Santa Rosa FHA Loans

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 84 lenders originated 1,046 FHA loans during 2021. The total origination value was $507,990,000, with an average FHA loan value of $485,650.

    Santa Rosa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Santa Rosa averaged 6.15% 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 5.85% and one month ago for the week of 2022-08-19, the average rate was 5.36%.

    The average rate one year ago was 2.91%.

    For refis of the same type during the week of 2022-09-23, the average rate was 5.98%.

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

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 59 2.62% $13,011
    CROSSCOUNTRY MORTGAGE, LLC 56 2.97% $17,729
    UNITED WHOLESALE MORTGAGE, LLC 52 2.67% $15,984
    CALIBER HOME LOANS, INC. 42 2.72% $14,148
    FREEDOM MORTGAGE CORPORATION 37 2.64% $9,987
    SUMMIT FUNDING, INC. 30 3.00% $19,409
    LOANDEPOT.COM, LLC 29 3.19% $18,425
    LAKEVIEW LOAN SERVICING, LLC 28 2.73% $8,514
    HOME POINT FINANCIAL CORPORATION 24 2.63% $13,779
    AMERICAN PACIFIC MORTGAGE CORPORATION 22 2.99% $17,002
    BROKER SOLUTIONS, INC. 19 3.05% $16,143
    Sierra Pacific Mortgage Company, Inc. 18 2.76% $15,213
    FINANCE OF AMERICA MORTGAGE LLC 16 3.01% $17,209
    Mr. Cooper ( Nationstar Mortgage ) 16 3.04% $7,900
    Flagstar Bank, FSB 15 2.86% $14,169
    PENNYMAC LOAN SERVICES, LLC 15 2.84% $9,271
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 2.75% $12,281
    NEWREZ LLC 12 2.89% $10,819
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 2.96% $16,396
    STEARNS LENDING, LLC 10 3.01% $14,458
    VILLAGE CAPITAL MORTGAGE 10 2.62% $6,032
    Lakeview Community Capital, LLC 9 2.72% $9,164
    Carrington Mortgage Services, LLC 8 3.27% $14,704
    MID AMERICA MORTGAGE, INC. 8 2.91% $6,370
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 8 3.33% $14,746
    First Guaranty Mortgage Corporation 8 2.70% $13,773
    GUARANTEED RATE AFFINITY, LLC 8 3.03% $14,809
    AMERICAN FINANCIAL NETWORK, INC. 8 2.66% $15,911
    GUILD MORTGAGE COMPANY 7 2.73% $17,751
    Nations Lending Corporation 6 2.88% $13,954
    GUARANTEED RATE, INC. 6 2.73% $17,901
    PLAZA HOME MORTGAGE, INC. 5 2.88% $16,903
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.03% $16,115
    Century Mortgage Company DBA Century Lending Company 5 3.28% $15,930
    PANORAMA MORTGAGE GROUP, LLC 5 3.60% $19,599
    MOUNTAIN WEST FINANCIAL, INC. 5 3.45% $21,723
    PLANET HOME LENDING, LLC 5 3.35% $11,692
    PREMIER LENDING, INC. 4 2.84% $12,679
    AmeriHome Mortgage Company, LLC 4 2.72% $8,865
    OCMBC, INC. 4 3.25% $11,626
    U.S. Bank 4 2.94% $13,854
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 2.81% $13,153
    V.I.P. MORTGAGE, INC. 3 2.96% $21,037
    AMERISAVE MORTGAGE CORPORATION 3 2.71% $11,081
    FBC MORTGAGE, LLC 3 2.58% $12,648
    HOMEAMERICAN MORTGAGE CORPORATION 3 3.08% $11,428
    InterContinental Capital Group, Inc 3 2.29% $13,230
    MASON MCDUFFIE MORTGAGE CORPORATION 3 2.46% $16,856
    NATIONS DIRECT MORTGAGE, LLC 3 2.71% $15,007
    OPEN MORTGAGE, LLC 3 2.96% $14,649
    RESIDENTIAL BANCORP. 3 3.17% $17,674
    S1L, Inc. 3 3.16% $18,458
    SUN WEST MORTGAGE COMPANY, INC. 3 2.67% $9,741
    The Federal Savings Bank 2 2.44% $13,886
    BAY EQUITY LLC 2 3.06% $14,286
    JPMorgan Chase Bank 2 2.81% $19,143
    CMG MORTGAGE, INC. 2 2.75% $23,921
    Paramount Residential Mortgage Group, Inc. 2 3.44% $15,501
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.25% $16,924
    LENDUS, LLC 2 2.69% $13,998
    CELEBRITY HOME LOANS, LLC 1 3.00% $11,784
    INSPIRE HOME LOANS INC. 1 3.75% $31,137
    iCore Lending, Inc. 1 3.75% $22,653
    Golden Empire Mortgage, Inc. 1 3.38% $20,310
    GENEVA FINANCIAL, LLC 1 3.25% $9,224
    EVERETT FINANCIAL, INC. 1 2.88% $16,147
    LEADERONE FINANCIAL CORPORATION 1 3.13% $16,604
    EMBRACE HOME LOANS, INC. 1 3.13% $5,370
    BECKAM FUNDING CORP. 1 4.75% $31,750
    DIGNIFIED HOME LOANS, LLC 1 2.25% $9,481
    DATA MORTGAGE, INC. 1 4.00% $15,637
    CHURCHILL MORTGAGE CORPORATION 1 3.75% $6,795
    LOANPAL, LLC 1 2.25% $29,609
    Manufacturers and Traders Trust Company 1 2.88% $9,923
    TOP FLITE FINANCIAL, INC. 1 3.50% $25,748
    LOANLEADERS OF AMERICA, INC. 1 2.75% $8,522
    MORIA DEVELOPMENT, INC. 1 3.50% $17,261
    ENVOY MORTGAGE, LTD 1 2.50% $14,620
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.50% $11,378
    Umpqua Bank 1 2.88% $12,248
    LAND HOME FINANCIAL SERVICES, INC. 1 2.88% $15,037
    NATIONS RELIABLE LENDING, LLC 1 4.13% $22,022
    KBHS HOME LOANS, LLC 1 2.75% $22,788
    NP, Inc. 1 3.38% $22,432

