Clearlake FHA Loan Rates, Closing Costs & Stats

Clearlake, 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.

Clearlake's 74 lenders originated 325 FHA loans during 2022. The total origination value was $87,165,000, with an average FHA loan value of $268,200.

Clearlake FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Clearlake averaged 6.41% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Clearlake's average FHA mortgage closing costs are $9,023.

The average rate for the prior week (2024-02-09) was 6.11% and one month ago for the week of 2024-01-12, the average rate was 6.15%.

The average rate one year ago was 6%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.03%.

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

Clearlake 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 Clearlake level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
AMERICAN PACIFIC MORTGAGE CORPORATION 32 4.66% $10,868
Century Mortgage Company DBA Century Lending Company 28 4.80% $11,427
CROSSCOUNTRY MORTGAGE, LLC 20 5.07% $13,273
UNITED WHOLESALE MORTGAGE, LLC 19 4.91% $12,037
QUICKEN LOANS, LLC 19 4.08% $11,548
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 5.05% $12,646
Paramount Residential Mortgage Group, Inc. 8 5.52% $11,373
LOANDEPOT.COM, LLC 7 5.09% $11,236
Carrington Mortgage Services, LLC 6 4.94% $12,638
GUARANTEED RATE, INC. 5 5.64% $10,719
AXIA FINANCIAL, LLC 5 5.70% $11,886
HOME POINT FINANCIAL CORPORATION 5 3.80% $11,543
FREEDOM MORTGAGE CORPORATION 4 4.65% $7,916
Flagstar Bank, FSB 4 5.56% $11,030
SUMMIT FUNDING, INC. 4 5.44% $13,182
FINANCE OF AMERICA MORTGAGE LLC 4 4.75% $11,634
Sierra Pacific Mortgage Company, Inc. 4 5.78% $13,054
Umpqua Bank 4 3.59% $7,991
Mr. Cooper ( Nationstar Mortgage ) 4 3.16% $8,398
MOUNTAIN WEST FINANCIAL, INC. 4 4.78% $15,998
PENNYMAC LOAN SERVICES, LLC 4 5.34% $10,989
Nations Lending Corporation 3 4.46% $13,064
CALIBER HOME LOANS, INC. 3 3.81% $9,618
AMERISAVE MORTGAGE CORPORATION 3 4.46% $16,734
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.13% $10,429
PREMIER LENDING, INC. 3 5.63% $11,765
EVERETT FINANCIAL, INC. 3 4.63% $7,880
MID AMERICA MORTGAGE, INC. 2 5.19% $9,133
RANLIFE, INC. 2 3.94% $7,948
DATA MORTGAGE, INC. 2 5.19% $12,143
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.38% $13,431
SUN WEST MORTGAGE COMPANY, INC. 2 5.50% $11,061
CMG MORTGAGE, INC. 2 4.69% $16,255
CARDINAL FINANCIAL 2 4.87% $8,677
Barrington Bank & Trust Company, N.A. 2 3.19% $9,112
BROKER SOLUTIONS, INC. 2 4.13% $8,387
Wells Fargo Bank 2 4.19% $12,204
S1L, Inc. 1 3.75% $6,562
AmeriHome Mortgage Company, LLC 1 4.13% $8,532
Bank of the West 1 4.63% $6,936
BAY EQUITY LLC 1 5.13% $7,338
BECKAM FUNDING CORP. 1 5.25% $24,254
Commerce Home Mortgage, Inc. 1 4.75% $11,636
DRAPER AND KRAMER MORTGAGE CORP. 1 5.75% $20,256
First Bank 1 4.75% $9,061
First Guaranty Mortgage Corporation 1 3.50% $11,303
Franklin Loan Corporation 1 6.75% $14,577
GOLDEN WEST ALLIANCE, INC. 1 3.75% $7,809
GUARANTEED RATE AFFINITY, LLC 1 4.95% $14,646
HOMESIDE FINANCIAL, LLC 1 4.50% $17,247
Hometown Lenders, Inc. 1 5.25% $14,002
iCore Lending, Inc. 1 3.75% $9,852
Lakeview Community Capital, LLC 1 5.75% $11,810
LIBERTY HOME MORTGAGE CORPORATION 1 6.50% $17,101
LOANPAL, LLC 1 5.50% $6,793
Magnolia Bank 1 5.25% $9,044
MASON MCDUFFIE MORTGAGE CORPORATION 1 4.25% $12,553
MORIA DEVELOPMENT, INC. 1 3.88% $15,496
Mortgage Research Center, LLC 1 5.99% $12,559
MOVEMENT MORTGAGE, LLC 1 5.13% $11,342
NATIONS RELIABLE LENDING, LLC 1 5.25% $12,300
NEWREZ LLC 1 2.50% $5,766
NFM, INC. 1 3.88% $9,571
OCEANSIDE MORTGAGE COMPANY 1 3.75% $7,892
OCMBC, INC. 1 4.75% $14,427
ON Q FINANCIAL, INC. 1 6.75% $12,387
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.88% $8,417
PLANET HOME LENDING, LLC 1 3.25% $9,491
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $18,927
RESIDENTIAL BANCORP 1 4.99% $16,164
AMERICAN FINANCING CORPORATION 1 4.75% $10,361
SOVEREIGN LENDING GROUP INCORPORATED 1 6.75% $14,420
TRAVIS CREDIT UNION 1 5.25% $7,300
U.S. Bank 1 3.99% $10,264

