Salinas FHA Loans
SALINAS, 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.
Salinas's 78 lenders originated 850 FHA
loans during 2021. The total origination value was $397,380,000, with an average FHA loan value of
$467,506.
Salinas FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Salinas
averaged
5.2%
for the week of 2022-05-20, compared to the national average (all FHA variants) of
5.352% for the same period.
The average rate for the prior week (2022-05-13) was
5.2% and
one month ago for the week of 2022-04-15, the
average rate was 4.99%.
The average rate one year ago was 3.07%.
For refis of the same type during the week of 2022-05-20, the average rate
was 5.03%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Salinas FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Salinas level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
UNITED WHOLESALE MORTGAGE, LLC
|
80
|
2.73%
|
$13,619
|
QUICKEN LOANS, LLC
|
64
|
2.61%
|
$10,424
|
CALIBER HOME LOANS, INC.
|
52
|
2.79%
|
$12,975
|
PREMIER MORTGAGE RESOURCES, L.L.C.
|
45
|
2.96%
|
$15,794
|
ENVOY MORTGAGE, LTD
|
39
|
3.10%
|
$15,462
|
HOME POINT FINANCIAL CORPORATION
|
35
|
2.87%
|
$15,058
|
FREEDOM MORTGAGE CORPORATION
|
30
|
2.70%
|
$8,667
|
MASON MCDUFFIE MORTGAGE CORPORATION
|
26
|
2.66%
|
$15,558
|
PENNYMAC LOAN SERVICES, LLC
|
22
|
2.82%
|
$9,384
|
Lakeview Community Capital, LLC
|
18
|
2.79%
|
$8,137
|
Mr. Cooper ( Nationstar Mortgage )
|
16
|
3.03%
|
$6,980
|
Paramount Residential Mortgage Group, Inc.
|
15
|
3.07%
|
$14,577
|
SUMMIT FUNDING, INC.
|
13
|
3.51%
|
$16,127
|
Carrington Mortgage Services, LLC
|
13
|
3.33%
|
$13,442
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
12
|
3.09%
|
$15,939
|
KBHS HOME LOANS, LLC
|
12
|
3.00%
|
$21,286
|
AMERICAN FINANCIAL NETWORK, INC.
|
12
|
3.02%
|
$21,483
|
FINANCE OF AMERICA MORTGAGE LLC
|
11
|
2.63%
|
$13,710
|
STEARNS LENDING, LLC
|
10
|
2.59%
|
$12,449
|
MOUNTAIN WEST FINANCIAL, INC.
|
10
|
2.99%
|
$18,261
|
Sierra Pacific Mortgage Company, Inc.
|
10
|
2.75%
|
$13,808
|
VILLAGE CAPITAL & INVESTMENT LLC
|
9
|
2.46%
|
$4,547
|
LOANDEPOT.COM, LLC
|
8
|
3.47%
|
$16,705
|
LAKEVIEW LOAN SERVICING, LLC
|
8
|
2.80%
|
$7,658
|
GUARANTEED RATE, INC.
|
8
|
3.14%
|
$15,058
|
NEWREZ LLC
|
7
|
2.91%
|
$9,383
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
7
|
2.66%
|
$11,949
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
6
|
2.96%
|
$15,478
|
BROKER SOLUTIONS, INC.
|
5
|
2.95%
|
$9,693
|
SUN WEST MORTGAGE COMPANY, INC.
|
4
|
2.66%
|
$10,531
|
CMG MORTGAGE, INC.
|
4
|
3.03%
|
$13,738
|
Equity Prime Mortgage LLC
|
4
|
3.06%
|
$18,567
|
GUILD MORTGAGE COMPANY
|
4
|
2.78%
|
$15,605
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
3
|
3.50%
|
$20,975
|
S1L, Inc.
|
3
|
3.16%
|
$15,057
|
OCMBC, INC.
|
3
|
3.04%
|
$16,843
|
AmeriHome Mortgage Company, LLC
|
3
|
2.87%
|
$7,360
|
AMCAP MORTGAGE, LTD.
|
3
|
3.12%
|
$15,786
|
PLANET HOME LENDING, LLC
|
3
|
2.75%
|
$12,073
|
Hometown Equity Mortgage, LLC
|
3
|
3.46%
|
$13,336
|
CROSSCOUNTRY MORTGAGE, LLC
|
2
|
2.75%
|
$14,270
|
PLAZA HOME MORTGAGE, INC.
