San Jose FHA Loan Rates, Closing Costs & Stats

SAN JOSE-SUNNYVALE-SANTA CLARA, 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 Jose's 72 lenders originated 519 FHA loans during 2022. The total origination value was $304,345,000, with an average FHA loan value of $586,407.

San Jose FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in San Jose averaged 5.68% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

San Jose's average FHA mortgage closing costs are $15,621.

The average rate for the prior week (2024-02-23) was 5.67% and one month ago for the week of 2024-01-26, the average rate was 5.27%.

The average rate one year ago was 5.4%.

For refis of the same type during the week of 2024-03-01, the average rate was 4.48%.

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

San Jose 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 Jose level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 44 4.60% $24,702
LOANDEPOT.COM, LLC 17 4.32% $23,130
QUICKEN LOANS, LLC 13 4.35% $19,717
PENNYMAC LOAN SERVICES, LLC 11 3.99% $21,092
HOME POINT FINANCIAL CORPORATION 10 3.75% $17,116
GUARANTEED RATE, INC. 10 4.60% $28,344
CROSSCOUNTRY MORTGAGE, LLC 9 5.22% $23,819
KBHS HOME LOANS, LLC 8 4.45% $33,778
GUARANTEED RATE AFFINITY, LLC 8 5.34% $17,269
AMERICAN PACIFIC MORTGAGE CORPORATION 8 5.34% $21,465
FINANCE OF AMERICA MORTGAGE LLC 7 4.68% $23,172
CALIBER HOME LOANS, INC. 7 3.95% $23,577
FREEDOM MORTGAGE CORPORATION 6 3.29% $14,721
GUILD MORTGAGE COMPANY 6 5.90% $25,988
SUMMIT FUNDING, INC. 5 4.73% $25,321
PREMIER MORTGAGE RESOURCES, L.L.C. 5 5.25% $22,809
LAKEVIEW LOAN SERVICING, LLC 5 3.25% $12,440
Century Mortgage Company DBA Century Lending Company 4 5.75% $19,666
MASON MCDUFFIE MORTGAGE CORPORATION 4 3.97% $18,277
Carrington Mortgage Services, LLC 4 5.03% $17,450
PLANET HOME LENDING, LLC 4 3.78% $18,056
LAND HOME FINANCIAL SERVICES, INC. 4 5.16% $32,272
AMERISAVE MORTGAGE CORPORATION 3 4.79% $23,974
Flagstar Bank, FSB 3 4.90% $22,263
Paramount Residential Mortgage Group, Inc. 3 5.58% $21,798
Mr. Cooper ( Nationstar Mortgage ) 3 4.63% $33,137
RESIDENTIAL BANCORP 2 4.38% $24,932
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.25% $13,494
BECKAM FUNDING CORP. 2 6.50% $49,052
CARDINAL FINANCIAL 2 5.13% $19,500
Commerce Home Mortgage, Inc. 2 3.50% $15,770
ENVOY MORTGAGE, LTD 2 4.88% $24,814
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.75% $17,440
Hometown Equity Mortgage, LLC 2 5.44% $21,113
MOVEMENT MORTGAGE, LLC 2 4.13% $29,321
NATIONS DIRECT MORTGAGE, LLC 2 5.31% $18,101
Nations Lending Corporation 2 5.75% $32,310
NEWREZ LLC 2 4.88% $22,510
Platinum Home Mortgage Corporation 2 4.38% $17,155
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.19% $29,058
TOP FLITE FINANCIAL, INC. 2 4.56% $41,349
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.25% $24,532
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.63% $19,958
SUN WEST MORTGAGE COMPANY, INC. 1 4.75% $12,373
Equity Prime Mortgage LLC 1 4.88% $20,334
The Federal Savings Bank 1 4.75% $16,576
Wells Fargo Bank 1 5.63% $23,815
NETWORK CAPITAL FUNDING CORPORATION 1 5.13% $13,308
AHL FUNDING 1 3.75% $30,464
NFM, INC. 1 4.88% $31,495
OCMBC, INC. 1 3.75% $10,986
OPEN MORTGAGE, LLC 1 4.25% $26,468
Pacific Lending LLC 1 3.63% $30,618
CHURCHILL MORTGAGE CORPORATION 1 3.75% $26,357
CALCON MUTUAL MORTGAGE LLC 1 5.50% $23,854
BROKER SOLUTIONS, INC. 1 5.25% $31,577
U.S. Bank 1 4.25% $20,608
PLAZA HOME MORTGAGE, INC. 1 3.88% $12,604
AmRes Corporation 1 3.88% $17,574
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $25,538
VILLAGE CAPITAL MORTGAGE 1 3.75% $6,438
Amerifirst Financial, Inc. 1 5.50% $28,195
ACADEMY MORTGAGE CORPORATION 1 6.13% $33,482
S1L, Inc. 1 5.25% $15,772
ALAMEDA MORTGAGE CORPORATION 1 3.63% $11,544
JPMorgan Chase Bank 1 5.63% $24,505
HOME APPROVALS DIRECT, INC. 1 3.75% $27,036
LADERA LENDING, INC. 1 4.25% $33,053
GUARANTY HOME MORTGAGE CORPORATION 1 4.88% $12,421
Florida Capital Bank 1 3.75% $17,025
First Savings Bank 1 4.75% $15,863
LOANLEADERS OF AMERICA, INC. 1 5.50% $43,748

