San Jose FHA Loans

SAN JOSE-SUNNYVALE-SANTA CLARA, CA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 83 lenders originated 1,022 FHA loans during 2021. The total origination value was $594,930,000, with an average FHA loan value of $582,123.

    San Jose FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in San Jose averaged 4.71% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

    The average rate for the prior week (2022-07-29) was 5.05% and one month ago for the week of 2022-07-01, the average rate was 5.04%.

    The average rate one year ago was 2.85%.

    For refis of the same type during the week of 2022-08-05, the average rate was 4.97%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the San Jose level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 64 2.60% $12,027
    UNITED WHOLESALE MORTGAGE, LLC 49 2.75% $16,441
    FREEDOM MORTGAGE CORPORATION 47 2.63% $11,351
    LOANDEPOT.COM, LLC 44 2.97% $16,509
    CALIBER HOME LOANS, INC. 37 2.71% $14,052
    PENNYMAC LOAN SERVICES, LLC 31 2.92% $11,925
    MASON MCDUFFIE MORTGAGE CORPORATION 30 2.87% $17,599
    GUILD MORTGAGE COMPANY 22 2.85% $16,137
    LAKEVIEW LOAN SERVICING, LLC 21 2.71% $10,197
    AMERICAN PACIFIC MORTGAGE CORPORATION 21 3.01% $16,765
    HOME POINT FINANCIAL CORPORATION 17 2.84% $17,535
    STEARNS LENDING, LLC 15 2.98% $21,291
    Mr. Cooper ( Nationstar Mortgage ) 15 3.08% $9,442
    CMG MORTGAGE, INC. 14 3.02% $20,679
    CROSSCOUNTRY MORTGAGE, LLC 13 2.89% $18,429
    SUMMIT FUNDING, INC. 13 2.96% $17,217
    Lakeview Community Capital, LLC 12 2.73% $10,374
    HOMEBRIDGE FINANCIAL SERVICES, INC. 11 2.81% $15,294
    Carrington Mortgage Services, LLC 9 3.24% $19,440
    FINANCE OF AMERICA MORTGAGE LLC 9 2.82% $15,549
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 2.98% $18,133
    PLANET HOME LENDING, LLC 8 2.77% $14,223
    Paramount Residential Mortgage Group, Inc. 8 2.78% $14,288
    NEWREZ LLC 8 2.67% $12,731
    NATIONS DIRECT MORTGAGE, LLC 8 2.88% $21,391
    VILLAGE CAPITAL & INVESTMENT LLC 7 2.41% $6,025
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 2.84% $19,260
    AMERICAN FINANCIAL NETWORK, INC. 6 2.75% $26,458
    GUARANTEED RATE AFFINITY, LLC 6 2.83% $18,626
    ACADEMY MORTGAGE CORPORATION 5 3.10% $17,477
    BROKER SOLUTIONS, INC. 5 2.78% $11,871
    PREMIER MORTGAGE RESOURCES, L.L.C. 5 3.03% $23,443
    GUARANTEED RATE, INC. 4 2.91% $15,818
    LAND HOME FINANCIAL SERVICES, INC. 4 3.06% $15,747
    AmeriHome Mortgage Company, LLC 4 2.72% $12,398
    Prosperity Home Mortgage, LLC 4 2.84% $14,142
    Commerce Home Mortgage, Inc. 4 3.56% $18,894
    INSPIRE HOME LOANS INC. 4 2.94% $20,005
    OCMBC, INC. 4 3.06% $18,334
    Bank of America 3 3.13% $16,641
    MOVEMENT MORTGAGE, LLC 3 2.79% $5,785
    MOUNTAIN WEST FINANCIAL, INC. 3 3.25% $26,212
    MUTUAL OF OMAHA MORTGAGE, INC. 3 2.50% $16,828
    OPEN MORTGAGE, LLC 3 2.63% $14,943
    Flagstar Bank, FSB 3 3.38% $14,864
    Equity Prime Mortgage LLC 3 3.50% $22,100
    ENVOY MORTGAGE, LTD 3 3.21% $11,858
    SUN WEST MORTGAGE COMPANY, INC. 3 2.83% $17,937
    KBHS HOME LOANS, LLC 2 3.06% $20,584
    HOME APPROVALS DIRECT, INC. 2 3.75% $28,124
    First Guaranty Mortgage Corporation 2 2.63% $12,221
    InterContinental Capital Group, Inc 2 2.50% $11,313
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 3.75% $22,073
    PANORAMA MORTGAGE GROUP, LLC 2 3.50% $22,018
    CELEBRITY HOME LOANS, LLC 2 2.88% $12,401
    Platinum Home Mortgage Corporation 2 3.06% $27,191
    PREMIER LENDING, INC. 2 2.94% $16,099
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.13% $17,730
    S1L, Inc. 2 3.00% $19,854
    SNAPFI, INC. 2 2.69% $12,056
    CALCULATED RISK ANALYTICS LLC 1 3.38% $29,037
    BECKAM FUNDING CORP. 1 3.13% $31,557
    Low VA Rates, LLC 1 2.25% $11,254
    PLAZA HOME MORTGAGE, INC. 1 3.13% $16,158
    TOP FLITE FINANCIAL, INC. 1 2.50% $32,178
    WESTERN EXPRESS LENDING 1 2.50% $13,748
    CHURCHILL MORTGAGE CORPORATION 1 2.38% $18,418
    Bank of the West 1 3.25% $10,605
    RESIDENTIAL BANCORP. 1 3.63% $27,854
    EMBRACE HOME LOANS, INC. 1 2.75% $16,167
    Amerifirst Financial, Inc. 1 3.25% $37,207
    SCENIC OAKS FUNDING, INC. 1 2.75% $14,743
    Sierra Pacific Mortgage Company, Inc. 1 3.25% $14,287
    EVERETT FINANCIAL, INC. 1 2.88% $17,114
    SOUTHWEST STAGE FUNDING, LLC 1 2.75% $11,916
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $11,938
    NFM, INC. 1 3.13% $17,766
    OCEANSIDE MORTGAGE COMPANY 1 2.49% $9,757
    Century Mortgage Company DBA Century Lending Company 1 2.63% $10,380
    Chickasaw Community Bank 1 2.88% $24,218
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 2.88% $21,137
    MICHIGAN MUTUAL, INC. 1 2.88% $19,307
    AMERISAVE MORTGAGE CORPORATION 1 2.50% $23,239

