Santa Maria FHA Loans

SANTA MARIA-SANTA BARBARA, 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 Maria's 96 lenders originated 940 FHA loans during 2021. The total origination value was $411,350,000, with an average FHA loan value of $437,606.

Santa Maria FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Santa Maria averaged 5.93% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 5.93% and one month ago for the week of 2022-08-19, the average rate was 5.15%.

The average rate one year ago was 3.09%.

For refis of the same type during the week of 2022-09-23, the average rate was 5.97%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Santa Maria level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNITED WHOLESALE MORTGAGE, LLC 68 2.68% $12,670
GUILD MORTGAGE COMPANY 63 2.81% $12,225
QUICKEN LOANS, LLC 61 2.58% $10,382
HOME POINT FINANCIAL CORPORATION 47 2.65% $11,327
HOMEBRIDGE FINANCIAL SERVICES, INC. 39 2.98% $15,262
CMG MORTGAGE, INC. 35 2.74% $11,036
FREEDOM MORTGAGE CORPORATION 33 2.64% $8,496
CALIBER HOME LOANS, INC. 32 2.72% $11,984
NEWREZ LLC 25 2.61% $11,173
LOANDEPOT.COM, LLC 20 2.98% $14,798
COASTAL FUNDING SLC, INC. 16 3.02% $13,879
CROSSCOUNTRY MORTGAGE, LLC 15 3.08% $14,707
Mr. Cooper ( Nationstar Mortgage ) 15 3.08% $8,871
DEL SUR CORPORATION 15 2.85% $14,240
ENVOY MORTGAGE, LTD 13 2.86% $11,458
LAKEVIEW LOAN SERVICING, LLC 13 2.79% $6,694
PENNYMAC LOAN SERVICES, LLC 12 2.83% $9,318
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 3.65% $16,004
CORNERSTONE HOME LENDING, INC. 10 2.86% $12,474
VILLAGE CAPITAL MORTGAGE 9 2.50% $4,003
Paramount Residential Mortgage Group, Inc. 9 3.13% $12,581
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 2.94% $14,012
Nations Lending Corporation 8 3.17% $19,919
Carrington Mortgage Services, LLC 8 3.16% $12,176
Golden Empire Mortgage, Inc. 7 3.16% $19,168
Sierra Pacific Mortgage Company, Inc. 7 2.96% $12,122
STEARNS LENDING, LLC 6 2.73% $13,514
BROKER SOLUTIONS, INC. 5 2.73% $10,292
GUARANTEED RATE, INC. 5 3.10% $15,285
MOVEMENT MORTGAGE, LLC 5 2.83% $11,292
First Guaranty Mortgage Corporation 5 2.85% $8,444
CENTRAL COAST LENDING, INC. 5 2.95% $9,967
OCMBC, INC. 4 3.03% $17,235
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.28% $12,265
InterContinental Capital Group, Inc 4 2.63% $9,999
Lakeview Community Capital, LLC 4 2.75% $7,479
MUFG Union Bank 3 2.58% $8,287
HighTechLending Inc 3 2.75% $12,086
AMERISAVE MORTGAGE CORPORATION 3 2.63% $9,634
