Vernal FHA Loan Rates, Closing Costs & Stats

Vernal, UT

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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.

    Vernal's 27 lenders originated 192 FHA loans during 2023. The total origination value was $55,400,000, with an average FHA loan value of $288,542.

    Vernal FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Vernal averaged 6.73% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Vernal's average FHA mortgage closing costs are $8,910.

    The average rate for the prior week (2025-02-07) was 6.54% and one month ago for the week of 2025-01-10, the average rate was 6.5%.

    The average rate one year ago was 6.43%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.72%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 46 6.86% $13,303
    UNITED WHOLESALE MORTGAGE, LLC 20 6.38% $12,088
    MOUNTAIN AMERICA 9 6.25% $10,526
    NEWREZ LLC 8 6.27% $9,125
    INTERCAP LENDING INC. 7 6.41% $11,790
    CARDINAL FINANCIAL 6 6.87% $12,492
    Plains Commerce Bank 6 6.81% $14,826
    FIRST COLONY MORTGAGE CORPORATION 6 6.58% $12,137
    LOANDEPOT.COM, LLC 5 6.10% $15,861
    CASTLE & COOKE MORTGAGE, LLC 4 7.31% $13,804
    Northpointe Bank 4 6.72% $15,388
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.54% $14,356
    Century Mortgage Company DBA Century Lending Company 3 6.33% $11,136
    ACADEMY MORTGAGE CORPORATION 2 7.94% $14,243
    BROKER SOLUTIONS, INC. 2 6.31% $14,257
    CROSSCOUNTRY MORTGAGE, LLC 2 6.41% $16,982
    GUARANTEED RATE AFFINITY, LLC 2 6.19% $14,305
    LOANPAL, LLC 2 5.31% $19,892
    PENNYMAC LOAN SERVICES, LLC 2 5.69% $12,529
    QUICKEN LOANS, LLC 2 6.12% $10,446
    FREEDOM MORTGAGE CORPORATION 1 6.25% $20,044
    OCMBC, INC. 1 7.00% $8,479
    Bank of Utah 1 7.13% $4,260
    Barrington Bank & Trust Company, N.A. 1 6.75% $12,109
    Bank of England 1 6.63% $16,186
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $11,617
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.50% $22,129

    The top Vernal FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 46 FHA loans originated. Their average total fees are $13,303, which is $1,215 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Vernal FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($12,088), GUILD MORTGAGE COMPANY ($13,303), .

    The lowest rate Vernal FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.38%), GUILD MORTGAGE COMPANY (6.86%), .