The top San Jose FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 44 FHA loans originated. Their average total fees are $24,702, which is $1,572 higher than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee San Jose FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION ($17,116), QUICKEN LOANS, LLC ($19,717), PENNYMAC LOAN SERVICES, LLC ($21,092), LOANDEPOT.COM, LLC ($23,130) and UNITED WHOLESALE MORTGAGE, LLC ($24,702).

The lowest rate San Jose FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (3.75%), PENNYMAC LOAN SERVICES, LLC (3.99%), LOANDEPOT.COM, LLC (4.32%), QUICKEN LOANS, LLC (4.35%) and UNITED WHOLESALE MORTGAGE, LLC (4.60%).

San Jose FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SAN JOSE-SUNNYVALE-SANTA CLARA, CA SAN BENITO 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
SAN JOSE-SUNNYVALE-SANTA CLARA, CA SANTA CLARA 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
SAN JOSE-SUNNYVALE-SANTA CLARA, CA SAN BENITO 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
SAN JOSE-SUNNYVALE-SANTA CLARA, CA SANTA CLARA 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - San Jose (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 $1,110,250 (23.5%) $1,829,513 (28.2%) 4.12 570
2018-02-01 $1,199,444 (25.7%) $1,810,776 (21.6%) 4.35 676
2018-03-01 $1,286,500 (32.9%) $1,861,664 (23.7%) 4.51 799
2018-04-01 $1,254,722 (26.9%) $1,864,395 (24.4%) 4.25 993
2018-05-01 $1,293,000 (29.4%) $1,830,306 (11.6%) 4.32 1,198
2018-06-01 $1,250,000 (24.4%) $1,788,116 (7.2%) 4.17 1,441
2018-07-01 $1,199,944 (14.3%) $1,710,621 (0.9%) 4.01 1,717
2018-08-01 $1,173,500 (11.8%) $1,642,858 (-2.2%) 3.93 1,816
2018-09-01 $1,148,000 (4.5%) $1,618,736 (-13.3%) 3.86 2,058
2018-10-01 $1,099,944 (-1.5%) $1,590,456 (-14.3%) 3.73 2,146
2018-11-01 $1,089,400 (-6.2%) $1,539,122 (-21.5%) 3.69 2,052
2018-12-01 $1,000,000 (-13.0%) $1,507,748 (-23.7%) 3.45 1,459
2019-01-01 $999,888 (-9.9%) $1,509,950 (-17.5%) 3.45 1,264
2019-02-01 $1,095,250 (-8.7%) $1,610,619 (-11.1%) 3.70 1,440
2019-03-01 $1,102,769 (-14.3%) $1,633,737 (-12.2%) 3.61 1,635
2019-04-01 $1,127,230 (-10.2%) $1,642,203 (-11.9%) 3.58 1,805
2019-05-01 $1,188,000 (-8.1%) $1,645,599 (-10.1%) 3.71 2,175
2019-06-01 $1,175,000 (-6.0%) $1,643,142 (-8.1%) 3.67 2,367
2019-07-01 $1,128,250 (-6.0%) $1,636,619 (-4.3%) 3.53 2,299
2019-08-01 $1,119,909 (-4.6%) $1,664,443 (1.3%) 3.55 2,190
2019-09-01 $1,122,773 (-2.2%) $1,681,961 (3.9%) 3.59 2,106
2019-10-01 $1,112,182 (1.1%) $1,693,639 (6.5%) 3.59 2,021
2019-11-01 $1,100,000 (1.0%) $1,775,100 (15.3%) 3.61 1,612
2019-12-01 $1,084,194 (8.4%) $1,798,338 (19.3%) 3.62 989
2020-01-01 $1,088,722 (8.9%) $1,881,701 (24.6%) 3.64 819
2020-02-01 $1,198,000 (9.4%) $2,032,748 (26.2%) 3.92 944
2020-03-01 $1,249,805 (13.3%) $1,990,529 (21.8%) 3.92 1,144
