Chico FHA Loan Rates, Closing Costs & Stats

CHICO, CA

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 5.81% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

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

The average rate for the prior week (2024-09-27) was 5.6% and one month ago for the week of 2024-08-30, the average rate was 6.16%.

The average rate one year ago was 7%.

For refis of the same type during the week of 2024-10-04, the average rate was 5.81%.

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
2024-04-01 $434,000 (-1.0%) $542,244 (4.0%) 1.01 391
2024-05-01 $449,125 (4.5%) $554,507 (6.7%) 1.02 454
2024-06-01 $449,000 (4.6%) $548,352 (6.2%) 1.01 487
2024-07-01 $434,500 (1.1%) $543,103 (5.5%) 0.99 515
2024-08-01 $424,900 (-2.0%) $537,131 (3.0%) 0.99 520
2024-09-01 $425,000 (0.0%) $532,535 (4.3%) 0.00 515
Chico's median listing price for 2024-09-01 was $425,000, a difference of $0 (0.0%) versus the prior year and $100 versus the prior month.

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

Chico's average listing price for 2024-09-01 was $532,535, a difference of $22,098 (4.3%) versus the prior year and $-4,596 versus the prior month.

For the 2024-09-01 period, Chico had 515 MLS listings, a difference of -5 listings (-1%) versus the prior month and 109 listings (27%) 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
2024-04-01 48 days 1,675 sqft
2024-05-01 42 days 1,729 sqft
2024-06-01 51 days 1,714 sqft
2024-07-01 61 days 1,697 sqft
2024-08-01 65 days 1,647 sqft
2024-09-01 0 days 1,636 sqft
Chico's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Chico's median square footage for active listings during the 2024-09-01 period was 1,636 sqft. One year prior, the average listing was 1,658 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).