Salinas FHA Loan Rates, Closing Costs & Stats

SALINAS, 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.

    Salinas's 53 lenders originated 397 FHA loans during 2023. The total origination value was $222,195,000, with an average FHA loan value of $559,685.

    Salinas FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Salinas averaged 6.51% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Salinas's average FHA mortgage closing costs are $14,255.

    The average rate for the prior week (2024-11-01) was 6.18% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.35%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.55%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Salinas level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 76 6.15% $21,910
    PREMIER MORTGAGE RESOURCES, L.L.C. 40 6.17% $19,285
    QUICKEN LOANS, LLC 30 5.88% $20,915
    Century Mortgage Company DBA Century Lending Company 25 6.39% $19,394
    LOANDEPOT.COM, LLC 23 6.44% $18,007
    RESIDENTIAL BANCORP 20 6.43% $24,605
    GUARANTEED RATE, INC. 14 5.95% $27,653
    PENNYMAC LOAN SERVICES, LLC 12 6.44% $19,815
    OCMBC, INC. 12 6.61% $18,097
    BAY-VALLEY MORTGAGE GROUP 10 6.84% $26,343
    SUMMIT FUNDING, INC. 10 7.08% $21,937
    Paramount Residential Mortgage Group, Inc. 8 6.27% $17,909
    MASON MCDUFFIE MORTGAGE CORPORATION 5 6.15% $22,805
    CROSSCOUNTRY MORTGAGE, LLC 4 6.59% $28,065
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.75% $25,260
    Carrington Mortgage Services, LLC 4 6.16% $16,348
    Hometown Equity Mortgage, LLC 4 6.34% $21,473
    FREEDOM MORTGAGE CORPORATION 3 7.17% $12,987
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.88% $23,049
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.50% $27,028
    CALCON MUTUAL MORTGAGE LLC 2 5.75% $30,378
    CARDINAL FINANCIAL 2 7.00% $11,206
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.44% $27,899
    Keystone Funding, Inc. 2 6.19% $19,277
    Mr. Cooper ( Nationstar Mortgage ) 2 6.13% $33,681
    NEWREZ LLC 2 6.19% $18,439
    S1L, Inc. 2 6.69% $21,499
    U.S. Bank 2 5.94% $26,931
    JMAC LENDING, INC. 1 6.50% $27,144
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $25,140
    LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $25,168
    Cornerstone First Mortgage, Inc 1 6.25% $15,839
    LOANPAL, LLC 1 5.50% $14,893
    Commerce Home Mortgage, Inc. 1 6.38% $25,255
    MOUNTAIN WEST FINANCIAL, INC. 1 7.13% $25,786
    ALTITUDE FINANCIAL CORPORATION 1 7.00% $23,193
    NETWORK CAPITAL FUNDING CORPORATION 1 6.63% $11,931
    ZILLOW HOME LOANS, LLC 1 7.13% $9,004
    COASTAL FUNDING SLC, INC. 1 5.75% $19,408
    CMG MORTGAGE, INC. 1 6.13% $14,610
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $16,740
    BROKER SOLUTIONS, INC. 1 5.75% $28,534
    BECKAM FUNDING CORP. 1 6.13% $16,154
    Bank of America 1 6.63% $18,218
    American Mortgage & Equity Consultants, Inc. 1 7.13% $47,367
    VISION ONE MORTGAGE, INC. 1 6.75% $15,423
    Shea Mortgage Inc. 1 6.63% $15,197
    Golden Empire Mortgage, Inc. 1 7.63% $32,863
    GUARANTEED RATE AFFINITY, LLC 1 6.20% $25,254
    ALAMEDA MORTGAGE CORPORATION 1 6.75% $18,629
    GUARANTY HOME MORTGAGE CORPORATION 1 5.50% $15,946
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.63% $31,374
    Equity Prime Mortgage LLC 1 5.63% $18,013

    The top Salinas FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 76 FHA loans originated. Their average total fees are $21,910, which is $2,625 higher than the next largest lender, PREMIER MORTGAGE RESOURCES, L.L.C..

    The lowest fee Salinas FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($18,007), OCMBC, INC. ($18,097), PREMIER MORTGAGE RESOURCES, L.L.C. ($19,285), Century Mortgage Company DBA Century Lending Company ($19,394) and PENNYMAC LOAN SERVICES, LLC ($19,815).

    The lowest rate Salinas FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.88%), GUARANTEED RATE, INC. (5.95%), UNITED WHOLESALE MORTGAGE, LLC (6.15%), PREMIER MORTGAGE RESOURCES, L.L.C. (6.17%) and Century Mortgage Company DBA Century Lending Company (6.39%).

    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
    SALINAS, CA MONTEREY 2023 $915,400 $1,171,900 $1,416,550 $1,760,400

    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).