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 5.96% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.33% and one month ago for the week of 2024-11-08, the average rate was 6.29%.

    The average rate one year ago was 6.7%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.3%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salinas (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 $931,050 (7.4%) $2,034,492 (9.8%) 3.45 557
    2018-02-01 $995,000 (9.1%) $2,070,744 (-1.0%) 3.61 573
    2018-03-01 $984,500 (6.2%) $1,967,445 (-7.1%) 3.45 613
    2018-04-01 $936,450 (-0.3%) $2,069,506 (1.3%) 3.17 655
    2018-05-01 $955,500 (2.5%) $2,063,554 (3.6%) 3.19 672
    2018-06-01 $975,000 (2.6%) $2,110,917 (2.9%) 3.25 676
    2018-07-01 $935,451 (-2.5%) $1,970,267 (-4.0%) 3.12 737
    2018-08-01 $886,000 (-6.7%) $2,002,435 (-0.9%) 2.97 762
    2018-09-01 $892,500 (-5.6%) $2,022,100 (1.3%) 3.00 797
    2018-10-01 $862,175 (-7.6%) $1,945,527 (-0.1%) 2.92 818
    2018-11-01 $851,694 (-9.6%) $1,935,578 (0.4%) 2.89 805
    2018-12-01 $869,500 (-7.5%) $1,949,092 (-2.5%) 3.00 740
    2019-01-01 $854,750 (-8.2%) $1,991,187 (-2.1%) 2.95 656
    2019-02-01 $910,000 (-8.5%) $2,045,070 (-1.2%) 3.07 690
    2019-03-01 $937,857 (-4.7%) $2,051,776 (4.3%) 3.07 702
    2019-04-01 $992,000 (5.9%) $2,075,899 (0.3%) 3.15 710
    2019-05-01 $996,750 (4.3%) $2,020,378 (-2.1%) 3.12 734
    2019-06-01 $1,095,000 (12.3%) $2,157,119 (2.2%) 3.42 793
    2019-07-01 $1,115,000 (19.2%) $2,156,219 (9.4%) 3.49 803
    2019-08-01 $1,161,364 (31.1%) $2,221,273 (10.9%) 3.68 806
    2019-09-01 $1,140,909 (27.8%) $2,148,596 (6.3%) 3.65 803
    2019-10-01 $1,124,750 (30.5%) $2,084,645 (7.2%) 3.63 796
    2019-11-01 $1,098,000 (28.9%) $2,113,554 (9.2%) 3.60 718
    2019-12-01 $1,000,000 (15.0%) $2,107,268 (8.1%) 3.33 611
    2020-01-01 $999,999 (17.0%) $2,044,437 (2.7%) 3.34 529
    2020-02-01 $1,150,000 (26.4%) $2,245,289 (9.8%) 3.76 556
    2020-03-01 $1,137,000 (21.2%) $2,194,233 (6.9%) 3.56 578
    2020-04-01 $1,089,000 (9.8%) $2,115,161 (1.9%) 3.41 585
    2020-05-01 $995,000 (-0.2%) $2,025,381 (0.3%) 3.02 640
    2020-06-01 $1,066,750 (-2.6%) $2,135,686 (-1.0%) 3.14 594
    2020-07-01 $1,192,250 (6.9%) $2,256,238 (4.6%) 3.46 503
    2020-08-01 $1,290,000 (11.1%) $2,473,904 (11.4%) 3.70 438
    2020-09-01 $1,296,500 (13.6%) $2,539,168 (18.2%) 3.71 412
    2020-10-01 $1,295,000 (15.1%) $2,568,295 (23.2%) 3.71 402
    2020-11-01 $1,345,250 (22.5%) $2,609,349 (23.5%) 3.93 387
    2020-12-01 $1,328,250 (32.8%) $2,782,940 (32.1%) 3.95 347
    2021-01-01 $1,295,000 (29.5%) $2,871,440 (40.5%) 3.87 316
    2021-02-01 $1,271,200 (10.5%) $2,891,331 (28.8%) 3.70 298
    2021-03-01 $1,293,500 (13.8%) $2,899,752 (32.2%) 3.67 274
    2021-04-01 $1,192,500 (9.5%) $2,730,254 (29.1%) 3.23 286
