Modesto FHA Loan Rates, Closing Costs & Stats

MODESTO, 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.

Modesto's 116 lenders originated 1,260 FHA loans during 2023. The total origination value was $490,140,000, with an average FHA loan value of $389,000.

Modesto FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Modesto averaged 6.47% for the week of 2024-07-12, compared to the national average (all FHA variants) of 6.655% for the same period.

Modesto's average FHA mortgage closing costs are $10,639.

The average rate for the prior week (2024-07-05) was 6.54% and one month ago for the week of 2024-06-07, the average rate was 6.42%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.72%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Modesto 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 Modesto level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 204 6.15% $16,336
QUICKEN LOANS, LLC 118 6.17% $15,467
AMERICAN PACIFIC MORTGAGE CORPORATION 73 6.45% $17,838
CROSSCOUNTRY MORTGAGE, LLC 67 6.47% $16,523
Century Mortgage Company DBA Century Lending Company 57 6.52% $15,398
SCENIC OAKS FUNDING, INC. 32 6.21% $18,569
CARDINAL FINANCIAL 31 6.21% $16,713
LOANDEPOT.COM, LLC 31 6.18% $17,097
S1L, Inc. 30 6.41% $16,969
RESIDENTIAL BANCORP 27 6.50% $17,341
AMERICAN FINANCIAL NETWORK, INC. 25 6.89% $16,997
Paramount Residential Mortgage Group, Inc. 22 6.64% $14,783
ENVOY MORTGAGE, LTD 19 6.28% $18,234
Sierra Pacific Mortgage Company, Inc. 17 6.36% $19,323
BROKER SOLUTIONS, INC. 16 6.90% $14,829
ACADEMY MORTGAGE CORPORATION 15 6.47% $17,112
GUARANTEED RATE, INC. 15 6.49% $15,381
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.85% $16,554
KBHS HOME LOANS, LLC 13 5.76% $20,420
Golden Empire Mortgage, Inc. 13 6.50% $19,981
PENNYMAC LOAN SERVICES, LLC 12 5.71% $17,248
SUMMIT FUNDING, INC. 12 6.34% $20,258
GUILD MORTGAGE COMPANY 11 6.32% $16,064
DHI MORTGAGE COMPANY, LTD. 10 5.22% $11,991
SUN WEST MORTGAGE COMPANY, INC. 10 6.39% $17,081
Northpointe Bank 10 5.46% $18,364
NEWREZ LLC 9 5.99% $15,653
FREEDOM MORTGAGE CORPORATION 9 6.76% $17,193
Mr. Cooper ( Nationstar Mortgage ) 9 6.25% $18,809
Flagstar Bank, FSB 8 6.52% $12,728
NATIONS DIRECT MORTGAGE, LLC 7 6.54% $16,000
Carrington Mortgage Services, LLC 7 6.54% $14,913
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.75% $17,018
OCMBC, INC. 6 6.98% $14,126
ALAMEDA MORTGAGE CORPORATION 6 6.48% $17,953
PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.90% $16,058
EVERETT FINANCIAL, INC. 5 6.70% $16,533
Equity Prime Mortgage LLC 5 7.18% $17,964
MLD MORTGAGE INC. 5 6.75% $17,996
NFM, INC. 5 6.83% $15,551
TOP FLITE FINANCIAL, INC. 5 7.05% $18,435
CHURCHILL MORTGAGE CORPORATION 5 6.13% $21,461
VILLAGE CAPITAL MORTGAGE 4 6.31% $17,044
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 4 5.94% $15,538
CALCON MUTUAL MORTGAGE LLC 4 7.19% $18,841
CMG MORTGAGE, INC. 4 6.69% $17,295
ML Mortgage Corp. 4 7.38% $18,285
ALLIED MORTGAGE GROUP, INC. 4 6.09% $15,323
AMERISAVE MORTGAGE CORPORATION 4 5.69% $18,887
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.03% $15,387
JPMorgan Chase Bank 4 6.19% $13,668
