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%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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
GUILD MORTGAGE COMPANY 4 2.78% $15,605
Equity Prime Mortgage LLC 4 3.06% $18,567
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
LAND HOME FINANCIAL SERVICES, INC. 2 2.75% $15,649
PLAZA HOME MORTGAGE, INC. 2 2.62% $9,385
CROSSCOUNTRY MORTGAGE, LLC 2 2.75% $14,270
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.00% $18,829
MOVEMENT MORTGAGE, LLC 2 2.75% $14,826
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
MEGA CAPITAL FUNDING, INC. 1 2.25% $8,573
DIGNIFIED HOME LOANS, LLC 1 2.63% $13,225
M&T Bank 1 2.75% $9,461
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

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 (7.3%) $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 for 2022-12-01 was $932,000, a difference of $-89,000 (-8.7%) versus the prior year and $13,500 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-12-01 was 73 days. This is -8% shorter than the same period one year ago.

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.

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).