Chico FHA Loan Rates, Closing Costs & Stats

CHICO, CA

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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.

    Chico's 71 lenders originated 433 FHA loans during 2023. The total origination value was $141,885,000, with an average FHA loan value of $327,679.

    Chico FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Chico averaged 6.98% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Chico's average FHA mortgage closing costs are $9,577.

    The average rate for the prior week (2024-04-12) was 6.67% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.78%.

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

    Chico 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 Chico level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 50 6.29% $12,628
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 35 6.42% $16,331
    MASON MCDUFFIE MORTGAGE CORPORATION 35 6.61% $10,872
    QUICKEN LOANS, LLC 29 6.16% $12,440
    GUILD MORTGAGE COMPANY 20 6.52% $14,141
    CALIBER HOME LOANS, INC. 15 6.08% $14,096
    Sierra Pacific Mortgage Company, Inc. 15 6.44% $15,298
    NEWREZ LLC 13 6.71% $13,229
    DHI MORTGAGE COMPANY, LTD. 11 5.31% $11,427
    Paramount Residential Mortgage Group, Inc. 10 6.52% $10,865
    BROKER SOLUTIONS, INC. 7 6.43% $13,086
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.75% $17,180
    PREMIER MORTGAGE RESOURCES, L.L.C. 6 6.58% $14,166
    CALCON MUTUAL MORTGAGE LLC 6 7.08% $17,466
    Commerce Home Mortgage, Inc. 6 6.67% $15,055
    Equity Prime Mortgage LLC 5 6.73% $14,430
    CMG MORTGAGE, INC. 5 7.13% $13,272
    FREEDOM MORTGAGE CORPORATION 5 6.68% $13,541
    PENNYMAC LOAN SERVICES, LLC 5 5.92% $12,343
    Century Mortgage Company DBA Century Lending Company 5 6.53% $14,490
    MOVEMENT MORTGAGE, LLC 4 6.28% $17,253
    ACADEMY MORTGAGE CORPORATION 3 7.08% $13,072
    AMERICAN FINANCIAL NETWORK, INC. 3 6.58% $11,472
    AMERISAVE MORTGAGE CORPORATION 3 6.75% $11,604
    Flagstar Bank, FSB 3 5.46% $13,252
    LOANDEPOT.COM, LLC 3 6.46% $14,485
    Plains Commerce Bank 3 6.83% $10,611
    PLANET HOME LENDING, LLC 3 6.13% $12,753
    Princeton Mortgage Corporation 2 6.56% $15,205
    LOANPAL, LLC 2 6.06% $11,768
    MID AMERICA MORTGAGE, INC. 2 7.31% $6,139
    S1L, Inc. 2 6.63% $11,569
    NFM, INC. 2 6.44% $12,992
    SUMMIT FUNDING, INC. 2 6.63% $15,302
    The Federal Savings Bank 2 6.50% $16,863
    CARDINAL FINANCIAL 2 5.81% $14,380
    BECKAM FUNDING CORP. 2 7.06% $14,577
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $15,752
    Nations Lending Corporation 2 6.69% $8,701
    CORNERSTONE HOME LENDING, INC. 2 6.25% $13,188
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.19% $21,702
    MOUNTAIN WEST FINANCIAL, INC. 1 6.75% $14,887
    NBKC BANK 1 5.00% $13,479
    NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $7,424
    CANOPY MORTGAGE, LLC 1 6.50% $16,342
    BMO Harris Bank 1 7.63% $5,564
    VERITAS FUNDING, LLC 1 6.75% $13,782
    VILLAGE CAPITAL MORTGAGE 1 5.75% $8,594
    BAY EQUITY LLC 1 5.50% $12,735
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $5,695
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.63% $12,043
    American Mortgage & Equity Consultants, Inc. 1 7.13% $11,888
    The Loan Store, Inc. 1 6.00% $13,490
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.50% $6,823
    EMBRACE HOME LOANS, INC. 1 5.49% $17,188
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 6.63% $9,658
    CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $13,373
    Franklin Loan Corporation 1 6.75% $22,361
    University Bank 1 7.00% $13,498
    GENEVA FINANCIAL, LLC 1 7.00% $11,366
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $12,142
    HOMESIDE FINANCIAL, LLC 1 6.49% $15,452
    Hometown Equity Mortgage, LLC 1 6.75% $17,901
    INFINITY EQUITY GROUP, INC. 1 5.75% $15,131
    LADERA LENDING, INC. 1 6.75% $14,176
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $12,992
    Vellum Mortgage, Inc. 1 7.13% $7,806
    Carrington Mortgage Services, LLC 1 5.63% $23,699
    MEMBER FIRST MORTGAGE, LLC 1 5.63% $12,204
    Mortgage Research Center, LLC 1 5.75% $4,050
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.50% $14,001

