Eureka FHA Loan Rates, Closing Costs & Stats

Eureka-Arcata, 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.

    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 6.84% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.83% and one month ago for the week of 2024-03-15, the average rate was 6.6%.

    The average rate one year ago was 6.43%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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
    Eureka's median listing price for 2024-03-01 was $475,000, a difference of $-5,975 (-1.2%) versus the prior year and $12,775 versus the prior month.

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

    Eureka's average listing price for 2024-03-01 was $553,601, a difference of $-83,835 (-13.2%) versus the prior year and $4,629 versus the prior month.

    For the 2024-03-01 period, Eureka had 310 MLS listings, a difference of 15 listings (5%) versus the prior month and 56 listings (22%) 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
    Eureka's median listing age (time on market) for 2024-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Eureka's median square footage for active listings during the 2024-03-01 period was 1,500 sqft. One year prior, the average listing was 1,524 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).