Merced FHA Loan Rates, Closing Costs & Stats

MERCED, 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.

    Merced's 110 lenders originated 815 FHA loans during 2022. The total origination value was $266,835,000, with an average FHA loan value of $327,405.

    Merced FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Merced averaged 6.39% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

    Merced's average FHA mortgage closing costs are $9,471.

    The average rate for the prior week (2023-09-15) was 6.54% and one month ago for the week of 2023-08-18, the average rate was 6.55%.

    The average rate one year ago was 5.24%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.78%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Merced 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 Merced level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 73 4.80% $13,083
    CROSSCOUNTRY MORTGAGE, LLC 39 4.97% $13,369
    QUICKEN LOANS, LLC 38 4.62% $13,069
    Paramount Residential Mortgage Group, Inc. 24 5.05% $12,894
    DHI MORTGAGE COMPANY, LTD. 22 3.72% $11,652
    ENVOY MORTGAGE, LTD 21 5.11% $15,208
    CALIBER HOME LOANS, INC. 21 4.04% $12,378
    LOANDEPOT.COM, LLC 20 4.99% $14,476
    AMERICAN PACIFIC MORTGAGE CORPORATION 19 4.74% $13,425
    RESIDENTIAL BANCORP 19 5.07% $14,894
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 19 5.36% $12,846
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 5.32% $14,530
    HOME POINT FINANCIAL CORPORATION 17 3.81% $11,104
    FREEDOM MORTGAGE CORPORATION 17 4.95% $12,421
    GUILD MORTGAGE COMPANY 14 5.20% $13,867
    SCENIC OAKS FUNDING, INC. 14 4.34% $13,722
    SUMMIT FUNDING, INC. 14 5.21% $13,855
    Mr. Cooper ( Nationstar Mortgage ) 13 4.46% $12,386
    INSPIRE HOME LOANS INC. 11 4.51% $11,590
    CARDINAL FINANCIAL 11 4.25% $14,030
    SUN WEST MORTGAGE COMPANY, INC. 11 4.27% $14,228
    PENNYMAC LOAN SERVICES, LLC 11 4.93% $15,165
    ACADEMY MORTGAGE CORPORATION 9 5.33% $15,212
    LAKEVIEW LOAN SERVICING, LLC 8 4.11% $8,348
    LOANPAL, LLC 7 3.93% $13,771
    Amerifirst Financial, Inc. 7 4.34% $11,717
    Carrington Mortgage Services, LLC 7 5.14% $14,584
    MOUNTAIN WEST FINANCIAL, INC. 7 4.54% $14,778
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 4.43% $11,177
    PLAZA HOME MORTGAGE, INC. 6 4.98% $14,317
    Equity Prime Mortgage LLC 6 4.71% $16,685
    EVERETT FINANCIAL, INC. 6 5.00% $8,489
    TRAVIS CREDIT UNION 6 4.08% $8,530
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 4.44% $14,797
    Commerce Home Mortgage, Inc. 5 4.43% $14,071
    FINANCE OF AMERICA MORTGAGE LLC 5 4.95% $13,382
    Lakeview Community Capital, LLC 5 3.95% $9,742
    GUARANTEED RATE, INC. 5 5.12% $12,900
    BROKER SOLUTIONS, INC. 4 5.16% $13,239
    Hometown Equity Mortgage, LLC 4 5.34% $17,159
    LAND HOME FINANCIAL SERVICES, INC. 4 5.59% $15,988
    PREMIER MORTGAGE RESOURCES, L.L.C. 4 4.28% $12,377
    NATIONS DIRECT MORTGAGE, LLC 4 4.84% $18,568
    PLANET HOME LENDING, LLC 4 3.94% $11,556
    Nations Lending Corporation 4 4.47% $8,750
