Modesto FHA Loan Rates, Closing Costs & Stats

MODESTO, CA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.21% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

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

    The average rate for the prior week (2023-05-19) was 6.28% and one month ago for the week of 2023-04-21, the average rate was 5.82%.

    The average rate one year ago was 4.94%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.03%.

    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%) $425,979 (2.7%) 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 $349,900 (-0.9%) $421,700 (-6.1%) 1.17 831
    2019-04-01 $365,000 (1.5%) $441,969 (-2.7%) 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 $379,500 (8.4%) $477,800 (12.9%) 1.19 843
    2019-09-01 $375,000 (7.5%) $471,042 (12.0%) 1.18 732
    2019-10-01 $369,450 (8.7%) $442,688 (7.6%) 1.19 875
    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 (11.2%) $473,796 (12.4%) 1.22 610
    2020-04-01 $377,250 (3.4%) $456,612 (3.3%) 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 (10.4%) $547,642 (14.6%) 1.20 356
    2020-09-01 $417,225 (11.3%) $536,714 (13.9%) 1.20 374
    2020-10-01 $418,888 (13.4%) $550,968 (24.5%) 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%) $598,172 (-2.4%) 1.18 417
    2023-03-01 $499,993 (1.2%) $611,021 (-2.1%) 1.18 363
    2023-04-01 $520,000 (4.2%) $612,746 (-2.8%) 1.21 319
    Modesto's median listing price for 2023-04-01 was $520,000, a difference of $21,000 (4.2%) versus the prior year and $20,007 versus the prior month.

    Modesto's median listing price comes in at 121% of the national average.

    Modesto's average listing price for 2023-04-01 was $612,746, a difference of $-17,789 (-2.8%) versus the prior year and $1,725 versus the prior month.

    For the 2023-04-01 period, Modesto had 319 MLS listings, a difference of -44 listings (-12%) versus the prior month and -18 listings (-5%) 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 58 days 1,837 sqft
    2018-02-01 38 days 1,778 sqft
    2018-03-01 35 days 1,837 sqft
    2018-04-01 36 days 1,862 sqft
    2018-05-01 34 days 1,870 sqft
    2018-06-01 34 days 1,835 sqft
    2018-07-01 37 days 1,829 sqft
    2018-08-01 38 days 1,810 sqft
    2018-09-01 39 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 58 days 1,695 sqft
    2019-02-01 48 days 1,713 sqft
    2019-03-01 46 days 1,721 sqft
    2019-04-01 39 days 1,816 sqft
    2019-05-01 40 days 1,813 sqft
    2019-06-01 39 days 1,849 sqft
    2019-07-01 43 days 1,863 sqft
    2019-08-01 47 days 1,919 sqft
    2019-09-01 57 days 1,904 sqft
    2019-10-01 47 days 1,829 sqft
    2019-11-01 53 days 1,842 sqft
    2019-12-01 66 days 1,834 sqft
    2020-01-01 70 days 1,833 sqft
    2020-02-01 47 days 1,856 sqft
    2020-03-01 36 days 1,888 sqft
    2020-04-01 44 days 1,828 sqft
    2020-05-01 57 days 1,853 sqft
    2020-06-01 67 days 1,882 sqft
    2020-07-01 60 days 1,902 sqft
    2020-08-01 37 days 1,948 sqft
    2020-09-01 33 days 1,844 sqft
    2020-10-01 32 days 1,836 sqft
    2020-11-01 38 days 1,851 sqft
    2020-12-01 43 days 1,844 sqft
    2021-01-01 46 days 1,845 sqft
    2021-02-01 35 days 1,788 sqft
    2021-03-01 33 days 1,841 sqft
    2021-04-01 30 days 1,847 sqft
    2021-05-01 27 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 27 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 61 days 1,712 sqft
    2023-02-01 52 days 1,737 sqft
    2023-03-01 41 days 1,794 sqft
    2023-04-01 37 days 1,824 sqft
    Modesto's median listing age (time on market) for 2023-04-01 was 37 days. This is 48% longer than the same period one year ago.

    Modesto's median square footage for active listings during the 2023-04-01 period was 1,824 sqft. One year prior, the average listing was 1,718 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).