Susanville FHA Loan Rates, Closing Costs & Stats

Susanville, 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.

    Susanville's 26 lenders originated 83 FHA loans during 2023. The total origination value was $18,985,000, with an average FHA loan value of $228,735.

    Susanville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Susanville averaged 6.88% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Susanville's average FHA mortgage closing costs are $8,490.

    The average rate for the prior week (2024-04-12) was 6.58% and one month ago for the week of 2024-03-15, the average rate was 6.84%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Susanville 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 Susanville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    AXIA FINANCIAL, LLC 25 6.96% $10,577
    SUMMIT FUNDING, INC. 9 6.81% $14,116
    QUICKEN LOANS, LLC 8 6.07% $10,868
    UNITED WHOLESALE MORTGAGE, LLC 6 6.54% $10,746
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.97% $9,891
    CROSSCOUNTRY MORTGAGE, LLC 3 6.96% $9,770
    GUILD MORTGAGE COMPANY 2 6.38% $14,440
    Carrington Mortgage Services, LLC 2 5.81% $14,768
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $14,318
    LOANLEADERS OF AMERICA, INC. 1 5.63% $9,899
    MEMBER FIRST MORTGAGE, LLC 1 7.13% $8,649
    MOVEMENT MORTGAGE, LLC 1 5.25% $10,097
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $12,653
    Nations Lending Corporation 1 5.63% $14,235
    NBKC BANK 1 5.63% $9,240
    OCEANSIDE MORTGAGE COMPANY 1 7.13% $8,367
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $13,459
    The Federal Savings Bank 1 7.75% $10,439
    LOANDEPOT.COM, LLC 1 6.50% $9,876
    Ameris Bank 1 6.25% $22,814
    BROKER SOLUTIONS, INC. 1 7.25% $10,322
    CALCON MUTUAL MORTGAGE LLC 1 5.75% $22,522
    CMG MORTGAGE, INC. 1 6.75% $9,753
    EMBRACE HOME LOANS, INC. 1 6.75% $9,236
    FREEDOM MORTGAGE CORPORATION 1 6.25% $15,799
    Lakeview Community Capital, LLC 1 5.75% $9,632

    The top Susanville FHA lender as defined by loan originations is AXIA FINANCIAL, LLC, with 25 FHA loans originated. Their average total fees are $10,577, which is $3,539 lower than the next largest lender, SUMMIT FUNDING, INC..

    The lowest fee Susanville FHA lenders (with over 10 loans originated) are AXIA FINANCIAL, LLC ($10,577), .

    The lowest rate Susanville FHA lenders (with over 10 loans originated) are AXIA FINANCIAL, LLC (6.96%), .