    The top Santa Rosa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 59 FHA loans originated. Their average total fees are $13,011, which is $4,718 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Santa Rosa FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($6,032), Mr. Cooper ( Nationstar Mortgage ) ($7,900), LAKEVIEW LOAN SERVICING, LLC ($8,514), PENNYMAC LOAN SERVICES, LLC ($9,271) and FREEDOM MORTGAGE CORPORATION ($9,987).

    The lowest rate Santa Rosa FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.62%), VILLAGE CAPITAL MORTGAGE (2.62%), HOME POINT FINANCIAL CORPORATION (2.63%), FREEDOM MORTGAGE CORPORATION (2.64%) and UNITED WHOLESALE MORTGAGE, LLC (2.67%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Santa Rosa (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 $784,000 (9.7%) $1,226,237 (14.4%) 2.89 409
    2018-02-01 $796,500 (9.1%) $1,182,391 (9.9%) 2.87 452
    2018-03-01 $779,000 (5.7%) $1,190,063 (2.9%) 2.70 525
    2018-04-01 $762,475 (0.5%) $1,187,804 (-6.9%) 2.56 624
    2018-05-01 $791,475 (2.9%) $1,261,499 (-0.6%) 2.64 765
    2018-06-01 $749,000 (-3.2%) $1,217,730 (-4.1%) 2.50 935
    2018-07-01 $737,000 (-1.7%) $1,150,281 (-8.1%) 2.46 1,096
    2018-08-01 $699,750 (-8.2%) $1,107,857 (-13.6%) 2.34 1,184
    2018-09-01 $714,900 (-10.1%) $1,100,782 (-15.5%) 2.39 1,214
    2018-10-01 $699,000 (-14.2%) $1,095,822 (-17.5%) 2.34 1,186
    2018-11-01 $699,000 (-14.5%) $1,110,659 (-18.2%) 2.34 1,114
    2018-12-01 $689,900 (-13.8%) $1,116,153 (-15.1%) 2.36 902
    2019-01-01 $684,000 (-12.8%) $1,089,491 (-11.2%) 2.36 739
    2019-02-01 $689,000 (-13.5%) $1,113,118 (-5.9%) 2.31 718
    2019-03-01 $720,857 (-7.5%) $1,202,501 (1.1%) 2.35 757
    2019-04-01 $757,500 (-0.7%) $1,266,324 (6.6%) 2.39 872
    2019-05-01 $792,000 (0.1%) $1,357,457 (7.6%) 2.44 1,074
    2019-06-01 $799,000 (6.7%) $1,391,814 (14.3%) 2.46 1,196
    2019-07-01 $795,000 (7.9%) $1,335,369 (16.1%) 2.47 1,266
    2019-08-01 $763,857 (9.2%) $1,265,143 (14.2%) 2.40 1,261
    2019-09-01 $751,357 (5.1%) $1,248,132 (13.4%) 2.39 1,212
    2019-10-01 $785,000 (12.3%) $1,290,476 (17.8%) 2.50 1,181
