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%.

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).