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 43 lenders originated 249 FHA loans during 2021. The total origination value was $126,355,000, with an average FHA loan value of $507,450.
Santa Cruz FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Santa Cruz
averaged
6.02%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Santa Cruz's average FHA mortgage closing costs are $14,413.
The average rate for the prior week (2023-01-20) was
5.79% and
one month ago for the week of 2022-12-23, the
average rate was 6.28%.
The average rate one year ago was 3.47%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.88%.
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.
The top Santa Cruz FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
20 FHA loans originated. Their average total fees are
$13,380, which is $3,686
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Santa Cruz FHA lenders (with over 10 loans originated) are
FREEDOM MORTGAGE CORPORATION ($10,794), QUICKEN LOANS, LLC ($13,380), UNITED WHOLESALE MORTGAGE, LLC ($17,065), .
The lowest rate Santa Cruz FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (2.62%), FREEDOM MORTGAGE CORPORATION (2.70%), UNITED WHOLESALE MORTGAGE, LLC (2.70%), .
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Santa Cruz (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 | $899,472 (5.9%) | $1,396,805 (9.6%) | 3.34 | 220 |
2018-02-01 | $899,250 (5.9%) | $1,383,211 (6.8%) | 3.26 | 245 |
2018-03-01 | $975,000 (9.9%) | $1,368,314 (3.5%) | 3.42 | 285 |
2018-04-01 | $950,000 (5.2%) | $1,504,485 (12.4%) | 3.22 | 337 |
2018-05-01 | $939,250 (4.5%) | $1,461,802 (11.9%) | 3.14 | 380 |
2018-06-01 | $975,000 (5.9%) | $1,455,698 (12.0%) | 3.25 | 422 |
2018-07-01 | $964,500 (4.3%) | $1,407,289 (8.8%) | 3.22 | 474 |
2018-08-01 | $930,253 (3.4%) | $1,341,335 (6.7%) | 3.11 | 526 |
2018-09-01 | $925,000 (2.8%) | $1,320,901 (5.7%) | 3.10 | 561 |
2018-10-01 | $897,000 (-0.2%) | $1,311,670 (6.3%) | 3.03 | 562 |
2018-11-01 | $899,500 (0.1%) | $1,340,998 (2.7%) | 3.05 | 537 |
2018-12-01 | $895,000 (-0.4%) | $1,352,935 (3.3%) | 3.09 | 428 |
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 (-3.6%) | $1,398,082 (2.2%) | 3.07 | 351 |
2019-04-01 | $988,143 (4.0%) | $1,381,745 (-8.2%) | 3.14 | 411 |
2019-05-01 | $999,250 (6.4%) | $1,371,729 (-6.2%) | 3.12 | 470 |
2019-06-01 | $998,000 (2.4%) | $1,400,705 (-3.8%) | 3.12 | 516 |
2019-07-01 | $957,500 (-0.7%) | $1,358,860 (-3.4%) | 3.00 | 585 |
2019-08-01 | $961,000 (3.3%) | $1,356,164 (1.1%) | 3.04 | 582 |
2019-09-01 | $954,250 (3.2%) | $1,350,545 (2.2%) | 3.05 | 569 |
2019-10-01 | $949,125 (5.8%) | $1,346,800 (2.7%) | 3.06 | 554 |
