Cape Coral FHA Loan Rates, Closing Costs & Stats

CAPE CORAL-FORT MYERS, FL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 205 lenders originated 4,085 FHA loans during 2023. The total origination value was $1,364,135,000, with an average FHA loan value of $333,938.

    Cape Coral FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cape Coral averaged 6.8% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Cape Coral's average FHA mortgage closing costs are $9,554.

    The average rate for the prior week (2024-07-12) was 6.76% and one month ago for the week of 2024-06-14, the average rate was 6.61%.

    The average rate one year ago was 7%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.96%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cape Coral level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 626 6.38% $15,047
    CROSSCOUNTRY MORTGAGE, LLC 260 6.83% $15,511
    LOANDEPOT.COM, LLC 256 6.49% $13,384
    QUICKEN LOANS, LLC 254 6.24% $14,231
    DHI MORTGAGE COMPANY, LTD. 166 5.54% $10,253
    EAGLE HOME MORTGAGE, LLC 150 6.15% $12,500
    AMERICAN PACIFIC MORTGAGE CORPORATION 145 6.61% $16,750
    CARDINAL FINANCIAL 122 6.40% $16,358
    Paramount Residential Mortgage Group, Inc. 96 6.69% $15,711
    FREEDOM MORTGAGE CORPORATION 82 6.43% $17,088
    BROKER SOLUTIONS, INC. 76 6.54% $16,334
    GENEVA FINANCIAL, LLC 71 6.57% $18,483
    PENNYMAC LOAN SERVICES, LLC 61 6.18% $15,912
    AMERICAN FINANCIAL NETWORK, INC. 60 6.89% $15,674
    NEWREZ LLC 60 6.56% $15,087
    MOVEMENT MORTGAGE, LLC 57 6.64% $14,180
    EVERETT FINANCIAL, INC. 56 6.71% $15,139
    HOMESIDE FINANCIAL, LLC 46 6.67% $15,034
    BAY EQUITY LLC 45 6.55% $16,212
    FBC MORTGAGE, LLC 45 6.48% $13,884
    EMBRACE HOME LOANS, INC. 40 6.30% $14,008
    SECURITYNATIONAL MORTGAGE COMPANY 34 7.03% $20,454
    Sierra Pacific Mortgage Company, Inc. 33 6.31% $15,694
    MORTGAGE 1 INCORPORATED 33 6.33% $12,981
    Flagstar Bank, FSB 32 6.42% $14,190
    PLAZA HOME MORTGAGE, INC. 31 6.40% $17,917
    OCMBC, INC. 30 6.48% $16,867
    Carrington Mortgage Services, LLC 29 6.44% $14,875
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 28 6.74% $16,813
    READY MORTGAGE LENDERS, LLC 26 6.81% $16,078
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 7.03% $11,949
    American Mortgage & Equity Consultants, Inc. 23 6.71% $16,896
    SUN WEST MORTGAGE COMPANY, INC. 22 6.64% $15,506
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 22 6.79% $14,652
    Century Mortgage Company DBA Century Lending Company 18 6.52% $17,022
    Plains Commerce Bank 16 6.23% $16,401
    Mr. Cooper ( Nationstar Mortgage ) 14 5.86% $17,815
    GUARANTEED RATE, INC. 14 6.47% $17,474
    MY MORTGAGE, INC. 14 6.54% $15,841
    KBHS HOME LOANS, LLC 14 5.63% $13,271
    INSPIRE HOME LOANS INC. 14 6.24% $11,185
    Equity Prime Mortgage LLC 14 6.71% $14,716
    NATIONS RELIABLE LENDING, LLC 13 6.68% $18,988
    PRIMARY RESIDENTIAL MORTGAGE, INC. 12 6.71% $15,491
    Waterstone Mortgage Corporation 12 6.95% $13,315
    AMCAP MORTGAGE, LTD. 11 7.25% $16,744
    LAKEVIEW LOAN SERVICING, LLC 11 5.99% $15,254
    Cornerstone First Mortgage, Inc 11 6.80% $15,709
    NATIONWIDE MORTGAGE BANKERS, INC. 11 6.97% $15,375
    GUARANTEED RATE AFFINITY, LLC 10 6.35% $14,327
    TJC Mortgage, Inc. 10 6.35% $14,217
    ABSOLUTE HOME MORTGAGE CORPORATION 9 6.21% $16,873
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 6.39% $13,738
    VAN DYK MORTGAGE CORPORATION 9 6.74% $12,795
    AMERISAVE MORTGAGE CORPORATION 9 5.99% $16,076
    HOMEOWNERS FINANCIAL GROUP USA, LLC 9 6.50% $15,695
    Keystone Funding, Inc. 9 6.14% $17,731
    LOANPAL, LLC 9 5.85% $13,895
    BELEM SERVICING LLC 8 6.64% $15,977
