Oakland FHA Loan Rates, Closing Costs & Stats

OAKLAND-BERKELEY-LIVERMORE, 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.

    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).