Merced FHA Loan Rates, Closing Costs & Stats

MERCED, 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.

Merced's 104 lenders originated 1,496 FHA loans during 2021. The total origination value was $434,990,000, with an average FHA loan value of $290,769.

Merced FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Merced averaged 6.19% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Merced's average FHA mortgage closing costs are $8,870.

The average rate for the prior week (2023-01-20) was 6.36% and one month ago for the week of 2022-12-23, the average rate was 6.55%.

The average rate one year ago was 3.94%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.94%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 80 2.65% $7,771
AMERICAN FINANCIAL NETWORK, INC. 71 3.10% $11,048
FREEDOM MORTGAGE CORPORATION 69 2.76% $5,692
UNITED WHOLESALE MORTGAGE, LLC 50 2.70% $9,768
CROSSCOUNTRY MORTGAGE, LLC 49 3.06% $10,087
CALIBER HOME LOANS, INC. 47 2.84% $8,545
DHI MORTGAGE COMPANY, LTD. 44 2.80% $9,599
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 41 3.18% $10,635
AMERICAN PACIFIC MORTGAGE CORPORATION 36 2.85% $10,472
ENVOY MORTGAGE, LTD 35 3.08% $12,312
PENNYMAC LOAN SERVICES, LLC 31 2.95% $5,879
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 31 3.12% $10,745
SCENIC OAKS FUNDING, INC. 31 2.80% $10,025
Mr. Cooper ( Nationstar Mortgage ) 31 3.06% $5,946
LAKEVIEW LOAN SERVICING, LLC 24 2.93% $4,861
SUMMIT FUNDING, INC. 24 3.26% $12,887
LOANDEPOT.COM, LLC 24 3.13% $12,937
INSPIRE HOME LOANS INC. 20 3.31% $10,157
HOMEBRIDGE FINANCIAL SERVICES, INC. 19 2.93% $8,490
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 3.15% $11,098
Amerifirst Financial, Inc. 18 3.17% $8,875
MOVEMENT MORTGAGE, LLC 18 3.22% $11,237
Lakeview Community Capital, LLC 18 2.89% $5,239
HOME POINT FINANCIAL CORPORATION 18 2.73% $8,981
GUILD MORTGAGE COMPANY 18 3.29% $12,348
RESIDENTIAL BANCORP. 16 3.33% $11,682
ROUNDPOINT MORTGAGE SERVICING CORPORATION 16 3.22% $8,185
Equity Prime Mortgage LLC 15 3.26% $11,873
Carrington Mortgage Services, LLC 15 3.41% $9,345
BROKER SOLUTIONS, INC. 13 3.00% $9,245
Golden Empire Mortgage, Inc. 13 3.41% $12,245
Commerce Home Mortgage, Inc. 13 2.78% $12,169
Paramount Residential Mortgage Group, Inc. 12 3.09% $10,516
LAND HOME FINANCIAL SERVICES, INC. 12 3.16% $11,079
MOUNTAIN WEST FINANCIAL, INC. 12 3.15% $11,302
Nations Lending Corporation 12 2.98% $9,724
FINANCE OF AMERICA MORTGAGE LLC 11 2.94% $10,124
EAGLE HOME MORTGAGE, LLC 10 3.14% $10,277
VILLAGE CAPITAL MORTGAGE 10 2.59% $3,245
NEWREZ LLC 8 2.89% $6,615
