Cape Coral FHA Loans

CAPE CORAL-FORT MYERS, FL

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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.

    Cape Coral's 246 lenders originated 6,365 FHA loans during 2021. The total origination value was $1,541,975,000, with an average FHA loan value of $242,258.

    Cape Coral FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cape Coral averaged 5.36% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.39% and one month ago for the week of 2022-04-08, the average rate was 4.86%.

    The average rate one year ago was 3.27%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.12%.

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

    Cape Coral FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cape Coral level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 480 2.71% $6,520
    CROSSCOUNTRY MORTGAGE, LLC 458 3.14% $9,753
    UNITED WHOLESALE MORTGAGE, LLC 410 2.74% $8,881
    CALIBER HOME LOANS, INC. 268 2.88% $8,804
    LOANDEPOT.COM, LLC 233 3.12% $9,736
    FREEDOM MORTGAGE CORPORATION 208 2.81% $6,263
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 201 3.16% $9,877
    LAKEVIEW LOAN SERVICING, LLC 176 3.06% $4,676
    PENNYMAC LOAN SERVICES, LLC 173 3.11% $5,438
    Paramount Residential Mortgage Group, Inc. 162 3.27% $9,888
    DHI MORTGAGE COMPANY, LTD. 156 2.87% $7,849
    PRIMARY RESIDENTIAL MORTGAGE, INC. 136 3.57% $11,252
    BROKER SOLUTIONS, INC. 126 3.23% $9,174
    SECURITYNATIONAL MORTGAGE COMPANY 120 3.21% $10,037
    Mr. Cooper ( Nationstar Mortgage ) 106 3.23% $4,678
    HAMILTON HOME LOANS, INC. 98 3.23% $9,308
    Lakeview Community Capital, LLC 95 3.08% $4,413
    AMERICAN FINANCIAL NETWORK, INC. 88 2.99% $14,057
    FBC MORTGAGE, LLC 86 3.22% $8,439
    NEWREZ LLC 81 2.93% $8,253
    MOVEMENT MORTGAGE, LLC 79 3.14% $9,489
    GENEVA FINANCIAL, LLC 68 3.14% $10,283
    CALCON MUTUAL MORTGAGE LLC 63 3.98% $8,482
    Eagle Bank and Trust Company 60 3.14% $7,794
    MORTGAGE 1 INCORPORATED 60 3.28% $10,025
    HOME POINT FINANCIAL CORPORATION 59 2.75% $8,905
    OCMBC, INC. 51 2.92% $7,896
    Carrington Mortgage Services, LLC 48 3.23% $10,192
    EAGLE HOME MORTGAGE, LLC 47 3.40% $9,553
    AmeriHome Mortgage Company, LLC 47 2.88% $4,501
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 42 3.42% $9,772
    FINANCE OF AMERICA MORTGAGE LLC 41 3.10% $9,261
    Equity Prime Mortgage LLC 39 3.32% $9,206
    HOMEBRIDGE FINANCIAL SERVICES, INC. 38 2.89% $8,256
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 34 3.21% $8,952
    LENDUS, LLC 29 3.21% $9,197
    VILLAGE CAPITAL & INVESTMENT LLC 27 2.92% $3,312
    PULTE MORTGAGE LLC 26 3.17% $6,215
    PLAZA HOME MORTGAGE, INC. 25 2.93% $9,481
    VAN DYK MORTGAGE CORPORATION 25 3.26% $7,613
    CITY FIRST MORTGAGE SERVICES, L.L.C. 24 3.04% $9,558
    AMCAP MORTGAGE, LTD. 23 3.36% $11,380
    PLANET HOME LENDING, LLC 22 2.94% $5,620
    First Guaranty Mortgage Corporation 21 3.04% $6,694
    PANORAMA MORTGAGE GROUP, LLC 20 3.47% $10,802
    Nations Lending Corporation 20 3.28% $7,935
    Flagstar Bank, FSB 19 2.85% $8,627
    AMERISAVE MORTGAGE CORPORATION 19 3.05% $9,422
    AMERICAN PACIFIC MORTGAGE CORPORATION 19 3.25% $9,254
    LAND HOME FINANCIAL SERVICES, INC. 18 3.27% $9,264
