Chico FHA Loans

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 77 lenders originated 782 FHA loans during 2021. The total origination value was $194,200,000, with an average FHA loan value of $248,338.

Chico FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Chico averaged 6.23% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 5.73% and one month ago for the week of 2022-08-19, the average rate was 5.34%.

The average rate one year ago was 3.09%.

For refis of the same type during the week of 2022-09-23, the average rate was 5.93%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Commerce Home Mortgage, Inc. 143 3.00% $9,842
CALIBER HOME LOANS, INC. 65 2.90% $8,816
SUMMIT FUNDING, INC. 47 3.39% $10,224
QUICKEN LOANS, LLC 44 2.72% $7,487
Paramount Residential Mortgage Group, Inc. 22 2.93% $8,596
UNITED WHOLESALE MORTGAGE, LLC 20 2.64% $9,637
PENNYMAC LOAN SERVICES, LLC 20 3.08% $5,473
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 3.11% $10,318
FREEDOM MORTGAGE CORPORATION 18 2.86% $6,155
Hometown Lenders, Inc. 14 3.10% $12,223
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 14 3.46% $11,152
LAKEVIEW LOAN SERVICING, LLC 13 3.00% $4,796
Mr. Cooper ( Nationstar Mortgage ) 13 3.25% $4,018
GUILD MORTGAGE COMPANY 12 2.92% $10,131
HOMEBRIDGE FINANCIAL SERVICES, INC. 11 2.92% $8,227
MID AMERICA MORTGAGE, INC. 11 3.03% $5,574
ROUNDPOINT MORTGAGE SERVICING CORPORATION 11 3.32% $11,216
MOVEMENT MORTGAGE, LLC 9 3.32% $10,052
FINANCE OF AMERICA MORTGAGE LLC 7 3.39% $9,016
VILLAGE CAPITAL MORTGAGE 7 2.78% $2,602
Carrington Mortgage Services, LLC 7 3.54% $9,758
BROKER SOLUTIONS, INC. 5 2.55% $9,024
First Guaranty Mortgage Corporation 5 2.93% $6,594
ACADEMY MORTGAGE CORPORATION 5 3.20% $11,585
CROSSCOUNTRY MORTGAGE, LLC 5 3.00% $9,513
HOME POINT FINANCIAL CORPORATION 5 2.72% $9,399
PREMIER MORTGAGE RESOURCES, L.L.C. 4 3.31% $12,073
Equity Prime Mortgage LLC 4 3.31% $11,112
NEWREZ LLC 4 2.81% $4,778
Lakeview Community Capital, LLC 3 3.25% $3,842
Sierra Pacific Mortgage Company, Inc. 3 2.67% $9,064
DATA MORTGAGE, INC. 3 3.63% $10,104
AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.08% $10,277
AMERICAN FINANCIAL NETWORK, INC. 3 3.00% $9,724
SOVEREIGN LENDING GROUP INCORPORATED 2 2.31% $8,721
Nations Lending Corporation 2 2.75% $13,407
LOANDEPOT.COM, LLC 2 2.63% $7,571
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.69% $8,377
Bank of England 2 3.50% $12,187
MORIA DEVELOPMENT, INC. 2 3.25% $11,543
STEARNS LENDING, LLC 2 3.50% $7,682
InterContinental Capital Group, Inc 1 2.75% $8,460
ALAMEDA MORTGAGE CORPORATION 1 3.25% $12,023
AMERICAN FINANCING CORPORATION 1 2.50% $5,777
Amerifirst Financial, Inc. 1 4.75% $4,991
AmeriHome Mortgage Company, LLC 1 2.99% $6,473
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.75% $8,085
BAY EQUITY LLC 1 2.75% $12,783
BEST CAPITAL FUNDING 1 3.25% $8,715
CHERRY CREEK MORTGAGE, LLC 1 3.13% $1,323
CMG MORTGAGE, INC. 1 2.25% $11,132
CORNERSTONE HOME LENDING, INC. 1 3.25% $9,971
ENVOY MORTGAGE, LTD 1 4.13% $17,215
GENEVA FINANCIAL, LLC 1 3.25% $6,819
Golden Empire Mortgage, Inc. 1 3.25% $9,197
GUARANTEED RATE, INC. 1 3.63% $14,264
HighTechLending Inc 1 2.75% $9,738
HomeStreet Bank 1 3.13% $7,473
INTERCAP LENDING INC. 1 2.50% $11,522
KINECTA 1 3.38% $9,164
LAND HOME FINANCIAL SERVICES, INC. 1 3.25% $8,585
LOANPAL, LLC 1 2.25% $18,935
Luxury Mortgage Corp. 1 3.25% $9,826
MOUNTAIN WEST FINANCIAL, INC. 1 2.88% $11,493
NATIONS DIRECT MORTGAGE, LLC 1 2.99% $5,378
OCMBC, INC. 1 3.50% $14,673
PLANET HOME LENDING, LLC 1 2.50% $5,030
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.75% $5,996
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $9,382
RESIDENTIAL BANCORP. 1 2.88% $6,198
Residential Mortgage Solutions, Inc. 1 3.13% $7,829
SNAPFI, INC. 1 3.25% $2,556
SUN WEST MORTGAGE COMPANY, INC. 1 3.50% $5,884
THE GOLDEN 1 1 2.75% $8,173
Umpqua Bank 1 3.13% $9,089
U.S. Bank 1 2.63% $10,019
WESTERN EXPRESS LENDING 1 2.25% $6,554

