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 88 lenders originated 758 FHA loans during 2023. The total origination value was $269,740,000, with an average FHA loan value of $355,858.

    Merced FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Merced averaged 6.6% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Merced's average FHA mortgage closing costs are $10,123.

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.26%.

    The average rate one year ago was 6.09%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.53%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 144 6.18% $15,342
    DHI MORTGAGE COMPANY, LTD. 55 5.46% $11,272
    QUICKEN LOANS, LLC 50 6.20% $14,124
    AMERICAN FINANCIAL NETWORK, INC. 44 6.45% $14,123
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 22 6.38% $15,059
    LOANDEPOT.COM, LLC 21 5.67% $14,037
    CROSSCOUNTRY MORTGAGE, LLC 20 6.64% $13,209
    Century Mortgage Company DBA Century Lending Company 18 6.40% $14,491
    RESIDENTIAL BANCORP 18 6.38% $16,473
    AMERICAN PACIFIC MORTGAGE CORPORATION 18 6.37% $15,883
    SCENIC OAKS FUNDING, INC. 16 6.55% $17,053
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.49% $16,215
    ENVOY MORTGAGE, LTD 15 6.11% $17,253
    GUILD MORTGAGE COMPANY 12 6.47% $17,323
    INSPIRE HOME LOANS INC. 11 5.57% $16,374
    CARDINAL FINANCIAL 11 6.34% $16,058
    Sierra Pacific Mortgage Company, Inc. 11 6.76% $17,195
    SUMMIT FUNDING, INC. 10 6.36% $20,105
    GUARANTEED RATE, INC. 10 6.56% $16,822
    Golden Empire Mortgage, Inc. 10 6.92% $19,182
    LEADERONE FINANCIAL CORPORATION 8 6.87% $15,334
    SUN WEST MORTGAGE COMPANY, INC. 8 6.82% $15,295
    OCMBC, INC. 8 7.08% $14,287
    MASON MCDUFFIE MORTGAGE CORPORATION 7 6.43% $17,578
    NEWREZ LLC 7 5.92% $17,495
    PLAZA HOME MORTGAGE, INC. 6 6.02% $14,358
    PENNYMAC LOAN SERVICES, LLC 6 6.31% $16,096
    FREEDOM MORTGAGE CORPORATION 5 6.85% $15,735
    LAND HOME FINANCIAL SERVICES, INC. 5 7.23% $16,583
    Flagstar Bank, FSB 4 6.28% $12,442
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 7.16% $9,803
    Paramount Residential Mortgage Group, Inc. 4 7.00% $12,661
    AXIA FINANCIAL, LLC 3 6.71% $12,707
    Equity Prime Mortgage LLC 3 7.13% $12,842
    Prosperity Home Mortgage, LLC 3 6.00% $15,347
    BROKER SOLUTIONS, INC. 3 7.33% $9,187
    CALCON MUTUAL MORTGAGE LLC 3 6.46% $19,858
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 6.71% $18,391
    Carrington Mortgage Services, LLC 3 6.29% $16,214
    S1L, Inc. 2 5.63% $18,753
    Performance Financial, Inc. 2 7.13% $13,901
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.50% $18,191
    MOUNTAIN WEST FINANCIAL, INC. 2 5.81% $17,847
    ALAMEDA MORTGAGE CORPORATION 2 7.56% $19,676
    PACIFIC RESIDENTIAL MORTGAGE, LLC 2 5.81% $14,210
    EVERETT FINANCIAL, INC. 2 6.94% $19,081
    CHURCHILL MORTGAGE CORPORATION 2 6.94% $20,120
    Northpointe Bank 2 6.38% $12,159
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $15,316
    MOVEMENT MORTGAGE, LLC 2 7.00% $17,666
    ACADEMY MORTGAGE CORPORATION 2 6.06% $16,474
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $11,526
    VERITAS FUNDING, LLC 2 6.69% $14,877
    Wyndham Capital Mortgage, Inc. 1 5.75% $14,215
    AHL FUNDING 1 6.13% $16,614
    ARC HOME LLC 1 5.99% $8,132
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $10,843
    Axos Bank 1 6.63% $16,461
    Barrington Bank & Trust Company, N.A. 1 6.75% $10,398
    BAY EQUITY LLC 1 6.13% $10,075
    BAY-VALLEY MORTGAGE GROUP 1 6.13% $12,913
    BECKAM FUNDING CORP. 1 7.25% $22,321
    BETTER MORTGAGE CORPORATION 1 6.13% $17,111
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.00% $12,143
    CMG MORTGAGE, INC. 1 7.75% $11,658
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.99% $14,473
    EMM LOANS LLC 1 6.88% $16,940
    FBC MORTGAGE, LLC 1 5.75% $13,671
    Franklin Loan Corporation 1 5.88% $15,881
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $14,114
    GUARANTY HOME MORTGAGE CORPORATION 1 5.63% $12,708
    Hometown Equity Mortgage, LLC 1 6.75% $16,080
    Lakeview Community Capital, LLC 1 6.63% $17,715
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $13,880
    LOANPAL, LLC 1 6.38% $12,224
    MK LENDING CORP. 1 6.00% $13,773
    MLD MORTGAGE INC. 1 7.38% $12,925
    MORTGAGEONE, INC. 1 7.25% $14,831
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.13% $17,537
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $8,242
    NETWORK CAPITAL FUNDING CORPORATION 1 5.00% $11,397
    NEXERA HOLDING LLC 1 6.63% $8,453
    ONY GLO, INC. 1 6.88% $10,443
    PLANET HOME LENDING, LLC 1 5.50% $8,386
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.13% $11,939
    The Loan Store, Inc. 1 7.63% $20,331
    TruHome Solutions, LLC 1 6.88% $11,755
    VILLAGE CAPITAL MORTGAGE 1 5.25% $21,502

