Arizona FHA Loan Rates, Closing Costs & Stats

Arizona

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.

Arizona FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Arizona averaged 6.62% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Arizona's average FHA mortgage closing costs are $8,909.

The average rate for the prior week (2024-04-05) was 6.55% and one month ago for the week of 2024-03-08, the average rate was 6.28%.

The average rate one year ago was 6.12%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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

Arizona 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 Arizona level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 3,116 6.15% $14,840
QUICKEN LOANS, LLC 1,463 6.11% $13,909
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1,356 6.59% $14,026
NOVA FINANCIAL & INVESTMENT CORPORATION 1,310 6.56% $8,794
LOANDEPOT.COM, LLC 973 6.03% $13,570
DHI MORTGAGE COMPANY, LTD. 869 5.36% $11,601
CROSSCOUNTRY MORTGAGE, LLC 822 6.57% $13,454
V.I.P. MORTGAGE, INC. 594 6.51% $15,945
EAGLE HOME MORTGAGE, LLC 577 5.24% $12,955
AMERICAN PACIFIC MORTGAGE CORPORATION 539 6.58% $15,112
VELOCIO MORTGAGE L.L.C. 450 5.53% $16,145
GUILD MORTGAGE COMPANY 450 6.58% $14,188
GENEVA FINANCIAL, LLC 434 6.94% $17,385
Paramount Residential Mortgage Group, Inc. 393 6.45% $13,649
INSPIRE HOME LOANS INC. 377 5.66% $11,459
HOMEAMERICAN MORTGAGE CORPORATION 364 5.55% $8,009
ACADEMY MORTGAGE CORPORATION 361 6.48% $14,831
NFM, INC. 313 5.72% $15,588
KBHS HOME LOANS, LLC 283 5.72% $15,009
PULTE MORTGAGE LLC 273 5.45% $7,849
BROKER SOLUTIONS, INC. 265 6.61% $14,173
ALTITUDE FINANCIAL CORPORATION 245 6.47% $8,214
FREEDOM MORTGAGE CORPORATION 217 6.74% $16,094
SECURITYNATIONAL MORTGAGE COMPANY 214 7.11% $17,831
AMERICAN FINANCIAL NETWORK, INC. 213 7.02% $16,384
PENNYMAC LOAN SERVICES, LLC 188 6.07% $14,932
South Pacific Financial Corporation 184 5.74% $14,081
HOMEOWNERS FINANCIAL GROUP USA, LLC 183 6.48% $15,940
MORIA DEVELOPMENT, INC. 175 6.75% $15,054
MOVEMENT MORTGAGE, LLC 171 6.58% $15,293
SUN WEST MORTGAGE COMPANY, INC. 168 6.41% $15,624
CARDINAL FINANCIAL 162 6.34% $14,699
Waterstone Mortgage Corporation 161 6.16% $16,625
PRIMELENDING, A PLAINSCAPITAL COMPANY 155 6.80% $15,446
NEWREZ LLC 153 6.31% $13,457
Equity Prime Mortgage LLC 149 6.95% $15,047
Flagstar Bank, FSB 138 6.54% $13,151
MATTAMY HOME FUNDING, LLC 135 5.39% $15,042
GUARANTEED RATE, INC. 133 6.45% $14,160
CMG MORTGAGE, INC. 131 6.40% $15,445
Plains Commerce Bank 130 6.30% $14,219
LOANPAL, LLC 129 5.71% $15,086
Mr. Cooper ( Nationstar Mortgage ) 126 6.09% $17,372
AMERISAVE MORTGAGE CORPORATION 108 6.00% $17,000