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Vernal (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 $169,900 (2.3%) $202,383 (0.6%) 0.00 259
    2018-02-01 $175,900 (5.9%) $208,633 (4.1%) 0.00 251
    2018-03-01 $187,250 (13.5%) $216,863 (8.8%) 0.00 233
    2018-04-01 $189,450 (11.8%) $218,976 (7.2%) 0.00 242
    2018-05-01 $209,900 (18.4%) $231,150 (8.6%) 0.00 247
    2018-06-01 $205,000 (11.7%) $229,188 (4.2%) 0.00 272
    2018-07-01 $202,450 (12.9%) $231,727 (9.9%) 0.00 284
    2018-08-01 $199,900 (13.6%) $227,815 (8.5%) 0.00 297
    2018-09-01 $189,000 (8.1%) $226,913 (9.0%) 0.00 283
    2018-10-01 $186,950 (7.2%) $226,621 (9.5%) 0.00 302
    2018-11-01 $190,600 (10.5%) $225,502 (10.4%) 0.00 294
    2018-12-01 $180,000 (3.3%) $221,052 (7.6%) 0.00 275
    2019-01-01 $188,250 (10.8%) $220,119 (8.8%) 0.00 262
    2019-02-01 $189,675 (7.8%) $220,993 (5.9%) 0.00 240
    2019-03-01 $199,979 (6.8%) $232,693 (7.3%) 0.00 225
    2019-04-01 $212,475 (12.2%) $244,980 (11.9%) 0.00 227
    2019-05-01 $219,925 (4.8%) $251,172 (8.7%) 0.00 255
    2019-06-01 $225,000 (9.8%) $253,631 (10.7%) 0.00 267
    2019-07-01 $224,925 (11.1%) $251,340 (8.5%) 0.00 271
    2019-08-01 $214,336 (7.2%) $243,086 (6.7%) 0.00 266
    2019-09-01 $205,991 (9.0%) $238,161 (5.0%) 0.00 260
    2019-10-01 $207,677 (11.1%) $239,761 (5.8%) 0.00 238
    2019-11-01 $215,000 (12.8%) $242,852 (7.7%) 0.00 214
    2019-12-01 $212,750 (18.2%) $237,873 (7.6%) 0.00 199
    2020-01-01 $210,000 (11.6%) $235,536 (7.0%) 0.00 196
    2020-02-01 $215,500 (13.6%) $242,775 (9.9%) 0.00 201
    2020-03-01 $218,700 (9.4%) $246,681 (6.0%) 0.00 171
    2020-04-01 $223,750 (5.3%) $252,450 (3.1%) 0.00 180
    2020-05-01 $209,000 (-5.0%) $238,545 (-5.0%) 0.00 201
    2020-06-01 $209,725 (-6.8%) $236,215 (-6.9%) 0.00 196
    2020-07-01 $207,500 (-7.8%) $239,248 (-4.8%) 0.00 181
    2020-08-01 $199,250 (-7.0%) $237,251 (-2.4%) 0.00 161
    2020-09-01 $191,175 (-7.2%) $227,818 (-4.3%) 0.00 162
    2020-10-01 $175,250 (-15.6%) $217,488 (-9.3%) 0.00 164
    2020-11-01 $168,625 (-21.6%) $228,548 (-5.9%) 0.00 129
    2020-12-01 $175,575 (-17.5%) $239,349 (0.6%) 0.00 119
    2021-01-01 $189,950 (-9.6%) $247,028 (4.9%) 0.00 110
    2021-02-01 $194,200 (-9.9%) $229,128 (-5.6%) 0.00 109
    2021-03-01 $197,500 (-9.7%) $251,774 (2.1%) 0.00 85
    2021-04-01 $199,450 (-10.9%) $281,720 (11.6%) 0.00 86
    2021-05-01 $229,950 (10.0%) $340,984 (42.9%) 0.00 74
    2021-06-01 $266,475 (27.1%) $375,162 (58.8%) 0.00 65
    2021-07-01 $279,900 (34.9%) $396,679 (65.8%) 0.00 70