The top Chico FHA lender as defined by loan originations is Commerce Home Mortgage, Inc., with 143 FHA loans originated. Their average total fees are $9,842, which is $1,027 higher than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Chico FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,018), LAKEVIEW LOAN SERVICING, LLC ($4,796), PENNYMAC LOAN SERVICES, LLC ($5,473), MID AMERICA MORTGAGE, INC. ($5,574) and FREEDOM MORTGAGE CORPORATION ($6,155).

The lowest rate Chico FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.64%), QUICKEN LOANS, LLC (2.72%), FREEDOM MORTGAGE CORPORATION (2.86%), CALIBER HOME LOANS, INC. (2.90%) and GUILD MORTGAGE COMPANY (2.92%).

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

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%) $383,568 (10.4%) 1.06 422
2018-02-01 $293,475 (2.0%) $384,058 (8.2%) 1.06 430
2018-03-01 $329,500 (14.5%) $417,704 (18.2%) 1.14 484
2018-04-01 $329,745 (13.7%) $397,540 (7.0%) 1.11 544
2018-05-01 $334,050 (13.3%) $398,812 (3.9%) 1.11 610
2018-06-01 $325,000 (9.4%) $388,879 (3.5%) 1.08 649
2018-07-01 $325,500 (12.6%) $391,584 (6.2%) 1.09 708
2018-08-01 $318,000 (10.5%) $379,153 (3.4%) 1.06 737
2018-09-01 $319,000 (10.8%) $370,469 (-0.6%) 1.07 754
2018-10-01 $315,250 (9.0%) $371,183 (-0.7%) 1.05 757
2018-11-01 $308,000 (7.0%) $373,836 (0.7%) 1.03 595
2018-12-01 $339,000 (17.8%) $397,489 (5.1%) 1.16 359
2019-01-01 $344,750 (19.9%) $397,797 (3.7%) 1.19 407
2019-02-01 $339,250 (15.6%) $387,118 (0.8%) 1.14 428
2019-03-01 $352,285 (6.9%) $399,857 (-4.3%) 1.15 405
2019-04-01 $367,785 (11.5%) $415,114 (4.4%) 1.16 412
2019-05-01 $374,500 (12.1%) $423,046 (6.1%) 1.15 517
2019-06-01 $369,500 (13.7%) $423,574 (8.9%) 1.14 588
2019-07-01 $358,500 (10.1%) $439,448 (12.2%) 1.11 632
2019-08-01 $354,291 (11.4%) $456,437 (20.4%) 1.12 648
2019-09-01 $350,536 (9.9%) $456,307 (23.2%) 1.11 630
2019-10-01 $349,950 (11.0%) $455,627 (22.8%) 1.12 617
2019-11-01 $349,000 (13.3%) $423,875 (13.4%) 1.13 559
2019-12-01 $348,883 (2.9%) $432,039 (8.7%) 1.16 495
2020-01-01 $365,000 (5.9%) $443,602 (11.5%) 1.22 418
2020-02-01 $383,000 (12.9%) $451,890 (16.7%) 1.24 374
2020-03-01 $394,500 (12.0%) $472,819 (18.3%) 1.23 372
2020-04-01 $409,750 (11.4%) $481,267 (15.9%) 1.28 371
2020-05-01 $425,000 (13.5%) $490,548 (16.0%) 1.29 377
2020-06-01 $434,000 (17.5%) $493,871 (16.6%) 1.27 359
2020-07-01 $424,650 (18.5%) $503,184 (14.5%) 1.22 317
2020-08-01 $421,500 (19.0%) $501,042 (9.8%) 1.20 316
2020-09-01 $421,000 (20.1%) $506,818 (11.1%) 1.20 297
2020-10-01 $408,460 (16.7%) $496,815 (9.0%) 1.17 323
2020-11-01 $398,500 (14.2%) $477,045 (12.5%) 1.14 335
2020-12-01 $399,999 (14.7%) $485,709 (12.4%) 1.17 273
2021-01-01 $419,900 (15.0%) $495,920 (11.8%) 1.24 255
2021-02-01 $439,000 (14.6%) $571,523 (26.5%) 1.26 245
2021-03-01 $432,250 (9.6%) $576,586 (22.0%) 1.21 243
2021-04-01 $447,450 (9.2%) $588,869 (22.4%) 1.20 236
2021-05-01 $458,000 (7.8%) $583,968 (19.0%) 1.21 246
2021-06-01 $452,000 (4.2%) $578,436 (17.1%) 1.17 262
2021-07-01 $439,000 (3.4%) $556,376 (10.6%) 1.14 292
2021-08-01 $425,000 (0.8%) $506,350 (1.1%) 1.12 325
2021-09-01 $435,450 (3.4%) $500,840 (-1.2%) 1.15 329
2021-10-01 $449,900 (10.2%) $540,121 (8.7%) 1.18 341
2021-11-01 $450,000 (12.9%) $557,715 (16.9%) 1.19 302
2021-12-01 $449,500 (12.4%) $546,247 (12.5%) 1.20 260
2022-01-01 $449,000 (6.9%) $553,724 (11.7%) 1.20 203
2022-02-01 $453,000 (3.2%) $548,817 (-4.0%) 1.15 221
2022-03-01 $454,450 (5.1%) $540,133 (-6.3%) 1.12 238
2022-04-01 $490,000 (9.5%) $568,491 (-3.5%) 1.15 282
2022-05-01 $477,000 (4.2%) $1,196,869 (105.0%) 1.07 362
2022-06-01 $472,495 (4.5%) $552,754 (-4.4%) 1.05 414
2022-07-01 $459,000 (4.6%) $538,654 (-3.2%) 1.02 508
2022-08-01 $461,950 (8.7%) $533,572 (5.4%) 1.06 553
Chico's median listing price for 2022-08-01 was $461,950, a difference of $36,950 (8.7%) versus the prior year and $2,950 versus the prior month.