    Prosperity Home Mortgage, LLC 8 6.48% $12,002
    MORTGAGE EQUITY PARTNERS LLC 8 6.44% $12,959
    Bank of England 8 6.84% $14,228
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 6.53% $13,085
    CMG MORTGAGE, INC. 7 6.71% $14,109
    Ixonia Bank 7 6.91% $14,677
    TOWNE MORTGAGE COMPANY 7 5.98% $13,968
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.29% $16,206
    ZILLOW HOME LOANS, LLC 7 6.09% $15,442
    CALIBER HOME LOANS, INC. 7 6.41% $12,416
    VILLAGE CAPITAL MORTGAGE 7 6.24% $14,995
    PULTE MORTGAGE LLC 7 6.59% $11,204
    LAKE MICHIGAN CREDIT UNION 6 6.00% $13,585
    Regions Bank 6 6.44% $11,483
    THE EQUITABLE MORTGAGE CORPORATION 6 6.98% $11,196
    The Federal Savings Bank 6 6.60% $17,918
    THE MORTGAGE FIRM, INC. 6 6.98% $15,409
    UNION HOME MORTGAGE CORP. 6 7.19% $13,407
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.58% $18,835
    FIRST COMMUNITY MORTGAGE, INC. 6 7.23% $11,201
    Northpointe Bank 6 6.73% $12,077
    NATIONS DIRECT MORTGAGE, LLC 5 6.60% $14,279
    TOP FLITE FINANCIAL, INC. 5 7.00% $15,455
    MICHIGAN MUTUAL, INC. 5 5.78% $15,010
    Loan Simple, Inc. 5 6.95% $13,466
    Summit Mortgage Corporation 5 6.37% $16,167
    JPMorgan Chase Bank 5 6.42% $6,327
    Lakeview Community Capital, LLC 4 6.38% $12,832
    AMERICAN FINANCING CORPORATION 4 6.34% $11,050
    Bank of America 4 6.78% $14,630
    Barrington Bank & Trust Company, N.A. 4 6.63% $13,306
    BECKAM FUNDING CORP. 4 7.22% $20,172
    CHURCHILL MORTGAGE CORPORATION 4 6.38% $14,274
    Citizens Bank 4 6.22% $14,831
    FAIRWAY FUNDING GROUP, INC. 4 6.69% $15,622
    First Horizon Bank 4 6.09% $14,308
    FIRST MORTGAGE COMPANY, INC. 4 6.28% $18,733
    GSF Mortgage Corporation 4 6.38% $11,511
    1ST FINANCIAL, INC. 4 7.19% $15,819
    LAND HOME FINANCIAL SERVICES, INC. 4 6.81% $13,650
    Nations Lending Corporation 4 7.50% $10,416
    NORWICH COMMERCIAL GROUP, INC. 4 6.19% $13,307
    PLANET HOME LENDING, LLC 4 5.75% $8,205
    South Pacific Financial Corporation 4 6.13% $11,520
    Strong Home Mortgage, LLC 4 6.59% $11,158
    Synovus Bank 4 6.31% $11,348
    TOTAL MORTGAGE SERVICES, LLC 4 6.38% $15,182
    STOCKTON MORTGAGE CORPORATION 3 6.67% $11,094
    NP, Inc. 3 6.88% $15,919
    Neighborhood Loans, Inc. 3 6.21% $24,749
    MATTAMY HOME FUNDING, LLC 3 5.12% $13,702
    PANORAMA MORTGAGE GROUP, LLC 3 6.96% $16,150
    RELIANCE FIRST CAPITAL, LLC 3 6.17% $18,728
    RESIDENTIAL BANCORP 3 6.88% $12,519
    EMM LOANS LLC 3 6.04% $16,998
    ROYAL UNITED MORTGAGE LLC 3 6.50% $19,596
    Premium Mortgage Corporation 3 7.00% $15,045
    Hometown Equity Mortgage, LLC 3 6.00% $22,227
    Mortgage Research Center, LLC 3 6.96% $7,536
    THE MORTGAGE WAREHOUSE,LLC 3 6.71% $13,200
    TIDEWATER MORTGAGE SERVICES, INC. 3 6.46% $15,555
    GEO-CORP, INC. 3 7.50% $19,981
    South State Bank 3 6.29% $14,321
    AMERICAN BANCSHARES MORTGAGE 3 6.83% $16,219
    U.S. Bank 2 6.56% $9,416
    FIRST EQUITY MORTGAGE BANKERS, INC. 2 6.81% $14,646
    VERITAS FUNDING, LLC 2 6.56% $12,565
    LEADERONE FINANCIAL CORPORATION 2 6.50% $14,375
    PNC Bank 2 6.63% $9,341
    POINT Mortgage 2 6.88% $14,855
    BETTER MORTGAGE CORPORATION 2 6.56% $15,069
    Wells Fargo Bank 2 5.81% $11,994
    THE ANDERSON FINANCIAL GROUP, INC. 2 6.63% $12,320
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.00% $11,043
    Centennial Bank 2 6.94% $12,445
    AXIA FINANCIAL, LLC 2 7.19% $18,220
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 7.13% $13,457
    ENDEAVOR CAPITAL, LLC. 2 6.31% $14,645
    ACADEMY MORTGAGE CORPORATION 2 6.63% $17,604
    First Option Mortgage, LLC 2 6.50% $17,531
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 5.88% $14,423
    NETWORK CAPITAL FUNDING CORPORATION 2 5.63% $7,866
