Visalia FHA Loan Rates, Closing Costs & Stats
VISALIA, 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.
Visalia's 94 lenders originated 1,122 FHA
loans during 2023. The total origination value was $356,090,000, with an average FHA loan value of
$317,371.
Visalia FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Visalia
averaged
6.13%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Visalia's average FHA mortgage closing costs are $9,661.
The average rate for the prior week (2024-10-04) was
5.85% and
one month ago for the week of 2024-09-06, the
average rate was 5.78%.
The average rate one year ago was 7.3%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.24%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Visalia 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 Visalia level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
131
|
6.02%
|
$14,855
|
DHI MORTGAGE COMPANY, LTD.
|
102
|
5.42%
|
$10,368
|
QUICKEN LOANS, LLC
|
80
|
6.17%
|
$12,906
|
ALAMEDA MORTGAGE CORPORATION
|
37
|
6.68%
|
$16,753
|
CROSSCOUNTRY MORTGAGE, LLC
|
33
|
6.36%
|
$16,799
|
EAGLE HOME MORTGAGE, LLC
|
31
|
6.19%
|
$15,793
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
30
|
6.53%
|
$13,813
|
Commerce Home Mortgage, Inc.
|
30
|
6.65%
|
$12,693
|
CALIBER HOME LOANS, INC.
|
28
|
5.74%
|
$15,044
|
Century Mortgage Company DBA Century Lending Company
|
24
|
6.60%
|
$14,985
|
PENNYMAC LOAN SERVICES, LLC
|
23
|
5.78%
|
$15,654
|
FREEDOM MORTGAGE CORPORATION
|
22
|
6.85%
|
$15,933
|
Sierra Pacific Mortgage Company, Inc.
|
20
|
6.59%
|
$16,939
|
INSPIRE HOME LOANS INC.
|
19
|
5.41%
|
$10,757
|
RESIDENTIAL WHOLESALE MORTGAGE, INC.
|
18
|
6.52%
|
$14,796
|
LOANDEPOT.COM, LLC
|
15
|
5.91%
|
$13,894
|
FBC MORTGAGE, LLC
|
14
|
5.99%
|
$15,714
|
PLAZA HOME MORTGAGE, INC.
|
14
|
6.41%
|
$12,824
|
NEWREZ LLC
|
14
|
6.40%
|
$14,783
|
OCMBC, INC.
|
13
|
6.85%
|
$15,339
|
Carrington Mortgage Services, LLC
|
12
|
6.18%
|
$11,322
|
PANORAMA MORTGAGE GROUP, LLC
|
11
|
6.19%
|
$13,921
|
LOANPAL, LLC
|
10
|
6.01%
|
$12,319
|
Platinum Home Mortgage Corporation
|
9
|
6.26%
|
$14,616
|
COASTAL FUNDING SLC, INC.
|
9
|
6.21%
|
$12,821
|
U.S. Bank
|
8
|
5.86%
|
$16,024
|
Mr. Cooper ( Nationstar Mortgage )
|
8
|
6.42%
|
$17,174
|
VERITAS FUNDING, LLC
|
8
|
6.30%
|
$14,302
|
GUILD MORTGAGE COMPANY
|
8
|
6.56%
|
$10,569
|
Equity Prime Mortgage LLC
|
8
|
6.61%
|
$13,772
|
BECKAM FUNDING CORP.
|
7
|
6.96%
|
$19,186
|
ALTITUDE FINANCIAL CORPORATION
|
7
|
7.20%
|
$10,002
|
CMG MORTGAGE, INC.
|
7
|
6.03%
|
$20,033
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
7
|
6.91%
|
$14,862
|
CARDINAL FINANCIAL
|
6
|
6.88%
|
$17,839
|
Paramount Residential Mortgage Group, Inc.
|
6
|
6.44%
|
$13,608
|
Golden Empire Mortgage, Inc.
|
6
|
6.40%
|
$15,602
|
MLD MORTGAGE INC.
|
6
|
6.50%
|
$13,327
|
GUARANTEED RATE, INC.
|
5
|
6.85%
|
$14,723
|
AMERISAVE MORTGAGE CORPORATION
|
5
|
5.95%
|
$14,009
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
5
|
6.65%
|
$14,893
|
AMERICAN FINANCIAL NETWORK, INC.
|
5
|
6.23%
|
$14,330
|
BROKER SOLUTIONS, INC.
|
5
|
6.55%
|
$10,480
|
Flagstar Bank, FSB
|
4
|
6.22%
|
$10,633
|
SUN WEST MORTGAGE COMPANY, INC.
|
4
|
6.66%
|
$14,565
|
ENVOY MORTGAGE, LTD
|
4
|
6.06%
|
$11,388
|
FIRST COMMUNITY MORTGAGE, INC.
|
4
|
6.28%
|
$15,112
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
3
|
6.08%
|
$14,066
|
RESIDENTIAL BANCORP
|
3
|
6.71%
|
$18,165
|
SUMMIT FUNDING, INC.
