San Francisco FHA Loans

SAN FRANCISCO-SAN MATEO-REDWOOD CITY, 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 Francisco's 52 lenders originated 401 FHA loans during 2021. The total origination value was $202,215,000, with an average FHA loan value of $504,277.

San Francisco FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in San Francisco averaged 4.24% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.25% and one month ago for the week of 2022-02-18, the average rate was 3.78%.

The average rate one year ago was 3.02%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.17%.

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

San Francisco FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the San Francisco level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 17 2.59% $12,450
Mr. Cooper ( Nationstar Mortgage ) 12 3.04% $9,450
UNITED WHOLESALE MORTGAGE, LLC 10 2.49% $20,483
CALIBER HOME LOANS, INC. 9 3.00% $16,008
VILLAGE CAPITAL & INVESTMENT LLC 6 2.83% $5,126
FREEDOM MORTGAGE CORPORATION 6 2.60% $10,050
Commerce Home Mortgage, Inc. 6 3.25% $21,814
CROSSCOUNTRY MORTGAGE, LLC 6 2.73% $18,870
Carrington Mortgage Services, LLC 6 3.58% $14,529
LAKEVIEW LOAN SERVICING, LLC 6 2.69% $10,765
PENNYMAC LOAN SERVICES, LLC 4 2.69% $15,312
LOANDEPOT.COM, LLC 4 2.87% $13,381
GUARANTEED RATE, INC. 4 3.44% $24,008
MID AMERICA MORTGAGE, INC. 4 2.94% $5,010
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.46% $20,786
AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.25% $17,387
HOME POINT FINANCIAL CORPORATION 3 2.83% $22,728
NEWREZ LLC 3 2.96% $12,195
CMG MORTGAGE, INC. 3 3.29% $20,009
Lakeview Community Capital, LLC 2 2.75% $11,371
FINANCE OF AMERICA MORTGAGE LLC 2 3.19% $34,159
OCMBC, INC. 2 2.75% $16,636
BECKAM FUNDING CORP. 2 4.38% $29,025
Sierra Pacific Mortgage Company, Inc. 1 3.13% $12,677
ALAMEDA MORTGAGE CORPORATION 1 3.00% $15,074
STEARNS LENDING, LLC 1 2.88% $10,018
SUMMIT FUNDING, INC. 1 3.13% $17,064
Umpqua Bank 1 2.50% $36,706
UNITED SECURITY FINANCIAL CORP 1 2.50% $10,394
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $14,122
ALL WESTERN MORTGAGE, INC. 1 4.25% $21,215
Amerifirst Financial, Inc. 1 2.63% $12,980
Barrington Bank & Trust Company, N.A. 1 2.25% $4,811
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.25% $11,087
COMMUNITY FIRST CREDIT UNION 1 2.88% $3,470
DRAPER AND KRAMER MORTGAGE CORP. 1 3.00% $15,250
EAGLE HOME MORTGAGE, LLC 1 3.50% $19,877
EVERETT FINANCIAL, INC. 1 3.25% $19,179
Flagstar Bank, FSB 1 2.50% $14,493
GENEVA FINANCIAL, LLC 1 2.25% $22,468
GUARANTEED RATE AFFINITY, LLC 1 2.88% $17,154
GUILD MORTGAGE COMPANY 1 3.13% $9,737
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $14,429
Hometown Equity Mortgage, LLC 1 2.50% $12,790
JPMorgan Chase Bank 1 2.99% $7,649
NATIONS DIRECT MORTGAGE, LLC 1 2.25% $17,129
NORWICH COMMERCIAL GROUP, INC. 1 2.75% $14,962
Paramount Residential Mortgage Group, Inc. 1 2.88% $11,592
PLANET HOME LENDING, LLC 1 3.13% $24,384
PREMIER LENDING, INC. 1 2.75% $22,320
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $8,473
S1L, Inc. 1 2.99% $19,068

The top San Francisco FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 17 FHA loans originated. Their average total fees are $12,450, which is $3,001 higher than the next largest lender, Mr. Cooper ( Nationstar Mortgage ).

The lowest fee San Francisco FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($9,450), QUICKEN LOANS, LLC ($12,450), UNITED WHOLESALE MORTGAGE, LLC ($20,483), .