MANN FINANCIAL INC. 101 6.93% $13,572
Prosperity Home Mortgage, LLC 100 6.28% $12,764
Nations Lending Corporation 95 6.57% $13,103
NEW WEST LENDING, INC. 86 6.38% $14,906
GUARANTEED RATE AFFINITY, LLC 84 6.52% $14,111
Bell Bank 81 6.29% $14,798
BAY EQUITY LLC 78 6.45% $15,531
ZILLOW HOME LOANS, LLC 76 6.18% $16,244
Wallick & Volk, Inc. 72 6.67% $10,681
OCMBC, INC. 72 6.90% $16,201
MUTUAL OF OMAHA MORTGAGE, INC. 71 6.41% $16,049
Carrington Mortgage Services, LLC 71 6.35% $13,988
JPMorgan Chase Bank 70 6.29% $7,796
CALCON MUTUAL MORTGAGE LLC 69 6.66% $19,481
ON Q FINANCIAL, INC. 66 6.31% $14,365
Neighborhood Loans, Inc. 58 6.56% $16,493
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 57 6.20% $13,316
SUN AMERICAN MORTGAGE COMPANY 57 6.67% $11,375
PACIFIC RESIDENTIAL MORTGAGE, LLC 55 6.74% $13,891
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 55 5.82% $15,965
BROOKHOLLOW MORTGAGE SERVICES, LTD 55 5.05% $17,057
Shea Mortgage Inc. 54 5.16% $8,227
ARK-LA-TEX FINANCIAL SERVICES, LLC. 51 6.56% $15,159
PLAZA HOME MORTGAGE, INC. 50 6.08% $15,720
LAKEVIEW LOAN SERVICING, LLC 50 5.93% $15,296
SUMMIT FUNDING, INC. 50 6.66% $15,169
VILLAGE CAPITAL MORTGAGE 47 6.12% $12,099
Century Mortgage Company DBA Century Lending Company 47 6.37% $14,362
ENVOY MORTGAGE, LTD 42 6.63% $15,932
THE MORTGAGE LINK, INC. 38 6.92% $18,806
AMERICAN FINANCIAL RESOURCES, INC. 37 6.87% $11,851
STARBOARD FINANCIAL MANAGEMENT, LLC 37 6.50% $16,317
PLANET HOME LENDING, LLC 37 5.85% $10,298
MID AMERICA MORTGAGE, INC. 36 6.80% $9,203
American Mortgage & Equity Consultants, Inc. 34 6.71% $16,432
PHH Mortgage Corporation 34 6.51% $13,782
AMCAP MORTGAGE, LTD. 33 6.60% $15,293
Sunflower Bank 33 6.42% $13,432
Gateway First Bank 33 6.66% $10,162
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 31 6.76% $13,748
FBC MORTGAGE, LLC 30 5.98% $18,753
Wells Fargo Bank 30 6.49% $9,375
UNION HOME MORTGAGE CORP. 30 6.64% $12,515
MASON MCDUFFIE MORTGAGE CORPORATION 30 6.66% $17,199
HOMEBRIDGE FINANCIAL SERVICES, INC. 30 6.17% $14,452
SWBC MORTGAGE CORPORATION 30 6.57% $9,002
The Federal Savings Bank 30 6.11% $19,768
TOP FLITE FINANCIAL, INC. 29 6.87% $19,202
Lakeview Community Capital, LLC 29 6.03% $14,044
TOWNE MORTGAGE COMPANY 29 6.27% $14,510
BMO Harris Bank 28 6.21% $13,729
PREMIER LENDING, INC. 28 6.10% $15,296
Franklin Loan Corporation 27 6.21% $17,880
ML Mortgage Corp. 27 6.66% $18,764
LEADERONE FINANCIAL CORPORATION 27 6.95% $12,961
AmeriHome Mortgage Company, LLC 26 6.40% $13,122
CITY FIRST MORTGAGE SERVICES, L.L.C. 25 6.75% $16,377
Sierra Pacific Mortgage Company, Inc. 24 6.32% $12,759
AXIA FINANCIAL, LLC 24 6.43% $15,609
HOMESIDE FINANCIAL, LLC 23 6.16% $15,955
