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 51 lenders originated 340 FHA loans during 2022. The total origination value was $147,250,000, with an average FHA loan value of $433,088.

    San Luis Obispo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in San Luis Obispo averaged -0.66% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    San Luis Obispo's average FHA mortgage closing costs are $12,702.

    The average rate for the prior week (2023-11-17) was 6.64% and one month ago for the week of 2023-10-20, the average rate was 6.75%.

    The average rate one year ago was 5.87%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.79%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 35 4.48% $17,646
    QUICKEN LOANS, LLC 13 4.32% $18,768
    LOANDEPOT.COM, LLC 13 4.35% $15,163
    HOME POINT FINANCIAL CORPORATION 13 3.87% $17,383
    CALIBER HOME LOANS, INC. 13 4.09% $14,110
    CMG MORTGAGE, INC. 10 4.01% $14,832
    CROSSCOUNTRY MORTGAGE, LLC 9 5.24% $17,037
    COASTAL FUNDING SLC, INC. 8 5.17% $19,304
    Carrington Mortgage Services, LLC 6 4.31% $15,482
    Sierra Pacific Mortgage Company, Inc. 6 4.02% $19,027
    LAKEVIEW LOAN SERVICING, LLC 5 3.65% $10,754
    DIGNIFIED HOME LOANS, LLC 4 5.06% $16,640
    PENNYMAC LOAN SERVICES, LLC 4 4.36% $16,915
    ENVOY MORTGAGE, LTD 4 5.19% $18,445
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 4.75% $14,301
    RESIDENTIAL BANCORP 3 4.42% $17,804
    Paramount Residential Mortgage Group, Inc. 3 3.92% $13,181
    FREEDOM MORTGAGE CORPORATION 2 4.37% $18,869
    Golden Empire Mortgage, Inc. 2 3.94% $19,767
    GUARANTEED RATE, INC. 2 3.60% $16,940
    GUILD MORTGAGE COMPANY 2 4.06% $14,107
    COUNTRY CLUB MORTGAGE, INC. 2 5.19% $18,050
    MID AMERICA MORTGAGE, INC. 2 6.69% $14,763
    Mr. Cooper ( Nationstar Mortgage ) 2 2.81% $11,160
    PLANET HOME LENDING, LLC 2 4.37% $16,017
    CARDINAL FINANCIAL 2 5.75% $22,067
    Century Mortgage Company DBA Century Lending Company 2 6.38% $13,292
    Wyndham Capital Mortgage, Inc. 1 2.63% $8,930
    AMERICAN FINANCING CORPORATION 1 3.75% $25,503
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 4.75% $40,994
    Amerifirst Financial, Inc. 1 5.00% $13,811
    AMERISAVE MORTGAGE CORPORATION 1 3.50% $20,873
    AmRes Corporation 1 4.75% $11,847
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.50% $27,186
    Bank of England 1 5.13% $18,800
    BAY EQUITY LLC 1 3.99% $11,563
    BECKAM FUNDING CORP. 1 6.75% $32,970
    BROKER SOLUTIONS, INC. 1 6.63% $36,262
    CENTRAL COAST LENDING, INC. 1 4.75% $7,080
    Equity Prime Mortgage LLC 1 5.63% $14,164
    Flagstar Bank, FSB 1 4.25% $9,683
    Franklin Loan Corporation 1 4.25% $25,526
    GENEVA FINANCIAL, LLC 1 6.88% $25,774
    LADERA LENDING, INC. 1 4.75% $13,757
    Lakeview Community Capital, LLC 1 2.99% $9,946
    LAND HOME FINANCIAL SERVICES, INC. 1 4.50% $15,591
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $44,501
    Nations Lending Corporation 1 4.25% $18,457
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $18,114
    SUN WEST MORTGAGE COMPANY, INC. 1 2.38% $18,139
    AHL FUNDING 1 5.99% $22,475

    The top San Luis Obispo FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 35 FHA loans originated. Their average total fees are $17,646, which is $1,123 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee San Luis Obispo FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($14,110), CMG MORTGAGE, INC. ($14,832), LOANDEPOT.COM, LLC ($15,163), HOME POINT FINANCIAL CORPORATION ($17,383) and UNITED WHOLESALE MORTGAGE, LLC ($17,646).

    The lowest rate San Luis Obispo FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (3.87%), CMG MORTGAGE, INC. (4.01%), CALIBER HOME LOANS, INC. (4.09%), QUICKEN LOANS, LLC (4.32%) and LOANDEPOT.COM, LLC (4.35%).

