San Jose FHA Loan Rates, Closing Costs & Stats

SAN JOSE-SUNNYVALE-SANTA CLARA, CA

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  • 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 67 lenders originated 464 FHA loans during 2023. The total origination value was $308,530,000, with an average FHA loan value of $664,935.

    San Jose FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in San Jose averaged 5.92% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    San Jose's average FHA mortgage closing costs are $16,504.

    The average rate for the prior week (2024-12-06) was 5.69% and one month ago for the week of 2024-11-08, the average rate was 5.85%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.96%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 64 6.04% $26,231
    QUICKEN LOANS, LLC 42 6.00% $25,534
    KBHS HOME LOANS, LLC 20 6.18% $29,321
    LOANDEPOT.COM, LLC 16 5.83% $28,994
    GUILD MORTGAGE COMPANY 9 6.65% $32,880
    Century Mortgage Company DBA Century Lending Company 9 5.93% $28,168
    GUARANTEED RATE, INC. 7 6.09% $29,791
    PREMIER MORTGAGE RESOURCES, L.L.C. 7 6.45% $23,646
    EAGLE HOME MORTGAGE, LLC 7 5.46% $20,632
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.83% $20,956
    ACADEMY MORTGAGE CORPORATION 6 6.56% $28,173
    Prosperity Home Mortgage, LLC 6 7.14% $19,469
    LAND HOME FINANCIAL SERVICES, INC. 5 6.73% $35,982
    MASON MCDUFFIE MORTGAGE CORPORATION 5 6.65% $24,292
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.28% $29,629
    RESIDENTIAL BANCORP 4 7.25% $18,070
    CROSSCOUNTRY MORTGAGE, LLC 4 6.75% $30,058
    GUARANTEED RATE AFFINITY, LLC 4 5.88% $27,983
    Sierra Pacific Mortgage Company, Inc. 4 6.63% $17,988
    EVERETT FINANCIAL, INC. 3 6.50% $29,522
    AMERISAVE MORTGAGE CORPORATION 3 6.17% $28,011
    FREEDOM MORTGAGE CORPORATION 3 6.33% $24,115
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.29% $24,948
    Hometown Equity Mortgage, LLC 3 5.38% $41,874
    OCMBC, INC. 3 6.13% $19,561
    Paramount Residential Mortgage Group, Inc. 3 6.96% $16,283
    PENNYMAC LOAN SERVICES, LLC 3 5.88% $21,741
    THE GOLDEN 1 3 7.00% $21,832
    JMAC LENDING, INC. 2 6.94% $15,719
    JPMorgan Chase Bank 2 6.00% $32,991
    Keystone Funding, Inc. 2 6.00% $19,065
    Commerce Home Mortgage, Inc. 2 6.88% $16,332
    Carrington Mortgage Services, LLC 2 5.75% $30,316
    CARDINAL FINANCIAL 2 5.81% $29,450
    NEWREZ LLC 2 6.25% $21,327
    PLANET HOME LENDING, LLC 2 6.50% $21,733
    PLAZA HOME MORTGAGE, INC. 2 7.19% $19,299
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $34,204
    BROKER SOLUTIONS, INC. 2 6.19% $23,470
    SUN WEST MORTGAGE COMPANY, INC. 2 6.44% $26,061
    INSPIRE HOME LOANS INC. 2 5.44% $20,471
    The Loan Store, Inc. 1 7.25% $11,914
    U.S. Bank 1 7.63% $22,054
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.50% $16,250
    Wells Fargo Bank 1 4.50% $0
    Willamette Valley Bank 1 6.25% $15,450
    Franklin Loan Corporation 1 6.50% $24,208
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $40,723
    CALCON MUTUAL MORTGAGE LLC 1 6.25% $21,509
    TOP FLITE FINANCIAL, INC. 1 6.75% $27,198
    ALLIED MORTGAGE GROUP, INC. 1 6.25% $14,022
    BAY-VALLEY MORTGAGE GROUP 1 6.75% $18,830
    Arvest Bank 1 5.50% $35,401
    SCENIC OAKS FUNDING, INC. 1 6.25% $27,354
    AMERICAN FINANCING CORPORATION 1 7.13% $22,163
    SNAPFI, INC. 1 7.13% $14,457
    DHI MORTGAGE COMPANY, LTD. 1 5.99% $23,561
    SUMMIT FUNDING, INC. 1 5.75% $25,925
    JMJ FINANCIAL GROUP 1 5.88% $25,634
    The Federal Savings Bank 1 6.25% $19,261
    ZILLOW HOME LOANS, LLC 1 6.50% $30,062
    Mortgage Research Center, LLC 1 6.25% $28,691
    MOUNTAIN WEST FINANCIAL, INC. 1 6.13% $27,806
    MOVEMENT MORTGAGE, LLC 1 6.75% $34,416
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $29,524
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $10,936
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $22,616

