Modesto FHA Loans
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 139 lenders originated 2,863 FHA loans during 2021. The total origination value was $882,735,000, with an average FHA loan value of $308,325.
Modesto FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Modesto
averaged
5.24%
for the week of 2022-05-20, compared to the national average (all FHA variants) of
5.352% for the same period.
The average rate for the prior week (2022-05-13) was
5.45% and
one month ago for the week of 2022-04-15, the
average rate was 5.04%.
The average rate one year ago was 3.31%.
For refis of the same type during the week of 2022-05-20, the average rate
was 4.88%.
Modesto 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 Modesto level.
The top Modesto FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
180 FHA loans originated. Their average total fees are
$8,308, which is $1,496
higher than the next largest lender,
FREEDOM MORTGAGE CORPORATION.
The lowest fee Modesto FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($3,273), Lakeview Community Capital, LLC ($5,610), LAKEVIEW LOAN SERVICING, LLC ($5,691), Mr. Cooper ( Nationstar Mortgage ) ($6,004) and PENNYMAC LOAN SERVICES, LLC ($6,643).
The lowest rate Modesto FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC (2.62%), HOME POINT FINANCIAL CORPORATION (2.63%), QUICKEN LOANS, LLC (2.66%), PLANET HOME LENDING, LLC (2.66%) and UNITED WHOLESALE MORTGAGE, LLC (2.67%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Modesto (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $349,000 (14.4%) | $432,876 (9.1%) | 1.29 | 661 |
2018-02-01 | $348,500 (11.0%) | $421,959 (3.4%) | 1.26 | 704 |
2018-03-01 | $359,900 (12.5%) | $445,838 (9.5%) | 1.25 | 752 |
2018-04-01 | $363,450 (10.2%) | $452,048 (9.6%) | 1.22 | 784 |
2018-05-01 | $369,975 (10.5%) | $450,045 (8.5%) | 1.23 | 899 |
2018-06-01 | $359,900 (7.3%) | $430,952 (3.3%) | 1.20 | 1,021 |
2018-07-01 | $355,000 (6.5%) | $423,904 (1.5%) | 1.18 | 1,062 |
2018-08-01 | $350,000 (5.3%) | $418,961 (-0.6%) | 1.17 | 1,169 |
2018-09-01 | $349,900 (4.5%) | $418,212 (0.4%) | 1.17 | 1,151 |
2018-10-01 | $340,000 (1.5%) | $412,492 (0.2%) | 1.14 | 1,158 |
2018-11-01 | $339,994 (0.0%) | $414,086 (0.1%) | 1.14 | 1,133 |
2018-12-01 | $340,000 (-1.5%) | $413,138 (-3.4%) | 1.16 | 1,076 |
2019-01-01 | $342,475 (-1.9%) | $413,660 (-4.4%) | 1.18 | 979 |
2019-02-01 | $346,975 (-0.4%) | $416,570 (-1.3%) | 1.16 | 927 |
2019-03-01 | $356,423 (-1.0%) | $428,827 (-3.8%) | 1.16 | 884 |
2019-04-01 | $367,500 (1.1%) | $445,590 (-1.4%) | 1.16 | 851 |
2019-05-01 | $367,450 (-0.7%) | $447,368 (-0.6%) | 1.13 | 916 |
2019-06-01 | $374,000 (3.9%) | $462,930 (7.4%) | 1.15 | 928 |
2019-07-01 | $376,500 (6.1%) | $466,803 (10.1%) | 1.17 | 905 |
2019-08-01 | $377,800 (7.9%) | $468,817 (11.9%) | 1.19 | 898 |
2019-09-01 | $375,000 (7.2%) | $459,893 (10.0%) | 1.19 | 908 |
2019-10-01 | $375,000 (10.3%) | $457,413 (10.9%) | 1.20 | 932 |
2019-11-01 | $375,900 (10.6%) | $458,219 (10.7%) | 1.21 | 852 |
2019-12-01 | $375,000 (10.3%) | $469,624 (13.7%) | 1.25 | 691 |
2020-01-01 | $379,700 (10.9%) | $477,762 (15.5%) | 1.27 | 609 |
2020-02-01 | $389,000 (12.1%) | $495,047 (18.8%) | 1.26 | 572 |
2020-03-01 | $399,000 (12.0%) | $491,345 (14.6%) | 1.25 | 646 |
2020-04-01 | $383,650 (4.4%) | $468,448 (5.1%) | 1.20 | 708 |
2020-05-01 | $379,900 (3.4%) | $473,149 (5.8%) | 1.15 | 698 |
2020-06-01 | $404,925 (8.3%) | $514,172 (11.1%) | 1.18 | 507 |
2020-07-01 | $425,000 (12.9%) | $566,894 (21.4%) | 1.22 | 430 |
2020-08-01 | $425,072 (12.5%) | $558,859 (19.2%) | 1.21 | 371 |
2020-09-01 | $424,950 (13.3%) | $545,902 (18.7%) | 1.21 | 385 |