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 2.98% $12,877
S1L, Inc. 7 3.12% $9,497
ALAMEDA MORTGAGE CORPORATION 6 3.17% $9,276
InterContinental Capital Group, Inc 6 2.58% $8,796
MASON MCDUFFIE MORTGAGE CORPORATION 6 3.15% $9,358
AMERISAVE MORTGAGE CORPORATION 6 2.98% $7,841
SUN WEST MORTGAGE COMPANY, INC. 5 2.85% $7,132
NATIONS DIRECT MORTGAGE, LLC 5 3.05% $10,764
First Guaranty Mortgage Corporation 5 2.73% $6,877
STEARNS LENDING, LLC 5 2.80% $9,913
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 4 3.37% $8,803
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.00% $10,167
Hometown Equity Mortgage, LLC 4 3.22% $12,442
PLANET HOME LENDING, LLC 4 3.25% $8,012
Platinum Home Mortgage Corporation 4 3.03% $12,388
JPMorgan Chase Bank 4 2.84% $8,181
CMG MORTGAGE, INC. 4 3.34% $9,749
PLAZA HOME MORTGAGE, INC. 3 3.04% $8,968
EVERETT FINANCIAL, INC. 3 4.13% $8,840
Sierra Pacific Mortgage Company, Inc. 3 2.54% $9,302
GUARANTEED RATE, INC. 3 3.21% $11,609
AmeriHome Mortgage Company, LLC 3 3.08% $4,809
ACADEMY MORTGAGE CORPORATION 3 2.88% $9,548
MLD MORTGAGE INC. 2 2.63% $10,058
COUNTRY CLUB MORTGAGE, INC. 2 3.13% $12,940
INTELLILOAN, INC. 2 3.69% $13,510
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 3.06% $13,919
UNION HOME MORTGAGE CORP. 2 2.44% $9,990
LENDUS, LLC 2 2.69% $8,143
MID AMERICA MORTGAGE, INC. 2 2.75% $4,212
Mortgage Research Center, LLC 2 2.88% $7,480
MUFG Union Bank 2 2.44% $7,975
Bank of America 2 2.81% $9,620
TRAVIS CREDIT UNION 2 2.75% $9,272
Flagstar Bank, FSB 2 2.72% $9,814
NP, Inc. 1 2.50% $8,269
OCMBC, INC. 1 2.63% $8,708
CAMPOS FINANCIAL CORP. 1 3.00% $8,280
BEST CAPITAL FUNDING 1 2.88% $9,045
PHH Mortgage Corporation 1 2.88% $10,878
Plains Commerce Bank 1 2.63% $11,274
CELEBRITY HOME LOANS, LLC 1 3.00% $8,572
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.00% $15,970
FBC MORTGAGE, LLC 1 3.13% $4,337
PNC Bank 1 3.13% $9,052
PREMIER MORTGAGE RESOURCES, L.L.C. 1 2.88% $10,752
MEGA CAPITAL FUNDING, INC. 1 2.38% $8,517
LOANPAL, LLC 1 3.25% $8,672
BECKAM FUNDING CORP. 1 4.75% $17,738
BAY EQUITY LLC 1 3.75% $9,850
GUARANTEED RATE AFFINITY, LLC 1 2.50% $17,462
CHERRY CREEK MORTGAGE, LLC 1 3.75% $4,043
LENDING 3, INC. 1 3.13% $4,430
Citizens Bank 1 2.25% $11,998
COASTAL FUNDING SLC, INC. 1 3.88% $10,415
DIRECT MORTGAGE, CORP. 1 2.25% $11,089
HOME APPROVALS DIRECT, INC. 1 3.13% $14,464
The Federal Savings Bank 1 2.75% $14,739
THE GOLDEN 1 1 2.75% $7,034
TOP FLITE FINANCIAL, INC. 1 3.00% $11,023
GENEVA FINANCIAL, LLC 1 3.25% $13,887
NBKC BANK 1 2.75% $8,524
Neighborhood Loans, Inc. 1 3.75% $13,624
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $8,920