Performance Financial, Inc. 4 5.47% $21,073
LAND HOME FINANCIAL SERVICES, INC. 4 7.09% $15,199
Prosperity Home Mortgage, LLC 3 5.83% $14,377
Bank of America 3 6.21% $15,931
PLANET HOME LENDING, LLC 3 5.58% $7,966
Commerce Home Mortgage, Inc. 3 6.92% $21,001
AmeriHome Mortgage Company, LLC 3 5.29% $22,316
Mortgage Research Center, LLC 2 7.44% $13,104
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $12,988
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.69% $18,875
AMERITRUST MORTGAGE CORPORATION 2 6.75% $17,450
GENEVA FINANCIAL, LLC 2 6.94% $26,252
AXIA FINANCIAL, LLC 2 6.44% $12,873
PLAZA HOME MORTGAGE, INC. 2 6.06% $15,293
TruHome Solutions, LLC 2 6.81% $10,505
LENDING 3, INC. 2 5.81% $23,642
U.S. Bank 2 6.63% $15,363
MUTUAL OF OMAHA MORTGAGE, INC. 2 7.25% $18,647
VERITAS FUNDING, LLC 2 6.38% $17,391
Lakeview Community Capital, LLC 2 6.00% $18,173
BMO Harris Bank 2 6.06% $12,780
ON Q FINANCIAL, INC. 2 6.69% $23,612
Keystone Funding, Inc. 2 6.31% $13,337
Franklin Loan Corporation 2 6.06% $18,280
ZILLOW HOME LOANS, LLC 1 5.50% $13,286
EMM LOANS LLC 1 5.88% $17,685
FBC MORTGAGE, LLC 1 6.13% $17,821
FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $18,542
DIRECTIONS EQUITY, LLC 1 6.63% $16,654
Comerica Bank 1 6.13% $11,455
GUARANTEED RATE AFFINITY, LLC 1 5.73% $16,672
GUARANTY HOME MORTGAGE CORPORATION 1 5.38% $11,758
HOME APPROVALS DIRECT, INC. 1 7.75% $21,275
Hometown Equity Mortgage, LLC 1 6.25% $21,478
INFINITY EQUITY GROUP, INC. 1 6.63% $22,991
CASTLE & COOKE MORTGAGE, LLC 1 7.63% $28,179
LADERA LENDING, INC. 1 5.63% $15,116
CALIBER HOME LOANS, INC. 1 6.25% $14,113
LOANPAL, LLC 1 5.63% $18,245
MANN FINANCIAL INC. 1 6.50% $13,037
MICHIGAN MUTUAL, INC. 1 6.00% $16,758
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $20,180
MOUNTAIN WEST FINANCIAL, INC. 1 6.63% $22,820
MOVEMENT MORTGAGE, LLC 1 5.63% $13,767
Nations Lending Corporation 1 7.75% $14,166
BECKAM FUNDING CORP. 1 7.50% $24,680
BAY EQUITY LLC 1 6.25% $15,257
NuVision Federal Credit Union 1 7.50% $20,415
ONY GLO, INC. 1 8.13% $27,463
Barrington Bank & Trust Company, N.A. 1 6.25% $5,106
PHH Mortgage Corporation 1 6.49% $14,039
Plains Commerce Bank 1 5.50% $14,463
PREMIER LENDING, INC. 1 7.25% $16,579
RANLIFE, INC. 1 5.88% $18,787
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.00% $4,013
SNAPFI, INC. 1 6.63% $16,298
SOVEREIGN LENDING GROUP INCORPORATED 1 5.50% $15,529
ST FIN CORP 1 7.00% $19,869
AMCAP MORTGAGE, LTD. 1 7.50% $16,255
THE GOLDEN 1 1 6.75% $15,048
The Loan Store, Inc. 1 7.00% $15,537
TJC Mortgage, Inc. 1 6.63% $16,457
TRAVIS CREDIT UNION 1 6.50% $7,981
US MORTGAGE CORPORATION 1 6.75% $13,262
VISION ONE MORTGAGE, INC. 1 7.00% $17,876

The top Modesto FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 204 FHA loans originated. Their average total fees are $16,336, which is $869 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Modesto FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($11,991), Paramount Residential Mortgage Group, Inc. ($14,783), BROKER SOLUTIONS, INC. ($14,829), GUARANTEED RATE, INC. ($15,381) and Century Mortgage Company DBA Century Lending Company ($15,398).

