Madera FHA Loan Rates, Closing Costs & Stats

MADERA, 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.

Madera's 81 lenders originated 588 FHA loans during 2023. The total origination value was $209,560,000, with an average FHA loan value of $356,395.

Madera FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Madera averaged 6.45% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Madera's average FHA mortgage closing costs are $10,379.

The average rate for the prior week (2024-04-05) was 6.58% and one month ago for the week of 2024-03-08, the average rate was 6.32%.

The average rate one year ago was 6.15%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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

Madera 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 Madera level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Century Mortgage Company DBA Century Lending Company 94 6.02% $14,634
UNITED WHOLESALE MORTGAGE, LLC 80 6.22% $17,069
QUICKEN LOANS, LLC 33 6.12% $14,686
AMERICAN PACIFIC MORTGAGE CORPORATION 33 6.39% $15,274
Sierra Pacific Mortgage Company, Inc. 30 6.25% $15,598
DHI MORTGAGE COMPANY, LTD. 28 5.50% $10,601
INSPIRE HOME LOANS INC. 18 5.46% $11,741
CMG MORTGAGE, INC. 15 5.68% $18,178
PENNYMAC LOAN SERVICES, LLC 15 6.29% $15,133
EAGLE HOME MORTGAGE, LLC 13 5.99% $17,299
ALAMEDA MORTGAGE CORPORATION 13 6.62% $18,760
Golden Empire Mortgage, Inc. 10 6.89% $12,066
Paramount Residential Mortgage Group, Inc. 8 6.36% $14,129
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.61% $15,539
PLAZA HOME MORTGAGE, INC. 7 6.48% $14,010
RESIDENTIAL BANCORP 6 5.96% $19,658
PREMIER MORTGAGE RESOURCES, L.L.C. 6 6.06% $21,589
GUARANTEED RATE, INC. 6 6.81% $14,634
FREEDOM MORTGAGE CORPORATION 5 6.95% $17,003
Equity Prime Mortgage LLC 5 6.45% $16,387
BROKER SOLUTIONS, INC. 5 6.30% $16,943
KBHS HOME LOANS, LLC 5 6.02% $18,145
MASON MCDUFFIE MORTGAGE CORPORATION 4 6.41% $18,574
AMERICAN FINANCIAL NETWORK, INC. 4 6.59% $12,522
RESIDENTIAL WHOLESALE MORTGAGE, INC. 3 6.71% $17,662
SUN WEST MORTGAGE COMPANY, INC. 3 7.04% $16,182
The Loan Store, Inc. 3 6.66% $17,555
TOWNE MORTGAGE COMPANY 3 6.50% $15,237
CALCON MUTUAL MORTGAGE LLC 3 7.41% $14,289
ALTITUDE FINANCIAL CORPORATION 3 6.71% $11,230
Carrington Mortgage Services, LLC 3 6.46% $12,590
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.83% $15,729
CROSSCOUNTRY MORTGAGE, LLC 3 6.58% $16,926
LOANDEPOT.COM, LLC 3 6.63% $11,441
Flagstar Bank, FSB 2 6.01% $15,949
SCENIC OAKS FUNDING, INC. 2 6.69% $17,709
AMERICAN FINANCIAL RESOURCES, INC. 2 7.25% $14,176
Lakeview Community Capital, LLC 2 5.75% $14,305
LAKEVIEW LOAN SERVICING, LLC 2 5.69% $18,160
LEADERONE FINANCIAL CORPORATION 2 6.69% $15,126
FIRST COMMUNITY MORTGAGE, INC. 2 6.25% $11,458
OCMBC, INC. 2 7.00% $19,661
AMERISAVE MORTGAGE CORPORATION 2 5.25% $11,159
BAY-VALLEY MORTGAGE GROUP 2 6.69% $17,591
NEWREZ LLC 2 6.44% $14,932
VILLAGE CAPITAL MORTGAGE 2 5.63% $18,888
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.38% $11,576
Mortgage Research Center, LLC 1 6.99% $7,983
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $8,963
Bank of America 1 5.00% $11,771
BECKAM FUNDING CORP. 1 7.25% $13,183
CARDINAL FINANCIAL 1 5.75% $20,216
CASTLE & COOKE MORTGAGE, LLC 1 5.25% $18,669
Commerce Home Mortgage, Inc. 1 6.88% $14,465
CUSTOMER SERVICE MORTGAGE CORPORATION 1 6.50% $10,319
EMBRACE HOME LOANS, INC. 1 5.99% $10,633
EVERETT FINANCIAL, INC. 1 7.13% $15,367
First Savings Bank 1 5.75% $12,687
Franklin Loan Corporation 1 5.75% $16,326
GSF Mortgage Corporation 1 5.13% $9,537
GUILD MORTGAGE COMPANY 1 7.13% $21,165
HOME APPROVALS DIRECT, INC. 1 7.75% $12,532
Hometown Equity Mortgage, LLC 1 7.63% $10,212
JMAC LENDING, INC. 1 6.75% $14,066
LOANPAL, LLC 1 5.99% $22,763
ML Mortgage Corp. 1 5.75% $14,029
AHL FUNDING 1 6.63% $13,245
MOUNTAIN WEST FINANCIAL, INC. 1 7.25% $16,229
M&T Bank 1 6.25% $11,542
NATIONS DIRECT MORTGAGE, LLC 1 6.75% $11,689
NETWORK CAPITAL FUNDING CORPORATION 1 5.50% $22,645
Northpointe Bank 1 6.13% $10,439
NORWICH COMMERCIAL GROUP, INC. 1 6.25% $10,866
PLANET HOME LENDING, LLC 1 6.63% $19,579
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $18,034
PRIMUS LENDING CORP. 1 6.75% $19,037
SUMMIT FUNDING, INC. 1 5.50% $17,639
T2 FINANCIAL LLC 1 7.13% $12,185
TOP FLITE FINANCIAL, INC. 1 7.50% $8,929
VERITAS FUNDING, LLC 1 6.63% $14,936
Willamette Valley Bank 1 6.25% $10,925

