Santa Maria FHA Loan Rates, Closing Costs & Stats

SANTA MARIA-SANTA BARBARA, 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 Maria's 62 lenders originated 344 FHA loans during 2023. The total origination value was $168,220,000, with an average FHA loan value of $489,012.

    Santa Maria FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Santa Maria averaged 6.39% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Santa Maria's average FHA mortgage closing costs are $12,514.

    The average rate for the prior week (2024-11-01) was 6.46% and one month ago for the week of 2024-10-04, the average rate was 5.68%.

    The average rate one year ago was 7.13%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.39%.

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

    Santa Maria 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 Maria level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 76 6.25% $21,090
    Century Mortgage Company DBA Century Lending Company 24 6.46% $17,910
    QUICKEN LOANS, LLC 22 5.86% $18,655
    LOANDEPOT.COM, LLC 22 6.50% $16,633
    GUILD MORTGAGE COMPANY 12 6.30% $19,680
    PENNYMAC LOAN SERVICES, LLC 11 5.66% $24,434
    Nations Lending Corporation 10 6.49% $18,766
    CROSSCOUNTRY MORTGAGE, LLC 8 6.64% $22,309
    HOMEOWNERS FINANCIAL GROUP USA, LLC 7 6.52% $24,089
    Sierra Pacific Mortgage Company, Inc. 7 6.61% $22,291
    SUN WEST MORTGAGE COMPANY, INC. 5 6.48% $20,736
    GUARANTEED RATE, INC. 5 6.47% $21,032
    ENVOY MORTGAGE, LTD 4 6.22% $19,283
    FREEDOM MORTGAGE CORPORATION 4 6.66% $22,155
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.34% $21,233
    MOVEMENT MORTGAGE, LLC 3 6.38% $18,204
    OCMBC, INC. 3 7.25% $18,922
    BECKAM FUNDING CORP. 3 7.08% $28,525
    LAND HOME FINANCIAL SERVICES, INC. 2 7.00% $21,031
    CMG MORTGAGE, INC. 2 5.69% $25,175
    AMERICAN FINANCIAL NETWORK, INC. 2 6.44% $13,251
    Bank of America 2 7.00% $18,322
    Carrington Mortgage Services, LLC 2 6.38% $20,652
    Franklin Loan Corporation 2 5.50% $17,554
    Performance Financial, Inc. 2 5.94% $27,213
    CHURCHILL MORTGAGE CORPORATION 2 6.50% $11,413
    LEADERONE FINANCIAL CORPORATION 2 6.94% $23,756
    Paramount Residential Mortgage Group, Inc. 1 5.75% $12,408
    Plains Commerce Bank 1 5.25% $16,228
    PLANET HOME LENDING, LLC 1 6.13% $11,178
    PLAZA HOME MORTGAGE, INC. 1 6.50% $20,274
    RESIDENTIAL BANCORP 1 7.25% $18,953
    Residential Mortgage Solutions, Inc. 1 7.25% $8,878
    TOP FLITE FINANCIAL, INC. 1 6.63% $12,096
    Utah Mortgage Loan Corporation 1 5.75% $8,932
    LOANPAL, LLC 1 5.25% $21,953
    American Mortgage & Equity Consultants, Inc. 1 7.13% $16,697
    BAY EQUITY LLC 1 6.75% $20,975
    BROKER SOLUTIONS, INC. 1 6.25% $22,336
    CALCON MUTUAL MORTGAGE LLC 1 7.50% $16,589
    CARDINAL FINANCIAL 1 7.13% $27,346
    CENTRAL COAST LENDING, INC. 1 6.63% $21,112
    COASTAL FUNDING SLC, INC. 1 7.63% $21,926
    CORNERSTONE HOME LENDING, INC. 1 7.50% $8,959
    DEL SUR CORPORATION 1 6.75% $19,392
    DIGNIFIED HOME LOANS, LLC 1 5.75% $24,362
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $15,209
    Equity Prime Mortgage LLC 1 7.25% $29,015
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.63% $16,451
    FIRST COMMUNITY MORTGAGE, INC. 1 5.00% $19,547
    Flagstar Bank, FSB 1 6.75% $19,392
    Golden Empire Mortgage, Inc. 1 5.63% $22,299
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.00% $13,341
    LADERA LENDING, INC. 1 6.13% $23,361
    Lakeview Community Capital, LLC 1 5.75% $29,533
    LIBERTY HOME MORTGAGE CORPORATION 1 7.38% $19,019
    Mortgage Research Center, LLC 1 5.50% $22,191
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $14,127
    M&T Bank 1 6.25% $21,881
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $24,565
    NEWREZ LLC 1 6.75% $20,593
    North American Savings Bank, F.S.B. 1 5.75% $16,692

    The top Santa Maria FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 76 FHA loans originated. Their average total fees are $21,090, which is $3,180 higher than the next largest lender, Century Mortgage Company DBA Century Lending Company.

    The lowest fee Santa Maria FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($16,633), Century Mortgage Company DBA Century Lending Company ($17,910), QUICKEN LOANS, LLC ($18,655), Nations Lending Corporation ($18,766) and GUILD MORTGAGE COMPANY ($19,680).

    The lowest rate Santa Maria FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.66%), QUICKEN LOANS, LLC (5.86%), UNITED WHOLESALE MORTGAGE, LLC (6.25%), GUILD MORTGAGE COMPANY (6.30%) and Century Mortgage Company DBA Century Lending Company (6.46%).

    Santa Maria FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SANTA MARIA-SANTA BARBARA, CA SANTA BARBARA 2022 $783,150 $1,002,600 $1,211,900 $1,506,100
    SANTA MARIA-SANTA BARBARA, CA SANTA BARBARA 2023 $805,000 $1,030,550 $1,245,700 $1,548,100

    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).