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 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 6.34% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.52% and one month ago for the week of 2024-05-03, the average rate was 6.92%.

The average rate one year ago was 6.69%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.27%.

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
2024-04-01 $467,498 (6.0%) $588,456 (6.4%) 1.09 296
2024-05-01 $483,553 (7.5%) $631,715 (12.2%) 1.09 288
Merced's median listing price for 2024-05-01 was $483,553, a difference of $33,568 (7.5%) versus the prior year and $16,055 versus the prior month.

Merced's median listing price comes in at 109% of the national average.

Merced's average listing price for 2024-05-01 was $631,715, a difference of $68,789 (12.2%) versus the prior year and $43,259 versus the prior month.

For the 2024-05-01 period, Merced had 288 MLS listings, a difference of -8 listings (-3%) versus the prior month and 46 listings (19%) 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
2024-04-01 37 days 1,727 sqft
2024-05-01 35 days 1,763 sqft
Merced's median listing age (time on market) for 2024-05-01 was 35 days. This is -20% shorter than the same period one year ago.

Merced's median square footage for active listings during the 2024-05-01 period was 1,763 sqft. One year prior, the average listing was 1,738 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).