Commerce Home Mortgage, Inc. 3 3.04% $13,959
HOMEOWNERS FINANCIAL GROUP USA, LLC 3 3.29% $13,225
NATIONS DIRECT MORTGAGE, LLC 3 3.29% $20,160
Hometown Equity Mortgage, LLC 3 3.67% $11,914
Equity Prime Mortgage LLC 3 2.63% $16,252
CELEBRITY HOME LOANS, LLC 3 2.58% $10,814
Flagstar Bank, FSB 2 2.74% $11,189
AMERICAN FINANCIAL NETWORK, INC. 2 3.75% $17,371
Bank of America 2 2.63% $14,896
BEST CAPITAL FUNDING 2 2.56% $12,548
FINANCE OF AMERICA MORTGAGE LLC 2 2.93% $12,580
GENEVA FINANCIAL, LLC 2 2.75% $14,629
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.99% $14,132
LOANPAL, LLC 2 2.50% $9,364
MID AMERICA MORTGAGE, INC. 2 2.44% $2,744
MOUNTAIN WEST FINANCIAL, INC. 2 3.63% $15,570
PANORAMA MORTGAGE GROUP, LLC 2 3.38% $19,428
PARKSIDE LENDING, LLC 2 2.69% $10,844
PLAZA HOME MORTGAGE, INC. 2 2.69% $12,204
SUN WEST MORTGAGE COMPANY, INC. 2 2.88% $10,792
WESTERN EXPRESS LENDING 2 2.69% $11,185
ST FIN CORP 1 2.75% $10,578
MEGA CAPITAL FUNDING, INC. 1 2.50% $12,325
MICHIGAN MUTUAL, INC. 1 3.00% $5,092
SUMMIT FUNDING, INC. 1 3.25% $12,132
MORIA DEVELOPMENT, INC. 1 4.00% $18,327
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $17,989
ACADEMY MORTGAGE CORPORATION 1 2.75% $13,773
EMM LOANS LLC 1 2.75% $21,660
DRAPER AND KRAMER MORTGAGE CORP. 1 3.25% $10,471
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $16,978
DIGNIFIED HOME LOANS, LLC 1 4.25% $3,989
DATA MORTGAGE, INC. 1 3.25% $20,395
COUNTRYPLACE MORTGAGE, LTD. 1 5.25% $28,107
OCEANSIDE MORTGAGE COMPANY 1 4.38% $8,510
CLEARPATH LENDING 1 3.25% $7,667
UNITED SECURITY FINANCIAL CORP 1 2.50% $5,274
CHURCHILL MORTGAGE CORPORATION 1 2.99% $17,597
Amerifirst Financial, Inc. 1 3.25% $18,972
Century Mortgage Company DBA Century Lending Company 1 3.25% $12,111
PLANET HOME LENDING, LLC 1 3.00% $11,627
VERITAS FUNDING, LLC 1 2.99% $23,771
CAPSTONE DIRECT, INC. 1 2.88% $11,444
Prosperity Home Mortgage, LLC 1 2.88% $12,889
BECKAM FUNDING CORP. 1 4.75% $28,831
RESIDENTIAL BANCORP. 1 3.50% $21,447
Residential Mortgage Solutions, Inc. 1 2.25% $12,828
Austin Capital Bank SSB 1 2.88% $12,881
AmeriHome Mortgage Company, LLC 1 2.63% $7,551
INTERNATIONAL CITY MORTGAGE, INC. 1 2.88% $6,748
KINGS MORTGAGE SERVICES, INC. 1 2.75% $12,954
LADERA LENDING, INC. 1 3.25% $9,477
INTELLILOAN, INC. 1 2.38% $14,642
HOMESIDE FINANCIAL, LLC 1 2.50% $19,353
LENDUS, LLC 1 2.63% $20,892
HOME APPROVALS DIRECT, INC. 1 3.25% $15,833
LOANLEADERS OF AMERICA, INC. 1 2.75% $6,337