2020-04-01 $1,198,500 (6.3%) $1,854,244 (12.9%) 3.75 1,349
2020-05-01 $1,200,500 (1.1%) $1,858,819 (13.0%) 3.65 1,646
2020-06-01 $1,260,000 (7.2%) $1,856,022 (13.0%) 3.71 1,656
2020-07-01 $1,249,975 (10.8%) $1,824,368 (11.5%) 3.62 1,681
2020-08-01 $1,248,000 (11.4%) $1,806,980 (8.6%) 3.58 1,673
2020-09-01 $1,210,000 (7.8%) $1,789,686 (6.4%) 3.47 1,668
2020-10-01 $1,229,950 (10.6%) $1,819,909 (7.5%) 3.52 1,690
2020-11-01 $1,232,124 (12.0%) $1,897,714 (6.9%) 3.60 1,558
2020-12-01 $1,197,000 (10.4%) $1,865,030 (3.7%) 3.56 1,153
2021-01-01 $1,199,000 (10.1%) $1,869,161 (-0.7%) 3.58 971
2021-02-01 $1,223,900 (2.2%) $1,873,351 (-7.8%) 3.56 1,054
2021-03-01 $1,246,692 (-0.3%) $1,881,183 (-5.5%) 3.54 1,181
2021-04-01 $1,249,500 (4.3%) $1,898,349 (2.4%) 3.38 1,252
2021-05-01 $1,298,888 (8.2%) $1,951,204 (5.0%) 3.45 1,243
2021-06-01 $1,299,444 (3.1%) $1,967,174 (6.0%) 3.42 1,326
2021-07-01 $1,275,000 (2.0%) $1,889,262 (3.6%) 3.36 1,410
2021-08-01 $1,250,250 (0.2%) $1,875,379 (3.8%) 3.33 1,367
2021-09-01 $1,262,639 (4.4%) $1,902,946 (6.3%) 3.37 1,283
2021-10-01 $1,275,000 (3.7%) $1,977,104 (8.6%) 3.40 1,189
2021-11-01 $1,244,444 (1.0%) $1,970,988 (3.9%) 3.33 819
2021-12-01 $1,239,416 (3.5%) $1,941,596 (4.1%) 3.36 532
2022-01-01 $1,298,444 (8.3%) $1,931,228 (3.3%) 3.51 488
2022-02-01 $1,350,250 (10.3%) $1,917,902 (2.4%) 3.51 639
2022-03-01 $1,399,500 (12.3%) $1,936,123 (2.9%) 3.50 784
2022-04-01 $1,439,000 (15.2%) $1,909,718 (0.6%) 3.43 907
2022-05-01 $1,496,500 (15.2%) $1,941,803 (-0.5%) 3.42 1,505
2022-06-01 $1,495,000 (15.1%) $1,967,126 (0.0%) 3.33 1,755
2022-07-01 $1,400,000 (9.8%) $1,904,902 (0.8%) 3.15 1,987
2022-08-01 $1,386,238 (10.9%) $1,912,557 (2.0%) 3.20 1,798
2022-09-01 $1,398,250 (10.7%) $1,964,656 (3.2%) 3.27 1,554
2022-10-01 $1,399,000 (9.7%) $2,028,183 (2.6%) 3.29 1,532
2022-11-01 $1,399,000 (12.4%) $2,028,954 (2.9%) 3.36 1,354
2022-12-01 $1,398,000 (12.8%) $2,037,289 (4.9%) 3.45 956
2023-01-01 $1,349,000 (3.9%) $1,949,922 (1.0%) 3.34 823
2023-02-01 $1,399,500 (3.7%) $2,031,742 (5.9%) 3.38 831
2023-03-01 $1,495,000 (6.8%) $2,155,081 (11.3%) 3.53 870
2023-04-01 $1,536,500 (6.8%) $2,206,277 (15.5%) 3.57 884
2023-05-01 $1,530,000 (2.2%) $2,198,585 (13.2%) 3.47 973
2023-06-01 $1,498,000 (0.2%) $2,179,792 (10.8%) 3.37 980
2023-07-01 $1,498,000 (7.0%) $2,176,298 (14.3%) 3.40 952
2023-08-01 $1,474,497 (6.4%) $2,094,720 (9.5%) 3.39 1,031
2023-09-01 $1,399,000 (0.1%) $2,001,621 (1.9%) 3.26 1,148
2023-10-01 $1,380,694 (-1.3%) $1,989,260 (-1.9%) 3.25 1,183
2023-11-01 $1,352,222 (-3.3%) $1,968,351 (-3.0%) 3.22 1,132
2023-12-01 $1,298,944 (-7.1%) $2,029,021 (-0.4%) 3.17 833
2024-01-01 $1,288,250 (-4.5%) $1,966,840 (0.9%) 3.15 666
San Jose's median listing price for 2024-01-01 was $1,288,250, a difference of $-60,750 (-4.5%) versus the prior year and $-10,694 versus the prior month.

