Woodward FHA Loan Rates, Closing Costs & Stats

Woodward, OK

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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.

    Woodward's 18 lenders originated 48 FHA loans during 2023. The total origination value was $6,930,000, with an average FHA loan value of $144,375.

    Woodward FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Woodward averaged 0.18% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Woodward's average FHA mortgage closing costs are $5,716.

    The average rate for the prior week (2024-11-08) was 6.69% and one month ago for the week of 2024-10-11, the average rate was 6.29%.

    The average rate one year ago was 7.44%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Woodward 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 Woodward level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Gateway First Bank 8 6.80% $5,653
    Stride Bank 5 6.88% $6,623
    GUILD MORTGAGE COMPANY 4 6.88% $6,204
    BROKER SOLUTIONS, INC. 3 6.75% $8,149
    GUARANTEED RATE, INC. 3 6.58% $8,145
    QUICKEN LOANS, LLC 2 5.74% $7,738
    UNITED WHOLESALE MORTGAGE, LLC 2 6.50% $9,257
    Mortgage Investment Services Corporation 1 7.25% $4,597
    OPEN MORTGAGE, LLC 1 7.13% $6,679
    UNION HOME MORTGAGE CORP. 1 7.13% $7,566
    United Fidelity Funding Corp. 1 6.13% $6,971
    MidFirst Bank 1 7.25% $6,662
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $10,682
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $3,933
    Flagstar Bank, FSB 1 6.66% $4,354
    MID AMERICA MORTGAGE, INC. 1 8.25% $2,500
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $5,859
    MORTGAGE ACCESS CORP. 1 7.50% $9,681

    The top Woodward FHA lender as defined by loan originations is Gateway First Bank, with 8 FHA loans originated. Their average total fees are $5,653, which is $970 lower than the next largest lender, Stride Bank.

    The lowest fee Woodward FHA lenders (with over 10 loans originated) are .

    The lowest rate Woodward FHA lenders (with over 10 loans originated) are .