    LADERA LENDING, INC. 2 6.19% $18,704
    First Federal Bank 2 5.75% $13,306
    Busey Bank 1 6.75% $10,786
    Servion, Inc. 1 6.63% $11,148
    SHELTER MORTGAGE COMPANY, L.L.C. 1 5.63% $22,924
    BM Real Estate Services, Inc. 1 6.13% $16,366
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.25% $8,970
    AHL FUNDING 1 7.25% $21,975
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $18,786
    Bell Bank 1 5.75% $15,460
    T2 FINANCIAL LLC 1 5.63% $19,810
    The Central Trust Bank 1 7.13% $10,809
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.63% $12,183
    BancorpSouth 1 7.00% $8,577
    The Huntington National Bank 1 6.63% $11,677
    Associated Bank 1 6.25% $11,927
    AmeriHome Mortgage Company, LLC 1 5.99% $10,983
    TruHome Solutions, LLC 1 6.13% $8,422
    Legends Bank 1 5.75% $17,472
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 5.63% $23,216
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 6.00% $12,771
    University Bank 1 5.75% $10,032
    JMAC LENDING, INC. 1 8.13% $18,953
    INTERCAP LENDING INC. 1 6.63% $14,824
    HOMESTEAD FUNDING CORP. 1 6.75% $6,978
    HOME FINANCING CENTER, INC. 1 7.63% $22,141
    US MORTGAGE CORPORATION 1 7.13% $8,801
    United Fidelity Funding Corp. 1 7.50% $10,192
    GVC MORTGAGE, INC. 1 7.13% $12,401
    LOANLEADERS OF AMERICA, INC. 1 5.50% $11,595
    GREENWAY MORTGAGE FUNDING CORP. 1 6.13% $11,706
    GREENTREE MORTGAGE COMPANY, L.P. 1 7.13% $10,372
    Magnolia Bank 1 6.75% $11,746
    Goldwater Bank, N.A. 1 7.25% $11,453
    MID AMERICA MORTGAGE, INC. 1 7.63% $14,589
    Gateway First Bank 1 7.75% $16,939
    MORTGAGE INVESTORS GROUP, INC. 1 6.63% $11,266
    Mortgage Lenders Investment Trading Corporation 1 6.75% $10,850
    FM Home Loans, LLC 1 6.75% $11,398
    First Savings Bank 1 7.25% $26,830
    Valley National Bank 1 6.75% $10,919
    First Commonwealth Bank 1 6.25% $10,791
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.50% $16,663
    NBKC BANK 1 5.63% $12,475
    Fifth Third Bank 1 6.25% $10,514
    NFM, INC. 1 5.63% $13,211
    NJ LENDERS CORP. 1 5.75% $11,849
    FIDELITY BANK 1 6.63% $23,842
    NTFN, INC. 1 7.13% $12,756
    ON Q FINANCIAL, INC. 1 6.25% $15,996
    OPEN MORTGAGE, LLC 1 6.00% $11,029
    East Coast Capital Corp. 1 7.13% $15,961
    PHH Mortgage Corporation 1 6.99% $13,078
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.75% $11,747
    DG PINNACLE FUNDING LLC 1 7.25% $12,458
    DELMAR FINANCIAL COMPANY 1 7.38% $12,463
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $14,614
    CONTOUR MORTGAGE CORPORATION 1 7.13% $19,618
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.25% $12,813
    RADIUS FINANCIAL GROUP INC. 1 7.13% $10,035
    RAPID MORTGAGE COMPANY 1 7.50% $11,008
    CANOPY MORTGAGE, LLC 1 6.25% $13,355
    Cambria Financial Group, LLC 1 7.25% $9,308
    Ross Mortgage Company, Inc. 1 7.63% $10,289

    The top Cape Coral FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 626 FHA loans originated. Their average total fees are $15,047, which is $464 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Cape Coral FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($10,253), INSPIRE HOME LOANS INC. ($11,185), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($11,949), EAGLE HOME MORTGAGE, LLC ($12,500) and MORTGAGE 1 INCORPORATED ($12,981).

    The lowest rate Cape Coral FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.54%), KBHS HOME LOANS, LLC (5.63%), Mr. Cooper ( Nationstar Mortgage ) (5.86%), LAKEVIEW LOAN SERVICING, LLC (5.99%) and EAGLE HOME MORTGAGE, LLC (6.15%).

    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
    CAPE CORAL-FORT MYERS, FL LEE 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).