2019-11-01 | $949,500 (5.6%) | $1,365,374 (1.8%) | 3.11 | 467 |
2019-12-01 | $899,500 (0.5%) | $1,392,669 (2.9%) | 3.00 | 307 |
2020-01-01 | $906,750 (1.0%) | $1,386,266 (-0.7%) | 3.03 | 240 |
2020-02-01 | $929,000 (3.3%) | $1,415,904 (3.0%) | 3.04 | 265 |
2020-03-01 | $949,250 (1.0%) | $1,383,291 (-1.1%) | 2.97 | 328 |
2020-04-01 | $953,988 (-3.5%) | $1,359,828 (-1.6%) | 2.99 | 359 |
2020-05-01 | $966,500 (-3.3%) | $1,401,533 (2.2%) | 2.94 | 391 |
2020-06-01 | $1,049,500 (5.2%) | $1,534,902 (9.6%) | 3.09 | 380 |
2020-07-01 | $1,098,249 (14.7%) | $1,558,220 (14.7%) | 3.18 | 354 |
2020-08-01 | $1,100,000 (14.5%) | $1,657,250 (22.2%) | 3.15 | 314 |
2020-09-01 | $1,094,000 (14.7%) | $1,609,034 (19.1%) | 3.13 | 276 |
2020-10-01 | $1,076,000 (13.4%) | $1,605,423 (19.2%) | 3.08 | 273 |
2020-11-01 | $1,067,750 (12.5%) | $1,471,183 (7.8%) | 3.12 | 257 |
2020-12-01 | $985,975 (9.6%) | $1,406,997 (1.0%) | 2.93 | 219 |
2021-01-01 | $990,000 (9.2%) | $1,394,226 (0.6%) | 2.96 | 169 |
2021-02-01 | $949,500 (2.2%) | $1,439,668 (1.7%) | 2.76 | 151 |
2021-03-01 | $1,075,000 (13.3%) | $1,504,810 (8.8%) | 3.05 | 161 |
2021-04-01 | $1,149,250 (20.5%) | $1,633,678 (20.1%) | 3.11 | 187 |
2021-05-01 | $1,220,000 (26.2%) | $1,753,714 (25.1%) | 3.23 | 209 |
2021-06-01 | $1,235,000 (17.7%) | $1,753,824 (14.3%) | 3.25 | 218 |
2021-07-01 | $1,200,000 (9.3%) | $1,701,709 (9.2%) | 3.16 | 237 |
2021-08-01 | $1,174,500 (6.8%) | $1,601,104 (-3.4%) | 3.13 | 246 |
2021-09-01 | $1,200,000 (9.7%) | $1,644,761 (2.2%) | 3.20 | 224 |
2021-10-01 | $1,250,000 (16.2%) | $1,723,102 (7.3%) | 3.33 | 190 |
2021-11-01 | $1,349,250 (26.4%) | $1,765,346 (20.0%) | 3.60 | 154 |
2021-12-01 | $1,295,000 (31.3%) | $1,693,453 (20.4%) | 3.51 | 104 |
2022-01-01 | $1,231,250 (24.4%) | $1,627,981 (16.8%) | 3.33 | 86 |
2022-02-01 | $1,271,375 (33.9%) | $1,617,802 (12.4%) | 3.31 | 109 |
2022-03-01 | $1,298,738 (20.8%) | $1,674,604 (11.3%) | 3.25 | 139 |
2022-04-01 | $1,299,000 (13.0%) | $1,704,955 (4.4%) | 3.10 | 159 |
2022-05-01 | $1,398,750 (14.7%) | $1,772,997 (1.1%) | 3.20 | 237 |
2022-06-01 | $1,368,250 (10.8%) | $1,766,245 (0.7%) | 3.05 | 272 |
2022-07-01 | $1,349,000 (12.4%) | $1,728,931 (1.6%) | 3.05 | 328 |
2022-08-01 | $1,349,000 (14.9%) | $1,697,692 (6.0%) | 3.12 | 315 |
2022-09-01 | $1,386,000 (15.5%) | $1,739,274 (5.8%) | 3.24 | 288 |
2022-10-01 | $1,349,000 (7.9%) | $1,724,220 (0.1%) | 3.17 | 299 |
2022-11-01 | $1,399,000 (3.7%) | $1,777,841 (0.7%) | 3.37 | 268 |
2022-12-01 | $1,349,000 (4.2%) | $1,719,354 (1.5%) | 3.37 | 236 |
Santa Cruz's median listing price comes in at 337% of the national average.