The lowest rate Modesto FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.22%), Northpointe Bank (5.46%), PENNYMAC LOAN SERVICES, LLC (5.71%), KBHS HOME LOANS, LLC (5.76%) and UNITED WHOLESALE MORTGAGE, LLC (6.15%).

Modesto FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MODESTO, CA STANISLAUS 2022 $460,000 $588,850 $711,800 $884,600
MODESTO, CA STANISLAUS 2023 $517,500 $662,500 $800,800 $995,200

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Modesto (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 $346,500 (14.6%) $435,301 (9.6%) 1.28 643
2018-02-01 $346,875 (11.9%) $423,147 (4.2%) 1.26 681
2018-03-01 $353,000 (10.8%) $449,092 (10.6%) 1.24 722
2018-04-01 $359,500 (10.6%) $454,420 (10.9%) 1.22 753
2018-05-01 $364,950 (10.8%) $450,889 (9.2%) 1.22 842
2018-06-01 $355,000 (6.1%) $430,577 (4.4%) 1.18 957
2018-07-01 $354,900 (7.6%) $425,911 (2.8%) 1.19 1,005
2018-08-01 $350,000 (7.0%) $423,132 (1.6%) 1.17 1,106
2018-09-01 $349,000 (5.8%) $420,435 (2.2%) 1.17 1,086
2018-10-01 $339,913 (3.0%) $411,327 (0.3%) 1.15 1,102
2018-11-01 $339,900 (0.9%) $416,682 (0.9%) 1.15 1,079
2018-12-01 $340,000 (0.0%) $413,623 (-3.2%) 1.17 1,026
2019-01-01 $339,985 (-1.9%) $413,501 (-5.0%) 1.17 925
2019-02-01 $344,611 (-0.7%) $416,321 (-1.6%) 1.16 887
2019-03-01 $356,371 (1.0%) $426,391 (-5.1%) 1.17 836
2019-04-01 $365,000 (1.5%) $441,712 (-2.8%) 1.16 806
2019-05-01 $365,000 (0.0%) $441,618 (-2.1%) 1.14 865
2019-06-01 $369,950 (4.2%) $456,546 (6.0%) 1.16 879
2019-07-01 $374,400 (5.5%) $463,568 (8.8%) 1.17 851
2019-08-01 $375,836 (7.4%) $461,688 (9.1%) 1.19 870
2019-09-01 $369,741 (5.9%) $448,629 (6.7%) 1.18 897
2019-10-01 $367,677 (8.2%) $441,824 (7.4%) 1.19 886
2019-11-01 $369,000 (8.6%) $438,366 (5.2%) 1.21 794
2019-12-01 $368,950 (8.5%) $449,597 (8.7%) 1.23 640
2020-01-01 $372,000 (9.4%) $452,766 (9.5%) 1.24 575
2020-02-01 $375,120 (8.9%) $474,080 (13.9%) 1.23 538
2020-03-01 $389,225 (9.2%) $473,800 (11.1%) 1.22 610
2020-04-01 $377,250 (3.4%) $456,612 (3.4%) 1.18 667
2020-05-01 $377,000 (3.3%) $465,429 (5.4%) 1.15 661
2020-06-01 $392,450 (6.1%) $479,783 (5.1%) 1.16 486
2020-07-01 $402,225 (7.4%) $529,779 (14.3%) 1.17 411
2020-08-01 $419,000 (11.5%) $547,642 (18.6%) 1.20 356
2020-09-01 $417,225 (12.8%) $536,714 (19.6%) 1.20 374
2020-10-01 $418,888 (13.9%) $550,968 (24.7%) 1.20 399
2020-11-01 $422,500 (14.5%) $556,940 (27.1%) 1.24 410
2020-12-01 $431,235 (16.9%) $589,424 (31.1%) 1.28 354
2021-01-01 $439,000 (18.0%) $619,061 (36.7%) 1.31 299
2021-02-01 $429,950 (14.6%) $622,412 (31.3%) 1.25 265
