Yuma FHA Loan Rates, Closing Costs & Stats

YUMA, 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.

    Yuma's 56 lenders originated 910 FHA loans during 2023. The total origination value was $220,100,000, with an average FHA loan value of $241,868.

    Yuma FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Yuma averaged 6.52% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Yuma's average FHA mortgage closing costs are $7,504.

    The average rate for the prior week (2024-11-01) was 6.5% and one month ago for the week of 2024-10-04, the average rate was 6.02%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.31%.

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

    Yuma 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 Yuma level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 229 6.23% $12,901
    NOVA FINANCIAL & INVESTMENT CORPORATION 182 6.57% $7,217
    ACADEMY MORTGAGE CORPORATION 76 6.18% $8,359
    CROSSCOUNTRY MORTGAGE, LLC 62 6.36% $12,252
    GUILD MORTGAGE COMPANY 52 7.02% $12,196
    QUICKEN LOANS, LLC 45 6.28% $11,961
    GENEVA FINANCIAL, LLC 33 6.78% $13,401
    SECURITYNATIONAL MORTGAGE COMPANY 19 6.99% $12,809
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 6.43% $13,577
    OCMBC, INC. 12 7.14% $15,066
    CMG MORTGAGE, INC. 12 6.81% $14,276
    LOANDEPOT.COM, LLC 11 6.36% $13,162
    PENNYMAC LOAN SERVICES, LLC 9 6.62% $15,575
    Gateway First Bank 9 6.61% $7,656
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 8 6.56% $9,806
    FREEDOM MORTGAGE CORPORATION 6 7.00% $13,024
    SUN WEST MORTGAGE COMPANY, INC. 6 6.60% $13,016
    Mr. Cooper ( Nationstar Mortgage ) 6 6.15% $15,093
    BROKER SOLUTIONS, INC. 6 6.06% $13,996
    AMERICAN FINANCIAL NETWORK, INC. 5 7.18% $14,302
    Equity Prime Mortgage LLC 5 6.75% $12,114
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.95% $11,505
    LOANPAL, LLC 5 5.63% $17,769
    RESIDENTIAL BANCORP 4 7.22% $10,053
    NEWREZ LLC 4 6.63% $10,427
    FIRST ALLIANCE HOME MORTGAGE, LLC 4 6.97% $13,561
    Paramount Residential Mortgage Group, Inc. 3 6.37% $18,313
    AMERISAVE MORTGAGE CORPORATION 3 5.67% $16,347
    CARDINAL FINANCIAL 3 6.42% $8,610
    Carrington Mortgage Services, LLC 3 6.54% $11,828
    Flagstar Bank, FSB 2 6.19% $17,420
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.50% $8,029
    MID AMERICA MORTGAGE, INC. 2 7.81% $8,227
    Neighborhood Loans, Inc. 2 6.44% $11,471
    LAKEVIEW LOAN SERVICING, LLC 1 5.63% $9,492
    Lakeview Community Capital, LLC 1 5.75% $9,377
    LADERA LENDING, INC. 1 6.63% $8,592
    ON Q FINANCIAL, INC. 1 6.75% $10,927
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $9,425
    Ixonia Bank 1 5.88% $11,804
    GUARANTEED RATE, INC. 1 7.50% $11,020
    Prosperity Home Mortgage, LLC 1 6.99% $12,077
    CORNERSTONE HOME LENDING, INC. 1 6.25% $13,615
    CITYWIDE HOME LOANS, LLC 1 6.25% $12,541
    CALCON MUTUAL MORTGAGE LLC 1 7.13% $8,789
    Boeing Employees Credit Union 1 6.25% $7,653
    SUMMIT FUNDING, INC. 1 6.75% $12,745
    AMERICAN FINANCING CORPORATION 1 5.88% $8,571
    The Federal Savings Bank 1 5.63% $24,896
    TOP FLITE FINANCIAL, INC. 1 6.75% $19,055
    Wallick & Volk, Inc. 1 6.75% $21,089
    Mortgage Research Center, LLC 1 7.38% $9,815
    Wells Fargo Bank 1 6.88% $8,156
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $9,742
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $9,120
    NEW DAY FINANCIAL, LLC 1 7.00% $8,030

    The top Yuma FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 229 FHA loans originated. Their average total fees are $12,901, which is $5,684 higher than the next largest lender, NOVA FINANCIAL & INVESTMENT CORPORATION.

    The lowest fee Yuma FHA lenders (with over 10 loans originated) are NOVA FINANCIAL & INVESTMENT CORPORATION ($7,217), ACADEMY MORTGAGE CORPORATION ($8,359), QUICKEN LOANS, LLC ($11,961), GUILD MORTGAGE COMPANY ($12,196) and CROSSCOUNTRY MORTGAGE, LLC ($12,252).

    The lowest rate Yuma FHA lenders (with over 10 loans originated) are ACADEMY MORTGAGE CORPORATION (6.18%), UNITED WHOLESALE MORTGAGE, LLC (6.23%), QUICKEN LOANS, LLC (6.28%), LOANDEPOT.COM, LLC (6.36%) and CROSSCOUNTRY MORTGAGE, LLC (6.36%).

    Yuma FHA Loan Limits

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