MORTGAGE SOLUTIONS OF COLORADO, LLC 23 6.38% $16,750
NATIONS DIRECT MORTGAGE, LLC 23 6.37% $15,893
VERITAS FUNDING, LLC 20 6.51% $19,772
CASTLE & COOKE MORTGAGE, LLC 20 6.51% $17,202
CITYWIDE HOME LOANS, LLC 19 6.30% $17,071
Loan Simple, Inc. 19 6.85% $17,246
AMERICAN FINANCING CORPORATION 19 6.64% $12,641
DAS Acquisition Company, LLC 19 7.36% $13,288
MICHIGAN MUTUAL, INC. 18 6.65% $16,431
U.S. Bank 18 6.35% $14,872
Mortgage Research Center, LLC 17 6.76% $7,663
INTERLINC MORTGAGE SERVICES, LLC 17 6.51% $10,192
INTERCAP LENDING INC. 17 6.67% $16,351
LADERA LENDING, INC. 16 6.36% $13,864
ARIZONA 15 6.08% $11,587
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 15 6.61% $12,252
iCore Lending, Inc. 15 6.72% $15,228
NETWORK CAPITAL FUNDING CORPORATION 15 5.99% $13,950
TruHome Solutions, LLC 14 5.91% $9,862
CORNERSTONE HOME LENDING, INC. 14 6.57% $14,520
EVERETT FINANCIAL, INC. 14 6.58% $17,894
DIRECTORS MORTGAGE, INC. 13 6.74% $17,082
S1L, Inc. 13 6.66% $14,065
BECKAM FUNDING CORP. 13 7.03% $18,518
NEST HOME LENDING, LLC 13 5.74% $14,990
LHM FINANCIAL CORPORATION 12 6.03% $10,251
MOUNTAIN WEST FINANCIAL, INC. 12 6.60% $13,862
NBKC BANK 12 6.22% $11,167
RESIDENTIAL WHOLESALE MORTGAGE, INC. 12 6.52% $10,874
GARDNER FINANCIAL SERVICES, LTD. 11 7.07% $18,547
Barrington Bank & Trust Company, N.A. 11 6.93% $10,599
EMM LOANS LLC 11 6.13% $18,198
First Option Mortgage, LLC 10 6.76% $15,401
PANORAMA MORTGAGE GROUP, LLC 10 6.63% $18,539
RESIDENTIAL BANCORP 10 6.73% $14,178
JMAC LENDING, INC. 10 6.64% $13,351
Pacific Lending LLC 9 6.51% $15,085
TBI MORTGAGE COMPANY 9 6.31% $17,028
Bank of America 9 6.29% $12,435
SOVEREIGN LENDING GROUP INCORPORATED 9 5.55% $18,973
NexBank 9 6.11% $12,588
NEW DAY FINANCIAL, LLC 9 7.30% $7,072
The Loan Store, Inc. 8 6.79% $14,267
ALAMEDA MORTGAGE CORPORATION 8 6.33% $16,470
LIBERTY HOME MORTGAGE CORPORATION 8 7.42% $11,149
Golden Empire Mortgage, Inc. 8 6.45% $16,168
Bank of England 8 6.06% $15,473
DIRECT MORTGAGE, CORP. 8 6.56% $22,817
Hometown Equity Mortgage, LLC 7 6.55% $15,015
INTELLILOAN, INC. 7 5.80% $11,128
First Savings Bank 7 5.93% $19,056
Lend Smart Mortgage, LLC 7 6.29% $10,553
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 6.21% $12,205
LOANLEADERS OF AMERICA, INC. 7 5.86% $16,588
FIRST ALLIANCE HOME MORTGAGE, LLC 7 6.89% $15,410
CHERRY CREEK MORTGAGE, LLC 6 5.98% $7,035
First National Bank Texas 6 5.81% $14,190
LAND HOME FINANCIAL SERVICES, INC. 6 6.44% $17,085
CALIBER HOME LOANS, INC. 6 6.29% $12,058
CHURCHILL MORTGAGE CORPORATION 6 6.02% $15,986
PREMIER MORTGAGE RESOURCES, L.L.C. 6 6.90% $17,261
PENTAGON FEDERAL CREDIT UNION 5 5.30% $14,063
BOKF 5 6.90% $14,135
BM Real Estate Services, Inc. 5 6.80% $16,078
