El Centro FHA Loan Rates, Closing Costs & Stats

EL CENTRO, 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.

    El Centro's 63 lenders originated 573 FHA loans during 2022. The total origination value was $168,895,000, with an average FHA loan value of $294,756.

    El Centro FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in El Centro averaged 6.38% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    El Centro's average FHA mortgage closing costs are $9,648.

    The average rate for the prior week (2023-11-24) was 6.49% and one month ago for the week of 2023-10-27, the average rate was 6.8%.

    The average rate one year ago was 5.92%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.71%.

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

    El Centro 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 El Centro level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 94 4.75% $11,986
    Neighborhood Loans, Inc. 48 4.90% $15,024
    HOME POINT FINANCIAL CORPORATION 43 4.00% $11,229
    CARDINAL FINANCIAL 41 4.94% $15,900
    PRIMELENDING, A PLAINSCAPITAL COMPANY 38 4.77% $16,066
    Wallick & Volk, Inc. 34 4.56% $14,649
    QUICKEN LOANS, LLC 23 4.41% $10,822
    CALIBER HOME LOANS, INC. 21 4.17% $10,405
    Paramount Residential Mortgage Group, Inc. 17 4.57% $11,353
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 4.56% $9,740
    AMERIFIRST FINANCIAL CORPORATION 14 5.54% $15,340
    LOANDEPOT.COM, LLC 13 4.45% $10,919
    GUILD MORTGAGE COMPANY 12 4.32% $14,201
    CROSSCOUNTRY MORTGAGE, LLC 11 5.37% $12,323
    Sierra Pacific Mortgage Company, Inc. 10 4.26% $14,709
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 4.78% $10,497
    MOVEMENT MORTGAGE, LLC 8 5.39% $11,829
    PENNYMAC LOAN SERVICES, LLC 6 5.29% $9,667
    FREEDOM MORTGAGE CORPORATION 5 3.92% $8,995
    Equity Prime Mortgage LLC 5 5.93% $13,826
    Mr. Cooper ( Nationstar Mortgage ) 5 3.88% $16,188
    INSPIRE HOME LOANS INC. 5 4.05% $12,722
    MOUNTAIN WEST FINANCIAL, INC. 4 4.44% $11,113
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.09% $15,570
    BROKER SOLUTIONS, INC. 3 5.21% $11,285
    NEWREZ LLC 3 5.50% $11,239
    PLANET HOME LENDING, LLC 3 3.83% $10,327
    RESIDENTIAL BANCORP 3 4.79% $15,921
    JMJ FINANCIAL GROUP 3 5.46% $14,684
    Lakeview Community Capital, LLC 3 3.54% $6,516
    AMERISAVE MORTGAGE CORPORATION 3 5.33% $16,515
    Carrington Mortgage Services, LLC 2 5.44% $15,983
    NATIONS DIRECT MORTGAGE, LLC 2 4.18% $9,485
    VILLAGE CAPITAL MORTGAGE 2 3.19% $4,143
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.87% $12,532
    S1L, Inc. 2 5.19% $14,385
    Loan Simple, Inc. 2 2.50% $10,322
    OCMBC, INC. 2 4.50% $16,695
    MORIA DEVELOPMENT, INC. 2 5.13% $14,016
    CALCON MUTUAL MORTGAGE LLC 2 5.44% $10,894
    First Guaranty Mortgage Corporation 2 4.00% $14,055
    BECKAM FUNDING CORP. 2 6.75% $15,494
    JPMorgan Chase Bank 1 3.99% $7,316
    BNC National Bank 1 5.13% $8,757
    CASTLE & COOKE MORTGAGE, LLC 1 3.75% $13,534
    Citizens Bank 1 4.50% $14,465
    CMG MORTGAGE, INC. 1 4.50% $10,955
    Commerce Home Mortgage, Inc. 1 3.63% $11,661
    COMMUNITY MORTGAGE FUNDING, LLC 1 5.99% $11,921
    EVERETT FINANCIAL, INC. 1 5.50% $8,739
    Franklin Loan Corporation 1 4.25% $12,304
    GENEVA FINANCIAL, LLC 1 3.50% $8,806
    INLAND BANK & TRUST 1 5.25% $19,779
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.25% $10,321
    LEADERONE FINANCIAL CORPORATION 1 3.88% $7,691
    Lend Smart Mortgage, LLC 1 5.63% $21,581
    MASON MCDUFFIE MORTGAGE CORPORATION 1 3.63% $17,114
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $14,562
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.00% $13,314
    NETWORK CAPITAL FUNDING CORPORATION 1 2.50% $7,539
    RANLIFE, INC. 1 5.25% $11,378
    Strong Home Mortgage, LLC 1 4.75% $5,334
    TOP FLITE FINANCIAL, INC. 1 6.75% $13,310