The lowest rate San Francisco FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.49%), QUICKEN LOANS, LLC (2.59%), Mr. Cooper ( Nationstar Mortgage ) (3.04%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - San Francisco (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 $832,915 (4.3%) $1,485,691 (14.7%) 3.07 2,454
2018-02-01 $894,500 (6.6%) $1,527,161 (11.4%) 3.23 2,923
2018-03-01 $939,000 (5.9%) $1,557,480 (10.1%) 3.25 3,362
2018-04-01 $981,500 (9.7%) $1,627,669 (10.6%) 3.29 3,858
2018-05-01 $992,500 (10.4%) $1,631,792 (10.6%) 3.31 4,356
2018-06-01 $980,000 (8.9%) $1,586,014 (7.6%) 3.27 4,862
2018-07-01 $922,500 (5.4%) $1,505,141 (5.4%) 3.08 5,230
2018-08-01 $889,750 (4.7%) $1,367,976 (-0.2%) 2.97 5,420
2018-09-01 $899,000 (3.9%) $1,380,708 (-3.8%) 3.01 6,521
2018-10-01 $899,000 (1.0%) $1,390,218 (-7.7%) 3.01 6,733
2018-11-01 $887,444 (-0.2%) $1,454,799 (-4.5%) 2.98 6,398
2018-12-01 $849,000 (-2.3%) $1,321,150 (-14.6%) 2.91 4,585
2019-01-01 $822,444 (-1.3%) $1,281,720 (-13.7%) 2.84 3,911
2019-02-01 $878,000 (-1.8%) $1,392,919 (-8.8%) 2.94 4,470
2019-03-01 $905,143 (-3.6%) $1,481,646 (-4.9%) 2.95 4,885
2019-04-01 $938,000 (-4.4%) $1,523,268 (-6.4%) 2.95 5,273
2019-05-01 $952,500 (-4.0%) $1,495,179 (-8.4%) 2.94 5,904
2019-06-01 $949,950 (-3.1%) $1,469,299 (-7.4%) 2.92 6,445
2019-07-01 $927,000 (0.5%) $1,511,051 (0.4%) 2.88 6,372
2019-08-01 $910,657 (2.4%) $1,486,560 (8.7%) 2.87 6,238
2019-09-01 $925,000 (2.9%) $1,470,599 (6.5%) 2.94 6,177
2019-10-01 $946,500 (5.3%) $1,522,534 (9.5%) 3.02 6,536
2019-11-01 $949,950 (7.0%) $1,628,141 (11.9%) 3.07 5,321
2019-12-01 $897,250 (5.7%) $1,711,252 (29.5%) 2.99 3,202
2020-01-01 $893,500 (8.6%) $1,682,109 (31.2%) 2.98 2,718
2020-02-01 $969,950 (10.5%) $1,703,609 (22.3%) 3.13 3,486
2020-03-01 $987,475 (9.1%) $1,666,066 (12.5%) 3.09 3,860
2020-04-01 $950,000 (1.3%) $1,566,455 (2.8%) 2.96 3,669
2020-05-01 $999,000 (4.9%) $1,631,205 (9.1%) 3.03 4,853
2020-06-01 $1,075,000 (13.2%) $1,673,197 (13.9%) 3.14 5,218
2020-07-01 $1,084,000 (16.9%) $1,688,769 (11.8%) 3.11 5,348
2020-08-01 $1,050,000 (15.3%) $1,693,359 (13.9%) 3.00 5,513
2020-09-01 $1,067,444 (15.4%) $1,710,780 (16.3%) 3.05 5,702
2020-10-01 $1,075,000 (13.6%) $1,704,790 (12.0%) 3.07 6,146
2020-11-01 $1,050,000 (10.5%) $1,687,095 (3.6%) 3.01 5,521
2020-12-01 $998,940 (11.3%) $1,715,364 (0.2%) 2.93 3,965
2021-01-01 $995,000 (11.4%) $1,765,083 (4.9%) 2.93 3,084
2021-02-01 $999,997 (3.1%) $1,783,564 (4.7%) 2.88 3,223
2021-03-01 $1,021,500 (3.5%) $1,869,112 (12.2%) 2.86 3,354
2021-04-01 $1,049,500 (10.5%) $1,871,486 (19.5%) 2.82 3,430
2021-05-01 $1,088,000 (8.9%) $1,891,446 (16.0%) 2.86 3,463
2021-06-01 $1,079,000 (0.4%) $1,809,889 (8.2%) 2.80 3,872
2021-07-01 $999,500 (-7.8%) $1,709,988 (1.3%) 2.60 4,134
2021-08-01 $995,000 (-5.2%) $1,648,041 (-2.7%) 2.62 4,245
2021-09-01 $993,500 (-6.9%) $1,704,806 (-0.4%) 2.61 4,585
2021-10-01 $997,000 (-7.3%) $1,774,651 (4.1%) 2.62 4,575
2021-11-01 $984,450 (-6.2%) $1,795,658 (6.4%) 2.59 3,554
2021-12-01 $954,000 (-4.5%) $1,842,466 (7.4%) 2.54 2,340
2022-01-01 $949,000 (-4.6%) $1,746,953 (-1.0%) 2.53 2,009
San Francisco's median listing price for 2022-01-01 was $949,000, a difference of $-46,000 (-4.6%) versus the prior year and $-5,000 versus the prior month.

