Santa Cruz FHA Loan Rates, Closing Costs & Stats

SANTA CRUZ-WATSONVILLE, 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.

Santa Cruz's 28 lenders originated 125 FHA loans during 2023. The total origination value was $75,765,000, with an average FHA loan value of $606,120.

Santa Cruz FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Santa Cruz averaged 6.82% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Santa Cruz's average FHA mortgage closing costs are $15,929.

The average rate for the prior week (2024-04-05) was 6.44% and one month ago for the week of 2024-03-08, the average rate was 6.68%.

The average rate one year ago was 6.31%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.85%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Santa Cruz 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 Santa Cruz level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 20 6.04% $23,080
QUICKEN LOANS, LLC 9 6.04% $24,049
CROSSCOUNTRY MORTGAGE, LLC 8 6.20% $23,287
Century Mortgage Company DBA Century Lending Company 3 5.54% $30,322
MOUNTAIN WEST FINANCIAL, INC. 3 6.75% $27,309
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.19% $27,744
LOANDEPOT.COM, LLC 2 5.44% $19,619
ACADEMY MORTGAGE CORPORATION 2 7.00% $37,344
MASON MCDUFFIE MORTGAGE CORPORATION 2 6.31% $34,031
BAY-VALLEY MORTGAGE GROUP 2 6.19% $30,844
Paramount Residential Mortgage Group, Inc. 2 6.19% $27,601
GUARANTEED RATE, INC. 2 6.50% $26,562
PENNYMAC LOAN SERVICES, LLC 1 5.63% $34,191
PNC Bank 1 6.25% $15,426
Prosperity Home Mortgage, LLC 1 5.75% $20,048
RESIDENTIAL BANCORP 1 5.38% $22,984
Wells Fargo Bank 1 6.50% $9,541
ALAMEDA MORTGAGE CORPORATION 1 6.63% $21,977
AMERISAVE MORTGAGE CORPORATION 1 4.88% $20,314
BROKER SOLUTIONS, INC. 1 6.25% $16,211
CMG MORTGAGE, INC. 1 6.63% $29,971
EVERETT FINANCIAL, INC. 1 6.50% $27,147
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.49% $29,470
FREEDOM MORTGAGE CORPORATION 1 7.25% $28,580
GUARANTEED RATE AFFINITY, LLC 1 6.25% $16,618
INTELLILOAN, INC. 1 6.50% $24,136
INTERCAP LENDING INC. 1 6.88% $25,336
Nations Lending Corporation 1 5.88% $29,636

The top Santa Cruz FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 20 FHA loans originated. Their average total fees are $23,080, which is $969 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Santa Cruz FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($23,080), .

The lowest rate Santa Cruz FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.04%), .

