Arizona FHA Loan Rates, Closing Costs & Stats

Arizona

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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.

    Arizona FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Arizona averaged 6.08% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Arizona's average FHA mortgage closing costs are $7,624.

    The average rate for the prior week (2023-01-20) was 6.05% and one month ago for the week of 2022-12-23, the average rate was 6.14%.

    The average rate one year ago was 3.63%.

    For refis of the same type during the week of 2023-01-27, the average rate was 6.08%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 2,638 2.64% $7,025
    NOVA FINANCIAL & INVESTMENT CORPORATION 2,622 3.35% $7,343
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2,276 3.44% $9,885
    UNITED WHOLESALE MORTGAGE, LLC 1,488 2.70% $8,436
    FREEDOM MORTGAGE CORPORATION 1,331 2.77% $5,331
    LAKEVIEW LOAN SERVICING, LLC 1,208 2.89% $4,909
    LOANDEPOT.COM, LLC 1,207 3.36% $9,709
    GUILD MORTGAGE COMPANY 1,186 3.15% $8,612
    Amerifirst Financial, Inc. 889 3.21% $8,666
    Mr. Cooper ( Nationstar Mortgage ) 751 3.22% $5,118
    V.I.P. MORTGAGE, INC. 721 3.25% $9,587
    PENNYMAC LOAN SERVICES, LLC 682 3.00% $5,349
    DHI MORTGAGE COMPANY, LTD. 671 3.05% $8,484
    CALIBER HOME LOANS, INC. 650 2.91% $7,197
    Lakeview Community Capital, LLC 491 2.90% $4,822
    SUNSTREET MORTGAGE, LLC 477 3.23% $8,042
    SECURITYNATIONAL MORTGAGE COMPANY 449 3.75% $12,126
    CROSSCOUNTRY MORTGAGE, LLC 444 3.22% $10,164
    ACADEMY MORTGAGE CORPORATION 422 3.18% $9,964
    BROKER SOLUTIONS, INC. 411 3.24% $8,783
    NEWREZ LLC 409 2.94% $5,405
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 400 3.25% $9,704
    MORIA DEVELOPMENT, INC. 390 3.38% $10,456
    HOME POINT FINANCIAL CORPORATION 354 2.75% $8,030
    Neighborhood Loans, Inc. 347 3.49% $9,754
    HOMEBRIDGE FINANCIAL SERVICES, INC. 343 2.63% $5,791
    Carrington Mortgage Services, LLC 337 3.41% $8,517
    FINANCE OF AMERICA MORTGAGE LLC 323 3.23% $9,866
    GENEVA FINANCIAL, LLC 302 3.39% $10,449
    Paramount Residential Mortgage Group, Inc. 295 3.11% $8,195
    BAY EQUITY LLC 294 3.21% $9,950
    VILLAGE CAPITAL MORTGAGE 285 2.87% $2,705
    HOMEOWNERS FINANCIAL GROUP USA, LLC 280 3.23% $9,842
    NFM, INC. 278 3.31% $10,714
    AMERICAN FINANCIAL NETWORK, INC. 275 3.07% $10,879
    ALTITUDE FINANCIAL CORPORATION 251 3.06% $6,668
    EAGLE HOME MORTGAGE, LLC 238 3.29% $11,240
    Wallick & Volk, Inc. 237 3.55% $9,649
    LHM FINANCIAL CORPORATION 216 3.03% $8,889
    GUARANTEED RATE, INC. 210 3.08% $9,289
    HOMEAMERICAN MORTGAGE CORPORATION 210 2.85% $6,054
    PRIMARY RESIDENTIAL MORTGAGE, INC. 202 3.48% $9,697
    PRIMELENDING, A PLAINSCAPITAL COMPANY 195 3.35% $10,120
    KBHS HOME LOANS, LLC 194 3.35% $11,423
    AMERICAN PACIFIC MORTGAGE CORPORATION 191 3.10% $9,458
    AmeriHome Mortgage Company, LLC 189 2.90% $4,517
    SUN WEST MORTGAGE COMPANY, INC. 172 2.99% $8,117