The top Santa Maria FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 68 FHA loans originated. Their average total fees are $12,670, which is $445 higher than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Santa Maria FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,694), FREEDOM MORTGAGE CORPORATION ($8,496), Mr. Cooper ( Nationstar Mortgage ) ($8,871), PENNYMAC LOAN SERVICES, LLC ($9,318) and QUICKEN LOANS, LLC ($10,382).

The lowest rate Santa Maria FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.58%), NEWREZ LLC (2.61%), FREEDOM MORTGAGE CORPORATION (2.64%), HOME POINT FINANCIAL CORPORATION (2.65%) and UNITED WHOLESALE MORTGAGE, LLC (2.68%).

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

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 $968,000 (-16.7%) $3,085,926 (-6.2%) 3.56 1,029
2018-02-01 $1,013,500 (-15.5%) $3,116,840 (-7.4%) 3.66 1,073
2018-03-01 $975,000 (-23.2%) $2,862,015 (-15.9%) 3.37 1,166
2018-04-01 $1,012,500 (-21.8%) $2,691,424 (-17.5%) 3.40 1,305
2018-05-01 $984,500 (-15.0%) $2,546,804 (-17.3%) 3.28 1,429
2018-06-01 $999,000 (-9.1%) $2,494,348 (-18.5%) 3.33 1,506
2018-07-01 $1,039,000 (-5.6%) $2,516,833 (-17.4%) 3.46 1,570
2018-08-01 $979,500 (-1.9%) $2,457,229 (-19.0%) 3.27 1,574
2018-09-01 $969,000 (-3.1%) $2,465,400 (-20.8%) 3.24 1,579
2018-10-01 $972,000 (-11.5%) $2,522,777 (-19.7%) 3.25 1,556
2018-11-01 $975,000 (-2.4%) $2,552,275 (-19.2%) 3.27 1,556
2018-12-01 $979,000 (0.4%) $2,624,985 (-18.8%) 3.35 1,440
2019-01-01 $950,000 (-1.9%) $2,565,229 (-16.9%) 3.28 1,322
2019-02-01 $939,000 (-7.4%) $2,514,003 (-19.3%) 3.15 1,251
2019-03-01 $992,429 (1.8%) $2,754,294 (-3.8%) 3.23 1,283
2019-04-01 $1,082,000 (6.9%) $2,815,115 (4.6%) 3.41 1,372
2019-05-01 $1,107,500 (12.5%) $2,867,902 (12.6%) 3.41 1,489
2019-06-01 $1,149,000 (15.0%) $2,962,512 (18.8%) 3.54 1,500
2019-07-01 $1,249,950 (20.3%) $3,050,407 (21.2%) 3.88 1,505
2019-08-01 $1,271,000 (29.8%) $3,138,502 (27.7%) 4.00 1,465
2019-09-01 $1,295,500 (33.7%) $3,234,170 (31.2%) 4.11 1,432
2019-10-01 $1,262,000 (29.8%) $3,214,760 (27.4%) 4.03 1,366
2019-11-01 $1,295,000 (32.8%) $3,262,875 (27.8%) 4.18 1,272
2019-12-01 $1,297,000 (32.5%) $3,466,301 (32.1%) 4.32 1,093
2020-01-01 $1,372,500 (44.5%) $3,592,424 (40.0%) 4.58 938
2020-02-01 $1,535,000 (63.5%) $3,791,744 (50.8%) 4.95 930
2020-03-01 $1,750,000 (76.3%) $3,776,368 (37.1%) 5.47 964
2020-04-01 $1,461,000 (35.0%) $3,450,550 (22.6%) 4.55 973
2020-05-01 $1,350,000 (21.9%) $3,323,253 (15.9%) 4.09 1,042
2020-06-01 $1,471,000 (28.0%) $3,390,174 (14.4%) 4.30 986
2020-07-01 $1,596,500 (27.7%) $3,664,277 (20.1%) 4.57 880
2020-08-01 $1,795,000 (41.2%) $3,926,551 (25.1%) 5.13 826
2020-09-01 $2,022,000 (56.1%) $4,354,281 (34.6%) 5.78 753
2020-10-01 $1,895,000 (50.2%) $4,377,815 (36.2%) 5.41 692
2020-11-01 $2,125,000 (64.1%) $4,764,115 (46.0%) 6.08 664
2020-12-01 $2,087,500 (61.0%) $4,976,904 (43.6%) 6.12 571
2021-01-01 $2,185,000 (59.2%) $5,129,861 (42.8%) 6.43 487
2021-02-01 $1,798,000 (17.1%) $4,798,050 (26.5%) 5.17 481
2021-03-01 $1,922,500 (9.9%) $5,412,007 (43.3%) 5.39 438
2021-04-01 $1,835,000 (25.6%) $5,260,241 (52.5%) 4.93 421
2021-05-01 $1,395,000 (3.3%) $5,080,682 (52.9%) 3.67 411
2021-06-01 $1,395,000 (-5.2%) $5,010,583 (47.8%) 3.62 475
2021-07-01 $1,237,500 (-22.5%) $5,077,384 (38.6%) 3.21 493
2021-08-01 $1,266,000 (-29.5%) $5,785,297 (47.3%) 3.33 487
2021-09-01 $1,410,000 (-30.3%) $5,836,507 (34.0%) 3.71 468
2021-10-01 $1,325,000 (-30.1%) $6,520,036 (48.9%) 3.49 432
2021-11-01 $1,392,500 (-34.5%) $6,604,272 (38.6%) 3.67 401
2021-12-01 $1,397,000 (-33.1%) $6,766,062 (36.0%) 3.73 373
2022-01-01 $1,495,000 (-31.6%) $6,945,975 (35.4%) 3.99 311
2022-02-01 $1,625,000 (-9.6%) $6,757,804 (40.8%) 4.14 292
2022-03-01 $1,497,500 (-22.1%) $6,912,830 (27.7%) 3.70 323
2022-04-01 $1,450,000 (-21.0%) $6,590,594 (25.3%) 3.41 356
2022-05-01 $1,497,000 (7.3%) $6,088,588 (19.8%) 3.35 457
2022-06-01 $1,352,500 (-3.1%) $6,007,283 (19.9%) 3.01 534
2022-07-01 $1,195,000 (-3.4%) $4,927,680 (-3.0%) 2.66 736
2022-08-01 $1,187,000 (-6.2%) $5,010,456 (-13.4%) 2.73 699
Santa Maria's median listing price for 2022-08-01 was $1,187,000, a difference of $-79,000 (-6.2%) versus the prior year and $-8,000 versus the prior month.

