San Diego FHA Loan Rates, Closing Costs & Stats

SAN DIEGO-CHULA VISTA-CARLSBAD, 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.

    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 averaged 6.07% 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%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    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.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 492 4.57% $20,372
    QUICKEN LOANS, LLC 157 4.13% $18,578
    LOANDEPOT.COM, LLC 119 4.27% $18,379
    CALIBER HOME LOANS, INC. 92 4.32% $18,852
    CROSSCOUNTRY MORTGAGE, LLC 77 4.95% $25,366
    HOME POINT FINANCIAL CORPORATION 62 3.82% $16,310
    FREEDOM MORTGAGE CORPORATION 49 4.36% $18,464
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 43 4.78% $17,972
    PENNYMAC LOAN SERVICES, LLC 42 3.97% $17,222
    BROKER SOLUTIONS, INC. 41 4.81% $20,521
    BECKAM FUNDING CORP. 40 6.06% $33,669
    HOMEBRIDGE FINANCIAL SERVICES, INC. 37 4.66% $19,973
    FINANCE OF AMERICA MORTGAGE LLC 37 4.78% $19,525
    S1L, Inc. 36 5.22% $21,426
    GUILD MORTGAGE COMPANY 35 4.79% $22,543
    CARDINAL FINANCIAL 33 4.22% $19,071
    Flagstar Bank, FSB 32 4.29% $17,833
    Carrington Mortgage Services, LLC 27 4.33% $20,643
    Paramount Residential Mortgage Group, Inc. 26 4.79% $18,883
    MOVEMENT MORTGAGE, LLC 25 4.90% $21,386
    AMERISAVE MORTGAGE CORPORATION 24 4.38% $23,170
    GUARANTEED RATE, INC. 23 4.85% $19,914
    MID AMERICA MORTGAGE, INC. 20 3.91% $4,253
    Mr. Cooper ( Nationstar Mortgage ) 19 3.93% $18,697
    AMERICAN PACIFIC MORTGAGE CORPORATION 18 4.67% $22,559
    OCMBC, INC. 17 4.76% $21,324
    Golden Empire Mortgage, Inc. 17 5.62% $26,685
    BAY EQUITY LLC 16 4.75% $19,774
    Cornerstone First Mortgage, Inc 16 4.16% $20,162
    SUMMIT FUNDING, INC. 16 4.98% $23,768
    Equity Prime Mortgage LLC 16 4.91% $21,272
    LAKEVIEW LOAN SERVICING, LLC 16 3.71% $11,353
    PLANET HOME LENDING, LLC 15 3.55% $22,930
    NATIONS DIRECT MORTGAGE, LLC 14 4.17% $22,339
    NEWREZ LLC 14 4.50% $17,348
    EAGLE HOME MORTGAGE, LLC 13 4.95% $20,676
    CHERRY CREEK MORTGAGE, LLC 13 3.81% $11,264
    RESIDENTIAL BANCORP 12 4.92% $24,691
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 12 4.34% $18,034
    NOVA FINANCIAL & INVESTMENT CORPORATION 11 4.51% $9,190
    CALCON MUTUAL MORTGAGE LLC 9 5.75% $22,460
    PLAZA HOME MORTGAGE, INC. 9 4.86% $23,021
    SUN WEST MORTGAGE COMPANY, INC. 8 4.36% $17,807
    EVERETT FINANCIAL, INC. 8 4.34% $14,128
    GUARANTEED RATE AFFINITY, LLC 8 4.34% $16,249
    Sierra Pacific Mortgage Company, Inc. 8 5.23% $21,818
    Pacific Lending LLC 7 5.04% $28,132
    Shea Mortgage Inc. 7 4.20% $12,292
    CMG MORTGAGE, INC. 7 4.82% $19,191
    GRANDE HOMES, INC. 7 4.07% $14,843
    Lakeview Community Capital, LLC 6 3.42% $9,315
    Hometown Equity Mortgage, LLC 6 5.10% $20,876
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 4.46% $22,202
    Century Mortgage Company DBA Century Lending Company 6 3.81% $17,453
    PANORAMA MORTGAGE GROUP, LLC 5 5.05% $20,481
    AMERIFIRST FINANCIAL CORPORATION 5 4.55% $29,953
    CORNERSTONE HOME LENDING, INC. 5 5.55% $22,822
    Loan Simple, Inc. 5 4.98% $21,838
    KBHS HOME LOANS, LLC 5 5.10% $32,635
    MUFG Union Bank 5 3.65% $13,914
    NETWORK CAPITAL FUNDING CORPORATION 4 4.72% $17,360
    San Diego Funding 4 4.41% $25,186
    The Federal Savings Bank 4 5.16% $21,103
    DHI MORTGAGE COMPANY, LTD. 4 3.56% $16,917
    VILLAGE CAPITAL MORTGAGE 4 3.41% $6,620
    ALLIED MORTGAGE GROUP, INC. 4 4.91% $17,410
    AXIA FINANCIAL, LLC 4 4.06% $18,030
