Salinas FHA Loan Rates, Closing Costs & Stats

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 57 lenders originated 421 FHA loans during 2024. The total origination value was $240,805,000, with an average FHA loan value of $571,983.

    Salinas FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Salinas averaged 6.78% for the week of 2025-07-11, compared to the national average (all FHA variants) of 6.523% for the same period.

    Salinas's average FHA mortgage closing costs are $14,829.

    The average rate for the prior week (2025-07-04) was 6.61% and one month ago for the week of 2025-06-06, the average rate was 6.94%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2025-07-11, the average rate was 6.7%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 90 6.03% $19,626
    Performance Financial, Inc. 32 6.06% $22,972
    PREMIER MORTGAGE RESOURCES, L.L.C. 26 6.18% $18,594
    SUMMIT FUNDING, INC. 22 6.61% $21,440
    Franklin Loan Corporation 22 6.21% $18,578
    QUICKEN LOANS, LLC 21 6.10% $18,123
    LOANDEPOT.COM, LLC 16 6.26% $18,915
    BAY-VALLEY MORTGAGE GROUP 13 6.36% $27,461
    GUARANTEED RATE, INC. 12 6.17% $19,090
    Century Mortgage Company DBA Century Lending Company 11 6.23% $21,950
    CROSSCOUNTRY MORTGAGE, LLC 10 6.32% $23,502
    OCMBC, INC. 8 6.13% $22,434
    Paramount Residential Mortgage Group, Inc. 8 6.48% $14,572
    PENNYMAC LOAN SERVICES, LLC 6 5.46% $17,847
    FREEDOM MORTGAGE CORPORATION 6 5.94% $28,154
    SUN WEST MORTGAGE COMPANY, INC. 6 6.14% $25,118
    ML Mortgage Corp. 5 6.35% $22,186
    Mr. Cooper ( Nationstar Mortgage ) 4 6.13% $28,550
    S1L, Inc. 3 6.42% $23,674
    Bank of America 3 6.29% $20,177
    Lakeview Community Capital, LLC 3 6.25% $11,629
    MASON MCDUFFIE MORTGAGE CORPORATION 3 6.42% $21,389
    FIRST COLONY MORTGAGE CORPORATION 3 6.04% $19,836
    NATIONS DIRECT MORTGAGE, LLC 2 6.75% $18,635
    ENVOY MORTGAGE, LTD 2 6.88% $20,462
    JPMorgan Chase Bank 2 6.63% $13,532
    NETWORK CAPITAL FUNDING CORPORATION 2 5.88% $18,633
    PLANET HOME LENDING, LLC 2 5.99% $9,572
    MICHIGAN MUTUAL, INC. 2 6.25% $17,580
    RESIDENTIAL BANCORP 2 6.25% $19,716
    ZILLOW HOME LOANS, LLC 1 6.63% $15,058
    Ameris Bank 1 6.00% $13,952
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.99% $24,568
    BETTER MORTGAGE CORPORATION 1 5.75% $16,126
    BROKER SOLUTIONS, INC. 1 5.50% $30,025
    Carrington Mortgage Services, LLC 1 6.13% $40,865
    Commerce Home Mortgage, Inc. 1 6.13% $17,638
    DIGNIFIED HOME LOANS, LLC 1 6.25% $23,304
    Flagstar Bank, FSB 1 6.75% $9,620
    GUILD MORTGAGE COMPANY 1 6.00% $42,867
    Home Mortgage Alliance Corp 1 5.50% $28,788
    Hometown Equity Mortgage, LLC 1 6.63% $20,169
    JMAC LENDING, INC. 1 6.25% $16,741
    LAND HOME FINANCIAL SERVICES, INC. 1 5.63% $20,863
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $27,734
    MOUNTAIN WEST FINANCIAL, INC. 1 6.25% $19,964
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $30,050
    NEWREZ LLC 1 6.75% $18,458
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.88% $17,567
    PLAZA HOME MORTGAGE, INC. 1 6.75% $15,860
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $31,305
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $20,529
    Shea Mortgage Inc. 1 5.88% $15,053
    The Loan Store, Inc. 1 5.63% $30,013
    VILLAGE CAPITAL MORTGAGE 1 6.25% $5,169
    Watermark Capital, Inc. 1 5.75% $18,621
    AmeriHome Mortgage Company, LLC 1 6.99% $15,104

    The top Salinas FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 90 FHA loans originated. Their average total fees are $19,626, which is $3,346 lower than the next largest lender, Performance Financial, Inc..

    The lowest fee Salinas FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($18,123), Franklin Loan Corporation ($18,578), PREMIER MORTGAGE RESOURCES, L.L.C. ($18,594), LOANDEPOT.COM, LLC ($18,915) and GUARANTEED RATE, INC. ($19,090).

    The lowest rate Salinas FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.03%), Performance Financial, Inc. (6.06%), QUICKEN LOANS, LLC (6.10%), GUARANTEED RATE, INC. (6.17%) and PREMIER MORTGAGE RESOURCES, L.L.C. (6.18%).

    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

    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).