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
6.45%
for the week of 2023-12-01, compared to the national average (all FHA variants) of
6.949% for the same period.
Tucson's average FHA mortgage closing costs are $7,151.
The average rate for the prior week (2023-11-24) was
6.66% and
one month ago for the week of 2023-10-27, the
average rate was 6.97%.
The average rate one year ago was 6.09%.
For refis of the same type during the week of 2023-12-01, the average rate
was 5.64%.
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 |
2022 Avg. 30yFix Rate |
2022 Avg. Closing Costs |
NOVA FINANCIAL & INVESTMENT CORPORATION
|
541
|
4.83%
|
$5,614
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
259
|
5.15%
|
$10,717
|
CROSSCOUNTRY MORTGAGE, LLC
|
214
|
5.28%
|
$11,550
|
QUICKEN LOANS, LLC
|
183
|
4.39%
|
$10,461
|
GUILD MORTGAGE COMPANY
|
178
|
4.94%
|
$11,684
|
ALTITUDE FINANCIAL CORPORATION
|
158
|
4.92%
|
$8,297
|
LOANDEPOT.COM, LLC
|
155
|
4.79%
|
$11,747
|
UNITED WHOLESALE MORTGAGE, LLC
|
135
|
4.75%
|
$10,597
|
V.I.P. MORTGAGE, INC.
|
109
|
5.04%
|
$11,166
|
SUNSTREET MORTGAGE, LLC
|
70
|
4.13%
|
$9,291
|
DHI MORTGAGE COMPANY, LTD.
|
66
|
4.28%
|
$10,596
|
MOVEMENT MORTGAGE, LLC
|
56
|
4.98%
|
$11,450
|
Prosperity Home Mortgage, LLC
|
55
|
5.45%
|
$10,621
|
FREEDOM MORTGAGE CORPORATION
|
52
|
4.57%
|
$9,675
|
KBHS HOME LOANS, LLC
|
52
|
4.68%
|
$15,568
|
PENNYMAC LOAN SERVICES, LLC
|
44
|
4.01%
|
$10,238
|
EAGLE HOME MORTGAGE, LLC
|
37
|
4.90%
|
$14,171
|
Paramount Residential Mortgage Group, Inc.
|
35
|
5.21%
|
$10,459
|
GENEVA FINANCIAL, LLC
|
35
|
4.84%
|
$12,090
|
AMERISAVE MORTGAGE CORPORATION
|
32
|
4.27%
|
$12,328
|
MORIA DEVELOPMENT, INC.
|
31
|
5.09%
|
$12,380
|
Lend Smart Mortgage, LLC
|
29
|
5.67%
|
$10,521
|
CARDINAL FINANCIAL
|
27
|
4.57%
|
$11,076
|
Mr. Cooper ( Nationstar Mortgage )
|
27
|
4.19%
|
$9,523
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
26
|
5.73%
|
$11,283
|
BROKER SOLUTIONS, INC.
|
25
|
4.70%
|
$11,616
|
GUARANTEED RATE, INC.
|
22
|
4.80%
|
$9,030
|
Nations Lending Corporation
|
22
|
4.75%
|
$9,974
|
LAKEVIEW LOAN SERVICING, LLC
|
21
|
4.09%
|
$8,061
|
NEWREZ LLC
|
20
|
4.21%
|
$8,659
|
HOME POINT FINANCIAL CORPORATION
|
20
|
4.08%
|
$11,110
|
HOMEAMERICAN MORTGAGE CORPORATION
|
20
|
4.79%
|
$9,690
|
LOANPAL, LLC
|
19
|
4.14%
|
$12,460
|
CALIBER HOME LOANS, INC.
|
18
|
4.54%
|
$9,759
|
Carrington Mortgage Services, LLC
|
16
|
4.82%
|
$10,642
|
PULTE MORTGAGE LLC
|
16
|
4.48%
|
$6,737
|
Equity Prime Mortgage LLC
|
15
|
5.22%
|
$13,242
|
Flagstar Bank, FSB
|
15
|
4.51%
|
$12,065
|
TOP FLITE FINANCIAL, INC.
|
14
|
5.41%
|
$17,203
|
AMCAP MORTGAGE, LTD.
|
14
|
4.90%
|
$13,415
|
Lakeview Community Capital, LLC
|
14
|
3.79%
|
$5,856
|
SUN WEST MORTGAGE COMPANY, INC.
|
12
|
4.77%
|
$9,279
|
RESIDENTIAL BANCORP
|
11
|
5.36%
|
$11,577
|
GUARANTEED RATE AFFINITY, LLC
|
11
|
5.06%
|
$10,916
|
HIGHLANDS RESIDENTIAL MORTGAGE, LTD.
