Riverside FHA Loan Rates, Closing Costs & Stats
RIVERSIDE-SAN BERNARDINO-ONTARIO, 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.
Riverside's 270 lenders originated 17,174 FHA loans during 2022. The total origination value was $6,977,610,000, with an average FHA loan value of $406,289.
Riverside FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Riverside
averaged
5.97%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Riverside's average FHA mortgage closing costs are $11,225.
The average rate for the prior week (2023-05-19) was
5.84% and
one month ago for the week of 2023-04-21, the
average rate was 5.88%.
The average rate one year ago was 4.7%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.88%.
Riverside 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 Riverside level.
The top Riverside FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
2,261 FHA loans originated. Their average total fees are
$15,742, which is $768
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Riverside FHA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($6,415), CHERRY CREEK MORTGAGE, LLC ($6,982), Lakeview Community Capital, LLC ($9,000), LAKEVIEW LOAN SERVICING, LLC ($9,063) and PULTE MORTGAGE LLC ($10,028).
The lowest rate Riverside FHA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC (3.60%), M&T Bank (3.63%), VILLAGE CAPITAL MORTGAGE (3.65%), LAKEVIEW LOAN SERVICING, LLC (3.72%) and First Guaranty Mortgage Corporation (3.95%).
Riverside FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA | RIVERSIDE | 2022 | $562,350 | $719,900 | $870,200 | $1,081,450 |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA | SAN BERNARDINO | 2022 | $562,350 | $719,900 | $870,200 | $1,081,450 |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA | RIVERSIDE | 2023 | $644,000 | $824,450 | $996,550 | $1,238,500 |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA | SAN BERNARDINO | 2023 | $644,000 | $824,450 | $996,550 | $1,238,500 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Riverside (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 | $389,900 (5.6%) | $590,066 (10.2%) | 1.45 | 12,234 |
| 2018-02-01 | $390,000 (5.4%) | $593,167 (8.9%) | 1.42 | 12,609 |
| 2018-03-01 | $399,000 (6.4%) | $599,691 (8.6%) | 1.40 | 12,742 |
| 2018-04-01 | $404,950 (6.9%) | $597,714 (7.8%) | 1.37 | 13,075 |
| 2018-05-01 | $406,419 (5.4%) | $591,193 (5.1%) | 1.36 | 13,710 |
| 2018-06-01 | $409,900 (6.5%) | $579,462 (4.6%) | 1.37 | 14,449 |
| 2018-07-01 | $408,500 (6.1%) | $550,185 (1.8%) | 1.36 | 15,059 |
| 2018-08-01 | $404,500 (6.5%) | $540,644 (1.4%) | 1.36 | 15,332 |
| 2018-09-01 | $400,000 (3.9%) | $531,248 (-1.2%) | 1.34 | 15,769 |
| 2018-10-01 | $399,900 (3.9%) | $538,693 (-1.2%) | 1.35 | 16,276 |
| 2018-11-01 | $399,000 (2.5%) | $546,734 (-2.8%) | 1.35 | 16,611 |
| 2018-12-01 | $399,000 (2.3%) | $555,099 (-4.3%) | 1.38 | 15,903 |
| 2019-01-01 | $399,000 (2.3%) | $564,064 (-4.4%) | 1.38 | 15,167 |
| 2019-02-01 | $399,950 (2.6%) | $573,515 (-3.3%) | 1.35 | 15,138 |
| 2019-03-01 | $409,990 (2.8%) | $580,613 (-3.2%) | 1.37 | 14,699 |
| 2019-04-01 | $410,237 (1.3%) | $580,823 (-2.8%) | 1.30 | 14,624 |
| 2019-05-01 | $418,573 (3.0%) | $580,221 (-1.9%) | 1.31 | 14,915 |
