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FRC Research · Geographic Analysis · 2025

The
Geographic Lottery

Texas: 2.2% FHA denial rate. Oklahoma: 25.0%. Same lenders, same federal guidelines — but 23 points apart. The state you live in is part of your mortgage outcome. You didn't choose it. But you should know it.

Find your state's Mortgage Score
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All states — 2025 FHA Mortgage Score

MS = national average (15.1%) minus state denial rate. Higher = more borrower-friendly market.

StateDenial %MSGrade
Geography is part of your outcome. Lender choice is too.
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Data: CFPB HMDA loan-level 2025, 6 major FHA lenders, all states with ≥500 FHA applications. Mortgage Score (MS) = national average denial rate (15.1%) minus state denial rate. Positive = below national average. Borrower profile composition is not held constant across states — state scores reflect aggregate market conditions, not individual predictions. Statistical research, not financial advice.

Related: Denial Disparity Report →  |  Market That Doesn't React →
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The part almost nobody publishes free

Prices and rates are widely reported. Whether a lender says yes is not. In the complete 2025 federal record, denial rates across the 100 largest FHA lenders ran from 1.8% to 78.7% — same programme, same year.

And it is not simply who applies where: standardizing on state, loan amount, income, debt-to-income and loan-to-value, applicant mix explains only a 2.7× range in expected outcomes.

Which lenders approve most → Your metro → Denied? →

CFPB HMDA 2025, computed by FinanceRateCalc. Covers the highest-volume lenders published per market, not all lenders. Historical observations, not predictions. CC BY 4.0, not independently reproduced.

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FinanceRateCalc · Independent analysis of the complete federal HMDA record · Measured, not assumed. · No lender or AI vendor funds or previews this work.