Citizens Bank 4 6.31% $14,246
RESIDENTIAL MORTGAGE, LLC 4 6.12% $15,141
ROYAL UNITED MORTGAGE LLC 4 6.09% $13,034
GSF Mortgage Corporation 4 5.66% $12,512
GoPrime Mortgage, Inc. 4 6.44% $16,881
SFMC, LP 4 6.78% $23,411
Financial Funding Solutions, Inc. 4 5.84% $14,002
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 4 6.81% $17,938
Alaska USA Federal Credit Union 4 6.84% $10,333
THRIVE MORTGAGE, LLC 4 6.72% $16,706
DATA MORTGAGE, INC. 4 6.94% $13,985
PREMIA MORTGAGE, LLC 4 6.28% $9,793
Cornerstone First Mortgage, Inc 4 6.50% $13,568
PNC Bank 4 6.19% $11,987
RELIANCE FIRST CAPITAL, LLC 4 6.25% $13,879
UMB Bank 4 7.03% $13,145
CANOPY MORTGAGE, LLC 4 6.34% $21,467
M&T Bank 4 6.72% $10,926
VAN DYK MORTGAGE CORPORATION 4 6.50% $19,480
BLG HOLDINGS, INC. 4 7.22% $18,979
BAY-VALLEY MORTGAGE GROUP 4 6.31% $15,408
Bank of Colorado 4 6.16% $13,506
AHL FUNDING 4 7.00% $19,529
BEST FINANCE CAPITAL, INC. 3 6.25% $19,001
ALLIED MORTGAGE GROUP, INC. 3 6.63% $10,396
AMERICA FIRST 3 6.13% $12,465
Armed Forces Bank 3 5.79% $14,046
Commerce Home Mortgage, Inc. 3 6.33% $17,378
DRAPER AND KRAMER MORTGAGE CORP. 3 6.08% $15,487
First State Bank of St. Charles, Missouri 3 6.96% $14,088
First Western Trust Bank 3 6.50% $11,869
Goldwater Bank, N.A. 3 6.67% $20,900
HUNT MORTGAGE CORPORATION 3 6.88% $17,245
INTERNATIONAL CITY MORTGAGE, INC. 3 5.67% $14,678
MOUNTAIN AMERICA 3 6.08% $13,284
NuVision Federal Credit Union 3 6.54% $9,480
Performance Financial, Inc. 3 6.83% $12,659
SOUTHWEST STAGE FUNDING, LLC 3 6.75% $12,290
Strong Home Mortgage, LLC 3 6.42% $11,444
Willamette Valley Bank 3 6.29% $17,223
Chickasaw Community Bank 2 6.63% $11,028
Keystone Funding, Inc. 2 6.25% $18,125
UNITED SECURITY FINANCIAL CORP 2 7.63% $23,111
FIRST CENTENNIAL MORTGAGE CORPORATION 2 7.50% $10,436
Glacier Bank 2 6.94% $9,753
FirstBank 2 6.13% $13,873
NATIONWIDE MORTGAGE BANKERS, INC. 2 7.31% $15,233
BETTER MORTGAGE CORPORATION 2 5.63% $19,395
1st Security Bank of Washington 2 6.44% $19,806
IDEAL HOME LOANS LLC 2 6.25% $10,928
HOMEXPRESS MORTGAGE CORP. 2 6.75% $20,251
TJC Mortgage, Inc. 2 6.63% $9,346
Watermark Capital, Inc. 2 5.75% $12,097
SeaTrust Mortgage Company 2 6.75% $17,670
Zions Bank 2 5.75% $8,448
NATIONS RELIABLE LENDING, LLC 2 6.06% $18,041
CLIFFCO, INC. 2 6.69% $17,920
CIBM Bank 2 6.50% $11,128
KELLER MORTGAGE, LLC 1 6.13% $13,466
RADIUS FINANCIAL GROUP INC. 1 5.25% $18,352
RANLIFE, INC. 1 6.38% $23,336
JMJ FINANCIAL GROUP 1 7.63% $7,823
Ixonia Bank 1 5.88% $11,804
ISERVE RESIDENTIAL LENDING, LLC 1 7.00% $13,151
INFINITY EQUITY GROUP, INC. 1 7.75% $15,535
SECURITY HOME MORTGAGE, LLC. 1 6.99% $17,728
HOMESTEAD FUNDING CORP. 1 6.13% $11,578
