California FHA Loans

CALIFORNIA-LEXINGTON PARK, MD

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.

California's 92 lenders originated 595 FHA loans during 2021. The total origination value was $155,785,000, with an average FHA loan value of $261,824.

California FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in California averaged 5.39% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.12% and one month ago for the week of 2022-04-08, the average rate was 4.89%.

The average rate one year ago was 2.9%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.69%.

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

California FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the California level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 60 2.72% $6,536
FIRST HOME MORTGAGE CORPORATION 50 3.04% $9,839
PENNYMAC LOAN SERVICES, LLC 29 2.86% $5,562
C & F Mortgage Corporation 26 2.92% $8,773
FREEDOM MORTGAGE CORPORATION 25 2.91% $6,059
LAKEVIEW LOAN SERVICING, LLC 20 2.84% $5,491
Mr. Cooper ( Nationstar Mortgage ) 17 3.32% $5,645
Towne Bank 13 2.85% $8,572
Waterstone Mortgage Corporation 12 3.25% $10,619
UNITED WHOLESALE MORTGAGE, LLC 12 2.80% $9,698
Paramount Residential Mortgage Group, Inc. 11 3.26% $10,750
VILLAGE CAPITAL & INVESTMENT LLC 11 2.70% $3,223
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 3.21% $9,414
PRIMARY RESIDENTIAL MORTGAGE, INC. 10 3.54% $10,801
CALIBER HOME LOANS, INC. 10 3.08% $7,819
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 2.94% $9,787
Carrington Mortgage Services, LLC 8 3.56% $10,382
CORNERSTONE HOME LENDING, INC. 8 3.14% $9,961
AMERICAN FINANCIAL NETWORK, INC. 7 3.25% $15,265
EAGLE HOME MORTGAGE, LLC 7 3.86% $11,772
EQUITY RESOURCES, INC. 6 3.27% $9,003
BAY CAPITAL MORTGAGE CORPORATION 6 2.88% $10,254
First Heritage Mortgage, LLC 6 2.92% $10,100
Lakeview Community Capital, LLC 5 2.83% $5,455
Vellum Mortgage, Inc. 5 3.35% $7,727
SOUTHERN TRUST MORTGAGE, LLC 5 3.03% $5,072
EMBRACE HOME LOANS, INC. 5 3.10% $9,362
1ST PREFERENCE MORTGAGE CORP. 5 2.88% $9,047
NFM, INC. 5 3.33% $7,956
HOMESPIRE MORTGAGE CORPORATION 5 3.65% $9,206
MOVEMENT MORTGAGE, LLC 4 3.47% $8,294
GUARANTEED RATE AFFINITY, LLC 4 3.09% $7,808
HOME POINT FINANCIAL CORPORATION 4 3.13% $8,711
HOMESIDE FINANCIAL, LLC 4 3.24% $8,158
LOANDEPOT.COM, LLC 4 3.09% $8,086
Nations Lending Corporation 4 3.44% $9,038
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.62% $9,374
UNIVERSAL MORTGAGE & FINANCE, INC. 4 4.22% $10,555
Sierra Pacific Mortgage Company, Inc. 3 3.17% $10,689
INTERLINC MORTGAGE SERVICES, LLC 3 3.54% $6,564
NEWREZ LLC 3 3.00% $4,880
AMERISAVE MORTGAGE CORPORATION 3 2.75% $12,885
Ameris Bank 3 3.46% $7,561
NATIONS DIRECT MORTGAGE, LLC 3 3.67% $8,845
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.29% $8,998
First Guaranty Mortgage Corporation 3 3.08% $6,487
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 3.13% $6,296
DRAPER AND KRAMER MORTGAGE CORP. 2 2.56% $9,445
DIRECT MORTGAGE LOANS, LLC 2 3.40% $9,537
WesBanco Bank, Inc. 2 3.06% $7,166
CROSSCOUNTRY MORTGAGE, LLC 2 3.19% $11,348
InterContinental Capital Group, Inc 2 2.56% $8,885
CELEBRITY HOME LOANS, LLC 2 4.13% $9,218
AmeriHome Mortgage Company, LLC 2 2.88% $4,568
MID-ISLAND MORTGAGE CORP. 2 3.13% $14,751
MORTGAGE ACCESS CORP. 2 3.25% $12,482
BROKER SOLUTIONS, INC. 2 4.00% $10,113
PLANET HOME LENDING, LLC 2 3.25% $11,002
Presidential Bank, FSB 2 3.19% $10,319
Bank of England 2 3.25% $9,198
Residential Mortgage Solutions, Inc. 2 3.06% $7,495
SECURITYNATIONAL MORTGAGE COMPANY 2 4.25% $8,902
The Federal Savings Bank 2 3.00% $10,075
Truist Bank 2 3.13% $8,657
Evolve Bank & Trust 2 4.25% $15,423
First Option Mortgage, LLC 2 3.19% $11,841
BAYSHORE MORTGAGE FUNDING, LLC 1 3.50% $6,678
Barrington Bank & Trust Company, N.A. 1 3.25% $5,748
Plains Commerce Bank 1 3.25% $8,279
GUILD MORTGAGE COMPANY 1 2.25% $8,241
EMM LOANS LLC 1 3.63% $16,922
UNITED MORTGAGE CORP. 1 3.00% $7,669
Prime Choice Funding Inc. 1 2.75% $10,233
Acre Mortgage and Financial Inc 1 3.63% $10,285
Prosperity Home Mortgage, LLC 1 3.13% $9,993
INTERCOASTAL MORTGAGE COMPANY 1 2.25% $10,540
FIDELITY DIRECT MORTGAGE, LLC 1 2.25% $5,395
Sandy Spring Bank 1 3.50% $7,441
GUARANTEED RATE, INC. 1 2.75% $10,066
Home Mortgage Alliance Corp 1 2.75% $10,973
ARC HOME LLC 1 3.25% $9,440
MLD MORTGAGE INC. 1 3.63% $6,554
SUN WEST MORTGAGE COMPANY, INC. 1 4.25% $11,500
CBM Mortgage, Inc. 1 3.13% $11,012
MICHIGAN MUTUAL, INC. 1 2.38% $15,192
Low VA Rates, LLC 1 3.25% $4,610
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.88% $10,881
NETWORK CAPITAL FUNDING CORPORATION 1 2.38% $8,693
CMG MORTGAGE, INC. 1 3.25% $8,807
ENVOY MORTGAGE, LTD 1 4.25% $10,839
NORWICH COMMERCIAL GROUP, INC. 1 3.88% $8,144
OCEANSIDE MORTGAGE COMPANY 1 2.88% $1,868

