Arcadia FHA Loan Rates, Closing Costs & Stats

Arcadia, FL

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.

Arcadia's 51 lenders originated 162 FHA loans during 2021. The total origination value was $30,800,000, with an average FHA loan value of $190,123.

Arcadia FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Arcadia averaged 6.62% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Arcadia's average FHA mortgage closing costs are $6,829.

The average rate for the prior week (2022-11-25) was 6.73% and one month ago for the week of 2022-10-28, the average rate was 6.97%.

The average rate one year ago was 3.51%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.29%.

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

Arcadia 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 Arcadia level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
NTFN, INC. 36 3.04% $7,503
QUICKEN LOANS, LLC 13 2.75% $8,383
HOME POINT FINANCIAL CORPORATION 6 3.50% $7,485
CROSSCOUNTRY MORTGAGE, LLC 5 3.22% $8,283
FREEDOM MORTGAGE CORPORATION 5 2.83% $6,273
UNITED WHOLESALE MORTGAGE, LLC 4 3.01% $10,082
NFM, INC. 4 3.34% $8,532
CALIBER HOME LOANS, INC. 4 3.00% $7,429
PENNYMAC LOAN SERVICES, LLC 4 3.22% $4,997
FINANCE OF AMERICA MORTGAGE LLC 3 3.67% $7,241
Nations Lending Corporation 3 3.50% $10,035
NEWREZ LLC 3 3.21% $4,394
Mr. Cooper ( Nationstar Mortgage ) 3 3.92% $2,373
FIRST CENTENNIAL MORTGAGE CORPORATION 2 2.44% $6,567
FAIRWAY FUNDING GROUP, INC. 2 2.88% $8,704
Paramount Residential Mortgage Group, Inc. 2 4.00% $10,324
LOANDEPOT.COM, LLC 2 3.43% $9,828
First Guaranty Mortgage Corporation 2 2.88% $5,962
SOUTHWEST FUNDING, LP 2 3.38% $8,961
AMERICAN FINANCING CORPORATION 2 2.44% $7,001
LAKEVIEW LOAN SERVICING, LLC 2 3.12% $4,112
NATIONWIDE MORTGAGE BANKERS, INC. 1 2.88% $7,010
PLAZA HOME MORTGAGE, INC. 1 3.13% $9,804
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $10,834
RAPID MORTGAGE COMPANY 1 3.25% $7,269
South State Bank 1 2.63% $8,042
SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $7,533
THE MORTGAGE FIRM, INC. 1 3.50% $9,752
UNION HOME MORTGAGE CORP. 1 4.50% $5,619
AMERICAN FINANCIAL NETWORK, INC. 1 2.25% $13,731
VAN DYK MORTGAGE CORPORATION 1 3.63% $4,155
AmeriHome Mortgage Company, LLC 1 2.99% $4,245
AMERISAVE MORTGAGE CORPORATION 1 3.13% $4,778
Bank of England 1 3.75% $9,826
Barrington Bank & Trust Company, N.A. 1 3.13% $6,601
BROKER SOLUTIONS, INC. 1 4.13% $10,898
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.75% $8,465
Citizens Bank 1 2.88% $9,115
COUNTRYPLACE MORTGAGE, LTD. 1 4.25% $10,641
First Federal Bank 1 2.75% $7,955
First Option Mortgage, LLC 1 3.00% $8,498
Flagstar Bank, FSB 1 2.89% $7,507
GENEVA FINANCIAL, LLC 1 3.25% $10,401
HAMILTON HOME LOANS, INC. 1 3.63% $7,572
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $10,279
Hometown Equity Mortgage, LLC 1 4.38% $9,501
INLANTA MORTGAGE, INC. 1 3.13% $9,044
Lakeview Community Capital, LLC 1 2.75% $4,212
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $11,184
LENDUS, LLC 1 3.25% $11,311
Low VA Rates, LLC 1 2.75% $4,508

The top Arcadia FHA lender as defined by loan originations is NTFN, INC., with 36 FHA loans originated. Their average total fees are $7,503, which is $880 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Arcadia FHA lenders (with over 10 loans originated) are NTFN, INC. ($7,503), QUICKEN LOANS, LLC ($8,383), .

The lowest rate Arcadia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.75%), NTFN, INC. (3.04%), .

