Madera FHA Loan Rates, Closing Costs & Stats

MADERA, 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.

    Madera's 97 lenders originated 824 FHA loans during 2021. The total origination value was $233,540,000, with an average FHA loan value of $283,422.

    Madera FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Madera averaged -0.19% for the week of 2023-01-20, compared to the national average (all FHA variants) of 0% for the same period.

    Madera's average FHA mortgage closing costs are $8,762.

    The average rate for the prior week (2023-01-13) was 6.04% and one month ago for the week of 2022-12-16, the average rate was 6.13%.

    The average rate one year ago was 3.72%.

    For refis of the same type during the week of 2023-01-20, the average rate was -0.07%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 53 2.70% $9,715
    AMERICAN PACIFIC MORTGAGE CORPORATION 45 2.98% $10,216
    QUICKEN LOANS, LLC 41 2.63% $7,349
    Sierra Pacific Mortgage Company, Inc. 40 2.70% $10,173
    FREEDOM MORTGAGE CORPORATION 34 2.85% $5,443
    KBHS HOME LOANS, LLC 33 3.07% $11,919
    HOME POINT FINANCIAL CORPORATION 33 2.50% $9,523
    PENNYMAC LOAN SERVICES, LLC 21 2.93% $4,771
    ALAMEDA MORTGAGE CORPORATION 20 3.29% $10,794
    MLD MORTGAGE INC. 18 2.87% $10,522
    Lakeview Community Capital, LLC 17 2.87% $4,683
    HOMEBRIDGE FINANCIAL SERVICES, INC. 16 2.99% $9,912
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 3.04% $11,428
    Mr. Cooper ( Nationstar Mortgage ) 14 2.94% $6,059
    LAKEVIEW LOAN SERVICING, LLC 13 2.93% $4,518
    Golden Empire Mortgage, Inc. 11 3.39% $11,655
    PLAZA HOME MORTGAGE, INC. 10 2.96% $10,894
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 10 2.83% $11,664
    AMERICAN FINANCIAL NETWORK, INC. 10 2.90% $11,116
    CALIBER HOME LOANS, INC. 10 2.74% $6,986
    CMG MORTGAGE, INC. 9 2.69% $12,696
    LOANDEPOT.COM, LLC 8 3.17% $9,804
    VILLAGE CAPITAL MORTGAGE 7 2.55% $2,997
    Carrington Mortgage Services, LLC 7 3.14% $10,801
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.40% $11,601
    Commerce Home Mortgage, Inc. 6 2.71% $12,528
    SUMMIT FUNDING, INC. 6 3.23% $10,771
    EAGLE HOME MORTGAGE, LLC 6 3.48% $11,323
    BROKER SOLUTIONS, INC. 6 3.02% $7,846
    FINANCE OF AMERICA MORTGAGE LLC 6 2.60% $10,584
    BEST CAPITAL FUNDING 5 2.45% $11,211
    Equity Prime Mortgage LLC 5 3.03% $10,166
    GUILD MORTGAGE COMPANY 5 3.15% $11,909
    Amerifirst Financial, Inc. 5 3.15% $12,073
    Flagstar Bank, FSB 5 3.19% $7,297
    SCENIC OAKS FUNDING, INC. 4 2.72% $9,690
    NATIONS DIRECT MORTGAGE, LLC 4 3.19% $9,565
    PLANET HOME LENDING, LLC 4 2.88% $8,268
    NEWREZ LLC 3 2.58% $7,235
    MUFG Union Bank 3 2.63% $8,313
