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 52 lenders originated 253 FHA loans during 2024. The total origination value was $132,555,000, with an average FHA loan value of $523,933.

    San Luis Obispo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in San Luis Obispo averaged 0.42% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    San Luis Obispo's average FHA mortgage closing costs are $13,816.

    The average rate for the prior week (2025-06-27) was 6.8% and one month ago for the week of 2025-05-30, the average rate was 6.88%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.07%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 43 6.01% $20,171
    Century Mortgage Company DBA Century Lending Company 12 6.36% $17,911
    GUARANTEED RATE, INC. 11 6.47% $17,405
    COASTAL FUNDING SLC, INC. 10 6.41% $19,938
    QUICKEN LOANS, LLC 9 6.05% $18,489
    Golden Empire Mortgage, Inc. 9 5.87% $24,733
    LOANDEPOT.COM, LLC 8 5.95% $18,485
    CENTRAL COAST LENDING, INC. 7 6.64% $16,424
    Sierra Pacific Mortgage Company, Inc. 6 6.27% $21,699
    PENNYMAC LOAN SERVICES, LLC 6 6.15% $21,403
    CROSSCOUNTRY MORTGAGE, LLC 5 6.09% $20,472
    OCMBC, INC. 3 6.88% $21,499
    BROKER SOLUTIONS, INC. 3 6.75% $21,106
    FREEDOM MORTGAGE CORPORATION 3 5.75% $21,414
    U.S. Bank 2 6.44% $16,009
    MICHIGAN MUTUAL, INC. 2 6.44% $15,473
    MOVEMENT MORTGAGE, LLC 2 6.69% $29,363
    NEWREZ LLC 2 6.00% $17,819
    Paramount Residential Mortgage Group, Inc. 2 5.88% $14,324
    CARDINAL FINANCIAL 2 7.12% $36,939
    ENVOY MORTGAGE, LTD 2 6.88% $17,098
    Equity Prime Mortgage LLC 2 6.13% $28,677
    The Loan Store, Inc. 2 7.06% $14,666
    TOP FLITE FINANCIAL, INC. 2 6.38% $20,025
    LOANPAL, LLC 2 5.38% $16,214
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $14,243
    SUMMIT FUNDING, INC. 1 6.25% $20,117
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $16,192
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.88% $23,964
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $16,090
    BM Real Estate Services, Inc. 1 7.75% $10,598
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $19,505
    Carrington Mortgage Services, LLC 1 6.50% $35,741
    DIGNIFIED HOME LOANS, LLC 1 7.13% $19,153
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.63% $24,298
    Flagstar Bank, FSB 1 5.88% $17,690
    GEO-CORP, INC. 1 6.25% $17,536
    GUARANTEED RATE AFFINITY, LLC 1 6.88% $22,201
    GUILD MORTGAGE COMPANY 1 3.38% $2,413
    HOMESIDE FINANCIAL, LLC 1 5.75% $34,600
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,055
    LAND HOME FINANCIAL SERVICES, INC. 1 6.25% $23,998
    MID AMERICA MORTGAGE, INC. 1 7.25% $16,869
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $15,468
    ALTITUDE FINANCIAL CORPORATION 1 7.13% $25,382
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $21,686
    Nations Lending Corporation 1 7.25% $25,717
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 7.25% $16,790
    Performance Financial, Inc. 1 5.63% $33,906
    PLANET HOME LENDING, LLC 1 5.38% $10,716
    PLAZA HOME MORTGAGE, INC. 1 6.25% $37,192
    S1L, Inc. 1 6.25% $20,743

    The top San Luis Obispo FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 43 FHA loans originated. Their average total fees are $20,171, which is $2,260 higher than the next largest lender, Century Mortgage Company DBA Century Lending Company.

    The lowest fee San Luis Obispo FHA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. ($17,405), Century Mortgage Company DBA Century Lending Company ($17,911), COASTAL FUNDING SLC, INC. ($19,938), UNITED WHOLESALE MORTGAGE, LLC ($20,171) and .

    The lowest rate San Luis Obispo FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.01%), Century Mortgage Company DBA Century Lending Company (6.36%), COASTAL FUNDING SLC, INC. (6.41%), GUARANTEED RATE, INC. (6.47%) and .

    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

    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).