Sonora FHA Loans

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 5.3% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.54% and one month ago for the week of 2022-07-01, the average rate was 5.73%.

The average rate one year ago was 3.23%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.21%.

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 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. Total Fees
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 & INVESTMENT LLC 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 $325,000 (3.2%) $404,178 (2.6%) 0.00 341
2018-02-01 $329,000 (8.1%) $415,369 (4.4%) 0.00 328
2018-03-01 $329,950 (4.7%) $415,676 (3.2%) 0.00 341
2018-04-01 $345,000 (6.2%) $431,601 (8.2%) 0.00 353
2018-05-01 $362,000 (10.7%) $450,374 (10.6%) 0.00 400
2018-06-01 $365,888 (11.2%) $449,395 (9.1%) 0.00 451
2018-07-01 $349,950 (7.7%) $438,782 (12.1%) 0.00 529
2018-08-01 $349,475 (7.5%) $440,721 (12.3%) 0.00 570
2018-09-01 $349,000 (9.4%) $432,121 (8.7%) 0.00 593
2018-10-01 $342,500 (8.0%) $423,314 (3.6%) 0.00 586
2018-11-01 $349,000 (12.9%) $421,496 (4.8%) 0.00 546
2018-12-01 $335,000 (8.4%) $412,556 (3.9%) 0.00 505
2019-01-01 $349,000 (7.4%) $430,180 (6.4%) 0.00 406
2019-02-01 $345,773 (5.1%) $431,341 (3.9%) 0.00 392
2019-03-01 $345,429 (4.7%) $443,286 (6.6%) 0.00 417
2019-04-01 $350,000 (1.5%) $457,740 (6.1%) 0.00 473
2019-05-01 $359,450 (-0.7%) $458,391 (1.8%) 0.00 571
2019-06-01 $375,000 (2.5%) $460,356 (2.4%) 0.00 642
2019-07-01 $368,000 (5.2%) $447,646 (2.0%) 0.00 724
2019-08-01 $361,714 (3.5%) $444,784 (0.9%) 0.00 754
2019-09-01 $360,000 (3.2%) $440,319 (1.9%) 0.00 746
2019-10-01 $362,443 (5.8%) $440,922 (4.2%) 0.00 691
2019-11-01 $359,000 (2.9%) $442,433 (5.0%) 0.00 640
2019-12-01 $352,475 (5.2%) $451,576 (9.5%) 0.00 547
2020-01-01 $349,475 (0.1%) $452,430 (5.2%) 0.00 429
2020-02-01 $359,000 (3.8%) $467,142 (8.3%) 0.00 407
2020-03-01 $374,500 (8.4%) $465,928 (5.1%) 0.00 428
2020-04-01 $359,450 (2.7%) $448,807 (-2.0%) 0.00 404
2020-05-01 $359,000 (-0.1%) $459,190 (0.2%) 0.00 388
2020-06-01 $382,200 (1.9%) $477,688 (3.8%) 0.00 374
2020-07-01 $382,700 (4.0%) $486,231 (8.6%) 0.00 357
2020-08-01 $424,700 (17.4%) $511,999 (15.1%) 0.00 283
2020-09-01 $405,000 (12.5%) $593,253 (34.7%) 0.00 279
2020-10-01 $399,900 (10.3%) $588,230 (33.4%) 0.00 283
2020-11-01 $415,000 (15.6%) $537,780 (21.6%) 0.00 251
2020-12-01 $427,000 (21.1%) $546,628 (21.1%) 0.00 224
2021-01-01 $450,000 (28.8%) $588,905 (30.2%) 0.00 189
2021-02-01 $464,950 (29.5%) $604,218 (29.3%) 0.00 150
2021-03-01 $474,950 (26.8%) $574,820 (23.4%) 0.00 146
2021-04-01 $469,450 (30.6%) $556,702 (24.0%) 0.00 170
2021-05-01 $440,000 (22.6%) $534,943 (16.5%) 0.00 205
2021-06-01 $450,000 (17.7%) $541,990 (13.5%) 0.00 220
2021-07-01 $450,000 (17.6%) $548,532 (12.8%) 0.00 234
2021-08-01 $430,000 (1.3%) $524,351 (2.4%) 0.00 257
2021-09-01 $432,000 (6.7%) $522,137 (-12.0%) 0.00 275
2021-10-01 $427,000 (6.8%) $528,491 (-10.2%) 0.00 293
2021-11-01 $450,000 (8.4%) $560,470 (4.2%) 0.00 264
2021-12-01 $479,800 (12.4%) $586,712 (7.3%) 0.00 209
2022-01-01 $489,500 (8.8%) $619,837 (5.3%) 0.00 141
2022-02-01 $487,250 (4.8%) $628,239 (4.0%) 0.00 123
2022-03-01 $499,500 (5.2%) $615,692 (7.1%) 0.00 155
2022-04-01 $495,000 (5.4%) $609,890 (9.6%) 0.00 181
2022-05-01 $482,000 (9.6%) $1,694,818 (216.8%) 0.00 252
2022-06-01 $469,975 (4.4%) $576,702 (6.4%) 0.00 307
Sonora's median listing price for 2022-06-01 was $469,975, a difference of $19,975 (4.4%) versus the prior year and $-12,025 versus the prior month.