    AmeriHome Mortgage Company, LLC 3 3.04% $4,321
    BAY EQUITY LLC 3 3.33% $13,451
    SUN WEST MORTGAGE COMPANY, INC. 3 3.25% $7,854
    COUNTRY CLUB MORTGAGE, INC. 3 2.79% $11,712
    CROSSCOUNTRY MORTGAGE, LLC 3 2.92% $9,760
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.67% $13,615
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 3.13% $12,227
    Platinum Home Mortgage Corporation 3 3.17% $12,399
    STEARNS LENDING, LLC 2 2.94% $11,244
    AHL FUNDING 2 3.00% $10,919
    AMERISAVE MORTGAGE CORPORATION 2 3.00% $11,721
    Bank of America 2 2.69% $7,147
    CONTOUR MORTGAGE CORPORATION 2 2.94% $15,747
    ENVOY MORTGAGE, LTD 2 2.88% $11,246
    First Guaranty Mortgage Corporation 2 2.94% $6,561
    MASON MCDUFFIE MORTGAGE CORPORATION 2 3.00% $9,434
    MID AMERICA MORTGAGE, INC. 2 3.19% $3,356
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.56% $7,115
    PACIFIC RESIDENTIAL MORTGAGE, LLC 2 3.69% $10,615
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.56% $8,928
    S1L, Inc. 2 3.31% $8,791
    VERITAS FUNDING, LLC 2 2.56% $13,068
    WESTERN EXPRESS LENDING 2 2.56% $8,561
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.00% $13,248
    LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $8,144
    Nations Lending Corporation 1 3.13% $13,058
    LADERA LENDING, INC. 1 3.50% $6,982
    OCMBC, INC. 1 3.25% $6,505
    ZILLOW HOME LOANS, LLC 1 2.63% $8,936
    Paramount Residential Mortgage Group, Inc. 1 3.13% $14,704
    KINGS MORTGAGE SERVICES, INC. 1 2.75% $10,370
    InterContinental Capital Group, Inc 1 2.25% $7,447
    Home Mortgage Alliance Corp 1 2.63% $10,153
    GUARANTEED RATE, INC. 1 2.50% $7,893
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.75% $7,443
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 3.50% $11,268
    Prosperity Home Mortgage, LLC 1 4.25% $9,290
    EVERETT FINANCIAL, INC. 1 2.88% $7,961
    RESIDENTIAL BANCORP. 1 2.99% $12,672
    AMERICAN FINANCING CORPORATION 1 2.25% $4,920
    Watermark Capital, Inc. 1 2.50% $10,139
    DIGNIFIED HOME LOANS, LLC 1 2.63% $11,436
    Colonial Savings, F.A. 1 3.00% $6,867
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $8,273
    ACADEMY MORTGAGE CORPORATION 1 3.25% $20,939
    CHURCHILL MORTGAGE CORPORATION 1 2.25% $7,016
    BECKAM FUNDING CORP. 1 4.13% $11,975
    THE GOLDEN 1 1 3.00% $8,661
    TOP FLITE FINANCIAL, INC. 1 3.63% $18,192
    TRAVIS CREDIT UNION 1 2.50% $7,369
    United Fidelity Funding Corp. 1 2.50% $10,044
    ML Mortgage Corp. 1 3.13% $6,892
    MORIA DEVELOPMENT, INC. 1 3.88% $9,817
    MOUNTAIN WEST FINANCIAL, INC. 1 2.88% $8,463
    MOVEMENT MORTGAGE, LLC 1 3.25% $15,306
    MEGA CAPITAL FUNDING, INC. 1 2.38% $9,234
    LOANPAL, LLC 1 2.25% $12,625