    S1L, Inc. 4 4.88% $11,784
    MOVEMENT MORTGAGE, LLC 4 5.09% $12,865
    Century Mortgage Company DBA Century Lending Company 4 5.56% $13,862
    Flagstar Bank, FSB 4 5.00% $9,914
    Platinum Home Mortgage Corporation 3 4.88% $14,182
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 5.67% $15,795
    MASON MCDUFFIE MORTGAGE CORPORATION 3 4.58% $14,805
    MUTUAL OF OMAHA MORTGAGE, INC. 3 5.58% $12,399
    NETWORK CAPITAL FUNDING CORPORATION 3 3.92% $14,531
    Northpointe Bank 3 5.00% $11,210
    Sierra Pacific Mortgage Company, Inc. 3 5.21% $15,175
    STEARNS LENDING, LLC 3 3.21% $12,772
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 5.19% $12,165
    AMERISAVE MORTGAGE CORPORATION 2 4.38% $12,910
    Franklin Loan Corporation 2 5.38% $15,059
    FBC MORTGAGE, LLC 2 4.49% $13,102
    VERITAS FUNDING, LLC 2 4.75% $17,060
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 4.13% $12,811
    EMBRACE HOME LOANS, INC. 2 5.75% $12,321
    AMERIFIRST FINANCIAL CORPORATION 2 5.13% $14,711
    COUNTRY CLUB MORTGAGE, INC. 2 5.13% $12,674
    CMG MORTGAGE, INC. 2 3.93% $18,841
    TJC Mortgage, Inc. 2 5.38% $20,046
    TOP FLITE FINANCIAL, INC. 2 5.50% $9,224
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.19% $12,739
    JPMorgan Chase Bank 2 5.69% $3,576
    Prosperity Home Mortgage, LLC 2 5.50% $13,943
    NEWREZ LLC 2 3.81% $10,541
    Golden Empire Mortgage, Inc. 2 4.94% $17,102
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.88% $13,954
    Citizens Bank 1 2.25% $15,900
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $21,480
    BECKAM FUNDING CORP. 1 5.75% $16,753
    PREMIER LENDING, INC. 1 5.63% $18,386
    Barrington Bank & Trust Company, N.A. 1 4.63% $9,861
    Bank of America 1 3.88% $11,832
    AXIA FINANCIAL, LLC 1 5.63% $12,127
    AmeriHome Mortgage Company, LLC 1 5.50% $13,237
    Semper Home Loans, Inc. 1 6.00% $15,216
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.99% $18,211
    VILLAGE CAPITAL MORTGAGE 1 5.13% $10,124
    AMERICAN FINANCING CORPORATION 1 4.75% $9,531
    The Federal Savings Bank 1 3.38% $22,771
    HOME APPROVALS DIRECT, INC. 1 3.75% $18,965
    LADERA LENDING, INC. 1 2.75% $12,100
    GOLDEN WEST ALLIANCE, INC. 1 2.63% $12,754
    LEADERONE FINANCIAL CORPORATION 1 4.25% $10,733
    GENEVA FINANCIAL, LLC 1 3.75% $11,738
    Lend Smart Mortgage, LLC 1 5.00% $13,137
    LOANLEADERS OF AMERICA, INC. 1 5.63% $18,801
    First Guaranty Mortgage Corporation 1 3.75% $9,920
    AMCAP MORTGAGE, LTD. 1 5.25% $9,586
    MEGASTAR FINANCIAL CORP. 1 4.13% $10,791
    MLD MORTGAGE INC. 1 6.75% $9,766
    Mortgage Research Center, LLC 1 3.25% $9,613
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.13% $14,550
    UNION HOME MORTGAGE CORP. 1 4.75% $9,151
    DATA MORTGAGE, INC. 1 4.13% $9,734
    DAS Acquisition Company, LLC 1 7.13% $18,760
    AHL FUNDING 1 6.75% $11,686
    NFM, INC. 1 4.50% $22,213
    U.S. Bank 1 3.99% $11,098
    OCMBC, INC. 1 5.25% $16,288
    OPEN MORTGAGE, LLC 1 5.75% $16,732
    Plains Commerce Bank 1 5.62% $8,213

