Merced FHA Loans
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
5.31%
for the week of 2022-08-05, compared to the national average (all FHA variants) of
5.305% for the same period.
The average rate for the prior week (2022-07-29) was
5.55% and
one month ago for the week of 2022-07-01, the
average rate was 5.44%.
The average rate one year ago was 3.24%.
For refis of the same type during the week of 2022-08-05, the average rate
was 4.96%.
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 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. Total Fees |
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 & INVESTMENT LLC
|
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 & INVESTMENT LLC ($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 & INVESTMENT LLC (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 |
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).