    Susanville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SUSANVILLE, CA LASSEN 2022 $420,680 $538,650 $651,050 $809,150
    SUSANVILLE, CA LASSEN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Susanville (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 $189,900 (-14.4%) $389,428 (-27.6%) 0.00 139
    2018-02-01 $198,500 (-12.6%) $396,380 (-31.6%) 0.00 141
    2018-03-01 $219,900 (-12.0%) $407,962 (-25.9%) 0.00 146
    2018-04-01 $217,425 (-5.2%) $398,524 (-16.8%) 0.00 160
    2018-05-01 $227,000 (3.8%) $424,394 (1.8%) 0.00 177
    2018-06-01 $239,900 (5.1%) $408,730 (-1.0%) 0.00 196
    2018-07-01 $243,950 (2.9%) $395,729 (-14.6%) 0.00 219
    2018-08-01 $245,000 (6.8%) $391,116 (-14.8%) 0.00 215
    2018-09-01 $235,000 (6.8%) $304,879 (-31.3%) 0.00 219
    2018-10-01 $227,000 (8.7%) $295,608 (-32.8%) 0.00 208
    2018-11-01 $215,000 (2.7%) $295,687 (-23.4%) 0.00 185
    2018-12-01 $224,500 (13.4%) $307,381 (-22.2%) 0.00 163
    2019-01-01 $232,000 (22.2%) $334,720 (-14.1%) 0.00 134
    2019-02-01 $232,450 (17.1%) $378,039 (-4.6%) 0.00 137
    2019-03-01 $224,929 (2.3%) $368,181 (-9.8%) 0.00 139
    2019-04-01 $227,428 (4.6%) $357,066 (-10.4%) 0.00 145
    2019-05-01 $239,900 (5.7%) $387,282 (-8.7%) 0.00 169
    2019-06-01 $244,900 (2.1%) $357,754 (-12.5%) 0.00 182
    2019-07-01 $241,225 (-1.1%) $385,102 (-2.7%) 0.00 195
    2019-08-01 $242,455 (-1.0%) $368,280 (-5.8%) 0.00 199
    2019-09-01 $246,136 (4.7%) $341,037 (11.9%) 0.00 207
    2019-10-01 $249,000 (9.7%) $321,368 (8.7%) 0.00 208
    2019-11-01 $249,000 (15.8%) $321,171 (8.6%) 0.00 191
    2019-12-01 $248,175 (10.6%) $331,918 (8.0%) 0.00 169
    2020-01-01 $233,000 (0.4%) $302,861 (-9.5%) 0.00 148
    2020-02-01 $219,500 (-5.6%) $284,617 (-24.7%) 0.00 137
    2020-03-01 $225,000 (0.0%) $288,549 (-21.6%) 0.00 147
    2020-04-01 $237,000 (4.2%) $291,279 (-18.4%) 0.00 154
    2020-05-01 $249,999 (4.2%) $307,818 (-20.5%) 0.00 134
    2020-06-01 $275,500 (12.5%) $347,022 (-3.0%) 0.00 126
    2020-07-01 $269,800 (11.9%) $415,025 (7.8%) 0.00 120
    2020-08-01 $249,000 (2.7%) $423,907 (15.1%) 0.00 106
    2020-09-01 $263,450 (7.0%) $448,966 (31.7%) 0.00 108
    2020-10-01 $260,000 (4.4%) $459,440 (43.0%) 0.00 99
    2020-11-01 $252,500 (1.4%) $488,489 (52.1%) 0.00 90
    2020-12-01 $241,725 (-2.6%) $473,813 (42.8%) 0.00 87
    2021-01-01 $269,000 (15.5%) $539,016 (78.0%) 0.00 69
    2021-02-01 $273,738 (24.7%) $606,306 (113.0%) 0.00 58
    2021-03-01 $237,425 (5.5%) $579,264 (100.8%) 0.00 61
    2021-04-01 $264,000 (11.4%) $531,341 (82.4%) 0.00 79
    2021-05-01 $274,000 (9.6%) $450,277 (46.3%) 0.00 126
    2021-06-01 $294,750 (7.0%) $468,901 (35.1%) 0.00 116
    2021-07-01 $310,000 (14.9%) $496,072 (19.5%) 0.00 121
    2021-08-01 $339,925 (36.5%) $527,806 (24.5%) 0.00 117
    2021-09-01 $342,450 (30.0%) $498,498 (11.0%) 0.00 117
    2021-10-01 $329,450 (26.7%) $428,173 (-6.8%) 0.00 108
    2021-11-01 $314,500 (24.6%) $454,809 (-6.9%) 0.00 106
    2021-12-01 $307,500 (27.2%) $443,056 (-6.5%) 0.00 107
    2022-01-01 $305,000 (13.4%) $404,438 (-25.0%) 0.00 86
    2022-02-01 $321,950 (17.6%) $443,806 (-26.8%) 0.00 67
    2022-03-01 $342,500 (44.3%) $527,610 (-8.9%) 0.00 76
    2022-04-01 $310,000 (17.4%) $522,354 (-1.7%) 0.00 75
    2022-05-01 $327,450 (19.5%) $486,322 (8.0%) 0.00 95
    2022-06-01 $310,000 (5.2%) $383,610 (-18.2%) 0.00 110
    2022-07-01 $324,900 (4.8%) $391,940 (-21.0%) 0.00 110
    2022-08-01 $306,975 (-9.7%) $393,885 (-25.4%) 0.00 116
    2022-09-01 $310,750 (-9.3%) $387,281 (-22.3%) 0.00 114
    2022-10-01 $299,999 (-8.9%) $372,649 (-13.0%) 0.00 124
    2022-11-01 $295,000 (-6.2%) $332,406 (-26.9%) 0.00 119
    2022-12-01 $297,000 (-3.4%) $332,933 (-24.9%) 0.00 97
    2023-01-01 $295,000 (-3.3%) $378,964 (-6.3%) 0.00 95
    2023-02-01 $299,999 (-6.8%) $386,992 (-12.8%) 0.00 89
    2023-03-01 $299,250 (-12.6%) $383,981 (-27.2%) 0.00 84
    2023-04-01 $308,950 (-0.3%) $394,848 (-24.4%) 0.00 76
    2023-05-01 $312,500 (-4.6%) $394,212 (-18.9%) 0.00 98
    2023-06-01 $309,000 (-0.3%) $393,914 (2.7%) 0.00 116
    2023-07-01 $299,999 (-7.7%) $385,761 (-1.6%) 0.00 125
    2023-08-01 $307,950 (0.3%) $394,941 (0.3%) 0.00 128
    2023-09-01 $315,000 (1.4%) $495,961 (28.1%) 0.00 128
    2023-10-01 $312,400 (4.1%) $489,884 (31.5%) 0.00 132
    2023-11-01 $310,000 (5.1%) $507,718 (52.7%) 0.00 121
    2023-12-01 $304,000 (2.4%) $497,000 (49.3%) 0.00 114
    2024-01-01 $293,000 (-0.7%) $453,990 (19.8%) 0.00 111
    2024-02-01 $300,500 (0.2%) $468,743 (21.1%) 0.00 100
    2024-03-01 $310,000 (3.6%) $471,862 (22.9%) 0.00 99
    Susanville's median listing price for 2024-03-01 was $310,000, a difference of $10,750 (3.6%) versus the prior year and $9,500 versus the prior month.