    The top El Centro FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 94 FHA loans originated. Their average total fees are $11,986, which is $3,038 lower than the next largest lender, Neighborhood Loans, Inc..

    The lowest fee El Centro FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,740), CALIBER HOME LOANS, INC. ($10,405), QUICKEN LOANS, LLC ($10,822), LOANDEPOT.COM, LLC ($10,919) and HOME POINT FINANCIAL CORPORATION ($11,229).

    The lowest rate El Centro FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (4.00%), CALIBER HOME LOANS, INC. (4.17%), Sierra Pacific Mortgage Company, Inc. (4.26%), GUILD MORTGAGE COMPANY (4.32%) and QUICKEN LOANS, LLC (4.41%).

    El Centro FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - El Centro (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 $238,700 (-4.3%) $249,643 (-0.2%) 0.00 237
    2018-02-01 $239,950 (-2.5%) $248,504 (0.1%) 0.00 243
    2018-03-01 $239,900 (1.5%) $244,073 (-1.7%) 0.00 242
    2018-04-01 $244,950 (0.8%) $249,089 (-0.6%) 0.00 238
    2018-05-01 $241,750 (-3.7%) $245,165 (-5.2%) 0.00 251
    2018-06-01 $240,000 (-4.4%) $244,761 (-4.0%) 0.00 241
    2018-07-01 $240,975 (-5.5%) $246,318 (-3.3%) 0.00 248
    2018-08-01 $247,475 (-3.8%) $251,557 (-1.0%) 0.00 241
    2018-09-01 $256,000 (0.4%) $252,601 (0.5%) 0.00 265
    2018-10-01 $258,160 (2.9%) $251,016 (-0.8%) 0.00 262
    2018-11-01 $249,000 (0.5%) $248,258 (-1.0%) 0.00 260
    2018-12-01 $249,000 (3.8%) $247,185 (-1.7%) 0.00 242
    2019-01-01 $248,000 (3.9%) $244,555 (-2.0%) 0.00 224
    2019-02-01 $241,250 (0.5%) $241,688 (-2.7%) 0.00 232
    2019-03-01 $241,500 (0.7%) $241,708 (-1.0%) 0.00 216
    2019-04-01 $242,000 (-1.2%) $240,689 (-3.4%) 0.00 211
    2019-05-01 $259,933 (7.5%) $255,069 (4.0%) 0.00 198
    2019-06-01 $269,995 (12.5%) $274,995 (12.4%) 0.00 191
    2019-07-01 $261,725 (8.6%) $273,732 (11.1%) 0.00 170
    2019-08-01 $255,000 (3.0%) $272,484 (8.3%) 0.00 168
    2019-09-01 $255,000 (-0.4%) $268,956 (6.5%) 0.00 165
    2019-10-01 $255,000 (-1.2%) $266,605 (6.2%) 0.00 167
    2019-11-01 $259,700 (4.3%) $278,483 (12.2%) 0.00 177
    2019-12-01 $269,700 (8.3%) $284,497 (15.1%) 0.00 178
    2020-01-01 $263,723 (6.3%) $271,866 (11.2%) 0.00 180
    2020-02-01 $254,990 (5.7%) $270,577 (12.0%) 0.00 182
    2020-03-01 $261,400 (8.2%) $274,362 (13.5%) 0.00 164
    2020-04-01 $259,900 (7.4%) $273,257 (13.5%) 0.00 164
    2020-05-01 $255,000 (-1.9%) $268,424 (5.2%) 0.00 141
    2020-06-01 $249,950 (-7.4%) $265,199 (-3.6%) 0.00 132
