San Luis Obispo FHA Loans

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 79 lenders originated 567 FHA loans during 2021. The total origination value was $240,325,000, with an average FHA loan value of $423,854.

    San Luis Obispo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in San Luis Obispo averaged 4.99% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 4.99% and one month ago for the week of 2022-04-15, the average rate was 4.68%.

    The average rate one year ago was 2.86%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.92%.

    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 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 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CALIBER HOME LOANS, INC. 32 2.63% $11,857
    UNITED WHOLESALE MORTGAGE, LLC 30 2.68% $14,863
    HOME POINT FINANCIAL CORPORATION 30 2.67% $11,091
    QUICKEN LOANS, LLC 27 2.54% $11,197
    LAKEVIEW LOAN SERVICING, LLC 18 2.76% $7,125
    Mr. Cooper ( Nationstar Mortgage ) 16 2.97% $6,909
    CENTRAL COAST LENDING, INC. 16 2.77% $11,665
    FREEDOM MORTGAGE CORPORATION 14 2.59% $7,958
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 3.20% $16,003
    CMG MORTGAGE, INC. 12 2.66% $14,392
    LOANDEPOT.COM, LLC 11 3.37% $13,462
    CROSSCOUNTRY MORTGAGE, LLC 10 3.16% $15,710
    MID AMERICA MORTGAGE, INC. 9 2.72% $7,269
    COASTAL FUNDING SLC, INC. 9 3.15% $12,345
    ENVOY MORTGAGE, LTD 8 2.69% $15,301
    GUILD MORTGAGE COMPANY 6 3.00% $18,330
    Sierra Pacific Mortgage Company, Inc. 6 3.31% $22,963
    Carrington Mortgage Services, LLC 6 3.06% $9,729
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 2.80% $15,288
    PENNYMAC LOAN SERVICES, LLC 5 2.95% $9,266
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.28% $15,333
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.50% $8,774
    Flagstar Bank, FSB 4 2.78% $14,719
    Lakeview Community Capital, LLC 4 2.81% $6,343
    COUNTRY CLUB MORTGAGE, INC. 3 2.50% $9,914
    SUMMIT FUNDING, INC. 3 3.21% $12,642
    SUN WEST MORTGAGE COMPANY, INC. 3 2.71% $15,044
    NEWREZ LLC 3 2.63% $9,641
    GUARANTEED RATE, INC. 3 2.54% $17,630
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.71% $16,480
    Nations Lending Corporation 3 2.88% $15,525
    Amerifirst Financial, Inc. 3 3.25% $14,626
    AMERICAN FINANCIAL NETWORK, INC. 3 3.04% $14,938
    LAND HOME FINANCIAL SERVICES, INC. 2 3.25% $17,630
    BEST CAPITAL FUNDING 2 2.31% $13,842
    CHURCHILL MORTGAGE CORPORATION 2 3.00% $15,136
    STEARNS LENDING, LLC 2 3.19% $22,061
    AMERISAVE MORTGAGE CORPORATION 2 3.25% $9,412
    MOUNTAIN WEST FINANCIAL, INC. 2 3.63% $19,763
    LOANPAL, LLC 2 2.63% $9,826
    NATIONS DIRECT MORTGAGE, LLC 2 3.06% $23,338
    MORTGAGE MANAGEMENT CONSULTANTS, INC. 2 3.44% $10,960
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 2.75% $15,348
    PLANET HOME LENDING, LLC 2 2.88% $12,296
    VILLAGE CAPITAL & INVESTMENT LLC 2 2.25% $4,100
    BROKER SOLUTIONS, INC. 2 2.94% $12,554
    Paramount Residential Mortgage Group, Inc. 2 3.19% $9,424
    Commerce Home Mortgage, Inc. 2 4.19% $17,598
    Golden Empire Mortgage, Inc. 2 3.13% $15,927
    WESTERN EXPRESS LENDING 1 3.25% $15,379
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,491
    AMERICAN FINANCING CORPORATION 1 2.50% $8,307
    AmeriHome Mortgage Company, LLC 1 2.63% $8,502
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.00% $15,413
    CELEBRITY HOME LOANS, LLC 1 2.88% $11,314
    Century Mortgage Company DBA Century Lending Company 1 2.38% $26,146
    CORNERSTONE HOME LENDING, INC. 1 3.25% $24,824
    DIGNIFIED HOME LOANS, LLC 1 2.75% $15,867
    FAY SERVICING, LLC 1 3.38% $7,268
    First Guaranty Mortgage Corporation 1 3.13% $10,003
    GENEVA FINANCIAL, LLC 1 2.75% $12,078
    HARTFORD FUNDING, LTD. 1 3.25% $24,288
    Hometown Equity Mortgage, LLC 1 3.00% $11,326
    INTELLILOAN, INC. 1 2.75% $5,766
    InterContinental Capital Group, Inc 1 3.13% $9,910
    KINGS MORTGAGE SERVICES, INC. 1 2.38% $7,515
    LENDUS, LLC 1 3.00% $8,225
    MASON MCDUFFIE MORTGAGE CORPORATION 1 2.25% $14,936
    MUFG Union Bank 1 2.63% $6,751
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.88% $13,920
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.88% $22,181
    NETWORK CAPITAL FUNDING CORPORATION 1 2.25% $17,162
    Northpointe Bank 1 3.00% $8,523
    PANORAMA MORTGAGE GROUP, LLC 1 3.50% $14,183
    RESIDENTIAL BANCORP. 1 2.25% $14,623
    S1L, Inc. 1 2.99% $10,637
    Summit Mortgage Corporation 1 2.25% $15,387
    TOP FLITE FINANCIAL, INC. 1 3.50% $39,366
    ALAMEDA MORTGAGE CORPORATION 1 3.63% $16,870

