Susanville FHA Loan Rates, Closing Costs & Stats

Susanville, 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.

Susanville's 40 lenders originated 203 FHA loans during 2021. The total origination value was $39,325,000, with an average FHA loan value of $193,719.

Susanville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Susanville averaged 6.64% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Susanville's average FHA mortgage closing costs are $7,761.

The average rate for the prior week (2022-11-25) was 6.56% and one month ago for the week of 2022-10-28, the average rate was 6.9%.

The average rate one year ago was 3.33%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.29%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
AXIA FINANCIAL, LLC 53 3.66% $9,451
QUICKEN LOANS, LLC 20 2.81% $5,423
SUMMIT FUNDING, INC. 14 3.46% $10,916
AMERICAN PACIFIC MORTGAGE CORPORATION 11 3.34% $10,788
VILLAGE CAPITAL MORTGAGE 8 3.23% $2,385
GUILD MORTGAGE COMPANY 5 3.30% $9,779
PENNYMAC LOAN SERVICES, LLC 5 2.92% $4,115
FREEDOM MORTGAGE CORPORATION 4 2.69% $4,515
NEWREZ LLC 4 2.94% $6,141
LAKEVIEW LOAN SERVICING, LLC 4 3.13% $3,956
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.75% $6,804
BROKER SOLUTIONS, INC. 3 3.54% $7,515
Mr. Cooper ( Nationstar Mortgage ) 2 3.25% $2,074
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.81% $11,396
AMERISAVE MORTGAGE CORPORATION 2 2.38% $9,069
AmeriHome Mortgage Company, LLC 2 3.38% $4,232
SUN WEST MORTGAGE COMPANY, INC. 2 2.88% $5,409
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.25% $8,208
UNITED WHOLESALE MORTGAGE, LLC 2 2.66% $6,670
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.06% $6,798
HOME POINT FINANCIAL CORPORATION 1 3.63% $5,107
Hometown Equity Mortgage, LLC 1 3.75% $7,189
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $11,756
MOVEMENT MORTGAGE, LLC 1 2.88% $6,891
NATIONS DIRECT MORTGAGE, LLC 1 2.63% $9,790
CALIBER HOME LOANS, INC. 1 2.25% $8,293
Paramount Residential Mortgage Group, Inc. 1 2.88% $6,750
BAY EQUITY LLC 1 4.00% $7,804
PHH Mortgage Corporation 1 3.13% $2,287
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.00% $9,509
THE GOLDEN 1 1 3.00% $6,079
CLEARPATH LENDING 1 2.75% $4,043
ALL WESTERN MORTGAGE, INC. 1 3.00% $5,406
Commerce Home Mortgage, Inc. 1 2.25% $5,224
First Guaranty Mortgage Corporation 1 2.88% $8,198
Flagstar Bank, FSB 1 3.13% $8,945
Franklin Loan Corporation 1 3.00% $6,963
Chickasaw Community Bank 1 2.88% $4,581
Carrington Mortgage Services, LLC 1 3.38% $6,903
ALAMEDA MORTGAGE CORPORATION 1 2.63% $8,772

The top Susanville FHA lender as defined by loan originations is AXIA FINANCIAL, LLC, with 53 FHA loans originated. Their average total fees are $9,451, which is $4,027 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Susanville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($5,423), AXIA FINANCIAL, LLC ($9,451), AMERICAN PACIFIC MORTGAGE CORPORATION ($10,788), SUMMIT FUNDING, INC. ($10,916) and .

The lowest rate Susanville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.81%), AMERICAN PACIFIC MORTGAGE CORPORATION (3.34%), SUMMIT FUNDING, INC. (3.46%), AXIA FINANCIAL, LLC (3.66%) and .