    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 $748,850 (7.9%) $1,049,841 (3.8%) 2.78 774
    2018-02-01 $744,950 (6.5%) $1,006,836 (-2.6%) 2.71 809
    2018-03-01 $738,250 (2.8%) $999,670 (-4.6%) 2.59 864
    2018-04-01 $749,950 (4.9%) $1,023,381 (-1.3%) 2.54 927
    2018-05-01 $775,000 (4.0%) $1,059,210 (0.2%) 2.59 961
    2018-06-01 $767,500 (2.5%) $1,053,867 (1.5%) 2.56 1,031
    2018-07-01 $749,500 (0.3%) $1,026,699 (1.1%) 2.50 1,076
    2018-08-01 $744,000 (2.6%) $1,007,322 (-1.3%) 2.49 1,074
    2018-09-01 $729,900 (1.4%) $1,001,039 (-4.1%) 2.45 1,062
    2018-10-01 $715,000 (-1.3%) $981,507 (-7.1%) 2.42 1,027
    2018-11-01 $699,500 (-4.1%) $983,348 (-8.1%) 2.37 987
    2018-12-01 $696,750 (-6.5%) $994,376 (-7.3%) 2.40 917
    2019-01-01 $699,000 (-6.7%) $1,001,876 (-4.6%) 2.41 877
    2019-02-01 $699,995 (-6.0%) $996,058 (-1.1%) 2.37 880
    2019-03-01 $699,000 (-5.3%) $1,009,799 (1.0%) 2.29 928
    2019-04-01 $709,250 (-5.4%) $1,037,896 (1.4%) 2.25 994
    2019-05-01 $727,000 (-6.2%) $979,960 (-7.5%) 2.27 1,042
    2019-06-01 $729,270 (-5.0%) $968,845 (-8.1%) 2.28 1,059
    2019-07-01 $743,500 (-0.8%) $978,936 (-4.7%) 2.33 1,086
    2019-08-01 $741,727 (-0.3%) $966,229 (-4.1%) 2.35 1,074
    2019-09-01 $732,318 (0.3%) $948,449 (-5.3%) 2.34 1,029
    2019-10-01 $725,000 (1.4%) $936,334 (-4.6%) 2.34 990
    2019-11-01 $729,900 (4.4%) $944,356 (-4.0%) 2.39 914
    2019-12-01 $729,498 (4.7%) $942,923 (-5.2%) 2.43 805
    2020-01-01 $732,610 (4.8%) $945,906 (-5.6%) 2.45 773
    2020-02-01 $749,000 (7.0%) $976,297 (-2.0%) 2.46 772
    2020-03-01 $749,000 (7.2%) $1,019,595 (1.0%) 2.35 812
    2020-04-01 $749,000 (5.6%) $1,006,016 (-3.1%) 2.35 830
    2020-05-01 $765,000 (5.2%) $1,036,140 (5.7%) 2.33 847
    2020-06-01 $777,000 (6.5%) $1,031,935 (6.5%) 2.29 795
    2020-07-01 $793,750 (6.8%) $1,063,856 (8.7%) 2.30 734
    2020-08-01 $799,990 (7.9%) $1,119,965 (15.9%) 2.29 668
    2020-09-01 $799,250 (9.1%) $1,162,562 (22.6%) 2.29 587
    2020-10-01 $819,900 (13.1%) $1,168,062 (24.8%) 2.35 526
    2020-11-01 $801,750 (9.8%) $1,167,977 (23.7%) 2.34 489
    2020-12-01 $821,000 (12.5%) $1,189,526 (26.2%) 2.44 426
    2021-01-01 $849,000 (15.9%) $1,256,435 (32.8%) 2.53 368
    2021-02-01 $826,225 (10.3%) $1,265,798 (29.7%) 2.41 310
    2021-03-01 $846,000 (13.0%) $1,282,157 (25.8%) 2.40 300
    2021-04-01 $897,000 (19.8%) $1,428,600 (42.0%) 2.43 307
    2021-05-01 $886,500 (15.9%) $1,431,031 (38.1%) 2.36 344
    2021-06-01 $892,000 (14.8%) $1,444,890 (40.0%) 2.35 348
    2021-07-01 $889,000 (12.0%) $1,362,149 (28.0%) 2.35 385
    2021-08-01 $889,000 (11.1%) $1,412,468 (26.1%) 2.37 356
    2021-09-01 $901,750 (12.8%) $1,446,565 (24.4%) 2.40 348
    2021-10-01 $950,000 (15.9%) $1,567,842 (34.2%) 2.53 300
    2021-11-01 $957,625 (19.4%) $1,573,505 (34.7%) 2.56 288
    2021-12-01 $986,250 (20.1%) $1,601,964 (34.7%) 2.67 235
    2022-01-01 $1,049,500 (23.6%) $1,941,953 (54.6%) 2.84 200
    2022-02-01 $975,000 (18.0%) $1,839,763 (45.3%) 2.54 211
    2022-03-01 $991,250 (17.2%) $1,751,082 (36.6%) 2.48 238
    2022-04-01 $999,000 (11.4%) $1,654,036 (15.8%) 2.38 253
    2022-05-01 $996,125 (12.4%) $1,596,040 (11.5%) 2.28 336
    2022-06-01 $994,750 (11.5%) $1,540,249 (6.6%) 2.22 412
    2022-07-01 $925,000 (4.1%) $1,409,590 (3.5%) 2.08 477
    2022-08-01 $912,500 (2.6%) $1,427,954 (1.1%) 2.11 480
    2022-09-01 $949,475 (5.3%) $1,463,988 (1.2%) 2.22 448
    2022-10-01 $929,000 (-2.2%) $1,426,047 (-9.0%) 2.19 455
    2022-11-01 $950,000 (-0.8%) $1,460,505 (-7.2%) 2.28 453
    2022-12-01 $950,000 (-3.7%) $1,467,286 (-8.4%) 2.35 399
    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 (-1.1%) $1,360,399 (-22.3%) 2.31 316
    2023-04-01 $995,000 (-0.4%) $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 (2.0%) $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 (23.3%) $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
    San Luis Obispo's median listing price for 2023-10-01 was $1,000,000, a difference of $71,000 (7.6%) versus the prior year and $-100,000 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 2023-10-01 was $1,534,693, a difference of $108,646 (7.6%) versus the prior year and $-45,290 versus the prior month.

