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 123 lenders originated 1,704 FHA loans during 2022. The total origination value was $600,820,000, with an average FHA loan value of $352,594.

Modesto FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Modesto averaged 6.38% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Modesto's average FHA mortgage closing costs are $10,016.

The average rate for the prior week (2024-02-23) was 6.17% and one month ago for the week of 2024-01-26, the average rate was 5.87%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.21%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 171 4.61% $13,224
QUICKEN LOANS, LLC 102 4.34% $14,124
AMERICAN PACIFIC MORTGAGE CORPORATION 100 4.92% $14,155
CROSSCOUNTRY MORTGAGE, LLC 99 5.08% $13,868
SCENIC OAKS FUNDING, INC. 67 4.76% $14,248
HOME POINT FINANCIAL CORPORATION 60 4.23% $12,903
S1L, Inc. 42 5.30% $14,322
LOANDEPOT.COM, LLC 42 4.15% $12,636
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 4.96% $13,804
CALIBER HOME LOANS, INC. 36 4.23% $13,311
ACADEMY MORTGAGE CORPORATION 31 5.23% $14,924
GUILD MORTGAGE COMPANY 28 4.96% $12,654
Amerifirst Financial, Inc. 26 5.04% $12,492
MOVEMENT MORTGAGE, LLC 25 4.87% $14,435
FREEDOM MORTGAGE CORPORATION 23 4.35% $12,515
DHI MORTGAGE COMPANY, LTD. 21 3.92% $11,659
RESIDENTIAL BANCORP 21 4.73% $15,379
ENVOY MORTGAGE, LTD 19 5.34% $15,605
Mr. Cooper ( Nationstar Mortgage ) 18 4.34% $17,733
PENNYMAC LOAN SERVICES, LLC 16 3.86% $9,347
FINANCE OF AMERICA MORTGAGE LLC 16 5.31% $14,917
Golden Empire Mortgage, Inc. 16 5.41% $16,238
Century Mortgage Company DBA Century Lending Company 15 5.02% $13,827
Commerce Home Mortgage, Inc. 14 3.91% $12,816
Paramount Residential Mortgage Group, Inc. 14 5.49% $13,488
EVERETT FINANCIAL, INC. 13 5.12% $9,281
SUMMIT FUNDING, INC. 13 4.97% $16,317
HOMEOWNERS FINANCIAL GROUP USA, LLC 12 5.14% $16,402
Carrington Mortgage Services, LLC 12 4.78% $14,854
LAKEVIEW LOAN SERVICING, LLC 12 3.78% $9,290
HOMEBRIDGE FINANCIAL SERVICES, INC. 12 5.43% $14,696
BROKER SOLUTIONS, INC. 12 5.08% $12,854
MOUNTAIN WEST FINANCIAL, INC. 11 4.25% $14,226
CMG MORTGAGE, INC. 10 5.55% $16,169
Equity Prime Mortgage LLC 9 4.25% $15,367
PRIMARY RESIDENTIAL MORTGAGE, INC. 9 5.40% $16,080
SUN WEST MORTGAGE COMPANY, INC. 9 4.57% $14,467
CARDINAL FINANCIAL 8 5.16% $14,414
Sierra Pacific Mortgage Company, Inc. 8 5.91% $18,464
NEWREZ LLC 8 5.19% $9,191
AMERISAVE MORTGAGE CORPORATION 8 4.70% $12,477
GUARANTEED RATE, INC. 7 4.33% $12,659
JPMorgan Chase Bank 7 4.48% $11,201
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 7 5.14% $13,738
VILLAGE CAPITAL MORTGAGE 7 3.95% $12,176
OCMBC, INC. 6 5.00% $17,714
MLD MORTGAGE INC. 6 5.98% $13,518
DIRECTIONS EQUITY, LLC 6 5.10% $11,533
NATIONS DIRECT MORTGAGE, LLC 6 4.44% $13,139
ALAMEDA MORTGAGE CORPORATION 6 4.71% $14,652
Lakeview Community Capital, LLC 6 4.14% $9,057
PLANET HOME LENDING, LLC 6 3.19% $9,174
Bank of the West 5 5.10% $10,398
TOP FLITE FINANCIAL, INC. 5 4.65% $17,114
ROUNDPOINT MORTGAGE SERVICING CORPORATION 4 4.94% $15,367
Flagstar Bank, FSB 4 5.79% $11,399
NFM, INC. 4 5.44% $13,573
LAND HOME FINANCIAL SERVICES, INC. 4 5.41% $14,527
MASON MCDUFFIE MORTGAGE CORPORATION 4 4.37% $14,903
Nations Lending Corporation 4 5.31% $8,944
SNAPFI, INC. 4 4.44% $15,500
CALCON MUTUAL MORTGAGE LLC 3 4.83% $16,453
FBC MORTGAGE, LLC 3 5.88% $12,794
AMERIFIRST FINANCIAL CORPORATION 3 5.46% $19,310
KBHS HOME LOANS, LLC 3 4.67% $17,947
MUFG Union Bank 3 4.21% $11,773
MORIA DEVELOPMENT, INC. 3 4.96% $16,653
AmeriHome Mortgage Company, LLC 3 3.71% $13,368
ML Mortgage Corp. 2 5.75% $22,052
BECKAM FUNDING CORP. 2 6.25% $23,046
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 5.63% $15,311
GUARANTY HOME MORTGAGE CORPORATION 2 4.94% $9,128
BAY EQUITY LLC 2 5.62% $15,248
DIGNIFIED HOME LOANS, LLC 2 5.12% $17,063
Hometown Equity Mortgage, LLC 2 4.63% $13,496
LADERA LENDING, INC. 2 5.25% $14,557
Bank of America 2 4.38% $10,629
LOANLEADERS OF AMERICA, INC. 2 4.49% $16,192
LOANPAL, LLC 2 5.56% $16,500
Northpointe Bank 2 5.38% $12,117
PREMIER MORTGAGE RESOURCES, L.L.C. 2 5.75% $11,600
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 4.38% $19,955
Neighborhood Loans, Inc. 1 6.38% $16,231
NETWORK CAPITAL FUNDING CORPORATION 1 4.25% $18,337
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.75% $21,915
MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 3.50% $12,856
North American Savings Bank, F.S.B. 1 5.63% $10,443
VERITAS FUNDING, LLC 1 6.25% $14,368
MEGASTAR FINANCIAL CORP. 1 3.25% $13,224
OPEN MORTGAGE, LLC 1 5.13% $8,109
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.00% $16,192
CHURCHILL MORTGAGE CORPORATION 1 5.75% $10,751
LENDING 3, INC. 1 5.75% $4,200
PENTAGON FEDERAL CREDIT UNION 1 4.88% $8,779
LEADERONE FINANCIAL CORPORATION 1 6.13% $9,384
Platinum Home Mortgage Corporation 1 2.75% $18,900
PLAZA HOME MORTGAGE, INC. 1 3.88% $10,814
GENEVA FINANCIAL, LLC 1 6.75% $18,022
CANOPY MORTGAGE, LLC 1 4.75% $15,913
First Federal Bank 1 2.75% $16,974
Prosperity Home Mortgage, LLC 1 5.63% $14,778
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $12,444
RANLIFE, INC. 1 7.13% $11,612
AMERICAN FINANCING CORPORATION 1 2.50% $13,813
RMS & Associates 1 3.13% $13,528
INTELLILOAN, INC. 1 2.50% $11,358
ALLIED MORTGAGE GROUP, INC. 1 6.63% $9,485
HOMEXPRESS MORTGAGE CORP. 1 5.63% $14,282
HOMESIDE FINANCIAL, LLC 1 5.63% $14,891
CAMPOS FINANCIAL CORP. 1 5.25% $19,613
STEARNS LENDING, LLC 1 3.13% $15,303
Chickasaw Community Bank 1 3.13% $8,808
CHERRY CREEK MORTGAGE, LLC 1 5.75% $1,611
The Federal Savings Bank 1 4.75% $19,678
THE GOLDEN 1 1 3.25% $16,591
Wells Fargo Bank 1 5.13% $8,876
Town Square Mortgage & Investments, Inc. 1 6.13% $12,878
TruHome Solutions, LLC 1 4.38% $13,636
AHL FUNDING 1 5.75% $16,630
U.S. Bank 1 5.13% $17,622
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.63% $16,168
CLEARPATH LENDING 1 4.25% $5,098
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.25% $22,270

