California FHA Loan Rates, Closing Costs & Stats

CALIFORNIA-LEXINGTON PARK, MD

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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.

    California's 73 lenders originated 289 FHA loans during 2023. The total origination value was $89,755,000, with an average FHA loan value of $310,571.

    California FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in California averaged 6.45% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    California's average FHA mortgage closing costs are $9,280.

    The average rate for the prior week (2024-04-05) was 6.37% and one month ago for the week of 2024-03-08, the average rate was 6.51%.

    The average rate one year ago was 6.05%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.84%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the California level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIRST HOME MORTGAGE CORPORATION 21 6.50% $15,797
    QUICKEN LOANS, LLC 20 6.26% $13,302
    Towne Bank 19 6.44% $11,618
    BAY CAPITAL MORTGAGE CORPORATION 19 6.08% $13,216
    INTERLINC MORTGAGE SERVICES, LLC 18 6.65% $8,359
    Waterstone Mortgage Corporation 12 6.32% $14,809
    MOVEMENT MORTGAGE, LLC 12 6.79% $11,845
    NFM, INC. 8 7.06% $12,731
    PRIMARY RESIDENTIAL MORTGAGE, INC. 7 6.84% $14,276
    UNITED WHOLESALE MORTGAGE, LLC 7 6.41% $14,505
    CROSSCOUNTRY MORTGAGE, LLC 7 6.93% $15,455
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.70% $14,600
    EAGLE HOME MORTGAGE, LLC 5 5.80% $13,851
    BROKER SOLUTIONS, INC. 5 6.70% $10,618
    Vellum Mortgage, Inc. 4 7.16% $16,096
    LOANDEPOT.COM, LLC 4 6.75% $12,862
    SOUTHERN TRUST MORTGAGE, LLC 4 6.06% $11,429
    PENNYMAC LOAN SERVICES, LLC 4 6.22% $10,805
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 7.28% $15,716
    First Heritage Mortgage, LLC 4 7.00% $13,844
    AMERISAVE MORTGAGE CORPORATION 3 5.58% $18,035
    FREEDOM MORTGAGE CORPORATION 3 6.92% $7,076
    HOMESIDE FINANCIAL, LLC 3 6.75% $12,853
    AmeriHome Mortgage Company, LLC 3 6.00% $11,607
    Meridian Bank Corporation 3 6.00% $12,212
    Mr. Cooper ( Nationstar Mortgage ) 3 5.83% $18,283
    M&T Bank 2 6.19% $9,036
    Atlantic Coast Mortgage, LLC 2 6.56% $10,932
    CALIBER HOME LOANS, INC. 2 6.13% $15,189
    DIRECT MORTGAGE LOANS, LLC 2 7.00% $14,704
    EVERETT FINANCIAL, INC. 2 7.06% $9,406
    GUARANTEED RATE, INC. 2 7.01% $12,653
    JPMorgan Chase Bank 2 5.81% $9,495
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $13,618
    MLD MORTGAGE INC. 2 6.50% $12,956
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $18,255
    NEWREZ LLC 2 5.75% $14,046
    Plains Commerce Bank 2 6.38% $17,876
    The Federal Savings Bank 2 6.50% $13,233
    UNIVERSAL MORTGAGE & FINANCE, INC. 2 6.44% $19,594
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $19,205
    MORTGAGE EQUITY PARTNERS LLC 1 6.75% $13,523
    Mortgage Research Center, LLC 1 6.63% $17,745
    Fulton Bank 1 6.25% $10,706
    FIRST SAVINGS MORTGAGE CORPORATION 1 7.38% $8,879
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $17,791
    Wells Fargo Bank 1 6.13% $15,961
    MY MORTGAGE, INC. 1 7.50% $17,344
    NATIONS DIRECT MORTGAGE, LLC 1 6.50% $11,805
    BAY EQUITY LLC 1 6.50% $7,992
    FIDELITY DIRECT MORTGAGE, LLC 1 7.38% $12,234
    ON Q FINANCIAL, INC. 1 6.75% $15,967
    Paramount Residential Mortgage Group, Inc. 1 7.63% $14,979
    EMBRACE HOME LOANS, INC. 1 6.63% $11,358
    VILLAGE CAPITAL MORTGAGE 1 5.75% $3,416
    CORNERSTONE HOME LENDING, INC. 1 6.75% $21,131
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.13% $17,012
    Prosperity Home Mortgage, LLC 1 8.25% $10,003
    Century Mortgage Company DBA Century Lending Company 1 6.13% $15,883
    Sandy Spring Bank 1 7.13% $8,576
    Carrington Mortgage Services, LLC 1 5.63% $16,763
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $13,368
    Ameris Bank 1 7.25% $7,472
    THE MORTGAGE LINK, INC. 1 6.00% $20,634
    TOP FLITE FINANCIAL, INC. 1 6.75% $8,529
    INTERCOASTAL MORTGAGE COMPANY 1 6.25% $9,427
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $16,179
    BECKAM FUNDING CORP. 1 7.25% $19,292
    TOWNE MORTGAGE COMPANY 1 6.63% $12,389
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $19,807
    LOANPAL, LLC 1 6.63% $14,953
    GUARANTEED RATE AFFINITY, LLC 1 7.50% $10,783
    MID AMERICA MORTGAGE, INC. 1 7.75% $15,000