Santa Maria's median listing price comes in at 273% of the national average.

Santa Maria's average listing price for 2022-08-01 was $5,010,456, a difference of $-774,841 (-13.4%) versus the prior year and $82,776 versus the prior month.

For the 2022-08-01 period, Santa Maria had 699 MLS listings, a difference of -37 listings (-5%) versus the prior month and 212 listings (44%) 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 89 days 2,152 sqft
2018-02-01 73 days 2,193 sqft
2018-03-01 49 days 2,169 sqft
2018-04-01 49 days 2,167 sqft
2018-05-01 50 days 2,146 sqft
2018-06-01 57 days 2,144 sqft
2018-07-01 60 days 2,072 sqft
2018-08-01 63 days 2,036 sqft
2018-09-01 67 days 2,011 sqft
2018-10-01 72 days 2,008 sqft
2018-11-01 71 days 2,011 sqft
2018-12-01 84 days 2,044 sqft
2019-01-01 89 days 2,057 sqft
2019-02-01 85 days 2,045 sqft
2019-03-01 74 days 2,070 sqft
2019-04-01 58 days 2,108 sqft
2019-05-01 52 days 2,128 sqft
2019-06-01 58 days 2,159 sqft
2019-07-01 69 days 2,254 sqft
2019-08-01 73 days 2,260 sqft
2019-09-01 75 days 2,270 sqft
2019-10-01 73 days 2,287 sqft
2019-11-01 77 days 2,304 sqft
2019-12-01 88 days 2,284 sqft
2020-01-01 96 days 2,353 sqft
2020-02-01 93 days 2,413 sqft
2020-03-01 59 days 2,453 sqft
2020-04-01 68 days 2,293 sqft
2020-05-01 72 days 2,353 sqft
2020-06-01 56 days 2,335 sqft
2020-07-01 60 days 2,319 sqft
2020-08-01 53 days 2,305 sqft
2020-09-01 48 days 2,466 sqft
2020-10-01 50 days 2,398 sqft
2020-11-01 56 days 2,482 sqft
2020-12-01 58 days 2,437 sqft
2021-01-01 64 days 2,371 sqft
2021-02-01 45 days 2,111 sqft
2021-03-01 38 days 2,203 sqft
2021-04-01 35 days 2,176 sqft
2021-05-01 32 days 2,085 sqft
2021-06-01 24 days 2,049 sqft
2021-07-01 28 days 2,102 sqft
2021-08-01 31 days 2,170 sqft
2021-09-01 32 days 2,139 sqft
2021-10-01 35 days 2,127 sqft
2021-11-01 35 days 2,194 sqft
2021-12-01 44 days 2,148 sqft
2022-01-01 50 days 2,100 sqft
2022-02-01 35 days 2,178 sqft
2022-03-01 22 days 2,017 sqft
2022-04-01 24 days 2,030 sqft
2022-05-01 25 days 2,086 sqft
2022-06-01 29 days 2,023 sqft
2022-07-01 29 days 1,974 sqft
2022-08-01 40 days 1,968 sqft
Santa Maria's median listing age (time on market) for 2022-08-01 was 40 days. This is 27% longer than the same period one year ago.

Santa Maria's median square footage for active listings during the 2022-08-01 period was 1,968 sqft. One year prior, the average listing was 2,170 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).