San Luis Obispo FHA Loans
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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.