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 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 6.04% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.21% and one month ago for the week of 2024-10-04, the average rate was 5.53%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    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

    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).