Sonora FHA Loan Rates, Closing Costs & Stats

Sonora, 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.

Sonora's 61 lenders originated 335 FHA loans during 2021. The total origination value was $88,055,000, with an average FHA loan value of $262,851.

Sonora FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sonora averaged 6.28% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Sonora's average FHA mortgage closing costs are $8,308.

The average rate for the prior week (2023-01-20) was 6.25% and one month ago for the week of 2022-12-23, the average rate was 6.34%.

The average rate one year ago was 3.53%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.69%.

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

Sonora 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 Sonora level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 72 2.95% $9,426
LAKEVIEW LOAN SERVICING, LLC 23 2.83% $5,332
QUICKEN LOANS, LLC 17 2.61% $7,412
FREEDOM MORTGAGE CORPORATION 11 2.66% $6,630
UNITED WHOLESALE MORTGAGE, LLC 10 2.61% $8,622
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 3.73% $12,027
Loan Simple, Inc. 7 2.41% $9,368
NEWREZ LLC 7 2.91% $5,833
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 3.44% $9,724
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.75% $12,788
Carrington Mortgage Services, LLC 6 3.29% $7,837
HOME POINT FINANCIAL CORPORATION 5 2.73% $8,745
PENNYMAC LOAN SERVICES, LLC 4 3.06% $5,382
GUILD MORTGAGE COMPANY 4 2.94% $9,877
SUMMIT FUNDING, INC. 4 3.38% $11,930
CROSSCOUNTRY MORTGAGE, LLC 4 3.19% $9,962
AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.25% $11,355
Mr. Cooper ( Nationstar Mortgage ) 3 3.38% $3,536
CALIBER HOME LOANS, INC. 3 2.75% $9,420
RANLIFE, INC. 3 2.71% $12,204
Sierra Pacific Mortgage Company, Inc. 3 2.58% $12,215
VILLAGE CAPITAL MORTGAGE 3 2.71% $3,870
NATIONS DIRECT MORTGAGE, LLC 3 3.41% $6,312
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.00% $9,128
AMERICAN FINANCIAL NETWORK, INC. 2 2.75% $13,052
FINANCE OF AMERICA MORTGAGE LLC 2 3.06% $10,058
First Guaranty Mortgage Corporation 2 2.81% $6,499
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.25% $8,128
LOANDEPOT.COM, LLC 2 4.06% $8,533
ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.50% $10,122
HOMESIDE FINANCIAL, LLC 1 3.88% $14,506
Hometown Equity Mortgage, LLC 1 3.75% $17,137
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 2.88% $15,046
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $15,261
LENDUS, LLC 1 2.25% $5,524
Amerifirst Financial, Inc. 1 3.13% $3,720
Equity Prime Mortgage LLC 1 3.25% $12,723
MASON MCDUFFIE MORTGAGE CORPORATION 1 2.75% $9,633
MID AMERICA MORTGAGE, INC. 1 3.38% $5,909
MOUNTAIN WEST FINANCIAL, INC. 1 2.50% $10,775
DIRECTORS MORTGAGE, INC. 1 3.25% $9,618
CMG MORTGAGE, INC. 1 2.25% $14,151
Nations Lending Corporation 1 2.63% $5,829
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $11,370
Paramount Residential Mortgage Group, Inc. 1 2.99% $9,383
BROKER SOLUTIONS, INC. 1 3.24% $8,564
BAY EQUITY LLC 1 3.13% $10,085
Barrington Bank & Trust Company, N.A. 1 2.75% $8,432
Bank of America 1 2.88% $12,158
ACADEMY MORTGAGE CORPORATION 1 3.00% $9,446
Residential Mortgage Solutions, Inc. 1 2.38% $7,930
AMERICAN FINANCING CORPORATION 1 3.25% $11,599
S1L, Inc. 1 2.63% $12,837
SCENIC OAKS FUNDING, INC. 1 2.38% $7,928
AMERISAVE MORTGAGE CORPORATION 1 2.63% $7,376
AmeriHome Mortgage Company, LLC 1 3.13% $5,084
SUN WEST MORTGAGE COMPANY, INC. 1 2.99% $8,425
Umpqua Bank 1 3.63% $9,082
UNITED MORTGAGE CORP. 1 3.75% $6,370
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.25% $12,271
GUARANTEED RATE, INC. 1 3.13% $9,250

The top Sonora FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 72 FHA loans originated. Their average total fees are $9,426, which is $4,094 higher than the next largest lender, LAKEVIEW LOAN SERVICING, LLC.

The lowest fee Sonora FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,332), FREEDOM MORTGAGE CORPORATION ($6,630), QUICKEN LOANS, LLC ($7,412), UNITED WHOLESALE MORTGAGE, LLC ($8,622) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,426).