The top California FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 60 FHA loans originated. Their average total fees are $6,536, which is $3,302 lower than the next largest lender, FIRST HOME MORTGAGE CORPORATION.

The lowest fee California FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,223), LAKEVIEW LOAN SERVICING, LLC ($5,491), PENNYMAC LOAN SERVICES, LLC ($5,562), Mr. Cooper ( Nationstar Mortgage ) ($5,645) and FREEDOM MORTGAGE CORPORATION ($6,059).

The lowest rate California FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.70%), QUICKEN LOANS, LLC (2.72%), UNITED WHOLESALE MORTGAGE, LLC (2.80%), LAKEVIEW LOAN SERVICING, LLC (2.84%) and Towne Bank (2.85%).

California FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CALIFORNIA-LEXINGTON PARK, MD ST. MARY'S 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - California (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $289,950 (5.5%) $324,650 (8.0%) 0.00 441
2018-02-01 $285,000 (2.2%) $325,713 (7.4%) 0.00 441
2018-03-01 $299,900 (3.5%) $331,066 (4.1%) 0.00 447
2018-04-01 $309,950 (3.8%) $345,114 (3.8%) 0.00 468
2018-05-01 $319,995 (7.3%) $354,912 (6.0%) 0.00 503
2018-06-01 $320,000 (6.9%) $355,168 (4.5%) 0.00 544
2018-07-01 $318,450 (6.2%) $350,913 (1.9%) 0.00 570
2018-08-01 $307,445 (1.7%) $350,604 (2.9%) 0.00 554
2018-09-01 $299,900 (0.3%) $351,157 (3.8%) 0.00 542
2018-10-01 $295,000 (-1.3%) $341,173 (0.8%) 0.00 548
2018-11-01 $302,400 (3.5%) $349,655 (5.2%) 0.00 500
2018-12-01 $290,000 (0.9%) $336,216 (4.3%) 0.00 452
2019-01-01 $289,940 (0.0%) $331,477 (2.1%) 0.00 421
2019-02-01 $295,603 (3.7%) $335,069 (2.9%) 0.00 421
2019-03-01 $312,757 (4.3%) $355,186 (7.3%) 0.00 425
2019-04-01 $329,900 (6.4%) $380,939 (10.4%) 0.00 422
2019-05-01 $335,000 (4.7%) $388,774 (9.5%) 0.00 456
2019-06-01 $334,900 (4.7%) $388,023 (9.3%) 0.00 489
2019-07-01 $329,945 (3.6%) $384,315 (9.5%) 0.00 473
2019-08-01 $334,186 (8.7%) $387,208 (10.4%) 0.00 444
2019-09-01 $339,950 (13.4%) $387,187 (10.3%) 0.00 420
2019-10-01 $339,900 (15.2%) $369,102 (8.2%) 0.00 420
2019-11-01 $335,000 (10.8%) $362,101 (3.6%) 0.00 389
2019-12-01 $339,000 (16.9%) $359,280 (6.9%) 0.00 356
2020-01-01 $339,950 (17.3%) $364,709 (10.0%) 0.00 305
2020-02-01 $340,000 (15.0%) $376,754 (12.4%) 0.00 298
2020-03-01 $354,450 (13.3%) $381,682 (7.5%) 0.00 305
2020-04-01 $369,900 (12.1%) $394,259 (3.5%) 0.00 298
2020-05-01 $370,000 (10.5%) $396,726 (2.1%) 0.00 280
2020-06-01 $354,950 (6.0%) $400,701 (3.3%) 0.00 240
2020-07-01 $364,900 (10.6%) $411,186 (7.0%) 0.00 207
2020-08-01 $365,000 (9.2%) $422,158 (9.0%) 0.00 161
2020-09-01 $364,950 (7.4%) $421,608 (8.9%) 0.00 168
2020-10-01 $345,000 (1.5%) $409,050 (10.8%) 0.00 185
2020-11-01 $329,475 (-1.7%) $406,712 (12.3%) 0.00 187
2020-12-01 $319,950 (-5.6%) $382,192 (6.4%) 0.00 161
2021-01-01 $319,900 (-5.9%) $375,420 (2.9%) 0.00 138
2021-02-01 $313,543 (-7.8%) $356,841 (-5.3%) 0.00 123
2021-03-01 $315,450 (-11.0%) $379,591 (-0.6%) 0.00 122
2021-04-01 $320,335 (-13.4%) $359,286 (-8.9%) 0.00 124
2021-05-01 $350,000 (-5.4%) $408,983 (3.1%) 0.00 136
2021-06-01 $352,500 (-0.7%) $443,296 (10.6%) 0.00 165
2021-07-01 $359,900 (-1.4%) $460,080 (11.9%) 0.00 179
2021-08-01 $368,500 (1.0%) $462,968 (9.7%) 0.00 195
2021-09-01 $373,500 (2.3%) $490,399 (16.3%) 0.00 180
2021-10-01 $375,000 (8.7%) $496,732 (21.4%) 0.00 156
2021-11-01 $387,000 (17.5%) $528,802 (30.0%) 0.00 136
2021-12-01 $389,900 (21.9%) $508,265 (33.0%) 0.00 142
2022-01-01 $385,000 (20.4%) $546,836 (45.7%) 0.00 104
2022-02-01 $387,000 (23.4%) $558,605 (56.5%) 0.00 94
2022-03-01 $399,500 (26.6%) $531,981 (40.2%) 0.00 99
2022-04-01 $414,900 (29.5%) $551,258 (53.4%) 0.00 124
California's median listing price for 2022-04-01 was $414,900, a difference of $94,565 (29.5%) versus the prior year and $15,400 versus the prior month.

