San Luis Obispo FHA Loan Rates, Closing Costs & Stats

SAN LUIS OBISPO-PASO ROBLES, 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 Luis Obispo's 41 lenders originated 196 FHA loans during 2023. The total origination value was $96,210,000, with an average FHA loan value of $490,867.

    San Luis Obispo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in San Luis Obispo averaged 0.2% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    San Luis Obispo's average FHA mortgage closing costs are $13,226.

    The average rate for the prior week (2024-11-08) was 6.51% and one month ago for the week of 2024-10-11, the average rate was 6.21%.

    The average rate one year ago was 7.35%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.04%.

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

    San Luis Obispo 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 Luis Obispo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 32 6.12% $18,814
    LOANDEPOT.COM, LLC 11 6.42% $22,273
    QUICKEN LOANS, LLC 10 6.18% $17,367
    ENVOY MORTGAGE, LTD 9 6.53% $18,039
    PENNYMAC LOAN SERVICES, LLC 9 6.33% $22,468
    Sierra Pacific Mortgage Company, Inc. 5 6.45% $24,643
    GUARANTEED RATE, INC. 5 6.04% $18,014
    COASTAL FUNDING SLC, INC. 5 6.53% $19,503
    CROSSCOUNTRY MORTGAGE, LLC 5 6.85% $14,858
    Century Mortgage Company DBA Century Lending Company 5 6.63% $14,469
    PLANET HOME LENDING, LLC 4 5.59% $11,894
    Golden Empire Mortgage, Inc. 4 6.41% $28,133
    CENTRAL COAST LENDING, INC. 3 7.04% $15,894
    CARDINAL FINANCIAL 2 6.69% $17,413
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.75% $20,927
    BROKER SOLUTIONS, INC. 2 6.50% $21,961
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.44% $28,269
    GUILD MORTGAGE COMPANY 2 6.38% $19,115
    MOUNTAIN WEST FINANCIAL, INC. 2 6.50% $21,430
    Servion, Inc. 2 6.69% $22,100
    TOP FLITE FINANCIAL, INC. 2 7.19% $22,218
    LADERA LENDING, INC. 1 5.50% $19,629
    CUSTOMER SERVICE MORTGAGE CORPORATION 1 7.25% $19,544
    LOANPAL, LLC 1 5.88% $18,212
    The Loan Store, Inc. 1 7.13% $21,371
    MOVEMENT MORTGAGE, LLC 1 6.50% $18,629
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $25,828
    Nations Lending Corporation 1 6.25% $16,506
    OCMBC, INC. 1 7.75% $27,692
    CMG MORTGAGE, INC. 1 6.50% $20,374
    Carrington Mortgage Services, LLC 1 5.13% $20,884
    PLAZA HOME MORTGAGE, INC. 1 7.00% $27,451
    POINT Mortgage 1 5.75% $16,937
    ALAMEDA MORTGAGE CORPORATION 1 6.75% $21,272
    S1L, Inc. 1 6.75% $25,375
    CALCON MUTUAL MORTGAGE LLC 1 7.25% $16,978
    CALIBER HOME LOANS, INC. 1 6.25% $22,581
    Franklin Loan Corporation 1 6.25% $22,601
    Equity Prime Mortgage LLC 1 6.50% $22,016
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $24,184
    JMJ FINANCIAL GROUP 1 6.88% $23,487

    The top San Luis Obispo FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 32 FHA loans originated. Their average total fees are $18,814, which is $3,459 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee San Luis Obispo FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($17,367), UNITED WHOLESALE MORTGAGE, LLC ($18,814), LOANDEPOT.COM, LLC ($22,273), .

    The lowest rate San Luis Obispo FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.12%), QUICKEN LOANS, LLC (6.18%), LOANDEPOT.COM, LLC (6.42%), .