    The top California FHA lender as defined by loan originations is FIRST HOME MORTGAGE CORPORATION, with 21 FHA loans originated. Their average total fees are $15,797, which is $2,495 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee California FHA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC ($8,359), Towne Bank ($11,618), MOVEMENT MORTGAGE, LLC ($11,845), BAY CAPITAL MORTGAGE CORPORATION ($13,216) and QUICKEN LOANS, LLC ($13,302).

    The lowest rate California FHA lenders (with over 10 loans originated) are BAY CAPITAL MORTGAGE CORPORATION (6.08%), QUICKEN LOANS, LLC (6.26%), Waterstone Mortgage Corporation (6.32%), Towne Bank (6.44%) and FIRST HOME MORTGAGE CORPORATION (6.50%).

    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
    CALIFORNIA-LEXINGTON PARK, MD ST. MARY'S 2023 $472,030 $604,400 $730,525 $907,900

    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 $289,099 (5.1%) $325,519 (7.7%) 0.00 448
    2018-02-01 $285,000 (1.8%) $326,756 (7.4%) 0.00 447
    2018-03-01 $309,000 (6.6%) $333,484 (4.6%) 0.00 457
    2018-04-01 $314,900 (5.5%) $345,701 (3.7%) 0.00 477
    2018-05-01 $321,495 (7.6%) $355,319 (6.2%) 0.00 512
    2018-06-01 $320,835 (7.0%) $355,717 (4.7%) 0.00 556
    2018-07-01 $318,950 (4.6%) $350,443 (1.8%) 0.00 580
    2018-08-01 $303,498 (0.4%) $350,908 (3.4%) 0.00 557
    2018-09-01 $299,999 (0.1%) $351,898 (3.6%) 0.00 549
    2018-10-01 $299,394 (0.1%) $342,502 (0.9%) 0.00 558
    2018-11-01 $302,423 (3.0%) $350,756 (5.3%) 0.00 507
    2018-12-01 $292,158 (1.1%) $337,497 (4.6%) 0.00 458
    2019-01-01 $291,551 (0.9%) $332,818 (2.2%) 0.00 429
    2019-02-01 $296,276 (4.0%) $336,139 (2.9%) 0.00 429
    2019-03-01 $312,757 (1.2%) $356,816 (7.0%) 0.00 432
    2019-04-01 $329,923 (4.8%) $382,698 (10.7%) 0.00 432
    2019-05-01 $335,294 (4.3%) $392,201 (10.4%) 0.00 465
    2019-06-01 $334,950 (4.4%) $388,078 (9.1%) 0.00 498
    2019-07-01 $329,993 (3.5%) $387,264 (10.5%) 0.00 482
    2019-08-01 $332,655 (9.6%) $383,409 (9.3%) 0.00 454
    2019-09-01 $336,786 (12.3%) $376,589 (7.0%) 0.00 440
    2019-10-01 $340,000 (13.6%) $371,738 (8.5%) 0.00 430
    2019-11-01 $335,000 (10.8%) $362,774 (3.4%) 0.00 397
    2019-12-01 $338,000 (15.7%) $360,195 (6.7%) 0.00 361
    2020-01-01 $339,950 (16.6%) $367,205 (10.3%) 0.00 317
    2020-02-01 $345,000 (16.5%) $378,993 (12.8%) 0.00 309
    2020-03-01 $354,500 (13.4%) $385,744 (8.1%) 0.00 318
    2020-04-01 $366,225 (11.0%) $396,106 (3.5%) 0.00 310
    2020-05-01 $369,900 (10.3%) $398,502 (1.6%) 0.00 289
    2020-06-01 $356,123 (6.3%) $404,721 (4.3%) 0.00 247
    2020-07-01 $362,450 (9.8%) $411,905 (6.4%) 0.00 212
