San Luis Obispo FHA Loan Rates, Closing Costs & Stats

SAN LUIS OBISPO-PASO ROBLES, 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 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 6.84% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

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

The average rate for the prior week (2024-05-17) was 6.64% and one month ago for the week of 2024-04-19, the average rate was 7.06%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.61%.

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
San Luis Obispo's median listing price for 2024-04-01 was $1,100,000, a difference of $105,000 (10.6%) versus the prior year and $101,000 versus the prior month.

San Luis Obispo's median listing price comes in at 256% of the national average.

San Luis Obispo's average listing price for 2024-04-01 was $1,611,617, a difference of $240,673 (17.6%) versus the prior year and $30,840 versus the prior month.

For the 2024-04-01 period, San Luis Obispo had 420 MLS listings, a difference of 43 listings (11%) versus the prior month and 97 listings (30%) 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
San Luis Obispo's median listing age (time on market) for 2024-04-01 was 49 days. This is -13% shorter than the same period one year ago.

San Luis Obispo's median square footage for active listings during the 2024-04-01 period was 1,837 sqft. One year prior, the average listing was 1,848 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).