The top Madera FHA lender as defined by loan originations is Century Mortgage Company DBA Century Lending Company, with 94 FHA loans originated. Their average total fees are $14,634, which is $2,435 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Madera FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($10,601), INSPIRE HOME LOANS INC. ($11,741), Golden Empire Mortgage, Inc. ($12,066), Century Mortgage Company DBA Century Lending Company ($14,634) and QUICKEN LOANS, LLC ($14,686).

The lowest rate Madera FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.46%), DHI MORTGAGE COMPANY, LTD. (5.50%), CMG MORTGAGE, INC. (5.68%), EAGLE HOME MORTGAGE, LLC (5.99%) and Century Mortgage Company DBA Century Lending Company (6.02%).

Madera FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Madera (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 $318,875 (10.1%) $420,665 (12.0%) 0.00 430
2018-02-01 $320,950 (8.1%) $418,739 (6.9%) 0.00 427
2018-03-01 $320,000 (10.9%) $423,243 (7.1%) 0.00 444
2018-04-01 $315,000 (5.0%) $416,949 (4.2%) 0.00 472
2018-05-01 $317,625 (1.5%) $421,289 (2.3%) 0.00 486
2018-06-01 $318,500 (3.0%) $424,081 (2.5%) 0.00 507
2018-07-01 $313,750 (-0.4%) $418,158 (-2.7%) 0.00 536
2018-08-01 $309,987 (-3.1%) $412,153 (-1.6%) 0.00 534
2018-09-01 $310,000 (-4.6%) $411,807 (0.9%) 0.00 553
2018-10-01 $313,700 (-2.0%) $397,961 (-1.5%) 0.00 565
2018-11-01 $319,500 (-0.9%) $397,909 (-3.3%) 0.00 580
2018-12-01 $325,000 (2.5%) $401,683 (-3.7%) 0.00 545
2019-01-01 $328,725 (3.1%) $400,249 (-4.9%) 0.00 518
2019-02-01 $325,000 (1.3%) $404,962 (-3.3%) 0.00 501
2019-03-01 $328,253 (2.6%) $432,513 (2.2%) 0.00 497
2019-04-01 $330,753 (5.0%) $418,604 (0.4%) 0.00 505
2019-05-01 $334,850 (5.4%) $428,973 (1.8%) 0.00 500
2019-06-01 $337,000 (5.8%) $449,398 (6.0%) 0.00 511
2019-07-01 $337,000 (7.4%) $429,196 (2.6%) 0.00 525
2019-08-01 $335,727 (8.3%) $423,177 (2.7%) 0.00 534
2019-09-01 $335,318 (8.2%) $422,114 (2.5%) 0.00 541
2019-10-01 $335,000 (6.8%) $423,003 (6.3%) 0.00 536
2019-11-01 $335,000 (4.9%) $429,293 (7.9%) 0.00 498
2019-12-01 $328,250 (1.0%) $423,193 (5.4%) 0.00 484
2020-01-01 $339,000 (3.1%) $421,679 (5.4%) 0.00 429
2020-02-01 $339,475 (4.5%) $427,322 (5.5%) 0.00 417
2020-03-01 $347,000 (5.7%) $437,382 (1.1%) 0.00 445
2020-04-01 $344,500 (4.2%) $426,196 (1.8%) 0.00 447
2020-05-01 $349,500 (4.4%) $440,717 (2.7%) 0.00 425
2020-06-01 $354,900 (5.3%) $457,063 (1.7%) 0.00 361
2020-07-01 $366,950 (8.9%) $479,436 (11.7%) 0.00 316