    2020-08-01 $365,000 (9.7%) $421,466 (9.9%) 0.00 165
    2020-09-01 $360,725 (7.1%) $418,231 (11.1%) 0.00 172
    2020-10-01 $339,950 (0.0%) $404,474 (8.8%) 0.00 191
    2020-11-01 $331,750 (-1.0%) $408,569 (12.6%) 0.00 193
    2020-12-01 $320,143 (-5.3%) $380,010 (5.5%) 0.00 169
    2021-01-01 $319,900 (-5.9%) $374,631 (2.0%) 0.00 145
    2021-02-01 $312,046 (-9.6%) $357,157 (-5.8%) 0.00 129
    2021-03-01 $315,975 (-10.9%) $379,131 (-1.7%) 0.00 128
    2021-04-01 $320,335 (-12.5%) $361,365 (-8.8%) 0.00 129
    2021-05-01 $349,999 (-5.4%) $407,945 (2.4%) 0.00 143
    2021-06-01 $357,450 (0.4%) $442,292 (9.3%) 0.00 172
    2021-07-01 $359,900 (-0.7%) $466,663 (13.3%) 0.00 184
    2021-08-01 $371,000 (1.6%) $463,359 (9.9%) 0.00 204
    2021-09-01 $374,950 (3.9%) $491,436 (17.5%) 0.00 186
    2021-10-01 $379,000 (11.5%) $492,122 (21.7%) 0.00 162
    2021-11-01 $383,490 (15.6%) $523,244 (28.1%) 0.00 145
    2021-12-01 $384,946 (20.2%) $503,766 (32.6%) 0.00 148
    2022-01-01 $388,500 (21.4%) $543,191 (45.0%) 0.00 110
    2022-02-01 $386,625 (23.9%) $555,665 (55.6%) 0.00 98
    2022-03-01 $399,700 (26.5%) $530,150 (39.8%) 0.00 104
    2022-04-01 $409,900 (28.0%) $545,216 (50.9%) 0.00 131
    2022-05-01 $428,700 (22.5%) $539,091 (32.2%) 0.00 161
    2022-06-01 $429,950 (20.3%) $527,069 (19.2%) 0.00 191
    2022-07-01 $419,900 (16.7%) $510,580 (9.4%) 0.00 220
    2022-08-01 $420,000 (13.2%) $509,322 (9.9%) 0.00 230
    2022-09-01 $417,450 (11.3%) $503,164 (2.4%) 0.00 206
    2022-10-01 $419,900 (10.8%) $503,532 (2.3%) 0.00 227
    2022-11-01 $404,900 (5.6%) $490,854 (-6.2%) 0.00 223
    2022-12-01 $399,900 (3.9%) $495,402 (-1.7%) 0.00 177
    2023-01-01 $402,400 (3.6%) $487,197 (-10.3%) 0.00 164
    2023-02-01 $450,975 (16.6%) $531,854 (-4.3%) 0.00 150
    2023-03-01 $485,498 (21.5%) $538,241 (1.5%) 0.00 141
    2023-04-01 $492,445 (20.1%) $589,004 (8.0%) 0.00 141
    2023-05-01 $496,743 (15.9%) $613,238 (13.8%) 0.00 149
    2023-06-01 $511,423 (19.0%) $636,497 (20.8%) 0.00 147
    2023-07-01 $499,650 (19.0%) $618,510 (21.1%) 0.00 161
    2023-08-01 $472,475 (12.5%) $606,212 (19.0%) 0.00 156
    2023-09-01 $472,450 (13.2%) $612,760 (21.8%) 0.00 152
    2023-10-01 $477,400 (13.7%) $791,826 (57.3%) 0.00 160
    2023-11-01 $482,450 (19.2%) $814,772 (66.0%) 0.00 160
    2023-12-01 $509,950 (27.5%) $749,571 (51.3%) 0.00 151
    2024-01-01 $475,400 (18.1%) $741,398 (52.2%) 0.00 135
    2024-02-01 $483,475 (7.2%) $746,595 (40.4%) 0.00 128
    2024-03-01 $520,000 (7.1%) $821,746 (52.7%) 0.00 132
    California's median listing price for 2024-03-01 was $520,000, a difference of $34,502 (7.1%) versus the prior year and $36,525 versus the prior month.