    INSPIRE HOME LOANS INC. 166 3.34% $8,793
    SUMMIT FUNDING, INC. 165 3.30% $10,334
    AMERISAVE MORTGAGE CORPORATION 161 2.96% $8,940
    NEW WEST LENDING, INC. 157 2.98% $8,831
    PULTE MORTGAGE LLC 149 3.10% $5,793
    MOVEMENT MORTGAGE, LLC 145 3.31% $8,600
    First Guaranty Mortgage Corporation 144 2.84% $5,947
    PLANET HOME LENDING, LLC 144 2.74% $5,904
    Waterstone Mortgage Corporation 138 3.20% $10,259
    South Pacific Financial Corporation 136 2.73% $11,493
    Gateway First Bank 132 3.42% $8,665
    LOANPAL, LLC 128 2.59% $9,833
    Nations Lending Corporation 125 3.20% $11,234
    CMG MORTGAGE, INC. 125 3.12% $9,278
    ON Q FINANCIAL, INC. 125 3.12% $10,051
    Lend Smart Mortgage, LLC 121 3.26% $9,141
    Commerce Home Mortgage, Inc. 112 3.13% $9,049
    Hometown Lenders, Inc. 110 3.43% $9,295
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 107 3.38% $8,606
    SUBURBAN MORTGAGE, INC. 101 3.03% $8,275
    AMERICAN FINANCING CORPORATION 101 2.80% $8,153
    ALL WESTERN MORTGAGE, INC. 101 3.46% $10,234
    LEADERONE FINANCIAL CORPORATION 94 3.30% $9,239
    SUN AMERICAN MORTGAGE COMPANY 93 3.18% $8,329
    MID AMERICA MORTGAGE, INC. 92 3.06% $4,198
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 91 3.15% $10,213
    Flagstar Bank, FSB 82 2.77% $8,478
    MATTAMY HOME FUNDING, LLC 80 2.64% $11,586
    InterContinental Capital Group, Inc 79 2.67% $7,358
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 79 3.41% $9,536
    Home Mortgage Alliance Corp 77 3.14% $11,488
    Prosperity Home Mortgage, LLC 77 3.29% $8,580
    ENVOY MORTGAGE, LTD 75 3.44% $9,748
    AMERICAN FINANCIAL RESOURCES, INC. 72 3.08% $7,168
    CELEBRITY HOME LOANS, LLC 72 3.17% $10,649
    PANORAMA MORTGAGE GROUP, LLC 70 3.33% $9,132
    CITYWIDE HOME LOANS, LLC 67 3.13% $9,858
    Equity Prime Mortgage LLC 66 3.43% $9,104
    RESIDENTIAL BANCORP. 66 3.29% $9,747
    SOVEREIGN LENDING GROUP INCORPORATED 63 2.78% $8,767
    PLAZA HOME MORTGAGE, INC. 62 2.84% $9,365
    MANN FINANCIAL INC. 61 3.41% $10,251
    SWBC MORTGAGE CORPORATION 61 3.88% $9,271
    STARBOARD FINANCIAL MANAGEMENT, LLC 59 3.19% $9,203
    BROOKHOLLOW MORTGAGE SERVICES, LTD 56 3.15% $12,075
    STEARNS LENDING, LLC 55 3.11% $8,713
    MICHIGAN MUTUAL, INC. 49 3.51% $10,949
    Sunflower Bank 49 3.36% $10,035
    AMCAP MORTGAGE, LTD. 47 3.32% $9,558
    The Federal Savings Bank 47 2.82% $11,049
    TOP FLITE FINANCIAL, INC. 47 3.33% $13,639
    Bell Bank 45 3.18% $9,139
    PREMIER LENDING, INC. 45 3.32% $9,346
    FBC MORTGAGE, LLC 42 3.09% $9,224
    GUARANTEED RATE AFFINITY, LLC 40 2.93% $9,010
    NATIONS DIRECT MORTGAGE, LLC 39 3.25% $9,130
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 39 3.06% $10,980
    UNION HOME MORTGAGE CORP. 39 3.09% $9,414
    INTERCAP LENDING INC. 38 3.40% $11,105
    VELOCIO MORTGAGE L.L.C. 37 3.35% $13,825
    AXIA FINANCIAL, LLC 36 3.38% $9,808
    TOWNE MORTGAGE COMPANY 33 3.01% $9,701
    BEST CAPITAL FUNDING 32 3.23% $9,999
    Barrington Bank & Trust Company, N.A. 30 3.21% $8,276
    ARC HOME LLC 30 2.88% $8,902
