2019-10-01 | 51 days | 2,024 sqft |
| 2019-11-01 | 54 days | 1,976 sqft |
| 2019-12-01 | 62 days | 1,960 sqft |
| 2020-01-01 | 61 days | 1,981 sqft |
| 2020-02-01 | 45 days | 1,994 sqft |
| 2020-03-01 | 44 days | 1,997 sqft |
| 2020-04-01 | 45 days | 1,958 sqft |
| 2020-05-01 | 57 days | 1,977 sqft |
| 2020-06-01 | 60 days | 2,009 sqft |
| 2020-07-01 | 55 days | 2,008 sqft |
| 2020-08-01 | 53 days | 1,982 sqft |
| 2020-09-01 | 51 days | 1,937 sqft |
| 2020-10-01 | 50 days | 1,905 sqft |
| 2020-11-01 | 51 days | 1,911 sqft |
| 2020-12-01 | 56 days | 1,905 sqft |
| 2021-01-01 | 53 days | 1,912 sqft |
| 2021-02-01 | 43 days | 1,903 sqft |
| 2021-03-01 | 39 days | 1,920 sqft |
| 2021-04-01 | 36 days | 1,873 sqft |
| 2021-05-01 | 34 days | 1,870 sqft |
| 2021-06-01 | 34 days | 1,879 sqft |
| 2021-07-01 | 31 days | 1,844 sqft |
| 2021-08-01 | 31 days | 1,852 sqft |
| 2021-09-01 | 33 days | 1,851 sqft |
| 2021-10-01 | 34 days | 1,842 sqft |
| 2021-11-01 | 37 days | 1,867 sqft |
| 2021-12-01 | 44 days | 1,862 sqft |
| 2022-01-01 | 45 days | 1,860 sqft |
| 2022-02-01 | 38 days | 1,865 sqft |
| 2022-03-01 | 36 days | 1,877 sqft |
| 2022-04-01 | 32 days | 1,881 sqft |
| 2022-05-01 | 30 days | 1,912 sqft |
| 2022-06-01 | 30 days | 1,909 sqft |
| 2022-07-01 | 32 days | 1,872 sqft |
| 2022-08-01 | 37 days | 1,833 sqft |
| 2022-09-01 | 42 days | 1,816 sqft |
| 2022-10-01 | 45 days | 1,810 sqft |
| 2022-11-01 | 50 days | 1,812 sqft |
| 2022-12-01 | 60 days | 1,809 sqft |
Tucson's median square footage for active listings during the 2022-12-01 period was 1,809 sqft. One year prior, the average listing was 1,862 sqft.