Truckee FHA Loan Rates, Closing Costs & Stats

Truckee-Grass Valley, 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.

    Truckee's 62 lenders originated 345 FHA loans during 2021. The total origination value was $122,665,000, with an average FHA loan value of $355,551.

    Truckee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Truckee averaged 6.23% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Truckee's average FHA mortgage closing costs are $11,525.

    The average rate for the prior week (2022-11-25) was 6.15% and one month ago for the week of 2022-10-28, the average rate was 6.78%.

    The average rate one year ago was 3.42%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.33%.

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

    Truckee 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 Truckee level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    LAKEVIEW LOAN SERVICING, LLC 21 2.90% $6,210
    FINANCE OF AMERICA MORTGAGE LLC 19 3.19% $10,854
    QUICKEN LOANS, LLC 18 2.55% $8,441
    UNITED WHOLESALE MORTGAGE, LLC 17 2.62% $12,843
    MOVEMENT MORTGAGE, LLC 15 3.18% $10,281
    FREEDOM MORTGAGE CORPORATION 15 2.52% $8,051
    HOME POINT FINANCIAL CORPORATION 14 2.97% $11,500
    PENNYMAC LOAN SERVICES, LLC 8 2.82% $8,429
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 2.83% $11,602
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 7 3.30% $12,226
    CALIBER HOME LOANS, INC. 7 2.63% $11,458
    Carrington Mortgage Services, LLC 6 3.33% $15,784
    PREMIER MORTGAGE RESOURCES, L.L.C. 6 3.10% $14,107
    Sierra Pacific Mortgage Company, Inc. 5 2.80% $10,814
    Mr. Cooper ( Nationstar Mortgage ) 5 3.20% $5,643
    Commerce Home Mortgage, Inc. 4 2.88% $13,054
    LOANDEPOT.COM, LLC 4 3.06% $10,950
    GUILD MORTGAGE COMPANY 4 2.72% $11,158
    DATA MORTGAGE, INC. 3 2.79% $11,774
    S1L, Inc. 3 3.08% $12,958
    LENDUS, LLC 3 2.75% $12,281
    SUMMIT FUNDING, INC. 3 2.79% $15,503
    SUN WEST MORTGAGE COMPANY, INC. 3 2.58% $8,567
    MID AMERICA MORTGAGE, INC. 2 2.88% $4,875
    GENEVA FINANCIAL, LLC 2 3.75% $14,575
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.13% $14,037
    CORNERSTONE HOME LENDING, INC. 2 3.25% $10,160
    AmeriHome Mortgage Company, LLC 2 2.75% $6,068
    NEWREZ LLC 2 2.69% $13,587
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.12% $18,919
    Equity Prime Mortgage LLC 2 2.88% $9,504
    AMERICAN FINANCIAL NETWORK, INC. 2 3.44% $15,107
    BROKER SOLUTIONS, INC. 2 2.88% $12,040
    VILLAGE CAPITAL MORTGAGE 2 2.25% $3,236
    ZILLOW HOME LOANS, LLC 1 2.25% $8,818
    AMERISAVE MORTGAGE CORPORATION 1 2.38% $15,822
    Ameris Bank 1 2.25% $10,329
    BEST CAPITAL FUNDING 1 3.25% $10,760
    BETTER MORTGAGE CORPORATION 1 2.50% $7,983
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $11,381
    CELEBRITY HOME LOANS, LLC 1 3.50% $8,014
    CHURCHILL MORTGAGE CORPORATION 1 2.25% $12,769
    CROSSCOUNTRY MORTGAGE, LLC 1 3.50% $11,405
    ENVOY MORTGAGE, LTD 1 2.75% $9,028
    FBC MORTGAGE, LLC 1 2.99% $7,355
    First Guaranty Mortgage Corporation 1 3.00% $11,028
    Flagstar Bank, FSB 1 2.25% $8,832
    Goldwater Bank, N.A. 1 3.13% $12,399
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $16,006
    Hometown Lenders, Inc. 1 3.25% $17,796
    JPMorgan Chase Bank 1 2.75% $12,231
    Lakeview Community Capital, LLC 1 3.25% $5,952
    MORIA DEVELOPMENT, INC. 1 4.75% $13,196
    Nations Lending Corporation 1 2.75% $18,140
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.38% $11,602
    NETWORK CAPITAL FUNDING CORPORATION 1 2.50% $15,381
    Paramount Residential Mortgage Group, Inc. 1 3.38% $11,766
    PLANET HOME LENDING, LLC 1 2.75% $7,574
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $7,767
    SOUTHWEST STAGE FUNDING, LLC 1 2.75% $2,498
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $10,385
    ACADEMY MORTGAGE CORPORATION 1 4.25% $14,764

    The top Truckee FHA lender as defined by loan originations is LAKEVIEW LOAN SERVICING, LLC, with 21 FHA loans originated. Their average total fees are $6,210, which is $4,644 lower than the next largest lender, FINANCE OF AMERICA MORTGAGE LLC.