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

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 $195,975 (-12.8%) $394,352 (-26.8%) 0.00 142
2018-02-01 $199,450 (-17.7%) $399,973 (-31.0%) 0.00 145
2018-03-01 $224,700 (-11.4%) $411,282 (-25.4%) 0.00 150
2018-04-01 $224,900 (-2.2%) $403,205 (-16.1%) 0.00 165
2018-05-01 $230,700 (5.2%) $427,248 (1.9%) 0.00 181
2018-06-01 $239,900 (4.6%) $409,113 (-1.6%) 0.00 201
2018-07-01 $245,000 (3.4%) $396,204 (-14.2%) 0.00 223
2018-08-01 $245,000 (6.8%) $393,046 (-14.3%) 0.00 217
2018-09-01 $235,000 (6.8%) $308,358 (-30.3%) 0.00 221
2018-10-01 $227,000 (7.0%) $298,774 (-31.7%) 0.00 210
2018-11-01 $215,000 (0.1%) $296,991 (-23.0%) 0.00 187
2018-12-01 $220,000 (10.6%) $305,846 (-23.0%) 0.00 164
2019-01-01 $230,225 (17.5%) $332,604 (-15.7%) 0.00 135
2019-02-01 $232,450 (16.6%) $375,669 (-6.1%) 0.00 138
2019-03-01 $223,757 (-0.4%) $366,823 (-10.8%) 0.00 140
2019-04-01 $227,532 (1.2%) $356,897 (-11.5%) 0.00 145
2019-05-01 $239,900 (4.0%) $387,282 (-9.4%) 0.00 169
2019-06-01 $244,925 (2.1%) $362,020 (-11.5%) 0.00 183
2019-07-01 $243,675 (-0.5%) $388,142 (-2.0%) 0.00 196
2019-08-01 $244,236 (-0.3%) $371,869 (-5.4%) 0.00 200
2019-09-01 $246,916 (5.1%) $344,604 (11.8%) 0.00 209
2019-10-01 $249,250 (9.8%) $324,962 (8.8%) 0.00 210
2019-11-01 $249,000 (15.8%) $322,867 (8.7%) 0.00 193
2019-12-01 $248,175 (12.8%) $331,918 (8.5%) 0.00 169
2020-01-01 $233,000 (1.2%) $302,861 (-8.9%) 0.00 148
2020-02-01 $219,000 (-5.8%) $284,148 (-24.4%) 0.00 137
2020-03-01 $224,625 (0.4%) $288,085 (-21.5%) 0.00 148
2020-04-01 $233,500 (2.6%) $290,816 (-18.5%) 0.00 155
2020-05-01 $249,950 (4.2%) $307,194 (-20.7%) 0.00 135
2020-06-01 $275,500 (12.5%) $347,022 (-4.1%) 0.00 126
2020-07-01 $269,800 (10.7%) $415,025 (6.9%) 0.00 120
2020-08-01 $249,000 (2.0%) $423,907 (14.0%) 0.00 106
2020-09-01 $263,450 (6.7%) $448,966 (30.3%) 0.00 108
2020-10-01 $260,000 (4.3%) $459,440 (41.4%) 0.00 99
2020-11-01 $252,500 (1.4%) $488,489 (51.3%) 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 (25.0%) $606,306 (113.4%) 0.00 58
2021-03-01 $237,425 (5.7%) $579,264 (101.1%) 0.00 61
2021-04-01 $264,000 (13.1%) $531,341 (82.7%) 0.00 79
2021-05-01 $274,000 (9.6%) $450,277 (46.6%) 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%) $444,352 (-6.2%) 0.00 107
2022-01-01 $305,000 (13.4%) $407,398 (-24.4%) 0.00 85
2022-02-01 $323,475 (18.2%) $447,930 (-26.1%) 0.00 66
2022-03-01 $346,225 (45.8%) $532,484 (-8.1%) 0.00 75
2022-04-01 $322,500 (22.2%) $527,010 (-0.8%) 0.00 74
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%) $330,035 (-27.4%) 0.00 119
Susanville's median listing price for 2022-11-01 was $295,000, a difference of $-19,500 (-6.2%) versus the prior year and $-4,999 versus the prior month.

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

Susanville's average listing price for 2022-11-01 was $330,035, a difference of $-124,774 (-27.4%) versus the prior year and $-42,614 versus the prior month.

For the 2022-11-01 period, Susanville had 119 MLS listings, a difference of -5 listings (-4%) versus the prior month and 13 listings (12%) 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 1,497 sqft
2018-02-01 0 days 1,501 sqft
2018-03-01 0 days 1,502 sqft
2018-04-01 0 days 1,544 sqft
2018-05-01 0 days 1,572 sqft
2018-06-01 0 days 1,613 sqft
2018-07-01 0 days 1,619 sqft
2018-08-01 0 days 1,628 sqft
2018-09-01 0 days 1,621 sqft
2018-10-01 0 days 1,606 sqft
2018-11-01 0 days 1,603 sqft
2018-12-01 0 days 1,572 sqft
2019-01-01 0 days 1,573 sqft
2019-02-01 0 days 1,569 sqft
2019-03-01 0 days 1,597 sqft
2019-04-01 0 days 1,633 sqft
2019-05-01 0 days 1,640 sqft
2019-06-01 0 days 1,652 sqft
2019-07-01 0 days 1,663 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 1,465 sqft
2020-03-01 0 days 1,477 sqft
2020-04-01 0 days 1,513 sqft
2020-05-01 0 days 1,580 sqft
2020-06-01 0 days 1,677 sqft
2020-07-01 0 days 1,706 sqft
2020-08-01 0 days 1,580 sqft
2020-09-01 0 days 1,617 sqft
2020-10-01 0 days 1,554 sqft
2020-11-01 0 days 1,631 sqft
2020-12-01 0 days 1,641 sqft
2021-01-01 0 days 1,603 sqft
2021-02-01 0 days 1,612 sqft
2021-03-01 0 days 1,500 sqft
2021-04-01 0 days 1,545 sqft
2021-05-01 0 days 1,656 sqft
2021-06-01 0 days 1,811 sqft
2021-07-01 0 days 1,847 sqft
2021-08-01 0 days 1,864 sqft
2021-09-01 0 days 1,857 sqft
2021-10-01 0 days 1,849 sqft
2021-11-01 0 days 1,788 sqft
2021-12-01 0 days 1,732 sqft
2022-01-01 0 days 1,669 sqft
2022-02-01 0 days 1,720 sqft
2022-03-01 0 days 1,792 sqft
2022-04-01 0 days 1,760 sqft
2022-05-01 0 days 1,735 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 1,579 sqft
Susanville's median listing age (time on market) for 2022-11-01 was 0 days.

Susanville's median square footage for active listings during the 2022-11-01 period was 1,579 sqft. One year prior, the average listing was 1,788 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).