Eureka FHA Loan Rates, Closing Costs & Stats

Eureka-Arcata, 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.

Eureka's 25 lenders originated 99 FHA loans during 2023. The total origination value was $33,185,000, with an average FHA loan value of $335,202.

Eureka FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Eureka averaged 6.18% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

Eureka's average FHA mortgage closing costs are $9,759.

The average rate for the prior week (2024-10-04) was 6.2% and one month ago for the week of 2024-09-06, the average rate was 5.93%.

The average rate one year ago was 7.36%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.9%.

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

Eureka 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 Eureka level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Paramount Residential Mortgage Group, Inc. 17 6.23% $15,231
UNITED WHOLESALE MORTGAGE, LLC 14 6.20% $12,857
Sierra Pacific Mortgage Company, Inc. 7 6.54% $16,060
QUICKEN LOANS, LLC 7 5.80% $15,745
SUMMIT FUNDING, INC. 5 7.08% $13,080
ACADEMY MORTGAGE CORPORATION 5 7.28% $16,613
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.28% $16,555
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 6.13% $18,179
LOANDEPOT.COM, LLC 2 6.38% $12,446
American Mortgage & Equity Consultants, Inc. 2 7.19% $14,634
AMERISAVE MORTGAGE CORPORATION 2 5.50% $13,837
Florida Capital Bank 2 6.25% $10,987
JPMorgan Chase Bank 1 4.75% $5,988
MID AMERICA MORTGAGE, INC. 1 6.88% $5,643
Nations Lending Corporation 1 6.75% $14,334
OCMBC, INC. 1 6.50% $11,674
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.13% $12,565
PANORAMA MORTGAGE GROUP, LLC 1 7.25% $13,429
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.50% $22,273
PLANET HOME LENDING, LLC 1 5.88% $9,371
FREEDOM MORTGAGE CORPORATION 1 6.25% $13,958
Flagstar Bank, FSB 1 6.57% $16,924
CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $21,753
Bank of England 1 6.63% $16,225
U.S. Bank 1 7.25% $10,922

The top Eureka FHA lender as defined by loan originations is Paramount Residential Mortgage Group, Inc., with 17 FHA loans originated. Their average total fees are $15,231, which is $2,373 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Eureka FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($12,857), Paramount Residential Mortgage Group, Inc. ($15,231), .

The lowest rate Eureka FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.20%), Paramount Residential Mortgage Group, Inc. (6.23%), .

