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%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Modesto level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 180 2.66% $8,308
FREEDOM MORTGAGE CORPORATION 144 2.78% $6,813
AMERICAN PACIFIC MORTGAGE CORPORATION 141 3.07% $11,303
UNITED WHOLESALE MORTGAGE, LLC 131 2.67% $10,066
CROSSCOUNTRY MORTGAGE, LLC 129 2.97% $11,120
CALIBER HOME LOANS, INC. 108 2.72% $8,360
SCENIC OAKS FUNDING, INC. 76 2.89% $10,669
LAKEVIEW LOAN SERVICING, LLC 58 2.89% $5,691
S1L, Inc. 53 3.13% $10,853
HOME POINT FINANCIAL CORPORATION 52 2.63% $9,628
AMERICAN FINANCIAL NETWORK, INC. 45 3.07% $13,276
Mr. Cooper ( Nationstar Mortgage ) 42 3.09% $6,004
PENNYMAC LOAN SERVICES, LLC 41 2.87% $6,643
FINANCE OF AMERICA MORTGAGE LLC 40 2.98% $11,164
ACADEMY MORTGAGE CORPORATION 37 3.09% $10,540
HOMEBRIDGE FINANCIAL SERVICES, INC. 36 2.85% $9,069
Commerce Home Mortgage, Inc. 36 2.83% $10,895
Paramount Residential Mortgage Group, Inc. 36 3.17% $10,591
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 34 3.35% $11,503
Lakeview Community Capital, LLC 33 2.82% $5,610
SUMMIT FUNDING, INC. 33 3.29% $14,568
BROKER SOLUTIONS, INC. 33 2.94% $10,828
Golden Empire Mortgage, Inc. 32 3.10% $12,395
Amerifirst Financial, Inc. 32 3.14% $10,014
MOVEMENT MORTGAGE, LLC 30 3.18% $11,845
Equity Prime Mortgage LLC 28 3.32% $11,144
Carrington Mortgage Services, LLC 27 3.29% $11,502
GUILD MORTGAGE COMPANY 27 3.08% $11,539
LOANDEPOT.COM, LLC 27 3.14% $12,197
VILLAGE CAPITAL & INVESTMENT LLC 27 2.62% $3,273
NEWREZ LLC 23 2.86% $7,560
SUN WEST MORTGAGE COMPANY, INC. 22 2.88% $9,108
ENVOY MORTGAGE, LTD 19 3.20% $11,788
MASON MCDUFFIE MORTGAGE CORPORATION 18 3.18% $11,817
MOUNTAIN WEST FINANCIAL, INC. 17 3.21% $11,946
ALAMEDA MORTGAGE CORPORATION 16 3.26% $11,086
ROUNDPOINT MORTGAGE SERVICING CORPORATION 16 3.25% $11,709
GUARANTEED RATE, INC. 14 2.95% $12,404
PRIMARY RESIDENTIAL MORTGAGE, INC. 14 3.37% $14,652
PLANET HOME LENDING, LLC 13 2.66% $6,884
Sierra Pacific Mortgage Company, Inc. 13 3.15% $12,772
Hometown Equity Mortgage, LLC 12 3.34% $10,871
INSPIRE HOME LOANS INC. 11 3.55% $15,316
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 11 3.66% $13,501
PRIMELENDING, A PLAINSCAPITAL COMPANY 10 3.58% $14,107
FBC MORTGAGE, LLC 10 2.80% $11,912
RESIDENTIAL BANCORP. 9 3.24% $12,298
STEARNS LENDING, LLC 9 2.82% $9,282
KBHS HOME LOANS, LLC 9 3.07% $15,853
AmeriHome Mortgage Company, LLC 8 2.92% $5,830
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 3.06% $11,552
LAND HOME FINANCIAL SERVICES, INC. 8 3.09% $11,418
First Guaranty Mortgage Corporation 7 2.79% $6,423
OCMBC, INC. 6 2.81% $9,082
NATIONS DIRECT MORTGAGE, LLC 6 3.12% $13,256
Platinum Home Mortgage Corporation 6 2.92% $12,785
CMG MORTGAGE, INC. 6 3.29% $12,562
HOMEOWNERS FINANCIAL GROUP USA, LLC 5 3.73% $16,901
JMJ FINANCIAL GROUP 5 3.00% $9,538
AMERISAVE MORTGAGE CORPORATION 5 2.65% $12,237
UNITED SECURITY FINANCIAL CORP 4 2.88% $6,270
WESTERN EXPRESS LENDING 4 2.28% $7,341
LOANPAL, LLC 4 2.78% $10,262
The Federal Savings Bank 4 2.50% $12,460
ZILLOW HOME LOANS, LLC 3 2.71% $10,138
Barrington Bank & Trust Company, N.A. 3 3.21% $8,868
BECKAM FUNDING CORP. 3 3.46% $13,688
CELEBRITY HOME LOANS, LLC 3 3.17% $11,171
DATA MORTGAGE, INC. 3 4.33% $14,909