    San Luis Obispo FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SAN LUIS OBISPO-PASO ROBLES, CA SAN LUIS OBISPO 2022 $805,000 $1,030,550 $1,245,700 $1,548,100
    SAN LUIS OBISPO-PASO ROBLES, CA SAN LUIS OBISPO 2023 $911,950 $1,167,450 $1,411,200 $1,753,800

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - San Luis Obispo (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 $748,750 (7.9%) $1,048,991 (3.7%) 2.78 775
    2018-02-01 $744,950 (6.5%) $1,006,055 (-2.7%) 2.70 810
    2018-03-01 $737,500 (2.7%) $998,946 (-4.7%) 2.59 865
    2018-04-01 $749,900 (4.9%) $1,022,003 (-1.5%) 2.54 929
    2018-05-01 $775,000 (4.0%) $1,057,840 (0.1%) 2.59 963
    2018-06-01 $765,000 (2.1%) $1,052,570 (1.4%) 2.55 1,033
    2018-07-01 $749,500 (0.3%) $1,025,471 (1.0%) 2.50 1,078
    2018-08-01 $744,000 (2.6%) $1,006,735 (-1.3%) 2.49 1,076
    2018-09-01 $729,900 (1.4%) $999,817 (-4.2%) 2.45 1,063
    2018-10-01 $713,750 (-1.5%) $980,884 (-7.1%) 2.42 1,028
    2018-11-01 $699,475 (-3.9%) $982,683 (-8.1%) 2.37 988
    2018-12-01 $695,000 (-6.4%) $993,670 (-7.3%) 2.40 918
    2019-01-01 $699,000 (-6.6%) $1,001,876 (-4.5%) 2.41 877
    2019-02-01 $699,995 (-6.0%) $996,058 (-1.0%) 2.36 880
    2019-03-01 $699,000 (-5.2%) $1,009,799 (1.1%) 2.29 928
    2019-04-01 $709,250 (-5.4%) $1,037,896 (1.6%) 2.25 994
    2019-05-01 $727,000 (-6.2%) $979,960 (-7.4%) 2.27 1,042
    2019-06-01 $729,270 (-4.7%) $968,845 (-8.0%) 2.28 1,059
    2019-07-01 $743,500 (-0.8%) $978,936 (-4.5%) 2.33 1,086
    2019-08-01 $741,727 (-0.3%) $966,229 (-4.0%) 2.35 1,074
    2019-09-01 $732,318 (0.3%) $948,449 (-5.1%) 2.34 1,029
    2019-10-01 $725,000 (1.6%) $936,334 (-4.5%) 2.34 990
    2019-11-01 $729,900 (4.4%) $941,942 (-4.2%) 2.39 913
    2019-12-01 $729,488 (5.0%) $940,180 (-5.4%) 2.43 804
    2020-01-01 $732,475 (4.8%) $943,047 (-5.9%) 2.45 772
    2020-02-01 $749,000 (7.0%) $973,576 (-2.3%) 2.45 771
    2020-03-01 $749,000 (7.2%) $1,017,029 (0.7%) 2.35 812
    2020-04-01 $749,000 (5.6%) $1,005,757 (-3.1%) 2.35 830
    2020-05-01 $762,000 (4.8%) $1,033,094 (5.4%) 2.32 846
    2020-06-01 $776,000 (6.4%) $1,028,897 (6.2%) 2.29 794
    2020-07-01 $792,935 (6.7%) $1,060,656 (8.4%) 2.30 734
    2020-08-01 $799,945 (7.9%) $1,117,442 (15.7%) 2.29 667
    2020-09-01 $799,250 (9.1%) $1,159,795 (22.3%) 2.29 586
    2020-10-01 $819,900 (13.1%) $1,165,357 (24.5%) 2.35 525
    2020-11-01 $799,000 (9.5%) $1,163,664 (23.5%) 2.34 491
    2020-12-01 $817,500 (12.1%) $1,184,791 (26.0%) 2.43 429
    2021-01-01 $847,000 (15.6%) $1,250,624 (32.6%) 2.53 372
    2021-02-01 $825,000 (10.2%) $1,262,324 (29.7%) 2.40 311
    2021-03-01 $842,850 (12.5%) $1,279,845 (25.8%) 2.39 301
    2021-04-01 $897,000 (19.8%) $1,425,972 (41.8%) 2.43 307