    The top San Luis Obispo FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 32 FHA loans originated. Their average total fees are $11,857, which is $3,007 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee San Luis Obispo FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($6,909), LAKEVIEW LOAN SERVICING, LLC ($7,125), FREEDOM MORTGAGE CORPORATION ($7,958), HOME POINT FINANCIAL CORPORATION ($11,091) and QUICKEN LOANS, LLC ($11,197).

    The lowest rate San Luis Obispo FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.54%), FREEDOM MORTGAGE CORPORATION (2.59%), CALIBER HOME LOANS, INC. (2.63%), CMG MORTGAGE, INC. (2.66%) and HOME POINT FINANCIAL CORPORATION (2.67%).

    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

    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 $748,950 (7.7%) $1,062,355 (-1.6%) 2.76 812
    2018-02-01 $739,800 (5.1%) $1,019,054 (-8.0%) 2.67 843
    2018-03-01 $734,000 (1.0%) $1,009,430 (-7.6%) 2.54 891
    2018-04-01 $750,000 (3.5%) $1,046,611 (-3.7%) 2.52 950
    2018-05-01 $777,000 (3.6%) $1,074,449 (-3.3%) 2.59 988
    2018-06-01 $774,500 (3.3%) $1,073,121 (-2.7%) 2.58 1,063
    2018-07-01 $750,000 (0.1%) $1,033,820 (-4.3%) 2.50 1,090
    2018-08-01 $749,000 (3.0%) $1,017,984 (-6.5%) 2.50 1,094
    2018-09-01 $733,000 (1.1%) $1,008,389 (-9.2%) 2.45 1,090
    2018-10-01 $712,500 (-1.7%) $980,806 (-12.6%) 2.38 1,070
    2018-11-01 $699,450 (-4.1%) $980,537 (-13.6%) 2.35 1,031
    2018-12-01 $698,500 (-6.7%) $991,649 (-13.0%) 2.39 974
    2019-01-01 $699,000 (-6.7%) $991,567 (-6.7%) 2.41 918
    2019-02-01 $699,250 (-5.5%) $987,872 (-3.1%) 2.34 917
    2019-03-01 $699,000 (-4.8%) $1,008,243 (-0.1%) 2.28 955
    2019-04-01 $707,000 (-5.7%) $1,037,998 (-0.8%) 2.23 1,022
    2019-05-01 $727,720 (-6.3%) $989,054 (-8.0%) 2.24 1,063
    2019-06-01 $735,000 (-5.1%) $974,115 (-9.2%) 2.26 1,070
    2019-07-01 $749,000 (-0.1%) $982,851 (-4.9%) 2.33 1,126
    2019-08-01 $747,286 (-0.2%) $978,199 (-3.9%) 2.35 1,098
    2019-09-01 $737,270 (0.6%) $960,136 (-4.8%) 2.34 1,056
    2019-10-01 $725,000 (1.8%) $939,473 (-4.2%) 2.31 1,017
    2019-11-01 $729,900 (4.4%) $946,912 (-3.4%) 2.36 937
    2019-12-01 $739,000 (5.8%) $946,940 (-4.5%) 2.46 836
    2020-01-01 $734,450 (5.1%) $945,219 (-4.7%) 2.45 789
    2020-02-01 $749,000 (7.1%) $975,638 (-1.2%) 2.42 771
    2020-03-01 $764,450 (9.4%) $1,046,111 (3.8%) 2.39 815
    2020-04-01 $752,500 (6.4%) $1,026,060 (-1.2%) 2.34 831
    2020-05-01 $777,000 (6.8%) $1,044,942 (5.7%) 2.35 860
    2020-06-01 $787,935 (7.2%) $1,052,403 (8.0%) 2.30 799
    2020-07-01 $799,999 (6.8%) $1,090,681 (11.0%) 2.29 727
    2020-08-01 $814,500 (9.0%) $1,132,282 (15.8%) 2.33 667
    2020-09-01 $832,900 (13.0%) $1,220,577 (27.1%) 2.38 584
    2020-10-01 $829,900 (14.5%) $1,224,638 (30.4%) 2.37 525
    2020-11-01 $827,000 (13.3%) $1,238,369 (30.8%) 2.37 489
    2020-12-01 $825,000 (11.6%) $1,255,578 (32.6%) 2.42 424
    2021-01-01 $864,800 (17.8%) $1,323,142 (40.0%) 2.54 380
    2021-02-01 $877,000 (17.1%) $1,372,510 (40.7%) 2.52 310
    2021-03-01 $893,500 (16.9%) $1,430,559 (36.8%) 2.51 292
    2021-04-01 $929,000 (23.5%) $1,511,817 (47.3%) 2.50 304
    2021-05-01 $888,000 (14.3%) $1,449,066 (38.7%) 2.34 338
    2021-06-01 $897,250 (13.9%) $1,476,908 (40.3%) 2.33 349
    2021-07-01 $894,000 (11.8%) $1,399,120 (28.3%) 2.32 386
    2021-08-01 $889,000 (9.2%) $1,426,675 (26.0%) 2.34 356
    2021-09-01 $924,000 (10.9%) $1,463,541 (19.9%) 2.43 343
    2021-10-01 $950,000 (14.5%) $1,598,314 (30.5%) 2.50 302
    2021-11-01 $969,500 (17.2%) $1,589,146 (28.3%) 2.56 286
    2021-12-01 $1,022,000 (23.9%) $1,653,172 (31.7%) 2.73 232
    2022-01-01 $1,075,000 (24.3%) $2,144,684 (62.1%) 2.87 202
    2022-02-01 $990,000 (12.9%) $2,076,616 (51.3%) 2.52 197
    2022-03-01 $998,450 (11.8%) $1,905,425 (33.2%) 2.47 225
    2022-04-01 $999,900 (7.6%) $1,794,838 (18.7%) 2.35 247
    San Luis Obispo's median listing price for 2022-04-01 was $999,900, a difference of $70,900 (7.6%) versus the prior year and $1,450 versus the prior month.

