Madera FHA Loan Rates, Closing Costs & Stats
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 87 lenders originated 651 FHA loans during 2022. The total origination value was $207,045,000, with an average FHA loan value of $318,041.
Madera FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Madera
for the week of 2023-09-15, compared to the national average (all FHA variants) of
6.991% for the same period.
Madera's average FHA mortgage closing costs are $9,516.
The average rate for the prior week (2023-09-08) was 6.68% and one month ago for the week of 2023-08-11, the average rate was 6.44%.
The average rate one year ago was 5.14%.
For refis of the same type during the week of 2023-09-15, the average rate was 5.49%.
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.
The top Madera FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
57 FHA loans originated. Their average total fees are
$11,885, which is $622
lower than the next largest lender,
AMERICAN PACIFIC MORTGAGE CORPORATION.
The lowest fee Madera FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. ($11,204), UNITED WHOLESALE MORTGAGE, LLC ($11,885), QUICKEN LOANS, LLC ($11,953), HOME POINT FINANCIAL CORPORATION ($12,240) and AMERICAN PACIFIC MORTGAGE CORPORATION ($12,507).
The lowest rate Madera FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (4.01%), KBHS HOME LOANS, LLC (4.09%), QUICKEN LOANS, LLC (4.35%), UNITED WHOLESALE MORTGAGE, LLC (4.49%) and MLD MORTGAGE INC. (4.54%).
Madera FHA Loan Limits
|Metro||County||Year||Single Family Limit||2 Family Limit||3 Family Limit||4 Family Limit|