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
6.15%
for the week of 2024-12-06, compared to the national average (all FHA variants) of
6.363% for the same period.
Salinas's average FHA mortgage closing costs are $14,255.
The average rate for the prior week (2024-11-29) was
6.19% and
one month ago for the week of 2024-11-01, the
average rate was 6.48%.
The average rate one year ago was 6.81%.
For refis of the same type during the week of 2024-12-06, the average rate
was 6.49%.
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
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. LouisDate | 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%) | 0.00 | 482 |
Salinas's median listing price comes in at 0% 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. LouisDate | 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 | 0 days | 1,862 sqft |
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.