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 36 lenders originated 122 FHA loans during 2023. The total origination value was $38,260,000, with an average FHA loan value of $313,607.

Sonora FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sonora averaged 6.64% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Sonora's average FHA mortgage closing costs are $9,277.

The average rate for the prior week (2024-06-07) was 6.83% and one month ago for the week of 2024-05-10, the average rate was 6.82%.

The average rate one year ago was 6.87%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.51%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 31 6.85% $14,052
UNITED WHOLESALE MORTGAGE, LLC 14 6.23% $14,306
QUICKEN LOANS, LLC 8 6.19% $13,068
AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.05% $16,127
Century Mortgage Company DBA Century Lending Company 5 5.85% $13,189
CASTLE & COOKE MORTGAGE, LLC 3 6.21% $16,350
LOANDEPOT.COM, LLC 3 6.74% $11,396
Sierra Pacific Mortgage Company, Inc. 2 6.19% $13,960
FREEDOM MORTGAGE CORPORATION 2 7.00% $18,921
Paramount Residential Mortgage Group, Inc. 2 6.38% $17,610
AMERISAVE MORTGAGE CORPORATION 2 5.94% $12,590
NETWORK CAPITAL FUNDING CORPORATION 2 5.88% $15,989
CROSSCOUNTRY MORTGAGE, LLC 2 6.84% $13,363
HOMESIDE FINANCIAL, LLC 1 6.99% $19,297
ML Mortgage Corp. 1 6.25% $10,144
NFM, INC. 1 7.13% $9,912
PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.50% $19,706
Prosperity Home Mortgage, LLC 1 6.75% $18,357
SNAPFI, INC. 1 5.75% $12,437
SUMMIT FUNDING, INC. 1 5.75% $12,450
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $11,124
U.S. Bank 1 6.99% $12,536
ACADEMY MORTGAGE CORPORATION 1 6.88% $13,516
VILLAGE CAPITAL MORTGAGE 1 5.63% $3,431
ALAMEDA MORTGAGE CORPORATION 1 6.13% $11,429
AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $13,755
Bank of England 1 7.63% $12,749
CALCON MUTUAL MORTGAGE LLC 1 5.50% $24,832
CARDINAL FINANCIAL 1 6.75% $16,287
CHURCHILL MORTGAGE CORPORATION 1 5.75% $18,364
Commerce Home Mortgage, Inc. 1 6.00% $14,255
DIRECTIONS EQUITY, LLC 1 6.25% $9,277
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.88% $12,667
GUARANTEED RATE, INC. 1 6.50% $17,656
GUILD MORTGAGE COMPANY 1 5.63% $18,706
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.63% $15,439

The top Sonora FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 31 FHA loans originated. Their average total fees are $14,052, which is $254 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Sonora FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($14,052), UNITED WHOLESALE MORTGAGE, LLC ($14,306), .

The lowest rate Sonora FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.23%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.85%), .

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
SONORA, CA TUOLUMNE 2023 $472,030 $604,400 $730,525 $907,900