California's median listing price comes in at 0% of the national average.

California's average listing price for 2022-04-01 was $551,258, a difference of $191,972 (53.4%) versus the prior year and $19,277 versus the prior month.

For the 2022-04-01 period, California had 124 MLS listings, a difference of 25 listings (25%) versus the prior month and 0 listings (0%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - California (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,930 sqft
2018-02-01 0 days 1,883 sqft
2018-03-01 0 days 1,920 sqft
2018-04-01 0 days 1,934 sqft
2018-05-01 0 days 2,056 sqft
2018-06-01 0 days 2,092 sqft
2018-07-01 0 days 2,027 sqft
2018-08-01 0 days 1,981 sqft
2018-09-01 0 days 1,996 sqft
2018-10-01 0 days 1,976 sqft
2018-11-01 0 days 1,952 sqft
2018-12-01 0 days 1,920 sqft
2019-01-01 0 days 1,980 sqft
2019-02-01 0 days 1,975 sqft
2019-03-01 0 days 2,041 sqft
2019-04-01 0 days 2,145 sqft
2019-05-01 0 days 2,158 sqft
2019-06-01 0 days 2,152 sqft
2019-07-01 0 days 2,133 sqft
2019-08-01 0 days 2,141 sqft
2019-09-01 0 days 2,192 sqft
2019-10-01 0 days 2,198 sqft
2019-11-01 0 days 2,200 sqft
2019-12-01 0 days 2,135 sqft
2020-01-01 0 days 2,161 sqft
2020-02-01 0 days 2,210 sqft
2020-03-01 0 days 2,248 sqft
2020-04-01 0 days 2,249 sqft
2020-05-01 0 days 2,292 sqft
2020-06-01 0 days 2,237 sqft
2020-07-01 0 days 2,329 sqft
2020-08-01 0 days 2,283 sqft
2020-09-01 0 days 2,343 sqft
2020-10-01 0 days 2,160 sqft
2020-11-01 0 days 2,057 sqft
2020-12-01 0 days 1,954 sqft
2021-01-01 0 days 1,992 sqft
2021-02-01 0 days 1,812 sqft
2021-03-01 0 days 1,975 sqft
2021-04-01 0 days 1,849 sqft
2021-05-01 0 days 2,106 sqft
2021-06-01 0 days 2,111 sqft
2021-07-01 0 days 2,066 sqft
2021-08-01 0 days 2,110 sqft
2021-09-01 0 days 2,133 sqft
2021-10-01 0 days 2,119 sqft
2021-11-01 0 days 2,075 sqft
2021-12-01 0 days 2,053 sqft
2022-01-01 0 days 2,076 sqft
2022-02-01 0 days 2,092 sqft
2022-03-01 0 days 2,088 sqft
2022-04-01 0 days 2,050 sqft
California's median listing age (time on market) for 2022-04-01 was 0 days.

California's median square footage for active listings during the 2022-04-01 period was 2,050 sqft. One year prior, the average listing was 1,849 sqft.

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).