2021-03-01 $443,500 (13.9%) $639,943 (35.1%) 1.26 267
2021-04-01 $445,600 (18.1%) $609,410 (33.5%) 1.21 299
2021-05-01 $449,800 (19.3%) $614,325 (32.0%) 1.19 320
2021-06-01 $448,425 (14.3%) $598,953 (24.8%) 1.18 379
2021-07-01 $449,900 (11.9%) $584,241 (10.3%) 1.19 451
2021-08-01 $460,000 (9.8%) $580,082 (5.9%) 1.23 495
2021-09-01 $464,500 (11.3%) $569,751 (6.2%) 1.24 481
2021-10-01 $472,450 (12.8%) $579,129 (5.1%) 1.26 526
2021-11-01 $482,450 (14.2%) $591,879 (6.3%) 1.29 467
2021-12-01 $481,315 (11.6%) $597,951 (1.5%) 1.30 352
2022-01-01 $479,925 (9.3%) $600,753 (-3.0%) 1.30 290
2022-02-01 $489,500 (13.9%) $612,804 (-1.5%) 1.27 279
2022-03-01 $494,225 (11.4%) $624,146 (-2.5%) 1.24 291
2022-04-01 $499,000 (12.0%) $630,535 (3.5%) 1.19 337
2022-05-01 $499,950 (11.2%) $639,979 (4.2%) 1.14 475
2022-06-01 $494,475 (10.3%) $598,062 (-0.2%) 1.10 607
2022-07-01 $480,000 (6.7%) $553,414 (-5.3%) 1.08 762
2022-08-01 $475,000 (3.3%) $549,208 (-5.3%) 1.10 824
2022-09-01 $472,500 (1.7%) $544,610 (-4.4%) 1.10 789
2022-10-01 $470,000 (-0.5%) $552,066 (-4.7%) 1.11 743
2022-11-01 $472,500 (-2.1%) $564,609 (-4.6%) 1.14 653
2022-12-01 $480,000 (-0.3%) $588,001 (-1.7%) 1.19 542
2023-01-01 $488,871 (1.9%) $595,593 (-0.9%) 1.21 456
2023-02-01 $489,499 (0.0%) $597,835 (-2.4%) 1.18 417
2023-03-01 $499,993 (1.2%) $610,642 (-2.2%) 1.18 363
2023-04-01 $520,000 (4.2%) $612,746 (-2.8%) 1.21 319
2023-05-01 $530,000 (6.0%) $627,971 (-1.9%) 1.20 322
2023-06-01 $531,200 (7.4%) $619,455 (3.6%) 1.19 358
2023-07-01 $522,450 (8.8%) $612,921 (10.8%) 1.19 414
2023-08-01 $516,250 (8.7%) $624,545 (13.7%) 1.19 441
2023-09-01 $504,500 (6.8%) $624,643 (14.7%) 1.17 448
2023-10-01 $519,987 (10.6%) $628,522 (13.9%) 1.22 488
2023-11-01 $499,987 (5.8%) $618,671 (9.6%) 1.19 505
2023-12-01 $509,995 (6.3%) $628,165 (6.8%) 1.24 460
2024-01-01 $522,500 (6.9%) $625,522 (5.0%) 1.28 416
2024-02-01 $525,000 (7.3%) $622,800 (4.2%) 1.26 385
2024-03-01 $519,999 (4.0%) $625,227 (2.4%) 1.22 448
2024-04-01 $529,000 (1.7%) $635,737 (3.8%) 1.23 496
2024-05-01 $535,000 (0.9%) $628,863 (0.1%) 1.21 539
2024-06-01 $535,995 (0.9%) $631,545 (2.0%) 1.20 577
Modesto's median listing price for 2024-06-01 was $535,995, a difference of $4,795 (0.9%) versus the prior year and $995 versus the prior month.

Modesto's median listing price comes in at 120% of the national average.

Modesto's average listing price for 2024-06-01 was $631,545, a difference of $12,090 (2.0%) versus the prior year and $2,682 versus the prior month.

