Clewiston FHA Loan Rates, Closing Costs & Stats

Clewiston, 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.

    Clewiston's 65 lenders originated 299 FHA loans during 2023. The total origination value was $80,625,000, with an average FHA loan value of $269,649.

    Clewiston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Clewiston averaged 6.77% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Clewiston's average FHA mortgage closing costs are $9,563.

    The average rate for the prior week (2024-07-12) was 6.52% and one month ago for the week of 2024-06-14, the average rate was 6.78%.

    The average rate one year ago was 6.97%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.69%.

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

    Clewiston 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 Clewiston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 38 6.40% $12,380
    DHI MORTGAGE COMPANY, LTD. 21 5.72% $7,999
    CROSSCOUNTRY MORTGAGE, LLC 21 6.90% $13,787
    HOMESIDE FINANCIAL, LLC 17 6.61% $10,977
    QUICKEN LOANS, LLC 16 6.05% $13,714
    AMERICAN PACIFIC MORTGAGE CORPORATION 15 6.35% $13,549
    NP, Inc. 15 6.87% $14,545
    Paramount Residential Mortgage Group, Inc. 12 6.86% $15,714
    Waterstone Mortgage Corporation 9 6.44% $13,070
    LOANDEPOT.COM, LLC 8 6.69% $12,267
    EVERETT FINANCIAL, INC. 8 6.98% $16,010
    BROKER SOLUTIONS, INC. 7 6.61% $14,182
    CARDINAL FINANCIAL 5 6.63% $13,302
    CMG MORTGAGE, INC. 5 7.30% $13,679
    NEWREZ LLC 5 6.85% $11,660
    Flagstar Bank, FSB 4 6.93% $12,841
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.25% $9,015
    MID AMERICA MORTGAGE, INC. 3 7.13% $6,374
    AMERICAN FINANCIAL NETWORK, INC. 3 6.17% $9,074
    FREEDOM MORTGAGE CORPORATION 2 6.00% $16,574
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.00% $10,716
    Century Mortgage Company DBA Century Lending Company 2 6.38% $13,872
    FBC MORTGAGE, LLC 2 6.50% $10,391
    FIRST COMMUNITY MORTGAGE, INC. 2 7.06% $11,886
    AMCAP MORTGAGE, LTD. 2 7.44% $15,057
    INSPIRE HOME LOANS INC. 2 6.63% $9,737
    MOVEMENT MORTGAGE, LLC 2 6.88% $13,335
    NATIONWIDE MORTGAGE BANKERS, INC. 2 7.00% $17,046
    NETWORK CAPITAL FUNDING CORPORATION 2 6.25% $9,372
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.50% $12,349
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.31% $16,400
    Sierra Pacific Mortgage Company, Inc. 2 7.00% $17,345
    SUN WEST MORTGAGE COMPANY, INC. 2 7.38% $8,963
    First Federal Bank 1 5.63% $19,684
    MICHIGAN MUTUAL, INC. 1 7.13% $8,061
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $9,596
    Town Square Mortgage & Investments, Inc. 1 7.63% $12,172
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $10,281
    MY MORTGAGE, INC. 1 7.00% $13,485
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $6,415
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.63% $15,694
    Equity Prime Mortgage LLC 1 6.50% $10,758
    ENDEAVOR CAPITAL, LLC. 1 6.25% $7,728
    Paramount Bank 1 7.13% $4,966
    BAY EQUITY LLC 1 5.75% $9,150
    PENNYMAC LOAN SERVICES, LLC 1 4.50% $11,169
    Plains Commerce Bank 1 5.75% $10,410
    PLANET HOME LENDING, LLC 1 5.50% $7,005
    PLAZA HOME MORTGAGE, INC. 1 6.25% $19,274
    VAN DYK MORTGAGE CORPORATION 1 6.88% $8,565
    AXIA FINANCIAL, LLC 1 7.25% $11,154
    READY MORTGAGE LENDERS, LLC 1 6.88% $12,052
    AMERICAN BANCSHARES MORTGAGE 1 6.75% $12,728
    Wells Fargo Bank 1 5.13% $4,475
    South State Bank 1 6.25% $11,968
    STOCKTON MORTGAGE CORPORATION 1 6.75% $11,458
    Wyndham Capital Mortgage, Inc. 1 6.63% $6,989
    GENEVA FINANCIAL, LLC 1 6.63% $18,620
    GSF Mortgage Corporation 1 5.63% $10,254
    GUARANTEED RATE AFFINITY, LLC 1 7.75% $9,735
    GUARANTEED RATE, INC. 1 7.50% $15,748
    First Horizon Bank 1 6.13% $10,680
    THE EQUITABLE MORTGAGE CORPORATION 1 7.75% $15,734
    Ixonia Bank 1 6.25% $12,096
    Keystone Funding, Inc. 1 6.25% $11,810

    The top Clewiston FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 38 FHA loans originated. Their average total fees are $12,380, which is $4,381 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Clewiston FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,999), HOMESIDE FINANCIAL, LLC ($10,977), UNITED WHOLESALE MORTGAGE, LLC ($12,380), AMERICAN PACIFIC MORTGAGE CORPORATION ($13,549) and QUICKEN LOANS, LLC ($13,714).

    The lowest rate Clewiston FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.72%), QUICKEN LOANS, LLC (6.05%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.35%), UNITED WHOLESALE MORTGAGE, LLC (6.40%) and HOMESIDE FINANCIAL, LLC (6.61%).

    Clewiston FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CLEWISTON, FL HENDRY 2022 $420,680 $538,650 $651,050 $809,150
    CLEWISTON, FL HENDRY 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).