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 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 6.57% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.46% and one month ago for the week of 2024-05-03, the average rate was 6.66%.

The average rate one year ago was 6.63%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.72%.

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
Salinas's median listing price for 2024-05-01 was $1,396,000, a difference of $-1,500 (-0.1%) versus the prior year and $41,000 versus the prior month.

Salinas's median listing price comes in at 316% of the national average.

Salinas's average listing price for 2024-05-01 was $2,672,391, a difference of $-86,512 (-3.1%) versus the prior year and $2,228 versus the prior month.

For the 2024-05-01 period, Salinas had 398 MLS listings, a difference of 40 listings (11%) versus the prior month and 94 listings (31%) 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
Salinas's median listing age (time on market) for 2024-05-01 was 40 days. This is 3% longer than the same period one year ago.

Salinas's median square footage for active listings during the 2024-05-01 period was 2,005 sqft. One year prior, the average listing was 1,959 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).