| 2019-06-01 | $419,900 (2.4%) | $571,177 (-1.4%) | 1.31 | 14,798 |
| 2019-07-01 | $419,000 (2.6%) | $555,074 (0.9%) | 1.31 | 14,817 |
| 2019-08-01 | $419,900 (3.8%) | $558,004 (3.2%) | 1.32 | 14,629 |
| 2019-09-01 | $417,000 (4.3%) | $553,525 (4.2%) | 1.32 | 13,052 |
| 2019-10-01 | $410,000 (2.5%) | $541,057 (0.4%) | 1.32 | 14,248 |
| 2019-11-01 | $409,500 (2.6%) | $549,833 (0.6%) | 1.34 | 13,954 |
| 2019-12-01 | $405,000 (1.5%) | $556,914 (0.3%) | 1.35 | 12,484 |
| 2020-01-01 | $407,000 (2.0%) | $568,546 (0.8%) | 1.36 | 11,564 |
| 2020-02-01 | $419,000 (4.8%) | $589,370 (2.8%) | 1.37 | 11,078 |
| 2020-03-01 | $424,950 (3.7%) | $598,571 (3.1%) | 1.33 | 10,599 |
| 2020-04-01 | $419,995 (2.4%) | $576,832 (-0.7%) | 1.32 | 11,068 |
| 2020-05-01 | $428,000 (2.3%) | $588,160 (1.4%) | 1.30 | 10,772 |
| 2020-06-01 | $439,450 (4.7%) | $612,142 (7.2%) | 1.29 | 8,990 |
| 2020-07-01 | $449,950 (7.4%) | $633,106 (14.1%) | 1.30 | 7,391 |
| 2020-08-01 | $459,995 (9.6%) | $649,855 (16.5%) | 1.32 | 6,697 |
| 2020-09-01 | $468,944 (12.5%) | $669,366 (20.9%) | 1.34 | 6,676 |
| 2020-10-01 | $469,999 (14.6%) | $727,782 (34.5%) | 1.35 | 6,752 |
| 2020-11-01 | $475,000 (16.0%) | $690,053 (25.5%) | 1.39 | 6,375 |
| 2020-12-01 | $478,944 (18.3%) | $704,804 (26.6%) | 1.42 | 5,504 |
| 2021-01-01 | $475,000 (16.7%) | $723,213 (27.2%) | 1.42 | 4,610 |
| 2021-02-01 | $482,424 (15.1%) | $726,377 (23.3%) | 1.40 | 3,908 |
| 2021-03-01 | $492,620 (15.9%) | $717,296 (19.8%) | 1.40 | 3,803 |
| 2021-04-01 | $499,900 (19.0%) | $719,400 (24.7%) | 1.35 | 4,032 |
| 2021-05-01 | $520,000 (21.5%) | $728,180 (23.8%) | 1.38 | 4,411 |
| 2021-06-01 | $526,922 (19.9%) | $725,541 (18.5%) | 1.39 | 4,791 |
| 2021-07-01 | $539,000 (19.8%) | $703,276 (11.1%) | 1.42 | 5,698 |
| 2021-08-01 | $539,900 (17.4%) | $694,395 (6.9%) | 1.44 | 6,119 |
| 2021-09-01 | $542,700 (15.7%) | $680,579 (1.7%) | 1.45 | 6,375 |
| 2021-10-01 | $549,000 (16.8%) | $685,714 (-5.8%) | 1.46 | 6,286 |
| 2021-11-01 | $549,700 (15.7%) | $702,562 (1.8%) | 1.47 | 5,754 |
| 2021-12-01 | $549,450 (14.7%) | $738,651 (4.8%) | 1.49 | 4,828 |
| 2022-01-01 | $545,000 (14.7%) | $742,706 (2.7%) | 1.47 | 4,073 |
| 2022-02-01 | $550,000 (14.0%) | $761,166 (4.8%) | 1.43 | 4,145 |
| 2022-03-01 | $573,500 (16.4%) | $777,977 (8.5%) | 1.44 | 4,390 |
| 2022-04-01 | $594,000 (18.8%) | $787,378 (9.5%) | 1.42 | 5,014 |
| 2022-05-01 | $599,000 (15.2%) | $784,477 (7.7%) | 1.37 | 6,826 |
| 2022-06-01 | $599,000 (13.7%) | $767,489 (5.8%) | 1.33 | 8,397 |
| 2022-07-01 | $595,600 (10.5%) | $733,400 (4.3%) | 1.35 | 10,517 |
| 2022-08-01 | $586,256 (8.6%) | $713,323 (2.7%) | 1.35 | 10,886 |
| 2022-09-01 | $579,900 (6.9%) | $704,334 (3.5%) | 1.36 | 11,006 |
| 2022-10-01 | $575,000 (4.7%) | $708,428 (3.3%) | 1.35 | 11,269 |
| 2022-11-01 | $569,000 (3.5%) | $727,372 (3.5%) | 1.37 | 11,195 |
| 2022-12-01 | $564,593 (2.8%) | $729,873 (-1.2%) | 1.39 | 10,046 |
| 2023-01-01 | $560,000 (2.8%) | $743,108 (0.1%) | 1.39 | 8,839 |
| 2023-02-01 | $559,900 (1.8%) | $759,179 (-0.3%) | 1.35 | 8,071 |
| 2023-03-01 | $559,495 (-2.4%) | $767,861 (-1.3%) | 1.32 | 7,511 |
| 2023-04-01 | $569,000 (-4.2%) | $797,969 (1.4%) | 1.32 | 6,787 |
Riverside's median listing price comes in at 132% of the national average.