    The top Madera FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 53 FHA loans originated. Their average total fees are $9,715, which is $501 lower than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

    The lowest fee Madera FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($4,518), Lakeview Community Capital, LLC ($4,683), PENNYMAC LOAN SERVICES, LLC ($4,771), FREEDOM MORTGAGE CORPORATION ($5,443) and Mr. Cooper ( Nationstar Mortgage ) ($6,059).

    The lowest rate Madera FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.50%), QUICKEN LOANS, LLC (2.63%), Sierra Pacific Mortgage Company, Inc. (2.70%), UNITED WHOLESALE MORTGAGE, LLC (2.70%) and CALIBER HOME LOANS, INC. (2.74%).

    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

    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 $318,000 (9.8%) $420,404 (12.0%) 0.00 431
    2018-02-01 $319,500 (7.6%) $418,481 (6.8%) 0.00 428
    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 (-2.9%) 0.00 536
    2018-08-01 $309,987 (-3.1%) $412,153 (-1.8%) 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 (-1.4%) 0.00 565
    2018-11-01 $320,500 (-0.6%) $398,200 (-3.2%) 0.00 580
    2018-12-01 $325,000 (3.2%) $401,982 (-3.5%) 0.00 546
    2019-01-01 $328,725 (3.4%) $400,671 (-4.7%) 0.00 518
    2019-02-01 $325,000 (1.7%) $404,962 (-3.2%) 0.00 501
    2019-03-01 $328,300 (2.6%) $432,914 (2.3%) 0.00 498
    2019-04-01 $330,798 (5.0%) $419,472 (0.6%) 0.00 506
    2019-05-01 $334,950 (5.5%) $429,475 (1.9%) 0.00 501
    2019-06-01 $337,000 (5.8%) $449,554 (6.0%) 0.00 514
    2019-07-01 $337,000 (7.4%) $429,304 (2.7%) 0.00 527
    2019-08-01 $335,727 (8.3%) $423,252 (2.7%) 0.00 535
    2019-09-01 $335,318 (8.2%) $422,272 (2.5%) 0.00 542
    2019-10-01 $335,000 (6.8%) $423,115 (6.3%) 0.00 538
    2019-11-01 $335,500 (4.7%) $429,303 (7.8%) 0.00 499
    2019-12-01 $328,750 (1.2%) $423,215 (5.3%) 0.00 485
    2020-01-01 $339,000 (3.1%) $421,708 (5.3%) 0.00 430
    2020-02-01 $339,950 (4.6%) $427,339 (5.5%) 0.00 418
    2020-03-01 $347,500 (5.9%) $437,376 (1.0%) 0.00 446
    2020-04-01 $345,250 (4.4%) $426,215 (1.6%) 0.00 448
    2020-05-01 $349,500 (4.3%) $440,705 (2.6%) 0.00 426
    2020-06-01 $355,700 (5.6%) $457,011 (1.7%) 0.00 362
    2020-07-01 $366,975 (8.9%) $479,305 (11.7%) 0.00 317
    2020-08-01 $389,900 (16.1%) $498,818 (17.9%) 0.00 272
    2020-09-01 $394,975 (17.8%) $519,314 (23.0%) 0.00 271
    2020-10-01 $389,500 (16.3%) $531,018 (25.5%) 0.00 249
    2020-11-01 $397,474 (18.5%) $558,818 (30.2%) 0.00 252
    2020-12-01 $399,000 (21.4%) $565,676 (33.7%) 0.00 218
    2021-01-01 $399,950 (18.0%) $595,358 (41.2%) 0.00 191
    2021-02-01 $422,000 (24.1%) $630,832 (47.6%) 0.00 159
    2021-03-01 $439,750 (26.6%) $636,860 (45.6%) 0.00 164
    2021-04-01 $434,975 (26.0%) $613,566 (44.0%) 0.00 170
    2021-05-01 $455,000 (30.2%) $617,253 (40.1%) 0.00 181
    2021-06-01 $444,000 (24.8%) $607,656 (33.0%) 0.00 194
    2021-07-01 $428,500 (16.8%) $576,723 (20.3%) 0.00 232
    2021-08-01 $438,310 (12.4%) $576,262 (15.5%) 0.00 252
    2021-09-01 $440,925 (11.6%) $572,953 (10.3%) 0.00 282
    2021-10-01 $459,000 (17.8%) $614,306 (15.7%) 0.00 267
    2021-11-01 $471,000 (18.5%) $622,572 (11.4%) 0.00 261
    2021-12-01 $470,000 (17.8%) $653,278 (15.5%) 0.00 232
    2022-01-01 $490,000 (22.5%) $667,100 (12.1%) 0.00 195
    2022-02-01 $466,978 (10.7%) $654,052 (3.7%) 0.00 192
    2022-03-01 $487,000 (10.7%) $704,040 (10.6%) 0.00 193
    2022-04-01 $494,950 (13.8%) $725,671 (18.3%) 0.00 207
    2022-05-01 $503,725 (10.7%) $695,427 (12.7%) 0.00 244
    2022-06-01 $499,500 (12.5%) $651,900 (7.3%) 0.00 284
    2022-07-01 $493,990 (15.3%) $644,687 (11.8%) 0.00 353
    2022-08-01 $479,450 (9.4%) $613,271 (6.4%) 0.00 367
    2022-09-01 $492,367 (11.7%) $614,768 (7.3%) 0.00 374
    2022-10-01 $475,000 (3.5%) $595,225 (-3.1%) 0.00 423
    2022-11-01 $469,000 (-0.4%) $588,587 (-5.5%) 0.00 408
    2022-12-01 $469,500 (-0.1%) $590,703 (-9.6%) 0.00 371
    Madera's median listing price for 2022-12-01 was $469,500, a difference of $-500 (-0.1%) versus the prior year and $500 versus the prior month.

