Santa Maria FHA Loan Rates, Closing Costs & Stats

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 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 6.68% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

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

The average rate for the prior week (2024-06-07) was 6.47% and one month ago for the week of 2024-05-10, the average rate was 6.55%.

The average rate one year ago was 6.7%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.67%.

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
Santa Maria's median listing price for 2024-05-01 was $2,111,750, a difference of $94,250 (4.7%) versus the prior year and $212,250 versus the prior month.

Santa Maria's median listing price comes in at 477% of the national average.

Santa Maria's average listing price for 2024-05-01 was $5,028,834, a difference of $220,737 (4.6%) versus the prior year and $588,990 versus the prior month.

For the 2024-05-01 period, Santa Maria had 492 MLS listings, a difference of 25 listings (5%) versus the prior month and 225 listings (84%) 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
Santa Maria's median listing age (time on market) for 2024-05-01 was 42 days. This is 28% longer than the same period one year ago.

Santa Maria's median square footage for active listings during the 2024-05-01 period was 2,116 sqft. One year prior, the average listing was 2,272 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).