    2021-08-01 $279,250 (40.2%) $398,593 (68.0%) 0.00 74
    2021-09-01 $265,950 (39.1%) $365,572 (60.5%) 0.00 87
    2021-10-01 $302,450 (72.6%) $374,247 (72.1%) 0.00 63
    2021-11-01 $331,000 (96.3%) $400,920 (75.4%) 0.00 43
    2021-12-01 $314,950 (79.4%) $379,531 (58.6%) 0.00 42
    2022-01-01 $304,950 (60.5%) $383,185 (55.1%) 0.00 25
    2022-02-01 $302,400 (55.7%) $415,793 (81.5%) 0.00 29
    2022-03-01 $322,750 (63.4%) $458,479 (82.1%) 0.00 28
    2022-04-01 $311,950 (56.4%) $488,474 (73.4%) 0.00 31
    2022-05-01 $312,500 (35.9%) $443,853 (30.2%) 0.00 51
    2022-06-01 $347,225 (30.3%) $458,489 (22.2%) 0.00 49
    2022-07-01 $364,950 (30.4%) $452,536 (14.1%) 0.00 69
    2022-08-01 $369,900 (32.5%) $473,531 (18.8%) 0.00 74
    2022-09-01 $405,950 (52.6%) $503,735 (37.8%) 0.00 63
    2022-10-01 $402,450 (33.1%) $516,325 (38.0%) 0.00 71
    2022-11-01 $391,700 (18.3%) $482,727 (20.4%) 0.00 75
    2022-12-01 $399,900 (27.0%) $473,278 (24.7%) 0.00 66
    2023-01-01 $379,125 (24.3%) $457,088 (19.3%) 0.00 52
    2023-02-01 $376,875 (24.6%) $467,226 (12.4%) 0.00 50
    2023-03-01 $381,975 (18.4%) $487,391 (6.3%) 0.00 38
    2023-04-01 $510,000 (63.5%) $537,470 (10.0%) 0.00 46
    2023-05-01 $504,500 (61.4%) $537,408 (21.1%) 0.00 49
    2023-06-01 $471,450 (35.8%) $548,921 (19.7%) 0.00 62
    2023-07-01 $440,000 (20.6%) $537,936 (18.9%) 0.00 64
    2023-08-01 $424,925 (14.9%) $531,146 (12.2%) 0.00 62
    2023-09-01 $405,900 (0.0%) $538,567 (6.9%) 0.00 79
    2023-10-01 $399,900 (-0.6%) $509,017 (-1.4%) 0.00 93
    2023-11-01 $408,175 (4.2%) $505,157 (4.7%) 0.00 99
    2023-12-01 $395,000 (-1.2%) $497,746 (5.2%) 0.00 93
    2024-01-01 $391,225 (3.2%) $490,322 (7.3%) 0.00 77
    2024-02-01 $427,500 (13.4%) $524,584 (12.3%) 0.00 72
    2024-03-01 $484,000 (26.7%) $531,194 (9.0%) 0.00 69
    2024-04-01 $474,500 (-7.0%) $531,347 (-1.1%) 0.00 69
    2024-05-01 $478,500 (-5.2%) $535,296 (-0.4%) 0.00 84
    2024-06-01 $450,000 (-4.6%) $528,527 (-3.7%) 0.00 95
    2024-07-01 $428,500 (-2.6%) $524,842 (-2.4%) 0.00 113
    2024-08-01 $422,500 (-0.6%) $522,447 (-1.6%) 0.00 121
    2024-09-01 $392,000 (-3.4%) $498,528 (-7.4%) 0.00 123
    2024-10-01 $387,500 (-3.1%) $490,507 (-3.6%) 0.00 124
    2024-11-01 $409,500 (0.3%) $500,919 (-0.8%) 0.00 116
    2024-12-01 $393,600 (-0.4%) $498,375 (0.1%) 0.00 99
    2025-01-01 $404,950 (3.5%) $506,931 (3.4%) 0.00 91
    Vernal's median listing price for 2025-01-01 was $404,950, a difference of $13,725 (3.5%) versus the prior year and $11,350 versus the prior month.