Santa Cruz FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SANTA CRUZ-WATSONVILLE, CA SANTA CRUZ 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
SANTA CRUZ-WATSONVILLE, CA SANTA CRUZ 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Santa Cruz (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 $899,472 (5.9%) $1,396,805 (9.7%) 3.33 220
2018-02-01 $899,250 (5.9%) $1,382,567 (7.2%) 3.26 246
2018-03-01 $976,500 (10.1%) $1,367,781 (3.6%) 3.43 286
2018-04-01 $952,250 (5.8%) $1,503,671 (12.5%) 3.23 338
2018-05-01 $939,250 (4.5%) $1,461,461 (11.9%) 3.14 380
2018-06-01 $975,000 (6.1%) $1,455,719 (12.1%) 3.25 422
2018-07-01 $963,500 (4.2%) $1,405,771 (8.7%) 3.22 475
2018-08-01 $930,253 (3.4%) $1,341,335 (6.7%) 3.12 526
2018-09-01 $925,000 (2.8%) $1,320,901 (5.7%) 3.11 561
2018-10-01 $897,000 (-0.2%) $1,311,670 (6.3%) 3.04 562
2018-11-01 $899,500 (0.1%) $1,340,812 (2.7%) 3.05 537
2018-12-01 $895,000 (-0.4%) $1,351,462 (3.2%) 3.09 429
2019-01-01 $898,000 (-0.2%) $1,396,503 (0.0%) 3.10 322
2019-02-01 $899,000 (0.0%) $1,374,867 (-0.6%) 3.04 304
2019-03-01 $940,143 (-3.7%) $1,398,041 (2.2%) 3.07 351
2019-04-01 $986,843 (3.6%) $1,380,030 (-8.2%) 3.13 411
2019-05-01 $999,125 (6.4%) $1,370,090 (-6.3%) 3.12 471
2019-06-01 $996,500 (2.2%) $1,400,705 (-3.8%) 3.11 516
2019-07-01 $957,500 (-0.6%) $1,358,753 (-3.3%) 3.00 584
2019-08-01 $961,000 (3.3%) $1,355,578 (1.1%) 3.04 581
2019-09-01 $954,250 (3.2%) $1,349,242 (2.2%) 3.05 568
2019-10-01 $949,000 (5.8%) $1,345,017 (2.5%) 3.06 553
2019-11-01 $949,250 (5.5%) $1,363,268 (1.7%) 3.11 465
2019-12-01 $899,500 (0.5%) $1,391,949 (3.0%) 3.00 306
2020-01-01 $899,500 (0.2%) $1,385,242 (-0.8%) 3.01 239
2020-02-01 $927,000 (3.1%) $1,413,287 (2.8%) 3.03 263
2020-03-01 $949,000 (0.9%) $1,380,956 (-1.2%) 2.97 326
2020-04-01 $951,238 (-3.6%) $1,357,481 (-1.6%) 2.98 357
2020-05-01 $962,250 (-3.7%) $1,399,344 (2.1%) 2.92 389
2020-06-01 $1,024,498 (2.8%) $1,533,583 (9.5%) 3.02 378
2020-07-01 $1,095,749 (14.4%) $1,556,964 (14.6%) 3.18 352
2020-08-01 $1,100,000 (14.5%) $1,656,468 (22.2%) 3.15 312
2020-09-01 $1,091,500 (14.4%) $1,607,763 (19.2%) 3.13 274
2020-10-01 $1,075,000 (13.3%) $1,604,172 (19.3%) 3.08 271
2020-11-01 $1,042,222 (9.8%) $1,469,102 (7.8%) 3.05 255
2020-12-01 $972,919 (8.2%) $1,403,710 (0.8%) 2.89 217
2021-01-01 $950,000 (5.6%) $1,390,225 (0.4%) 2.84 167
2021-02-01 $944,500 (1.9%) $1,435,531 (1.6%) 2.75 149
2021-03-01 $1,074,750 (13.3%) $1,501,887 (8.8%) 3.05 159
2021-04-01 $1,134,250 (19.2%) $1,632,051 (20.2%) 3.07 185
2021-05-01 $1,200,000 (24.7%) $1,753,276 (25.3%) 3.19 207
2021-06-01 $1,235,000 (20.6%) $1,753,371 (14.3%) 3.25 216
2021-07-01 $1,200,000 (9.5%) $1,700,930 (9.3%) 3.17 235
2021-08-01 $1,174,500 (6.8%) $1,599,723 (-3.4%) 3.13 244
2021-09-01 $1,200,000 (9.9%) $1,643,528 (2.2%) 3.20 222
2021-10-01 $1,250,000 (16.3%) $1,722,360 (7.4%) 3.33 188
2021-11-01 $1,349,250 (29.5%) $1,764,830 (20.1%) 3.61 152
2021-12-01 $1,295,000 (33.1%) $1,691,547 (20.5%) 3.51 102
2022-01-01 $1,225,000 (29.0%) $1,624,704 (16.9%) 3.31 85
2022-02-01 $1,274,750 (35.0%) $1,626,249 (13.3%) 3.32 108
2022-03-01 $1,298,738 (20.8%) $1,672,798 (11.4%) 3.25 137
2022-04-01 $1,299,000 (14.5%) $1,703,795 (4.4%) 3.10 157
2022-05-01 $1,398,750 (16.6%) $1,772,698 (1.1%) 3.20 235
2022-06-01 $1,368,250 (10.8%) $1,765,917 (0.7%) 3.05 270
2022-07-01 $1,349,000 (12.4%) $1,728,453 (1.6%) 3.04 326
2022-08-01 $1,349,000 (14.9%) $1,697,038 (6.1%) 3.12 313
2022-09-01 $1,386,000 (15.5%) $1,738,811 (5.8%) 3.24 286
2022-10-01 $1,349,000 (7.9%) $1,723,678 (0.1%) 3.17 297
2022-11-01 $1,399,000 (3.7%) $1,777,598 (0.7%) 3.36 266
2022-12-01 $1,345,000 (3.9%) $1,715,599 (1.4%) 3.32 232
2023-01-01 $1,285,750 (5.0%) $1,643,300 (1.1%) 3.18 171
2023-02-01 $1,316,250 (3.3%) $1,659,280 (2.0%) 3.18 176
2023-03-01 $1,397,000 (7.6%) $1,790,272 (7.0%) 3.29 173
2023-04-01 $1,399,000 (7.7%) $1,856,567 (9.0%) 3.25 204
2023-05-01 $1,432,000 (2.4%) $1,810,164 (2.1%) 3.25 243
2023-06-01 $1,387,000 (1.4%) $1,748,746 (-1.0%) 3.12 280
2023-07-01 $1,375,000 (1.9%) $1,764,170 (2.1%) 3.13 297
2023-08-01 $1,298,000 (-3.8%) $1,717,326 (1.2%) 2.98 312
2023-09-01 $1,250,000 (-9.8%) $1,723,492 (-0.9%) 2.91 319
2023-10-01 $1,197,000 (-11.3%) $1,695,612 (-1.6%) 2.82 332
2023-11-01 $1,174,857 (-16.0%) $1,674,739 (-5.8%) 2.80 311
2023-12-01 $1,182,000 (-12.1%) $1,611,871 (-6.1%) 2.88 248
2024-01-01 $1,062,000 (-17.4%) $1,536,203 (-6.5%) 2.59 200
2024-02-01 $1,074,850 (-18.3%) $1,597,220 (-3.7%) 2.59 193
2024-03-01 $1,199,000 (-14.2%) $1,709,344 (-4.5%) 2.82 225
Santa Cruz's median listing price for 2024-03-01 was $1,199,000, a difference of $-198,000 (-14.2%) versus the prior year and $124,150 versus the prior month.