2020-08-01 $389,450 (16.0%) $499,025 (17.9%) 0.00 271
2020-09-01 $394,500 (17.7%) $519,589 (23.1%) 0.00 270
2020-10-01 $389,000 (16.1%) $531,369 (25.6%) 0.00 248
2020-11-01 $397,450 (18.6%) $559,247 (30.3%) 0.00 251
2020-12-01 $398,200 (21.3%) $566,183 (33.8%) 0.00 217
2021-01-01 $399,950 (18.0%) $595,819 (41.3%) 0.00 190
2021-02-01 $422,000 (24.3%) $631,820 (47.9%) 0.00 158
2021-03-01 $441,375 (27.2%) $637,882 (45.8%) 0.00 163
2021-04-01 $436,200 (26.6%) $614,454 (44.2%) 0.00 169
2021-05-01 $455,000 (30.2%) $618,085 (40.3%) 0.00 180
2021-06-01 $444,250 (25.2%) $608,396 (33.1%) 0.00 193
2021-07-01 $428,000 (16.6%) $577,254 (20.4%) 0.00 231
2021-08-01 $439,370 (12.8%) $576,758 (15.6%) 0.00 251
2021-09-01 $441,950 (12.0%) $573,378 (10.4%) 0.00 281
2021-10-01 $459,000 (18.0%) $614,898 (15.7%) 0.00 266
2021-11-01 $471,978 (18.8%) $623,215 (11.4%) 0.00 260
2021-12-01 $470,000 (18.0%) $654,131 (15.5%) 0.00 231
2022-01-01 $490,000 (22.5%) $668,145 (12.1%) 0.00 194
2022-02-01 $467,500 (10.8%) $655,066 (3.7%) 0.00 191
2022-03-01 $487,000 (10.3%) $705,189 (10.6%) 0.00 192
2022-04-01 $495,000 (13.5%) $726,862 (18.3%) 0.00 206
2022-05-01 $508,675 (11.8%) $696,324 (12.7%) 0.00 243
2022-06-01 $499,500 (12.4%) $652,583 (7.3%) 0.00 283
2022-07-01 $494,494 (15.5%) $645,228 (11.8%) 0.00 352
2022-08-01 $477,450 (8.7%) $612,210 (6.2%) 0.00 366
2022-09-01 $491,000 (11.1%) $614,272 (7.1%) 0.00 373
2022-10-01 $475,000 (3.5%) $595,593 (-3.1%) 0.00 422
2022-11-01 $469,000 (-0.6%) $588,361 (-5.6%) 0.00 407
2022-12-01 $469,700 (-0.1%) $589,643 (-9.9%) 0.00 367
2023-01-01 $469,000 (-4.3%) $587,792 (-12.0%) 0.00 327
2023-02-01 $472,250 (1.0%) $603,692 (-7.8%) 0.00 314
2023-03-01 $465,875 (-4.3%) $588,436 (-16.6%) 0.00 297
2023-04-01 $484,360 (-2.2%) $627,432 (-13.7%) 0.00 294
2023-05-01 $485,504 (-4.6%) $628,017 (-9.8%) 0.00 324
2023-06-01 $489,140 (-2.1%) $638,430 (-2.2%) 0.00 315
2023-07-01 $501,053 (1.3%) $669,525 (3.8%) 0.00 300
2023-08-01 $518,100 (8.5%) $684,599 (11.8%) 0.00 361
2023-09-01 $499,000 (1.6%) $628,536 (2.3%) 0.00 387
2023-10-01 $495,450 (4.3%) $626,982 (5.3%) 0.00 431
2023-11-01 $482,437 (2.9%) $604,343 (2.7%) 0.00 492
2023-12-01 $496,000 (5.6%) $612,790 (3.9%) 0.00 464
2024-01-01 $491,174 (4.7%) $624,939 (6.3%) 0.00 408
2024-02-01 $501,245 (6.1%) $650,564 (7.8%) 0.00 380
2024-03-01 $499,990 (7.3%) $640,033 (8.8%) 0.00 343
Madera's median listing price for 2024-03-01 was $499,990, a difference of $34,115 (7.3%) versus the prior year and $-1,255 versus the prior month.