    The top San Jose FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 64 FHA loans originated. Their average total fees are $26,231, which is $697 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee San Jose FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($25,534), UNITED WHOLESALE MORTGAGE, LLC ($26,231), LOANDEPOT.COM, LLC ($28,994), KBHS HOME LOANS, LLC ($29,321) and .

    The lowest rate San Jose FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (5.83%), QUICKEN LOANS, LLC (6.00%), UNITED WHOLESALE MORTGAGE, LLC (6.04%), KBHS HOME LOANS, LLC (6.18%) and .

    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
    2024-02-01 $1,366,944 (-2.3%) $2,051,511 (1.0%) 3.29 725
    2024-03-01 $1,481,397 (-0.9%) $2,128,258 (-1.2%) 3.49 889
    2024-04-01 $1,466,953 (-4.5%) $2,108,183 (-4.5%) 3.41 1,109
    2024-05-01 $1,468,817 (-4.0%) $2,181,136 (-0.8%) 3.32 1,332
    2024-06-01 $1,450,000 (-3.2%) $2,107,431 (-3.3%) 3.26 1,504
    2024-07-01 $1,408,664 (-6.0%) $2,023,922 (-7.0%) 3.22 1,527
    2024-08-01 $1,399,000 (-5.1%) $2,024,517 (-3.4%) 3.25 1,495
    2024-09-01 $1,432,170 (2.4%) $2,086,446 (4.2%) 3.37 1,600
    2024-10-01 $1,394,000 (1.0%) $2,068,828 (4.0%) 3.28 1,570
    2024-11-01 $1,350,000 (-0.2%) $2,048,183 (4.1%) 3.24 1,265
    San Jose's median listing price for 2024-11-01 was $1,350,000, a difference of $-2,222 (-0.2%) versus the prior year and $-44,000 versus the prior month.

    San Jose's median listing price comes in at 324% of the national average.

    San Jose's average listing price for 2024-11-01 was $2,048,183, a difference of $79,832 (4.1%) versus the prior year and $-20,645 versus the prior month.

    For the 2024-11-01 period, San Jose had 1,265 MLS listings, a difference of -305 listings (-19%) versus the prior month and 133 listings (12%) 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
    2024-02-01 23 days 1,621 sqft
    2024-03-01 22 days 1,658 sqft
    2024-04-01 21 days 1,633 sqft
    2024-05-01 16 days 1,678 sqft
    2024-06-01 20 days 1,680 sqft
    2024-07-01 30 days 1,662 sqft
    2024-08-01 31 days 1,651 sqft
    2024-09-01 31 days 1,676 sqft
    2024-10-01 34 days 1,667 sqft
    2024-11-01 39 days 1,619 sqft
    San Jose's median listing age (time on market) for 2024-11-01 was 39 days. This is 15% longer than the same period one year ago.

    San Jose's median square footage for active listings during the 2024-11-01 period was 1,619 sqft. One year prior, the average listing was 1,613 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).