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 $324,500 (3.0%) $388,470 (-0.4%) 0.00 312
2018-02-01 $325,000 (3.7%) $400,783 (1.8%) 0.00 295
2018-03-01 $325,000 (2.4%) $399,730 (0.1%) 0.00 310
2018-04-01 $344,250 (5.9%) $419,193 (5.5%) 0.00 325
2018-05-01 $349,950 (7.7%) $436,029 (8.5%) 0.00 361
2018-06-01 $350,000 (6.4%) $435,669 (10.2%) 0.00 415
2018-07-01 $349,350 (7.5%) $423,627 (10.8%) 0.00 498
2018-08-01 $348,500 (7.2%) $422,071 (8.8%) 0.00 523
2018-09-01 $339,000 (6.1%) $415,236 (7.2%) 0.00 529
2018-10-01 $337,000 (6.3%) $407,192 (3.1%) 0.00 506
2018-11-01 $339,000 (9.7%) $405,325 (4.2%) 0.00 466
2018-12-01 $329,000 (6.5%) $400,151 (5.0%) 0.00 425
2019-01-01 $334,200 (3.0%) $408,435 (5.1%) 0.00 342
2019-02-01 $329,450 (1.4%) $403,979 (0.8%) 0.00 331
2019-03-01 $333,693 (2.7%) $410,123 (2.6%) 0.00 348
2019-04-01 $339,475 (-1.4%) $416,794 (-0.6%) 0.00 397
2019-05-01 $347,225 (-0.8%) $428,450 (-1.7%) 0.00 476
2019-06-01 $354,725 (1.4%) $432,958 (-0.6%) 0.00 547
2019-07-01 $349,800 (0.1%) $420,551 (-0.7%) 0.00 613
2019-08-01 $346,636 (-0.5%) $416,210 (-1.4%) 0.00 630
2019-09-01 $342,341 (1.0%) $415,306 (0.0%) 0.00 626
2019-10-01 $342,477 (1.6%) $414,679 (1.8%) 0.00 613
2019-11-01 $339,000 (0.0%) $415,095 (2.4%) 0.00 555
2019-12-01 $336,000 (2.1%) $427,851 (6.9%) 0.00 474
2020-01-01 $329,000 (-1.6%) $426,047 (4.3%) 0.00 363
2020-02-01 $329,450 (0.0%) $428,953 (6.2%) 0.00 349
2020-03-01 $339,250 (1.7%) $423,493 (3.3%) 0.00 365
2020-04-01 $336,350 (-0.9%) $420,924 (1.0%) 0.00 351
2020-05-01 $338,500 (-2.5%) $424,892 (-0.8%) 0.00 352
2020-06-01 $359,750 (1.4%) $436,438 (0.8%) 0.00 338
2020-07-01 $369,963 (5.8%) $445,957 (6.0%) 0.00 319
2020-08-01 $379,600 (9.5%) $461,660 (10.9%) 0.00 253
2020-09-01 $376,750 (10.1%) $543,551 (30.9%) 0.00 245
2020-10-01 $375,000 (9.5%) $543,205 (31.0%) 0.00 250
2020-11-01 $397,000 (17.1%) $492,644 (18.7%) 0.00 221
2020-12-01 $399,925 (19.0%) $516,574 (20.7%) 0.00 193
2021-01-01 $435,000 (32.2%) $544,232 (27.7%) 0.00 165
2021-02-01 $470,000 (42.7%) $588,717 (37.3%) 0.00 131
2021-03-01 $474,750 (39.9%) $559,712 (32.2%) 0.00 132
2021-04-01 $449,998 (33.8%) $534,312 (26.9%) 0.00 160
2021-05-01 $448,500 (32.5%) $522,519 (23.0%) 0.00 178
2021-06-01 $455,475 (26.6%) $532,597 (22.0%) 0.00 199
2021-07-01 $449,999 (21.6%) $533,063 (19.5%) 0.00 207
2021-08-01 $441,100 (16.2%) $519,087 (12.4%) 0.00 231
2021-09-01 $432,500 (14.8%) $517,751 (-4.8%) 0.00 249
2021-10-01 $437,000 (16.5%) $534,538 (-1.6%) 0.00 265
2021-11-01 $457,500 (15.2%) $565,975 (14.9%) 0.00 239
2021-12-01 $479,894 (20.0%) $594,450 (15.1%) 0.00 187
2022-01-01 $497,475 (14.4%) $626,495 (15.1%) 0.00 131
2022-02-01 $495,000 (5.3%) $638,177 (8.4%) 0.00 118
2022-03-01 $499,250 (5.2%) $624,496 (11.6%) 0.00 140
2022-04-01 $491,500 (9.2%) $595,714 (11.5%) 0.00 159
2022-05-01 $480,167 (7.1%) $1,251,470 (139.5%) 0.00 213
2022-06-01 $472,500 (3.7%) $579,121 (8.7%) 0.00 265
2022-07-01 $459,000 (2.0%) $549,897 (3.2%) 0.00 314
2022-08-01 $449,450 (1.9%) $528,339 (1.8%) 0.00 343
2022-09-01 $448,000 (3.6%) $532,593 (2.9%) 0.00 318
2022-10-01 $449,000 (2.8%) $534,937 (0.1%) 0.00 314
2022-11-01 $434,500 (-5.0%) $531,445 (-6.1%) 0.00 300
2022-12-01 $440,450 (-8.2%) $541,607 (-8.9%) 0.00 246
2023-01-01 $429,950 (-13.6%) $543,852 (-13.2%) 0.00 199
2023-02-01 $449,000 (-9.3%) $558,531 (-12.5%) 0.00 180
2023-03-01 $454,950 (-8.9%) $571,613 (-8.5%) 0.00 150
2023-04-01 $469,000 (-4.6%) $584,771 (-1.8%) 0.00 163
2023-05-01 $479,750 (-0.1%) $607,182 (-51.5%) 0.00 196
2023-06-01 $489,875 (3.7%) $594,302 (2.6%) 0.00 258
2023-07-01 $489,000 (6.5%) $570,103 (3.7%) 0.00 281
2023-08-01 $456,999 (1.7%) $560,130 (6.0%) 0.00 303
2023-09-01 $449,000 (0.2%) $540,663 (1.5%) 0.00 320
2023-10-01 $449,000 (0.0%) $535,897 (0.2%) 0.00 340
2023-11-01 $436,750 (0.5%) $527,214 (-0.8%) 0.00 338
2023-12-01 $427,500 (-2.9%) $530,216 (-2.1%) 0.00 286
2024-01-01 $430,000 (0.0%) $519,214 (-4.5%) 0.00 229
2024-02-01 $423,500 (-5.7%) $517,177 (-7.4%) 0.00 205
2024-03-01 $444,500 (-2.3%) $537,855 (-5.9%) 0.00 218
2024-04-01 $450,000 (-4.1%) $555,835 (-5.0%) 0.00 267
2024-05-01 $467,000 (-2.7%) $575,763 (-5.2%) 0.00 309
Sonora's median listing price for 2024-05-01 was $467,000, a difference of $-12,750 (-2.7%) versus the prior year and $17,000 versus the prior month.

