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 50 lenders originated 236 FHA loans during 2022. The total origination value was $88,410,000, with an average FHA loan value of $374,619.

Truckee FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Truckee averaged 6.16% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Truckee's average FHA mortgage closing costs are $11,876.

The average rate for the prior week (2024-02-23) was 6.15% and one month ago for the week of 2024-01-26, the average rate was 5.85%.

The average rate one year ago was 5.78%.

For refis of the same type during the week of 2024-03-01, the average rate was 4.81%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 25 4.25% $12,339
HOME POINT FINANCIAL CORPORATION 12 4.42% $12,321
MOVEMENT MORTGAGE, LLC 11 4.51% $15,860
QUICKEN LOANS, LLC 7 4.66% $17,209
FINANCE OF AMERICA MORTGAGE LLC 7 4.70% $14,024
Paramount Residential Mortgage Group, Inc. 5 5.83% $12,245
AMERICAN PACIFIC MORTGAGE CORPORATION 5 5.15% $16,865
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 5 5.00% $16,494
Flagstar Bank, FSB 4 4.78% $11,074
FREEDOM MORTGAGE CORPORATION 4 3.66% $8,350
GUILD MORTGAGE COMPANY 3 5.54% $15,794
CALIBER HOME LOANS, INC. 3 4.21% $14,168
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.17% $17,648
S1L, Inc. 3 4.50% $14,172
PENNYMAC LOAN SERVICES, LLC 2 3.69% $11,374
PREMIER MORTGAGE RESOURCES, L.L.C. 2 4.25% $17,719
CARDINAL FINANCIAL 2 6.00% $17,448
NATIONS DIRECT MORTGAGE, LLC 2 5.81% $19,886
LOANDEPOT.COM, LLC 2 4.13% $9,799
Century Mortgage Company DBA Century Lending Company 2 5.00% $9,810
Sierra Pacific Mortgage Company, Inc. 2 3.19% $15,261
LOANPAL, LLC 2 4.69% $19,969
LAKEVIEW LOAN SERVICING, LLC 2 3.19% $7,502
CANOPY MORTGAGE, LLC 2 6.31% $28,790
SUN WEST MORTGAGE COMPANY, INC. 1 5.50% $21,715
AMERICAN FINANCIAL RESOURCES, INC. 1 4.63% $16,113
VILLAGE CAPITAL MORTGAGE 1 2.75% $3,541
AMERISAVE MORTGAGE CORPORATION 1 3.75% $11,512
BAY EQUITY LLC 1 3.63% $17,926
BROKER SOLUTIONS, INC. 1 5.63% $14,284
CENTRAL COAST LENDING, INC. 1 5.63% $11,547
Chickasaw Community Bank 1 3.63% $17,264
CORNERSTONE HOME LENDING, INC. 1 5.25% $11,123
CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $13,839
DATA MORTGAGE, INC. 1 4.00% $29,553
Equity Prime Mortgage LLC 1 3.38% $17,673
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.88% $15,374
GUARANTEED RATE, INC. 1 3.50% $13,701
HighTechLending Inc 1 3.63% $14,324
JPMorgan Chase Bank 1 5.49% $10,031
LAND HOME FINANCIAL SERVICES, INC. 1 3.25% $15,247
MOUNTAIN WEST FINANCIAL, INC. 1 4.50% $20,821
Mr. Cooper ( Nationstar Mortgage ) 1 4.13% $4,414
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $11,504
Nations Lending Corporation 1 4.38% $16,245
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.63% $17,436
NFM, INC. 1 4.50% $15,777
OCMBC, INC. 1 3.75% $30,486
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.88% $11,032
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 4.25% $4,372

The top Truckee FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 25 FHA loans originated. Their average total fees are $12,339, which is $18 higher than the next largest lender, HOME POINT FINANCIAL CORPORATION.

The lowest fee Truckee FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION ($12,321), UNITED WHOLESALE MORTGAGE, LLC ($12,339), MOVEMENT MORTGAGE, LLC ($15,860), .

The lowest rate Truckee FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.25%), HOME POINT FINANCIAL CORPORATION (4.42%), MOVEMENT MORTGAGE, LLC (4.51%), .

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
Truckee's median listing price for 2024-01-01 was $649,925, a difference of $-9,075 (-1.4%) versus the prior year and $-18,075 versus the prior month.

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

Truckee's average listing price for 2024-01-01 was $908,392, a difference of $-2,949 (-0.3%) versus the prior year and $-8,519 versus the prior month.

For the 2024-01-01 period, Truckee had 310 MLS listings, a difference of -60 listings (-16%) versus the prior month and 12 listings (4%) 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
Truckee's median listing age (time on market) for 2024-01-01 was 0 days.

Truckee's median square footage for active listings during the 2024-01-01 period was 2,118 sqft. One year prior, the average listing was 2,135 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).