The lowest rate Sonora FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.61%), UNITED WHOLESALE MORTGAGE, LLC (2.61%), FREEDOM MORTGAGE CORPORATION (2.66%), LAKEVIEW LOAN SERVICING, LLC (2.83%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (2.95%).

Sonora FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SONORA, CA TUOLUMNE 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sonora (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 $323,250 (2.6%) $388,005 (-0.6%) 0.00 313
2018-02-01 $325,000 (3.7%) $400,258 (1.6%) 0.00 296
2018-03-01 $325,000 (2.4%) $399,228 (-0.1%) 0.00 311
2018-04-01 $344,250 (5.9%) $418,658 (5.3%) 0.00 326
2018-05-01 $349,950 (7.7%) $435,575 (8.4%) 0.00 361
2018-06-01 $350,000 (6.4%) $435,602 (10.1%) 0.00 415
2018-07-01 $349,450 (7.5%) $423,887 (11.1%) 0.00 496
2018-08-01 $348,500 (7.2%) $422,111 (8.9%) 0.00 521
2018-09-01 $339,000 (6.3%) $415,157 (7.4%) 0.00 529
2018-10-01 $337,000 (6.3%) $407,088 (3.2%) 0.00 505
2018-11-01 $339,000 (9.7%) $405,030 (4.2%) 0.00 466
2018-12-01 $329,000 (6.5%) $400,151 (5.1%) 0.00 425
2019-01-01 $334,200 (3.4%) $408,435 (5.3%) 0.00 342
2019-02-01 $329,450 (1.4%) $403,979 (0.9%) 0.00 331
2019-03-01 $333,693 (2.7%) $410,123 (2.7%) 0.00 348
2019-04-01 $339,475 (-1.4%) $416,794 (-0.5%) 0.00 397
2019-05-01 $347,225 (-0.8%) $428,764 (-1.6%) 0.00 475
2019-06-01 $354,450 (1.3%) $433,270 (-0.5%) 0.00 547
2019-07-01 $349,700 (0.1%) $420,245 (-0.9%) 0.00 614
2019-08-01 $346,636 (-0.5%) $416,176 (-1.4%) 0.00 630
2019-09-01 $342,341 (1.0%) $415,656 (0.1%) 0.00 625
2019-10-01 $342,477 (1.6%) $415,234 (2.0%) 0.00 611
2019-11-01 $339,000 (0.0%) $415,302 (2.5%) 0.00 554
2019-12-01 $336,000 (2.1%) $427,814 (6.9%) 0.00 474
2020-01-01 $329,000 (-1.6%) $426,026 (4.3%) 0.00 363
2020-02-01 $329,000 (-0.1%) $428,325 (6.0%) 0.00 349
2020-03-01 $339,125 (1.6%) $422,910 (3.1%) 0.00 366
2020-04-01 $335,675 (-1.1%) $420,328 (0.9%) 0.00 352
2020-05-01 $338,000 (-2.7%) $424,292 (-1.0%) 0.00 353
2020-06-01 $359,488 (1.4%) $435,708 (0.6%) 0.00 339
2020-07-01 $369,713 (5.7%) $445,692 (6.1%) 0.00 320
2020-08-01 $381,100 (9.9%) $463,551 (11.4%) 0.00 252
2020-09-01 $378,750 (10.6%) $546,723 (31.5%) 0.00 242
2020-10-01 $375,000 (9.5%) $545,586 (31.4%) 0.00 248
2020-11-01 $397,000 (17.1%) $493,315 (18.8%) 0.00 219
2020-12-01 $399,925 (19.0%) $516,460 (20.7%) 0.00 191
2021-01-01 $432,000 (31.3%) $542,645 (27.4%) 0.00 163
2021-02-01 $466,975 (41.9%) $587,900 (37.3%) 0.00 129
2021-03-01 $469,750 (38.5%) $558,524 (32.1%) 0.00 130
2021-04-01 $449,971 (34.1%) $533,892 (27.0%) 0.00 158
2021-05-01 $448,500 (32.7%) $521,917 (23.0%) 0.00 177
2021-06-01 $451,750 (25.7%) $532,674 (22.3%) 0.00 196
2021-07-01 $449,900 (21.7%) $532,671 (19.5%) 0.00 203
2021-08-01 $439,613 (15.4%) $518,613 (11.9%) 0.00 227
2021-09-01 $432,000 (14.1%) $517,409 (-5.4%) 0.00 243
2021-10-01 $432,500 (15.3%) $535,289 (-1.9%) 0.00 259
2021-11-01 $450,000 (13.4%) $567,519 (15.0%) 0.00 233
2021-12-01 $479,000 (19.8%) $595,965 (15.4%) 0.00 183
2022-01-01 $492,725 (14.1%) $628,648 (15.9%) 0.00 127
2022-02-01 $489,625 (4.9%) $639,264 (8.7%) 0.00 115
2022-03-01 $494,250 (5.2%) $625,165 (11.9%) 0.00 138
2022-04-01 $491,500 (9.2%) $597,505 (11.9%) 0.00 158
2022-05-01 $479,500 (6.9%) $1,258,064 (141.1%) 0.00 211
2022-06-01 $473,725 (4.9%) $579,209 (8.7%) 0.00 266
2022-07-01 $459,000 (2.0%) $548,948 (3.1%) 0.00 315
2022-08-01 $449,450 (2.2%) $527,474 (1.7%) 0.00 344
2022-09-01 $447,000 (3.5%) $531,049 (2.6%) 0.00 318
2022-10-01 $449,000 (3.8%) $533,600 (-0.3%) 0.00 313
2022-11-01 $431,250 (-4.2%) $529,741 (-6.7%) 0.00 298
2022-12-01 $440,000 (-8.1%) $540,827 (-9.3%) 0.00 245
Sonora's median listing price for 2022-12-01 was $440,000, a difference of $-39,000 (-8.1%) versus the prior year and $8,750 versus the prior month.

