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 86 lenders originated 1,036 FHA loans during 2021. The total origination value was $261,230,000, with an average FHA loan value of $252,153.

Redding FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Redding averaged 6.24% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Redding's average FHA mortgage closing costs are $8,654.

The average rate for the prior week (2022-11-25) was 6.36% and one month ago for the week of 2022-10-28, the average rate was 6.9%.

The average rate one year ago was 3.43%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.2%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Commerce Home Mortgage, Inc. 139 3.10% $10,574
AMERICAN PACIFIC MORTGAGE CORPORATION 86 3.11% $10,095
QUICKEN LOANS, LLC 52 2.72% $6,778
SUMMIT FUNDING, INC. 42 3.32% $10,776
PRIMELENDING, A PLAINSCAPITAL COMPANY 40 3.16% $12,436
MEGASTAR FINANCIAL CORP. 36 2.94% $11,515
NEWREZ LLC 34 2.95% $8,021
CELEBRITY HOME LOANS, LLC 33 3.23% $9,851
PENNYMAC LOAN SERVICES, LLC 30 3.07% $5,152
FREEDOM MORTGAGE CORPORATION 29 2.68% $5,104
Mr. Cooper ( Nationstar Mortgage ) 26 3.13% $5,859
Flagstar Bank, FSB 26 2.99% $10,273
GUILD MORTGAGE COMPANY 25 3.50% $11,685
LAKEVIEW LOAN SERVICING, LLC 22 3.02% $4,942
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 3.18% $10,314
MOVEMENT MORTGAGE, LLC 14 3.30% $10,405
UNITED WHOLESALE MORTGAGE, LLC 14 2.61% $8,705
HOME POINT FINANCIAL CORPORATION 13 2.86% $8,418
VILLAGE CAPITAL MORTGAGE 13 2.69% $3,208
CALIBER HOME LOANS, INC. 12 2.89% $8,667
MID AMERICA MORTGAGE, INC. 12 2.89% $5,002
Paramount Residential Mortgage Group, Inc. 12 2.95% $8,392
Amerifirst Financial, Inc. 11 3.09% $7,634
AMERISAVE MORTGAGE CORPORATION 8 2.97% $8,837
LOANDEPOT.COM, LLC 7 3.02% $10,480
Carrington Mortgage Services, LLC 7 3.32% $8,732
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.75% $5,178
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.10% $8,902
CROSSCOUNTRY MORTGAGE, LLC 6 3.21% $13,307
BROKER SOLUTIONS, INC. 5 3.05% $8,127
Sierra Pacific Mortgage Company, Inc. 5 2.75% $8,098
PLANET HOME LENDING, LLC 5 2.75% $7,275
AXIA FINANCIAL, LLC 5 3.23% $11,650
STEARNS LENDING, LLC 5 2.72% $8,798
SOVEREIGN LENDING GROUP INCORPORATED 4 2.69% $9,170
Nations Lending Corporation 4 3.28% $11,373
AMERICAN FINANCIAL NETWORK, INC. 4 3.13% $14,754
MORIA DEVELOPMENT, INC. 3 3.88% $9,597
FINANCE OF AMERICA MORTGAGE LLC 3 3.00% $8,744
First Guaranty Mortgage Corporation 3 2.92% $4,520
Lakeview Community Capital, LLC 3 2.75% $5,115
AmeriHome Mortgage Company, LLC 3 2.91% $4,517
AMERICAN FINANCIAL RESOURCES, INC. 3 2.67% $9,454
PLAZA HOME MORTGAGE, INC. 2 2.75% $12,649
CHURCHILL MORTGAGE CORPORATION 2 3.56% $7,628
CLEARPATH LENDING 2 2.69% $7,649
Equity Prime Mortgage LLC 2 3.00% $9,012
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 3.25% $9,277
LENDUS, LLC 2 2.69% $10,004
Mortgage Research Center, LLC 2 3.06% $7,666
The Federal Savings Bank 2 2.81% $15,221
U.S. Bank 2 3.31% $6,495
AMCAP MORTGAGE, LTD. 1 2.50% $7,010
MOUNTAIN WEST FINANCIAL, INC. 1 4.25% $13,482
JPMorgan Chase Bank 1 3.25% $9,390
InterContinental Capital Group, Inc 1 2.25% $6,693
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $8,571
Hometown Lenders, Inc. 1 2.63% $8,079
GUARANTEED RATE, INC. 1 3.00% $10,169
OCEANSIDE MORTGAGE COMPANY 1 2.75% $4,160
OPEN MORTGAGE, LLC 1 2.38% $9,169
Paramount Bank 1 2.38% $9,646
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 3.13% $7,194
ENVOY MORTGAGE, LTD 1 3.63% $12,195
EMBRACE HOME LOANS, INC. 1 2.38% $9,530
ACADEMY MORTGAGE CORPORATION 1 2.88% $11,009
PREMIER LENDING, INC. 1 3.25% $7,587
DIGNIFIED HOME LOANS, LLC 1 2.63% $9,901
Chickasaw Community Bank 1 2.50% $7,655
RESIDENTIAL BANCORP. 1 2.75% $10,761
Residential Mortgage Solutions, Inc. 1 2.75% $6,751
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 2.63% $9,466
SCENIC OAKS FUNDING, INC. 1 2.63% $9,767
BEST CAPITAL FUNDING 1 3.50% $9,475
BAY EQUITY LLC 1 2.99% $8,860
Bank of England 1 3.00% $9,167
Bank of America 1 3.38% $6,765
SUN WEST MORTGAGE COMPANY, INC. 1 3.24% $10,359
VISION ONE MORTGAGE, INC. 1 3.25% $7,785
THE GOLDEN 1 1 3.00% $8,986
TOP FLITE FINANCIAL, INC. 1 3.50% $10,810
AMERICAN FINANCING CORPORATION 1 3.00% $4,422
WESTERN EXPRESS LENDING 1 2.25% $6,738
MEGA CAPITAL FUNDING, INC. 1 2.63% $8,578
LOANPAL, LLC 1 2.75% $9,120
LADERA LENDING, INC. 1 2.88% $7,944