    The lowest fee Truckee FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,210), FREEDOM MORTGAGE CORPORATION ($8,051), QUICKEN LOANS, LLC ($8,441), MOVEMENT MORTGAGE, LLC ($10,281) and FINANCE OF AMERICA MORTGAGE LLC ($10,854).

    The lowest rate Truckee FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.52%), QUICKEN LOANS, LLC (2.55%), UNITED WHOLESALE MORTGAGE, LLC (2.62%), LAKEVIEW LOAN SERVICING, LLC (2.90%) and HOME POINT FINANCIAL CORPORATION (2.97%).

    Truckee FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TRUCKEE-GRASS VALLEY, CA NEVADA 2022 $609,500 $780,250 $943,150 $1,172,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Truckee (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 $488,750 (3.6%) $627,534 (-0.1%) 0.00 458
    2018-02-01 $489,375 (0.0%) $627,878 (-1.1%) 0.00 455
    2018-03-01 $465,375 (-6.4%) $610,658 (-4.9%) 0.00 475
    2018-04-01 $479,000 (-3.8%) $596,834 (-6.6%) 0.00 543
    2018-05-01 $489,025 (-2.0%) $599,686 (-7.4%) 0.00 648
    2018-06-01 $496,000 (-5.0%) $595,413 (-11.1%) 0.00 726
    2018-07-01 $481,500 (-8.3%) $597,269 (-11.5%) 0.00 784
    2018-08-01 $474,725 (-6.4%) $598,365 (-7.9%) 0.00 834
    2018-09-01 $475,000 (-5.0%) $595,355 (-7.3%) 0.00 839
    2018-10-01 $465,000 (-5.4%) $591,680 (-7.5%) 0.00 806
    2018-11-01 $471,950 (-3.7%) $582,159 (-8.1%) 0.00 751
    2018-12-01 $453,950 (-5.0%) $569,763 (-8.3%) 0.00 708
    2019-01-01 $434,450 (-11.1%) $539,770 (-14.0%) 0.00 618
    2019-02-01 $436,720 (-10.8%) $547,500 (-12.8%) 0.00 589
    2019-03-01 $451,800 (-2.9%) $553,137 (-9.4%) 0.00 586
    2019-04-01 $465,600 (-2.8%) $560,239 (-6.1%) 0.00 618
    2019-05-01 $498,000 (1.8%) $608,703 (1.5%) 0.00 768
    2019-06-01 $500,000 (0.8%) $618,084 (3.8%) 0.00 859
    2019-07-01 $500,000 (3.8%) $611,912 (2.5%) 0.00 947
    2019-08-01 $500,000 (5.3%) $609,659 (1.9%) 0.00 958
    2019-09-01 $500,000 (5.3%) $603,717 (1.4%) 0.00 925
    2019-10-01 $500,000 (7.5%) $599,699 (1.4%) 0.00 876
    2019-11-01 $499,000 (5.7%) $583,961 (0.3%) 0.00 747
    2019-12-01 $480,000 (5.7%) $571,347 (0.3%) 0.00 647
    2020-01-01 $480,000 (10.5%) $578,526 (7.2%) 0.00 578
    2020-02-01 $489,000 (12.0%) $592,232 (8.2%) 0.00 549
    2020-03-01 $499,500 (10.6%) $600,319 (8.5%) 0.00 594
    2020-04-01 $507,500 (9.0%) $600,587 (7.2%) 0.00 564
    2020-05-01 $535,000 (7.4%) $643,405 (5.7%) 0.00 616
    2020-06-01 $549,000 (9.8%) $659,837 (6.8%) 0.00 560
    2020-07-01 $552,000 (10.4%) $669,746 (9.5%) 0.00 482
    2020-08-01 $575,000 (15.0%) $697,256 (14.4%) 0.00 410
    2020-09-01 $575,000 (15.0%) $720,638 (19.4%) 0.00 433
    2020-10-01 $569,900 (14.0%) $743,546 (24.0%) 0.00 445
    2020-11-01 $574,950 (15.2%) $732,266 (25.4%) 0.00 388
    2020-12-01 $558,500 (16.4%) $706,879 (23.7%) 0.00 347
    2021-01-01 $567,000 (18.1%) $722,208 (24.8%) 0.00 286
    2021-02-01 $544,500 (11.4%) $671,528 (13.4%) 0.00 265
    2021-03-01 $547,500 (9.6%) $647,323 (7.8%) 0.00 251
    2021-04-01 $549,685 (8.3%) $643,821 (7.2%) 0.00 294
    2021-05-01 $565,000 (5.6%) $659,317 (2.5%) 0.00 328
    2021-06-01 $612,500 (11.6%) $707,805 (7.3%) 0.00 322
    2021-07-01 $634,000 (14.9%) $750,202 (12.0%) 0.00 347
    2021-08-01 $606,000 (5.4%) $738,442 (5.9%) 0.00 354
    2021-09-01 $593,972 (3.3%) $745,639 (3.5%) 0.00 380
    2021-10-01 $599,900 (5.3%) $754,371 (1.5%) 0.00 429
    2021-11-01 $599,450 (4.3%) $742,022 (1.3%) 0.00 383
    2021-12-01 $599,000 (7.3%) $719,516 (1.8%) 0.00 299
    2022-01-01 $599,450 (5.7%) $713,781 (-1.2%) 0.00 227
    2022-02-01 $627,000 (15.2%) $764,356 (13.8%) 0.00 245
    2022-03-01 $645,750 (18.0%) $772,139 (19.3%) 0.00 279
    2022-04-01 $677,000 (23.2%) $809,662 (25.8%) 0.00 353
    2022-05-01 $659,450 (16.7%) $818,484 (24.1%) 0.00 486
    2022-06-01 $674,500 (10.1%) $837,341 (18.3%) 0.00 566
    2022-07-01 $669,000 (5.5%) $866,878 (15.6%) 0.00 617
    2022-08-01 $699,000 (15.4%) $892,305 (20.8%) 0.00 578
    2022-09-01 $695,000 (17.0%) $882,732 (18.4%) 0.00 560
    2022-10-01 $660,000 (10.0%) $861,562 (14.2%) 0.00 529
    2022-11-01 $629,225 (5.0%) $851,912 (14.8%) 0.00 467
    Truckee's median listing price for 2022-11-01 was $629,225, a difference of $29,775 (5.0%) versus the prior year and $-30,775 versus the prior month.

