The price of every door: FHA rates vs. approval odds (2025)
The soft door does not cost more. Across the 60 largest FHA purchase lenders in 2025, the correlation between denial rate and median rate spread was −0.25 — slightly negative. The old assumption that easy approval means expensive money does not appear in the federal record. The exception hiding in plain sight: every lender with a negative median spread is builder-affiliated — median rates of 3.99–4.875% against a ~6.25–6.5% market. Source: 1,187,606 decisioned FHA applications, CFPB HMDA 2025; medians over originated purchase loans, spreads vs APOR.
The full table: odds and price, side by side
Sorted softest first. Median rate and spread computed over originated purchase loans only. Negative spread (green) = priced below the average prime offer rate.
| Lender | Denial rate | Median rate | Median spread |
|---|---|---|---|
| Flat Branch Mortgage, Inc. | 1.7% | 6.5% | 0.689 |
| Vanderbilt Mortgage And Financ | 2.7% | 5.625% | -0.046 |
| Atlantic Bay Mortgage Group | 3.1% | 6.5% | 0.669 |
| Canopy Mortgage, LLC | 3.1% | 6.25% | 0.561 |
| Ark-La-Tex Financial Services | 3.6% | 6.25% | 0.412 |
| Nfm, Inc | 3.8% | 6.25% | 0.617 |
| Das Acquisition Company, LLC | 3.8% | 6.625% | 0.879 |
| Velocio Mortgage, L.L.C. BUILDER | 4.0% | 3.99% | -1.876 |
| Crosscountry Mortgage, LLC | 4.6% | 6.575% | 0.742 |
| Towne Mortgage Company | 4.6% | 6.25% | 0.471 |
| M/I Financial. LLC BUILDER | 5.2% | 4.875% | -1.017 |
| Guild Mortgage Company | 5.3% | 6.375% | 0.614 |
| Cmg Mortgage Inc | 5.3% | 6.125% | 0.442 |
| American Neighborhood Mortgage | 5.3% | 6.625% | 0.774 |
| Movement Mortgage, LLC | 5.7% | 6.5% | 0.719 |
| Paramount Residential Mortgage | 5.7% | 6.375% | 0.578 |
| Ruoff Mortgage Company | 6.0% | 6.75% | 0.838 |
| Fairway Independent Mort Corp | 6.5% | 6.5% | 0.744 |
| Primelending | 6.7% | 6.49% | 0.617 |
| Gold Star Mortgage Financial G | 6.8% | 6.625% | 0.772 |
| Union Home Mortgage Corp. | 7.4% | 6.375% | 0.67 |
| New American Funding, LLC. | 7.8% | 6.625% | 0.91 |
| Primary Residential Mortgage, | 8.1% | 6.625% | 0.776 |
| Stockton Mortgage Corporation | 8.4% | 6.625% | 0.853 |
| T2 Financial LLC | 8.5% | 6.5% | 0.695 |
| First Community Mortgage, Inc. | 8.7% | 6.375% | 0.607 |
| Acrisure Mortgage, LLC | 8.8% | 5.49% | -0.166 |
| Everett Financial, Inc. | 8.9% | 6.625% | 0.929 |
| Click N' Close, Inc. | 9.2% | 6.75% | 1.79 |
| Securitynational Mortgage Comp | 9.3% | 6.5% | 0.782 |
| Guaranteed Rate, Inc. | 9.4% | 6.375% | 0.615 |
| Prosperity Home Mortgage, LLC | 9.4% | 6.25% | 0.487 |
| The Loan Store, Inc | 9.6% | 6.25% | 0.397 |
| American Financial Resources L | 9.8% | 6.5% | 0.64 |
| Cardinal Financial Company, Li | 10.0% | 6.375% | 0.75 |
| American Pacific Mortgage Corp | 10.1% | 6.5% | 0.782 |
| Lower, LLC | 10.8% | 6.375% | 0.593 |
| Ocmbc, Inc. | 10.8% | 6.25% | 0.561 |
| Kbhs Home Loans, LLC BUILDER | 12.2% | 5.75% | -0.018 |
| Zillow Home Loans, LLC | 12.3% | 6.5% | 0.654 |
| United Wholesale Mortgage | 12.7% | 6.125% | 0.381 |
