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 41 lenders originated 155 FHA loans during 2023. The total origination value was $61,365,000, with an average FHA loan value of $395,903.

    Truckee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Truckee averaged 0.16% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Truckee's average FHA mortgage closing costs are $12,359.

    The average rate for the prior week (2024-11-08) was 6.57% and one month ago for the week of 2024-10-11, the average rate was 6.17%.

    The average rate one year ago was 7.12%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.09%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 36 6.03% $16,333
    MOVEMENT MORTGAGE, LLC 12 6.93% $19,607
    QUICKEN LOANS, LLC 7 6.12% $18,540
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.95% $17,738
    CROSSCOUNTRY MORTGAGE, LLC 5 6.93% $19,427
    Century Mortgage Company DBA Century Lending Company 4 5.78% $19,343
    NEWREZ LLC 3 6.25% $12,697
    Sierra Pacific Mortgage Company, Inc. 2 6.69% $18,766
    Flagstar Bank, FSB 2 6.13% $8,903
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 5.69% $20,805
    S1L, Inc. 2 7.25% $21,530
    PENNYMAC LOAN SERVICES, LLC 2 6.25% $16,570
    LOANDEPOT.COM, LLC 2 5.06% $11,304
    University Bank 2 6.63% $16,706
    LOANPAL, LLC 1 6.99% $22,400
    MID AMERICA MORTGAGE, INC. 1 7.25% $6,299
    MOUNTAIN WEST FINANCIAL, INC. 1 7.25% $17,710
    Mr. Cooper ( Nationstar Mortgage ) 1 7.75% $17,909
    Nations Lending Corporation 1 7.13% $11,581
    Northpointe Bank 1 7.75% $11,249
    Paramount Residential Mortgage Group, Inc. 1 7.13% $15,778
    Performance Financial, Inc. 1 6.50% $16,778
    PLANET HOME LENDING, LLC 1 5.63% $10,859
    PLAZA HOME MORTGAGE, INC. 1 6.25% $24,485
    SUMMIT FUNDING, INC. 1 7.13% $21,015
    SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $17,448
    TRAVIS CREDIT UNION 1 6.13% $15,592
    Wells Fargo Bank 1 7.38% $12,698
    BAY-VALLEY MORTGAGE GROUP 1 7.50% $17,152
    BECKAM FUNDING CORP. 1 7.25% $23,290
    CARDINAL FINANCIAL 1 6.25% $17,742
    Carrington Mortgage Services, LLC 1 6.38% $24,143
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.63% $17,019
    FREEDOM MORTGAGE CORPORATION 1 6.49% $13,551
    GUARANTEED RATE AFFINITY, LLC 1 7.63% $23,732
    GUARANTEED RATE, INC. 1 7.75% $10,076
    GUILD MORTGAGE COMPANY 1 7.13% $19,551
    HOME APPROVALS DIRECT, INC. 1 5.63% $10,859
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.38% $18,019
    JPMorgan Chase Bank 1 7.25% $10,065
    LOANLEADERS OF AMERICA, INC. 1 6.63% $17,335

    The top Truckee FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 36 FHA loans originated. Their average total fees are $16,333, which is $3,274 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Truckee FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($16,333), MOVEMENT MORTGAGE, LLC ($19,607), .

    The lowest rate Truckee FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.03%), MOVEMENT MORTGAGE, LLC (6.93%), .

    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
    TRUCKEE-GRASS VALLEY, CA NEVADA 2023 $644,000 $824,450 $996,550 $1,238,500