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

    Madera's average listing price for 2022-12-01 was $590,703, a difference of $-62,575 (-9.6%) versus the prior year and $2,116 versus the prior month.

    For the 2022-12-01 period, Madera had 371 MLS listings, a difference of -37 listings (-9%) versus the prior month and 139 listings (60%) 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 1,988 sqft
    2018-02-01 0 days 1,929 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 1,930 sqft
    2018-10-01 0 days 1,910 sqft
    2018-11-01 0 days 1,920 sqft
    2018-12-01 0 days 1,920 sqft
    2019-01-01 0 days 1,945 sqft
    2019-02-01 0 days 1,956 sqft
    2019-03-01 0 days 1,928 sqft
    2019-04-01 0 days 1,928 sqft
    2019-05-01 0 days 1,953 sqft
    2019-06-01 0 days 1,976 sqft
    2019-07-01 0 days 1,953 sqft
    2019-08-01 0 days 1,953 sqft
    2019-09-01 0 days 1,952 sqft
    2019-10-01 0 days 1,952 sqft
    2019-11-01 0 days 1,953 sqft
    2019-12-01 0 days 1,900 sqft
    2020-01-01 0 days 1,920 sqft
    2020-02-01 0 days 1,952 sqft
    2020-03-01 0 days 1,960 sqft
    2020-04-01 0 days 1,960 sqft
    2020-05-01 0 days 1,990 sqft
    2020-06-01 0 days 2,045 sqft
    2020-07-01 0 days 2,023 sqft
    2020-08-01 0 days 2,100 sqft
    2020-09-01 0 days 2,113 sqft
    2020-10-01 0 days 2,028 sqft
    2020-11-01 0 days 2,070 sqft
    2020-12-01 0 days 2,041 sqft
    2021-01-01 0 days 2,079 sqft
    2021-02-01 0 days 2,075 sqft
    2021-03-01 0 days 2,142 sqft
    2021-04-01 0 days 2,030 sqft
    2021-05-01 0 days 2,044 sqft
    2021-06-01 0 days 1,943 sqft
    2021-07-01 0 days 1,912 sqft
    2021-08-01 0 days 1,942 sqft
    2021-09-01 0 days 2,012 sqft
    2021-10-01 0 days 2,038 sqft
    2021-11-01 0 days 2,070 sqft
    2021-12-01 0 days 2,049 sqft
    2022-01-01 0 days 2,100 sqft
    2022-02-01 0 days 2,077 sqft
    2022-03-01 0 days 1,998 sqft
    2022-04-01 0 days 2,031 sqft
    2022-05-01 0 days 2,012 sqft
    2022-06-01 0 days 2,027 sqft
    2022-07-01 0 days 2,000 sqft
    2022-08-01 0 days 1,941 sqft
    2022-09-01 0 days 1,985 sqft
    2022-10-01 0 days 1,949 sqft
    2022-11-01 0 days 1,961 sqft
    2022-12-01 0 days 1,937 sqft
    Madera's median listing age (time on market) for 2022-12-01 was 0 days.

    Madera's median square footage for active listings during the 2022-12-01 period was 1,937 sqft. One year prior, the average listing was 2,049 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).