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

Madera's average listing price for 2024-03-01 was $640,033, a difference of $51,597 (8.8%) versus the prior year and $-10,531 versus the prior month.

For the 2024-03-01 period, Madera had 343 MLS listings, a difference of -37 listings (-10%) versus the prior month and 46 listings (15%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Madera (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,990 sqft
2018-02-01 0 days 1,930 sqft
2018-03-01 0 days 2,000 sqft
2018-04-01 0 days 1,961 sqft
2018-05-01 0 days 1,979 sqft
2018-06-01 0 days 1,951 sqft
2018-07-01 0 days 1,925 sqft
2018-08-01 0 days 1,947 sqft
2018-09-01 0 days 1,929 sqft
2018-10-01 0 days 1,908 sqft
2018-11-01 0 days 1,919 sqft
2018-12-01 0 days 1,920 sqft
2019-01-01 0 days 1,944 sqft
2019-02-01 0 days 1,950 sqft
2019-03-01 0 days 1,925 sqft
2019-04-01 0 days 1,925 sqft
2019-05-01 0 days 1,952 sqft
2019-06-01 0 days 1,975 sqft
2019-07-01 0 days 1,952 sqft
2019-08-01 0 days 1,953 sqft
2019-09-01 0 days 1,953 sqft
2019-10-01 0 days 1,952 sqft
2019-11-01 0 days 1,952 sqft
2019-12-01 0 days 1,900 sqft
2020-01-01 0 days 1,917 sqft
2020-02-01 0 days 1,952 sqft
2020-03-01 0 days 1,956 sqft
2020-04-01 0 days 1,960 sqft
2020-05-01 0 days 1,990 sqft
2020-06-01 0 days 2,040 sqft
2020-07-01 0 days 2,021 sqft
2020-08-01 0 days 2,100 sqft
2020-09-01 0 days 2,112 sqft
2020-10-01 0 days 2,024 sqft
2020-11-01 0 days 2,065 sqft
2020-12-01 0 days 2,016 sqft
2021-01-01 0 days 2,079 sqft
2021-02-01 0 days 2,073 sqft
2021-03-01 0 days 2,144 sqft
2021-04-01 0 days 2,022 sqft
2021-05-01 0 days 2,040 sqft
2021-06-01 0 days 1,940 sqft
2021-07-01 0 days 1,909 sqft
2021-08-01 0 days 1,941 sqft
2021-09-01 0 days 2,011 sqft
2021-10-01 0 days 2,034 sqft
2021-11-01 0 days 2,067 sqft
2021-12-01 0 days 2,045 sqft
2022-01-01 0 days 2,098 sqft
2022-02-01 0 days 2,075 sqft
2022-03-01 0 days 1,996 sqft
2022-04-01 0 days 2,026 sqft
2022-05-01 0 days 2,011 sqft
2022-06-01 0 days 2,024 sqft
2022-07-01 0 days 1,997 sqft
2022-08-01 0 days 1,940 sqft
2022-09-01 0 days 1,986 sqft
2022-10-01 0 days 1,955 sqft
2022-11-01 0 days 1,959 sqft
2022-12-01 0 days 1,937 sqft
2023-01-01 0 days 1,904 sqft
2023-02-01 0 days 1,981 sqft
2023-03-01 0 days 1,958 sqft
2023-04-01 0 days 2,023 sqft
2023-05-01 0 days 1,970 sqft
2023-06-01 0 days 1,974 sqft
2023-07-01 0 days 2,020 sqft
2023-08-01 0 days 2,064 sqft
2023-09-01 0 days 2,071 sqft
2023-10-01 0 days 2,041 sqft
2023-11-01 0 days 2,008 sqft
2023-12-01 0 days 2,009 sqft
2024-01-01 0 days 1,998 sqft
2024-02-01 0 days 2,037 sqft
2024-03-01 0 days 2,067 sqft
Madera's median listing age (time on market) for 2024-03-01 was 0 days.

Madera's median square footage for active listings during the 2024-03-01 period was 2,067 sqft. One year prior, the average listing was 1,958 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).