Eureka FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Eureka (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 $425,000 (13.3%) $634,768 (6.5%) 1.58 339
2018-02-01 $425,000 (13.0%) $627,785 (-7.4%) 1.54 357
2018-03-01 $425,000 (7.9%) $613,023 (-0.8%) 1.49 378
2018-04-01 $425,000 (11.2%) $590,277 (-6.7%) 1.44 386
2018-05-01 $423,000 (6.0%) $556,441 (-23.0%) 1.41 438
2018-06-01 $399,000 (-2.2%) $555,077 (-18.3%) 1.33 491
2018-07-01 $395,000 (-1.2%) $548,786 (-12.1%) 1.32 491
2018-08-01 $395,000 (1.0%) $545,156 (-3.1%) 1.32 510
2018-09-01 $395,000 (1.4%) $541,457 (-6.1%) 1.31 508
2018-10-01 $377,450 (-5.3%) $531,052 (-8.8%) 1.28 493
2018-11-01 $384,500 (-3.6%) $532,036 (-7.3%) 1.30 474
2018-12-01 $379,000 (-5.0%) $531,313 (-11.5%) 1.31 428
2019-01-01 $376,625 (-11.4%) $526,483 (-17.1%) 1.30 375
2019-02-01 $369,000 (-13.2%) $514,051 (-18.1%) 1.25 380
2019-03-01 $376,607 (-11.4%) $528,396 (-13.8%) 1.23 377
2019-04-01 $386,750 (-9.0%) $544,027 (-7.8%) 1.22 381
2019-05-01 $397,000 (-6.2%) $548,403 (-1.4%) 1.24 399
2019-06-01 $395,000 (-1.0%) $542,476 (-2.3%) 1.23 432
2019-07-01 $389,700 (-1.3%) $542,961 (-1.1%) 1.22 444
2019-08-01 $384,145 (-2.8%) $539,691 (-1.0%) 1.22 440
2019-09-01 $376,189 (-4.8%) $528,673 (-2.4%) 1.20 420
2019-10-01 $370,000 (-2.0%) $515,897 (-2.9%) 1.19 400
2019-11-01 $368,932 (-4.1%) $503,729 (-5.3%) 1.21 364
2019-12-01 $361,000 (-4.8%) $504,468 (-5.1%) 1.20 323
2020-01-01 $354,500 (-5.9%) $486,348 (-7.6%) 1.18 286
2020-02-01 $350,000 (-5.2%) $507,420 (-1.3%) 1.15 265
2020-03-01 $352,500 (-6.4%) $499,384 (-5.5%) 1.11 274
2020-04-01 $359,000 (-7.2%) $494,779 (-9.1%) 1.13 271
2020-05-01 $355,000 (-10.6%) $485,170 (-11.5%) 1.09 270
2020-06-01 $377,500 (-4.4%) $580,613 (7.0%) 1.11 236
2020-07-01 $379,000 (-2.8%) $621,895 (14.5%) 1.10 218
2020-08-01 $399,000 (3.9%) $640,566 (18.7%) 1.14 211
2020-09-01 $399,125 (6.1%) $657,909 (24.5%) 1.14 189
2020-10-01 $425,000 (14.9%) $682,253 (32.3%) 1.22 163
2020-11-01 $420,750 (14.1%) $690,119 (37.0%) 1.23 172
2020-12-01 $427,000 (18.3%) $685,028 (35.8%) 1.27 132
2021-01-01 $425,000 (19.9%) $698,426 (43.6%) 1.27 115
2021-02-01 $428,250 (22.4%) $771,500 (52.0%) 1.25 103
2021-03-01 $427,450 (21.3%) $732,215 (46.6%) 1.21 110
2021-04-01 $444,475 (23.8%) $704,625 (42.4%) 1.20 124
2021-05-01 $429,900 (21.1%) $674,760 (39.1%) 1.14 133
2021-06-01 $434,100 (15.0%) $710,684 (22.4%) 1.14 149
2021-07-01 $449,000 (18.5%) $725,572 (16.7%) 1.18 158
2021-08-01 $449,750 (12.7%) $724,320 (13.1%) 1.20 175
2021-09-01 $470,475 (17.9%) $753,658 (14.6%) 1.25 165
2021-10-01 $493,000 (16.0%) $776,367 (13.8%) 1.31 168
2021-11-01 $519,500 (23.5%) $819,265 (18.7%) 1.39 169
2021-12-01 $499,000 (16.9%) $775,383 (13.2%) 1.35 171
2022-01-01 $519,000 (22.1%) $833,508 (19.3%) 1.40 158
2022-02-01 $524,500 (22.5%) $834,024 (8.1%) 1.36 164
2022-03-01 $544,750 (27.4%) $803,673 (9.8%) 1.36 175
2022-04-01 $549,500 (23.6%) $812,289 (15.3%) 1.31 188
2022-05-01 $539,375 (25.5%) $789,481 (17.0%) 1.23 234
2022-06-01 $532,484 (22.7%) $755,962 (6.4%) 1.19 275
2022-07-01 $499,000 (11.1%) $679,627 (-6.3%) 1.12 329
2022-08-01 $498,000 (10.7%) $667,642 (-7.8%) 1.15 324
2022-09-01 $499,500 (6.2%) $663,296 (-12.0%) 1.17 325
2022-10-01 $495,000 (0.4%) $646,637 (-16.7%) 1.16 341
2022-11-01 $486,500 (-6.4%) $637,263 (-22.2%) 1.17 332
2022-12-01 $489,000 (-2.0%) $641,715 (-17.2%) 1.21 317
2023-01-01 $478,000 (-7.9%) $627,962 (-24.7%) 1.19 272
2023-02-01 $468,725 (-10.6%) $616,553 (-26.1%) 1.13 263
2023-03-01 $480,975 (-11.7%) $637,436 (-20.7%) 1.13 254
2023-04-01 $499,000 (-9.2%) $644,477 (-20.7%) 1.16 252
2023-05-01 $499,500 (-7.4%) $654,365 (-17.1%) 1.13 274
2023-06-01 $489,450 (-8.1%) $621,925 (-17.7%) 1.10 321
2023-07-01 $489,000 (-2.0%) $619,618 (-8.8%) 1.11 346
2023-08-01 $492,450 (-1.1%) $624,764 (-6.4%) 1.13 345
2023-09-01 $475,000 (-4.9%) $622,327 (-6.2%) 1.11 361
2023-10-01 $475,000 (-4.0%) $611,533 (-5.4%) 1.12 377
2023-11-01 $466,750 (-4.1%) $600,455 (-5.8%) 1.11 346
2023-12-01 $460,000 (-5.9%) $569,235 (-11.3%) 0.00 327
2024-01-01 $441,012 (-7.7%) $549,597 (-12.5%) 0.00 306
2024-02-01 $462,225 (-1.4%) $548,972 (-11.0%) 0.00 295
2024-03-01 $475,000 (-1.2%) $553,601 (-13.2%) 0.00 310
2024-04-01 $470,000 (-5.8%) $561,945 (-12.8%) 0.00 331
2024-05-01 $494,100 (-1.1%) $573,929 (-12.3%) 0.00 375
2024-06-01 $499,000 (2.0%) $591,753 (-4.9%) 0.00 417
2024-07-01 $498,500 (1.9%) $584,783 (-5.6%) 0.00 458
2024-08-01 $492,500 (0.0%) $579,405 (-7.3%) 0.00 453
2024-09-01 $489,000 (3.0%) $570,499 (-8.3%) 0.00 453
Eureka's median listing price for 2024-09-01 was $489,000, a difference of $14,000 (3.0%) versus the prior year and $-3,500 versus the prior month.