|
10
|
5.90%
|
$10,925
|
Wells Fargo Bank
|
9
|
4.76%
|
$6,527
|
VILLAGE CAPITAL MORTGAGE
|
9
|
3.55%
|
$3,868
|
AMERICAN FINANCING CORPORATION
|
9
|
3.53%
|
$9,818
|
JPMorgan Chase Bank
|
8
|
4.34%
|
$5,792
|
LHM FINANCIAL CORPORATION
|
8
|
5.02%
|
$9,308
|
ACADEMY MORTGAGE CORPORATION
|
8
|
6.11%
|
$14,734
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
8
|
4.41%
|
$10,536
|
AmeriHome Mortgage Company, LLC
|
7
|
4.89%
|
$13,269
|
AMERICAN FINANCIAL RESOURCES, INC.
|
7
|
4.77%
|
$9,446
|
CALCON MUTUAL MORTGAGE LLC
|
7
|
5.36%
|
$14,153
|
SECURITYNATIONAL MORTGAGE COMPANY
|
7
|
4.77%
|
$13,771
|
PREMIER LENDING, INC.
|
6
|
4.42%
|
$8,847
|
VERITAS FUNDING, LLC
|
6
|
5.40%
|
$15,692
|
Amerifirst Financial, Inc.
|
6
|
5.48%
|
$10,002
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
6
|
4.63%
|
$10,824
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
6
|
4.37%
|
$10,706
|
FINANCE OF AMERICA MORTGAGE LLC
|
5
|
4.60%
|
$15,733
|
AMERICAN PORTFOLIO MORTGAGE CORPORATION
|
5
|
3.73%
|
$7,844
|
NETWORK CAPITAL FUNDING CORPORATION
|
5
|
4.85%
|
$9,566
|
SUMMIT FUNDING, INC.
|
5
|
5.05%
|
$11,762
|
Hometown Equity Mortgage, LLC
|
5
|
5.03%
|
$12,028
|
MID AMERICA MORTGAGE, INC.
|
4
|
4.44%
|
$4,073
|
MATTAMY HOME FUNDING, LLC
|
4
|
4.40%
|
$17,186
|
Magnolia Bank
|
4
|
5.25%
|
$10,928
|
NFM, INC.
|
4
|
5.09%
|
$10,538
|
SWBC MORTGAGE CORPORATION
|
4
|
4.94%
|
$11,172
|
BAY EQUITY LLC
|
4
|
5.91%
|
$9,496
|
LAND HOME FINANCIAL SERVICES, INC.
|
4
|
5.41%
|
$10,891
|
RELIANCE FIRST CAPITAL, LLC
|
4
|
4.78%
|
$9,020
|
M&T Bank
|
4
|
3.63%
|
$10,054
|
CITY FIRST MORTGAGE SERVICES, L.L.C.
|
4
|
4.47%
|
$12,883
|
NATIONS DIRECT MORTGAGE, LLC
|
3
|
3.75%
|
$12,364
|
AXIA FINANCIAL, LLC
|
3
|
4.46%
|
$9,893
|
CMG MORTGAGE, INC.
|
3
|
4.33%
|
$10,695
|
EVERETT FINANCIAL, INC.
|
3
|
4.96%
|
$5,713
|
First Guaranty Mortgage Corporation
|
3
|
3.92%
|
$8,634
|
Gateway First Bank
|
3
|
4.04%
|
$10,476
|
MICHIGAN MUTUAL, INC.
|
3
|
4.71%
|
$9,802
|
MLD MORTGAGE INC.
|
3
|
4.83%
|
$9,010
|
Mortgage Research Center, LLC
|
3
|
4.87%
|
$7,438
|
Plains Commerce Bank
|
3
|
5.29%
|
$14,999
|
PLANET HOME LENDING, LLC
|
3
|
4.67%
|
$7,805
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
3
|
5.42%
|
$11,961
|
SOUTHWEST STAGE FUNDING, LLC
|
3
|
5.88%
|
$5,851
|
SOVEREIGN LENDING GROUP INCORPORATED
|
3
|
3.50%
|
$11,182
|
The Home Loan Expert LLC
|
3
|
3.08%
|
$7,738
|
THRIVE MORTGAGE, LLC
|
2
|
5.63%
|
$12,789
|
ON Q FINANCIAL, INC.
|
2
|
5.75%
|
$10,581
|
STARBOARD FINANCIAL MANAGEMENT, LLC
|
2
|
5.06%
|
$15,630
|
OPEN MORTGAGE, LLC
|
2
|
4.31%
|
$14,051
|
Neighborhood Loans, Inc.