    The top San Jose FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 64 FHA loans originated. Their average total fees are $12,027, which is $4,414 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee San Jose FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($9,442), LAKEVIEW LOAN SERVICING, LLC ($10,197), Lakeview Community Capital, LLC ($10,374), FREEDOM MORTGAGE CORPORATION ($11,351) and PENNYMAC LOAN SERVICES, LLC ($11,925).

    The lowest rate San Jose FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.60%), FREEDOM MORTGAGE CORPORATION (2.63%), LAKEVIEW LOAN SERVICING, LLC (2.71%), CALIBER HOME LOANS, INC. (2.71%) and Lakeview Community Capital, LLC (2.73%).

    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

    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 $1,100,000 (24.0%) $1,815,454 (27.2%) 4.05 576
    2018-02-01 $1,199,444 (25.8%) $1,782,374 (19.7%) 4.33 678
    2018-03-01 $1,250,000 (30.9%) $1,824,412 (22.4%) 4.33 801
    2018-04-01 $1,247,000 (26.2%) $1,826,697 (22.8%) 4.18 998
    2018-05-01 $1,279,000 (28.1%) $1,789,201 (9.7%) 4.26 1,210
    2018-06-01 $1,248,000 (24.9%) $1,762,730 (6.9%) 4.16 1,479
    2018-07-01 $1,199,000 (15.3%) $1,699,481 (1.8%) 4.00 1,760
    2018-08-01 $1,165,000 (13.7%) $1,632,626 (-0.4%) 3.89 1,876
    2018-09-01 $1,128,800 (3.1%) $1,608,721 (-12.0%) 3.78 2,100
    2018-10-01 $1,097,000 (-1.3%) $1,564,216 (-14.4%) 3.67 2,190
    2018-11-01 $1,083,000 (-5.8%) $1,516,391 (-21.5%) 3.63 2,109
    2018-12-01 $999,950 (-12.3%) $1,487,718 (-23.4%) 3.42 1,492
    2019-01-01 $999,000 (-9.2%) $1,490,069 (-17.9%) 3.44 1,295
    2019-02-01 $1,075,000 (-10.4%) $1,599,339 (-10.3%) 3.60 1,465
    2019-03-01 $1,099,365 (-12.1%) $1,618,391 (-11.3%) 3.58 1,675
    2019-04-01 $1,114,500 (-10.6%) $1,623,187 (-11.1%) 3.51 1,860
    2019-05-01 $1,178,000 (-7.9%) $1,648,951 (-7.8%) 3.63 2,209
    2019-06-01 $1,168,000 (-6.4%) $1,659,910 (-5.8%) 3.60 2,434
    2019-07-01 $1,130,000 (-5.8%) $1,652,717 (-2.8%) 3.51 2,367
    2019-08-01 $1,120,571 (-3.8%) $1,669,214 (2.2%) 3.53 2,204
    2019-09-01 $1,140,571 (1.0%) $1,680,869 (4.5%) 3.62 2,115
    2019-10-01 $1,109,000 (1.1%) $1,733,833 (10.8%) 3.54 2,065
