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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.