    2021-05-01 $886,500 (16.3%) $1,431,031 (38.5%) 2.35 344
    2021-06-01 $892,000 (15.0%) $1,440,471 (40.0%) 2.35 348
    2021-07-01 $889,000 (12.1%) $1,362,149 (28.4%) 2.35 385
    2021-08-01 $888,000 (11.0%) $1,411,259 (26.3%) 2.37 356
    2021-09-01 $901,750 (12.8%) $1,446,565 (24.7%) 2.40 348
    2021-10-01 $950,000 (15.9%) $1,567,842 (34.5%) 2.53 300
    2021-11-01 $957,625 (19.9%) $1,573,505 (35.2%) 2.56 288
    2021-12-01 $986,250 (20.6%) $1,601,964 (35.2%) 2.67 235
    2022-01-01 $1,049,500 (23.9%) $1,941,953 (55.3%) 2.84 200
    2022-02-01 $975,000 (18.2%) $1,839,763 (45.7%) 2.54 211
    2022-03-01 $991,375 (17.6%) $1,750,484 (36.8%) 2.48 238
    2022-04-01 $999,450 (11.4%) $1,653,293 (15.9%) 2.38 254
    2022-05-01 $996,250 (12.4%) $1,595,536 (11.5%) 2.28 337
    2022-06-01 $997,249 (11.8%) $1,539,960 (6.9%) 2.22 413
    2022-07-01 $925,000 (4.1%) $1,409,572 (3.5%) 2.08 478
    2022-08-01 $914,750 (3.0%) $1,427,903 (1.2%) 2.11 481
    2022-09-01 $949,500 (5.3%) $1,463,864 (1.2%) 2.22 449
    2022-10-01 $929,000 (-2.2%) $1,425,999 (-9.1%) 2.19 456
    2022-11-01 $950,000 (-0.8%) $1,460,384 (-7.2%) 2.28 454
    2022-12-01 $954,500 (-3.2%) $1,467,141 (-8.4%) 2.36 400
    2023-01-01 $952,000 (-9.3%) $1,283,047 (-33.9%) 2.36 353
    2023-02-01 $949,000 (-2.7%) $1,329,969 (-27.7%) 2.29 341
    2023-03-01 $980,000 (-1.2%) $1,359,082 (-22.4%) 2.31 316
    2023-04-01 $995,000 (-0.5%) $1,370,944 (-17.1%) 2.31 323
    2023-05-01 $992,625 (-0.4%) $1,380,794 (-13.5%) 2.25 342
    2023-06-01 $1,015,000 (1.8%) $1,444,641 (-6.2%) 2.28 356
    2023-07-01 $1,075,000 (16.2%) $1,505,893 (6.8%) 2.44 363
    2023-08-01 $1,124,950 (23.0%) $1,541,112 (7.9%) 2.58 405
    2023-09-01 $1,100,000 (15.9%) $1,579,983 (7.9%) 2.56 429
    2023-10-01 $1,000,000 (7.6%) $1,534,693 (7.6%) 2.35 444
    2023-11-01 $999,000 (5.2%) $1,505,755 (3.1%) 2.38 455
    2023-12-01 $999,000 (4.7%) $1,555,375 (6.0%) 2.44 395
    2024-01-01 $997,000 (4.7%) $1,568,222 (22.2%) 2.43 355
    2024-02-01 $1,029,250 (8.5%) $1,618,761 (21.7%) 2.48 344
    2024-03-01 $999,000 (1.9%) $1,580,777 (16.3%) 2.35 377
    2024-04-01 $1,100,000 (10.6%) $1,611,617 (17.6%) 2.56 420
    2024-05-01 $1,199,875 (20.9%) $1,732,189 (25.5%) 2.71 441
    2024-06-01 $1,200,000 (18.2%) $1,782,187 (23.4%) 2.70 462
    2024-07-01 $1,155,500 (7.5%) $1,707,080 (13.4%) 2.64 517
    2024-08-01 $1,125,000 (0.0%) $1,673,700 (8.6%) 2.62 529
    2024-09-01 $1,110,000 (0.9%) $1,595,915 (1.0%) 2.61 588
    2024-10-01 $1,160,000 (16.0%) $1,641,701 (7.0%) 2.73 582
    San Luis Obispo's median listing price for 2024-10-01 was $1,160,000, a difference of $160,000 (16.0%) versus the prior year and $50,000 versus the prior month.

