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%.

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).