|
2
|
2.62%
|
$9,385
|
MOVEMENT MORTGAGE, LLC
|
2
|
2.75%
|
$14,826
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
2
|
3.00%
|
$18,829
|
LAND HOME FINANCIAL SERVICES, INC.
|
2
|
2.75%
|
$15,649
|
First Guaranty Mortgage Corporation
|
2
|
2.81%
|
$10,411
|
CAPSTONE DIRECT, INC.
|
1
|
2.75%
|
$16,526
|
ACADEMY MORTGAGE CORPORATION
|
1
|
3.38%
|
$17,876
|
Prosperity Home Mortgage, LLC
|
1
|
2.63%
|
$14,267
|
BAY EQUITY LLC
|
1
|
2.99%
|
$15,007
|
RMS & Associates
|
1
|
2.75%
|
$8,082
|
SECURITYNATIONAL MORTGAGE COMPANY
|
1
|
4.38%
|
$16,023
|
AMERISAVE MORTGAGE CORPORATION
|
1
|
2.75%
|
$8,191
|
SNAPFI, INC.
|
1
|
2.63%
|
$14,056
|
SOUTHWEST STAGE FUNDING, LLC
|
1
|
2.75%
|
$7,437
|
Amerifirst Financial, Inc.
|
1
|
3.00%
|
$21,750
|
The Federal Savings Bank
|
1
|
2.75%
|
$20,046
|
U.S. Bank
|
1
|
2.99%
|
$16,940
|
VERITAS FUNDING, LLC
|
1
|
2.99%
|
$11,966
|
AHL FUNDING
|
1
|
2.88%
|
$11,875
|
HOME APPROVALS DIRECT, INC.
|
1
|
3.13%
|
$9,879
|
VISION ONE MORTGAGE, INC.
|
1
|
3.88%
|
$16,632
|
Hometown Lenders, Inc.
|
1
|
3.25%
|
$27,694
|
INTELLILOAN, INC.
|
1
|
3.38%
|
$4,874
|
InterContinental Capital Group, Inc
|
1
|
2.25%
|
$9,882
|
Golden Empire Mortgage, Inc.
|
1
|
2.63%
|
$10,061
|
Flagstar Bank, FSB
|
1
|
2.88%
|
$11,283
|
LOANLEADERS OF AMERICA, INC.
|
1
|
2.88%
|
$14,855
|
Manufacturers and Traders Trust Company
|
1
|
2.75%
|
$9,461
|
MEGA CAPITAL FUNDING, INC.
|
1
|
2.25%
|
$8,573
|
DIGNIFIED HOME LOANS, LLC
|
1
|
2.63%
|
$13,225
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
3.00%
|
$14,723
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
3.75%
|
$23,162
|
NETWORK CAPITAL FUNDING CORPORATION
|
1
|
2.88%
|
$24,165
|
Commerce Home Mortgage, Inc.
|
1
|
3.63%
|
$20,527
|
NEXERA HOLDING LLC
|
1
|
2.63%
|
$11,503
|
OCEANSIDE MORTGAGE COMPANY
|
1
|
2.25%
|
$10,055
|
ONY GLO, INC.
|
1
|
2.50%
|
$10,915
|
The top Salinas FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
80 FHA loans originated. Their average total fees are
$13,619, which is $3,195
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Salinas FHA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($6,980), Lakeview Community Capital, LLC ($8,137), FREEDOM MORTGAGE CORPORATION ($8,667), PENNYMAC LOAN SERVICES, LLC ($9,384) and QUICKEN LOANS, LLC ($10,424).
The lowest rate Salinas FHA lenders (with over 10 loans originated) are
STEARNS LENDING, LLC (2.59%), QUICKEN LOANS, LLC (2.61%), FINANCE OF AMERICA MORTGAGE LLC (2.63%), MASON MCDUFFIE MORTGAGE CORPORATION (2.66%) and FREEDOM MORTGAGE CORPORATION (2.70%).
Salinas FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
SALINAS, CA |
MONTEREY |
2022 |
$854,450 |
$1,093,850 |
$1,322,200 |
$1,643,200 |
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).