    The top Chico FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 50 FHA loans originated. Their average total fees are $12,628, which is $3,703 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Chico FHA lenders (with over 10 loans originated) are Paramount Residential Mortgage Group, Inc. ($10,865), MASON MCDUFFIE MORTGAGE CORPORATION ($10,872), DHI MORTGAGE COMPANY, LTD. ($11,427), QUICKEN LOANS, LLC ($12,440) and UNITED WHOLESALE MORTGAGE, LLC ($12,628).

    The lowest rate Chico FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.31%), CALIBER HOME LOANS, INC. (6.08%), QUICKEN LOANS, LLC (6.16%), UNITED WHOLESALE MORTGAGE, LLC (6.29%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.42%).

    Chico FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHICO, CA BUTTE 2022 $420,680 $538,650 $651,050 $809,150
    CHICO, CA BUTTE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Chico (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 $287,450 (-0.1%) $381,482 (10.3%) 1.07 415
    2018-02-01 $293,750 (2.1%) $380,820 (7.5%) 1.07 421
    2018-03-01 $329,000 (14.3%) $409,710 (16.5%) 1.15 470
    2018-04-01 $324,950 (12.4%) $390,656 (5.7%) 1.10 520
    2018-05-01 $329,625 (12.6%) $394,542 (4.6%) 1.10 588
    2018-06-01 $319,000 (9.6%) $383,183 (4.3%) 1.06 628
    2018-07-01 $323,475 (12.4%) $387,403 (7.5%) 1.08 679
    2018-08-01 $316,375 (9.9%) $376,846 (3.3%) 1.06 711
    2018-09-01 $315,500 (9.6%) $366,600 (-1.6%) 1.06 731
    2018-10-01 $312,500 (8.3%) $367,177 (-1.3%) 1.06 726
    2018-11-01 $302,438 (5.1%) $370,054 (0.0%) 1.03 574
    2018-12-01 $329,000 (14.3%) $392,817 (4.0%) 1.13 342
    2019-01-01 $334,500 (16.4%) $391,621 (2.7%) 1.16 395
    2019-02-01 $333,125 (13.4%) $384,086 (0.9%) 1.13 412
    2019-03-01 $346,714 (5.4%) $397,138 (-3.1%) 1.13 388
    2019-04-01 $366,214 (12.7%) $416,363 (6.6%) 1.16 400
    2019-05-01 $370,000 (12.3%) $427,475 (8.4%) 1.16 498
    2019-06-01 $369,000 (15.7%) $424,173 (10.7%) 1.15 554
    2019-07-01 $358,255 (10.8%) $421,912 (8.9%) 1.12 613
    2019-08-01 $355,462 (12.4%) $421,463 (11.8%) 1.13 629
    2019-09-01 $352,390 (11.7%) $421,589 (15.0%) 1.13 613
    2019-10-01 $350,000 (12.0%) $421,673 (14.8%) 1.13 585
    2019-11-01 $349,500 (15.6%) $423,281 (14.4%) 1.15 528
    2019-12-01 $351,715 (6.9%) $431,692 (9.9%) 1.17 464
    2020-01-01 $362,500 (8.4%) $445,568 (13.8%) 1.21 389
    2020-02-01 $379,500 (13.9%) $440,942 (14.8%) 1.24 351
    2020-03-01 $389,000 (12.2%) $454,168 (14.4%) 1.22 346
    2020-04-01 $399,000 (9.0%) $466,651 (12.1%) 1.25 347
    2020-05-01 $418,000 (13.0%) $474,953 (11.1%) 1.27 364
    2020-06-01 $424,000 (14.9%) $475,467 (12.1%) 1.25 345
    2020-07-01 $402,500 (12.4%) $479,779 (13.7%) 1.17 305
