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 6.34% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.11% and one month ago for the week of 2024-11-08, the average rate was 6.47%.

    The average rate one year ago was 6.88%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.34%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Santa Maria (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 $993,000 (-9.3%) $3,110,227 (3.8%) 3.68 749
    2018-02-01 $1,088,750 (0.5%) $3,110,107 (2.0%) 3.95 784
    2018-03-01 $999,000 (-10.7%) $2,883,456 (-8.3%) 3.51 849
    2018-04-01 $1,049,250 (-12.4%) $2,705,619 (-15.9%) 3.56 944
    2018-05-01 $1,043,000 (-11.7%) $2,580,283 (-17.2%) 3.48 1,031
    2018-06-01 $1,049,000 (-6.8%) $2,466,002 (-21.0%) 3.50 1,100
    2018-07-01 $1,088,000 (-3.3%) $2,477,554 (-20.3%) 3.63 1,142
    2018-08-01 $997,748 (-1.2%) $2,402,452 (-21.3%) 3.34 1,158
    2018-09-01 $995,000 (-0.5%) $2,424,501 (-22.5%) 3.34 1,149
    2018-10-01 $995,000 (-9.1%) $2,449,067 (-22.2%) 3.37 1,113
    2018-11-01 $986,500 (-7.7%) $2,483,975 (-22.5%) 3.34 1,113
    2018-12-01 $975,000 (-2.4%) $2,576,667 (-22.0%) 3.36 1,012
    2019-01-01 $957,500 (-3.6%) $2,522,925 (-18.9%) 3.31 956
    2019-02-01 $944,500 (-13.3%) $2,556,480 (-17.8%) 3.19 895
    2019-03-01 $1,029,286 (3.0%) $2,762,751 (-4.2%) 3.37 918
    2019-04-01 $1,100,000 (4.8%) $2,782,906 (2.9%) 3.49 974
    2019-05-01 $1,149,500 (10.2%) $2,815,965 (9.1%) 3.59 1,043
    2019-06-01 $1,175,000 (12.0%) $2,907,853 (17.9%) 3.67 1,051
    2019-07-01 $1,244,950 (14.4%) $2,920,288 (17.9%) 3.90 1,058
    2019-08-01 $1,231,364 (23.4%) $3,024,719 (25.9%) 3.90 1,026
    2019-09-01 $1,255,909 (26.2%) $3,114,258 (28.5%) 4.02 995
    2019-10-01 $1,272,273 (27.9%) $3,157,820 (28.9%) 4.10 970
    2019-11-01 $1,349,450 (36.8%) $3,257,299 (31.1%) 4.42 904
    2019-12-01 $1,338,500 (37.3%) $3,435,683 (33.3%) 4.46 763
    2020-01-01 $1,387,500 (44.9%) $3,566,971 (41.4%) 4.64 678
    2020-02-01 $1,495,000 (58.3%) $3,671,847 (43.6%) 4.89 678
    2020-03-01 $1,578,000 (53.3%) $3,635,533 (31.6%) 4.95 705
    2020-04-01 $1,397,750 (27.1%) $3,317,297 (19.2%) 4.38 711
    2020-05-01 $1,350,000 (17.4%) $3,170,821 (12.6%) 4.10 766
    2020-06-01 $1,485,000 (26.4%) $3,331,976 (14.6%) 4.37 727
    2020-07-01 $1,580,000 (26.9%) $3,564,307 (22.1%) 4.58 652
    2020-08-01 $1,735,000 (40.9%) $3,840,069 (27.0%) 4.97 612
    2020-09-01 $1,875,000 (49.3%) $4,151,481 (33.3%) 5.37 560
    2020-10-01 $1,811,750 (42.4%) $4,130,227 (30.8%) 5.19 515
    2020-11-01 $1,811,750 (34.3%) $4,379,570 (34.5%) 5.30 461
    2020-12-01 $1,828,750 (36.6%) $4,508,722 (31.2%) 5.44 406
    2021-01-01 $1,875,000 (35.1%) $4,767,634 (33.7%) 5.60 343
    2021-02-01 $1,597,500 (6.9%) $4,409,100 (20.1%) 4.65 336
    2021-03-01 $1,680,000 (6.5%) $5,031,699 (38.4%) 4.77 310
    2021-04-01 $1,523,000 (9.0%) $4,628,793 (39.5%) 4.12 301