    2021-05-01 $1,199,000 (20.5%) $2,665,909 (31.6%) 3.19 286
    2021-06-01 $1,174,500 (10.1%) $2,549,472 (19.4%) 3.09 307
    2021-07-01 $1,125,000 (-5.6%) $2,582,685 (14.5%) 2.97 317
    2021-08-01 $1,199,250 (-7.0%) $2,789,901 (12.8%) 3.20 346
    2021-09-01 $1,149,000 (-11.4%) $2,687,940 (5.9%) 3.06 332
    2021-10-01 $1,099,500 (-15.1%) $2,707,348 (5.4%) 2.93 326
    2021-11-01 $1,072,500 (-20.3%) $2,665,995 (2.2%) 2.87 266
    2021-12-01 $1,030,500 (-22.4%) $2,785,968 (0.1%) 2.79 209
    2022-01-01 $1,099,000 (-15.1%) $3,111,250 (8.4%) 2.97 173
    2022-02-01 $1,017,500 (-20.0%) $2,880,408 (-0.4%) 2.65 196
    2022-03-01 $1,099,500 (-15.0%) $2,850,103 (-1.7%) 2.75 205
    2022-04-01 $995,000 (-16.6%) $2,535,232 (-7.1%) 2.37 270
    2022-05-01 $949,500 (-20.8%) $2,418,675 (-9.3%) 2.17 325
    2022-06-01 $998,900 (-15.0%) $2,391,296 (-6.2%) 2.22 367
    2022-07-01 $998,900 (-11.2%) $2,306,391 (-10.7%) 2.25 411
    2022-08-01 $989,666 (-17.5%) $2,356,382 (-15.5%) 2.29 455
    2022-09-01 $961,200 (-16.3%) $2,391,513 (-11.0%) 2.25 441
    2022-10-01 $899,990 (-18.2%) $2,322,467 (-14.2%) 2.12 421
    2022-11-01 $918,500 (-14.4%) $2,284,580 (-14.3%) 2.21 425
    2022-12-01 $944,500 (-8.4%) $2,392,096 (-14.1%) 2.33 354
    2023-01-01 $974,500 (-11.3%) $2,440,474 (-21.6%) 2.41 325
    2023-02-01 $1,233,500 (21.2%) $2,715,315 (-5.7%) 2.98 303
    2023-03-01 $1,249,500 (13.6%) $2,705,511 (-5.1%) 2.95 296
    2023-04-01 $1,300,000 (30.7%) $2,738,616 (8.0%) 3.02 273
    2023-05-01 $1,397,500 (47.2%) $2,758,903 (14.1%) 3.17 304
    2023-06-01 $1,399,749 (40.1%) $2,634,036 (10.2%) 3.15 315
    2023-07-01 $1,395,000 (39.7%) $2,512,836 (9.0%) 3.17 339
    2023-08-01 $1,399,000 (41.4%) $2,597,331 (10.2%) 3.21 378
    2023-09-01 $1,300,000 (35.3%) $2,498,010 (4.5%) 3.03 363
    2023-10-01 $1,262,250 (40.3%) $2,537,179 (9.2%) 2.97 362
    2023-11-01 $1,242,000 (35.2%) $2,516,854 (10.2%) 2.96 370
    2023-12-01 $1,196,500 (26.7%) $2,500,363 (4.5%) 2.92 343
    2024-01-01 $1,230,750 (26.3%) $2,791,654 (14.4%) 3.01 295
    2024-02-01 $1,229,892 (-0.3%) $2,755,060 (1.5%) 2.96 307
    2024-03-01 $1,299,495 (4.0%) $2,657,472 (-1.8%) 3.06 316
    2024-04-01 $1,355,000 (4.2%) $2,670,163 (-2.5%) 3.15 358
    2024-05-01 $1,396,000 (-0.1%) $2,672,391 (-3.1%) 3.16 398
    2024-06-01 $1,299,000 (-7.2%) $2,597,054 (-1.4%) 2.92 447
    2024-07-01 $1,318,750 (-5.5%) $2,590,531 (3.1%) 3.01 491
    2024-08-01 $1,298,000 (-7.2%) $2,589,534 (-0.3%) 3.02 509
    2024-09-01 $1,285,000 (-1.2%) $2,489,026 (-0.4%) 3.02 518
    2024-10-01 $1,298,250 (2.9%) $2,537,918 (0.0%) 3.06 505
    2024-11-01 $1,292,000 (4.0%) $2,631,682 (4.6%) 3.10 482
    Salinas's median listing price for 2024-11-01 was $1,292,000, a difference of $50,000 (4.0%) versus the prior year and $-6,250 versus the prior month.