    The top Merced FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 73 FHA loans originated. Their average total fees are $13,083, which is $286 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Merced FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION ($11,104), INSPIRE HOME LOANS INC. ($11,590), DHI MORTGAGE COMPANY, LTD. ($11,652), CALIBER HOME LOANS, INC. ($12,378) and Mr. Cooper ( Nationstar Mortgage ) ($12,386).

    The lowest rate Merced FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.72%), HOME POINT FINANCIAL CORPORATION (3.81%), CALIBER HOME LOANS, INC. (4.04%), CARDINAL FINANCIAL (4.25%) and SUN WEST MORTGAGE COMPANY, INC. (4.27%).

    Merced FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MERCED, CA MERCED 2022 $420,680 $538,650 $651,050 $809,150
    MERCED, CA MERCED 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Merced (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 $299,450 (7.0%) $350,837 (3.5%) 1.11 477
    2018-02-01 $298,733 (8.6%) $354,156 (-20.3%) 1.09 457
    2018-03-01 $296,170 (8.2%) $346,615 (3.0%) 1.04 460
    2018-04-01 $294,925 (5.7%) $339,142 (-0.2%) 1.00 476
    2018-05-01 $299,475 (6.0%) $358,660 (2.2%) 1.00 456
    2018-06-01 $298,840 (4.9%) $362,682 (0.9%) 1.00 455
    2018-07-01 $305,000 (5.2%) $367,378 (3.0%) 1.02 489
    2018-08-01 $310,065 (8.6%) $371,008 (7.7%) 1.04 534
    2018-09-01 $300,000 (3.6%) $358,518 (3.1%) 1.01 572
    2018-10-01 $305,915 (5.6%) $372,978 (8.0%) 1.04 634
    2018-11-01 $299,900 (0.5%) $353,721 (1.5%) 1.02 652
    2018-12-01 $299,900 (-1.7%) $354,790 (0.9%) 1.03 653
    2019-01-01 $299,475 (0.0%) $360,698 (2.8%) 1.03 619
    2019-02-01 $305,250 (2.2%) $358,154 (1.1%) 1.03 642
    2019-03-01 $311,714 (5.3%) $589,720 (70.1%) 1.02 628
    2019-04-01 $318,908 (8.1%) $749,855 (121.1%) 1.01 622
    2019-05-01 $325,250 (8.6%) $385,989 (7.6%) 1.02 640
    2019-06-01 $329,900 (10.4%) $393,216 (8.4%) 1.03 665
    2019-07-01 $333,700 (9.4%) $402,317 (9.5%) 1.04 653
    2019-08-01 $329,136 (6.2%) $396,528 (6.9%) 1.04 642
    2019-09-01 $324,841 (8.3%) $396,435 (10.6%) 1.04 620
    2019-10-01 $321,977 (5.3%) $396,373 (6.3%) 1.04 605
    2019-11-01 $320,000 (6.7%) $395,190 (11.7%) 1.05 546
    2019-12-01 $319,950 (6.7%) $400,226 (12.8%) 1.07 519
    2020-01-01 $316,969 (5.8%) $399,872 (10.9%) 1.06 489
    2020-02-01 $329,900 (8.1%) $406,221 (13.4%) 1.08 446
    2020-03-01 $337,500 (8.3%) $388,434 (-34.1%) 1.06 429
    2020-04-01 $344,500 (8.0%) $387,096 (-48.4%) 1.08 433
    2020-05-01 $349,900 (7.6%) $886,825 (129.8%) 1.06 442
    2020-06-01 $349,950 (6.1%) $393,833 (0.2%) 1.03 377
    2020-07-01 $349,225 (4.7%) $474,433 (17.9%) 1.01 295
    2020-08-01 $347,500 (5.6%) $495,306 (24.9%) 1.00 225
    2020-09-01 $333,185 (2.6%) $506,156 (27.7%) 0.95 216
    2020-10-01 $339,900 (5.6%) $512,485 (29.3%) 0.97 232
    2020-11-01 $345,000 (7.8%) $497,379 (25.9%) 1.01 287
    2020-12-01 $369,950 (15.6%) $533,576 (33.3%) 1.10 244
    2021-01-01 $379,000 (19.6%) $569,047 (42.3%) 1.13 198
    2021-02-01 $377,900 (14.6%) $605,898 (49.2%) 1.10 174
    2021-03-01 $379,675 (12.5%) $603,936 (55.5%) 1.08 173
    2021-04-01 $378,675 (9.9%) $604,881 (56.3%) 1.03 158
    2021-05-01 $385,000 (10.0%) $610,046 (-31.2%) 1.02 161
    2021-06-01 $390,450 (11.6%) $586,095 (48.8%) 1.03 191
    2021-07-01 $395,000 (13.1%) $585,220 (23.4%) 1.04 214
    2021-08-01 $400,703 (15.3%) $588,135 (18.7%) 1.07 232
    2021-09-01 $399,950 (20.0%) $579,196 (14.4%) 1.07 274
    2021-10-01 $412,500 (21.4%) $619,992 (21.0%) 1.10 260
    2021-11-01 $424,975 (23.2%) $721,416 (45.0%) 1.14 247
    2021-12-01 $429,500 (16.1%) $704,181 (32.0%) 1.16 231
    2022-01-01 $437,000 (15.3%) $740,690 (30.2%) 1.18 187
    2022-02-01 $449,500 (19.0%) $757,590 (25.0%) 1.17 195
    2022-03-01 $447,450 (17.9%) $725,781 (20.2%) 1.12 221
    2022-04-01 $450,000 (18.8%) $715,425 (18.3%) 1.07 258
    2022-05-01 $470,500 (22.2%) $719,866 (18.0%) 1.08 318
    2022-06-01 $469,745 (20.3%) $703,604 (20.1%) 1.05 390
    2022-07-01 $445,999 (12.9%) $614,826 (5.1%) 1.00 473
    2022-08-01 $433,375 (8.2%) $610,052 (3.7%) 1.00 462
    2022-09-01 $435,225 (8.8%) $611,810 (5.6%) 1.02 455
    2022-10-01 $428,000 (3.8%) $540,096 (-12.9%) 1.01 450
    2022-11-01 $420,000 (-1.2%) $533,140 (-26.1%) 1.01 438
    2022-12-01 $428,500 (-0.2%) $514,681 (-26.9%) 1.06 381
    2023-01-01 $422,245 (-3.4%) $509,052 (-31.3%) 1.05 332
    2023-02-01 $439,500 (-2.2%) $549,859 (-27.4%) 1.06 300
    2023-03-01 $437,000 (-2.3%) $543,071 (-25.2%) 1.03 284
    2023-04-01 $440,995 (-2.0%) $553,191 (-22.7%) 1.03 245
    2023-05-01 $449,985 (-4.4%) $562,926 (-21.8%) 1.02 242
    2023-06-01 $449,945 (-4.2%) $556,262 (-20.9%) 1.01 273
    2023-07-01 $449,000 (0.7%) $551,192 (-10.4%) 1.02 307
    2023-08-01 $458,220 (5.7%) $562,530 (-7.8%) 1.05 315
    Merced's median listing price for 2023-08-01 was $458,220, a difference of $24,845 (5.7%) versus the prior year and $9,220 versus the prior month.