    For the 2023-10-01 period, San Luis Obispo had 444 MLS listings, a difference of 15 listings (3%) versus the prior month and -11 listings (-2%) 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 1,957 sqft
    2018-02-01 62 days 1,932 sqft
    2018-03-01 46 days 1,930 sqft
    2018-04-01 44 days 1,989 sqft
    2018-05-01 43 days 2,016 sqft
    2018-06-01 47 days 2,004 sqft
    2018-07-01 51 days 1,938 sqft
    2018-08-01 54 days 1,954 sqft
    2018-09-01 57 days 1,927 sqft
    2018-10-01 61 days 1,907 sqft
    2018-11-01 65 days 1,902 sqft
    2018-12-01 71 days 1,888 sqft
    2019-01-01 74 days 1,880 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 1,922 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 1,893 sqft
    2020-01-01 84 days 1,879 sqft
    2020-02-01 75 days 1,890 sqft
    2020-03-01 59 days 1,885 sqft
    2020-04-01 64 days 1,897 sqft
    2020-05-01 74 days 1,932 sqft
    2020-06-01 91 days 1,953 sqft
    2020-07-01 76 days 1,939 sqft
    2020-08-01 64 days 1,910 sqft
    2020-09-01 67 days 1,931 sqft
    2020-10-01 66 days 1,946 sqft
    2020-11-01 72 days 1,952 sqft
    2020-12-01 79 days 1,934 sqft
    2021-01-01 85 days 1,906 sqft
    2021-02-01 73 days 1,929 sqft
    2021-03-01 52 days 1,901 sqft
    2021-04-01 49 days 1,993 sqft
    2021-05-01 44 days 1,971 sqft
    2021-06-01 43 days 1,892 sqft
    2021-07-01 39 days 1,860 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 1,881 sqft
    2022-04-01 36 days 1,868 sqft
    2022-05-01 32 days 1,893 sqft
    2022-06-01 37 days 1,879 sqft
    2022-07-01 39 days 1,862 sqft
    2022-08-01 50 days 1,866 sqft
    2022-09-01 55 days 1,899 sqft
    2022-10-01 54 days 1,873 sqft
    2022-11-01 59 days 1,794 sqft
    2022-12-01 68 days 1,786 sqft
    2023-01-01 77 days 1,800 sqft
    2023-02-01 72 days 1,806 sqft
    2023-03-01 59 days 1,869 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
    San Luis Obispo's median listing age (time on market) for 2023-10-01 was 58 days. This is 7% longer than the same period one year ago.

    San Luis Obispo's median square footage for active listings during the 2023-10-01 period was 1,901 sqft. One year prior, the average listing was 1,873 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).