    Loan Simple, Inc. 30 3.23% $10,939
    SOUTHWEST STAGE FUNDING, LLC 29 3.13% $4,987
    MUTUAL OF OMAHA MORTGAGE, INC. 28 2.86% $8,755
    FIRST CENTENNIAL MORTGAGE CORPORATION 27 3.17% $9,002
    IDEAL HOME LOANS LLC 27 2.79% $9,560
    LAND HOME FINANCIAL SERVICES, INC. 27 3.71% $12,387
    OCEANSIDE MORTGAGE COMPANY 26 2.81% $3,494
    DATA MORTGAGE, INC. 26 3.89% $10,617
    First Option Mortgage, LLC 26 3.37% $11,342
    U.S. Bank 25 3.09% $7,471
    Utah Mortgage Loan Corporation 25 3.25% $9,200
    HOMESIDE FINANCIAL, LLC 24 3.06% $9,954
    JPMorgan Chase Bank 24 2.98% $6,478
    Pacific Lending LLC 23 2.97% $8,116
    PHH Mortgage Corporation 23 3.05% $6,791
    CHERRY CREEK MORTGAGE, LLC 21 3.49% $4,780
    INTERNATIONAL CITY MORTGAGE, INC. 21 3.58% $10,300
    GoPrime Mortgage, Inc. 20 3.70% $10,486
    LADERA LENDING, INC. 20 2.96% $7,374
    CANOPY MORTGAGE, LLC 19 2.36% $8,741
    CORNERSTONE HOME LENDING, INC. 19 3.41% $11,259
    Watermark Capital, Inc. 19 2.92% $8,442
    ML Mortgage Corp. 19 3.30% $9,644
    M&T Bank 19 3.12% $7,670
    First National Bank Texas 18 3.21% $9,182
    MORTGAGE SOLUTIONS OF COLORADO, LLC 18 3.24% $11,359
    DIRECTORS MORTGAGE, INC. 18 3.49% $11,545
    CHURCHILL MORTGAGE CORPORATION 17 3.10% $10,301
    Austin Capital Bank SSB 17 3.51% $10,650
    DIRECT MORTGAGE, CORP. 16 2.67% $14,138
    Bank of America 16 2.93% $5,633
    INTELLILOAN, INC. 16 2.86% $8,964
    UNITED SECURITY FINANCIAL CORP 16 2.71% $6,580
    MOUNTAIN WEST FINANCIAL, INC. 15 3.13% $10,130
    ZILLOW HOME LOANS, LLC 15 2.88% $8,074
    OCMBC, INC. 15 3.20% $9,758
    LOANLEADERS OF AMERICA, INC. 14 2.88% $11,340
    DAS Acquisition Company, LLC 14 3.55% $9,786
    Sierra Pacific Mortgage Company, Inc. 13 2.84% $8,801
    CLEARPATH LENDING 13 2.88% $5,491
    NETWORK CAPITAL FUNDING CORPORATION 13 3.34% $9,400
    KELLER MORTGAGE, LLC 13 2.71% $7,530
    Wells Fargo Bank 13 3.39% $6,011
    ARIZONA 12 3.01% $7,536
    EVERETT FINANCIAL, INC. 12 3.54% $7,517
    VERITAS FUNDING, LLC 12 2.88% $11,207
    BOKF 12 2.93% $9,813
    ISERVE RESIDENTIAL LENDING, LLC 12 3.79% $10,669
    RELIANCE FIRST CAPITAL, LLC 12 2.91% $10,643
    Hometown Equity Mortgage, LLC 11 4.15% $10,626
    WESTERN EXPRESS LENDING 10 2.43% $7,892
    INTERLINC MORTGAGE SERVICES, LLC 10 3.45% $9,379
    TJC Mortgage, Inc. 10 3.04% $8,021
    EMBRACE HOME LOANS, INC. 10 3.02% $9,145
    Chickasaw Community Bank 10 2.80% $8,118
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 9 2.89% $7,954
    Low VA Rates, LLC 9 2.97% $4,026
    Shea Mortgage Inc. 9 2.83% $6,241
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 9 3.61% $9,710
    Bank of England 9 3.25% $12,044
    SFMC, LP 8 3.11% $9,640
    Franklin Loan Corporation 8 3.47% $12,309
    COUNTRYPLACE MORTGAGE, LTD. 8 3.67% $11,367
    MOUNTAIN AMERICA 8 2.81% $10,360
    VANDERBILT MORTGAGE AND FINANCE, INC. 8 3.67% $10,457
    Peoples Bank 8 3.41% $10,471
    First Home Bank 7 3.27% $12,833
    PARKSIDE LENDING, LLC 7 2.75% $7,730
