Oakland FHA Loan Rates, Closing Costs & Stats

OAKLAND-BERKELEY-LIVERMORE, 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.

Oakland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Oakland averaged 0% for the week of 2023-03-31, compared to the national average (all FHA variants) of 6.346% for the same period.

Oakland's average FHA mortgage closing costs are $0.

The average rate for the prior week (2023-03-24) was 0% and one month ago for the week of 2023-02-24, the average rate was 0%.

The average rate one year ago was 0%.

For refis of the same type during the week of 2023-03-31, the average rate was 0%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Oakland 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 Oakland level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs

The lowest fee Oakland FHA lenders (with over 10 loans originated) are .

The lowest rate Oakland FHA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Oakland (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 $843,722 (6.9%) $1,502,824 (14.4%) 3.13 2,294
2018-02-01 $898,500 (6.4%) $1,547,349 (12.0%) 3.26 2,716
2018-03-01 $949,000 (6.2%) $1,582,709 (10.9%) 3.33 3,122
2018-04-01 $986,856 (9.8%) $1,610,195 (8.1%) 3.35 3,620
2018-05-01 $996,500 (10.7%) $1,616,330 (8.3%) 3.33 4,074
2018-06-01 $988,000 (9.5%) $1,574,951 (5.9%) 3.29 4,494
2018-07-01 $927,500 (6.0%) $1,481,163 (3.7%) 3.09 4,809
2018-08-01 $889,000 (4.7%) $1,383,831 (-0.7%) 2.98 4,925
2018-09-01 $899,000 (2.8%) $1,401,721 (-4.4%) 3.02 5,961
2018-10-01 $899,000 (0.0%) $1,409,946 (-8.0%) 3.04 6,158
2018-11-01 $889,750 (-1.0%) $1,428,592 (-8.0%) 3.02 5,844
2018-12-01 $849,950 (-3.3%) $1,339,459 (-16.3%) 2.93 4,174
2019-01-01 $831,417 (-1.5%) $1,301,294 (-13.4%) 2.87 3,563
2019-02-01 $887,000 (-1.3%) $1,416,706 (-8.4%) 2.99 4,084
2019-03-01 $916,429 (-3.4%) $1,481,263 (-6.4%) 3.00 4,499
2019-04-01 $947,444 (-4.0%) $1,548,783 (-3.8%) 3.01 4,898
2019-05-01 $968,500 (-2.8%) $1,494,490 (-7.5%) 3.03 5,465
2019-06-01 $959,950 (-2.8%) $1,484,044 (-5.8%) 3.00 5,927
2019-07-01 $927,000 (-0.1%) $1,529,948 (3.3%) 2.90 5,830
2019-08-01 $919,182 (3.4%) $1,548,979 (11.9%) 2.90 5,902
2019-09-01 $935,955 (4.1%) $1,536,080 (9.6%) 2.99 6,015
2019-10-01 $949,500 (5.6%) $1,533,683 (8.8%) 3.06 6,075
2019-11-01 $949,000 (6.7%) $1,609,486 (12.7%) 3.11 4,960
2019-12-01 $899,000 (5.8%) $1,686,261 (25.9%) 3.00 2,990
2020-01-01 $893,500 (7.5%) $1,699,296 (30.6%) 2.98 2,563
2020-02-01 $997,000 (12.4%) $1,747,168 (23.3%) 3.25 3,088
2020-03-01 $998,944 (9.0%) $1,709,840 (15.4%) 3.13 3,526
2020-04-01 $958,219 (1.1%) $1,534,690 (-0.9%) 3.00 3,419
2020-05-01 $999,888 (3.2%) $1,610,995 (7.8%) 3.04 4,583
2020-06-01 $1,078,750 (12.4%) $1,662,007 (12.0%) 3.17 4,952
2020-07-01 $1,091,500 (17.8%) $1,679,555 (9.8%) 3.16 5,062
2020-08-01 $1,050,000 (14.2%) $1,673,332 (8.0%) 3.01 5,205
2020-09-01 $1,052,254 (12.4%) $1,676,293 (9.1%) 3.01 5,405
2020-10-01 $1,070,000 (12.7%) $1,673,373 (9.1%) 3.07 5,810
2020-11-01 $1,049,000 (10.5%) $1,662,686 (3.3%) 3.06 5,172
2020-12-01 $998,250 (11.0%) $1,709,727 (1.4%) 2.96 3,718
2021-01-01 $989,000 (10.7%) $1,747,263 (2.8%) 2.95 3,040
2021-02-01 $999,498 (0.3%) $1,772,590 (1.5%) 2.90 3,232
2021-03-01 $1,014,498 (1.6%) $1,858,285 (8.7%) 2.88 3,374
2021-04-01 $1,049,500 (9.5%) $1,865,405 (21.6%) 2.84 3,460
2021-05-01 $1,079,925 (8.0%) $1,871,223 (16.2%) 2.85 3,498
2021-06-01 $1,062,750 (-1.5%) $1,795,584 (8.0%) 2.80 3,903
2021-07-01 $999,000 (-8.5%) $1,685,355 (0.4%) 2.63 4,248
2021-08-01 $995,000 (-5.2%) $1,642,094 (-1.9%) 2.64 4,270
2021-09-01 $993,500 (-5.6%) $1,695,927 (1.2%) 2.65 4,607
2021-10-01 $996,500 (-6.9%) $1,757,446 (5.0%) 2.66 4,573
2021-11-01 $983,750 (-6.2%) $1,869,760 (12.5%) 2.62 3,551
2021-12-01 $949,000 (-4.9%) $1,844,451 (7.9%) 2.57 2,331
2022-01-01 $949,000 (-4.0%) $1,743,484 (-0.2%) 2.56 2,034
2022-02-01 $992,000 (-0.8%) $1,754,739 (-1.0%) 2.58 2,482
2022-03-01 $1,047,500 (3.3%) $1,732,477 (-6.8%) 2.62 3,008
2022-04-01 $1,098,000 (4.6%) $1,752,732 (-6.0%) 2.61 3,395
2022-05-01 $1,124,000 (4.1%) $1,731,909 (-7.5%) 2.57 4,616
2022-06-01 $1,144,500 (7.7%) $1,717,936 (-4.3%) 2.55 5,680
2022-07-01 $1,098,000 (9.9%) $1,627,106 (-3.5%) 2.47 6,245
2022-08-01 $1,043,000 (4.8%) $1,568,280 (-4.5%) 2.40 5,969
2022-09-01 $1,089,444 (9.7%) $1,647,284 (-2.9%) 2.54 5,923
2022-10-01 $1,090,000 (9.4%) $1,692,939 (-3.7%) 2.56 6,027
2022-11-01 $1,037,000 (5.4%) $1,690,579 (-9.6%) 2.49 5,369
2022-12-01 $993,210 (4.7%) $1,666,894 (-9.6%) 2.45 3,656
2023-01-01 $978,500 (3.1%) $1,644,241 (-5.7%) 2.41 2,987
2023-02-01 $1,008,750 (1.7%) $1,759,086 (0.3%) 2.43 3,089
2023-03-01 $1,080,000 (3.1%) $1,802,730 (4.1%) 2.54 3,163
Oakland's median listing price for 2023-03-01 was $1,080,000, a difference of $32,500 (3.1%) versus the prior year and $71,250 versus the prior month.