For the 2024-06-01 period, Modesto had 577 MLS listings, a difference of 38 listings (7%) versus the prior month and 219 listings (61%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Modesto (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 57 days 1,837 sqft
2018-02-01 37 days 1,778 sqft
2018-03-01 35 days 1,837 sqft
2018-04-01 35 days 1,862 sqft
2018-05-01 33 days 1,870 sqft
2018-06-01 34 days 1,835 sqft
2018-07-01 37 days 1,829 sqft
2018-08-01 37 days 1,810 sqft
2018-09-01 38 days 1,767 sqft
2018-10-01 42 days 1,715 sqft
2018-11-01 45 days 1,704 sqft
2018-12-01 54 days 1,712 sqft
2019-01-01 57 days 1,695 sqft
2019-02-01 47 days 1,713 sqft
2019-03-01 42 days 1,755 sqft
2019-04-01 40 days 1,816 sqft
2019-05-01 39 days 1,813 sqft
2019-06-01 39 days 1,849 sqft
2019-07-01 43 days 1,863 sqft
2019-08-01 44 days 1,865 sqft
2019-09-01 43 days 1,838 sqft
2019-10-01 45 days 1,822 sqft
2019-11-01 52 days 1,844 sqft
2019-12-01 65 days 1,834 sqft
2020-01-01 67 days 1,833 sqft
2020-02-01 45 days 1,856 sqft
2020-03-01 35 days 1,888 sqft
2020-04-01 43 days 1,828 sqft
2020-05-01 57 days 1,853 sqft
2020-06-01 63 days 1,882 sqft
2020-07-01 53 days 1,902 sqft
2020-08-01 35 days 1,948 sqft
2020-09-01 32 days 1,844 sqft
2020-10-01 32 days 1,836 sqft
2020-11-01 37 days 1,851 sqft
2020-12-01 42 days 1,844 sqft
2021-01-01 46 days 1,845 sqft
2021-02-01 34 days 1,788 sqft
2021-03-01 32 days 1,841 sqft
2021-04-01 30 days 1,847 sqft
2021-05-01 26 days 1,789 sqft
2021-06-01 25 days 1,737 sqft
2021-07-01 26 days 1,754 sqft
2021-08-01 26 days 1,790 sqft
2021-09-01 30 days 1,724 sqft
2021-10-01 30 days 1,762 sqft
2021-11-01 37 days 1,745 sqft
2021-12-01 42 days 1,770 sqft
2022-01-01 40 days 1,763 sqft
2022-02-01 29 days 1,739 sqft
2022-03-01 26 days 1,750 sqft
2022-04-01 25 days 1,718 sqft
2022-05-01 23 days 1,755 sqft
2022-06-01 25 days 1,725 sqft
2022-07-01 30 days 1,695 sqft
2022-08-01 37 days 1,663 sqft
2022-09-01 44 days 1,661 sqft
2022-10-01 46 days 1,663 sqft
2022-11-01 54 days 1,662 sqft
2022-12-01 64 days 1,678 sqft
2023-01-01 60 days 1,712 sqft
2023-02-01 51 days 1,737 sqft
2023-03-01 40 days 1,794 sqft
2023-04-01 36 days 1,824 sqft
2023-05-01 35 days 1,822 sqft
2023-06-01 32 days 1,866 sqft
2023-07-01 33 days 1,860 sqft
2023-08-01 34 days 1,832 sqft
2023-09-01 37 days 1,786 sqft
2023-10-01 37 days 1,829 sqft
2023-11-01 42 days 1,787 sqft
2023-12-01 49 days 1,753 sqft
2024-01-01 47 days 1,805 sqft
2024-02-01 42 days 1,809 sqft
2024-03-01 33 days 1,783 sqft
2024-04-01 33 days 1,835 sqft
2024-05-01 27 days 1,796 sqft
2024-06-01 31 days 1,821 sqft
Modesto's median listing age (time on market) for 2024-06-01 was 31 days. This is -2% shorter than the same period one year ago.

Modesto's median square footage for active listings during the 2024-06-01 period was 1,821 sqft. One year prior, the average listing was 1,866 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).