| Plains Commerce Bank | 13.4% | 6.25% | 0.529 |
| Newrez LLC | 13.9% | 6.25% | 0.356 |
| Sun West Mortgage Company, Inc | 14.2% | 6.367% | 0.527 |
| American Financial Network, In | 14.6% | 6.75% | 0.982 |
| Inspire Home Loans Inc. BUILDER | 15.7% | 4.875% | -0.975 |
| Planet Home Lending, LLC | 15.9% | 6.25% | 0.569 |
| Equity Prime Mortgage LLC | 16.0% | 6.625% | 0.761 |
| Pennymac Loan Services LLC | 18.6% | 6.125% | 0.354 |
| Freedom Mortgage Corporation | 19.4% | 6.25% | 0.194 |
| Rocket Mortgage | 19.5% | 6.25% | 0.456 |
| Dhi Mortgage Company, Ltd. BUILDER | 20.5% | 4.5% | -1.397 |
| Loandepot.Com LLC | 21.3% | 5.875% | 0.059 |
| Lennar Mortgage, LLC BUILDER | 22.9% | 4.5% | -1.331 |
| Mortgage Research Center | 23.7% | 6.625% | 0.73 |
| Kind Lending, LLC | 24.1% | 6.25% | 0.399 |
| Pulte Mortgage LLC BUILDER | 26.8% | 4.875% | -1.122 |
| Plaza Home Mortgage, Inc | 30.7% | 6.49% | 0.631 |
| Nvr Mortgage Finance, Inc. BUILDER | 34.0% | 5.99% | 0.194 |
| Flagstar Bank Na | 37.4% | 6.25% | 0.311 |
The buydown club
Six lenders priced below APOR at the median in 2025 — and all six are builder-affiliated: Velocio (3.99%), DHI Mortgage (4.5%), Lennar (4.5%), Pulte (4.875%), M/I Financial (4.875%), Inspire (4.875%). Builders are subsidizing the rate to sell the house, and the federal record shows the size of the subsidy: 1.5 to 2.5 points below market. The catch sits in their denial DNA: several of the same shops (Pulte 26.8%, NVR 34.0%) deny well above average — almost entirely on DTI. Builder financing is the cheapest door in America if you clear the math wall.
The manufactured-home map
Nationally, manufactured-home FHA applications were denied at 23.3% versus 21.8% for site-built — a mild gap. But the gap lives at specific doors: Rocket denied 38.7% of manufactured applications (vs 29.8% overall) and AmeriSave 79.1%, while CrossCountry held at 6.9%. The penalty is real at generalist doors and absent at others.
| Lender (manufactured only) | Apps | Denial rate |
|---|---|---|
| United Wholesale Mortgage | 5,853 | 21.5% |
| Rocket Mortgage | 4,597 | 38.7% |
| Crosscountry Mortgage, LLC | 2,041 | 6.9% |
| Amerisave Mortgage Company | 1,996 | 79.1% |
| Guild Mortgage Company | 1,857 | 9.3% |
| Cardinal Financial Company, Li | 1,758 | 11.0% |
| New American Funding, LLC. | 1,696 | 28.6% |
| American Financial Resources L | 1,608 | 9.0% |
| Newrez LLC | 1,372 | 37.0% |
| Freedom Mortgage Corporation | 1,168 | 35.6% |
| Fairway Independent Mort Corp | 1,137 | 10.3% |
| Loandepot.Com LLC | 1,111 | 48.7% |
What this is not
Medians describe originated loans, not offers: spreads reflect borrower mix, points, buydowns, and lock timing as well as pricing appetite; this is not an APR or fee comparison and not advice. Rates and denial rates travel with channel design — see the reason fingerprint. Context: the top-100 table · the state door map.
“Across the 60 largest FHA lenders, the correlation between denial rate and median rate spread was −0.25 in 2025 — the soft door does not cost more, according to FinanceRateCalc.”