Redding FHA Loan Rates, Closing Costs & Stats

REDDING, 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.

    Redding's 59 lenders originated 462 FHA loans during 2023. The total origination value was $135,290,000, with an average FHA loan value of $292,835.

    Redding FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Redding averaged 7.06% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Redding's average FHA mortgage closing costs are $9,565.

    The average rate for the prior week (2024-04-12) was 6.55% and one month ago for the week of 2024-03-15, the average rate was 6.72%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.01%.

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

    Redding 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 Redding level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 33 6.20% $11,973
    AMERICAN PACIFIC MORTGAGE CORPORATION 33 6.82% $14,948
    ON Q FINANCIAL, INC. 27 6.99% $13,632
    UNITED WHOLESALE MORTGAGE, LLC 23 6.11% $16,346
    PRIMELENDING, A PLAINSCAPITAL COMPANY 23 6.30% $14,036
    MEGASTAR FINANCIAL CORP. 18 6.70% $15,126
    ACADEMY MORTGAGE CORPORATION 17 6.15% $14,391
    SUMMIT FUNDING, INC. 15 6.42% $14,946
    DHI MORTGAGE COMPANY, LTD. 13 5.47% $10,962
    Paramount Residential Mortgage Group, Inc. 13 6.52% $15,336
    MOVEMENT MORTGAGE, LLC 11 6.78% $12,777
    Commerce Home Mortgage, Inc. 11 6.80% $14,297
    GUILD MORTGAGE COMPANY 10 6.58% $13,892
    CROSSCOUNTRY MORTGAGE, LLC 9 6.74% $13,271
    AmeriHome Mortgage Company, LLC 9 6.57% $14,154
    Cornerstone First Mortgage, Inc 7 6.59% $14,913
    MORTGAGEONE, INC. 7 7.00% $12,246
    LOANDEPOT.COM, LLC 6 6.37% $13,400
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.73% $11,243
    BROKER SOLUTIONS, INC. 6 6.75% $13,521
    INFINITY EQUITY GROUP, INC. 5 7.13% $13,873
    NEWREZ LLC 5 7.00% $16,478
    AXIA FINANCIAL, LLC 5 6.70% $11,139
    Sierra Pacific Mortgage Company, Inc. 5 6.45% $14,674
    PLANET HOME LENDING, LLC 5 5.40% $7,152
    PENNYMAC LOAN SERVICES, LLC 4 5.88% $16,869
    Equity Prime Mortgage LLC 3 7.92% $12,126
    AMERISAVE MORTGAGE CORPORATION 3 6.08% $16,941
    CALCON MUTUAL MORTGAGE LLC 3 6.29% $18,839
    FREEDOM MORTGAGE CORPORATION 2 7.25% $14,553
    PLAZA HOME MORTGAGE, INC. 2 7.00% $9,330
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.63% $9,937
    Flagstar Bank, FSB 2 6.75% $11,713
    LOANPAL, LLC 2 6.13% $11,639
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.56% $13,055
    AMERICAN FINANCIAL NETWORK, INC. 2 7.38% $13,258
    OCMBC, INC. 1 7.88% $14,027
    Century Mortgage Company DBA Century Lending Company 1 6.63% $11,287
    Carrington Mortgage Services, LLC 1 6.13% $10,355
    CARDINAL FINANCIAL 1 6.75% $6,190
    Banner Bank 1 6.25% $9,642
    Ameris Bank 1 7.25% $9,961
    Residential Mortgage Solutions, Inc. 1 6.75% $9,723
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $9,668
    The Loan Store, Inc. 1 6.25% $13,248
    TRAVIS CREDIT UNION 1 6.50% $9,275
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $11,490
    U.S. Bank 1 6.63% $9,261
    GUARANTEED RATE, INC. 1 5.58% $10,244
    VERITAS FUNDING, LLC 1 6.38% $15,837
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $9,152
    JPMorgan Chase Bank 1 6.99% $8,938
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $7,050
    Franklin Loan Corporation 1 5.88% $14,440
    MID AMERICA MORTGAGE, INC. 1 6.88% $7,353
    MLD MORTGAGE INC. 1 6.38% $16,560
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $19,741
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $11,848
    CHURCHILL MORTGAGE CORPORATION 1 7.00% $7,999

    The top Redding FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 33 FHA loans originated. Their average total fees are $11,973, which is $2,976 lower than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

    The lowest fee Redding FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($10,962), QUICKEN LOANS, LLC ($11,973), MOVEMENT MORTGAGE, LLC ($12,777), ON Q FINANCIAL, INC. ($13,632) and GUILD MORTGAGE COMPANY ($13,892).

