San Jose FHA Loan Rates, Closing Costs & Stats

SAN JOSE-SUNNYVALE-SANTA CLARA, 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 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 5.99% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    San Jose's average FHA mortgage closing costs are $14,959.

    The average rate for the prior week (2023-01-20) was 5.67% and one month ago for the week of 2022-12-23, the average rate was 5.96%.

    The average rate one year ago was 3.65%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.85%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 $1,108,983 (23.4%) $1,827,747 (28.2%) 4.11 571
    2018-02-01 $1,199,444 (25.7%) $1,807,376 (21.3%) 4.35 678
    2018-03-01 $1,275,000 (31.2%) $1,852,337 (23.0%) 4.47 801
    2018-04-01 $1,254,444 (26.9%) $1,862,290 (24.3%) 4.25 995
    2018-05-01 $1,291,500 (29.2%) $1,828,798 (11.5%) 4.31 1,199
    2018-06-01 $1,250,000 (24.7%) $1,787,424 (7.2%) 4.17 1,442
    2018-07-01 $1,199,722 (14.3%) $1,709,162 (0.8%) 4.00 1,719
    2018-08-01 $1,168,900 (11.4%) $1,641,590 (-2.3%) 3.91 1,817
    2018-09-01 $1,148,000 (4.5%) $1,618,542 (-13.2%) 3.85 2,060
    2018-10-01 $1,099,944 (-1.5%) $1,589,038 (-14.4%) 3.72 2,148
    2018-11-01 $1,088,450 (-6.3%) $1,537,628 (-21.5%) 3.69 2,053
    2018-12-01 $1,000,000 (-13.0%) $1,506,979 (-23.6%) 3.45 1,460
    2019-01-01 $999,888 (-9.8%) $1,508,987 (-17.4%) 3.45 1,265
    2019-02-01 $1,096,500 (-8.6%) $1,610,273 (-10.9%) 3.70 1,441
    2019-03-01 $1,101,894 (-13.6%) $1,632,914 (-11.9%) 3.60 1,636
    2019-04-01 $1,126,210 (-10.2%) $1,641,466 (-11.9%) 3.58 1,806
    2019-05-01 $1,188,000 (-8.0%) $1,646,199 (-10.0%) 3.71 2,174
    2019-06-01 $1,175,000 (-6.0%) $1,642,913 (-8.1%) 3.67 2,367
    2019-07-01 $1,126,500 (-6.1%) $1,635,976 (-4.3%) 3.53 2,299
    2019-08-01 $1,117,816 (-4.4%) $1,663,755 (1.4%) 3.54 2,190
    2019-09-01 $1,121,857 (-2.3%) $1,680,732 (3.8%) 3.59 2,107
    2019-10-01 $1,112,051 (1.1%) $1,692,050 (6.5%) 3.59 2,022
    2019-11-01 $1,100,000 (1.1%) $1,774,926 (15.4%) 3.61 1,613
    2019-12-01 $1,083,819 (8.4%) $1,797,027 (19.3%) 3.61 990
    2020-01-01 $1,088,500 (8.9%) $1,879,808 (24.6%) 3.64 820
    2020-02-01 $1,198,000 (9.3%) $2,030,986 (26.1%) 3.92 945
    2020-03-01 $1,249,805 (13.4%) $1,989,652 (21.9%) 3.91 1,145
    2020-04-01 $1,198,500 (6.4%) $1,853,114 (12.9%) 3.75 1,350
    2020-05-01 $1,201,000 (1.1%) $1,857,839 (12.9%) 3.65 1,647
    2020-06-01 $1,260,000 (7.2%) $1,855,122 (12.9%) 3.71 1,657
    2020-07-01 $1,249,950 (11.0%) $1,823,780 (11.5%) 3.62 1,682
    2020-08-01 $1,248,000 (11.7%) $1,806,130 (8.6%) 3.58 1,674
    2020-09-01 $1,208,897 (7.8%) $1,788,836 (6.4%) 3.46 1,669
    2020-10-01 $1,228,950 (10.5%) $1,818,499 (7.5%) 3.52 1,692
    2020-11-01 $1,230,748 (11.9%) $1,896,727 (6.9%) 3.59 1,559
    2020-12-01 $1,197,000 (10.4%) $1,863,900 (3.7%) 3.56 1,154
    2021-01-01 $1,199,000 (10.2%) $1,867,724 (-0.6%) 3.58 972
    2021-02-01 $1,223,700 (2.2%) $1,871,925 (-7.8%) 3.56 1,055
    2021-03-01 $1,246,444 (-0.3%) $1,879,883 (-5.5%) 3.54 1,182
    2021-04-01 $1,249,500 (4.3%) $1,897,258 (2.4%) 3.38 1,252
    2021-05-01 $1,298,444 (8.1%) $1,950,076 (5.0%) 3.44 1,244
    2021-06-01 $1,299,444 (3.1%) $1,966,157 (6.0%) 3.42 1,327
    2021-07-01 $1,275,000 (2.0%) $1,888,837 (3.6%) 3.36 1,410
    2021-08-01 $1,250,500 (0.2%) $1,874,863 (3.8%) 3.33 1,367
    2021-09-01 $1,262,500 (4.4%) $1,901,911 (6.3%) 3.37 1,284
    2021-10-01 $1,275,000 (3.8%) $1,975,918 (8.7%) 3.40 1,190
    2021-11-01 $1,244,194 (1.1%) $1,969,526 (3.8%) 3.32 820
    2021-12-01 $1,238,944 (3.5%) $1,939,564 (4.1%) 3.36 533
    2022-01-01 $1,298,000 (8.3%) $1,942,562 (4.0%) 3.51 490
    2022-02-01 $1,356,500 (10.9%) $1,917,474 (2.4%) 3.53 641
    2022-03-01 $1,399,500 (12.3%) $1,934,489 (2.9%) 3.50 785
    2022-04-01 $1,433,900 (14.8%) $1,908,262 (0.6%) 3.42 908
    2022-05-01 $1,496,000 (15.2%) $1,941,826 (-0.4%) 3.42 1,506
    2022-06-01 $1,495,000 (15.1%) $1,966,203 (0.0%) 3.33 1,755
    2022-07-01 $1,400,000 (9.8%) $1,904,564 (0.8%) 3.17 1,987
    2022-08-01 $1,385,975 (10.8%) $1,912,398 (2.0%) 3.20 1,798
    2022-09-01 $1,398,500 (10.8%) $1,964,790 (3.3%) 3.27 1,554
    2022-10-01 $1,399,000 (9.7%) $2,017,082 (2.1%) 3.29 1,533
    2022-11-01 $1,399,000 (12.4%) $2,029,853 (3.1%) 3.37 1,355
    2022-12-01 $1,395,000 (12.6%) $2,031,340 (4.7%) 3.49 960
    San Jose's median listing price for 2022-12-01 was $1,395,000, a difference of $156,056 (12.6%) versus the prior year and $-4,000 versus the prior month.