The top Clearlake FHA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with 32 FHA loans originated. Their average total fees are $10,868, which is $560 lower than the next largest lender, Century Mortgage Company DBA Century Lending Company.

The lowest fee Clearlake FHA lenders (with over 10 loans originated) are AMERICAN PACIFIC MORTGAGE CORPORATION ($10,868), Century Mortgage Company DBA Century Lending Company ($11,427), QUICKEN LOANS, LLC ($11,548), UNITED WHOLESALE MORTGAGE, LLC ($12,037) and CROSSCOUNTRY MORTGAGE, LLC ($13,273).

The lowest rate Clearlake FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.08%), AMERICAN PACIFIC MORTGAGE CORPORATION (4.66%), Century Mortgage Company DBA Century Lending Company (4.80%), UNITED WHOLESALE MORTGAGE, LLC (4.91%) and CROSSCOUNTRY MORTGAGE, LLC (5.07%).

Clearlake FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Clearlake (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 $322,250 (21.0%) $396,242 (22.6%) 0.00 320
2018-02-01 $309,750 (17.4%) $389,482 (22.4%) 0.00 337
2018-03-01 $325,000 (21.2%) $399,363 (23.5%) 0.00 363
2018-04-01 $334,500 (23.9%) $425,976 (21.9%) 0.00 397
2018-05-01 $333,500 (19.4%) $449,943 (26.2%) 0.00 438
2018-06-01 $339,900 (16.9%) $452,917 (20.1%) 0.00 461
2018-07-01 $331,350 (15.5%) $436,399 (16.0%) 0.00 463
2018-08-01 $329,350 (13.2%) $424,312 (12.4%) 0.00 478
2018-09-01 $325,000 (10.5%) $414,076 (10.7%) 0.00 488
2018-10-01 $324,575 (9.3%) $411,076 (10.3%) 0.00 484
2018-11-01 $317,750 (1.8%) $406,402 (6.6%) 0.00 472
2018-12-01 $319,900 (-1.6%) $413,462 (2.7%) 0.00 447
2019-01-01 $319,225 (-0.9%) $391,462 (-1.2%) 0.00 414
2019-02-01 $316,500 (2.2%) $387,752 (-0.4%) 0.00 414
2019-03-01 $321,571 (-1.1%) $395,390 (-1.0%) 0.00 405
2019-04-01 $327,000 (-2.2%) $399,684 (-6.2%) 0.00 419
2019-05-01 $329,950 (-1.1%) $626,647 (39.3%) 0.00 486
2019-06-01 $339,200 (-0.2%) $425,651 (-6.0%) 0.00 504
2019-07-01 $327,000 (-1.3%) $425,684 (-2.5%) 0.00 509
2019-08-01 $317,909 (-3.5%) $415,528 (-2.1%) 0.00 506
2019-09-01 $307,273 (-5.5%) $404,190 (-2.4%) 0.00 506
2019-10-01 $299,450 (-7.7%) $394,707 (-4.0%) 0.00 496
2019-11-01 $297,900 (-6.3%) $385,186 (-5.2%) 0.00 474
2019-12-01 $282,450 (-11.7%) $366,812 (-11.3%) 0.00 435
2020-01-01 $279,000 (-12.6%) $344,109 (-12.1%) 0.00 384
2020-02-01 $279,900 (-11.6%) $346,036 (-10.8%) 0.00 374
2020-03-01 $297,000 (-7.6%) $373,202 (-5.6%) 0.00 373
2020-04-01 $310,225 (-5.1%) $384,712 (-3.8%) 0.00 349
2020-05-01 $319,000 (-3.3%) $389,006 (-37.9%) 0.00 350
