Santa Rosa FHA Loan Rates, Closing Costs & Stats

SANTA ROSA-PETALUMA, 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 Rosa's 63 lenders originated 384 FHA loans during 2023. The total origination value was $210,750,000, with an average FHA loan value of $548,828.

    Santa Rosa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Santa Rosa averaged 6.16% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Santa Rosa's average FHA mortgage closing costs are $15,310.

    The average rate for the prior week (2024-11-01) was 6.23% and one month ago for the week of 2024-10-04, the average rate was 6.05%.

    The average rate one year ago was 7.5%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.15%.

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

    Santa Rosa 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 Rosa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 60 6.09% $22,958
    QUICKEN LOANS, LLC 28 6.21% $19,501
    CROSSCOUNTRY MORTGAGE, LLC 20 6.47% $25,096
    BROKER SOLUTIONS, INC. 15 6.52% $25,089
    SUMMIT FUNDING, INC. 13 6.64% $28,113
    LOANDEPOT.COM, LLC 12 6.43% $20,685
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.25% $24,939
    Century Mortgage Company DBA Century Lending Company 6 6.21% $21,356
    PACIFIC RESIDENTIAL MORTGAGE, LLC 6 6.35% $21,048
    CALIBER HOME LOANS, INC. 6 6.17% $19,501
    Ameris Bank 6 6.17% $18,815
    PENNYMAC LOAN SERVICES, LLC 5 6.57% $17,694
    GUILD MORTGAGE COMPANY 4 6.38% $29,791
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.75% $20,573
    FREEDOM MORTGAGE CORPORATION 4 7.00% $22,145
    AXIA FINANCIAL, LLC 4 6.63% $26,652
    GUARANTEED RATE AFFINITY, LLC 4 6.56% $25,617
    NATIONS DIRECT MORTGAGE, LLC 3 6.17% $29,871
    Golden Empire Mortgage, Inc. 3 6.58% $29,197
    OCMBC, INC. 3 6.17% $21,697
    NEWREZ LLC 3 6.71% $16,284
    PREMIER LENDING, INC. 3 6.88% $18,202
    U.S. Bank 3 6.92% $20,975
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.94% $28,093
    MOVEMENT MORTGAGE, LLC 2 6.50% $22,242
    DHI MORTGAGE COMPANY, LTD. 2 5.75% $25,487
    BECKAM FUNDING CORP. 2 7.25% $40,153
    PLANET HOME LENDING, LLC 2 5.62% $23,512
    Flagstar Bank, FSB 2 6.13% $25,959
    CMG MORTGAGE, INC. 2 6.75% $17,845
    Sierra Pacific Mortgage Company, Inc. 2 5.69% $18,131
    GUARANTEED RATE, INC. 2 5.50% $16,138
    Umpqua Bank 2 6.31% $15,673
    AHL FUNDING 2 6.62% $21,308
    MASON MCDUFFIE MORTGAGE CORPORATION 2 5.69% $20,165
    RESIDENTIAL BANCORP 1 7.25% $21,472
    ALAMEDA MORTGAGE CORPORATION 1 7.13% $27,085
    American Mortgage & Equity Consultants, Inc. 1 5.63% $32,065
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $25,435
    Barrington Bank & Trust Company, N.A. 1 6.25% $22,373
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $20,566
    CARDINAL FINANCIAL 1 6.75% $23,936
    Commerce Home Mortgage, Inc. 1 7.63% $17,529
    DATA MORTGAGE, INC. 1 7.38% $20,936
    EVERETT FINANCIAL, INC. 1 5.63% $22,942
    Franklin Loan Corporation 1 5.63% $34,704
    HOMEAMERICAN MORTGAGE CORPORATION 1 7.00% $14,620
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $30,504
    JMAC LENDING, INC. 1 7.13% $14,103
    MLD MORTGAGE INC. 1 6.13% $26,634
    MORTGAGEONE, INC. 1 6.25% $14,919
    Mortgage Research Center, LLC 1 5.75% $11,371
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $20,983
    NexBank 1 7.00% $23,342
    Paramount Residential Mortgage Group, Inc. 1 7.00% $45,597
    Plains Commerce Bank 1 6.13% $15,032
    PLAZA HOME MORTGAGE, INC. 1 6.25% $18,323
    PREMIA MORTGAGE, LLC 1 5.75% $10,994
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.88% $24,558
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $30,446
    ACADEMY MORTGAGE CORPORATION 1 5.75% $24,253
    SECURITYNATIONAL MORTGAGE COMPANY 1 8.13% $41,793
    The Loan Store, Inc. 1 7.13% $17,334

    The top Santa Rosa FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 60 FHA loans originated. Their average total fees are $22,958, which is $3,457 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Santa Rosa FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($19,501), LOANDEPOT.COM, LLC ($20,685), UNITED WHOLESALE MORTGAGE, LLC ($22,958), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($24,939) and BROKER SOLUTIONS, INC. ($25,089).

    The lowest rate Santa Rosa FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.09%), QUICKEN LOANS, LLC (6.21%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.25%), LOANDEPOT.COM, LLC (6.43%) and CROSSCOUNTRY MORTGAGE, LLC (6.47%).

    Santa Rosa FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SANTA ROSA-PETALUMA, CA SONOMA 2022 $764,750 $979,000 $1,183,400 $1,470,700
    SANTA ROSA-PETALUMA, CA SONOMA 2023 $861,350 $1,102,700 $1,332,900 $1,656,450

    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).