    Merced's median listing price comes in at 105% of the national average.

    Merced's average listing price for 2023-08-01 was $562,530, a difference of $-47,522 (-7.8%) versus the prior year and $11,338 versus the prior month.

    For the 2023-08-01 period, Merced had 315 MLS listings, a difference of 8 listings (3%) versus the prior month and -147 listings (-32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Merced (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 53 days 1,757 sqft
    2018-02-01 49 days 1,757 sqft
    2018-03-01 43 days 1,730 sqft
    2018-04-01 39 days 1,700 sqft
    2018-05-01 39 days 1,744 sqft
    2018-06-01 43 days 1,749 sqft
    2018-07-01 42 days 1,774 sqft
    2018-08-01 44 days 1,733 sqft
    2018-09-01 48 days 1,729 sqft
    2018-10-01 43 days 1,760 sqft
    2018-11-01 52 days 1,720 sqft
    2018-12-01 64 days 1,726 sqft
    2019-01-01 73 days 1,720 sqft
    2019-02-01 66 days 1,776 sqft
    2019-03-01 58 days 1,818 sqft
    2019-04-01 50 days 1,867 sqft
    2019-05-01 46 days 1,870 sqft
    2019-06-01 51 days 1,854 sqft
    2019-07-01 52 days 1,876 sqft
    2019-08-01 55 days 1,843 sqft
    2019-09-01 60 days 1,829 sqft
    2019-10-01 63 days 1,818 sqft
    2019-11-01 65 days 1,814 sqft
    2019-12-01 73 days 1,761 sqft
    2020-01-01 69 days 1,719 sqft
    2020-02-01 62 days 1,772 sqft
    2020-03-01 55 days 1,806 sqft
    2020-04-01 61 days 1,804 sqft
    2020-05-01 69 days 1,844 sqft
    2020-06-01 65 days 1,862 sqft
    2020-07-01 67 days 1,834 sqft
    2020-08-01 52 days 1,827 sqft
    2020-09-01 47 days 1,746 sqft
    2020-10-01 37 days 1,749 sqft
    2020-11-01 32 days 1,729 sqft
    2020-12-01 45 days 1,831 sqft
    2021-01-01 52 days 1,815 sqft
    2021-02-01 31 days 1,683 sqft
    2021-03-01 33 days 1,649 sqft
    2021-04-01 41 days 1,700 sqft
    2021-05-01 40 days 1,700 sqft
    2021-06-01 27 days 1,692 sqft
    2021-07-01 31 days 1,713 sqft
    2021-08-01 34 days 1,739 sqft
    2021-09-01 35 days 1,724 sqft
    2021-10-01 39 days 1,703 sqft
    2021-11-01 43 days 1,593 sqft
    2021-12-01 50 days 1,619 sqft
    2022-01-01 58 days 1,564 sqft
    2022-02-01 36 days 1,568 sqft
    2022-03-01 29 days 1,656 sqft
    2022-04-01 33 days 1,690 sqft
    2022-05-01 35 days 1,774 sqft
    2022-06-01 37 days 1,780 sqft
    2022-07-01 37 days 1,720 sqft
    2022-08-01 49 days 1,702 sqft
    2022-09-01 56 days 1,713 sqft
    2022-10-01 52 days 1,727 sqft
    2022-11-01 59 days 1,731 sqft
    2022-12-01 71 days 1,744 sqft
    2023-01-01 77 days 1,717 sqft
    2023-02-01 79 days 1,790 sqft
    2023-03-01 55 days 1,709 sqft
    2023-04-01 48 days 1,711 sqft
    2023-05-01 43 days 1,738 sqft
    2023-06-01 37 days 1,743 sqft
    2023-07-01 40 days 1,725 sqft
    2023-08-01 44 days 1,719 sqft
    Merced's median listing age (time on market) for 2023-08-01 was 44 days. This is -10% shorter than the same period one year ago.

    Merced's median square footage for active listings during the 2023-08-01 period was 1,719 sqft. One year prior, the average listing was 1,702 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).