|
2
|
4.19%
|
$11,979
|
Sunflower Bank
|
2
|
4.94%
|
$9,647
|
U.S. Bank
|
2
|
4.13%
|
$7,289
|
CENTENNIAL LENDING, LLC
|
2
|
5.25%
|
$13,219
|
ENVOY MORTGAGE, LTD
|
2
|
5.56%
|
$12,641
|
BECKAM FUNDING CORP.
|
2
|
4.63%
|
$12,506
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
2
|
6.44%
|
$15,481
|
HOMEOWNERS FINANCIAL GROUP USA, LLC
|
2
|
5.69%
|
$11,123
|
EMBRACE HOME LOANS, INC.
|
2
|
5.06%
|
$14,259
|
LOANLEADERS OF AMERICA, INC.
|
2
|
4.31%
|
$12,934
|
MORTGAGEONE, INC.
|
2
|
4.94%
|
$8,954
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
2
|
4.94%
|
$9,482
|
LADERA LENDING, INC.
|
2
|
4.88%
|
$10,855
|
EMM LOANS LLC
|
1
|
5.25%
|
$15,061
|
ALAMEDA MORTGAGE CORPORATION
|
1
|
6.75%
|
$21,808
|
Cornerstone First Mortgage, Inc
|
1
|
6.63%
|
$12,401
|
CONTOUR MORTGAGE CORPORATION
|
1
|
6.75%
|
$11,714
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
5.75%
|
$12,219
|
ROUNDPOINT MORTGAGE SERVICING CORPORATION
|
1
|
3.75%
|
$13,754
|
CANOPY MORTGAGE, LLC
|
1
|
5.25%
|
$12,418
|
Sierra Pacific Mortgage Company, Inc.
|
1
|
3.13%
|
$19,138
|
Willamette Valley Bank
|
1
|
5.75%
|
$15,273
|
Wyndham Capital Mortgage, Inc.
|
1
|
5.13%
|
$7,454
|
Strong Home Mortgage, LLC
|
1
|
3.38%
|
$10,021
|
BOKF
|
1
|
3.88%
|
$8,364
|
Bell Bank
|
1
|
4.63%
|
$10,672
|
BELEM SERVICING LLC
|
1
|
3.63%
|
$18,979
|
The Camden National Bank
|
1
|
5.63%
|
$10,318
|
The Federal Savings Bank
|
1
|
3.63%
|
$19,647
|
ZILLOW HOME LOANS, LLC
|
1
|
4.00%
|
$7,126
|
TJC Mortgage, Inc.
|
1
|
4.50%
|
$11,838
|
Barrington Bank & Trust Company, N.A.
|
1
|
3.88%
|
$10,817
|
TruHome Solutions, LLC
|
1
|
3.38%
|
$5,096
|
UNION HOME MORTGAGE CORP.
|
1
|
6.25%
|
$10,771
|
Bank of England
|
1
|
5.50%
|
$13,230
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
1
|
3.63%
|
$10,434
|
Bank of America
|
1
|
4.25%
|
$19,584
|
Loan Simple, Inc.
|
1
|
3.00%
|
$8,256
|
Midwest Community Bank
|
1
|
4.75%
|
$8,094
|
MK LENDING CORP.
|
1
|
3.88%
|
$18,453
|
Austin Capital Bank SSB
|
1
|
4.13%
|
$10,036
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
1
|
6.75%
|
$11,714
|
INTELLILOAN, INC.
|
1
|
4.88%
|
$16,177
|
IDEAL HOME LOANS LLC
|
1
|
3.75%
|
$7,686
|
HOMESIDE FINANCIAL, LLC
|
1
|
2.50%
|
$9,775
|
1st Security Bank of Washington
|
1
|
7.13%
|
$13,020
|
GUARANTY HOME MORTGAGE CORPORATION
|
1
|
4.50%
|
$10,659
|
GSF Mortgage Corporation
|
1
|
6.13%
|
$8,434
|
NEW WEST LENDING, INC.
|
1
|
4.00%
|
$5,836
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
1
|
6.13%
|
$14,773
|
FirstBank
|
1
|
4.25%
|
$11,787
|
OCEANSIDE MORTGAGE COMPANY
|
1
|
5.63%
|
$5,085
|
OCMBC, INC.
|
1
|
2.88%
|
$6,614
|
EVERGREEN MONEYSOURCE MORTGAGE COMPANY
|
1
|
6.13%
|
$15,835
|
PHH Mortgage Corporation
|
1
|
3.75%
|
$6,009
|
Wallick & Volk, Inc.
|
1
|
6.75%
|
$8,573
|
Waterstone Mortgage Corporation
|
1
|
5.13%
|
$14,442
|
PLAZA HOME MORTGAGE, INC.
|
1
|
4.63%
|
$6,617
|
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 |
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).