Salinas FHA Loan Rates, Closing Costs & Stats
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
6.23%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Salinas's average FHA mortgage closing costs are $12,731.
The average rate for the prior week (2023-01-20) was
5.9% and
one month ago for the week of 2022-12-23, the
average rate was 6.2%.
The average rate one year ago was 3.69%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.67%.
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.
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Salinas (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $931,050 (7.3%) | $2,034,550 (9.7%) | 3.45 | 557 |
2018-02-01 | $995,000 (8.6%) | $2,071,713 (-1.0%) | 3.61 | 572 |
2018-03-01 | $980,000 (5.8%) | $1,965,706 (-7.2%) | 3.44 | 613 |
2018-04-01 | $933,250 (-0.6%) | $2,067,904 (1.2%) | 3.16 | 655 |
2018-05-01 | $945,923 (1.6%) | $2,061,974 (3.6%) | 3.16 | 672 |
2018-06-01 | $965,000 (1.6%) | $2,111,105 (2.9%) | 3.22 | 676 |
2018-07-01 | $922,500 (-3.8%) | $1,968,788 (-4.1%) | 3.08 | 737 |
2018-08-01 | $882,495 (-7.1%) | $2,003,072 (-0.9%) | 2.95 | 762 |
2018-09-01 | $889,000 (-5.9%) | $2,022,816 (1.3%) | 2.98 | 797 |
2018-10-01 | $857,200 (-8.2%) | $1,944,286 (-0.2%) | 2.90 | 818 |
2018-11-01 | $849,000 (-9.8%) | $1,934,309 (0.4%) | 2.88 | 805 |
2018-12-01 | $867,000 (-7.8%) | $1,947,672 (-2.6%) | 2.99 | 740 |
2019-01-01 | $852,500 (-8.4%) | $1,990,829 (-2.2%) | 2.94 | 655 |
2019-02-01 | $910,000 (-8.5%) | $2,045,931 (-1.2%) | 3.07 | 690 |
2019-03-01 | $937,857 (-4.3%) | $2,051,776 (4.4%) | 3.07 | 703 |
2019-04-01 | $992,000 (6.3%) | $2,075,941 (0.4%) | 3.15 | 712 |
2019-05-01 | $995,222 (5.2%) | $2,018,928 (-2.1%) | 3.11 | 736 |
2019-06-01 | $1,095,000 (13.5%) | $2,153,182 (2.0%) | 3.42 | 796 |
2019-07-01 | $1,102,500 (19.5%) | $2,151,551 (9.3%) | 3.45 | 806 |
2019-08-01 | $1,157,359 (31.2%) | $2,216,755 (10.7%) | 3.66 | 809 |
2019-09-01 | $1,139,157 (28.1%) | $2,145,028 (6.0%) | 3.64 | 805 |
2019-10-01 | $1,112,500 (29.8%) | $2,081,803 (7.1%) | 3.59 | 798 |
2019-11-01 | $1,093,500 (28.8%) | $2,110,404 (9.1%) | 3.59 | 720 |
2019-12-01 | $999,999 (15.3%) | $2,103,517 (8.0%) | 3.33 | 613 |
2020-01-01 | $999,775 (17.3%) | $2,040,318 (2.5%) | 3.34 | 531 |
2020-02-01 | $1,149,000 (26.3%) | $2,240,606 (9.5%) | 3.76 | 558 |
2020-03-01 | $1,137,000 (21.2%) | $2,190,122 (6.7%) | 3.56 | 580 |
2020-04-01 | $1,088,250 (9.7%) | $2,110,049 (1.6%) | 3.41 | 588 |
2020-05-01 | $990,372 (-0.5%) | $2,019,870 (0.1%) | 3.01 | 643 |
2020-06-01 | $1,062,500 (-3.0%) | $2,130,436 (-1.1%) | 3.13 | 597 |
2020-07-01 | $1,173,500 (6.4%) | $2,248,852 (4.5%) | 3.40 | 506 |
2020-08-01 | $1,282,000 (10.8%) | $2,464,188 (11.2%) | 3.67 | 441 |
2020-09-01 | $1,295,000 (13.7%) | $2,528,877 (17.9%) | 3.71 | 415 |
2020-10-01 | $1,290,000 (16.0%) | $2,557,468 (22.9%) | 3.70 | 405 |
2020-11-01 | $1,312,250 (20.0%) | $2,597,813 (23.1%) | 3.83 | 390 |
2020-12-01 | $1,317,750 (31.8%) | $2,768,405 (31.6%) | 3.92 | 350 |
2021-01-01 | $1,295,000 (29.5%) | $2,854,750 (39.9%) | 3.87 | 319 |
2021-02-01 | $1,246,750 (8.5%) | $2,873,154 (28.2%) | 3.62 | 301 |
2021-03-01 | $1,285,000 (13.0%) | $2,886,900 (31.8%) | 3.65 | 276 |
2021-04-01 | $1,181,000 (8.5%) | $2,719,137 (28.9%) | 3.20 | 289 |
2021-05-01 | $1,195,000 (20.7%) | $2,650,791 (31.2%) | 3.16 | 289 |
2021-06-01 | $1,172,250 (10.3%) | $2,535,755 (19.0%) | 3.09 | 310 |
2021-07-01 | $1,100,000 (-6.3%) | $2,556,536 (13.7%) | 2.90 | 319 |
2021-08-01 | $1,196,000 (-6.7%) | $2,764,672 (12.2%) | 3.19 | 348 |
2021-09-01 | $1,124,500 (-13.2%) | $2,662,852 (5.3%) | 3.00 | 334 |
2021-10-01 | $1,087,000 (-15.7%) | $2,681,295 (4.8%) | 2.90 | 328 |