Arcadia FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ARCADIA, FL DESOTO 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Arcadia (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 $249,475 (7.5%) $402,415 (7.6%) 0.00 93
2018-02-01 $249,900 (10.7%) $425,661 (20.8%) 0.00 96
2018-03-01 $249,900 (10.6%) $422,835 (11.3%) 0.00 93
2018-04-01 $240,875 (5.2%) $409,332 (4.7%) 0.00 93
2018-05-01 $236,000 (-0.8%) $395,182 (-11.5%) 0.00 106
2018-06-01 $229,000 (-6.0%) $386,552 (-13.7%) 0.00 105
2018-07-01 $239,950 (4.7%) $445,255 (-6.1%) 0.00 94
2018-08-01 $239,600 (0.5%) $524,228 (5.8%) 0.00 90
2018-09-01 $239,700 (4.4%) $526,935 (12.3%) 0.00 90
2018-10-01 $239,900 (2.5%) $450,558 (9.9%) 0.00 112
2018-11-01 $239,675 (-2.2%) $429,468 (-7.3%) 0.00 118
2018-12-01 $229,000 (-7.3%) $412,169 (-9.5%) 0.00 128
2019-01-01 $227,000 (-9.0%) $403,161 (0.2%) 0.00 133
2019-02-01 $224,925 (-10.0%) $393,633 (-7.5%) 0.00 142
2019-03-01 $216,679 (-13.3%) $395,885 (-6.4%) 0.00 137
2019-04-01 $212,104 (-11.9%) $399,124 (-2.5%) 0.00 131
2019-05-01 $217,400 (-7.9%) $405,195 (2.5%) 0.00 126
2019-06-01 $230,000 (0.4%) $452,249 (17.0%) 0.00 119
2019-07-01 $230,000 (-4.2%) $429,868 (-3.5%) 0.00 105
2019-08-01 $231,909 (-3.2%) $425,531 (-18.8%) 0.00 99
2019-09-01 $234,773 (-2.1%) $420,574 (-20.2%) 0.00 95
2019-10-01 $236,682 (-1.3%) $417,270 (-7.4%) 0.00 96
2019-11-01 $248,500 (3.7%) $418,025 (-2.7%) 0.00 113
2019-12-01 $251,625 (9.9%) $419,004 (1.7%) 0.00 114
2020-01-01 $270,725 (19.3%) $438,439 (8.8%) 0.00 107
2020-02-01 $282,400 (25.6%) $414,736 (5.4%) 0.00 101
2020-03-01 $284,450 (31.3%) $398,030 (0.5%) 0.00 110
2020-04-01 $272,450 (28.5%) $387,668 (-2.9%) 0.00 104
2020-05-01 $286,000 (31.6%) $387,554 (-4.4%) 0.00 94
2020-06-01 $282,000 (22.6%) $451,670 (-0.1%) 0.00 91
2020-07-01 $277,450 (20.6%) $449,321 (4.5%) 0.00 89
2020-08-01 $277,000 (19.4%) $449,798 (5.7%) 0.00 79
2020-09-01 $252,225 (7.4%) $382,747 (-9.0%) 0.00 72
2020-10-01 $249,000 (5.2%) $381,724 (-8.5%) 0.00 71
2020-11-01 $233,975 (-5.9%) $405,091 (-3.1%) 0.00 62
2020-12-01 $242,450 (-3.7%) $395,846 (-5.5%) 0.00 60
2021-01-01 $252,400 (-6.8%) $413,867 (-5.6%) 0.00 50
2021-02-01 $291,500 (3.2%) $479,329 (15.6%) 0.00 48
2021-03-01 $293,750 (3.3%) $553,860 (39.2%) 0.00 45
2021-04-01 $284,000 (4.2%) $502,677 (29.7%) 0.00 43
2021-05-01 $285,000 (-0.4%) $435,423 (12.4%) 0.00 46
2021-06-01 $279,500 (-0.9%) $426,980 (-5.5%) 0.00 51
2021-07-01 $259,900 (-6.3%) $357,514 (-20.4%) 0.00 47
2021-08-01 $314,269 (13.5%) $411,615 (-8.5%) 0.00 51
2021-09-01 $284,975 (13.0%) $378,529 (-1.1%) 0.00 51
2021-10-01 $285,000 (14.5%) $382,282 (0.2%) 0.00 55
2021-11-01 $336,475 (43.8%) $409,736 (1.2%) 0.00 50
2021-12-01 $331,950 (36.9%) $409,263 (3.4%) 0.00 58
2022-01-01 $339,000 (34.3%) $411,888 (-0.5%) 0.00 52
2022-02-01 $336,750 (15.5%) $379,609 (-20.8%) 0.00 43
2022-03-01 $337,250 (14.8%) $422,589 (-23.7%) 0.00 42
2022-04-01 $349,500 (23.1%) $476,633 (-5.2%) 0.00 49
2022-05-01 $393,750 (38.2%) $492,799 (13.2%) 0.00 54
2022-06-01 $408,603 (46.2%) $509,112 (19.2%) 0.00 61
2022-07-01 $472,450 (81.8%) $542,318 (51.7%) 0.00 71
2022-08-01 $454,350 (44.6%) $516,492 (25.5%) 0.00 80
2022-09-01 $455,500 (59.8%) $537,694 (42.1%) 0.00 80
2022-10-01 $439,000 (54.0%) $532,903 (39.4%) 0.00 73
2022-11-01 $437,000 (29.9%) $512,709 (25.1%) 0.00 68
Arcadia's median listing price for 2022-11-01 was $437,000, a difference of $100,525 (29.9%) versus the prior year and $-2,000 versus the prior month.