    EVERETT FINANCIAL, INC. 18 4.03% $8,258
    NORWICH COMMERCIAL GROUP, INC. 17 3.42% $9,721
    Hometown Lenders, Inc. 16 3.38% $10,352
    MORTGAGE SOLUTIONS OF COLORADO, LLC 15 2.84% $8,959
    First Horizon Bank 15 3.03% $8,563
    CMG MORTGAGE, INC. 15 3.24% $10,592
    GUARANTEED RATE, INC. 14 2.94% $9,417
    Bank of America 13 2.99% $7,231
    Summit Mortgage Corporation 12 2.73% $9,826
    InterContinental Capital Group, Inc 12 3.04% $7,953
    Waterstone Mortgage Corporation 11 3.45% $9,904
    NATIONS DIRECT MORTGAGE, LLC 11 3.15% $12,026
    Citizens Bank 11 2.64% $7,655
    ENVOY MORTGAGE, LTD 11 2.81% $9,950
    THE EQUITABLE MORTGAGE CORPORATION 10 3.04% $8,184
    READY MORTGAGE LENDERS, LLC 10 3.30% $12,475
    Bank of England 10 3.21% $10,130
    OCEANSIDE MORTGAGE COMPANY 10 2.87% $3,598
    INSPIRE HOME LOANS INC. 10 3.33% $7,671
    SUN WEST MORTGAGE COMPANY, INC. 9 2.96% $9,136
    GUARANTEED RATE AFFINITY, LLC 9 3.01% $8,524
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 2.72% $5,954
    Hometown Equity Mortgage, LLC 9 3.19% $8,011
    HOMESIDE FINANCIAL, LLC 8 2.86% $9,150
    Mortgage Lenders Investment Trading Corporation 8 3.55% $5,327
    ABSOLUTE HOME MORTGAGE CORPORATION 8 3.16% $9,476
    The Federal Savings Bank 8 3.03% $7,720
    AMERICAN FINANCING CORPORATION 8 2.63% $8,185
    Prosperity Home Mortgage, LLC 8 3.22% $7,295
    HOMESPIRE MORTGAGE CORPORATION 8 2.95% $8,509
    ACADEMY MORTGAGE CORPORATION 7 3.23% $9,365
    INLANTA MORTGAGE, INC. 7 2.89% $7,759
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 2.96% $10,804
    TJC Mortgage, Inc. 7 3.14% $8,090
    First Federal Bank 7 2.77% $8,652
    Northpointe Bank 7 3.25% $8,715
    COLUMBUS CAPITAL LENDING, LLC 7 3.07% $11,341
    South State Bank 7 2.86% $10,395
    Valley National Bank 7 2.86% $8,688
    Barrington Bank & Trust Company, N.A. 6 3.42% $7,547
    GUILD MORTGAGE COMPANY 6 3.02% $9,816
    NATIONWIDE MORTGAGE BANKERS, INC. 6 3.04% $9,598
    KBHS HOME LOANS, LLC 6 3.14% $8,661
    TOP FLITE FINANCIAL, INC. 6 3.38% $12,394
    SUCCESS MORTGAGE PARTNERS, INC. 6 3.02% $8,281
    CELEBRITY HOME LOANS, LLC 6 3.08% $8,095
    MUTUAL OF OMAHA MORTGAGE, INC. 6 2.94% $7,855
    MICHIGAN MUTUAL, INC. 5 3.30% $10,546
    SHELTER MORTGAGE COMPANY, L.L.C. 5 2.77% $9,506
    THE MORTGAGE FIRM, INC. 5 3.30% $8,053
    LAKE MICHIGAN CREDIT UNION 5 2.80% $8,821
    Commerce Home Mortgage, Inc. 5 3.25% $8,283
    UNITED MORTGAGE CORP. 4 3.06% $9,227
    RESIDENTIAL BANCORP. 4 2.71% $9,513
    FIRST EQUITY MORTGAGE BANKERS, INC. 4 3.09% $10,626
    The Home Loan Expert LLC 4 3.50% $8,380
    BAY EQUITY LLC 4 2.94% $10,166
    Wells Fargo Bank 4 3.13% $5,599
    Manufacturers and Traders Trust Company 4 3.13% $7,137
    NATIONS RELIABLE LENDING, LLC 4 3.25% $11,508
    LOANPAL, LLC 4 2.50% $10,612
    JPMorgan Chase Bank 4 3.00% $8,933
    MORTGAGE EQUITY PARTNERS LLC 3 3.13% $9,418
    CONTOUR MORTGAGE CORPORATION 3 3.08% $9,509
    FAIRWAY FUNDING GROUP, INC. 3 2.75% $8,578
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.17% $9,235
    STEARNS LENDING, LLC 3 2.66% $8,568
    UNION HOME MORTGAGE CORP. 3 2.71% $10,325
    DRAPER AND KRAMER MORTGAGE CORP. 3 2.96% $8,140
    AMERICAN MORTGAGE SERVICE COMPANY 3 2.46% $8,991
