Sonora FHA Loans

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 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).