2021-11-01 | $1,054,750 (-19.6%) | $2,650,690 (2.0%) | 2.82 | 269 |
2021-12-01 | $1,021,000 (-22.5%) | $2,758,020 (-0.4%) | 2.77 | 212 |
2022-01-01 | $1,099,000 (-15.1%) | $3,079,826 (7.9%) | 2.97 | 176 |
2022-02-01 | $984,000 (-21.1%) | $2,855,258 (-0.6%) | 2.56 | 199 |
2022-03-01 | $1,098,250 (-14.5%) | $2,824,154 (-2.2%) | 2.75 | 208 |
2022-04-01 | $992,000 (-16.0%) | $2,502,873 (-8.0%) | 2.37 | 274 |
2022-05-01 | $949,250 (-20.6%) | $2,409,748 (-9.1%) | 2.17 | 327 |
2022-06-01 | $998,850 (-14.8%) | $2,386,235 (-5.9%) | 2.22 | 369 |
2022-07-01 | $998,800 (-9.2%) | $2,298,457 (-10.1%) | 2.26 | 414 |
2022-08-01 | $988,444 (-17.4%) | $2,347,205 (-15.1%) | 2.28 | 459 |
2022-09-01 | $962,500 (-14.4%) | $2,389,229 (-10.3%) | 2.25 | 443 |
2022-10-01 | $899,990 (-17.2%) | $2,318,337 (-13.5%) | 2.12 | 423 |
2022-11-01 | $918,500 (-12.9%) | $2,282,536 (-13.9%) | 2.21 | 427 |
2022-12-01 | $932,000 (-8.7%) | $2,361,494 (-14.4%) | 2.33 | 368 |
Salinas's median listing price comes in at 233% of the national average.
Salinas's average listing price for 2022-12-01 was $2,361,494, a difference of $-396,526 (-14.4%) versus the prior year and $78,958 versus the prior month.
For the 2022-12-01 period, Salinas had 368 MLS listings, a difference of -59 listings (-14%) versus the prior month and 156 listings (74%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Salinas (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 88 days | 2,020 sqft |
2018-02-01 | 67 days | 2,029 sqft |
2018-03-01 | 50 days | 1,991 sqft |
2018-04-01 | 53 days | 1,983 sqft |
2018-05-01 | 54 days | 1,963 sqft |
2018-06-01 | 59 days | 1,974 sqft |
2018-07-01 | 58 days | 1,948 sqft |
2018-08-01 | 59 days | 1,939 sqft |
2018-09-01 | 59 days | 1,941 sqft |
2018-10-01 | 64 days | 1,937 sqft |
2018-11-01 | 73 days | 1,906 sqft |
2018-12-01 | 85 days | 1,843 sqft |
2019-01-01 | 90 days | 1,806 sqft |
2019-02-01 | 79 days | 1,858 sqft |
2019-03-01 | 66 days | 1,902 sqft |
2019-04-01 | 63 days | 1,974 sqft |
2019-05-01 | 63 days | 2,018 sqft |
2019-06-01 | 64 days | 2,095 sqft |
2019-07-01 | 66 days | 2,103 sqft |
2019-08-01 | 73 days | 2,136 sqft |
2019-09-01 | 84 days | 2,134 sqft |
2019-10-01 | 90 days | 2,133 sqft |
2019-11-01 | 95 days | 2,172 sqft |
2019-12-01 | 107 days | 2,153 sqft |
2020-01-01 | 96 days | 2,113 sqft |
2020-02-01 | 75 days | 2,131 sqft |
2020-03-01 | 57 days | 2,135 sqft |
2020-04-01 | 70 days | 2,084 sqft |
2020-05-01 | 75 days | 2,075 sqft |
2020-06-01 | 84 days | 2,117 sqft |
2020-07-01 | 67 days | 2,124 sqft |
2020-08-01 | 65 days | 2,171 sqft |
2020-09-01 | 65 days | 2,157 sqft |
2020-10-01 | 63 days | 2,174 sqft |
2020-11-01 | 66 days | 2,173 sqft |
2020-12-01 | 63 days | 2,198 sqft |
2021-01-01 | 64 days | 2,146 sqft |
2021-02-01 | 64 days | 2,102 sqft |
2021-03-01 | 61 days | 2,041 sqft |
2021-04-01 | 62 days | 2,001 sqft |
2021-05-01 | 44 days | 1,977 sqft |
2021-06-01 | 44 days | 2,015 sqft |
2021-07-01 | 43 days | 1,983 sqft |
2021-08-01 | 43 days | 1,944 sqft |
2021-09-01 | 41 days | 1,942 sqft |
2021-10-01 | 50 days | 1,892 sqft |
2021-11-01 | 56 days | 1,884 sqft |
2021-12-01 | 80 days | 1,823 sqft |
2022-01-01 | 60 days | 1,847 sqft |
2022-02-01 | 29 days | 1,818 sqft |
2022-03-01 | 30 days | 1,950 sqft |
2022-04-01 | 27 days | 1,816 sqft |
2022-05-01 | 28 days | 1,757 sqft |
2022-06-01 | 32 days | 1,817 sqft |
2022-07-01 | 37 days | 1,843 sqft |
2022-08-01 | 43 days | 1,809 sqft |
2022-09-01 | 48 days | 1,855 sqft |
2022-10-01 | 53 days | 1,840 sqft |
2022-11-01 | 62 days | 1,820 sqft |
2022-12-01 | 73 days | 1,865 sqft |
Salinas's median square footage for active listings during the 2022-12-01 period was 1,865 sqft. One year prior, the average listing was 1,823 sqft.