Riverside's average listing price for 2023-04-01 was $797,969, a difference of $10,591 (1.4%) versus the prior year and $30,108 versus the prior month.
For the 2023-04-01 period, Riverside had 6,787 MLS listings, a difference of -724 listings (-10%) versus the prior month and 1,773 listings (35%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Riverside (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 59 days | 1,990 sqft |
| 2018-02-01 | 45 days | 1,989 sqft |
| 2018-03-01 | 44 days | 2,013 sqft |
| 2018-04-01 | 44 days | 2,038 sqft |
| 2018-05-01 | 42 days | 2,040 sqft |
| 2018-06-01 | 43 days | 2,027 sqft |
| 2018-07-01 | 44 days | 2,010 sqft |
| 2018-08-01 | 47 days | 1,996 sqft |
| 2018-09-01 | 48 days | 1,976 sqft |
| 2018-10-01 | 49 days | 1,957 sqft |
| 2018-11-01 | 50 days | 1,946 sqft |
| 2018-12-01 | 58 days | 1,922 sqft |
| 2019-01-01 | 65 days | 1,932 sqft |
| 2019-02-01 | 57 days | 1,941 sqft |
| 2019-03-01 | 57 days | 1,965 sqft |
| 2019-04-01 | 53 days | 1,971 sqft |
| 2019-05-01 | 52 days | 1,988 sqft |
| 2019-06-01 | 53 days | 1,995 sqft |
| 2019-07-01 | 55 days | 1,995 sqft |
| 2019-08-01 | 63 days | 2,008 sqft |
| 2019-09-01 | 67 days | 2,003 sqft |
| 2019-10-01 | 57 days | 1,953 sqft |
| 2019-11-01 | 59 days | 1,950 sqft |
| 2019-12-01 | 69 days | 1,943 sqft |
| 2020-01-01 | 72 days | 1,952 sqft |
| 2020-02-01 | 67 days | 1,967 sqft |
| 2020-03-01 | 56 days | 1,974 sqft |
| 2020-04-01 | 61 days | 1,929 sqft |
| 2020-05-01 | 72 days | 1,950 sqft |
| 2020-06-01 | 74 days | 1,969 sqft |
| 2020-07-01 | 64 days | 1,996 sqft |
| 2020-08-01 | 52 days | 1,997 sqft |
| 2020-09-01 | 47 days | 1,980 sqft |
| 2020-10-01 | 47 days | 1,973 sqft |
| 2020-11-01 | 51 days | 1,964 sqft |
| 2020-12-01 | 60 days | 1,956 sqft |
| 2021-01-01 | 60 days | 1,917 sqft |
| 2021-02-01 | 46 days | 1,888 sqft |
| 2021-03-01 | 37 days | 1,906 sqft |
| 2021-04-01 | 35 days | 1,883 sqft |
| 2021-05-01 | 31 days | 1,883 sqft |
| 2021-06-01 | 32 days | 1,864 sqft |
| 2021-07-01 | 31 days | 1,867 sqft |
| 2021-08-01 | 33 days | 1,873 sqft |
| 2021-09-01 | 37 days | 1,872 sqft |
| 2021-10-01 | 36 days | 1,889 sqft |
| 2021-11-01 | 40 days | 1,899 sqft |
| 2021-12-01 | 46 days | 1,893 sqft |
| 2022-01-01 | 45 days | 1,868 sqft |
| 2022-02-01 | 32 days | 1,853 sqft |
| 2022-03-01 | 30 days | 1,854 sqft |
| 2022-04-01 | 29 days | 1,880 sqft |
| 2022-05-01 | 29 days | 1,894 sqft |
| 2022-06-01 | 33 days | 1,896 sqft |
| 2022-07-01 | 36 days | 1,872 sqft |
| 2022-08-01 | 45 days | 1,862 sqft |
| 2022-09-01 | 51 days | 1,859 sqft |
| 2022-10-01 | 53 days | 1,854 sqft |
| 2022-11-01 | 58 days | 1,849 sqft |
| 2022-12-01 | 67 days | 1,843 sqft |
| 2023-01-01 | 73 days | 1,849 sqft |
| 2023-02-01 | 66 days | 1,839 sqft |
| 2023-03-01 | 56 days | 1,822 sqft |
| 2023-04-01 | 53 days | 1,829 sqft |
Riverside's median square footage for active listings during the 2023-04-01 period was 1,829 sqft. One year prior, the average listing was 1,880 sqft.