Visalia FHA Loan Rates, Closing Costs & Stats

VISALIA, 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.

    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 6.35% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Visalia's average FHA mortgage closing costs are $9,661.

    The average rate for the prior week (2024-11-01) was 6.13% and one month ago for the week of 2024-10-04, the average rate was 5.55%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.46%.

    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).