    2020-08-01 $417,000 (17.3%) $480,119 (13.9%) 1.19 307
    2020-09-01 $399,750 (13.4%) $473,628 (12.3%) 1.15 288
    2020-10-01 $398,000 (13.7%) $460,962 (9.3%) 1.14 308
    2020-11-01 $389,000 (11.3%) $456,687 (7.9%) 1.14 321
    2020-12-01 $399,000 (13.4%) $459,476 (6.4%) 1.19 266
    2021-01-01 $399,500 (10.2%) $464,709 (4.3%) 1.19 244
    2021-02-01 $421,875 (11.2%) $511,847 (16.1%) 1.23 234
    2021-03-01 $417,500 (7.3%) $514,203 (13.2%) 1.18 233
    2021-04-01 $430,250 (7.8%) $547,253 (17.3%) 1.16 224
    2021-05-01 $450,000 (7.7%) $562,905 (18.5%) 1.20 236
    2021-06-01 $452,250 (6.7%) $564,564 (18.7%) 1.19 252
    2021-07-01 $447,000 (11.1%) $550,888 (14.8%) 1.18 282
    2021-08-01 $433,750 (4.0%) $510,201 (6.3%) 1.16 312
    2021-09-01 $437,450 (9.4%) $502,209 (6.0%) 1.17 317
    2021-10-01 $449,000 (12.8%) $541,429 (17.5%) 1.20 324
    2021-11-01 $450,000 (15.7%) $555,696 (21.7%) 1.20 287
    2021-12-01 $449,000 (12.5%) $543,326 (18.3%) 1.22 245
    2022-01-01 $442,500 (10.8%) $541,457 (16.5%) 1.20 198
    2022-02-01 $449,950 (6.7%) $535,830 (4.7%) 1.17 211
    2022-03-01 $449,225 (7.6%) $523,628 (1.8%) 1.12 226
    2022-04-01 $480,000 (11.6%) $553,498 (1.1%) 1.14 264
    2022-05-01 $472,000 (4.9%) $888,874 (57.9%) 1.08 341
    2022-06-01 $468,750 (3.7%) $547,222 (-3.1%) 1.04 391
    2022-07-01 $455,000 (1.8%) $532,510 (-3.3%) 1.03 482
    2022-08-01 $457,450 (5.5%) $529,080 (3.7%) 1.06 523
    2022-09-01 $450,000 (2.9%) $517,905 (3.1%) 1.05 509
    2022-10-01 $444,900 (-0.9%) $515,680 (-4.8%) 1.05 509
    2022-11-01 $434,950 (-3.3%) $510,628 (-8.1%) 1.05 480
    2022-12-01 $435,000 (-3.1%) $513,784 (-5.4%) 1.07 446
    2023-01-01 $423,000 (-4.4%) $506,806 (-6.4%) 1.05 382
    2023-02-01 $427,113 (-5.1%) $519,039 (-3.1%) 1.03 342
    2023-03-01 $431,175 (-4.0%) $518,304 (-1.0%) 1.02 318
    2023-04-01 $438,500 (-8.7%) $521,388 (-5.8%) 1.02 302
    2023-05-01 $429,975 (-8.9%) $519,607 (-41.5%) 0.98 339
    2023-06-01 $429,113 (-8.5%) $516,580 (-5.6%) 0.96 359
    2023-07-01 $429,925 (-5.5%) $514,767 (-3.3%) 0.98 366
    2023-08-01 $433,625 (-5.2%) $521,724 (-1.4%) 1.00 374
    2023-09-01 $425,000 (-5.6%) $510,437 (-1.4%) 0.99 406
    2023-10-01 $426,975 (-4.0%) $506,339 (-1.8%) 1.00 426
    2023-11-01 $439,500 (1.1%) $557,197 (9.1%) 1.05 420
    2023-12-01 $431,750 (-0.8%) $541,538 (5.4%) 1.05 360
    2024-01-01 $424,950 (0.5%) $525,493 (3.7%) 1.04 328
    2024-02-01 $420,925 (-1.5%) $522,244 (0.6%) 1.01 316
    2024-03-01 $430,000 (-0.3%) $528,711 (2.0%) 1.01 349
    Chico's median listing price for 2024-03-01 was $430,000, a difference of $-1,175 (-0.3%) versus the prior year and $9,075 versus the prior month.

    Chico's median listing price comes in at 101% of the national average.