Santa Cruz's median listing price comes in at 282% of the national average.

Santa Cruz's average listing price for 2024-03-01 was $1,709,344, a difference of $-80,928 (-4.5%) versus the prior year and $112,124 versus the prior month.

For the 2024-03-01 period, Santa Cruz had 225 MLS listings, a difference of 32 listings (17%) versus the prior month and 52 listings (30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Santa Cruz (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 67 days 1,719 sqft
2018-02-01 36 days 1,608 sqft
2018-03-01 30 days 1,677 sqft
2018-04-01 34 days 1,702 sqft
2018-05-01 33 days 1,665 sqft
2018-06-01 39 days 1,696 sqft
2018-07-01 42 days 1,721 sqft
2018-08-01 44 days 1,655 sqft
2018-09-01 46 days 1,657 sqft
2018-10-01 52 days 1,652 sqft
2018-11-01 56 days 1,678 sqft
2018-12-01 67 days 1,617 sqft
2019-01-01 81 days 1,606 sqft
2019-02-01 66 days 1,662 sqft
2019-03-01 41 days 1,719 sqft
2019-04-01 33 days 1,766 sqft
2019-05-01 36 days 1,736 sqft
2019-06-01 46 days 1,747 sqft
2019-07-01 47 days 1,678 sqft
2019-08-01 53 days 1,670 sqft
2019-09-01 58 days 1,685 sqft
2019-10-01 61 days 1,691 sqft
2019-11-01 69 days 1,700 sqft
2019-12-01 95 days 1,630 sqft
2020-01-01 90 days 1,636 sqft
2020-02-01 39 days 1,611 sqft
2020-03-01 34 days 1,638 sqft
2020-04-01 47 days 1,675 sqft
2020-05-01 53 days 1,726 sqft
2020-06-01 44 days 1,746 sqft
2020-07-01 45 days 1,842 sqft
2020-08-01 48 days 1,843 sqft
2020-09-01 66 days 1,801 sqft
2020-10-01 62 days 1,798 sqft
2020-11-01 57 days 1,722 sqft
2020-12-01 59 days 1,617 sqft
2021-01-01 54 days 1,618 sqft
2021-02-01 35 days 1,538 sqft
2021-03-01 33 days 1,636 sqft
2021-04-01 27 days 1,654 sqft
2021-05-01 25 days 1,793 sqft
2021-06-01 31 days 1,801 sqft
2021-07-01 29 days 1,796 sqft
2021-08-01 31 days 1,672 sqft
2021-09-01 43 days 1,835 sqft
2021-10-01 50 days 1,852 sqft
2021-11-01 64 days 1,955 sqft
2021-12-01 76 days 1,844 sqft
2022-01-01 52 days 1,649 sqft
2022-02-01 17 days 1,604 sqft
2022-03-01 18 days 1,536 sqft
2022-04-01 24 days 1,600 sqft
2022-05-01 23 days 1,716 sqft
2022-06-01 28 days 1,724 sqft
2022-07-01 36 days 1,705 sqft
2022-08-01 41 days 1,701 sqft
2022-09-01 45 days 1,744 sqft
2022-10-01 44 days 1,705 sqft
2022-11-01 54 days 1,796 sqft
2022-12-01 66 days 1,725 sqft
2023-01-01 78 days 1,703 sqft
2023-02-01 61 days 1,691 sqft
2023-03-01 38 days 1,723 sqft
2023-04-01 36 days 1,786 sqft
2023-05-01 32 days 1,753 sqft
2023-06-01 32 days 1,754 sqft
2023-07-01 36 days 1,696 sqft
2023-08-01 40 days 1,587 sqft
2023-09-01 39 days 1,600 sqft
2023-10-01 43 days 1,531 sqft
2023-11-01 48 days 1,516 sqft
2023-12-01 60 days 1,438 sqft
2024-01-01 68 days 1,351 sqft
2024-02-01 49 days 1,387 sqft
2024-03-01 36 days 1,428 sqft
Santa Cruz's median listing age (time on market) for 2024-03-01 was 36 days. This is -4% shorter than the same period one year ago.

Santa Cruz's median square footage for active listings during the 2024-03-01 period was 1,428 sqft. One year prior, the average listing was 1,723 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).