    2019-11-01 $775,000 (10.9%) $1,278,438 (15.1%) 2.50 1,054
    2019-12-01 $780,000 (13.1%) $1,239,828 (11.1%) 2.60 778
    2020-01-01 $792,000 (15.8%) $1,205,036 (10.6%) 2.64 682
    2020-02-01 $799,000 (16.0%) $1,179,034 (5.9%) 2.58 733
    2020-03-01 $831,998 (15.4%) $1,205,241 (0.2%) 2.60 796
    2020-04-01 $792,000 (4.6%) $1,142,891 (-9.8%) 2.47 792
    2020-05-01 $775,000 (-2.2%) $1,143,569 (-15.8%) 2.35 1,004
    2020-06-01 $772,000 (-3.4%) $1,223,650 (-12.1%) 2.25 1,014
    2020-07-01 $794,950 (0.0%) $1,334,701 (-0.1%) 2.28 897
    2020-08-01 $829,000 (8.5%) $1,395,495 (10.3%) 2.37 787
    2020-09-01 $845,000 (12.5%) $1,371,926 (9.9%) 2.41 695
    2020-10-01 $849,000 (8.2%) $1,388,532 (7.6%) 2.43 786
    2020-11-01 $825,000 (6.5%) $1,372,245 (7.3%) 2.36 815
    2020-12-01 $817,475 (4.8%) $1,352,201 (9.1%) 2.40 668
    2021-01-01 $812,000 (2.5%) $1,397,935 (16.0%) 2.39 561
    2021-02-01 $827,000 (3.5%) $1,411,667 (19.7%) 2.38 520
    2021-03-01 $820,500 (-1.4%) $1,416,860 (17.6%) 2.30 553
    2021-04-01 $864,450 (9.2%) $1,480,583 (29.6%) 2.32 602
    2021-05-01 $885,000 (14.2%) $1,549,564 (35.5%) 2.33 659
    2021-06-01 $880,000 (14.0%) $1,520,804 (24.3%) 2.29 747
    2021-07-01 $872,475 (9.8%) $1,496,709 (12.1%) 2.27 767
    2021-08-01 $857,500 (3.4%) $1,441,586 (3.3%) 2.25 752
    2021-09-01 $875,000 (3.6%) $1,492,546 (8.8%) 2.30 724
    2021-10-01 $899,000 (5.9%) $1,565,077 (12.7%) 2.37 655
    2021-11-01 $899,495 (9.0%) $1,620,262 (18.1%) 2.37 487
    2021-12-01 $918,495 (12.4%) $1,683,319 (24.5%) 2.45 341
    2022-01-01 $926,900 (14.2%) $1,719,373 (23.0%) 2.47 248
    2022-02-01 $964,000 (16.6%) $1,775,025 (25.7%) 2.46 277
    2022-03-01 $987,500 (20.4%) $1,777,857 (25.5%) 2.44 359
    2022-04-01 $1,049,990 (21.5%) $1,872,430 (26.5%) 2.47 405
    2022-05-01 $980,000 (10.7%) $1,846,491 (19.2%) 2.19 533
    2022-06-01 $975,000 (10.8%) $1,830,575 (20.4%) 2.17 605
    2022-07-01 $975,000 (11.8%) $1,738,406 (16.2%) 2.17 683
    2022-08-01 $950,000 (10.8%) $1,695,686 (17.6%) 2.18 700
    Santa Rosa's median listing price for 2022-08-01 was $950,000, a difference of $92,500 (10.8%) versus the prior year and $-25,000 versus the prior month.