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

    Truckee's average listing price for 2022-11-01 was $851,912, a difference of $109,890 (14.8%) versus the prior year and $-9,650 versus the prior month.

    For the 2022-11-01 period, Truckee had 467 MLS listings, a difference of -62 listings (-12%) versus the prior month and 84 listings (22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Truckee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,230 sqft
    2018-02-01 0 days 2,258 sqft
    2018-03-01 0 days 2,288 sqft
    2018-04-01 0 days 2,218 sqft
    2018-05-01 0 days 2,186 sqft
    2018-06-01 0 days 2,171 sqft
    2018-07-01 0 days 2,145 sqft
    2018-08-01 0 days 2,108 sqft
    2018-09-01 0 days 2,116 sqft
    2018-10-01 0 days 2,153 sqft
    2018-11-01 0 days 2,151 sqft
    2018-12-01 0 days 2,165 sqft
    2019-01-01 0 days 2,149 sqft
    2019-02-01 0 days 2,138 sqft
    2019-03-01 0 days 2,201 sqft
    2019-04-01 0 days 2,242 sqft
    2019-05-01 0 days 2,266 sqft
    2019-06-01 0 days 2,204 sqft
    2019-07-01 0 days 2,179 sqft
    2019-08-01 0 days 2,203 sqft
    2019-09-01 0 days 2,217 sqft
    2019-10-01 0 days 2,232 sqft
    2019-11-01 0 days 2,257 sqft
    2019-12-01 0 days 2,256 sqft
    2020-01-01 0 days 2,252 sqft
    2020-02-01 0 days 2,293 sqft
    2020-03-01 0 days 2,229 sqft
    2020-04-01 0 days 2,241 sqft
    2020-05-01 0 days 2,231 sqft
    2020-06-01 0 days 2,332 sqft
    2020-07-01 0 days 2,242 sqft
    2020-08-01 0 days 2,200 sqft
    2020-09-01 0 days 2,209 sqft
    2020-10-01 0 days 2,158 sqft
    2020-11-01 0 days 2,139 sqft
    2020-12-01 0 days 2,129 sqft
    2021-01-01 0 days 2,080 sqft
    2021-02-01 0 days 2,045 sqft
    2021-03-01 0 days 1,988 sqft
    2021-04-01 0 days 1,958 sqft
    2021-05-01 0 days 1,918 sqft
    2021-06-01 0 days 1,938 sqft
    2021-07-01 0 days 1,996 sqft
    2021-08-01 0 days 1,948 sqft
    2021-09-01 0 days 1,919 sqft
    2021-10-01 0 days 1,949 sqft
    2021-11-01 0 days 1,978 sqft
    2021-12-01 0 days 1,912 sqft
    2022-01-01 0 days 1,866 sqft
    2022-02-01 0 days 1,877 sqft
    2022-03-01 0 days 1,912 sqft
    2022-04-01 0 days 1,924 sqft
    2022-05-01 0 days 1,971 sqft
    2022-06-01 0 days 2,000 sqft
    2022-07-01 0 days 1,981 sqft
    2022-08-01 0 days 1,936 sqft
    2022-09-01 0 days 1,981 sqft
    2022-10-01 0 days 2,008 sqft
    2022-11-01 0 days 2,005 sqft
    Truckee's median listing age (time on market) for 2022-11-01 was 0 days.

    Truckee's median square footage for active listings during the 2022-11-01 period was 2,005 sqft. One year prior, the average listing was 1,978 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).