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 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).