The top Redding FHA lender as defined by loan originations is Commerce Home Mortgage, Inc., with 139 FHA loans originated. Their average total fees are $10,574, which is $479 higher than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

The lowest fee Redding FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,208), LAKEVIEW LOAN SERVICING, LLC ($4,942), MID AMERICA MORTGAGE, INC. ($5,002), FREEDOM MORTGAGE CORPORATION ($5,104) and PENNYMAC LOAN SERVICES, LLC ($5,152).

The lowest rate Redding FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.61%), FREEDOM MORTGAGE CORPORATION (2.68%), VILLAGE CAPITAL MORTGAGE (2.69%), QUICKEN LOANS, LLC (2.72%) and HOME POINT FINANCIAL CORPORATION (2.86%).

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

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 $323,038 (8.2%) $405,505 (3.1%) 1.20 604
2018-02-01 $329,800 (9.5%) $403,334 (0.9%) 1.20 628
2018-03-01 $329,950 (2.6%) $408,723 (0.1%) 1.16 674
2018-04-01 $329,250 (-1.7%) $403,089 (-4.5%) 1.12 727
2018-05-01 $333,250 (4.2%) $414,391 (5.0%) 1.11 791
2018-06-01 $328,400 (3.0%) $406,113 (4.1%) 1.10 846
2018-07-01 $318,900 (1.4%) $383,518 (-0.3%) 1.06 873
2018-08-01 $312,450 (0.2%) $384,275 (-0.4%) 1.05 766
2018-09-01 $324,900 (1.9%) $395,820 (0.4%) 1.09 766
2018-10-01 $327,000 (2.3%) $401,544 (2.7%) 1.10 777
2018-11-01 $332,450 (4.6%) $416,840 (5.4%) 1.13 742
2018-12-01 $329,900 (3.4%) $421,940 (4.9%) 1.14 713
2019-01-01 $334,825 (3.7%) $431,118 (6.3%) 1.16 662
2019-02-01 $327,000 (-0.9%) $430,949 (6.9%) 1.10 659
2019-03-01 $324,943 (-1.5%) $431,552 (5.6%) 1.06 651
2019-04-01 $327,350 (-0.6%) $435,892 (8.1%) 1.04 643
2019-05-01 $339,950 (2.0%) $435,488 (5.1%) 1.06 728
2019-06-01 $339,950 (3.5%) $433,803 (6.8%) 1.06 805
2019-07-01 $333,700 (4.6%) $422,443 (10.2%) 1.04 795
2019-08-01 $331,818 (6.2%) $423,882 (10.3%) 1.05 782
2019-09-01 $330,795 (1.8%) $426,651 (7.8%) 1.06 782
2019-10-01 $333,064 (1.9%) $428,497 (6.7%) 1.07 775
2019-11-01 $339,000 (2.0%) $439,958 (5.6%) 1.11 710
2019-12-01 $336,950 (2.1%) $445,282 (5.5%) 1.12 616
