San Diego FHA Loan Rates, Closing Costs & Stats
SAN DIEGO-CHULA VISTA-CARLSBAD, 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.
San Diego's 142 lenders originated 3,447 FHA loans during 2022. The total origination value was $1,811,855,000, with an average FHA loan value of $525,632.
San Diego FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in San Diego
for the week of 2023-12-01, compared to the national average (all FHA variants) of
6.949% for the same period.
San Diego's average FHA mortgage closing costs are $13,973.
The average rate for the prior week (2023-11-24) was 6.08% and one month ago for the week of 2023-10-27, the average rate was 6.59%.
The average rate one year ago was 5.51%.
For refis of the same type during the week of 2023-12-01, the average rate was 4.84%.
San Diego 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 San Diego level.
The top San Diego FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
492 FHA loans originated. Their average total fees are
$20,372, which is $1,794
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee San Diego FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,253), NOVA FINANCIAL & INVESTMENT CORPORATION ($9,190), CHERRY CREEK MORTGAGE, LLC ($11,264), LAKEVIEW LOAN SERVICING, LLC ($11,353) and HOME POINT FINANCIAL CORPORATION ($16,310).
The lowest rate San Diego FHA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC (3.55%), LAKEVIEW LOAN SERVICING, LLC (3.71%), CHERRY CREEK MORTGAGE, LLC (3.81%), HOME POINT FINANCIAL CORPORATION (3.82%) and MID AMERICA MORTGAGE, INC. (3.91%).
San Diego FHA Loan Limits
|Metro||County||Year||Single Family Limit||2 Family Limit||3 Family Limit||4 Family Limit|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA||SAN DIEGO||2022||$879,750||$1,126,250||$1,361,350||$1,691,850|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA||SAN DIEGO||2023||$977,500||$1,251,400||$1,512,650||$1,879,850|