Sonora FHA Loan Rates, Closing Costs & Stats

Sonora, 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.

    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).