Sonora's median listing price comes in at 0% of the national average.

Sonora's average listing price for 2022-12-01 was $540,827, a difference of $-55,138 (-9.3%) versus the prior year and $11,086 versus the prior month.

For the 2022-12-01 period, Sonora had 245 MLS listings, a difference of -53 listings (-18%) versus the prior month and 62 listings (34%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sonora (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,728 sqft
2018-02-01 0 days 1,739 sqft
2018-03-01 0 days 1,750 sqft
2018-04-01 0 days 1,773 sqft
2018-05-01 0 days 1,841 sqft
2018-06-01 0 days 1,873 sqft
2018-07-01 0 days 1,793 sqft
2018-08-01 0 days 1,779 sqft
2018-09-01 0 days 1,792 sqft
2018-10-01 0 days 1,761 sqft
2018-11-01 0 days 1,784 sqft
2018-12-01 0 days 1,762 sqft
2019-01-01 0 days 1,798 sqft
2019-02-01 0 days 1,760 sqft
2019-03-01 0 days 1,790 sqft
2019-04-01 0 days 1,815 sqft
2019-05-01 0 days 1,843 sqft
2019-06-01 0 days 1,844 sqft
2019-07-01 0 days 1,817 sqft
2019-08-01 0 days 1,809 sqft
2019-09-01 0 days 1,817 sqft
2019-10-01 0 days 1,826 sqft
2019-11-01 0 days 1,803 sqft
2019-12-01 0 days 1,803 sqft
2020-01-01 0 days 1,793 sqft
2020-02-01 0 days 1,776 sqft
2020-03-01 0 days 1,762 sqft
2020-04-01 0 days 1,787 sqft
2020-05-01 0 days 1,772 sqft
2020-06-01 0 days 1,812 sqft
2020-07-01 0 days 1,814 sqft
2020-08-01 0 days 1,785 sqft
2020-09-01 0 days 1,795 sqft
2020-10-01 0 days 1,790 sqft
2020-11-01 0 days 1,801 sqft
2020-12-01 0 days 1,805 sqft
2021-01-01 0 days 1,814 sqft
2021-02-01 0 days 1,811 sqft
2021-03-01 0 days 1,817 sqft
2021-04-01 0 days 1,800 sqft
2021-05-01 0 days 1,797 sqft
2021-06-01 0 days 1,790 sqft
2021-07-01 0 days 1,786 sqft
2021-08-01 0 days 1,731 sqft
2021-09-01 0 days 1,755 sqft
2021-10-01 0 days 1,732 sqft
2021-11-01 0 days 1,841 sqft
2021-12-01 0 days 1,867 sqft
2022-01-01 0 days 1,889 sqft
2022-02-01 0 days 1,819 sqft
2022-03-01 0 days 1,895 sqft
2022-04-01 0 days 1,831 sqft
2022-05-01 0 days 1,777 sqft
2022-06-01 0 days 1,810 sqft
2022-07-01 0 days 1,757 sqft
2022-08-01 0 days 1,759 sqft
2022-09-01 0 days 1,769 sqft
2022-10-01 0 days 1,734 sqft
2022-11-01 0 days 1,721 sqft
2022-12-01 0 days 1,721 sqft
Sonora's median listing age (time on market) for 2022-12-01 was 0 days.

Sonora's median square footage for active listings during the 2022-12-01 period was 1,721 sqft. One year prior, the average listing was 1,867 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).