Clearlake FHA Loan Rates, Closing Costs & Stats

Clearlake, 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.

    Clearlake's 39 lenders originated 221 FHA loans during 2023. The total origination value was $62,305,000, with an average FHA loan value of $281,923.

    Clearlake FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Clearlake averaged 6.4% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Clearlake's average FHA mortgage closing costs are $9,560.

    The average rate for the prior week (2024-11-01) was 6.57% and one month ago for the week of 2024-10-04, the average rate was 6.09%.

    The average rate one year ago was 7.54%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 28 6.18% $12,938
    AMERICAN PACIFIC MORTGAGE CORPORATION 27 6.75% $14,226
    Century Mortgage Company DBA Century Lending Company 26 6.33% $14,785
    CROSSCOUNTRY MORTGAGE, LLC 11 6.81% $14,900
    BROKER SOLUTIONS, INC. 9 6.53% $15,646
    Paramount Residential Mortgage Group, Inc. 9 6.94% $13,337
    QUICKEN LOANS, LLC 8 6.53% $14,427
    GUILD MORTGAGE COMPANY 5 6.48% $15,155
    NEWREZ LLC 5 6.48% $11,709
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.34% $15,032
    LOANDEPOT.COM, LLC 4 6.09% $12,249
    AXIA FINANCIAL, LLC 4 6.44% $12,792
    Equity Prime Mortgage LLC 4 7.59% $15,218
    Sierra Pacific Mortgage Company, Inc. 3 6.08% $16,216
    PENNYMAC LOAN SERVICES, LLC 3 6.71% $12,457
    PLAZA HOME MORTGAGE, INC. 3 6.21% $11,997
    SUMMIT FUNDING, INC. 3 6.63% $12,556
    GUARANTEED RATE, INC. 3 6.61% $15,324
    AMERICAN FINANCIAL NETWORK, INC. 3 7.04% $17,297
    VILLAGE CAPITAL MORTGAGE 2 6.13% $15,775
    American Mortgage & Equity Consultants, Inc. 2 6.00% $17,192
    CALCON MUTUAL MORTGAGE LLC 2 6.94% $17,097
    Carrington Mortgage Services, LLC 2 6.69% $14,510
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.19% $7,574
    GUARANTEED RATE AFFINITY, LLC 2 6.43% $12,245
    MASON MCDUFFIE MORTGAGE CORPORATION 2 6.19% $16,104
    MID AMERICA MORTGAGE, INC. 2 6.88% $7,517
    SUN WEST MORTGAGE COMPANY, INC. 2 7.31% $16,119
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $5,270
    Flagstar Bank, FSB 1 6.97% $10,102
    RESIDENTIAL BANCORP 1 6.50% $13,895
    Bank of England 1 6.00% $13,441
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $9,912
    ALAMEDA MORTGAGE CORPORATION 1 5.75% $17,340
    The Loan Store, Inc. 1 6.50% $8,554
    TOP FLITE FINANCIAL, INC. 1 6.75% $5,632
    ALLIED MORTGAGE GROUP, INC. 1 7.13% $11,705
    VERITAS FUNDING, LLC 1 7.25% $13,848
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.50% $13,988

    The top Clearlake FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 28 FHA loans originated. Their average total fees are $12,938, which is $1,288 lower than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

    The lowest fee Clearlake FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($12,938), AMERICAN PACIFIC MORTGAGE CORPORATION ($14,226), Century Mortgage Company DBA Century Lending Company ($14,785), CROSSCOUNTRY MORTGAGE, LLC ($14,900) and .

    The lowest rate Clearlake FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.18%), Century Mortgage Company DBA Century Lending Company (6.33%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.75%), CROSSCOUNTRY MORTGAGE, LLC (6.81%) and .

    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
    2024-01-01 $399,000 (0.0%) $553,231 (9.0%) 0.00 334
    2024-02-01 $420,750 (6.0%) $564,175 (12.3%) 0.00 327
    2024-03-01 $418,000 (7.5%) $565,165 (9.7%) 0.00 312
    2024-04-01 $425,000 (11.8%) $585,830 (17.8%) 0.00 331
    2024-05-01 $434,500 (8.8%) $618,700 (20.7%) 0.00 355
    2024-06-01 $444,000 (9.8%) $612,500 (16.6%) 0.00 391
    2024-07-01 $421,500 (4.6%) $574,705 (8.4%) 0.00 425
    2024-08-01 $399,900 (-2.9%) $558,889 (0.4%) 0.00 436
    2024-09-01 $392,500 (-6.3%) $544,549 (-11.1%) 0.00 476
    2024-10-01 $397,500 (-3.0%) $548,409 (-7.8%) 0.00 463
    Clearlake's median listing price for 2024-10-01 was $397,500, a difference of $-12,475 (-3.0%) versus the prior year and $5,000 versus the prior month.

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

    Clearlake's average listing price for 2024-10-01 was $548,409, a difference of $-46,394 (-7.8%) versus the prior year and $3,860 versus the prior month.

    For the 2024-10-01 period, Clearlake had 463 MLS listings, a difference of -13 listings (-3%) versus the prior month and 58 listings (14%) 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
    2024-01-01 0 days 1,541 sqft
    2024-02-01 0 days 1,561 sqft
    2024-03-01 0 days 1,568 sqft
    2024-04-01 0 days 1,563 sqft
    2024-05-01 0 days 1,608 sqft
    2024-06-01 0 days 1,692 sqft
    2024-07-01 0 days 1,662 sqft
    2024-08-01 0 days 1,600 sqft
    2024-09-01 0 days 1,589 sqft
    2024-10-01 0 days 1,579 sqft
    Clearlake's median listing age (time on market) for 2024-10-01 was 0 days.

    Clearlake's median square footage for active listings during the 2024-10-01 period was 1,579 sqft. One year prior, the average listing was 1,596 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).