    2021-05-01 $1,395,000 (3.3%) $4,535,119 (43.0%) 3.71 295
    2021-06-01 $1,297,250 (-12.6%) $4,418,558 (32.6%) 3.41 342
    2021-07-01 $1,200,000 (-24.1%) $4,532,433 (27.2%) 3.17 347
    2021-08-01 $1,196,000 (-31.1%) $5,126,322 (33.5%) 3.19 333
    2021-09-01 $1,326,000 (-29.3%) $5,071,788 (22.2%) 3.54 323
    2021-10-01 $1,270,000 (-29.9%) $5,572,701 (34.9%) 3.39 302
    2021-11-01 $1,313,500 (-27.5%) $5,674,530 (29.6%) 3.51 274
    2021-12-01 $1,292,500 (-29.3%) $5,583,833 (23.9%) 3.50 256
    2022-01-01 $1,330,000 (-29.1%) $5,791,123 (21.5%) 3.60 222
    2022-02-01 $1,474,750 (-7.7%) $5,289,702 (20.0%) 3.84 206
    2022-03-01 $1,347,500 (-19.8%) $5,602,950 (11.4%) 3.37 228
    2022-04-01 $1,399,000 (-8.1%) $5,518,577 (19.2%) 3.33 245
    2022-05-01 $1,434,750 (2.9%) $5,112,663 (12.7%) 3.28 312
    2022-06-01 $1,372,500 (5.8%) $4,982,731 (12.8%) 3.06 364
    2022-07-01 $1,200,000 (0.0%) $4,231,033 (-6.7%) 2.70 492
    2022-08-01 $1,269,250 (6.1%) $4,402,294 (-14.1%) 2.93 489
    2022-09-01 $1,255,750 (-5.3%) $4,142,134 (-18.3%) 2.94 462
    2022-10-01 $1,150,000 (-9.5%) $3,782,690 (-32.1%) 2.71 439
    2022-11-01 $1,272,500 (-3.1%) $3,617,961 (-36.2%) 3.06 411
    2022-12-01 $1,212,000 (-6.2%) $3,719,362 (-33.4%) 2.99 345
    2023-01-01 $1,249,750 (-6.0%) $3,731,296 (-35.6%) 3.10 284
    2023-02-01 $1,343,750 (-8.9%) $3,922,010 (-25.9%) 3.24 283
    2023-03-01 $1,513,250 (12.3%) $4,347,494 (-22.4%) 3.57 261
    2023-04-01 $1,895,000 (35.5%) $4,548,802 (-17.6%) 4.41 247
    2023-05-01 $2,017,500 (40.6%) $4,808,097 (-6.0%) 4.57 267
    2023-06-01 $2,118,500 (54.4%) $4,844,621 (-2.8%) 4.76 287
    2023-07-01 $1,996,000 (66.3%) $4,877,749 (15.3%) 4.54 355
    2023-08-01 $1,960,000 (54.4%) $4,699,293 (6.8%) 4.50 371
    2023-09-01 $1,895,000 (50.9%) $4,734,365 (14.3%) 4.41 402
    2023-10-01 $1,902,500 (65.4%) $5,124,111 (35.5%) 4.48 410
    2023-11-01 $1,822,500 (43.2%) $5,245,227 (45.0%) 4.34 425
    2023-12-01 $1,795,000 (48.1%) $5,360,959 (44.1%) 4.38 393
    2024-01-01 $1,749,500 (40.0%) $5,009,413 (34.3%) 4.27 380
    2024-02-01 $1,779,750 (32.5%) $4,981,103 (27.0%) 4.28 372
    2024-03-01 $1,950,000 (28.9%) $4,850,374 (11.6%) 4.59 403
    2024-04-01 $1,899,500 (0.2%) $4,439,844 (-2.4%) 4.42 467
    2024-05-01 $2,111,750 (4.7%) $5,028,834 (4.6%) 4.77 492
    2024-06-01 $2,097,000 (-1.0%) $4,911,874 (1.4%) 4.71 529
    2024-07-01 $2,097,750 (5.1%) $4,777,995 (-2.1%) 4.80 585
    2024-08-01 $2,150,000 (9.7%) $4,668,749 (-0.7%) 5.00 616
    2024-09-01 $2,191,000 (15.6%) $4,674,199 (-1.3%) 5.16 590
    2024-10-01 $1,935,000 (1.7%) $4,481,312 (-12.5%) 4.55 587
    2024-11-01 $1,797,450 (-1.4%) $4,261,161 (-18.8%) 4.31 564
    Santa Maria's median listing price for 2024-11-01 was $1,797,450, a difference of $-25,050 (-1.4%) versus the prior year and $-137,550 versus the prior month.