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

Sonora's average listing price for 2024-05-01 was $575,763, a difference of $-31,419 (-5.2%) versus the prior year and $19,928 versus the prior month.

For the 2024-05-01 period, Sonora had 309 MLS listings, a difference of 42 listings (16%) versus the prior month and 113 listings (58%) 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 1,731 sqft
2018-02-01 0 days 1,743 sqft
2018-03-01 0 days 1,750 sqft
2018-04-01 0 days 1,775 sqft
2018-05-01 0 days 1,841 sqft
2018-06-01 0 days 1,873 sqft
2018-07-01 0 days 1,792 sqft
2018-08-01 0 days 1,776 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 1,840 sqft
2019-06-01 0 days 1,844 sqft
2019-07-01 0 days 1,819 sqft
2019-08-01 0 days 1,811 sqft
2019-09-01 0 days 1,816 sqft
2019-10-01 0 days 1,822 sqft
2019-11-01 0 days 1,801 sqft
2019-12-01 0 days 1,803 sqft
2020-01-01 0 days 1,793 sqft
2020-02-01 0 days 1,780 sqft
2020-03-01 0 days 1,765 sqft
2020-04-01 0 days 1,789 sqft
2020-05-01 0 days 1,772 sqft
2020-06-01 0 days 1,813 sqft
2020-07-01 0 days 1,816 sqft
2020-08-01 0 days 1,784 sqft
2020-09-01 0 days 1,788 sqft
2020-10-01 0 days 1,786 sqft
2020-11-01 0 days 1,797 sqft
2020-12-01 0 days 1,801 sqft
2021-01-01 0 days 1,812 sqft
2021-02-01 0 days 1,808 sqft
2021-03-01 0 days 1,813 sqft
2021-04-01 0 days 1,788 sqft
2021-05-01 0 days 1,794 sqft
2021-06-01 0 days 1,786 sqft
2021-07-01 0 days 1,777 sqft
2021-08-01 0 days 1,717 sqft
2021-09-01 0 days 1,719 sqft
2021-10-01 0 days 1,710 sqft
2021-11-01 0 days 1,809 sqft
2021-12-01 0 days 1,839 sqft
2022-01-01 0 days 1,848 sqft
2022-02-01 0 days 1,794 sqft
2022-03-01 0 days 1,878 sqft
2022-04-01 0 days 1,820 sqft
2022-05-01 0 days 1,761 sqft
2022-06-01 0 days 1,810 sqft
2022-07-01 0 days 1,759 sqft
2022-08-01 0 days 1,759 sqft
2022-09-01 0 days 1,771 sqft
2022-10-01 0 days 1,738 sqft
2022-11-01 0 days 1,721 sqft
2022-12-01 0 days 1,721 sqft
2023-01-01 0 days 1,664 sqft
2023-02-01 0 days 1,743 sqft
2023-03-01 0 days 1,781 sqft
2023-04-01 0 days 1,748 sqft
2023-05-01 0 days 1,792 sqft
2023-06-01 0 days 1,829 sqft
2023-07-01 0 days 1,801 sqft
2023-08-01 0 days 1,797 sqft
2023-09-01 0 days 1,736 sqft
2023-10-01 0 days 1,732 sqft
2023-11-01 0 days 1,698 sqft
2023-12-01 0 days 1,681 sqft
2024-01-01 0 days 1,659 sqft
2024-02-01 0 days 1,620 sqft
2024-03-01 0 days 1,685 sqft
2024-04-01 0 days 1,726 sqft
2024-05-01 0 days 1,760 sqft
Sonora's median listing age (time on market) for 2024-05-01 was 0 days.

Sonora's median square footage for active listings during the 2024-05-01 period was 1,760 sqft. One year prior, the average listing was 1,792 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).