Redding FHA Loan Rates, Closing Costs & Stats

REDDING, 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.

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 6.49% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.75% and one month ago for the week of 2024-06-14, the average rate was 6.8%.

The average rate one year ago was 6.69%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.54%.

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
2024-04-01 $441,000 (-0.9%) $666,956 (7.2%) 1.03 383
2024-05-01 $467,450 (4.8%) $699,761 (16.2%) 1.06 465
2024-06-01 $459,950 (2.2%) $651,095 (-0.2%) 1.03 478
Redding's median listing price for 2024-06-01 was $459,950, a difference of $9,950 (2.2%) versus the prior year and $-7,500 versus the prior month.

Redding's median listing price comes in at 103% of the national average.

Redding's average listing price for 2024-06-01 was $651,095, a difference of $-1,488 (-0.2%) versus the prior year and $-48,666 versus the prior month.

For the 2024-06-01 period, Redding had 478 MLS listings, a difference of 13 listings (3%) versus the prior month and 43 listings (10%) 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
2024-04-01 32 days 1,802 sqft
2024-05-01 35 days 1,840 sqft
2024-06-01 45 days 1,830 sqft
Redding's median listing age (time on market) for 2024-06-01 was 45 days. This is 13% longer than the same period one year ago.

Redding's median square footage for active listings during the 2024-06-01 period was 1,830 sqft. One year prior, the average listing was 1,800 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).