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 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).