    The lowest rate Redding FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.47%), UNITED WHOLESALE MORTGAGE, LLC (6.11%), ACADEMY MORTGAGE CORPORATION (6.15%), QUICKEN LOANS, LLC (6.20%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (6.30%).

    Redding FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    REDDING, CA SHASTA 2022 $420,680 $538,650 $651,050 $809,150
    REDDING, CA SHASTA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Redding (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 $321,500 (8.6%) $403,848 (2.8%) 1.19 601
    2018-02-01 $329,225 (9.8%) $401,777 (0.8%) 1.20 625
    2018-03-01 $329,900 (3.0%) $408,033 (0.2%) 1.16 670
    2018-04-01 $329,000 (-0.3%) $402,410 (-4.4%) 1.12 724
    2018-05-01 $329,975 (3.5%) $413,520 (5.1%) 1.10 786
    2018-06-01 $327,500 (3.2%) $405,212 (4.1%) 1.09 844
    2018-07-01 $317,000 (1.2%) $382,582 (-0.2%) 1.06 871
    2018-08-01 $312,425 (1.1%) $383,511 (-0.3%) 1.05 764
    2018-09-01 $324,650 (1.8%) $395,132 (0.5%) 1.09 763
    2018-10-01 $325,125 (1.8%) $400,445 (2.8%) 1.10 775
    2018-11-01 $332,200 (4.8%) $416,371 (5.5%) 1.13 743
    2018-12-01 $329,450 (3.5%) $421,437 (5.0%) 1.14 713
    2019-01-01 $333,350 (3.7%) $430,589 (6.6%) 1.15 662
    2019-02-01 $327,000 (-0.7%) $430,424 (7.1%) 1.10 659
    2019-03-01 $324,943 (-1.5%) $431,372 (5.7%) 1.06 650
    2019-04-01 $327,450 (-0.5%) $436,114 (8.4%) 1.04 641
    2019-05-01 $339,950 (3.0%) $435,776 (5.4%) 1.06 724
    2019-06-01 $339,900 (3.8%) $434,063 (7.1%) 1.06 803
    2019-07-01 $333,575 (5.2%) $422,672 (10.5%) 1.04 793
    2019-08-01 $331,636 (6.2%) $424,062 (10.6%) 1.05 780
    2019-09-01 $330,716 (1.9%) $426,752 (8.0%) 1.06 781
    2019-10-01 $332,852 (2.4%) $428,546 (7.0%) 1.07 774
    2019-11-01 $339,000 (2.1%) $440,275 (5.7%) 1.11 708
    2019-12-01 $336,950 (2.3%) $445,673 (5.8%) 1.12 614
    2020-01-01 $347,850 (4.4%) $457,451 (6.2%) 1.16 558
    2020-02-01 $342,450 (4.7%) $458,946 (6.6%) 1.12 541
    2020-03-01 $357,225 (9.9%) $466,025 (8.0%) 1.12 558
    2020-04-01 $362,900 (10.8%) $466,691 (7.0%) 1.14 597
    2020-05-01 $379,900 (11.8%) $470,186 (7.9%) 1.15 592
    2020-06-01 $394,450 (16.1%) $486,358 (12.1%) 1.16 556
    2020-07-01 $400,575 (20.1%) $510,485 (20.8%) 1.16 467
    2020-08-01 $399,000 (20.3%) $558,104 (31.6%) 1.14 415
    2020-09-01 $398,450 (20.5%) $586,929 (37.5%) 1.14 415
    2020-10-01 $398,750 (19.8%) $565,627 (32.0%) 1.14 457
    2020-11-01 $399,000 (17.7%) $573,846 (30.3%) 1.17 451
    2020-12-01 $414,500 (23.0%) $589,681 (32.3%) 1.23 387
    2021-01-01 $427,000 (22.8%) $614,662 (34.4%) 1.27 316