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

Arcadia's average listing price for 2022-11-01 was $512,709, a difference of $102,973 (25.1%) versus the prior year and $-20,194 versus the prior month.

For the 2022-11-01 period, Arcadia had 68 MLS listings, a difference of -5 listings (-7%) versus the prior month and 18 listings (36%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Arcadia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,955 sqft
2018-02-01 0 days 1,931 sqft
2018-03-01 0 days 1,980 sqft
2018-04-01 0 days 1,876 sqft
2018-05-01 0 days 1,721 sqft
2018-06-01 0 days 1,824 sqft
2018-07-01 0 days 1,918 sqft
2018-08-01 0 days 1,941 sqft
2018-09-01 0 days 1,897 sqft
2018-10-01 0 days 1,854 sqft
2018-11-01 0 days 1,749 sqft
2018-12-01 0 days 1,612 sqft
2019-01-01 0 days 1,615 sqft
2019-02-01 0 days 1,610 sqft
2019-03-01 0 days 1,590 sqft
2019-04-01 0 days 1,571 sqft
2019-05-01 0 days 1,657 sqft
2019-06-01 0 days 1,788 sqft
2019-07-01 0 days 1,746 sqft
2019-08-01 0 days 1,723 sqft
2019-09-01 0 days 1,721 sqft
2019-10-01 0 days 1,721 sqft
2019-11-01 0 days 1,760 sqft
2019-12-01 0 days 1,763 sqft
2020-01-01 0 days 1,854 sqft
2020-02-01 0 days 1,864 sqft
2020-03-01 0 days 1,909 sqft
2020-04-01 0 days 1,838 sqft
2020-05-01 0 days 1,811 sqft
2020-06-01 0 days 1,811 sqft
2020-07-01 0 days 1,755 sqft
2020-08-01 0 days 1,801 sqft
2020-09-01 0 days 1,645 sqft
2020-10-01 0 days 1,691 sqft
2020-11-01 0 days 1,739 sqft
2020-12-01 0 days 1,726 sqft
2021-01-01 0 days 1,666 sqft
2021-02-01 0 days 1,716 sqft
2021-03-01 0 days 1,879 sqft
2021-04-01 0 days 1,723 sqft
2021-05-01 0 days 1,714 sqft
2021-06-01 0 days 1,795 sqft
2021-07-01 0 days 1,683 sqft
2021-08-01 0 days 1,809 sqft
2021-09-01 0 days 1,757 sqft
2021-10-01 0 days 1,562 sqft
2021-11-01 0 days 1,638 sqft
2021-12-01 0 days 1,635 sqft
2022-01-01 0 days 1,455 sqft
2022-02-01 0 days 1,528 sqft
2022-03-01 0 days 1,654 sqft
2022-04-01 0 days 1,683 sqft
2022-05-01 0 days 1,720 sqft
2022-06-01 0 days 1,765 sqft
2022-07-01 0 days 1,905 sqft
2022-08-01 0 days 1,874 sqft
2022-09-01 0 days 1,808 sqft
2022-10-01 0 days 1,778 sqft
2022-11-01 0 days 1,687 sqft
Arcadia's median listing age (time on market) for 2022-11-01 was 0 days.

Arcadia's median square footage for active listings during the 2022-11-01 period was 1,687 sqft. One year prior, the average listing was 1,638 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).