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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.