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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.