    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 $489,750 (3.8%) $626,862 (-1.0%) 0.00 458
    2018-02-01 $489,375 (-0.3%) $627,092 (-2.2%) 0.00 453
    2018-03-01 $465,375 (-6.7%) $609,844 (-6.0%) 0.00 473
    2018-04-01 $479,000 (-3.8%) $596,075 (-7.4%) 0.00 541
    2018-05-01 $489,025 (-2.1%) $599,025 (-8.4%) 0.00 646
    2018-06-01 $497,000 (-5.7%) $596,448 (-11.6%) 0.00 725
    2018-07-01 $481,750 (-8.2%) $599,549 (-11.8%) 0.00 783
    2018-08-01 $474,975 (-6.8%) $599,024 (-8.1%) 0.00 832
    2018-09-01 $475,000 (-5.0%) $602,215 (-6.5%) 0.00 838
    2018-10-01 $466,000 (-5.3%) $598,601 (-6.5%) 0.00 806
    2018-11-01 $471,975 (-3.7%) $589,497 (-7.1%) 0.00 751
    2018-12-01 $455,000 (-4.9%) $577,751 (-7.1%) 0.00 708
    2019-01-01 $434,475 (-11.3%) $549,466 (-12.4%) 0.00 618
    2019-02-01 $438,220 (-10.5%) $557,492 (-11.1%) 0.00 589
    2019-03-01 $453,893 (-2.5%) $563,254 (-7.6%) 0.00 585
    2019-04-01 $466,875 (-2.5%) $570,478 (-4.3%) 0.00 618
    2019-05-01 $497,000 (1.6%) $612,472 (2.2%) 0.00 767
    2019-06-01 $499,975 (0.6%) $621,386 (4.2%) 0.00 860
    2019-07-01 $500,000 (3.8%) $617,827 (3.1%) 0.00 949
    2019-08-01 $500,000 (5.3%) $614,316 (2.6%) 0.00 960
    2019-09-01 $500,000 (5.3%) $606,286 (0.7%) 0.00 925
    2019-10-01 $500,000 (7.3%) $600,644 (0.3%) 0.00 876
    2019-11-01 $499,000 (5.7%) $585,032 (-0.8%) 0.00 747
    2019-12-01 $480,000 (5.5%) $571,831 (-1.0%) 0.00 646
    2020-01-01 $480,000 (10.5%) $578,526 (5.3%) 0.00 578
    2020-02-01 $489,500 (11.7%) $592,232 (6.2%) 0.00 549
    2020-03-01 $499,500 (10.1%) $600,319 (6.6%) 0.00 595
    2020-04-01 $507,500 (8.7%) $600,587 (5.3%) 0.00 564
    2020-05-01 $535,000 (7.7%) $643,479 (5.1%) 0.00 616
    2020-06-01 $549,000 (9.8%) $659,931 (6.2%) 0.00 560
    2020-07-01 $550,750 (10.2%) $669,883 (8.4%) 0.00 481
    2020-08-01 $575,000 (15.0%) $697,478 (13.5%) 0.00 409
    2020-09-01 $575,000 (15.0%) $722,408 (19.2%) 0.00 433
    2020-10-01 $572,400 (14.5%) $743,546 (23.8%) 0.00 446
    2020-11-01 $574,950 (15.2%) $731,971 (25.1%) 0.00 389
    2020-12-01 $559,500 (16.6%) $705,909 (23.5%) 0.00 348
    2021-01-01 $565,000 (17.7%) $719,827 (24.4%) 0.00 285
    2021-02-01 $544,032 (11.1%) $669,052 (13.0%) 0.00 264
    2021-03-01 $546,225 (9.4%) $644,658 (7.4%) 0.00 250
    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 $614,250 (11.9%) $707,805 (7.3%) 0.00 323
    2021-07-01 $639,000 (16.0%) $755,983 (12.9%) 0.00 348
    2021-08-01 $606,000 (5.4%) $737,752 (5.8%) 0.00 356
    2021-09-01 $593,972 (3.3%) $743,805 (3.0%) 0.00 382
    2021-10-01 $599,900 (4.8%) $752,752 (1.2%) 0.00 431
    2021-11-01 $599,450 (4.3%) $739,870 (1.1%) 0.00 385
    2021-12-01 $599,225 (7.1%) $723,304 (2.5%) 0.00 299
    2022-01-01 $599,450 (6.1%) $713,333 (-0.9%) 0.00 227
    2022-02-01 $626,000 (15.1%) $764,232 (14.2%) 0.00 245
    2022-03-01 $645,750 (18.2%) $772,809 (19.9%) 0.00 279
    2022-04-01 $677,000 (23.2%) $809,662 (25.8%) 0.00 353
    2022-05-01 $658,450 (16.5%) $818,142 (24.1%) 0.00 486
    2022-06-01 $674,500 (9.8%) $837,341 (18.3%) 0.00 566
    2022-07-01 $669,000 (4.7%) $866,878 (14.7%) 0.00 617
    2022-08-01 $699,000 (15.4%) $892,178 (20.9%) 0.00 578
    2022-09-01 $695,000 (17.0%) $882,732 (18.7%) 0.00 560
    2022-10-01 $660,000 (10.0%) $852,543 (13.3%) 0.00 529
    2022-11-01 $629,225 (5.0%) $851,912 (15.1%) 0.00 467
    2022-12-01 $622,450 (3.9%) $859,638 (18.9%) 0.00 378
    2023-01-01 $659,000 (9.9%) $911,341 (27.8%) 0.00 298
    2023-02-01 $700,000 (11.8%) $951,257 (24.5%) 0.00 266
    2023-03-01 $684,361 (6.0%) $948,487 (22.7%) 0.00 248
    2023-04-01 $725,000 (7.1%) $1,008,157 (24.5%) 0.00 263
    2023-05-01 $729,250 (10.8%) $987,023 (20.6%) 0.00 347
    2023-06-01 $749,225 (11.1%) $980,162 (17.1%) 0.00 439
    2023-07-01 $749,000 (12.0%) $979,448 (13.0%) 0.00 486
    2023-08-01 $748,250 (7.1%) $979,782 (9.8%) 0.00 488
    2023-09-01 $739,000 (6.3%) $961,968 (9.0%) 0.00 475
    2023-10-01 $700,000 (6.1%) $948,042 (11.2%) 0.00 457
    2023-11-01 $674,975 (7.3%) $907,841 (6.6%) 0.00 430
    2023-12-01 $668,000 (7.3%) $916,911 (6.7%) 0.00 370
    2024-01-01 $649,925 (-1.4%) $908,392 (-0.3%) 0.00 310
    2024-02-01 $662,500 (-5.4%) $911,900 (-4.1%) 0.00 290
    2024-03-01 $659,000 (-3.7%) $938,165 (-1.1%) 0.00 280
    2024-04-01 $669,900 (-7.6%) $921,881 (-8.6%) 0.00 335
    2024-05-01 $699,500 (-4.1%) $924,486 (-6.3%) 0.00 433
    2024-06-01 $699,000 (-6.7%) $940,596 (-4.0%) 0.00 517
    2024-07-01 $699,000 (-6.7%) $952,973 (-2.7%) 0.00 561
    2024-08-01 $689,000 (-7.9%) $935,843 (-4.5%) 0.00 612
    2024-09-01 $671,200 (-9.2%) $928,945 (-3.4%) 0.00 621
    2024-10-01 $672,450 (-3.9%) $929,037 (-2.0%) 0.00 592
    Truckee's median listing price for 2024-10-01 was $672,450, a difference of $-27,550 (-3.9%) versus the prior year and $1,250 versus the prior month.