    San Luis Obispo's median listing price comes in at 235% of the national average.

    San Luis Obispo's average listing price for 2022-04-01 was $1,794,838, a difference of $283,021 (18.7%) versus the prior year and $-110,587 versus the prior month.

    For the 2022-04-01 period, San Luis Obispo had 247 MLS listings, a difference of 22 listings (10%) versus the prior month and -57 listings (-19%) 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 77 days 1,954 sqft
    2018-02-01 64 days 1,932 sqft
    2018-03-01 49 days 1,932 sqft
    2018-04-01 46 days 1,989 sqft
    2018-05-01 45 days 2,006 sqft
    2018-06-01 50 days 2,005 sqft
    2018-07-01 52 days 1,930 sqft
    2018-08-01 55 days 1,943 sqft
    2018-09-01 58 days 1,924 sqft
    2018-10-01 63 days 1,881 sqft
    2018-11-01 65 days 1,881 sqft
    2018-12-01 72 days 1,873 sqft
    2019-01-01 78 days 1,880 sqft
    2019-02-01 71 days 1,908 sqft
    2019-03-01 64 days 1,890 sqft
    2019-04-01 57 days 1,892 sqft
    2019-05-01 52 days 1,925 sqft
    2019-06-01 57 days 1,925 sqft
    2019-07-01 61 days 1,988 sqft
    2019-08-01 63 days 1,970 sqft
    2019-09-01 67 days 1,930 sqft
    2019-10-01 73 days 1,882 sqft
    2019-11-01 77 days 1,889 sqft
    2019-12-01 84 days 1,900 sqft
    2020-01-01 79 days 1,875 sqft
    2020-02-01 66 days 1,891 sqft
    2020-03-01 52 days 1,905 sqft
    2020-04-01 57 days 1,919 sqft
    2020-05-01 71 days 1,978 sqft
    2020-06-01 80 days 2,000 sqft
    2020-07-01 66 days 1,984 sqft
    2020-08-01 57 days 1,940 sqft
    2020-09-01 56 days 1,962 sqft
    2020-10-01 53 days 1,985 sqft
    2020-11-01 58 days 1,965 sqft
    2020-12-01 61 days 1,960 sqft
    2021-01-01 65 days 1,935 sqft
    2021-02-01 49 days 1,990 sqft
    2021-03-01 33 days 1,989 sqft
    2021-04-01 31 days 1,999 sqft
    2021-05-01 35 days 1,980 sqft
    2021-06-01 35 days 1,904 sqft
    2021-07-01 35 days 1,851 sqft
    2021-08-01 43 days 1,827 sqft
    2021-09-01 44 days 1,825 sqft
    2021-10-01 43 days 1,915 sqft
    2021-11-01 45 days 1,880 sqft
    2021-12-01 50 days 1,908 sqft
    2022-01-01 57 days 1,994 sqft
    2022-02-01 47 days 1,943 sqft
    2022-03-01 30 days 1,854 sqft
    2022-04-01 31 days 1,888 sqft
    San Luis Obispo's median listing age (time on market) for 2022-04-01 was 31 days. This is 0% longer than the same period one year ago.

    San Luis Obispo's median square footage for active listings during the 2022-04-01 period was 1,888 sqft. One year prior, the average listing was 1,999 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).