San Francisco's median listing price comes in at 253% of the national average.

San Francisco's average listing price for 2022-01-01 was $1,746,953, a difference of $-18,130 (-1.0%) versus the prior year and $-95,513 versus the prior month.

For the 2022-01-01 period, San Francisco had 2,009 MLS listings, a difference of -331 listings (-14%) versus the prior month and -1,075 listings (-35%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - San Francisco (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 31 days 1,710 sqft
2018-02-01 19 days 1,736 sqft
2018-03-01 22 days 1,750 sqft
2018-04-01 23 days 1,781 sqft
2018-05-01 21 days 1,803 sqft
2018-06-01 24 days 1,780 sqft
2018-07-01 29 days 1,735 sqft
2018-08-01 29 days 1,701 sqft
2018-09-01 27 days 1,686 sqft
2018-10-01 31 days 1,687 sqft
2018-11-01 37 days 1,655 sqft
2018-12-01 50 days 1,609 sqft
2019-01-01 49 days 1,595 sqft
2019-02-01 27 days 1,631 sqft
2019-03-01 28 days 1,691 sqft
2019-04-01 28 days 1,757 sqft
2019-05-01 28 days 1,811 sqft
2019-06-01 30 days 1,787 sqft
2019-07-01 35 days 1,740 sqft
2019-08-01 36 days 1,726 sqft
2019-09-01 35 days 1,722 sqft
2019-10-01 34 days 1,706 sqft
2019-11-01 42 days 1,703 sqft
2019-12-01 57 days 1,707 sqft
2020-01-01 54 days 1,680 sqft
2020-02-01 18 days 1,723 sqft
2020-03-01 28 days 1,760 sqft
2020-04-01 37 days 1,764 sqft
2020-05-01 33 days 1,760 sqft
2020-06-01 30 days 1,702 sqft
2020-07-01 30 days 1,625 sqft
2020-08-01 31 days 1,569 sqft
2020-09-01 30 days 1,533 sqft
2020-10-01 29 days 1,525 sqft
2020-11-01 40 days 1,500 sqft
2020-12-01 51 days 1,479 sqft
2021-01-01 46 days 1,454 sqft
2021-02-01 28 days 1,485 sqft
2021-03-01 29 days 1,530 sqft
2021-04-01 30 days 1,548 sqft
2021-05-01 28 days 1,562 sqft
2021-06-01 28 days 1,560 sqft
2021-07-01 28 days 1,546 sqft
2021-08-01 29 days 1,548 sqft
2021-09-01 29 days 1,538 sqft
2021-10-01 30 days 1,514 sqft
2021-11-01 38 days 1,502 sqft
2021-12-01 44 days 1,455 sqft
2022-01-01 39 days 1,423 sqft
San Francisco's median listing age (time on market) for 2022-01-01 was 39 days. This is -15% shorter than the same period one year ago.

San Francisco's median square footage for active listings during the 2022-01-01 period was 1,423 sqft. One year prior, the average listing was 1,454 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).