    Vernal's median listing price comes in at 0% of the national average.

    Vernal's average listing price for 2025-01-01 was $506,931, a difference of $16,609 (3.4%) versus the prior year and $8,556 versus the prior month.

    For the 2025-01-01 period, Vernal had 91 MLS listings, a difference of -8 listings (-8%) versus the prior month and 14 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Vernal (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,782 sqft
    2018-02-01 0 days 1,805 sqft
    2018-03-01 0 days 1,836 sqft
    2018-04-01 0 days 1,872 sqft
    2018-05-01 0 days 1,963 sqft
    2018-06-01 0 days 1,950 sqft
    2018-07-01 0 days 1,922 sqft
    2018-08-01 0 days 1,842 sqft
    2018-09-01 0 days 1,815 sqft
    2018-10-01 0 days 1,839 sqft
    2018-11-01 0 days 1,800 sqft
    2018-12-01 0 days 1,695 sqft
    2019-01-01 0 days 1,702 sqft
    2019-02-01 0 days 1,713 sqft
    2019-03-01 0 days 1,846 sqft
    2019-04-01 0 days 1,947 sqft
    2019-05-01 0 days 2,004 sqft
    2019-06-01 0 days 2,080 sqft
    2019-07-01 0 days 2,020 sqft
    2019-08-01 0 days 1,943 sqft
    2019-09-01 0 days 1,903 sqft
    2019-10-01 0 days 1,904 sqft
    2019-11-01 0 days 1,885 sqft
    2019-12-01 0 days 1,906 sqft
    2020-01-01 0 days 1,881 sqft
    2020-02-01 0 days 1,888 sqft
    2020-03-01 0 days 1,860 sqft
    2020-04-01 0 days 1,891 sqft
    2020-05-01 0 days 1,839 sqft
    2020-06-01 0 days 1,838 sqft
    2020-07-01 0 days 1,810 sqft
    2020-08-01 0 days 1,759 sqft
    2020-09-01 0 days 1,615 sqft
    2020-10-01 0 days 1,588 sqft
    2020-11-01 0 days 1,520 sqft
    2020-12-01 0 days 1,506 sqft
    2021-01-01 0 days 1,604 sqft
    2021-02-01 0 days 1,583 sqft
    2021-03-01 0 days 1,616 sqft
    2021-04-01 0 days 1,606 sqft
    2021-05-01 0 days 1,788 sqft
    2021-06-01 0 days 1,952 sqft
    2021-07-01 0 days 1,986 sqft
    2021-08-01 0 days 2,329 sqft
    2021-09-01 0 days 2,002 sqft
    2021-10-01 0 days 2,341 sqft
    2021-11-01 0 days 2,450 sqft
    2021-12-01 0 days 2,340 sqft
    2022-01-01 0 days 1,994 sqft
    2022-02-01 0 days 2,170 sqft
    2022-03-01 0 days 2,224 sqft
    2022-04-01 0 days 1,894 sqft
    2022-05-01 0 days 1,713 sqft
    2022-06-01 0 days 1,928 sqft
    2022-07-01 0 days 2,016 sqft
    2022-08-01 0 days 2,079 sqft
    2022-09-01 0 days 2,324 sqft
    2022-10-01 0 days 2,594 sqft
    2022-11-01 0 days 2,498 sqft
    2022-12-01 0 days 2,568 sqft
    2023-01-01 0 days 2,581 sqft
    2023-02-01 0 days 2,425 sqft
    2023-03-01 0 days 2,526 sqft
    2023-04-01 0 days 2,880 sqft
    2023-05-01 0 days 2,938 sqft
    2023-06-01 0 days 2,745 sqft
    2023-07-01 0 days 2,680 sqft
    2023-08-01 0 days 2,371 sqft
    2023-09-01 0 days 2,399 sqft
    2023-10-01 0 days 2,390 sqft
    2023-11-01 0 days 2,416 sqft
    2023-12-01 0 days 2,382 sqft
    2024-01-01 0 days 2,399 sqft
    2024-02-01 0 days 2,602 sqft
    2024-03-01 0 days 2,736 sqft
    2024-04-01 0 days 2,540 sqft
    2024-05-01 0 days 2,568 sqft
    2024-06-01 0 days 2,376 sqft
    2024-07-01 0 days 2,239 sqft
    2024-08-01 0 days 2,250 sqft
    2024-09-01 0 days 2,142 sqft
    2024-10-01 0 days 2,011 sqft
    2024-11-01 0 days 2,145 sqft
    2024-12-01 0 days 1,954 sqft
    2025-01-01 0 days 1,981 sqft
    Vernal's median listing age (time on market) for 2025-01-01 was 0 days.

    Vernal's median square footage for active listings during the 2025-01-01 period was 1,981 sqft. One year prior, the average listing was 2,399 sqft.

    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).