2020-01-01 $347,850 (3.9%) $456,983 (6.0%) 1.16 560
2020-02-01 $342,450 (4.7%) $458,468 (6.4%) 1.12 543
2020-03-01 $357,950 (10.2%) $465,690 (7.9%) 1.12 560
2020-04-01 $365,375 (11.6%) $466,540 (7.0%) 1.14 599
2020-05-01 $385,000 (13.3%) $470,029 (7.9%) 1.17 594
2020-06-01 $397,000 (16.8%) $486,139 (12.1%) 1.17 558
2020-07-01 $399,950 (19.9%) $510,143 (20.8%) 1.16 469
2020-08-01 $399,000 (20.3%) $557,782 (31.6%) 1.14 416
2020-09-01 $398,000 (20.3%) $586,528 (37.5%) 1.14 417
2020-10-01 $398,750 (19.7%) $564,992 (31.9%) 1.14 459
2020-11-01 $399,000 (17.7%) $577,863 (31.3%) 1.17 454
2020-12-01 $414,225 (22.9%) $593,938 (33.4%) 1.23 390
2021-01-01 $429,000 (23.3%) $619,754 (35.6%) 1.28 319
2021-02-01 $431,000 (25.9%) $636,852 (38.9%) 1.25 296
2021-03-01 $427,750 (19.5%) $625,232 (34.3%) 1.21 304
2021-04-01 $427,700 (17.1%) $656,085 (40.6%) 1.16 281
2021-05-01 $449,900 (16.9%) $714,561 (52.0%) 1.19 311
2021-06-01 $456,225 (14.9%) $700,284 (44.1%) 1.20 348
2021-07-01 $425,000 (6.3%) $651,471 (27.7%) 1.12 396
2021-08-01 $430,650 (7.9%) $634,018 (13.7%) 1.15 428
2021-09-01 $439,450 (10.4%) $639,235 (9.0%) 1.17 439
2021-10-01 $442,750 (11.0%) $606,159 (7.3%) 1.18 444
2021-11-01 $437,500 (9.7%) $602,691 (4.3%) 1.17 435
2021-12-01 $436,500 (5.4%) $597,761 (0.6%) 1.18 380
2022-01-01 $459,900 (7.2%) $618,046 (-0.3%) 1.24 314
2022-02-01 $475,725 (10.4%) $641,660 (0.8%) 1.24 311
2022-03-01 $487,500 (14.0%) $673,156 (7.7%) 1.22 343
2022-04-01 $474,700 (11.0%) $683,362 (4.2%) 1.13 380
2022-05-01 $469,125 (4.3%) $645,348 (-9.7%) 1.07 417
2022-06-01 $471,750 (3.4%) $628,655 (-10.2%) 1.05 455
2022-07-01 $430,000 (1.2%) $592,476 (-9.1%) 0.97 528
2022-08-01 $439,000 (1.9%) $605,141 (-4.6%) 1.01 537
2022-09-01 $438,225 (-0.3%) $610,443 (-4.5%) 1.03 543
2022-10-01 $424,900 (-4.0%) $587,545 (-3.1%) 1.00 542
2022-11-01 $413,200 (-5.6%) $585,495 (-2.9%) 0.99 516
Redding's median listing price for 2022-11-01 was $413,200, a difference of $-24,300 (-5.6%) versus the prior year and $-11,700 versus the prior month.