    Woodward FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WOODWARD, OK ELLIS 2022 $420,680 $538,650 $651,050 $809,150
    WOODWARD, OK WOODWARD 2022 $420,680 $538,650 $651,050 $809,150
    WOODWARD, OK ELLIS 2023 $472,030 $604,400 $730,525 $907,900
    WOODWARD, OK WOODWARD 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Woodward (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 $140,000 (-3.1%) $189,345 (2.5%) 0.00 113
    2018-02-01 $139,750 (0.5%) $177,985 (-2.9%) 0.00 117
    2018-03-01 $139,500 (-0.4%) $176,067 (-5.4%) 0.00 116
    2018-04-01 $135,500 (3.0%) $180,288 (-0.7%) 0.00 112
    2018-05-01 $131,875 (0.3%) $179,124 (0.8%) 0.00 113
    2018-06-01 $130,000 (0.2%) $186,156 (2.6%) 0.00 133
    2018-07-01 $125,000 (-3.5%) $176,533 (-5.5%) 0.00 147
    2018-08-01 $125,000 (-6.9%) $177,479 (-5.0%) 0.00 154
    2018-09-01 $128,000 (-14.7%) $172,782 (-15.7%) 0.00 154
    2018-10-01 $120,000 (-20.5%) $159,511 (-22.1%) 0.00 146
    2018-11-01 $120,000 (-15.0%) $160,756 (-18.8%) 0.00 135
    2018-12-01 $120,000 (-9.4%) $164,555 (-15.2%) 0.00 125
    2019-01-01 $124,625 (-11.0%) $164,251 (-13.3%) 0.00 124
    2019-02-01 $136,000 (-2.7%) $168,625 (-5.3%) 0.00 116
    2019-03-01 $147,957 (6.1%) $181,563 (3.1%) 0.00 106
    2019-04-01 $158,225 (16.8%) $188,042 (4.3%) 0.00 104
    2019-05-01 $156,375 (18.6%) $184,640 (3.1%) 0.00 105
    2019-06-01 $155,000 (19.2%) $187,666 (0.8%) 0.00 111
    2019-07-01 $157,450 (26.0%) $184,752 (4.7%) 0.00 116
    2019-08-01 $147,818 (18.3%) $177,253 (-0.1%) 0.00 117
    2019-09-01 $146,795 (14.7%) $176,121 (1.9%) 0.00 122
    2019-10-01 $145,250 (21.0%) $175,218 (9.9%) 0.00 124
    2019-11-01 $143,500 (19.6%) $172,341 (7.2%) 0.00 123
    2019-12-01 $140,500 (17.1%) $170,999 (3.9%) 0.00 103
    2020-01-01 $140,000 (12.3%) $171,800 (4.6%) 0.00 102
    2020-02-01 $137,500 (1.1%) $164,779 (-2.3%) 0.00 98
    2020-03-01 $140,000 (-5.4%) $167,243 (-7.9%) 0.00 111
    2020-04-01 $143,750 (-9.2%) $178,586 (-5.0%) 0.00 115
    2020-05-01 $140,000 (-10.5%) $180,810 (-2.1%) 0.00 111
    2020-06-01 $136,125 (-12.2%) $171,595 (-8.6%) 0.00 131
    2020-07-01 $136,000 (-13.6%) $174,374 (-5.6%) 0.00 128
    2020-08-01 $130,000 (-12.1%) $175,318 (-1.1%) 0.00 121
    2020-09-01 $120,000 (-18.3%) $187,041 (6.2%) 0.00 120
    2020-10-01 $114,500 (-21.2%) $181,603 (3.6%) 0.00 110
    2020-11-01 $120,000 (-16.4%) $186,551 (8.3%) 0.00 99
    2020-12-01 $118,875 (-15.4%) $190,564 (11.4%) 0.00 96
    2021-01-01 $110,000 (-21.4%) $187,319 (9.0%) 0.00 88
    2021-02-01 $115,000 (-16.4%) $197,973 (20.1%) 0.00 80
    2021-03-01 $115,750 (-17.3%) $201,587 (20.5%) 0.00 75
    2021-04-01 $113,750 (-20.9%) $193,510 (8.4%) 0.00 84
    2021-05-01 $116,000 (-17.1%) $186,900 (3.4%) 0.00 88
    2021-06-01 $115,000 (-15.5%) $183,183 (6.8%) 0.00 70
    2021-07-01 $130,750 (-3.9%) $187,845 (7.7%) 0.00 69
    2021-08-01 $127,000 (-2.3%) $166,959 (-4.8%) 0.00 76
    2021-09-01 $128,500 (7.1%) $168,370 (-10.0%) 0.00 72
    2021-10-01 $135,000 (17.9%) $181,459 (-0.1%) 0.00 82
    2021-11-01 $130,625 (8.9%) $182,089 (-2.4%) 0.00 77
    2021-12-01 $129,625 (9.0%) $174,136 (-8.6%) 0.00 78
    2022-01-01 $129,000 (17.3%) $176,491 (-5.8%) 0.00 69
    2022-02-01 $117,500 (2.2%) $162,324 (-18.0%) 0.00 70
    2022-03-01 $126,750 (9.5%) $179,677 (-10.9%) 0.00 76
    2022-04-01 $135,000 (18.7%) $181,568 (-6.2%) 0.00 82
    2022-05-01 $141,250 (21.8%) $192,877 (3.2%) 0.00 78
    2022-06-01 $130,250 (13.3%) $176,766 (-3.5%) 0.00 77
    2022-07-01 $128,000 (-2.1%) $174,215 (-7.3%) 0.00 83
    2022-08-01 $129,000 (1.6%) $173,875 (4.1%) 0.00 86
    2022-09-01 $131,750 (2.5%) $173,995 (3.3%) 0.00 85
    2022-10-01 $125,000 (-7.4%) $173,629 (-4.3%) 0.00 76
    2022-11-01 $133,250 (2.0%) $188,997 (3.8%) 0.00 76
    2022-12-01 $139,250 (7.4%) $191,893 (10.2%) 0.00 73
    2023-01-01 $146,250 (13.4%) $196,321 (11.2%) 0.00 67
    2023-02-01 $143,625 (22.2%) $196,965 (21.3%) 0.00 60
    2023-03-01 $150,125 (18.4%) $201,096 (11.9%) 0.00 51
    2023-04-01 $160,000 (18.5%) $197,485 (8.8%) 0.00 56
    2023-05-01 $150,750 (6.7%) $196,338 (1.8%) 0.00 55
    2023-06-01 $149,625 (14.9%) $192,775 (9.1%) 0.00 58
    2023-07-01 $145,000 (13.3%) $183,099 (5.1%) 0.00 62
    2023-08-01 $141,750 (9.9%) $189,426 (8.9%) 0.00 66
    2023-09-01 $143,500 (8.9%) $195,354 (12.3%) 0.00 70
    2023-10-01 $133,975 (7.2%) $196,084 (12.9%) 0.00 74
    2023-11-01 $139,025 (4.3%) $204,724 (8.3%) 0.00 78
    2023-12-01 $155,000 (11.3%) $220,908 (15.1%) 0.00 77
    2024-01-01 $151,250 (3.4%) $205,624 (4.7%) 0.00 76
    2024-02-01 $143,750 (0.1%) $203,650 (3.4%) 0.00 77
    2024-03-01 $157,500 (4.9%) $210,863 (4.9%) 0.00 79
    2024-04-01 $151,250 (-5.5%) $198,809 (0.7%) 0.00 82
    2024-05-01 $150,000 (-0.5%) $196,484 (0.1%) 0.00 78
    2024-06-01 $172,000 (15.0%) $221,044 (14.7%) 0.00 79
    2024-07-01 $176,000 (21.4%) $215,855 (17.9%) 0.00 87
    2024-08-01 $160,000 (12.9%) $218,208 (15.2%) 0.00 85
    2024-09-01 $152,500 (6.3%) $210,816 (7.9%) 0.00 80
    2024-10-01 $160,000 (19.4%) $212,642 (8.4%) 0.00 81
    Woodward's median listing price for 2024-10-01 was $160,000, a difference of $26,025 (19.4%) versus the prior year and $7,500 versus the prior month.