    2021-02-01 $431,000 (25.9%) $630,215 (37.3%) 1.25 293
    2021-03-01 $426,500 (19.4%) $618,482 (32.7%) 1.21 301
    2021-04-01 $427,475 (17.8%) $649,269 (39.1%) 1.16 279
    2021-05-01 $449,900 (18.4%) $714,972 (52.1%) 1.20 309
    2021-06-01 $456,225 (15.7%) $700,595 (44.1%) 1.20 347
    2021-07-01 $425,000 (6.1%) $651,532 (27.6%) 1.12 394
    2021-08-01 $432,000 (8.3%) $634,507 (13.7%) 1.15 427
    2021-09-01 $439,450 (10.3%) $639,153 (8.9%) 1.17 438
    2021-10-01 $442,750 (11.0%) $604,308 (6.8%) 1.18 442
    2021-11-01 $438,500 (9.9%) $603,113 (5.1%) 1.17 431
    2021-12-01 $438,500 (5.8%) $598,196 (1.4%) 1.19 376
    2022-01-01 $459,900 (7.7%) $618,810 (0.7%) 1.24 310
    2022-02-01 $479,950 (11.4%) $643,092 (2.0%) 1.25 307
    2022-03-01 $489,000 (14.7%) $675,283 (9.2%) 1.22 338
    2022-04-01 $475,000 (11.1%) $686,254 (5.7%) 1.13 374
    2022-05-01 $472,200 (5.0%) $647,622 (-9.4%) 1.08 411
    2022-06-01 $472,000 (3.5%) $631,175 (-9.9%) 1.05 450
    2022-07-01 $430,000 (1.2%) $593,154 (-9.0%) 0.97 524
    2022-08-01 $439,000 (1.6%) $605,928 (-4.5%) 1.01 533
    2022-09-01 $439,125 (-0.1%) $611,198 (-4.4%) 1.03 539
    2022-10-01 $424,900 (-4.0%) $587,739 (-2.7%) 1.00 538
    2022-11-01 $413,200 (-5.8%) $586,823 (-2.7%) 0.99 513
    2022-12-01 $418,000 (-4.7%) $595,172 (-0.5%) 1.03 434
    2023-01-01 $409,200 (-11.0%) $592,585 (-4.2%) 1.01 395
    2023-02-01 $425,000 (-11.5%) $605,604 (-5.8%) 1.03 368
    2023-03-01 $439,825 (-10.1%) $615,764 (-8.8%) 1.04 352
    2023-04-01 $445,000 (-6.3%) $622,366 (-9.3%) 1.03 350
    2023-05-01 $446,248 (-5.5%) $602,037 (-7.0%) 1.01 401
    2023-06-01 $450,000 (-4.7%) $652,583 (3.4%) 1.01 435
    2023-07-01 $455,000 (5.8%) $622,625 (5.0%) 1.03 484
    2023-08-01 $457,150 (4.1%) $649,948 (7.3%) 1.05 511
    2023-09-01 $448,800 (2.2%) $642,268 (5.1%) 1.04 508
    2023-10-01 $431,498 (1.6%) $632,177 (7.6%) 1.02 491
    2023-11-01 $429,900 (4.0%) $634,743 (8.2%) 1.02 462
    2023-12-01 $437,738 (4.7%) $648,623 (9.0%) 1.07 414
    2024-01-01 $432,200 (5.6%) $666,679 (12.5%) 1.06 365
    2024-02-01 $439,000 (3.3%) $681,131 (12.5%) 1.06 346
    2024-03-01 $449,000 (2.1%) $694,589 (12.8%) 1.06 344
    Redding's median listing price for 2024-03-01 was $449,000, a difference of $9,175 (2.1%) versus the prior year and $10,000 versus the prior month.

    Redding's median listing price comes in at 106% of the national average.

    Redding's average listing price for 2024-03-01 was $694,589, a difference of $78,825 (12.8%) versus the prior year and $13,458 versus the prior month.