    Regions Bank 3 2.71% $9,260
    Financial Freedom Mortgage, LLC 3 3.04% $10,020
    EMBRACE HOME LOANS, INC. 3 2.66% $9,877
    ARC HOME LLC 3 3.00% $10,221
    PHH Mortgage Corporation 3 3.67% $4,517
    BECKAM FUNDING CORP. 3 3.79% $15,696
    Ixonia Bank 3 3.50% $9,518
    GSF Mortgage Corporation 3 3.92% $14,522
    PARKSIDE LENDING, LLC 3 2.83% $7,690
    Plains Commerce Bank 3 3.38% $8,121
    1ST FINANCIAL, INC. 2 3.44% $11,033
    A&D Mortgage LLC 2 2.94% $8,592
    Allied First Bank,sb 2 2.75% $7,666
    ALLIED MORTGAGE GROUP, INC. 2 2.56% $11,357
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.19% $8,149
    Ameris Bank 2 2.63% $7,675
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 3.50% $11,009
    BAYSHORE MORTGAGE FUNDING, LLC 2 3.25% $9,272
    BETTER MORTGAGE CORPORATION 2 2.81% $7,521
    Century Mortgage Company DBA Century Lending Company 2 2.69% $15,304
    CHURCHILL MORTGAGE CORPORATION 2 2.94% $9,165
    Colten Mortgage, LLC 2 3.06% $4,495
    COMPASS MORTGAGE, INC. 2 2.69% $10,439
    EMM LOANS LLC 2 3.50% $7,030
    Fifth Third Bank 2 2.88% $8,675
    First Home Bank 2 2.88% $11,527
    First Option Mortgage, LLC 2 3.50% $9,946
    First Savings Bank 2 3.19% $5,558
    FLAT BRANCH MORTGAGE, INC. 2 3.56% $8,448
    JMAC LENDING, INC. 2 3.19% $6,247
    KELLER MORTGAGE, LLC 2 2.25% $7,332
    LADERA LENDING, INC. 2 3.00% $7,139
    LEADERONE FINANCIAL CORPORATION 2 3.38% $9,227
    Low VA Rates, LLC 2 2.94% $4,651
    MATTAMY HOME FUNDING, LLC 2 3.06% $9,676
    MILEND, INC. 2 2.88% $11,176
    MORIA DEVELOPMENT, INC. 2 3.50% $6,369
    NP, Inc. 2 2.75% $10,834
    RELIANCE FIRST CAPITAL, LLC 2 3.31% $11,378
    RESIDENTIAL HOME FUNDING CORP. 2 3.19% $13,192
    Residential Mortgage Solutions, Inc. 2 2.75% $7,599
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.00% $12,368
    SIGNATURE MORTGAGE CORPORATION 2 3.31% $8,108
    SOVEREIGN LENDING GROUP INCORPORATED 2 3.50% $9,989
    The Huntington National Bank 2 3.19% $7,269
    ZILLOW HOME LOANS, LLC 2 3.31% $7,002
    NEW FED MORTGAGE, CORP. 1 2.38% $10,994
    Keystone Funding, Inc. 1 2.99% $0
    NJ LENDERS CORP. 1 3.50% $11,265
    JAMES B. NUTTER & COMPANY 1 2.75% $2,810
    NORTHPOINT MORTGAGE, INC. 1 2.38% $11,018
    INTERNATIONAL CITY MORTGAGE, INC. 1 4.38% $11,212
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 3.13% $5,197
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.63% $7,453
    NTFN, INC. 1 3.13% $9,378
    INTERLINC MORTGAGE SERVICES, LLC 1 2.63% $9,436
    INTERCOASTAL MORTGAGE COMPANY 1 2.63% $9,366
    Huntingdon Valley Bank 1 2.75% $10,491
    Paramount Bank 1 2.88% $9,166
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.13% $8,394
    Home Mortgage Alliance Corp 1 2.50% $9,104
    HOME FINANCING CENTER, INC. 1 3.50% $10,212
    GUARANTY HOME MORTGAGE CORPORATION 1 2.50% $7,931
    GREENTREE MORTGAGE COMPANY, L.P. 1 2.50% $8,333
    GREAT WESTERN FINANCIAL SERVICES, INC. 1 3.00% $6,510
    Goldwater Bank, N.A. 1 3.63% $7,544
    GERSHMAN INVESTMENT CORP. 1 4.75% $9,721
    Prime Choice Funding Inc. 1 3.25% $7,451
    FOUNDATION MORTGAGE CORPORATION 1 2.50% $11,997
    First PREMIER Bank 1 2.75% $7,834
    First Mortgage Solutions, LLC 1 2.38% $7,814
    First Internet Bank of Indiana 1 2.75% $8,229
