Truckee FHA Loan Rates, Closing Costs & Stats

Truckee-Grass Valley, 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.

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).