El Centro FHA Loan Rates, Closing Costs & Stats

EL CENTRO, 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.

El Centro's 79 lenders originated 895 FHA loans during 2021. The total origination value was $222,995,000, with an average FHA loan value of $249,156.

El Centro FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in El Centro averaged 6.38% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

El Centro's average FHA mortgage closing costs are $9,001.

The average rate for the prior week (2022-11-25) was 6.4% and one month ago for the week of 2022-10-28, the average rate was 6.64%.

The average rate one year ago was 3.57%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.09%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 71 2.64% $8,405
INSPIRE HOME LOANS INC. 70 3.43% $11,282
CALIBER HOME LOANS, INC. 61 2.73% $8,301
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 60 3.31% $12,424
HOME POINT FINANCIAL CORPORATION 43 2.57% $8,964
Neighborhood Loans, Inc. 38 3.34% $11,301
QUICKEN LOANS, LLC 34 2.66% $5,452
LOANDEPOT.COM, LLC 30 3.06% $11,821
Wallick & Volk, Inc. 29 3.16% $13,228
FREEDOM MORTGAGE CORPORATION 27 2.69% $5,935
Lakeview Community Capital, LLC 21 2.90% $4,931
ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 3.60% $11,249
PRIMELENDING, A PLAINSCAPITAL COMPANY 16 2.95% $15,144
CROSSCOUNTRY MORTGAGE, LLC 13 3.43% $11,014
GUILD MORTGAGE COMPANY 13 2.82% $11,443
Paramount Residential Mortgage Group, Inc. 12 3.07% $8,252
AMERICAN FINANCIAL NETWORK, INC. 12 2.84% $10,061
GENEVA FINANCIAL, LLC 11 2.95% $12,109
Commerce Home Mortgage, Inc. 11 3.11% $9,137
PENNYMAC LOAN SERVICES, LLC 11 3.00% $5,292
Equity Prime Mortgage LLC 9 3.01% $8,256
Carrington Mortgage Services, LLC 9 3.38% $6,839
First Guaranty Mortgage Corporation 8 2.77% $10,401
VILLAGE CAPITAL MORTGAGE 8 2.92% $2,243
Mr. Cooper ( Nationstar Mortgage ) 8 3.23% $3,907
PLANET HOME LENDING, LLC 8 2.61% $5,967
Hometown Lenders, Inc. 7 3.20% $8,659
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.60% $6,941
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.44% $10,249
NEWREZ LLC 6 2.94% $4,459
LAKEVIEW LOAN SERVICING, LLC 6 3.02% $4,432
STEARNS LENDING, LLC 5 2.68% $8,762
SUN WEST MORTGAGE COMPANY, INC. 5 2.92% $11,464
Flagstar Bank, FSB 5 2.61% $7,190
Sierra Pacific Mortgage Company, Inc. 5 2.85% $11,350
S1L, Inc. 5 3.60% $12,047
BROKER SOLUTIONS, INC. 5 2.92% $8,754
MICHIGAN MUTUAL, INC. 3 3.08% $9,326
AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.67% $9,719
PLAZA HOME MORTGAGE, INC. 3 3.63% $12,334
Hometown Equity Mortgage, LLC 3 3.13% $7,955
Franklin Loan Corporation 3 3.21% $8,583
VISION ONE MORTGAGE, INC. 3 3.04% $7,138
MOVEMENT MORTGAGE, LLC 3 3.79% $9,331
Wells Fargo Bank 2 3.13% $10,741
AmeriHome Mortgage Company, LLC 2 2.75% $5,566
FINANCE OF AMERICA MORTGAGE LLC 2 3.56% $8,985
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.81% $12,423
NATIONS DIRECT MORTGAGE, LLC 2 3.38% $8,143
OCMBC, INC. 2 2.88% $11,941
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.94% $11,047
MOUNTAIN WEST FINANCIAL, INC. 1 2.88% $15,040
NETWORK CAPITAL FUNDING CORPORATION 1 3.00% $9,195
MORIA DEVELOPMENT, INC. 1 3.50% $11,536
NEXERA HOLDING LLC 1 2.63% $9,629
BAY EQUITY LLC 1 3.50% $5,615
MEGASTAR FINANCIAL CORP. 1 3.25% $8,074
LEADERONE FINANCIAL CORPORATION 1 2.75% $12,456
PHH Mortgage Corporation 1 3.50% $6,946
InterContinental Capital Group, Inc 1 2.75% $6,829
Platinum Home Mortgage Corporation 1 2.75% $16,795
HOMESIDE FINANCIAL, LLC 1 3.63% $5,741
AMERISAVE MORTGAGE CORPORATION 1 2.25% $9,787
HOME FUNDING CORPORATION 1 3.63% $9,764
HighTechLending Inc 1 3.25% $8,937
RANLIFE, INC. 1 2.75% $11,279
GUARANTEED RATE, INC. 1 3.25% $6,603
COMMUNITY MORTGAGE FUNDING, LLC 1 3.13% $17,085
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $8,950
CLEARPATH LENDING 1 2.75% $3,554
Century Mortgage Company DBA Century Lending Company 1 3.25% $8,545
The Federal Savings Bank 1 2.63% $10,408
Umpqua Bank 1 3.38% $7,029
UNITED SECURITY FINANCIAL CORP 1 2.50% $4,123
CANOPY MORTGAGE, LLC 1 3.25% $4,439
CALCULATED RISK ANALYTICS LLC 1 3.00% $10,134
BECKAM FUNDING CORP. 1 3.63% $16,324
Nations Lending Corporation 1 3.63% $8,708
NBKC BANK 1 2.75% $10,204

The top El Centro FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 71 FHA loans originated. Their average total fees are $8,405, which is $2,876 lower than the next largest lender, INSPIRE HOME LOANS INC..

The lowest fee El Centro FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC ($4,931), PENNYMAC LOAN SERVICES, LLC ($5,292), QUICKEN LOANS, LLC ($5,452), FREEDOM MORTGAGE CORPORATION ($5,935) and Paramount Residential Mortgage Group, Inc. ($8,252).

The lowest rate El Centro FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.57%), UNITED WHOLESALE MORTGAGE, LLC (2.64%), QUICKEN LOANS, LLC (2.66%), FREEDOM MORTGAGE CORPORATION (2.69%) and CALIBER HOME LOANS, INC. (2.73%).

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

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 $242,500 (-1.0%) $240,688 (-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 (7.2%) $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
El Centro's median listing price for 2022-11-01 was $342,975, a difference of $68,100 (24.8%) versus the prior year and $-7,025 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 2022-11-01 was $353,394, a difference of $27,819 (8.5%) versus the prior year and $-17,832 versus the prior month.

For the 2022-11-01 period, El Centro had 192 MLS listings, a difference of 18 listings (10%) versus the prior month and 99 listings (106%) 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 1,684 sqft
2018-06-01 0 days 1,629 sqft
2018-07-01 0 days 1,615 sqft
2018-08-01 0 days 1,724 sqft
2018-09-01 0 days 1,728 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 1,704 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 1,602 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
El Centro's median listing age (time on market) for 2022-11-01 was 0 days.

El Centro's median square footage for active listings during the 2022-11-01 period was 1,596 sqft. One year prior, the average listing was 1,592 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).