The top Modesto FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 171 FHA loans originated. Their average total fees are $13,224, which is $900 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Modesto FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($9,281), LAKEVIEW LOAN SERVICING, LLC ($9,290), PENNYMAC LOAN SERVICES, LLC ($9,347), DHI MORTGAGE COMPANY, LTD. ($11,659) and Amerifirst Financial, Inc. ($12,492).

The lowest rate Modesto FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.78%), PENNYMAC LOAN SERVICES, LLC (3.86%), Commerce Home Mortgage, Inc. (3.91%), DHI MORTGAGE COMPANY, LTD. (3.92%) and LOANDEPOT.COM, LLC (4.15%).

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
Modesto's median listing price for 2024-01-01 was $522,500, a difference of $33,629 (6.9%) versus the prior year and $12,505 versus the prior month.

Modesto's median listing price comes in at 128% of the national average.

Modesto's average listing price for 2024-01-01 was $625,522, a difference of $29,929 (5.0%) versus the prior year and $-2,643 versus the prior month.

For the 2024-01-01 period, Modesto had 416 MLS listings, a difference of -44 listings (-10%) versus the prior month and -40 listings (-9%) 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
Modesto's median listing age (time on market) for 2024-01-01 was 47 days. This is -22% shorter than the same period one year ago.

Modesto's median square footage for active listings during the 2024-01-01 period was 1,805 sqft. One year prior, the average listing was 1,712 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).