    Santa Rosa's median listing price comes in at 218% of the national average.

    Santa Rosa's average listing price for 2022-08-01 was $1,695,686, a difference of $254,100 (17.6%) versus the prior year and $-42,720 versus the prior month.

    For the 2022-08-01 period, Santa Rosa had 700 MLS listings, a difference of 17 listings (2%) versus the prior month and -52 listings (-7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Santa Rosa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 47 days 1,745 sqft
    2018-02-01 30 days 1,843 sqft
    2018-03-01 29 days 1,814 sqft
    2018-04-01 26 days 1,767 sqft
    2018-05-01 29 days 1,755 sqft
    2018-06-01 32 days 1,752 sqft
    2018-07-01 36 days 1,732 sqft
    2018-08-01 43 days 1,700 sqft
    2018-09-01 47 days 1,706 sqft
    2018-10-01 52 days 1,699 sqft
    2018-11-01 54 days 1,698 sqft
    2018-12-01 66 days 1,682 sqft
    2019-01-01 77 days 1,656 sqft
    2019-02-01 72 days 1,666 sqft
    2019-03-01 48 days 1,690 sqft
    2019-04-01 38 days 1,738 sqft
    2019-05-01 37 days 1,802 sqft
    2019-06-01 44 days 1,825 sqft
    2019-07-01 49 days 1,816 sqft
    2019-08-01 53 days 1,813 sqft
    2019-09-01 61 days 1,816 sqft
    2019-10-01 63 days 1,837 sqft
    2019-11-01 69 days 1,815 sqft
    2019-12-01 79 days 1,808 sqft
    2020-01-01 88 days 1,839 sqft
    2020-02-01 62 days 1,862 sqft
    2020-03-01 43 days 1,935 sqft
    2020-04-01 49 days 1,901 sqft
    2020-05-01 53 days 1,870 sqft
    2020-06-01 39 days 1,876 sqft
    2020-07-01 44 days 1,889 sqft
    2020-08-01 42 days 1,938 sqft
    2020-09-01 45 days 1,907 sqft
    2020-10-01 42 days 1,912 sqft
    2020-11-01 42 days 1,858 sqft
    2020-12-01 54 days 1,839 sqft
    2021-01-01 64 days 1,865 sqft
    2021-02-01 38 days 1,863 sqft
    2021-03-01 32 days 1,877 sqft
    2021-04-01 32 days 1,896 sqft
    2021-05-01 31 days 1,902 sqft
    2021-06-01 31 days 1,883 sqft
    2021-07-01 35 days 1,876 sqft
    2021-08-01 38 days 1,852 sqft
    2021-09-01 39 days 1,871 sqft
    2021-10-01 43 days 1,884 sqft
    2021-11-01 52 days 1,921 sqft
    2021-12-01 62 days 1,919 sqft
    2022-01-01 56 days 1,906 sqft
    2022-02-01 25 days 1,870 sqft
    2022-03-01 22 days 1,867 sqft
    2022-04-01 25 days 1,900 sqft
    2022-05-01 25 days 1,896 sqft
    2022-06-01 30 days 1,905 sqft
    2022-07-01 35 days 1,881 sqft
    2022-08-01 39 days 1,848 sqft
    Santa Rosa's median listing age (time on market) for 2022-08-01 was 39 days. This is 3% longer than the same period one year ago.

    Santa Rosa's median square footage for active listings during the 2022-08-01 period was 1,848 sqft. One year prior, the average listing was 1,852 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).