    Salinas's median listing price comes in at 310% of the national average.

    Salinas's average listing price for 2024-11-01 was $2,631,682, a difference of $114,828 (4.6%) versus the prior year and $93,764 versus the prior month.

    For the 2024-11-01 period, Salinas had 482 MLS listings, a difference of -23 listings (-5%) versus the prior month and 112 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salinas (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 83 days 2,020 sqft
    2018-02-01 62 days 2,026 sqft
    2018-03-01 47 days 1,991 sqft
    2018-04-01 51 days 1,984 sqft
    2018-05-01 52 days 1,963 sqft
    2018-06-01 55 days 1,976 sqft
    2018-07-01 55 days 1,948 sqft
    2018-08-01 57 days 1,937 sqft
    2018-09-01 57 days 1,941 sqft
    2018-10-01 60 days 1,937 sqft
    2018-11-01 69 days 1,906 sqft
    2018-12-01 80 days 1,843 sqft
    2019-01-01 87 days 1,801 sqft
    2019-02-01 75 days 1,855 sqft
    2019-03-01 60 days 1,902 sqft
    2019-04-01 57 days 1,974 sqft
    2019-05-01 59 days 2,012 sqft
    2019-06-01 59 days 2,095 sqft
    2019-07-01 63 days 2,101 sqft
    2019-08-01 67 days 2,129 sqft
    2019-09-01 75 days 2,126 sqft
    2019-10-01 80 days 2,124 sqft
    2019-11-01 88 days 2,164 sqft
    2019-12-01 99 days 2,147 sqft
    2020-01-01 92 days 2,109 sqft
    2020-02-01 65 days 2,127 sqft
    2020-03-01 53 days 2,126 sqft
    2020-04-01 65 days 2,081 sqft
    2020-05-01 72 days 2,070 sqft
    2020-06-01 76 days 2,111 sqft
    2020-07-01 61 days 2,114 sqft
    2020-08-01 56 days 2,160 sqft
    2020-09-01 57 days 2,148 sqft
    2020-10-01 57 days 2,155 sqft
    2020-11-01 59 days 2,152 sqft
    2020-12-01 59 days 2,185 sqft
    2021-01-01 59 days 2,133 sqft
    2021-02-01 60 days 2,085 sqft
    2021-03-01 52 days 2,034 sqft
    2021-04-01 51 days 1,991 sqft
    2021-05-01 40 days 1,965 sqft
    2021-06-01 41 days 2,005 sqft
    2021-07-01 39 days 1,978 sqft
    2021-08-01 39 days 1,941 sqft
    2021-09-01 40 days 1,935 sqft
    2021-10-01 47 days 1,876 sqft
    2021-11-01 52 days 1,879 sqft
    2021-12-01 73 days 1,798 sqft
    2022-01-01 57 days 1,842 sqft
    2022-02-01 26 days 1,800 sqft
    2022-03-01 30 days 1,936 sqft
    2022-04-01 26 days 1,808 sqft
    2022-05-01 26 days 1,757 sqft
    2022-06-01 31 days 1,815 sqft
    2022-07-01 37 days 1,838 sqft
    2022-08-01 42 days 1,807 sqft
    2022-09-01 47 days 1,848 sqft
    2022-10-01 51 days 1,833 sqft
    2022-11-01 59 days 1,815 sqft
    2022-12-01 71 days 1,862 sqft
    2023-01-01 79 days 1,855 sqft
    2023-02-01 60 days 1,910 sqft
    2023-03-01 47 days 1,915 sqft
    2023-04-01 45 days 1,887 sqft
    2023-05-01 39 days 1,959 sqft
    2023-06-01 39 days 1,996 sqft
    2023-07-01 41 days 2,005 sqft
    2023-08-01 46 days 2,006 sqft
    2023-09-01 46 days 1,992 sqft
    2023-10-01 53 days 1,910 sqft
    2023-11-01 57 days 1,868 sqft
    2023-12-01 63 days 1,854 sqft
    2024-01-01 67 days 1,895 sqft
    2024-02-01 62 days 1,874 sqft
    2024-03-01 50 days 1,928 sqft
    2024-04-01 40 days 1,941 sqft
    2024-05-01 40 days 2,005 sqft
    2024-06-01 46 days 1,938 sqft
    2024-07-01 47 days 1,901 sqft
    2024-08-01 53 days 1,872 sqft
    2024-09-01 57 days 1,872 sqft
    2024-10-01 61 days 1,900 sqft
    2024-11-01 64 days 1,862 sqft
    Salinas's median listing age (time on market) for 2024-11-01 was 64 days. This is 13% longer than the same period one year ago.

    Salinas's median square footage for active listings during the 2024-11-01 period was 1,862 sqft. One year prior, the average listing was 1,868 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).