EVERETT FINANCIAL, INC. 3 3.50% $8,707
HOMESIDE FINANCIAL, LLC 3 2.83% $10,341
InterContinental Capital Group, Inc 3 2.92% $7,122
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 3 3.46% $14,241
LADERA LENDING, INC. 3 3.33% $8,418
MEGASTAR FINANCIAL CORP. 3 3.21% $13,123
MUFG Union Bank 3 3.17% $9,707
Nations Lending Corporation 3 3.08% $13,639
SOVEREIGN LENDING GROUP INCORPORATED 3 2.75% $9,832
Umpqua Bank 3 2.67% $10,432
United Fidelity Funding Corp. 3 2.96% $9,646
Colten Mortgage, LLC 2 3.81% $9,303
CANOPY MORTGAGE, LLC 2 2.69% $11,639
SNAPFI, INC. 2 3.19% $6,731
PLAZA HOME MORTGAGE, INC. 2 2.75% $7,931
PREMIER MORTGAGE RESOURCES, L.L.C. 2 3.31% $12,989
GENEVA FINANCIAL, LLC 2 2.94% $11,840
LOANLEADERS OF AMERICA, INC. 2 3.00% $10,081
BAY EQUITY LLC 2 3.18% $9,557
Bank of the West 2 3.88% $9,132
Franklin Loan Corporation 2 2.63% $10,651
TruHome Solutions, LLC 2 3.06% $10,246
Flagstar Bank, FSB 2 2.26% $8,872
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.00% $11,485
RANLIFE, INC. 2 3.00% $10,126
KELLER MORTGAGE, LLC 2 2.38% $8,292
INTELLILOAN, INC. 2 3.50% $14,711
HOME APPROVALS DIRECT, INC. 2 4.00% $14,536
AMERICAN FINANCING CORPORATION 2 2.81% $7,400
Manufacturers and Traders Trust Company 2 2.94% $7,674
Loan Simple, Inc. 2 2.44% $8,759
MEGA CAPITAL FUNDING, INC. 2 2.63% $10,110
DHI MORTGAGE COMPANY, LTD. 2 2.93% $10,189
RMS & Associates 1 3.13% $13,528
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.00% $8,854
Wells Fargo Bank 1 3.13% $9,781
CALCULATED RISK ANALYTICS LLC 1 2.38% $6,953
Strong Home Mortgage, LLC 1 2.63% $7,425
Blue Ridge Bank 1 2.88% $13,022
THE GOLDEN 1 1 3.00% $10,103
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,423
UNION HOME MORTGAGE CORP. 1 3.38% $11,606
AMCAP MORTGAGE, LTD. 1 2.25% $6,306
Bank of America 1 3.13% $6,721
AXIA FINANCIAL, LLC 1 4.25% $16,263
Low VA Rates, LLC 1 3.00% $5,609
Magnolia Bank 1 3.63% $7,098
MEMBER FIRST MORTGAGE, LLC 1 3.25% $10,667
U.S. Bank 1 3.38% $8,787
MID AMERICA MORTGAGE, INC. 1 2.75% $2,939
LENOX FINANCIAL MORTGAGE CORPORATION 1 2.38% $9,776
LENDUS, LLC 1 2.75% $12,160
VERITAS FUNDING, LLC 1 2.50% $7,893
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.00% $9,595
Neighborhood Loans, Inc. 1 3.75% $8,220
NETWORK CAPITAL FUNDING CORPORATION 1 3.00% $5,525
JPMorgan Chase Bank 1 2.75% $4,777
NFM, INC. 1 3.00% $10,101
NP, Inc. 1 3.75% $9,197
OCEANSIDE MORTGAGE COMPANY 1 2.25% $4,359
OPEN MORTGAGE, LLC 1 2.25% $12,992
Hometown Lenders, Inc. 1 2.38% $9,403
HOME FUNDING CORPORATION 1 3.25% $10,075
Peoples Bank 1 3.50% $6,596
Plains Commerce Bank 1 2.88% $14,981
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.99% $12,008
Prime Choice Funding Inc. 1 2.63% $7,807
Quontic Bank 1 2.63% $16,086
EMBRACE HOME LOANS, INC. 1 2.88% $4,939
Residential Mortgage Solutions, Inc. 1 2.25% $7,534

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. Louis
Date 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 for 2022-04-01 was $499,000, a difference of $49,500 (11.0%) versus the prior year and $4,106 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 27 days. This is -7% shorter than the same period one year ago.

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.

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).