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 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 6.59% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.74% and one month ago for the week of 2024-06-14, the average rate was 6.59%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.65%.

    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

    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).