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

    California's average listing price for 2024-03-01 was $821,746, a difference of $283,505 (52.7%) versus the prior year and $75,151 versus the prior month.

    For the 2024-03-01 period, California had 132 MLS listings, a difference of 4 listings (3%) versus the prior month and -9 listings (-6%) 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 1,920 sqft
    2018-02-01 0 days 1,865 sqft
    2018-03-01 0 days 1,887 sqft
    2018-04-01 0 days 1,893 sqft
    2018-05-01 0 days 1,974 sqft
    2018-06-01 0 days 2,112 sqft
    2018-07-01 0 days 2,036 sqft
    2018-08-01 0 days 2,008 sqft
    2018-09-01 0 days 2,016 sqft
    2018-10-01 0 days 2,000 sqft
    2018-11-01 0 days 1,976 sqft
    2018-12-01 0 days 1,944 sqft
    2019-01-01 0 days 1,988 sqft
    2019-02-01 0 days 1,977 sqft
    2019-03-01 0 days 2,055 sqft
    2019-04-01 0 days 2,161 sqft
    2019-05-01 0 days 2,169 sqft
    2019-06-01 0 days 2,151 sqft
    2019-07-01 0 days 2,134 sqft
    2019-08-01 0 days 2,138 sqft
    2019-09-01 0 days 2,173 sqft
    2019-10-01 0 days 2,209 sqft
    2019-11-01 0 days 2,200 sqft
    2019-12-01 0 days 2,142 sqft
    2020-01-01 0 days 2,197 sqft
    2020-02-01 0 days 2,210 sqft
    2020-03-01 0 days 2,254 sqft
    2020-04-01 0 days 2,249 sqft
    2020-05-01 0 days 2,292 sqft
    2020-06-01 0 days 2,257 sqft
    2020-07-01 0 days 2,308 sqft
    2020-08-01 0 days 2,288 sqft
    2020-09-01 0 days 2,326 sqft
    2020-10-01 0 days 2,160 sqft
    2020-11-01 0 days 2,087 sqft
    2020-12-01 0 days 1,981 sqft
    2021-01-01 0 days 2,016 sqft
    2021-02-01 0 days 1,805 sqft
    2021-03-01 0 days 1,974 sqft
    2021-04-01 0 days 1,849 sqft
    2021-05-01 0 days 2,083 sqft
    2021-06-01 0 days 2,100 sqft
    2021-07-01 0 days 2,114 sqft
    2021-08-01 0 days 2,118 sqft
    2021-09-01 0 days 2,148 sqft
    2021-10-01 0 days 2,097 sqft
    2021-11-01 0 days 2,048 sqft
    2021-12-01 0 days 2,045 sqft
    2022-01-01 0 days 2,078 sqft
    2022-02-01 0 days 2,110 sqft
    2022-03-01 0 days 2,092 sqft
    2022-04-01 0 days 2,096 sqft
    2022-05-01 0 days 2,199 sqft
    2022-06-01 0 days 2,204 sqft
    2022-07-01 0 days 2,156 sqft
    2022-08-01 0 days 2,243 sqft
    2022-09-01 0 days 2,092 sqft
    2022-10-01 0 days 2,136 sqft
    2022-11-01 0 days 2,162 sqft
    2022-12-01 0 days 2,148 sqft
    2023-01-01 0 days 2,199 sqft
    2023-02-01 0 days 2,239 sqft
    2023-03-01 0 days 2,208 sqft
    2023-04-01 0 days 2,310 sqft
    2023-05-01 0 days 2,274 sqft
    2023-06-01 0 days 2,288 sqft
    2023-07-01 0 days 2,350 sqft
    2023-08-01 0 days 2,259 sqft
    2023-09-01 0 days 2,359 sqft
    2023-10-01 0 days 2,363 sqft
    2023-11-01 0 days 2,363 sqft
    2023-12-01 0 days 2,331 sqft
    2024-01-01 0 days 2,134 sqft
    2024-02-01 0 days 2,026 sqft
    2024-03-01 0 days 2,170 sqft
    California's median listing age (time on market) for 2024-03-01 was 0 days.

    California's median square footage for active listings during the 2024-03-01 period was 2,170 sqft. One year prior, the average listing was 2,208 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).