Modesto FHA Loans

MODESTO, CA

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    • 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 6.17% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

    The average rate for the prior week (2022-09-16) was 5.87% and one month ago for the week of 2022-08-19, the average rate was 5.38%.

    The average rate one year ago was 3.23%.

    For refis of the same type during the week of 2022-09-23, the average rate was 5.61%.

    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 MORTGAGE 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 MORTGAGE ($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 MORTGAGE (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
    2022-05-01 $499,950 (11.1%) $641,234 (2.5%) 1.12 469
    2022-06-01 $497,000 (10.5%) $602,962 (-3.0%) 1.10 609
    2022-07-01 $480,000 (5.5%) $553,330 (-7.6%) 1.07 773
    2022-08-01 $474,500 (3.2%) $550,501 (-6.2%) 1.09 836
    Modesto's median listing price for 2022-08-01 was $474,500, a difference of $14,500 (3.2%) versus the prior year and $-5,500 versus the prior month.

    Modesto's median listing price comes in at 109% of the national average.

    Modesto's average listing price for 2022-08-01 was $550,501, a difference of $-36,491 (-6.2%) versus the prior year and $-2,829 versus the prior month.

    For the 2022-08-01 period, Modesto had 836 MLS listings, a difference of 63 listings (8%) versus the prior month and 336 listings (67%) 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
    2022-05-01 22 days 1,763 sqft
    2022-06-01 23 days 1,729 sqft
    2022-07-01 29 days 1,690 sqft
    2022-08-01 35 days 1,663 sqft
    Modesto's median listing age (time on market) for 2022-08-01 was 35 days. This is 28% longer than the same period one year ago.

    Modesto's median square footage for active listings during the 2022-08-01 period was 1,663 sqft. One year prior, the average listing was 1,788 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).