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 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 6.32% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

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

The average rate for the prior week (2024-10-18) was 6.3% and one month ago for the week of 2024-09-20, the average rate was 5.93%.

The average rate one year ago was 7.56%.

For refis of the same type during the week of 2024-10-25, the average rate was 6.46%.

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

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).