San Jose's median listing price comes in at 315% of the national average.

San Jose's average listing price for 2024-01-01 was $1,966,840, a difference of $16,918 (0.9%) versus the prior year and $-62,181 versus the prior month.

For the 2024-01-01 period, San Jose had 666 MLS listings, a difference of -167 listings (-20%) versus the prior month and -157 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - San Jose (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 26 days 1,900 sqft
2018-02-01 17 days 1,897 sqft
2018-03-01 17 days 1,832 sqft
2018-04-01 18 days 1,785 sqft
2018-05-01 18 days 1,793 sqft
2018-06-01 22 days 1,747 sqft
2018-07-01 26 days 1,695 sqft
2018-08-01 28 days 1,661 sqft
2018-09-01 30 days 1,661 sqft
2018-10-01 31 days 1,650 sqft
2018-11-01 38 days 1,632 sqft
2018-12-01 50 days 1,624 sqft
2019-01-01 52 days 1,624 sqft
2019-02-01 25 days 1,663 sqft
2019-03-01 27 days 1,689 sqft
2019-04-01 28 days 1,710 sqft
2019-05-01 25 days 1,753 sqft
2019-06-01 32 days 1,735 sqft
2019-07-01 38 days 1,721 sqft
2019-08-01 40 days 1,720 sqft
2019-09-01 43 days 1,716 sqft
2019-10-01 44 days 1,716 sqft
2019-11-01 56 days 1,752 sqft
2019-12-01 73 days 1,788 sqft
2020-01-01 53 days 1,764 sqft
2020-02-01 23 days 1,830 sqft
2020-03-01 22 days 1,808 sqft
2020-04-01 35 days 1,774 sqft
2020-05-01 36 days 1,796 sqft
2020-06-01 35 days 1,774 sqft
2020-07-01 33 days 1,713 sqft
2020-08-01 33 days 1,663 sqft
2020-09-01 37 days 1,632 sqft
2020-10-01 36 days 1,614 sqft
2020-11-01 42 days 1,585 sqft
2020-12-01 51 days 1,541 sqft
2021-01-01 41 days 1,553 sqft
2021-02-01 25 days 1,576 sqft
2021-03-01 25 days 1,591 sqft
2021-04-01 29 days 1,607 sqft
2021-05-01 25 days 1,663 sqft
2021-06-01 23 days 1,649 sqft
2021-07-01 25 days 1,624 sqft
2021-08-01 30 days 1,599 sqft
2021-09-01 31 days 1,624 sqft
2021-10-01 36 days 1,615 sqft
2021-11-01 51 days 1,607 sqft
2021-12-01 66 days 1,547 sqft
2022-01-01 39 days 1,585 sqft
2022-02-01 11 days 1,599 sqft
2022-03-01 16 days 1,630 sqft
2022-04-01 16 days 1,663 sqft
2022-05-01 17 days 1,666 sqft
2022-06-01 24 days 1,675 sqft
2022-07-01 29 days 1,673 sqft
2022-08-01 37 days 1,682 sqft
2022-09-01 38 days 1,691 sqft
2022-10-01 36 days 1,715 sqft
2022-11-01 40 days 1,720 sqft
2022-12-01 53 days 1,722 sqft
2023-01-01 53 days 1,686 sqft
2023-02-01 30 days 1,729 sqft
2023-03-01 27 days 1,758 sqft
2023-04-01 27 days 1,780 sqft
2023-05-01 25 days 1,778 sqft
2023-06-01 29 days 1,772 sqft
2023-07-01 30 days 1,717 sqft
2023-08-01 27 days 1,731 sqft
2023-09-01 29 days 1,693 sqft
2023-10-01 31 days 1,659 sqft
2023-11-01 34 days 1,613 sqft
2023-12-01 43 days 1,602 sqft
2024-01-01 42 days 1,589 sqft
San Jose's median listing age (time on market) for 2024-01-01 was 42 days. This is -22% shorter than the same period one year ago.

San Jose's median square footage for active listings during the 2024-01-01 period was 1,589 sqft. One year prior, the average listing was 1,686 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).