Santa Cruz's average listing price for 2022-12-01 was $1,719,354, a difference of $25,901 (1.5%) versus the prior year and $-58,487 versus the prior month.
For the 2022-12-01 period, Santa Cruz had 236 MLS listings, a difference of -32 listings (-12%) versus the prior month and 132 listings (127%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Santa Cruz (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 69 days | 1,719 sqft |
2018-02-01 | 37 days | 1,604 sqft |
2018-03-01 | 30 days | 1,674 sqft |
2018-04-01 | 35 days | 1,699 sqft |
2018-05-01 | 34 days | 1,663 sqft |
2018-06-01 | 39 days | 1,696 sqft |
2018-07-01 | 42 days | 1,716 sqft |
2018-08-01 | 45 days | 1,655 sqft |
2018-09-01 | 46 days | 1,657 sqft |
2018-10-01 | 52 days | 1,652 sqft |
2018-11-01 | 57 days | 1,678 sqft |
2018-12-01 | 68 days | 1,619 sqft |
2019-01-01 | 81 days | 1,606 sqft |
2019-02-01 | 68 days | 1,662 sqft |
2019-03-01 | 41 days | 1,719 sqft |
2019-04-01 | 34 days | 1,766 sqft |
2019-05-01 | 36 days | 1,744 sqft |
2019-06-01 | 46 days | 1,747 sqft |
2019-07-01 | 49 days | 1,678 sqft |
2019-08-01 | 55 days | 1,670 sqft |
2019-09-01 | 60 days | 1,686 sqft |
2019-10-01 | 63 days | 1,693 sqft |
2019-11-01 | 74 days | 1,702 sqft |
2019-12-01 | 98 days | 1,632 sqft |
2020-01-01 | 92 days | 1,639 sqft |
2020-02-01 | 44 days | 1,616 sqft |
2020-03-01 | 35 days | 1,647 sqft |
2020-04-01 | 48 days | 1,678 sqft |
2020-05-01 | 57 days | 1,738 sqft |
2020-06-01 | 46 days | 1,754 sqft |
2020-07-01 | 47 days | 1,845 sqft |
2020-08-01 | 51 days | 1,847 sqft |
2020-09-01 | 73 days | 1,814 sqft |
2020-10-01 | 68 days | 1,807 sqft |
2020-11-01 | 63 days | 1,724 sqft |
2020-12-01 | 61 days | 1,624 sqft |
2021-01-01 | 57 days | 1,628 sqft |
2021-02-01 | 37 days | 1,548 sqft |
2021-03-01 | 35 days | 1,662 sqft |
2021-04-01 | 28 days | 1,668 sqft |
2021-05-01 | 26 days | 1,797 sqft |
2021-06-01 | 32 days | 1,802 sqft |
2021-07-01 | 30 days | 1,801 sqft |
2021-08-01 | 32 days | 1,678 sqft |
2021-09-01 | 44 days | 1,844 sqft |
2021-10-01 | 51 days | 1,863 sqft |
2021-11-01 | 71 days | 1,956 sqft |
2021-12-01 | 82 days | 1,863 sqft |
2022-01-01 | 56 days | 1,659 sqft |
2022-02-01 | 18 days | 1,616 sqft |
2022-03-01 | 19 days | 1,538 sqft |
2022-04-01 | 25 days | 1,608 sqft |
2022-05-01 | 23 days | 1,735 sqft |
2022-06-01 | 29 days | 1,726 sqft |
2022-07-01 | 37 days | 1,714 sqft |
2022-08-01 | 43 days | 1,704 sqft |
2022-09-01 | 46 days | 1,758 sqft |
2022-10-01 | 45 days | 1,714 sqft |
2022-11-01 | 55 days | 1,804 sqft |
2022-12-01 | 67 days | 1,745 sqft |
Santa Cruz's median square footage for active listings during the 2022-12-01 period was 1,745 sqft. One year prior, the average listing was 1,863 sqft.