    2020-07-01 $250,000 (-4.5%) $266,961 (-2.5%) 0.00 115
    2020-08-01 $249,900 (-2.0%) $261,151 (-4.2%) 0.00 112
    2020-09-01 $239,925 (-5.9%) $254,723 (-5.3%) 0.00 112
    2020-10-01 $239,900 (-5.9%) $288,578 (8.2%) 0.00 108
    2020-11-01 $264,723 (1.9%) $304,545 (9.4%) 0.00 112
    2020-12-01 $238,175 (-11.7%) $301,338 (5.9%) 0.00 106
    2021-01-01 $239,900 (-9.0%) $314,771 (15.8%) 0.00 97
    2021-02-01 $234,900 (-7.9%) $322,005 (19.0%) 0.00 70
    2021-03-01 $237,200 (-9.3%) $336,158 (22.5%) 0.00 69
    2021-04-01 $282,500 (8.7%) $351,280 (28.6%) 0.00 75
    2021-05-01 $280,000 (9.8%) $334,692 (24.7%) 0.00 73
    2021-06-01 $292,000 (16.8%) $345,539 (30.3%) 0.00 69
    2021-07-01 $280,000 (12.0%) $336,701 (26.1%) 0.00 85
    2021-08-01 $283,750 (13.6%) $327,634 (25.5%) 0.00 99
    2021-09-01 $276,000 (15.0%) $324,671 (27.5%) 0.00 100
    2021-10-01 $265,000 (10.5%) $320,808 (11.2%) 0.00 91
    2021-11-01 $274,875 (3.8%) $325,575 (6.9%) 0.00 93
    2021-12-01 $297,225 (24.8%) $338,165 (12.2%) 0.00 81
    2022-01-01 $274,850 (14.6%) $300,571 (-4.5%) 0.00 61
    2022-02-01 $289,000 (23.0%) $311,928 (-3.1%) 0.00 67
    2022-03-01 $329,000 (38.7%) $336,029 (0.0%) 0.00 70
    2022-04-01 $329,000 (16.5%) $335,972 (-4.4%) 0.00 79
    2022-05-01 $329,000 (17.5%) $327,937 (-2.0%) 0.00 75
    2022-06-01 $329,000 (12.7%) $334,826 (-3.1%) 0.00 90
    2022-07-01 $359,900 (28.5%) $369,062 (9.6%) 0.00 112
    2022-08-01 $359,900 (26.8%) $371,451 (13.4%) 0.00 144
    2022-09-01 $359,900 (30.4%) $376,257 (15.9%) 0.00 151
    2022-10-01 $350,000 (32.1%) $371,226 (15.7%) 0.00 174
    2022-11-01 $342,975 (24.8%) $353,394 (8.5%) 0.00 192
    2022-12-01 $335,000 (12.7%) $351,511 (4.0%) 0.00 185
    2023-01-01 $344,675 (25.4%) $358,965 (19.4%) 0.00 160
    2023-02-01 $349,000 (20.8%) $361,727 (16.0%) 0.00 127
    2023-03-01 $345,975 (5.2%) $362,487 (7.9%) 0.00 117
    2023-04-01 $354,950 (7.9%) $368,541 (9.7%) 0.00 105
    2023-05-01 $359,900 (9.4%) $375,673 (14.6%) 0.00 104
    2023-06-01 $359,925 (9.4%) $382,376 (14.2%) 0.00 98
    2023-07-01 $359,900 (0.0%) $380,881 (3.2%) 0.00 98
    2023-08-01 $359,970 (0.0%) $368,001 (-0.9%) 0.00 109
    2023-09-01 $359,900 (0.0%) $368,636 (-2.0%) 0.00 108
    2023-10-01 $358,675 (2.5%) $371,120 (0.0%) 0.00 121
    2023-11-01 $348,000 (1.5%) $360,024 (1.9%) 0.00 124
    El Centro's median listing price for 2023-11-01 was $348,000, a difference of $5,025 (1.5%) versus the prior year and $-10,675 versus the prior month.