|
3
|
6.50%
|
$16,473
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
3
|
6.29%
|
$13,376
|
CALCON MUTUAL MORTGAGE LLC
|
3
|
7.04%
|
$16,638
|
PLANET HOME LENDING, LLC
|
3
|
7.25%
|
$15,598
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
3
|
6.54%
|
$16,115
|
MASON MCDUFFIE MORTGAGE CORPORATION
|
3
|
7.17%
|
$10,889
|
BAY-VALLEY MORTGAGE GROUP
|
2
|
6.44%
|
$15,143
|
AMERICAN FINANCING CORPORATION
|
2
|
6.94%
|
$10,540
|
AmeriHome Mortgage Company, LLC
|
2
|
6.19%
|
$10,304
|
ACADEMY MORTGAGE CORPORATION
|
2
|
6.56%
|
$17,330
|
Hometown Equity Mortgage, LLC
|
2
|
6.44%
|
$11,426
|
MOVEMENT MORTGAGE, LLC
|
2
|
6.94%
|
$17,029
|
VILLAGE CAPITAL MORTGAGE
|
2
|
6.19%
|
$12,800
|
VISION ONE MORTGAGE, INC.
|
2
|
7.19%
|
$14,505
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
1
|
6.75%
|
$18,995
|
NFM, INC.
|
1
|
6.13%
|
$18,977
|
Mortgage Research Center, LLC
|
1
|
7.50%
|
$4,038
|
ONY GLO, INC.
|
1
|
6.25%
|
$20,247
|
MICHIGAN MUTUAL, INC.
|
1
|
5.13%
|
$15,800
|
LEADERONE FINANCIAL CORPORATION
|
1
|
6.38%
|
$10,784
|
LAND HOME FINANCIAL SERVICES, INC.
|
1
|
7.13%
|
$12,377
|
JPMorgan Chase Bank
|
1
|
7.75%
|
$6,756
|
JMAC LENDING, INC.
|
1
|
6.50%
|
$13,725
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
1
|
7.13%
|
$13,637
|
POINT Mortgage
|
1
|
6.75%
|
$11,119
|
PREMIER MORTGAGE RESOURCES, L.L.C.
|
1
|
6.50%
|
$11,281
|
FIRST ALLIANCE HOME MORTGAGE, LLC
|
1
|
7.25%
|
$18,951
|
EVERETT FINANCIAL, INC.
|
1
|
7.13%
|
$13,756
|
EMM LOANS LLC
|
1
|
6.25%
|
$18,521
|
DRAPER AND KRAMER MORTGAGE CORP.
|
1
|
7.25%
|
$14,112
|
ROYAL UNITED MORTGAGE LLC
|
1
|
7.75%
|
$9,134
|
DIGNIFIED HOME LOANS, LLC
|
1
|
5.75%
|
$19,337
|
CITYWIDE HOME LOANS, LLC
|
1
|
7.25%
|
$7,250
|
CENTRAL COAST LENDING, INC.
|
1
|
6.63%
|
$11,685
|
The Federal Savings Bank
|
1
|
6.13%
|
$22,738
|
TOP FLITE FINANCIAL, INC.
|
1
|
6.63%
|
$20,794
|
TruHome Solutions, LLC
|
1
|
5.13%
|
$14,227
|
BRIDGELOCK CAPITAL
|
1
|
6.25%
|
$15,448
|
BAY EQUITY LLC
|
1
|
6.75%
|
$10,082
|
AHL FUNDING
|
1
|
8.00%
|
$4,291
|
WALL FINANCIAL, INC.
|
1
|
5.63%
|
$13,288
|
V.I.P. MORTGAGE, INC.
|
1
|
6.75%
|
$13,219
|
ZILLOW HOME LOANS, LLC
|
1
|
6.63%
|
$10,861
|
NBKC BANK
|
1
|
5.63%
|
$9,237
|
NETWORK CAPITAL FUNDING CORPORATION
|
1
|
6.63%
|
$12,183
|
The top Visalia FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
131 FHA loans originated. Their average total fees are
$14,855, which is $4,487
higher than the next largest lender,
DHI MORTGAGE COMPANY, LTD..
The lowest fee Visalia FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. ($10,368), INSPIRE HOME LOANS INC. ($10,757), Carrington Mortgage Services, LLC ($11,322), LOANPAL, LLC ($12,319) and Commerce Home Mortgage, Inc. ($12,693).
The lowest rate Visalia FHA lenders (with over 10 loans originated) are
INSPIRE HOME LOANS INC. (5.41%), DHI MORTGAGE COMPANY, LTD. (5.42%), CALIBER HOME LOANS, INC. (5.74%), PENNYMAC LOAN SERVICES, LLC (5.78%) and LOANDEPOT.COM, LLC (5.91%).
Visalia FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
VISALIA, CA |
TULARE |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
VISALIA, CA |
TULARE |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
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).