    ABSOLUTE HOME MORTGAGE CORPORATION 7 2.45% $7,212
    Glacier Bank 7 3.02% $7,385
    Prime Choice Funding Inc. 7 2.84% $8,287
    PINNACLE LENDING GROUP, INC. 7 3.23% $10,579
    MLD MORTGAGE INC. 7 3.01% $8,680
    Strong Home Mortgage, LLC 7 2.50% $6,623
    CITY FIRST MORTGAGE SERVICES, L.L.C. 6 3.23% $9,445
    Alaska USA Federal Credit Union 6 2.98% $6,559
    LENDUS, LLC 6 2.94% $9,267
    Mortgage Research Center, LLC 6 3.10% $6,872
    EMM LOANS LLC 6 3.27% $12,565
    The Home Loan Expert LLC 6 2.89% $8,662
    BELEM SERVICING LLC 6 3.04% $8,348
    BECKAM FUNDING CORP. 6 3.60% $8,768
    Financial Funding Solutions, Inc. 6 3.00% $8,445
    Goldwater Bank, N.A. 6 3.33% $9,751
    PACIFIC RESIDENTIAL MORTGAGE, LLC 6 3.75% $10,743
    ONY GLO, INC. 6 3.27% $10,186
    Century Mortgage Company DBA Century Lending Company 5 3.13% $10,599
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 5 3.33% $8,814
    Wyndham Capital Mortgage, Inc. 5 2.95% $9,018
    KS StateBank 5 2.80% $8,257
    Plains Commerce Bank 5 3.18% $9,962
    S1L, Inc. 5 3.35% $9,805
    Network Funding, L.P. 4 2.81% $8,950
    OPEN MORTGAGE, LLC 4 3.00% $7,682
    SUCCESS MORTGAGE PARTNERS, INC. 4 3.97% $11,437
    BAYSHORE MORTGAGE FUNDING, LLC 4 2.84% $6,859
    BETTER MORTGAGE CORPORATION 3 2.75% $9,267
    Evolve Bank & Trust 3 2.96% $7,708
    First American Bank 3 2.71% $7,701
    FirstBank 3 3.04% $9,383
    First Western Trust Bank 3 2.71% $9,452
    GSF Mortgage Corporation 3 3.13% $10,927
    HUNT MORTGAGE CORPORATION 3 3.58% $7,927
    INLAND BANK & TRUST 3 3.67% $9,351
    JAMES B. NUTTER & COMPANY 3 2.96% $2,921
    JMAC LENDING, INC. 3 2.96% $7,132
    Magnolia Bank 3 3.08% $10,978
    NATIONS RELIABLE LENDING, LLC 3 3.25% $8,208
    NEXERA HOLDING LLC 3 2.71% $7,869
    North American Savings Bank, F.S.B. 3 2.42% $6,205
    Northpointe Bank 3 2.63% $11,026
    THRIVE MORTGAGE, LLC 3 3.42% $8,670
    UNITED MORTGAGE CORP. 3 2.79% $7,165
    Victorian Finance, LLC 3 3.17% $10,437
    Fidelity Bank 2 2.75% $8,209
    The Union Bank Company 2 2.56% $6,767
    ALAMEDA MORTGAGE CORPORATION 2 2.50% $8,263
    ROYAL UNITED MORTGAGE LLC 2 3.19% $9,996
    MUFG Union Bank 2 3.19% $8,361
    DRAPER AND KRAMER MORTGAGE CORP. 2 3.13% $7,264
    MASON MCDUFFIE MORTGAGE CORPORATION 2 3.00% $7,344
    Umpqua Bank 2 2.94% $10,426
    LIBERTY HOME MORTGAGE CORPORATION 2 3.75% $14,218
    Academy Bank 2 3.00% $8,947
    Colten Mortgage, LLC 2 2.63% $4,788
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 3.75% $11,169
    LENDING 3, INC. 2 3.75% $6,707
    Golden Empire Mortgage, Inc. 2 3.19% $11,927
    Princeton Mortgage Corporation 2 3.06% $10,816
    Florida Capital Bank 2 2.50% $9,691
    NEW DAY FINANCIAL, LLC 2 3.12% $10,029
    NBKC BANK 2 3.19% $7,100
    CALCULATED RISK ANALYTICS LLC 2 3.25% $9,333
    JMJ FINANCIAL GROUP 2 3.19% $11,040
    BNC National Bank 2 3.00% $8,728
    1st Security Bank of Washington 2 2.63% $9,583
    VISION ONE MORTGAGE, INC. 2 2.81% $6,037
    BBVA USA 2 3.56% $7,326
    Bank of the West 2 3.50% $8,467