The top Merced FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 80 FHA loans originated. Their average total fees are $7,771, which is $3,277 lower than the next largest lender, AMERICAN FINANCIAL NETWORK, INC..

The lowest fee Merced FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,245), LAKEVIEW LOAN SERVICING, LLC ($4,861), Lakeview Community Capital, LLC ($5,239), FREEDOM MORTGAGE CORPORATION ($5,692) and PENNYMAC LOAN SERVICES, LLC ($5,879).

The lowest rate Merced FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (2.59%), QUICKEN LOANS, LLC (2.65%), UNITED WHOLESALE MORTGAGE, LLC (2.70%), HOME POINT FINANCIAL CORPORATION (2.73%) and FREEDOM MORTGAGE CORPORATION (2.76%).

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

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 (-20.4%) 1.08 457
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%) 1.03 634
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%) $749,850 (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 $377,425 (14.4%) $606,396 (49.3%) 1.10 174
2021-03-01 $379,675 (12.5%) $605,228 (55.8%) 1.08 173
2021-04-01 $378,675 (9.9%) $605,236 (56.4%) 1.03 158
2021-05-01 $385,000 (10.0%) $610,046 (-31.2%) 1.02 161
2021-06-01 $388,988 (11.2%) $586,095 (48.8%) 1.02 191
2021-07-01 $395,000 (13.1%) $585,220 (23.4%) 1.04 214
2021-08-01 $400,828 (15.4%) $588,778 (18.9%) 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%) 1.13 247
2021-12-01 $429,500 (16.1%) $704,606 (32.1%) 1.16 231
2022-01-01 $437,000 (15.3%) $742,432 (30.5%) 1.18 187
2022-02-01 $449,500 (19.1%) $757,971 (25.0%) 1.17 195
2022-03-01 $447,450 (17.9%) $726,751 (20.1%) 1.12 221
2022-04-01 $450,000 (18.8%) $715,425 (18.2%) 1.07 258
2022-05-01 $470,500 (22.2%) $720,354 (18.1%) 1.08 318
2022-06-01 $469,995 (20.8%) $703,604 (20.1%) 1.05 390
2022-07-01 $445,999 (12.9%) $614,826 (5.1%) 1.01 473
2022-08-01 $432,625 (7.9%) $610,554 (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 $427,450 (-0.5%) $513,988 (-27.1%) 1.07 382
Merced's median listing price for 2022-12-01 was $427,450, a difference of $-2,050 (-0.5%) versus the prior year and $7,450 versus the prior month.

Merced's median listing price comes in at 107% of the national average.

Merced's average listing price for 2022-12-01 was $513,988, a difference of $-190,618 (-27.1%) versus the prior year and $-19,152 versus the prior month.

For the 2022-12-01 period, Merced had 382 MLS listings, a difference of -56 listings (-13%) versus the prior month and 151 listings (65%) 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 55 days 1,757 sqft
2018-02-01 50 days 1,757 sqft
2018-03-01 44 days 1,730 sqft
2018-04-01 42 days 1,700 sqft
2018-05-01 41 days 1,744 sqft
2018-06-01 44 days 1,749 sqft
2018-07-01 42 days 1,774 sqft
2018-08-01 44 days 1,733 sqft
2018-09-01 49 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 74 days 1,720 sqft
2019-02-01 67 days 1,776 sqft
2019-03-01 59 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 53 days 1,876 sqft
2019-08-01 56 days 1,843 sqft
2019-09-01 62 days 1,829 sqft
2019-10-01 65 days 1,818 sqft
2019-11-01 67 days 1,814 sqft
2019-12-01 75 days 1,761 sqft
2020-01-01 69 days 1,719 sqft
2020-02-01 65 days 1,772 sqft
2020-03-01 58 days 1,806 sqft
2020-04-01 62 days 1,804 sqft
2020-05-01 71 days 1,844 sqft
2020-06-01 67 days 1,862 sqft
2020-07-01 70 days 1,834 sqft
2020-08-01 57 days 1,827 sqft
2020-09-01 50 days 1,746 sqft
2020-10-01 39 days 1,749 sqft
2020-11-01 33 days 1,729 sqft
2020-12-01 47 days 1,831 sqft
2021-01-01 52 days 1,815 sqft
2021-02-01 32 days 1,682 sqft
2021-03-01 33 days 1,658 sqft
2021-04-01 42 days 1,696 sqft
2021-05-01 42 days 1,700 sqft
2021-06-01 28 days 1,689 sqft
2021-07-01 32 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 1,700 sqft
2021-11-01 43 days 1,593 sqft
2021-12-01 51 days 1,613 sqft
2022-01-01 59 days 1,563 sqft
2022-02-01 39 days 1,567 sqft
2022-03-01 30 days 1,656 sqft
2022-04-01 35 days 1,690 sqft
2022-05-01 36 days 1,773 sqft
2022-06-01 38 days 1,782 sqft
2022-07-01 38 days 1,719 sqft
2022-08-01 49 days 1,701 sqft
2022-09-01 56 days 1,713 sqft
2022-10-01 52 days 1,727 sqft
2022-11-01 59 days 1,730 sqft
2022-12-01 71 days 1,744 sqft
Merced's median listing age (time on market) for 2022-12-01 was 71 days. This is 41% longer than the same period one year ago.

Merced's median square footage for active listings during the 2022-12-01 period was 1,744 sqft. One year prior, the average listing was 1,613 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).