Florida Capital Bank 1 7.25% $12,834
FLAT BRANCH MORTGAGE, INC. 1 6.25% $14,276
SIRVA MORTGAGE, INC. 1 5.75% $7,800
FISHER FINANCIAL GROUP, INCORPORATED 1 6.25% $12,470
First Vision Bank of Tennessee 1 7.63% $9,901
First United Bank and Trust Company 1 6.88% $18,863
A&D Mortgage LLC 1 5.50% $14,918
FIRST NATIONS HOME FINANCE CORPORATION 1 6.25% $11,192
Summit Mortgage Corporation 1 6.12% $13,807
First Internet Bank of Indiana 1 5.75% $10,495
First International Bank & Trust 1 6.13% $9,807
First Federal Bank of Kansas City 1 6.25% $9,879
FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $15,793
Paramount Bank 1 7.00% $19,460
THE ANDERSON FINANCIAL GROUP, INC. 1 5.00% $17,710
EMBRACE HOME LOANS, INC. 1 7.63% $15,714
Eagle Bank and Trust Company 1 6.63% $11,402
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 7.25% $12,297
CUSTOMER SERVICE MORTGAGE CORPORATION 1 6.88% $11,356
TOTAL MORTGAGE SERVICES, LLC 1 6.75% $9,238
CONTOUR MORTGAGE CORPORATION 1 6.25% $17,431
United Fidelity Funding Corp. 1 6.50% $25,228
CENTENNIAL LENDING, LLC 1 6.25% $11,506
Boeing Employees Credit Union 1 6.25% $7,653
Utah Mortgage Loan Corporation 1 6.13% $5,320
Blue Ridge Bank 1 5.75% $12,821
BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $26,510
BANKWEST, INC. 1 5.75% $15,303
AMERITRUST MORTGAGE CORPORATION 1 6.13% $15,523
Ameris Bank 1 6.00% $12,729
OPEN MORTGAGE, LLC 1 6.88% $23,095
ONY GLO, INC. 1 8.13% $12,137
OCEANSIDE MORTGAGE COMPANY 1 6.00% $7,382
OAKTREE FUNDING CORP. 1 5.50% $12,608
T2 FINANCIAL LLC 1 5.50% $13,352
NP, Inc. 1 6.00% $4,186
Northpointe Bank 1 6.88% $13,299
North American Savings Bank, F.S.B. 1 6.12% $6,236
Alerus Financial 1 6.13% $13,859
PINNACLE LENDING GROUP, INC. 1 5.63% $12,602
MORTGAGEONE, INC. 1 5.88% $21,993
Platinum Home Mortgage Corporation 1 6.75% $15,686
MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 6.88% $3,889
MORTGAGE EXPRESS, LLC 1 6.75% $18,093
MidFirst Bank 1 6.25% $15,580
MICHIGAN FIRST CREDIT UNION 1 4.88% $14,073
PREMIER MEMBERS CREDIT UNION 1 5.25% $15,562
MEGASTAR FINANCIAL CORP. 1 5.13% $28,413
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.25% $15,353
Magnolia Bank 1 6.00% $15,864
PRIORITY HOME LENDING, LLC 1 7.25% $13,721
LENOX FINANCIAL MORTGAGE CORPORATION 1 5.63% $20,368

The top Arizona FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 3,116 FHA loans originated. Their average total fees are $14,840, which is $931 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Arizona FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,663), JPMorgan Chase Bank ($7,796), PULTE MORTGAGE LLC ($7,849), HOMEAMERICAN MORTGAGE CORPORATION ($8,009) and ALTITUDE FINANCIAL CORPORATION ($8,214).