Oakland's median listing price comes in at 254% of the national average.

Oakland's average listing price for 2023-03-01 was $1,802,730, a difference of $70,253 (4.1%) versus the prior year and $43,644 versus the prior month.

For the 2023-03-01 period, Oakland had 3,163 MLS listings, a difference of 74 listings (2%) versus the prior month and 155 listings (5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Oakland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 31 days 1,719 sqft
2018-02-01 19 days 1,741 sqft
2018-03-01 21 days 1,763 sqft
2018-04-01 23 days 1,798 sqft
2018-05-01 21 days 1,811 sqft
2018-06-01 24 days 1,785 sqft
2018-07-01 29 days 1,743 sqft
2018-08-01 30 days 1,714 sqft
2018-09-01 27 days 1,696 sqft
2018-10-01 31 days 1,694 sqft
2018-11-01 37 days 1,664 sqft
2018-12-01 50 days 1,620 sqft
2019-01-01 49 days 1,605 sqft
2019-02-01 26 days 1,642 sqft
2019-03-01 28 days 1,710 sqft
2019-04-01 26 days 1,778 sqft
2019-05-01 26 days 1,821 sqft
2019-06-01 32 days 1,795 sqft
2019-07-01 36 days 1,763 sqft
2019-08-01 36 days 1,745 sqft
2019-09-01 36 days 1,723 sqft
2019-10-01 37 days 1,705 sqft
2019-11-01 50 days 1,698 sqft
2019-12-01 68 days 1,708 sqft
2020-01-01 54 days 1,682 sqft
2020-02-01 23 days 1,720 sqft
2020-03-01 25 days 1,754 sqft
2020-04-01 39 days 1,756 sqft
2020-05-01 32 days 1,760 sqft
2020-06-01 32 days 1,713 sqft
2020-07-01 33 days 1,635 sqft
2020-08-01 36 days 1,586 sqft
2020-09-01 36 days 1,549 sqft
2020-10-01 35 days 1,541 sqft
2020-11-01 45 days 1,519 sqft
2020-12-01 57 days 1,489 sqft
2021-01-01 51 days 1,462 sqft
2021-02-01 28 days 1,482 sqft
2021-03-01 29 days 1,524 sqft
2021-04-01 30 days 1,550 sqft
2021-05-01 28 days 1,573 sqft
2021-06-01 28 days 1,555 sqft
2021-07-01 27 days 1,548 sqft
2021-08-01 29 days 1,546 sqft
2021-09-01 29 days 1,534 sqft
2021-10-01 30 days 1,515 sqft
2021-11-01 39 days 1,497 sqft
2021-12-01 48 days 1,452 sqft
2022-01-01 38 days 1,419 sqft
2022-02-01 19 days 1,453 sqft
2022-03-01 22 days 1,507 sqft
2022-04-01 23 days 1,536 sqft
2022-05-01 23 days 1,572 sqft
2022-06-01 25 days 1,600 sqft
2022-07-01 31 days 1,582 sqft
2022-08-01 36 days 1,570 sqft
2022-09-01 38 days 1,594 sqft
2022-10-01 38 days 1,606 sqft
2022-11-01 46 days 1,592 sqft
2022-12-01 62 days 1,560 sqft
2023-01-01 64 days 1,552 sqft
2023-02-01 33 days 1,557 sqft
2023-03-01 34 days 1,572 sqft
Oakland's median listing age (time on market) for 2023-03-01 was 34 days. This is 55% longer than the same period one year ago.

Oakland's median square footage for active listings during the 2023-03-01 period was 1,572 sqft. One year prior, the average listing was 1,507 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).