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 4.47% $20,518
    INTERCAP LENDING INC. 4 4.31% $16,981
    LADERA LENDING, INC. 4 4.66% $15,748
    MORIA DEVELOPMENT, INC. 4 4.91% $21,786
    JMJ FINANCIAL GROUP 3 4.96% $24,262
    AHL FUNDING 3 4.21% $25,769
    HOMEAMERICAN MORTGAGE CORPORATION 3 3.38% $15,531
    LOANPAL, LLC 3 3.46% $15,648
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 4.42% $19,038
    First Guaranty Mortgage Corporation 3 4.00% $15,130
    MORTGAGEONE, INC. 3 4.33% $23,658
    ENVOY MORTGAGE, LTD 3 6.29% $24,614
    U.S. Bank 3 4.29% $25,540
    MUTUAL OF OMAHA MORTGAGE, INC. 3 3.71% $12,754
    Commerce Home Mortgage, Inc. 3 3.46% $20,980
    Plains Commerce Bank 3 4.37% $21,205
    JPMorgan Chase Bank 3 4.00% $16,037
    NP, Inc. 3 5.58% $36,672
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.56% $22,354
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.37% $17,541
    HOMESIDE FINANCIAL, LLC 2 4.25% $15,656
    Bank of America 2 3.88% $15,722
    LENOX FINANCIAL MORTGAGE CORPORATION 2 4.25% $14,599
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.44% $20,896
    Nations Lending Corporation 2 5.75% $19,491
    VERITAS FUNDING, LLC 2 5.81% $19,668
    FIRST NATIONS HOME FINANCE CORPORATION 2 4.38% $23,553
    South Pacific Financial Corporation 2 4.13% $24,944
    MK LENDING CORP. 2 5.81% $29,177
    NFM, INC. 2 4.25% $23,659
    ALAMEDA MORTGAGE CORPORATION 2 5.19% $20,255
    Wyndham Capital Mortgage, Inc. 1 5.13% $27,846
    Advisors Mortgage Group, L.L.C. 1 5.63% $18,139
    AMCAP MORTGAGE, LTD. 1 5.63% $36,823
    Amerifirst Financial, Inc. 1 3.13% $14,025
    AmRes Corporation 1 4.50% $18,471
    Bank of England 1 5.13% $16,080
    BEST FINANCE CAPITAL, INC. 1 5.13% $21,886
    CAPSTONE DIRECT, INC. 1 3.00% $14,354
    CHURCHILL MORTGAGE CORPORATION 1 2.88% $9,874
    DAS Acquisition Company, LLC 1 4.25% $17,290
    DATA MORTGAGE, INC. 1 3.25% $24,624
    DIGNIFIED HOME LOANS, LLC 1 5.00% $20,733
    Franklin Loan Corporation 1 5.13% $22,389
    GENEVA FINANCIAL, LLC 1 5.63% $25,714
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.63% $27,239
    HOME APPROVALS DIRECT, INC. 1 5.25% $19,367
    INLAND BANK & TRUST 1 5.75% $21,884
    INSPIRE HOME LOANS INC. 1 3.50% $15,085
    INTELLILOAN, INC. 1 3.13% $24,652
    JMAC LENDING, INC. 1 5.25% $37,319
    LAND HOME FINANCIAL SERVICES, INC. 1 6.25% $28,327
    LENDING 3, INC. 1 6.75% $30,381
    MICHIGAN MUTUAL, INC. 1 5.75% $17,196
    Mortgage Research Center, LLC 1 5.63% $18,544
    M&T Bank 1 3.13% $7,714
    NATIONS RELIABLE LENDING, LLC 1 4.75% $21,245
    NBKC BANK 1 5.13% $14,430
    Neighborhood Loans, Inc. 1 4.75% $17,703
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.50% $17,073
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $21,520
    Prime Choice Funding Inc. 1 3.13% $10,760
    Prosperity Home Mortgage, LLC 1 4.75% $26,149
    Residential Mortgage Solutions, Inc. 1 5.75% $18,984
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.75% $16,460
    Strong Home Mortgage, LLC 1 3.13% $10,741
    TJC Mortgage, Inc. 1 3.00% $14,570
    TOP FLITE FINANCIAL, INC. 1 5.63% $40,671
    UNITED MORTGAGE CORP 1 5.25% $44,912
    VISION ONE MORTGAGE, INC. 1 5.50% $15,360
    WALL FINANCIAL, INC. 1 5.13% $23,787
    Wallick & Volk, Inc. 1 3.00% $12,822
    Wells Fargo Bank 1 6.13% $14,525
    Willamette Valley Bank 1 5.75% $18,208
    ACADEMY MORTGAGE CORPORATION 1 5.13% $18,696

    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

    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).