San Francisco FHA Loans

SAN FRANCISCO-SAN MATEO-REDWOOD CITY, 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 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).