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

    El Centro's average listing price for 2023-11-01 was $360,024, a difference of $6,630 (1.9%) versus the prior year and $-11,096 versus the prior month.

    For the 2023-11-01 period, El Centro had 124 MLS listings, a difference of 3 listings (2%) versus the prior month and -68 listings (-35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - El Centro (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,706 sqft
    2018-02-01 0 days 1,685 sqft
    2018-03-01 0 days 1,690 sqft
    2018-04-01 0 days 1,712 sqft
    2018-05-01 0 days 1,685 sqft
    2018-06-01 0 days 1,630 sqft
    2018-07-01 0 days 1,618 sqft
    2018-08-01 0 days 1,730 sqft
    2018-09-01 0 days 1,733 sqft
    2018-10-01 0 days 1,703 sqft
    2018-11-01 0 days 1,669 sqft
    2018-12-01 0 days 1,630 sqft
    2019-01-01 0 days 1,647 sqft
    2019-02-01 0 days 1,608 sqft
    2019-03-01 0 days 1,573 sqft
    2019-04-01 0 days 1,597 sqft
    2019-05-01 0 days 1,698 sqft
    2019-06-01 0 days 1,764 sqft
    2019-07-01 0 days 1,705 sqft
    2019-08-01 0 days 1,625 sqft
    2019-09-01 0 days 1,611 sqft
    2019-10-01 0 days 1,600 sqft
    2019-11-01 0 days 1,631 sqft
    2019-12-01 0 days 1,673 sqft
    2020-01-01 0 days 1,607 sqft
    2020-02-01 0 days 1,617 sqft
    2020-03-01 0 days 1,661 sqft
    2020-04-01 0 days 1,615 sqft
    2020-05-01 0 days 1,578 sqft
    2020-06-01 0 days 1,560 sqft
    2020-07-01 0 days 1,576 sqft
    2020-08-01 0 days 1,560 sqft
    2020-09-01 0 days 1,562 sqft
    2020-10-01 0 days 1,560 sqft
    2020-11-01 0 days 1,690 sqft
    2020-12-01 0 days 1,560 sqft
    2021-01-01 0 days 1,569 sqft
    2021-02-01 0 days 1,560 sqft
    2021-03-01 0 days 1,560 sqft
    2021-04-01 0 days 1,693 sqft
    2021-05-01 0 days 1,695 sqft
    2021-06-01 0 days 1,695 sqft
    2021-07-01 0 days 1,695 sqft
    2021-08-01 0 days 1,677 sqft
    2021-09-01 0 days 1,601 sqft
    2021-10-01 0 days 1,600 sqft
    2021-11-01 0 days 1,592 sqft
    2021-12-01 0 days 1,656 sqft
    2022-01-01 0 days 1,556 sqft
    2022-02-01 0 days 1,560 sqft
    2022-03-01 0 days 1,570 sqft
    2022-04-01 0 days 1,596 sqft
    2022-05-01 0 days 1,560 sqft
    2022-06-01 0 days 1,591 sqft
    2022-07-01 0 days 1,690 sqft
    2022-08-01 0 days 1,693 sqft
    2022-09-01 0 days 1,695 sqft
    2022-10-01 0 days 1,671 sqft
    2022-11-01 0 days 1,596 sqft
    2022-12-01 0 days 1,638 sqft
    2023-01-01 0 days 1,646 sqft
    2023-02-01 0 days 1,669 sqft
    2023-03-01 0 days 1,695 sqft
    2023-04-01 0 days 1,695 sqft
    2023-05-01 0 days 1,695 sqft
    2023-06-01 0 days 1,695 sqft
    2023-07-01 0 days 1,695 sqft
    2023-08-01 0 days 1,695 sqft
    2023-09-01 0 days 1,695 sqft
    2023-10-01 0 days 1,630 sqft
    2023-11-01 0 days 1,562 sqft
    El Centro's median listing age (time on market) for 2023-11-01 was 0 days.

    El Centro's median square footage for active listings during the 2023-11-01 period was 1,562 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).