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

    Susanville's average listing price for 2024-03-01 was $471,862, a difference of $87,881 (22.9%) versus the prior year and $3,119 versus the prior month.

    For the 2024-03-01 period, Susanville had 99 MLS listings, a difference of -1 listings (-1%) versus the prior month and 15 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Susanville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,499 sqft
    2018-02-01 0 days 1,501 sqft
    2018-03-01 0 days 1,502 sqft
    2018-04-01 0 days 1,542 sqft
    2018-05-01 0 days 1,567 sqft
    2018-06-01 0 days 1,613 sqft
    2018-07-01 0 days 1,623 sqft
    2018-08-01 0 days 1,630 sqft
    2018-09-01 0 days 1,623 sqft
    2018-10-01 0 days 1,609 sqft
    2018-11-01 0 days 1,607 sqft
    2018-12-01 0 days 1,596 sqft
    2019-01-01 0 days 1,596 sqft
    2019-02-01 0 days 1,598 sqft
    2019-03-01 0 days 1,606 sqft
    2019-04-01 0 days 1,635 sqft
    2019-05-01 0 days 1,641 sqft
    2019-06-01 0 days 1,652 sqft
    2019-07-01 0 days 1,664 sqft
    2019-08-01 0 days 1,670 sqft
    2019-09-01 0 days 1,659 sqft
    2019-10-01 0 days 1,645 sqft
    2019-11-01 0 days 1,636 sqft
    2019-12-01 0 days 1,578 sqft
    2020-01-01 0 days 1,526 sqft
    2020-02-01 0 days 1,453 sqft
    2020-03-01 0 days 1,469 sqft
    2020-04-01 0 days 1,508 sqft
    2020-05-01 0 days 1,576 sqft
    2020-06-01 0 days 1,677 sqft
    2020-07-01 0 days 1,721 sqft
    2020-08-01 0 days 1,596 sqft
    2020-09-01 0 days 1,627 sqft
    2020-10-01 0 days 1,567 sqft
    2020-11-01 0 days 1,650 sqft
    2020-12-01 0 days 1,661 sqft
    2021-01-01 0 days 1,674 sqft
    2021-02-01 0 days 1,734 sqft
    2021-03-01 0 days 1,579 sqft
    2021-04-01 0 days 1,555 sqft
    2021-05-01 0 days 1,670 sqft
    2021-06-01 0 days 1,825 sqft
    2021-07-01 0 days 1,855 sqft
    2021-08-01 0 days 1,873 sqft
    2021-09-01 0 days 1,859 sqft
    2021-10-01 0 days 1,852 sqft
    2021-11-01 0 days 1,791 sqft
    2021-12-01 0 days 1,736 sqft
    2022-01-01 0 days 1,669 sqft
    2022-02-01 0 days 1,699 sqft
    2022-03-01 0 days 1,792 sqft
    2022-04-01 0 days 1,768 sqft
    2022-05-01 0 days 1,754 sqft
    2022-06-01 0 days 1,673 sqft
    2022-07-01 0 days 1,646 sqft
    2022-08-01 0 days 1,573 sqft
    2022-09-01 0 days 1,604 sqft
    2022-10-01 0 days 1,620 sqft
    2022-11-01 0 days 1,581 sqft
    2022-12-01 0 days 1,576 sqft
    2023-01-01 0 days 1,522 sqft
    2023-02-01 0 days 1,521 sqft
    2023-03-01 0 days 1,519 sqft
    2023-04-01 0 days 1,623 sqft
    2023-05-01 0 days 1,649 sqft
    2023-06-01 0 days 1,672 sqft
    2023-07-01 0 days 1,646 sqft
    2023-08-01 0 days 1,654 sqft
    2023-09-01 0 days 1,672 sqft
    2023-10-01 0 days 1,680 sqft
    2023-11-01 0 days 1,670 sqft
    2023-12-01 0 days 1,619 sqft
    2024-01-01 0 days 1,577 sqft
    2024-02-01 0 days 1,600 sqft
    2024-03-01 0 days 1,572 sqft
    Susanville's median listing age (time on market) for 2024-03-01 was 0 days.

    Susanville's median square footage for active listings during the 2024-03-01 period was 1,572 sqft. One year prior, the average listing was 1,519 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).