Chico's median listing price comes in at 106% of the national average.

Chico's average listing price for 2022-08-01 was $533,572, a difference of $27,222 (5.4%) versus the prior year and $-5,082 versus the prior month.

For the 2022-08-01 period, Chico had 553 MLS listings, a difference of 45 listings (9%) versus the prior month and 228 listings (70%) 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 57 days 1,618 sqft
2018-02-01 37 days 1,604 sqft
2018-03-01 31 days 1,697 sqft
2018-04-01 38 days 1,684 sqft
2018-05-01 34 days 1,712 sqft
2018-06-01 37 days 1,705 sqft
2018-07-01 41 days 1,700 sqft
2018-08-01 46 days 1,657 sqft
2018-09-01 50 days 1,636 sqft
2018-10-01 53 days 1,634 sqft
2018-11-01 56 days 1,648 sqft
2018-12-01 26 days 1,616 sqft
2019-01-01 30 days 1,612 sqft
2019-02-01 32 days 1,584 sqft
2019-03-01 44 days 1,586 sqft
2019-04-01 44 days 1,612 sqft
2019-05-01 36 days 1,642 sqft
2019-06-01 37 days 1,678 sqft
2019-07-01 46 days 1,693 sqft
2019-08-01 48 days 1,674 sqft
2019-09-01 53 days 1,680 sqft
2019-10-01 53 days 1,691 sqft
2019-11-01 60 days 1,720 sqft
2019-12-01 71 days 1,722 sqft
2020-01-01 73 days 1,718 sqft
2020-02-01 61 days 1,728 sqft
2020-03-01 45 days 1,796 sqft
2020-04-01 51 days 1,846 sqft
2020-05-01 59 days 1,863 sqft
2020-06-01 46 days 1,903 sqft
2020-07-01 52 days 1,878 sqft
2020-08-01 44 days 1,853 sqft
2020-09-01 45 days 1,830 sqft
2020-10-01 44 days 1,825 sqft
2020-11-01 46 days 1,770 sqft
2020-12-01 62 days 1,809 sqft
2021-01-01 72 days 1,803 sqft
2021-02-01 42 days 1,815 sqft
2021-03-01 42 days 1,777 sqft
2021-04-01 37 days 1,753 sqft
2021-05-01 35 days 1,817 sqft
2021-06-01 35 days 1,768 sqft
2021-07-01 37 days 1,726 sqft
2021-08-01 42 days 1,683 sqft
2021-09-01 49 days 1,700 sqft
2021-10-01 44 days 1,728 sqft
2021-11-01 49 days 1,728 sqft
2021-12-01 57 days 1,685 sqft
2022-01-01 57 days 1,638 sqft
2022-02-01 35 days 1,655 sqft
2022-03-01 36 days 1,679 sqft
2022-04-01 32 days 1,740 sqft
2022-05-01 33 days 1,741 sqft
2022-06-01 34 days 1,724 sqft
2022-07-01 36 days 1,706 sqft
2022-08-01 44 days 1,712 sqft
Chico's median listing age (time on market) for 2022-08-01 was 44 days. This is 4% longer than the same period one year ago.

Chico's median square footage for active listings during the 2022-08-01 period was 1,712 sqft. One year prior, the average listing was 1,683 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).