2020-10-01 | $420,000 (12.0%) | $560,516 (22.5%) | 1.20 | 416 |
2020-11-01 | $426,500 (13.5%) | $563,052 (22.9%) | 1.22 | 422 |
2020-12-01 | $438,500 (16.9%) | $601,315 (28.0%) | 1.29 | 370 |
2021-01-01 | $449,900 (18.5%) | $637,226 (33.4%) | 1.32 | 311 |
2021-02-01 | $434,500 (11.7%) | $638,329 (28.9%) | 1.25 | 262 |
2021-03-01 | $449,500 (12.7%) | $648,224 (31.9%) | 1.26 | 263 |
2021-04-01 | $449,500 (17.2%) | $617,193 (31.8%) | 1.21 | 294 |
2021-05-01 | $450,000 (18.5%) | $625,856 (32.3%) | 1.18 | 317 |
2021-06-01 | $449,900 (11.1%) | $621,890 (21.0%) | 1.17 | 376 |
2021-07-01 | $454,900 (7.0%) | $598,656 (5.6%) | 1.18 | 441 |
2021-08-01 | $460,000 (8.2%) | $586,992 (5.0%) | 1.21 | 500 |
2021-09-01 | $466,450 (9.8%) | $571,636 (4.7%) | 1.23 | 487 |
2021-10-01 | $470,000 (11.9%) | $581,672 (3.8%) | 1.24 | 531 |
2021-11-01 | $484,950 (13.7%) | $594,337 (5.6%) | 1.28 | 470 |
2021-12-01 | $482,450 (10.0%) | $603,086 (0.3%) | 1.29 | 355 |
2022-01-01 | $478,900 (6.5%) | $608,994 (-4.4%) | 1.28 | 286 |
2022-02-01 | $489,950 (12.8%) | $625,926 (-1.9%) | 1.25 | 282 |
2022-03-01 | $494,894 (10.1%) | $629,198 (-2.9%) | 1.22 | 288 |
2022-04-01 | $499,000 (11.0%) | $634,393 (2.8%) | 1.17 | 337 |
Modesto's median listing price comes in at 117% of the national average.
Modesto's average listing price for 2022-04-01 was $634,393, a difference of $17,200 (2.8%) versus the prior year and $5,195 versus the prior month.
For the 2022-04-01 period, Modesto had 337 MLS listings, a difference of 49 listings (17%) versus the prior month and 43 listings (15%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Modesto (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 57 days | 1,840 sqft |
2018-02-01 | 36 days | 1,795 sqft |
2018-03-01 | 34 days | 1,865 sqft |
2018-04-01 | 36 days | 1,870 sqft |
2018-05-01 | 33 days | 1,889 sqft |
2018-06-01 | 34 days | 1,865 sqft |
2018-07-01 | 37 days | 1,844 sqft |
2018-08-01 | 37 days | 1,814 sqft |
2018-09-01 | 39 days | 1,780 sqft |
2018-10-01 | 42 days | 1,725 sqft |
2018-11-01 | 45 days | 1,713 sqft |
2018-12-01 | 55 days | 1,713 sqft |
2019-01-01 | 57 days | 1,697 sqft |
2019-02-01 | 47 days | 1,716 sqft |
2019-03-01 | 42 days | 1,753 sqft |
2019-04-01 | 38 days | 1,814 sqft |
2019-05-01 | 41 days | 1,827 sqft |
2019-06-01 | 37 days | 1,876 sqft |
2019-07-01 | 42 days | 1,872 sqft |
2019-08-01 | 41 days | 1,889 sqft |
2019-09-01 | 44 days | 1,885 sqft |
2019-10-01 | 41 days | 1,882 sqft |
2019-11-01 | 43 days | 1,917 sqft |
2019-12-01 | 53 days | 1,902 sqft |
2020-01-01 | 62 days | 1,936 sqft |
2020-02-01 | 36 days | 1,965 sqft |
2020-03-01 | 29 days | 1,974 sqft |
2020-04-01 | 37 days | 1,876 sqft |
2020-05-01 | 46 days | 1,863 sqft |
2020-06-01 | 45 days | 1,990 sqft |
2020-07-01 | 36 days | 2,024 sqft |
2020-08-01 | 37 days | 1,988 sqft |
2020-09-01 | 33 days | 1,859 sqft |
2020-10-01 | 35 days | 1,849 sqft |
2020-11-01 | 37 days | 1,861 sqft |
2020-12-01 | 42 days | 1,852 sqft |
2021-01-01 | 48 days | 1,877 sqft |
2021-02-01 | 38 days | 1,832 sqft |
2021-03-01 | 35 days | 1,863 sqft |
2021-04-01 | 29 days | 1,849 sqft |
2021-05-01 | 26 days | 1,819 sqft |
2021-06-01 | 27 days | 1,743 sqft |
2021-07-01 | 27 days | 1,762 sqft |
2021-08-01 | 27 days | 1,788 sqft |
2021-09-01 | 31 days | 1,728 sqft |
2021-10-01 | 31 days | 1,757 sqft |
2021-11-01 | 36 days | 1,774 sqft |
2021-12-01 | 42 days | 1,792 sqft |
2022-01-01 | 41 days | 1,779 sqft |
2022-02-01 | 30 days | 1,743 sqft |
2022-03-01 | 27 days | 1,751 sqft |
2022-04-01 | 27 days | 1,714 sqft |
Modesto's median square footage for active listings during the 2022-04-01 period was 1,714 sqft. One year prior, the average listing was 1,849 sqft.