    2019-11-01 $1,099,000 (1.5%) $1,817,598 (19.9%) 3.55 1,635
    2019-12-01 $1,049,629 (5.0%) $1,834,752 (23.3%) 3.50 994
    2020-01-01 $1,081,944 (8.3%) $1,816,358 (21.9%) 3.61 803
    2020-02-01 $1,170,000 (8.8%) $1,938,495 (21.2%) 3.78 931
    2020-03-01 $1,245,000 (13.3%) $1,923,234 (18.8%) 3.89 1,133
    2020-04-01 $1,198,500 (7.5%) $1,784,793 (10.0%) 3.73 1,354
    2020-05-01 $1,199,000 (1.8%) $1,803,200 (9.4%) 3.63 1,643
    2020-06-01 $1,229,500 (5.3%) $1,801,572 (8.5%) 3.59 1,646
    2020-07-01 $1,217,500 (7.7%) $1,771,534 (7.2%) 3.49 1,663
    2020-08-01 $1,199,000 (7.0%) $1,755,038 (5.1%) 3.43 1,678
    2020-09-01 $1,200,000 (5.2%) $1,776,475 (5.7%) 3.43 1,677
    2020-10-01 $1,199,000 (8.1%) $1,828,795 (5.5%) 3.43 1,683
    2020-11-01 $1,213,944 (10.5%) $1,900,604 (4.6%) 3.48 1,561
    2020-12-01 $1,187,500 (13.1%) $1,860,389 (1.4%) 3.48 1,152
    2021-01-01 $1,195,000 (10.5%) $1,824,017 (0.4%) 3.52 955
    2021-02-01 $1,199,500 (2.5%) $1,836,826 (-5.2%) 3.45 1,023
    2021-03-01 $1,233,000 (-1.0%) $1,839,189 (-4.4%) 3.46 1,142
    2021-04-01 $1,243,440 (3.8%) $1,857,120 (4.1%) 3.34 1,207
    2021-05-01 $1,298,000 (8.3%) $1,917,178 (6.3%) 3.42 1,193
    2021-06-01 $1,298,500 (5.6%) $1,926,039 (6.9%) 3.37 1,282
    2021-07-01 $1,250,500 (2.7%) $1,863,704 (5.2%) 3.25 1,347
    2021-08-01 $1,250,000 (4.3%) $1,838,066 (4.7%) 3.29 1,331
    2021-09-01 $1,250,900 (4.2%) $1,860,657 (4.7%) 3.29 1,246
    2021-10-01 $1,255,561 (4.7%) $1,916,896 (4.8%) 3.30 1,142
    2021-11-01 $1,244,944 (2.6%) $1,916,054 (0.8%) 3.28 782
    2021-12-01 $1,239,419 (4.4%) $1,869,929 (0.5%) 3.31 511
    2022-01-01 $1,298,000 (8.6%) $1,915,150 (5.0%) 3.46 460
    2022-02-01 $1,358,444 (13.3%) $1,898,101 (3.3%) 3.46 614
    2022-03-01 $1,399,450 (13.5%) $1,921,075 (4.5%) 3.46 747
    2022-04-01 $1,439,000 (15.7%) $1,894,830 (2.0%) 3.39 866
    2022-05-01 $1,494,000 (15.1%) $1,907,977 (-0.5%) 3.34 1,466
    2022-06-01 $1,489,444 (14.7%) $1,942,541 (0.9%) 3.31 1,712
    San Jose's median listing price for 2022-06-01 was $1,489,444, a difference of $190,944 (14.7%) versus the prior year and $-4,556 versus the prior month.