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

Eureka's average listing price for 2024-09-01 was $570,499, a difference of $-51,828 (-8.3%) versus the prior year and $-8,906 versus the prior month.

For the 2024-09-01 period, Eureka had 453 MLS listings, a difference of 0 listings (0%) versus the prior month and 92 listings (25%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Eureka (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 78 days 1,554 sqft
2018-02-01 77 days 1,554 sqft
2018-03-01 69 days 1,559 sqft
2018-04-01 68 days 1,585 sqft
2018-05-01 59 days 1,573 sqft
2018-06-01 61 days 1,579 sqft
2018-07-01 71 days 1,600 sqft
2018-08-01 74 days 1,607 sqft
2018-09-01 83 days 1,604 sqft
2018-10-01 83 days 1,590 sqft
2018-11-01 87 days 1,597 sqft
2018-12-01 88 days 1,598 sqft
2019-01-01 89 days 1,580 sqft
2019-02-01 90 days 1,530 sqft
2019-03-01 79 days 1,559 sqft
2019-04-01 60 days 1,600 sqft
2019-05-01 52 days 1,618 sqft
2019-06-01 53 days 1,600 sqft
2019-07-01 66 days 1,630 sqft
2019-08-01 70 days 1,590 sqft
2019-09-01 75 days 1,569 sqft
2019-10-01 77 days 1,554 sqft
2019-11-01 83 days 1,554 sqft
2019-12-01 88 days 1,540 sqft
2020-01-01 81 days 1,495 sqft
2020-02-01 71 days 1,500 sqft
2020-03-01 56 days 1,506 sqft
2020-04-01 66 days 1,568 sqft
2020-05-01 67 days 1,550 sqft
2020-06-01 63 days 1,593 sqft
2020-07-01 45 days 1,632 sqft
2020-08-01 38 days 1,652 sqft
2020-09-01 38 days 1,649 sqft
2020-10-01 49 days 1,782 sqft
2020-11-01 39 days 1,690 sqft
2020-12-01 59 days 1,680 sqft
2021-01-01 61 days 1,624 sqft
2021-02-01 34 days 1,659 sqft
2021-03-01 19 days 1,680 sqft
2021-04-01 19 days 1,631 sqft
2021-05-01 22 days 1,600 sqft
2021-06-01 21 days 1,546 sqft
2021-07-01 30 days 1,515 sqft
2021-08-01 30 days 1,461 sqft
2021-09-01 31 days 1,500 sqft
2021-10-01 31 days 1,540 sqft
2021-11-01 41 days 1,553 sqft
2021-12-01 59 days 1,500 sqft
2022-01-01 73 days 1,540 sqft
2022-02-01 65 days 1,595 sqft
2022-03-01 46 days 1,591 sqft
2022-04-01 43 days 1,600 sqft
2022-05-01 41 days 1,593 sqft
2022-06-01 42 days 1,600 sqft
2022-07-01 43 days 1,533 sqft
2022-08-01 52 days 1,513 sqft
2022-09-01 64 days 1,546 sqft
2022-10-01 66 days 1,513 sqft
2022-11-01 73 days 1,536 sqft
2022-12-01 88 days 1,515 sqft
2023-01-01 98 days 1,507 sqft
2023-02-01 96 days 1,518 sqft
2023-03-01 91 days 1,524 sqft
2023-04-01 72 days 1,500 sqft
2023-05-01 57 days 1,524 sqft
2023-06-01 45 days 1,568 sqft
2023-07-01 52 days 1,600 sqft
2023-08-01 66 days 1,648 sqft
2023-09-01 64 days 1,600 sqft
2023-10-01 68 days 1,600 sqft
2023-11-01 73 days 1,578 sqft
2023-12-01 0 days 1,547 sqft
2024-01-01 0 days 1,500 sqft
2024-02-01 0 days 1,506 sqft
2024-03-01 0 days 1,500 sqft
2024-04-01 0 days 1,500 sqft
2024-05-01 0 days 1,542 sqft
2024-06-01 0 days 1,539 sqft
2024-07-01 0 days 1,517 sqft
2024-08-01 0 days 1,516 sqft
2024-09-01 0 days 1,562 sqft
Eureka's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Eureka's median square footage for active listings during the 2024-09-01 period was 1,562 sqft. One year prior, the average listing was 1,600 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).