Redding's median listing price comes in at 99% of the national average.

Redding's average listing price for 2022-11-01 was $585,495, a difference of $-17,196 (-2.9%) versus the prior year and $-2,050 versus the prior month.

For the 2022-11-01 period, Redding had 516 MLS listings, a difference of -26 listings (-5%) versus the prior month and 81 listings (19%) 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 85 days 1,802 sqft
2018-02-01 68 days 1,803 sqft
2018-03-01 55 days 1,828 sqft
2018-04-01 56 days 1,814 sqft
2018-05-01 49 days 1,834 sqft
2018-06-01 52 days 1,822 sqft
2018-07-01 61 days 1,777 sqft
2018-08-01 65 days 1,756 sqft
2018-09-01 64 days 1,792 sqft
2018-10-01 65 days 1,811 sqft
2018-11-01 66 days 1,831 sqft
2018-12-01 74 days 1,828 sqft
2019-01-01 81 days 1,838 sqft
2019-02-01 77 days 1,843 sqft
2019-03-01 67 days 1,828 sqft
2019-04-01 48 days 1,820 sqft
2019-05-01 42 days 1,848 sqft
2019-06-01 47 days 1,812 sqft
2019-07-01 58 days 1,783 sqft
2019-08-01 62 days 1,794 sqft
2019-09-01 62 days 1,808 sqft
2019-10-01 65 days 1,830 sqft
2019-11-01 69 days 1,840 sqft
2019-12-01 84 days 1,819 sqft
2020-01-01 87 days 1,832 sqft
2020-02-01 64 days 1,822 sqft
2020-03-01 48 days 1,883 sqft
2020-04-01 51 days 1,898 sqft
2020-05-01 52 days 1,931 sqft
2020-06-01 53 days 1,980 sqft
2020-07-01 64 days 1,978 sqft
2020-08-01 57 days 1,908 sqft
2020-09-01 40 days 1,904 sqft
2020-10-01 42 days 1,898 sqft
2020-11-01 47 days 1,894 sqft
2020-12-01 63 days 1,908 sqft
2021-01-01 73 days 1,927 sqft
2021-02-01 42 days 1,901 sqft
2021-03-01 32 days 1,901 sqft
2021-04-01 29 days 1,862 sqft
2021-05-01 22 days 1,919 sqft
2021-06-01 30 days 1,956 sqft
2021-07-01 29 days 1,868 sqft
2021-08-01 38 days 1,865 sqft
2021-09-01 43 days 1,882 sqft
2021-10-01 43 days 1,881 sqft
2021-11-01 42 days 1,851 sqft
2021-12-01 50 days 1,840 sqft
2022-01-01 62 days 1,830 sqft
2022-02-01 42 days 1,838 sqft
2022-03-01 30 days 1,852 sqft
2022-04-01 30 days 1,837 sqft
2022-05-01 36 days 1,817 sqft
2022-06-01 36 days 1,818 sqft
2022-07-01 39 days 1,749 sqft
2022-08-01 51 days 1,762 sqft
2022-09-01 51 days 1,774 sqft
2022-10-01 53 days 1,736 sqft
2022-11-01 63 days 1,736 sqft
Redding's median listing age (time on market) for 2022-11-01 was 63 days. This is 51% longer than the same period one year ago.

Redding's median square footage for active listings during the 2022-11-01 period was 1,736 sqft. One year prior, the average listing was 1,851 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).