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 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 averaged 6.66% 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%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 57 4.49% $11,885
    AMERICAN PACIFIC MORTGAGE CORPORATION 54 4.72% $12,507
    CMG MORTGAGE, INC. 44 4.61% $13,468
    QUICKEN LOANS, LLC 37 4.35% $11,953
    Sierra Pacific Mortgage Company, Inc. 30 4.75% $13,755
    INSPIRE HOME LOANS INC. 23 4.80% $13,250
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 4.79% $12,978
    HOME POINT FINANCIAL CORPORATION 21 4.01% $12,240
    ALAMEDA MORTGAGE CORPORATION 17 5.40% $16,311
    LOANDEPOT.COM, LLC 14 4.54% $13,463
    MLD MORTGAGE INC. 13 4.54% $12,893
    Century Mortgage Company DBA Century Lending Company 11 5.89% $13,341
    KBHS HOME LOANS, LLC 11 4.09% $16,561
    PLAZA HOME MORTGAGE, INC. 10 4.77% $11,204
    PENNYMAC LOAN SERVICES, LLC 9 4.54% $11,427
    Mr. Cooper ( Nationstar Mortgage ) 8 4.11% $13,454
    Golden Empire Mortgage, Inc. 7 4.70% $12,454
    FINANCE OF AMERICA MORTGAGE LLC 7 3.93% $13,072
    CARDINAL FINANCIAL 7 5.05% $15,884
    Lakeview Community Capital, LLC 6 3.67% $7,760
    ENVOY MORTGAGE, LTD 6 5.17% $14,730
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 4.43% $10,964
    MOUNTAIN WEST FINANCIAL, INC. 5 4.28% $11,944
    CALIBER HOME LOANS, INC. 5 4.76% $11,073
    FREEDOM MORTGAGE CORPORATION 5 3.48% $9,724
    EAGLE HOME MORTGAGE, LLC 5 5.30% $14,698
    Equity Prime Mortgage LLC 5 4.65% $14,039
    Commerce Home Mortgage, Inc. 4 4.41% $16,554
    BEST CAPITAL FUNDING 4 3.19% $10,904
    Carrington Mortgage Services, LLC 4 4.84% $14,701
    Amerifirst Financial, Inc. 3 5.00% $12,349
    LOANPAL, LLC 3 5.33% $14,237
    Paramount Residential Mortgage Group, Inc. 3 5.00% $11,113
    PLANET HOME LENDING, LLC 3 3.79% $13,859
    COUNTRY CLUB MORTGAGE, INC. 3 5.46% $15,104
    CROSSCOUNTRY MORTGAGE, LLC 3 5.33% $20,471
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 4.29% $11,180
    BROKER SOLUTIONS, INC. 3 4.08% $11,446
    GUILD MORTGAGE COMPANY 2 5.25% $10,095
    BAY EQUITY LLC 2 5.38% $15,170
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 4.63% $18,634
    SCENIC OAKS FUNDING, INC. 2 4.38% $11,399
    Mortgage Research Center, LLC 2 5.50% $10,962
    S1L, Inc. 2 6.44% $8,582
    ARC HOME LLC 2 3.25% $13,282
    JPMorgan Chase Bank 2 4.69% $6,426
    RESIDENTIAL BANCORP 2 6.13% $15,339
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 5.06% $11,211
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.06% $14,366
    LAKEVIEW LOAN SERVICING, LLC 2 4.13% $9,345
    Pacific Lending LLC 2 3.69% $13,940
    AMCAP MORTGAGE, LTD. 2 4.25% $11,702
    AMERISAVE MORTGAGE CORPORATION 2 4.63% $20,762
    HOMEXPRESS MORTGAGE CORP. 1 5.00% $14,568
    AMERICAN FINANCING CORPORATION 1 4.13% $7,013
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.49% $11,036
    Barrington Bank & Trust Company, N.A. 1 3.63% $7,678
    BETTER MORTGAGE CORPORATION 1 4.13% $8,115
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $20,787
    CASTLE & COOKE MORTGAGE, LLC 1 3.75% $17,039
    Citizens Bank 1 4.75% $10,420
    DIRECTORS MORTGAGE, INC. 1 4.88% $14,884
    FBC MORTGAGE, LLC 1 6.13% $18,336
    First Savings Bank 1 3.38% $9,297
    Flagstar Bank, FSB 1 5.25% $12,086
    GENEVA FINANCIAL, LLC 1 5.25% $17,685
    Hometown Equity Mortgage, LLC 1 4.50% $14,964
    ACADEMY MORTGAGE CORPORATION 1 4.00% $21,676
    LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $13,734
    LEADERONE FINANCIAL CORPORATION 1 5.00% $15,188
    NATIONS DIRECT MORTGAGE, LLC 1 3.38% $16,385
    NEW DAY FINANCIAL, LLC 1 3.49% $14,842
    NEWREZ LLC 1 5.75% $6,773
    NEXERA HOLDING LLC 1 4.75% $7,297
    PANORAMA MORTGAGE GROUP, LLC 1 5.63% $16,534
    Platinum Home Mortgage Corporation 1 5.75% $6,779
    Princeton Mortgage Corporation 1 5.75% $16,632
    RANLIFE, INC. 1 3.13% $12,388
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.88% $9,767
    THE GOLDEN 1 1 5.13% $10,909
    TJC Mortgage, Inc. 1 5.63% $17,434
    TOP FLITE FINANCIAL, INC. 1 5.75% $14,385
    Umpqua Bank 1 6.13% $8,932
    UNITED 1 5.25% $11,837
    UNITED SECURITY FINANCIAL CORP 1 3.88% $9,447
    VILLAGE CAPITAL MORTGAGE 1 2.99% $1,492
    Wells Fargo Bank 1 5.50% $20,164

    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
    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).