    Santa Maria's median listing price comes in at 431% of the national average.

    Santa Maria's average listing price for 2024-11-01 was $4,261,161, a difference of $-984,066 (-18.8%) versus the prior year and $-220,151 versus the prior month.

    For the 2024-11-01 period, Santa Maria had 564 MLS listings, a difference of -23 listings (-4%) versus the prior month and 139 listings (33%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Santa Maria (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 87 days 2,103 sqft
    2018-02-01 65 days 2,125 sqft
    2018-03-01 46 days 2,087 sqft
    2018-04-01 46 days 2,092 sqft
    2018-05-01 46 days 2,051 sqft
    2018-06-01 52 days 2,041 sqft
    2018-07-01 55 days 2,021 sqft
    2018-08-01 60 days 2,000 sqft
    2018-09-01 64 days 2,000 sqft
    2018-10-01 69 days 1,995 sqft
    2018-11-01 69 days 1,994 sqft
    2018-12-01 82 days 2,015 sqft
    2019-01-01 87 days 2,034 sqft
    2019-02-01 84 days 2,037 sqft
    2019-03-01 70 days 2,044 sqft
    2019-04-01 53 days 2,059 sqft
    2019-05-01 51 days 2,084 sqft
    2019-06-01 57 days 2,113 sqft
    2019-07-01 66 days 2,169 sqft
    2019-08-01 68 days 2,191 sqft
    2019-09-01 69 days 2,229 sqft
    2019-10-01 70 days 2,252 sqft
    2019-11-01 73 days 2,281 sqft
    2019-12-01 84 days 2,293 sqft
    2020-01-01 90 days 2,320 sqft
    2020-02-01 82 days 2,361 sqft
    2020-03-01 55 days 2,369 sqft
    2020-04-01 61 days 2,207 sqft
    2020-05-01 64 days 2,238 sqft
    2020-06-01 53 days 2,268 sqft
    2020-07-01 57 days 2,284 sqft
    2020-08-01 46 days 2,287 sqft
    2020-09-01 46 days 2,352 sqft
    2020-10-01 50 days 2,347 sqft
    2020-11-01 53 days 2,392 sqft
    2020-12-01 61 days 2,341 sqft
    2021-01-01 60 days 2,203 sqft
    2021-02-01 38 days 1,994 sqft
    2021-03-01 31 days 2,097 sqft
    2021-04-01 27 days 2,075 sqft
    2021-05-01 25 days 2,010 sqft
    2021-06-01 22 days 1,937 sqft
    2021-07-01 31 days 1,949 sqft
    2021-08-01 31 days 2,048 sqft
    2021-09-01 31 days 1,980 sqft
    2021-10-01 34 days 2,020 sqft
    2021-11-01 31 days 2,131 sqft
    2021-12-01 39 days 2,122 sqft
    2022-01-01 43 days 1,988 sqft
    2022-02-01 27 days 2,054 sqft
    2022-03-01 20 days 1,989 sqft
    2022-04-01 22 days 2,000 sqft
    2022-05-01 25 days 2,001 sqft
    2022-06-01 29 days 1,988 sqft
    2022-07-01 29 days 1,955 sqft
    2022-08-01 40 days 1,968 sqft
    2022-09-01 48 days 1,973 sqft
    2022-10-01 52 days 1,930 sqft
    2022-11-01 55 days 1,909 sqft
    2022-12-01 66 days 1,922 sqft
    2023-01-01 73 days 2,048 sqft
    2023-02-01 43 days 2,024 sqft
    2023-03-01 42 days 2,003 sqft
    2023-04-01 40 days 2,132 sqft
    2023-05-01 33 days 2,272 sqft
    2023-06-01 34 days 2,238 sqft
    2023-07-01 32 days 2,197 sqft
    2023-08-01 39 days 2,200 sqft
    2023-09-01 46 days 2,183 sqft
    2023-10-01 46 days 2,254 sqft
    2023-11-01 48 days 2,237 sqft
    2023-12-01 52 days 2,168 sqft
    2024-01-01 65 days 2,106 sqft
    2024-02-01 56 days 2,116 sqft
    2024-03-01 47 days 2,072 sqft
    2024-04-01 41 days 2,024 sqft
    2024-05-01 42 days 2,116 sqft
    2024-06-01 45 days 2,193 sqft
    2024-07-01 45 days 2,198 sqft
    2024-08-01 49 days 2,200 sqft
    2024-09-01 58 days 2,210 sqft
    2024-10-01 59 days 2,104 sqft
    2024-11-01 58 days 2,055 sqft
    Santa Maria's median listing age (time on market) for 2024-11-01 was 58 days. This is 21% longer than the same period one year ago.

    Santa Maria's median square footage for active listings during the 2024-11-01 period was 2,055 sqft. One year prior, the average listing was 2,237 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).