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).