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

    Truckee's average listing price for 2024-10-01 was $929,037, a difference of $-19,005 (-2.0%) versus the prior year and $92 versus the prior month.

    For the 2024-10-01 period, Truckee had 592 MLS listings, a difference of -29 listings (-5%) versus the prior month and 135 listings (30%) 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 2,228 sqft
    2018-02-01 0 days 2,254 sqft
    2018-03-01 0 days 2,283 sqft
    2018-04-01 0 days 2,212 sqft
    2018-05-01 0 days 2,182 sqft
    2018-06-01 0 days 2,171 sqft
    2018-07-01 0 days 2,145 sqft
    2018-08-01 0 days 2,104 sqft
    2018-09-01 0 days 2,116 sqft
    2018-10-01 0 days 2,157 sqft
    2018-11-01 0 days 2,150 sqft
    2018-12-01 0 days 2,165 sqft
    2019-01-01 0 days 2,148 sqft
    2019-02-01 0 days 2,139 sqft
    2019-03-01 0 days 2,202 sqft
    2019-04-01 0 days 2,240 sqft
    2019-05-01 0 days 2,262 sqft
    2019-06-01 0 days 2,206 sqft
    2019-07-01 0 days 2,182 sqft
    2019-08-01 0 days 2,208 sqft
    2019-09-01 0 days 2,220 sqft
    2019-10-01 0 days 2,234 sqft
    2019-11-01 0 days 2,257 sqft
    2019-12-01 0 days 2,254 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 2,243 sqft
    2020-05-01 0 days 2,234 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 2,210 sqft
    2020-10-01 0 days 2,155 sqft
    2020-11-01 0 days 2,138 sqft
    2020-12-01 0 days 2,127 sqft
    2021-01-01 0 days 2,080 sqft
    2021-02-01 0 days 2,050 sqft
    2021-03-01 0 days 1,997 sqft
    2021-04-01 0 days 1,963 sqft
    2021-05-01 0 days 1,918 sqft
    2021-06-01 0 days 1,938 sqft
    2021-07-01 0 days 2,000 sqft
    2021-08-01 0 days 1,953 sqft
    2021-09-01 0 days 1,928 sqft
    2021-10-01 0 days 1,950 sqft
    2021-11-01 0 days 1,984 sqft
    2021-12-01 0 days 1,923 sqft
    2022-01-01 0 days 1,872 sqft
    2022-02-01 0 days 1,877 sqft
    2022-03-01 0 days 1,906 sqft
    2022-04-01 0 days 1,923 sqft
    2022-05-01 0 days 1,971 sqft
    2022-06-01 0 days 1,996 sqft
    2022-07-01 0 days 1,982 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
    2022-12-01 0 days 2,009 sqft
    2023-01-01 0 days 2,135 sqft
    2023-02-01 0 days 2,222 sqft
    2023-03-01 0 days 2,213 sqft
    2023-04-01 0 days 2,400 sqft
    2023-05-01 0 days 2,239 sqft
    2023-06-01 0 days 2,323 sqft
    2023-07-01 0 days 2,256 sqft
    2023-08-01 0 days 2,236 sqft
    2023-09-01 0 days 2,205 sqft
    2023-10-01 0 days 2,173 sqft
    2023-11-01 0 days 2,140 sqft
    2023-12-01 0 days 2,197 sqft
    2024-01-01 0 days 2,118 sqft
    2024-02-01 0 days 2,252 sqft
    2024-03-01 0 days 2,276 sqft
    2024-04-01 0 days 2,138 sqft
    2024-05-01 0 days 2,109 sqft
    2024-06-01 0 days 2,117 sqft
    2024-07-01 0 days 2,134 sqft
    2024-08-01 0 days 2,091 sqft
    2024-09-01 0 days 2,118 sqft
    2024-10-01 0 days 2,134 sqft
    Truckee's median listing age (time on market) for 2024-10-01 was 0 days.

    Truckee's median square footage for active listings during the 2024-10-01 period was 2,134 sqft. One year prior, the average listing was 2,173 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).