    For the 2024-03-01 period, Redding had 344 MLS listings, a difference of -2 listings (-1%) versus the prior month and -8 listings (-2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Redding (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 81 days 1,801 sqft
    2018-02-01 63 days 1,802 sqft
    2018-03-01 52 days 1,827 sqft
    2018-04-01 53 days 1,814 sqft
    2018-05-01 47 days 1,830 sqft
    2018-06-01 51 days 1,818 sqft
    2018-07-01 58 days 1,774 sqft
    2018-08-01 61 days 1,754 sqft
    2018-09-01 60 days 1,785 sqft
    2018-10-01 61 days 1,809 sqft
    2018-11-01 62 days 1,830 sqft
    2018-12-01 72 days 1,827 sqft
    2019-01-01 76 days 1,836 sqft
    2019-02-01 72 days 1,841 sqft
    2019-03-01 61 days 1,827 sqft
    2019-04-01 44 days 1,819 sqft
    2019-05-01 39 days 1,844 sqft
    2019-06-01 45 days 1,810 sqft
    2019-07-01 56 days 1,782 sqft
    2019-08-01 59 days 1,792 sqft
    2019-09-01 59 days 1,805 sqft
    2019-10-01 62 days 1,828 sqft
    2019-11-01 65 days 1,840 sqft
    2019-12-01 79 days 1,819 sqft
    2020-01-01 84 days 1,832 sqft
    2020-02-01 60 days 1,819 sqft
    2020-03-01 46 days 1,882 sqft
    2020-04-01 49 days 1,895 sqft
    2020-05-01 49 days 1,924 sqft
    2020-06-01 52 days 1,978 sqft
    2020-07-01 61 days 1,978 sqft
    2020-08-01 52 days 1,908 sqft
    2020-09-01 38 days 1,904 sqft
    2020-10-01 40 days 1,899 sqft
    2020-11-01 46 days 1,897 sqft
    2020-12-01 61 days 1,919 sqft
    2021-01-01 70 days 1,940 sqft
    2021-02-01 33 days 1,901 sqft
    2021-03-01 30 days 1,901 sqft
    2021-04-01 25 days 1,862 sqft
    2021-05-01 21 days 1,906 sqft
    2021-06-01 28 days 1,952 sqft
    2021-07-01 29 days 1,868 sqft
    2021-08-01 36 days 1,865 sqft
    2021-09-01 42 days 1,883 sqft
    2021-10-01 39 days 1,888 sqft
    2021-11-01 41 days 1,854 sqft
    2021-12-01 48 days 1,841 sqft
    2022-01-01 58 days 1,830 sqft
    2022-02-01 36 days 1,839 sqft
    2022-03-01 28 days 1,861 sqft
    2022-04-01 29 days 1,845 sqft
    2022-05-01 35 days 1,828 sqft
    2022-06-01 35 days 1,820 sqft
    2022-07-01 37 days 1,747 sqft
    2022-08-01 50 days 1,761 sqft
    2022-09-01 50 days 1,774 sqft
    2022-10-01 52 days 1,736 sqft
    2022-11-01 63 days 1,736 sqft
    2022-12-01 72 days 1,736 sqft
    2023-01-01 81 days 1,736 sqft
    2023-02-01 71 days 1,736 sqft
    2023-03-01 60 days 1,779 sqft
    2023-04-01 43 days 1,799 sqft
    2023-05-01 36 days 1,753 sqft
    2023-06-01 40 days 1,800 sqft
    2023-07-01 43 days 1,824 sqft
    2023-08-01 50 days 1,856 sqft
    2023-09-01 51 days 1,800 sqft
    2023-10-01 57 days 1,775 sqft
    2023-11-01 65 days 1,780 sqft
    2023-12-01 74 days 1,799 sqft
    2024-01-01 71 days 1,790 sqft
    2024-02-01 54 days 1,781 sqft
    2024-03-01 46 days 1,828 sqft
    Redding's median listing age (time on market) for 2024-03-01 was 46 days. This is -24% shorter than the same period one year ago.

    Redding's median square footage for active listings during the 2024-03-01 period was 1,828 sqft. One year prior, the average listing was 1,779 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).