    FIRST HOME MORTGAGE CORPORATION 1 2.63% $7,632
    FirstBank 1 2.75% $8,883
    American Momentum Bank 1 3.75% $8,544
    FIDELITY FUNDING MORTGAGE CORP. 1 2.25% $5,030
    ALL WESTERN MORTGAGE, INC. 1 4.50% $7,251
    V.I.P. MORTGAGE, INC. 1 2.63% $4,393
    ACOPIA, LLC 1 2.63% $11,511
    RUOFF MORTGAGE COMPANY, INC. 1 3.50% $8,909
    Seacoast National Bank 1 2.25% $8,709
    FAY SERVICING, LLC 1 2.75% $7,933
    Evolve Bank & Trust 1 3.25% $11,859
    Sierra Pacific Mortgage Company, Inc. 1 2.88% $9,186
    1ST SIGNATURE LENDING, LLC 1 3.13% $6,146
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.88% $5,746
    Evesham Mortgage, LLC 1 3.50% $8,532
    Wolfe Financial, Inc 1 3.25% $11,370
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.38% $8,323
    Stifel Bank and Trust 1 3.00% $7,540
    STOCKTON MORTGAGE CORPORATION 1 2.25% $6,431
    Strong Home Mortgage, LLC 1 2.50% $6,299
    CROSSFIRE FINANCIAL NETWORK, INC. 1 2.75% $10,262
    CRESCENT MORTGAGE COMPANY 1 2.75% $5,672
    Chicago Financial Services, Inc. 1 2.88% $8,346
    SWBC MORTGAGE CORPORATION 1 2.75% $6,735
    Synovus Bank 1 3.63% $9,580
    The Central Trust Bank 1 2.88% $8,486
    CAPITAL PARTNERS MORTGAGE, LLC 1 3.63% $10,282
    Bethpage Federal Credit Union 1 3.13% $2,104
    Bell Bank 1 3.25% $6,111
    Wyndham Capital Mortgage, Inc. 1 2.25% $9,964
    THE MORTGAGE COMPANY 1 3.00% $8,191
    BBVA USA 1 2.75% $9,328
    THE MORTGAGE WAREHOUSE,LLC 1 2.88% $10,502
    THRIVE MORTGAGE, LLC 1 3.75% $13,133
    ASSOCIATED MORTGAGE BANKERS, INC. 1 3.50% $8,943
    ASPIRE FINANCIAL, INC. 1 2.25% $6,776
    TOTAL MORTGAGE SERVICES, LLC 1 3.25% $14,705
    Towne Bank 1 2.88% $7,600
    Trust Mortgage Lending 1 3.75% $14,686
    Armed Forces Bank 1 3.00% $9,303
    Amerifirst Financial, Inc. 1 2.38% $5,620
    AMERIFIRST FINANCIAL CORPORATION 1 2.38% $9,627
    UNIVERSITY LENDING GROUP, LLC 1 2.63% $19,313
    US MORTGAGE CORPORATION 1 3.13% $15,248
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $11,973
    Mortgage Research Center, LLC 1 2.63% $7,668
    NATION ONE MORTGAGE CORPORATION 1 3.63% $13,590
    MID AMERICA MORTGAGE, INC. 1 3.00% $8,732
    MCLEAN MORTGAGE CORPORATION 1 3.50% $11,640
    Magnolia Bank 1 2.25% $10,459
    LOANLEADERS OF AMERICA, INC. 1 2.50% $5,541
    NBKC BANK 1 2.75% $8,438
    Neighborhood Loans, Inc. 1 2.88% $9,953
    Network Funding, L.P. 1 2.75% $9,559

    The top Cape Coral FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 480 FHA loans originated. Their average total fees are $6,520, which is $3,233 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Cape Coral FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,312), OCEANSIDE MORTGAGE COMPANY ($3,598), Lakeview Community Capital, LLC ($4,413), AmeriHome Mortgage Company, LLC ($4,501) and LAKEVIEW LOAN SERVICING, LLC ($4,676).

    The lowest rate Cape Coral FHA lenders (with over 10 loans originated) are Citizens Bank (2.64%), QUICKEN LOANS, LLC (2.71%), Summit Mortgage Corporation (2.73%), UNITED WHOLESALE MORTGAGE, LLC (2.74%) and HOME POINT FINANCIAL CORPORATION (2.75%).

    Cape Coral FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CAPE CORAL-FORT MYERS, FL LEE 2022 $420,680 $538,650 $651,050 $809,150

    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).