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

    Woodward's average listing price for 2024-10-01 was $212,642, a difference of $16,558 (8.4%) versus the prior year and $1,826 versus the prior month.

    For the 2024-10-01 period, Woodward had 81 MLS listings, a difference of 1 listings (1%) versus the prior month and 7 listings (9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Woodward (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,696 sqft
    2018-02-01 0 days 1,719 sqft
    2018-03-01 0 days 1,711 sqft
    2018-04-01 0 days 1,745 sqft
    2018-05-01 0 days 1,761 sqft
    2018-06-01 0 days 1,745 sqft
    2018-07-01 0 days 1,629 sqft
    2018-08-01 0 days 1,724 sqft
    2018-09-01 0 days 1,680 sqft
    2018-10-01 0 days 1,625 sqft
    2018-11-01 0 days 1,608 sqft
    2018-12-01 0 days 1,630 sqft
    2019-01-01 0 days 1,626 sqft
    2019-02-01 0 days 1,610 sqft
    2019-03-01 0 days 1,758 sqft
    2019-04-01 0 days 1,781 sqft
    2019-05-01 0 days 1,811 sqft
    2019-06-01 0 days 1,823 sqft
    2019-07-01 0 days 1,803 sqft
    2019-08-01 0 days 1,645 sqft
    2019-09-01 0 days 1,665 sqft
    2019-10-01 0 days 1,678 sqft
    2019-11-01 0 days 1,682 sqft
    2019-12-01 0 days 1,588 sqft
    2020-01-01 0 days 1,571 sqft
    2020-02-01 0 days 1,588 sqft
    2020-03-01 0 days 1,583 sqft
    2020-04-01 0 days 1,671 sqft
    2020-05-01 0 days 1,692 sqft
    2020-06-01 0 days 1,571 sqft
    2020-07-01 0 days 1,629 sqft
    2020-08-01 0 days 1,560 sqft
    2020-09-01 0 days 1,558 sqft
    2020-10-01 0 days 1,455 sqft
    2020-11-01 0 days 1,560 sqft
    2020-12-01 0 days 1,546 sqft
    2021-01-01 0 days 1,476 sqft
    2021-02-01 0 days 1,488 sqft
    2021-03-01 0 days 1,537 sqft
    2021-04-01 0 days 1,551 sqft
    2021-05-01 0 days 1,546 sqft
    2021-06-01 0 days 1,559 sqft
    2021-07-01 0 days 1,592 sqft
    2021-08-01 0 days 1,583 sqft
    2021-09-01 0 days 1,561 sqft
    2021-10-01 0 days 1,609 sqft
    2021-11-01 0 days 1,648 sqft
    2021-12-01 0 days 1,675 sqft
    2022-01-01 0 days 1,601 sqft
    2022-02-01 0 days 1,585 sqft
    2022-03-01 0 days 1,624 sqft
    2022-04-01 0 days 1,808 sqft
    2022-05-01 0 days 1,801 sqft
    2022-06-01 0 days 1,679 sqft
    2022-07-01 0 days 1,674 sqft
    2022-08-01 0 days 1,658 sqft
    2022-09-01 0 days 1,655 sqft
    2022-10-01 0 days 1,621 sqft
    2022-11-01 0 days 1,668 sqft
    2022-12-01 0 days 1,732 sqft
    2023-01-01 0 days 1,690 sqft
    2023-02-01 0 days 1,715 sqft
    2023-03-01 0 days 1,772 sqft
    2023-04-01 0 days 1,723 sqft
    2023-05-01 0 days 1,757 sqft
    2023-06-01 0 days 1,674 sqft
    2023-07-01 0 days 1,514 sqft
    2023-08-01 0 days 1,571 sqft
    2023-09-01 0 days 1,673 sqft
    2023-10-01 0 days 1,572 sqft
    2023-11-01 0 days 1,606 sqft
    2023-12-01 0 days 1,711 sqft
    2024-01-01 0 days 1,672 sqft
    2024-02-01 0 days 1,540 sqft
    2024-03-01 0 days 1,707 sqft
    2024-04-01 0 days 1,675 sqft
    2024-05-01 0 days 1,600 sqft
    2024-06-01 0 days 1,791 sqft
    2024-07-01 0 days 1,872 sqft
    2024-08-01 0 days 1,812 sqft
    2024-09-01 0 days 1,784 sqft
    2024-10-01 0 days 1,786 sqft
    Woodward's median listing age (time on market) for 2024-10-01 was 0 days.

    Woodward's median square footage for active listings during the 2024-10-01 period was 1,786 sqft. One year prior, the average listing was 1,572 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).