Santa Maria FHA Loan Rates, Closing Costs & Stats

SANTA MARIA-SANTA BARBARA, 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.

    Santa Maria's 60 lenders originated 378 FHA loans during 2024. The total origination value was $204,100,000, with an average FHA loan value of $539,947.

    Santa Maria FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Santa Maria averaged 6.7% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Santa Maria's average FHA mortgage closing costs are $13,072.

    The average rate for the prior week (2025-07-11) was 6.9% and one month ago for the week of 2025-06-13, the average rate was 6.56%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.63%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Santa Maria 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 Santa Maria level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 107 6.05% $19,730
    FREEDOM MORTGAGE CORPORATION 22 5.94% $22,634
    QUICKEN LOANS, LLC 21 5.93% $18,265
    LOANDEPOT.COM, LLC 17 6.31% $18,280
    GUILD MORTGAGE COMPANY 14 6.30% $22,993
    Century Mortgage Company DBA Century Lending Company 12 6.43% $19,243
    GUARANTEED RATE, INC. 11 6.11% $14,534
    Paramount Residential Mortgage Group, Inc. 9 6.35% $13,777
    MOVEMENT MORTGAGE, LLC 7 6.11% $21,111
    Nations Lending Corporation 7 6.54% $21,336
    PENNYMAC LOAN SERVICES, LLC 7 5.48% $20,535
    SUN WEST MORTGAGE COMPANY, INC. 6 6.27% $18,850
    CROSSCOUNTRY MORTGAGE, LLC 6 6.10% $19,362
    Sierra Pacific Mortgage Company, Inc. 5 6.08% $21,981
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 5 5.65% $19,067
    COASTAL FUNDING SLC, INC. 4 6.50% $19,489
    NEWREZ LLC 4 6.34% $16,641
    OCMBC, INC. 4 6.56% $18,338
    BROKER SOLUTIONS, INC. 4 6.28% $19,123
    LAKEVIEW LOAN SERVICING, LLC 3 6.38% $10,955
    Equity Prime Mortgage LLC 3 6.75% $14,748
    CMG MORTGAGE, INC. 3 5.83% $20,183
    PLAZA HOME MORTGAGE, INC. 3 7.00% $22,710
    ENVOY MORTGAGE, LTD 2 6.69% $15,128
    Lakeview Community Capital, LLC 2 5.50% $13,489
    The Loan Store, Inc. 2 6.69% $16,818
    VILLAGE CAPITAL MORTGAGE 2 6.13% $10,905
    NORWICH COMMERCIAL GROUP, INC. 1 5.75% $26,620
    OPEN MORTGAGE, LLC 1 6.75% $7,922
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $21,296
    Plains Commerce Bank 1 6.00% $17,354
    ST FIN CORP 1 5.25% $27,683
    AHL FUNDING 1 6.25% $30,140
    ZILLOW HOME LOANS, LLC 1 5.75% $20,849
    ALAMEDA MORTGAGE CORPORATION 1 6.25% $21,531
    ALLIED MORTGAGE GROUP, INC. 1 6.25% $13,629
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $27,072
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.99% $26,773
    BAY EQUITY LLC 1 6.25% $12,671
    BAY-VALLEY MORTGAGE GROUP 1 5.63% $22,925
    CANOPY MORTGAGE, LLC 1 5.88% $25,943
    CARDINAL FINANCIAL 1 5.25% $12,318
    Carrington Mortgage Services, LLC 1 6.13% $32,095
    CHURCHILL MORTGAGE CORPORATION 1 5.50% $23,100
    DIGNIFIED HOME LOANS, LLC 1 6.25% $17,143
    First Bank 1 5.75% $17,008
    FIRST COMMUNITY MORTGAGE, INC. 1 6.49% $14,208
    GEO-CORP, INC. 1 6.38% $27,663
    Golden Empire Mortgage, Inc. 1 7.13% $18,336
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.00% $4,772
    HOMESIDE FINANCIAL, LLC 1 5.75% $15,205
    INTELLILOAN, INC. 1 6.25% $13,037
    JMAC LENDING, INC. 1 5.13% $15,057
    LOANPAL, LLC 1 5.50% $14,139
    MICHIGAN MUTUAL, INC. 1 6.13% $26,921
    MK LENDING CORP. 1 6.25% $19,818
    MLD MORTGAGE INC. 1 6.50% $17,038
    ML Mortgage Corp. 1 7.25% $9,807
    MORIA DEVELOPMENT, INC. 1 7.13% $17,257
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $13,299

    The top Santa Maria FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 107 FHA loans originated. Their average total fees are $19,730, which is $2,904 lower than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Santa Maria FHA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. ($14,534), QUICKEN LOANS, LLC ($18,265), LOANDEPOT.COM, LLC ($18,280), Century Mortgage Company DBA Century Lending Company ($19,243) and UNITED WHOLESALE MORTGAGE, LLC ($19,730).

    The lowest rate Santa Maria FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.93%), FREEDOM MORTGAGE CORPORATION (5.94%), UNITED WHOLESALE MORTGAGE, LLC (6.05%), GUARANTEED RATE, INC. (6.11%) and GUILD MORTGAGE COMPANY (6.30%).

    Santa Maria FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SANTA MARIA-SANTA BARBARA, CA SANTA BARBARA 2022 $783,150 $1,002,600 $1,211,900 $1,506,100
    SANTA MARIA-SANTA BARBARA, CA SANTA BARBARA 2023 $805,000 $1,030,550 $1,245,700 $1,548,100

    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).