    San Jose's median listing price comes in at 331% of the national average.

    San Jose's average listing price for 2022-06-01 was $1,942,541, a difference of $16,502 (0.9%) versus the prior year and $34,564 versus the prior month.

    For the 2022-06-01 period, San Jose had 1,712 MLS listings, a difference of 246 listings (17%) versus the prior month and 430 listings (34%) 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 1,888 sqft
    2018-02-01 18 days 1,893 sqft
    2018-03-01 16 days 1,817 sqft
    2018-04-01 18 days 1,771 sqft
    2018-05-01 17 days 1,779 sqft
    2018-06-01 22 days 1,732 sqft
    2018-07-01 26 days 1,691 sqft
    2018-08-01 29 days 1,656 sqft
    2018-09-01 30 days 1,653 sqft
    2018-10-01 31 days 1,637 sqft
    2018-11-01 38 days 1,620 sqft
    2018-12-01 51 days 1,617 sqft
    2019-01-01 53 days 1,615 sqft
    2019-02-01 26 days 1,651 sqft
    2019-03-01 28 days 1,679 sqft
    2019-04-01 28 days 1,699 sqft
    2019-05-01 25 days 1,745 sqft
    2019-06-01 30 days 1,735 sqft
    2019-07-01 38 days 1,716 sqft
    2019-08-01 40 days 1,702 sqft
    2019-09-01 42 days 1,688 sqft
    2019-10-01 38 days 1,724 sqft
    2019-11-01 45 days 1,764 sqft
    2019-12-01 58 days 1,793 sqft
    2020-01-01 59 days 1,741 sqft
    2020-02-01 23 days 1,799 sqft
    2020-03-01 23 days 1,790 sqft
    2020-04-01 35 days 1,754 sqft
    2020-05-01 37 days 1,789 sqft
    2020-06-01 35 days 1,752 sqft
    2020-07-01 34 days 1,694 sqft
    2020-08-01 31 days 1,653 sqft
    2020-09-01 28 days 1,619 sqft
    2020-10-01 25 days 1,589 sqft
    2020-11-01 32 days 1,545 sqft
    2020-12-01 41 days 1,505 sqft
    2021-01-01 42 days 1,528 sqft
    2021-02-01 28 days 1,559 sqft
    2021-03-01 26 days 1,587 sqft
    2021-04-01 28 days 1,604 sqft
    2021-05-01 28 days 1,652 sqft
    2021-06-01 24 days 1,648 sqft
    2021-07-01 28 days 1,623 sqft
    2021-08-01 30 days 1,593 sqft
    2021-09-01 31 days 1,616 sqft
    2021-10-01 33 days 1,610 sqft
    2021-11-01 36 days 1,596 sqft
    2021-12-01 39 days 1,548 sqft
    2022-01-01 35 days 1,576 sqft
    2022-02-01 16 days 1,609 sqft
    2022-03-01 17 days 1,630 sqft
    2022-04-01 19 days 1,664 sqft
    2022-05-01 17 days 1,665 sqft
    2022-06-01 23 days 1,669 sqft
    San Jose's median listing age (time on market) for 2022-06-01 was 23 days. This is -2% shorter than the same period one year ago.

    San Jose's median square footage for active listings during the 2022-06-01 period was 1,669 sqft. One year prior, the average listing was 1,648 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).