Salinas FHA Loans

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 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).