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

Sonora's average listing price for 2022-06-01 was $576,702, a difference of $34,712 (6.4%) versus the prior year and $-1,118,116 versus the prior month.

For the 2022-06-01 period, Sonora had 307 MLS listings, a difference of 55 listings (22%) versus the prior month and 87 listings (40%) 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 1,748 sqft
2018-02-01 0 days 1,764 sqft
2018-03-01 0 days 1,782 sqft
2018-04-01 0 days 1,830 sqft
2018-05-01 0 days 1,889 sqft
2018-06-01 0 days 1,944 sqft
2018-07-01 0 days 1,860 sqft
2018-08-01 0 days 1,806 sqft
2018-09-01 0 days 1,801 sqft
2018-10-01 0 days 1,780 sqft
2018-11-01 0 days 1,800 sqft
2018-12-01 0 days 1,764 sqft
2019-01-01 0 days 1,814 sqft
2019-02-01 0 days 1,796 sqft
2019-03-01 0 days 1,827 sqft
2019-04-01 0 days 1,874 sqft
2019-05-01 0 days 1,869 sqft
2019-06-01 0 days 1,884 sqft
2019-07-01 0 days 1,834 sqft
2019-08-01 0 days 1,847 sqft
2019-09-01 0 days 1,861 sqft
2019-10-01 0 days 1,873 sqft
2019-11-01 0 days 1,875 sqft
2019-12-01 0 days 1,870 sqft
2020-01-01 0 days 1,856 sqft
2020-02-01 0 days 1,874 sqft
2020-03-01 0 days 1,865 sqft
2020-04-01 0 days 1,853 sqft
2020-05-01 0 days 1,848 sqft
2020-06-01 0 days 1,888 sqft
2020-07-01 0 days 1,860 sqft
2020-08-01 0 days 1,884 sqft
2020-09-01 0 days 1,842 sqft
2020-10-01 0 days 1,830 sqft
2020-11-01 0 days 1,836 sqft
2020-12-01 0 days 1,842 sqft
2021-01-01 0 days 1,892 sqft
2021-02-01 0 days 1,851 sqft
2021-03-01 0 days 1,889 sqft
2021-04-01 0 days 1,946 sqft
2021-05-01 0 days 1,899 sqft
2021-06-01 0 days 1,898 sqft
2021-07-01 0 days 1,835 sqft
2021-08-01 0 days 1,776 sqft
2021-09-01 0 days 1,781 sqft
2021-10-01 0 days 1,758 sqft
2021-11-01 0 days 1,858 sqft
2021-12-01 0 days 1,909 sqft
2022-01-01 0 days 1,922 sqft
2022-02-01 0 days 1,874 sqft
2022-03-01 0 days 1,923 sqft
2022-04-01 0 days 1,844 sqft
2022-05-01 0 days 1,803 sqft
2022-06-01 0 days 1,808 sqft
Sonora's median listing age (time on market) for 2022-06-01 was 0 days.

Sonora's median square footage for active listings during the 2022-06-01 period was 1,808 sqft. One year prior, the average listing was 1,898 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).