2020-06-01 $325,000 (-4.2%) $432,643 (1.6%) 0.00 312
2020-07-01 $325,000 (-0.6%) $440,019 (3.4%) 0.00 299
2020-08-01 $325,000 (2.2%) $459,405 (10.6%) 0.00 232
2020-09-01 $323,750 (5.4%) $478,195 (18.3%) 0.00 244
2020-10-01 $329,500 (10.0%) $493,130 (24.9%) 0.00 235
2020-11-01 $345,000 (15.8%) $515,714 (33.9%) 0.00 230
2020-12-01 $349,499 (23.7%) $568,477 (55.0%) 0.00 203
2021-01-01 $349,000 (25.1%) $661,374 (92.2%) 0.00 187
2021-02-01 $356,475 (27.4%) $668,026 (93.1%) 0.00 171
2021-03-01 $394,475 (32.8%) $727,596 (95.0%) 0.00 151
2021-04-01 $395,000 (27.3%) $718,060 (86.7%) 0.00 154
2021-05-01 $424,800 (33.2%) $733,865 (88.7%) 0.00 161
2021-06-01 $399,250 (22.9%) $706,351 (63.3%) 0.00 190
2021-07-01 $419,950 (29.2%) $705,509 (60.3%) 0.00 211
2021-08-01 $394,375 (21.4%) $668,248 (45.5%) 0.00 250
2021-09-01 $391,750 (21.0%) $660,503 (38.1%) 0.00 280
2021-10-01 $389,000 (18.1%) $657,868 (33.4%) 0.00 291
2021-11-01 $382,694 (10.9%) $654,688 (27.0%) 0.00 279
2021-12-01 $387,000 (10.7%) $661,134 (16.3%) 0.00 253
2022-01-01 $383,700 (9.9%) $612,985 (-7.3%) 0.00 214
2022-02-01 $387,999 (8.8%) $628,965 (-5.9%) 0.00 190
2022-03-01 $407,750 (3.4%) $630,538 (-13.3%) 0.00 231
2022-04-01 $437,444 (10.8%) $659,792 (-8.1%) 0.00 250
2022-05-01 $451,250 (6.2%) $669,559 (-8.8%) 0.00 290
2022-06-01 $449,500 (12.6%) $660,817 (-6.5%) 0.00 330
2022-07-01 $449,000 (6.9%) $624,327 (-11.5%) 0.00 365
2022-08-01 $428,500 (8.7%) $579,402 (-13.3%) 0.00 385
2022-09-01 $419,850 (7.2%) $569,613 (-13.8%) 0.00 403
2022-10-01 $416,600 (7.1%) $569,024 (-13.5%) 0.00 385
2022-11-01 $415,400 (8.6%) $570,783 (-12.8%) 0.00 350
2022-12-01 $399,999 (3.4%) $573,301 (-13.3%) 0.00 309
2023-01-01 $399,000 (4.0%) $507,699 (-17.2%) 0.00 263
2023-02-01 $397,000 (2.3%) $502,223 (-20.2%) 0.00 255
2023-03-01 $388,750 (-4.7%) $515,111 (-18.3%) 0.00 255
2023-04-01 $380,000 (-13.1%) $497,182 (-24.7%) 0.00 272
2023-05-01 $399,475 (-11.5%) $512,557 (-23.5%) 0.00 321
2023-06-01 $404,325 (-10.1%) $525,509 (-20.5%) 0.00 352
2023-07-01 $403,000 (-10.2%) $530,225 (-15.1%) 0.00 359
2023-08-01 $411,750 (-3.9%) $556,532 (-4.0%) 0.00 378
2023-09-01 $419,000 (-0.2%) $612,843 (7.6%) 0.00 379
2023-10-01 $409,975 (-1.6%) $594,803 (4.5%) 0.00 405
2023-11-01 $399,000 (-4.0%) $584,678 (2.4%) 0.00 406
2023-12-01 $389,000 (-2.8%) $549,146 (-4.2%) 0.00 374
Clearlake's median listing price for 2023-12-01 was $389,000, a difference of $-10,999 (-2.8%) versus the prior year and $-10,000 versus the prior month.