    San Luis Obispo's median listing price comes in at 273% of the national average.

    San Luis Obispo's average listing price for 2024-10-01 was $1,641,701, a difference of $107,008 (7.0%) versus the prior year and $45,786 versus the prior month.

    For the 2024-10-01 period, San Luis Obispo had 582 MLS listings, a difference of -6 listings (-1%) versus the prior month and 138 listings (31%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - San Luis Obispo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,956 sqft
    2018-02-01 62 days 1,932 sqft
    2018-03-01 46 days 1,929 sqft
    2018-04-01 44 days 1,985 sqft
    2018-05-01 43 days 2,013 sqft
    2018-06-01 47 days 2,001 sqft
    2018-07-01 51 days 1,935 sqft
    2018-08-01 54 days 1,951 sqft
    2018-09-01 57 days 1,926 sqft
    2018-10-01 61 days 1,906 sqft
    2018-11-01 65 days 1,902 sqft
    2018-12-01 71 days 1,886 sqft
    2019-01-01 74 days 1,881 sqft
    2019-02-01 64 days 1,908 sqft
    2019-03-01 57 days 1,908 sqft
    2019-04-01 57 days 1,912 sqft
    2019-05-01 53 days 1,930 sqft
    2019-06-01 59 days 1,923 sqft
    2019-07-01 64 days 1,980 sqft
    2019-08-01 67 days 1,966 sqft
    2019-09-01 72 days 1,925 sqft
    2019-10-01 75 days 1,892 sqft
    2019-11-01 77 days 1,890 sqft
    2019-12-01 88 days 1,892 sqft
    2020-01-01 84 days 1,878 sqft
    2020-02-01 75 days 1,882 sqft
    2020-03-01 59 days 1,882 sqft
    2020-04-01 64 days 1,897 sqft
    2020-05-01 74 days 1,930 sqft
    2020-06-01 91 days 1,947 sqft
    2020-07-01 76 days 1,936 sqft
    2020-08-01 64 days 1,905 sqft
    2020-09-01 67 days 1,929 sqft
    2020-10-01 66 days 1,946 sqft
    2020-11-01 72 days 1,947 sqft
    2020-12-01 79 days 1,926 sqft
    2021-01-01 84 days 1,904 sqft
    2021-02-01 73 days 1,927 sqft
    2021-03-01 52 days 1,889 sqft
    2021-04-01 49 days 1,992 sqft
    2021-05-01 44 days 1,971 sqft
    2021-06-01 43 days 1,889 sqft
    2021-07-01 39 days 1,861 sqft
    2021-08-01 45 days 1,834 sqft
    2021-09-01 46 days 1,846 sqft
    2021-10-01 46 days 1,921 sqft
    2021-11-01 47 days 1,879 sqft
    2021-12-01 54 days 1,881 sqft
    2022-01-01 62 days 1,974 sqft
    2022-02-01 42 days 1,921 sqft
    2022-03-01 35 days 1,877 sqft
    2022-04-01 36 days 1,867 sqft
    2022-05-01 32 days 1,889 sqft
    2022-06-01 37 days 1,877 sqft
    2022-07-01 39 days 1,859 sqft
    2022-08-01 50 days 1,865 sqft
    2022-09-01 55 days 1,898 sqft
    2022-10-01 55 days 1,869 sqft
    2022-11-01 60 days 1,791 sqft
    2022-12-01 68 days 1,777 sqft
    2023-01-01 77 days 1,800 sqft
    2023-02-01 72 days 1,806 sqft
    2023-03-01 59 days 1,868 sqft
    2023-04-01 56 days 1,848 sqft
    2023-05-01 46 days 1,833 sqft
    2023-06-01 43 days 1,827 sqft
    2023-07-01 45 days 1,847 sqft
    2023-08-01 47 days 1,966 sqft
    2023-09-01 54 days 1,916 sqft
    2023-10-01 58 days 1,901 sqft
    2023-11-01 59 days 1,871 sqft
    2023-12-01 70 days 1,807 sqft
    2024-01-01 78 days 1,790 sqft
    2024-02-01 63 days 1,768 sqft
    2024-03-01 51 days 1,808 sqft
    2024-04-01 49 days 1,837 sqft
    2024-05-01 46 days 1,911 sqft
    2024-06-01 52 days 1,902 sqft
    2024-07-01 53 days 1,920 sqft
    2024-08-01 57 days 1,927 sqft
    2024-09-01 58 days 1,888 sqft
    2024-10-01 61 days 1,932 sqft
    San Luis Obispo's median listing age (time on market) for 2024-10-01 was 61 days. This is 5% longer than the same period one year ago.

    San Luis Obispo's median square footage for active listings during the 2024-10-01 period was 1,932 sqft. One year prior, the average listing was 1,901 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).