    The top Merced FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 144 FHA loans originated. Their average total fees are $15,342, which is $4,071 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Merced FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,272), CROSSCOUNTRY MORTGAGE, LLC ($13,209), LOANDEPOT.COM, LLC ($14,037), AMERICAN FINANCIAL NETWORK, INC. ($14,123) and QUICKEN LOANS, LLC ($14,124).

    The lowest rate Merced FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.46%), INSPIRE HOME LOANS INC. (5.57%), LOANDEPOT.COM, LLC (5.67%), ENVOY MORTGAGE, LTD (6.11%) and UNITED WHOLESALE MORTGAGE, LLC (6.18%).

    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%) 1.08 457
    2018-03-01 $296,170 (8.2%) $346,615 (3.0%) 1.04 460
    2018-04-01 $294,925 (5.7%) $339,152 (-0.2%) 1.00 475
    2018-05-01 $299,475 (6.0%) $358,718 (2.2%) 1.00 455
    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 $447,500 (17.9%) $725,601 (20.2%) 1.12 222
    2022-04-01 $450,000 (18.8%) $714,953 (18.2%) 1.07 259
    2022-05-01 $471,000 (22.3%) $719,866 (18.0%) 1.08 319
    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 (-2.4%) $543,071 (-25.2%) 1.03 284
    2023-04-01 $440,995 (-2.0%) $553,191 (-22.6%) 1.03 245
    2023-05-01 $449,985 (-4.5%) $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
    2023-09-01 $442,439 (1.7%) $529,845 (-13.4%) 1.03 333
    2023-10-01 $434,500 (1.5%) $498,041 (-7.8%) 1.02 347
    2023-11-01 $434,488 (3.5%) $507,398 (-4.8%) 1.03 342
    2023-12-01 $439,975 (2.7%) $549,388 (6.7%) 1.07 312
    2024-01-01 $443,498 (5.0%) $554,264 (8.9%) 1.08 274
    2024-02-01 $452,495 (3.0%) $569,679 (3.6%) 1.09 254
    2024-03-01 $466,514 (6.8%) $585,844 (7.9%) 1.10 269
    Merced's median listing price for 2024-03-01 was $466,514, a difference of $29,514 (6.8%) versus the prior year and $14,019 versus the prior month.

    Merced's median listing price comes in at 110% of the national average.

    Merced's average listing price for 2024-03-01 was $585,844, a difference of $42,773 (7.9%) versus the prior year and $16,165 versus the prior month.

    For the 2024-03-01 period, Merced had 269 MLS listings, a difference of 15 listings (6%) versus the prior month and -15 listings (-5%) 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 40 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 61 days 1,829 sqft
    2019-10-01 64 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 1,658 sqft
    2022-04-01 33 days 1,693 sqft
    2022-05-01 35 days 1,775 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
    2023-09-01 46 days 1,677 sqft
    2023-10-01 45 days 1,667 sqft
    2023-11-01 50 days 1,694 sqft
    2023-12-01 64 days 1,671 sqft
    2024-01-01 67 days 1,705 sqft
    2024-02-01 44 days 1,722 sqft
    2024-03-01 38 days 1,763 sqft
    Merced's median listing age (time on market) for 2024-03-01 was 38 days. This is -31% shorter than the same period one year ago.

    Merced's median square footage for active listings during the 2024-03-01 period was 1,763 sqft. One year prior, the average listing was 1,709 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).