    AmRes Corporation 2 3.44% $8,296
    Texana Bank 2 2.88% $11,066
    MEGA CAPITAL FUNDING, INC. 2 2.38% $8,301
    Willamette Valley Bank 2 2.94% $10,122
    Paramount Bank 2 2.50% $9,601
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.31% $7,906
    NP, Inc. 2 2.88% $8,163
    COMMUNITY MORTGAGE FUNDING, LLC 1 2.88% $7,674
    Colonial Savings, F.A. 1 3.75% $9,404
    Citizens Bank of Las Cruces 1 2.63% $10,210
    Citizens Bank 1 3.00% $16,271
    CHOICE LENDING CORP. 1 3.13% $6,789
    VAN DYK MORTGAGE CORPORATION 1 3.13% $6,846
    VANTAGE WEST 1 2.88% $8,404
    CENTENNIAL LENDING, LLC 1 3.75% $13,372
    Zions Bancorporation, N.A. 1 2.50% $6,034
    AMERICAN ADVISORS GROUP 1 3.00% $9,461
    AMERICA FIRST 1 2.50% $7,584
    Opportunity Bank of Montana 1 2.88% $11,639
    Platinum Home Mortgage Corporation 1 3.75% $9,429
    PREMIA MORTGAGE, LLC 1 2.50% $5,782
    NEST HOME LENDING, LLC 1 3.25% $10,152
    NBH Bank 1 2.63% $11,114
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $13,956
    NASA Federal Credit Union 1 2.88% $6,600
    RADIUS FINANCIAL GROUP INC. 1 2.25% $9,839
    RANLIFE, INC. 1 3.38% $9,118
    MidFirst Bank 1 2.50% $5,220
    Mid-Continent Funding, Inc. 1 2.88% $10,008
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 2.88% $11,098
    LENOX FINANCIAL MORTGAGE CORPORATION 1 3.63% $9,170
    SIRVA MORTGAGE, INC. 1 3.63% $9,450
    SIWELL, INC. 1 3.75% $10,190
    KINECTA 1 3.13% $7,459
    Ixonia Bank 1 3.00% $7,742
    SRE MORTGAGE ALLIANCE INC. 1 2.75% $7,101
    IDAHO CENTRAL 1 2.75% $13,169
    HomeStreet Bank 1 3.00% $9,980
    Stifel Bank and Trust 1 2.38% $5,161
    HOMESTEAD FUNDING CORP. 1 2.88% $10,707
    HighTechLending Inc 1 3.13% $8,532
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 4.38% $12,417
    FM Home Loans, LLC 1 2.75% $11,629
    FISHER FINANCIAL GROUP, INCORPORATED 1 3.38% $6,753
    First Savings Bank 1 2.75% $6,672
    FIRST COMMUNITY MORTGAGE, INC. 1 2.38% $9,359
    THE ANDERSON FINANCIAL GROUP, INC. 1 2.88% $10,314
    FIRST COLONY MORTGAGE CORPORATION 1 3.00% $10,837
    TIAA, FSB 1 2.75% $8,483
    FBT Mortgage, L.L.C. 1 3.13% $11,582
    COMPASS MORTGAGE, INC. 1 3.13% $8,104

    The top Arizona FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 2,638 FHA loans originated. Their average total fees are $7,025, which is $318 lower than the next largest lender, NOVA FINANCIAL & INVESTMENT CORPORATION.

    The lowest fee Arizona FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,705), OCEANSIDE MORTGAGE COMPANY ($3,494), MID AMERICA MORTGAGE, INC. ($4,198), AmeriHome Mortgage Company, LLC ($4,517) and CHERRY CREEK MORTGAGE, LLC ($4,780).

    The lowest rate Arizona FHA lenders (with over 10 loans originated) are CANOPY MORTGAGE, LLC (2.36%), WESTERN EXPRESS LENDING (2.43%), LOANPAL, LLC (2.59%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.63%) and MATTAMY HOME FUNDING, LLC (2.64%).

    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

    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).