The lowest rate Arizona FHA lenders (with over 10 loans originated) are BROOKHOLLOW MORTGAGE SERVICES, LTD (5.05%), Shea Mortgage Inc. (5.16%), EAGLE HOME MORTGAGE, LLC (5.24%), DHI MORTGAGE COMPANY, LTD. (5.36%) and MATTAMY HOME FUNDING, LLC (5.39%).

Arizona FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NON-METRO APACHE 2022 $420,680 $538,650 $651,050 $809,150
SIERRA VISTA-DOUGLAS, AZ COCHISE 2022 $420,680 $538,650 $651,050 $809,150
FLAGSTAFF, AZ COCONINO 2022 $423,200 $541,750 $654,850 $813,850
PAYSON, AZ GILA 2022 $420,680 $538,650 $651,050 $809,150
SAFFORD, AZ GRAHAM 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO GREENLEE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LA PAZ 2022 $420,680 $538,650 $651,050 $809,150
PHOENIX-MESA-CHANDLER, AZ MARICOPA 2022 $441,600 $565,300 $683,350 $849,250
LAKE HAVASU CITY-KINGMAN, AZ MOHAVE 2022 $420,680 $538,650 $651,050 $809,150
SHOW LOW, AZ NAVAJO 2022 $420,680 $538,650 $651,050 $809,150
TUCSON, AZ PIMA 2022 $420,680 $538,650 $651,050 $809,150
PHOENIX-MESA-CHANDLER, AZ PINAL 2022 $441,600 $565,300 $683,350 $849,250
NOGALES, AZ SANTA CRUZ 2022 $420,680 $538,650 $651,050 $809,150
PRESCOTT VALLEY-PRESCOTT, AZ YAVAPAI 2022 $420,680 $538,650 $651,050 $809,150
YUMA, AZ YUMA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO APACHE 2023 $472,030 $604,400 $730,525 $907,900
SIERRA VISTA-DOUGLAS, AZ COCHISE 2023 $472,030 $604,400 $730,525 $907,900
FLAGSTAFF, AZ COCONINO 2023 $517,500 $662,500 $800,800 $995,200
PAYSON, AZ GILA 2023 $472,030 $604,400 $730,525 $907,900
SAFFORD, AZ GRAHAM 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO GREENLEE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LA PAZ 2023 $472,030 $604,400 $730,525 $907,900
PHOENIX-MESA-CHANDLER, AZ MARICOPA 2023 $530,150 $678,700 $820,350 $1,019,550
LAKE HAVASU CITY-KINGMAN, AZ MOHAVE 2023 $472,030 $604,400 $730,525 $907,900
SHOW LOW, AZ NAVAJO 2023 $472,030 $604,400 $730,525 $907,900
TUCSON, AZ PIMA 2023 $472,030 $604,400 $730,525 $907,900
PHOENIX-MESA-CHANDLER, AZ PINAL 2023 $530,150 $678,700 $820,350 $1,019,550
NOGALES, AZ SANTA CRUZ 2023 $472,030 $604,400 $730,525 $907,900
PRESCOTT VALLEY-PRESCOTT, AZ YAVAPAI 2023 $472,030 $604,400 $730,525 $907,900
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).