    Chico's average listing price for 2024-03-01 was $528,711, a difference of $10,407 (2.0%) versus the prior year and $6,467 versus the prior month.

    For the 2024-03-01 period, Chico had 349 MLS listings, a difference of 33 listings (10%) versus the prior month and 31 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Chico (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 55 days 1,621 sqft
    2018-02-01 38 days 1,610 sqft
    2018-03-01 31 days 1,694 sqft
    2018-04-01 39 days 1,667 sqft
    2018-05-01 34 days 1,708 sqft
    2018-06-01 36 days 1,681 sqft
    2018-07-01 39 days 1,673 sqft
    2018-08-01 44 days 1,639 sqft
    2018-09-01 48 days 1,615 sqft
    2018-10-01 53 days 1,615 sqft
    2018-11-01 55 days 1,629 sqft
    2018-12-01 25 days 1,615 sqft
    2019-01-01 30 days 1,594 sqft
    2019-02-01 32 days 1,557 sqft
    2019-03-01 40 days 1,588 sqft
    2019-04-01 43 days 1,632 sqft
    2019-05-01 36 days 1,640 sqft
    2019-06-01 38 days 1,684 sqft
    2019-07-01 45 days 1,699 sqft
    2019-08-01 49 days 1,684 sqft
    2019-09-01 54 days 1,684 sqft
    2019-10-01 59 days 1,688 sqft
    2019-11-01 65 days 1,714 sqft
    2019-12-01 75 days 1,715 sqft
    2020-01-01 77 days 1,710 sqft
    2020-02-01 80 days 1,712 sqft
    2020-03-01 60 days 1,755 sqft
    2020-04-01 63 days 1,833 sqft
    2020-05-01 64 days 1,855 sqft
    2020-06-01 54 days 1,865 sqft
    2020-07-01 62 days 1,856 sqft
    2020-08-01 51 days 1,830 sqft
    2020-09-01 55 days 1,756 sqft
    2020-10-01 52 days 1,748 sqft
    2020-11-01 49 days 1,749 sqft
    2020-12-01 72 days 1,753 sqft
    2021-01-01 82 days 1,736 sqft
    2021-02-01 63 days 1,728 sqft
    2021-03-01 54 days 1,708 sqft
    2021-04-01 47 days 1,729 sqft
    2021-05-01 36 days 1,791 sqft
    2021-06-01 40 days 1,755 sqft
    2021-07-01 40 days 1,729 sqft
    2021-08-01 45 days 1,702 sqft
    2021-09-01 51 days 1,713 sqft
    2021-10-01 44 days 1,731 sqft
    2021-11-01 51 days 1,729 sqft
    2021-12-01 53 days 1,702 sqft
    2022-01-01 57 days 1,626 sqft
    2022-02-01 36 days 1,655 sqft
    2022-03-01 35 days 1,646 sqft
    2022-04-01 33 days 1,722 sqft
    2022-05-01 36 days 1,732 sqft
    2022-06-01 37 days 1,714 sqft
    2022-07-01 39 days 1,693 sqft
    2022-08-01 46 days 1,711 sqft
    2022-09-01 58 days 1,690 sqft
    2022-10-01 65 days 1,680 sqft
    2022-11-01 64 days 1,709 sqft
    2022-12-01 73 days 1,712 sqft
    2023-01-01 82 days 1,707 sqft
    2023-02-01 81 days 1,709 sqft
    2023-03-01 72 days 1,676 sqft
    2023-04-01 59 days 1,674 sqft
    2023-05-01 43 days 1,670 sqft
    2023-06-01 46 days 1,668 sqft
    2023-07-01 51 days 1,653 sqft
    2023-08-01 50 days 1,669 sqft
    2023-09-01 51 days 1,658 sqft
    2023-10-01 55 days 1,638 sqft
    2023-11-01 58 days 1,674 sqft
    2023-12-01 68 days 1,671 sqft
    2024-01-01 78 days 1,655 sqft
    2024-02-01 78 days 1,632 sqft
    2024-03-01 61 days 1,654 sqft
    Chico's median listing age (time on market) for 2024-03-01 was 61 days. This is -16% shorter than the same period one year ago.

    Chico's median square footage for active listings during the 2024-03-01 period was 1,654 sqft. One year prior, the average listing was 1,676 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).