    San Jose's median listing price comes in at 349% of the national average.

    San Jose's average listing price for 2022-12-01 was $2,031,340, a difference of $91,776 (4.7%) versus the prior year and $1,487 versus the prior month.

    For the 2022-12-01 period, San Jose had 960 MLS listings, a difference of -395 listings (-29%) versus the prior month and 427 listings (80%) 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 28 days 1,899 sqft
    2018-02-01 17 days 1,893 sqft
    2018-03-01 17 days 1,829 sqft
    2018-04-01 18 days 1,787 sqft
    2018-05-01 18 days 1,793 sqft
    2018-06-01 22 days 1,744 sqft
    2018-07-01 26 days 1,694 sqft
    2018-08-01 29 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 1,625 sqft
    2019-01-01 53 days 1,624 sqft
    2019-02-01 25 days 1,664 sqft
    2019-03-01 27 days 1,688 sqft
    2019-04-01 28 days 1,709 sqft
    2019-05-01 26 days 1,753 sqft
    2019-06-01 33 days 1,735 sqft
    2019-07-01 38 days 1,721 sqft
    2019-08-01 41 days 1,720 sqft
    2019-09-01 43 days 1,715 sqft
    2019-10-01 45 days 1,714 sqft
    2019-11-01 57 days 1,752 sqft
    2019-12-01 75 days 1,788 sqft
    2020-01-01 54 days 1,763 sqft
    2020-02-01 23 days 1,829 sqft
    2020-03-01 23 days 1,807 sqft
    2020-04-01 35 days 1,774 sqft
    2020-05-01 37 days 1,796 sqft
    2020-06-01 35 days 1,773 sqft
    2020-07-01 33 days 1,713 sqft
    2020-08-01 34 days 1,663 sqft
    2020-09-01 37 days 1,633 sqft
    2020-10-01 36 days 1,614 sqft
    2020-11-01 44 days 1,585 sqft
    2020-12-01 52 days 1,541 sqft
    2021-01-01 42 days 1,554 sqft
    2021-02-01 26 days 1,577 sqft
    2021-03-01 26 days 1,592 sqft
    2021-04-01 30 days 1,608 sqft
    2021-05-01 26 days 1,663 sqft
    2021-06-01 24 days 1,650 sqft
    2021-07-01 26 days 1,626 sqft
    2021-08-01 30 days 1,599 sqft
    2021-09-01 31 days 1,626 sqft
    2021-10-01 37 days 1,615 sqft
    2021-11-01 53 days 1,608 sqft
    2021-12-01 70 days 1,548 sqft
    2022-01-01 42 days 1,588 sqft
    2022-02-01 12 days 1,601 sqft
    2022-03-01 16 days 1,630 sqft
    2022-04-01 16 days 1,662 sqft
    2022-05-01 17 days 1,666 sqft
    2022-06-01 24 days 1,675 sqft
    2022-07-01 29 days 1,672 sqft
    2022-08-01 37 days 1,682 sqft
    2022-09-01 39 days 1,690 sqft
    2022-10-01 37 days 1,712 sqft
    2022-11-01 41 days 1,714 sqft
    2022-12-01 53 days 1,720 sqft
    San Jose's median listing age (time on market) for 2022-12-01 was 53 days. This is -24% shorter than the same period one year ago.

    San Jose's median square footage for active listings during the 2022-12-01 period was 1,720 sqft. One year prior, the average listing was 1,548 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).