Madera FHA Loans

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 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 6.34% for the week of 2022-09-30, compared to the national average (all FHA variants) of 6.428% for the same period.

The average rate for the prior week (2022-09-23) was 5.92% and one month ago for the week of 2022-08-26, the average rate was 5.57%.

The average rate one year ago was 2.88%.

For refis of the same type during the week of 2022-09-30, the average rate was 6.05%.

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 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. Total Fees
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

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).