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

Clearlake's average listing price for 2023-12-01 was $549,146, a difference of $-24,155 (-4.2%) versus the prior year and $-35,532 versus the prior month.

For the 2023-12-01 period, Clearlake had 374 MLS listings, a difference of -32 listings (-8%) versus the prior month and 65 listings (21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Clearlake (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,599 sqft
2018-02-01 0 days 1,540 sqft
2018-03-01 0 days 1,552 sqft
2018-04-01 0 days 1,623 sqft
2018-05-01 0 days 1,642 sqft
2018-06-01 0 days 1,638 sqft
2018-07-01 0 days 1,630 sqft
2018-08-01 0 days 1,620 sqft
2018-09-01 0 days 1,635 sqft
2018-10-01 0 days 1,673 sqft
2018-11-01 0 days 1,600 sqft
2018-12-01 0 days 1,595 sqft
2019-01-01 0 days 1,554 sqft
2019-02-01 0 days 1,542 sqft
2019-03-01 0 days 1,539 sqft
2019-04-01 0 days 1,560 sqft
2019-05-01 0 days 1,582 sqft
2019-06-01 0 days 1,597 sqft
2019-07-01 0 days 1,590 sqft
2019-08-01 0 days 1,575 sqft
2019-09-01 0 days 1,560 sqft
2019-10-01 0 days 1,552 sqft
2019-11-01 0 days 1,510 sqft
2019-12-01 0 days 1,471 sqft
2020-01-01 0 days 1,436 sqft
2020-02-01 0 days 1,440 sqft
2020-03-01 0 days 1,469 sqft
2020-04-01 0 days 1,494 sqft
2020-05-01 0 days 1,512 sqft
2020-06-01 0 days 1,546 sqft
2020-07-01 0 days 1,557 sqft
2020-08-01 0 days 1,557 sqft
2020-09-01 0 days 1,500 sqft
2020-10-01 0 days 1,529 sqft
2020-11-01 0 days 1,533 sqft
2020-12-01 0 days 1,580 sqft
2021-01-01 0 days 1,516 sqft
2021-02-01 0 days 1,591 sqft
2021-03-01 0 days 1,633 sqft
2021-04-01 0 days 1,547 sqft
2021-05-01 0 days 1,628 sqft
2021-06-01 0 days 1,520 sqft
2021-07-01 0 days 1,500 sqft
2021-08-01 0 days 1,541 sqft
2021-09-01 0 days 1,550 sqft
2021-10-01 0 days 1,547 sqft
2021-11-01 0 days 1,524 sqft
2021-12-01 0 days 1,548 sqft
2022-01-01 0 days 1,531 sqft
2022-02-01 0 days 1,557 sqft
2022-03-01 0 days 1,596 sqft
2022-04-01 0 days 1,600 sqft
2022-05-01 0 days 1,650 sqft
2022-06-01 0 days 1,665 sqft
2022-07-01 0 days 1,650 sqft
2022-08-01 0 days 1,600 sqft
2022-09-01 0 days 1,565 sqft
2022-10-01 0 days 1,553 sqft
2022-11-01 0 days 1,557 sqft
2022-12-01 0 days 1,561 sqft
2023-01-01 0 days 1,544 sqft
2023-02-01 0 days 1,552 sqft
2023-03-01 0 days 1,533 sqft
2023-04-01 0 days 1,537 sqft
2023-05-01 0 days 1,585 sqft
2023-06-01 0 days 1,587 sqft
2023-07-01 0 days 1,572 sqft
2023-08-01 0 days 1,576 sqft
2023-09-01 0 days 1,596 sqft
2023-10-01 0 days 1,596 sqft
2023-11-01 0 days 1,548 sqft
2023-12-01 0 days 1,508 sqft
Clearlake's median listing age (time on market) for 2023-12-01 was 0 days.

Clearlake's median square footage for active listings during the 2023-12-01 period was 1,508 sqft. One year prior, the average listing was 1,561 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).