Vernal FHA Loan Rates, Closing Costs & Stats

Vernal, UT

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Vernal's 37 lenders originated 238 FHA loans during 2024. The total origination value was $69,930,000, with an average FHA loan value of $293,824.

    Vernal FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Vernal averaged 0.2% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Vernal's average FHA mortgage closing costs are $9,352.

    The average rate for the prior week (2025-06-13) was 6.58% and one month ago for the week of 2025-05-16, the average rate was 6.44%.

    The average rate one year ago was 6.69%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.15%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Vernal 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 Vernal level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 63 6.48% $12,785
    MOUNTAIN AMERICA 30 5.84% $10,369
    UNITED WHOLESALE MORTGAGE, LLC 20 6.09% $12,003
    Bank of Utah 18 6.22% $8,688
    Plains Commerce Bank 13 6.38% $12,939
    QUICKEN LOANS, LLC 7 6.10% $14,421
    The Loan Store, Inc. 4 6.28% $9,727
    PENNYMAC LOAN SERVICES, LLC 4 6.22% $14,164
    Century Mortgage Company DBA Century Lending Company 4 6.47% $11,978
    FIRST COLONY MORTGAGE CORPORATION 4 7.03% $11,722
    Equity Prime Mortgage LLC 3 7.75% $13,670
    FREEDOM MORTGAGE CORPORATION 3 6.54% $15,991
    CASTLE & COOKE MORTGAGE, LLC 3 6.71% $15,705
    INTERCAP LENDING INC. 3 6.63% $12,293
    Ixonia Bank 3 6.75% $15,207
    NEWREZ LLC 2 6.75% $9,030
    LOANDEPOT.COM, LLC 2 5.68% $12,410
    Northpointe Bank 2 5.38% $14,133
    Flagstar Bank, FSB 2 6.19% $9,478
    Paramount Residential Mortgage Group, Inc. 2 6.25% $14,864
    ZILLOW HOME LOANS, LLC 1 6.75% $9,971
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.38% $2,992
    Bank of England 1 5.75% $17,972
    CARDINAL FINANCIAL 1 7.63% $10,340
    Carrington Mortgage Services, LLC 1 6.00% $11,561
    CROSSCOUNTRY MORTGAGE, LLC 1 6.50% $16,693
    GUARANTEED RATE AFFINITY, LLC 1 7.00% $13,208
    JMAC LENDING, INC. 1 6.25% $8,209
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,708
    Mortgage Research Center, LLC 1 6.75% $5,116
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $14,408
    PLANET HOME LENDING, LLC 1 6.13% $9,095
    RANLIFE, INC. 1 6.63% $16,294
    SECURITY HOME MORTGAGE, LLC. 1 6.25% $7,163
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $10,883
    Wells Fargo Bank 1 6.38% $10,125
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.50% $11,267

    The top Vernal FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 63 FHA loans originated. Their average total fees are $12,785, which is $2,416 higher than the next largest lender, MOUNTAIN AMERICA.

    The lowest fee Vernal FHA lenders (with over 10 loans originated) are Bank of Utah ($8,688), MOUNTAIN AMERICA ($10,369), UNITED WHOLESALE MORTGAGE, LLC ($12,003), GUILD MORTGAGE COMPANY ($12,785) and Plains Commerce Bank ($12,939).

    The lowest rate Vernal FHA lenders (with over 10 loans originated) are MOUNTAIN AMERICA (5.84%), UNITED WHOLESALE MORTGAGE, LLC (6.09%), Bank of Utah (6.22%), Plains Commerce Bank (6.38%) and GUILD MORTGAGE COMPANY (6.48%).

    Vernal FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    VERNAL, UT UINTAH 2022 $420,680 $538,650 $651,050 $809,150
    VERNAL, UT UINTAH 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).