Santa Cruz FHA Loan Rates, Closing Costs & Stats

SANTA CRUZ-WATSONVILLE, 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.

    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 6.05% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.52% and one month ago for the week of 2024-11-08, the average rate was 6.19%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.49%.

    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
    2024-04-01 $1,298,000 (-7.2%) $1,841,445 (-0.8%) 3.02 270
    2024-05-01 $1,299,750 (-9.2%) $1,957,652 (8.2%) 2.94 344
    2024-06-01 $1,296,500 (-6.5%) $1,871,301 (7.0%) 2.91 375
    2024-07-01 $1,295,750 (-5.8%) $1,803,485 (2.2%) 2.96 395
    2024-08-01 $1,277,000 (-1.6%) $1,795,602 (4.6%) 2.97 432
    2024-09-01 $1,274,750 (2.0%) $1,767,265 (2.5%) 3.00 449
    2024-10-01 $1,295,000 (8.2%) $1,745,854 (3.0%) 3.05 442
    2024-11-01 $1,249,000 (6.3%) $1,698,702 (1.4%) 3.00 425
    Santa Cruz's median listing price for 2024-11-01 was $1,249,000, a difference of $74,143 (6.3%) versus the prior year and $-46,000 versus the prior month.

    Santa Cruz's median listing price comes in at 300% of the national average.

    Santa Cruz's average listing price for 2024-11-01 was $1,698,702, a difference of $23,963 (1.4%) versus the prior year and $-47,152 versus the prior month.

    For the 2024-11-01 period, Santa Cruz had 425 MLS listings, a difference of -17 listings (-4%) versus the prior month and 114 listings (37%) 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
    2024-04-01 33 days 1,553 sqft
    2024-05-01 29 days 1,619 sqft
    2024-06-01 35 days 1,596 sqft
    2024-07-01 45 days 1,601 sqft
    2024-08-01 44 days 1,609 sqft
    2024-09-01 47 days 1,585 sqft
    2024-10-01 51 days 1,578 sqft
    2024-11-01 53 days 1,550 sqft
    Santa Cruz's median listing age (time on market) for 2024-11-01 was 53 days. This is 10% longer than the same period one year ago.

    Santa Cruz's median square footage for active listings during the 2024-11-01 period was 1,550 sqft. One year prior, the average listing was 1,516 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).