Gainesville FHA Loans

GAINESVILLE, 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.

    Gainesville's 118 lenders originated 1,190 FHA loans during 2021. The total origination value was $242,250,000, with an average FHA loan value of $203,571.

    Gainesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gainesville averaged 5.33% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.34% and one month ago for the week of 2022-04-15, the average rate was 5.13%.

    The average rate one year ago was 3.2%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.29%.

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

    Gainesville 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 Gainesville level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 91 2.76% $6,254
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 76 3.39% $8,754
    AMERICAN FINANCIAL NETWORK, INC. 53 3.17% $13,070
    DHI MORTGAGE COMPANY, LTD. 53 2.94% $7,974
    Mortgage Lenders Investment Trading Corporation 49 3.36% $9,610
    Ameris Bank 44 2.89% $7,269
    FBC MORTGAGE, LLC 43 3.05% $8,820
    FREEDOM MORTGAGE CORPORATION 41 2.87% $6,570
    UNITED WHOLESALE MORTGAGE, LLC 36 2.90% $7,632
    CALIBER HOME LOANS, INC. 33 2.86% $7,329
    UNION HOME MORTGAGE CORP. 29 3.34% $6,857
    PENNYMAC LOAN SERVICES, LLC 28 3.09% $4,874
    Advisors Mortgage Group, L.L.C. 27 2.86% $8,060
    MOVEMENT MORTGAGE, LLC 24 3.08% $7,395
    THE MORTGAGE FIRM, INC. 23 3.48% $8,495
    LAKEVIEW LOAN SERVICING, LLC 21 3.07% $4,488
    Paramount Residential Mortgage Group, Inc. 21 3.38% $8,989
    Nations Lending Corporation 19 3.08% $8,964
    Mr. Cooper ( Nationstar Mortgage ) 15 3.33% $2,742
    HAMILTON HOME LOANS, INC. 13 3.31% $8,065
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 12 3.14% $8,320
    First Federal Bank 12 2.85% $8,016
    NEWREZ LLC 12 2.91% $6,052
    AMERICAN FINANCIAL RESOURCES, INC. 12 3.13% $6,690
    AMERIFIRST FINANCIAL CORPORATION 11 3.80% $9,042
    PLANET HOME LENDING, LLC 10 2.89% $5,813
    Carrington Mortgage Services, LLC 10 3.44% $8,867
    VILLAGE CAPITAL & INVESTMENT LLC 9 3.12% $2,023
    BROKER SOLUTIONS, INC. 8 3.40% $7,895
    SUCCESS MORTGAGE PARTNERS, INC. 8 2.97% $10,583
    GUARANTEED RATE, INC. 8 3.23% $7,474
    LEADERONE FINANCIAL CORPORATION 8 3.73% $8,511
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 3.39% $7,709
    First Guaranty Mortgage Corporation 6 2.96% $6,706
    LOANDEPOT.COM, LLC 6 3.12% $12,820
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 3.29% $8,959
    TOWNE MORTGAGE COMPANY 6 3.35% $6,926
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 4.23% $7,846
    Barrington Bank & Trust Company, N.A. 5 3.48% $6,504
    Midwest Mortgage Associates Corporation 5 2.58% $7,044
    Lakeview Community Capital, LLC 4 3.06% $4,544
    Hometown Lenders, Inc. 4 3.56% $10,711
    DAS Acquisition Company, LLC 3 2.96% $7,373
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.58% $7,277
    AmeriHome Mortgage Company, LLC 3 2.91% $4,620
    AMERISAVE MORTGAGE CORPORATION 3 3.21% $8,241
    Bank of America 3 3.04% $4,591
    CIS Financial Services, Inc. 3 3.75% $7,513
    CityWorth Mortgage LLC 3 3.25% $7,372
    EMBRACE HOME LOANS, INC. 3 3.21% $7,773
    ENVOY MORTGAGE, LTD 3 2.96% $7,196
    Equity Prime Mortgage LLC 3 3.83% $11,356
    HOME POINT FINANCIAL CORPORATION 3 2.75% $6,001
    Hometown Equity Mortgage, LLC 3 4.17% $10,360
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.00% $9,781
    Wolfe Financial, Inc 3 3.00% $8,641
    OCMBC, INC. 2 3.06% $5,190
    MORIA DEVELOPMENT, INC. 2 3.38% $7,064
    STOCKTON MORTGAGE CORPORATION 2 3.06% $6,239
    1ST SIGNATURE LENDING, LLC 2 3.38% $6,804
    CROSSCOUNTRY MORTGAGE, LLC 2 2.87% $10,497
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 3.31% $8,345
    The Home Loan Expert LLC 2 3.19% $6,553
    CELEBRITY HOME LOANS, LLC 2 2.94% $9,882
    MORTGAGE FINANCIAL GROUP, INC. 2 3.81% $11,880
    Capital City Home Loans, LLC 2 3.00% $7,182
    Goldwater Bank, N.A. 2 3.06% $8,259
    Bank of England 2 3.38% $8,759
    Colten Mortgage, LLC 2 3.13% $5,114
    LAND HOME FINANCIAL SERVICES, INC. 2 3.75% $11,718
    Prosperity Home Mortgage, LLC 2 3.63% $6,200
    MICHIGAN MUTUAL, INC. 2 2.75% $7,972
    HOMESPIRE MORTGAGE CORPORATION 2 2.88% $8,877
    LIBERTY HOME MORTGAGE CORPORATION 2 3.25% $9,189
    MUTUAL OF OMAHA MORTGAGE, INC. 2 3.00% $7,975
    Northpointe Bank 1 2.88% $5,946
    NP, Inc. 1 2.88% $7,829
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $3,702
    PANORAMA MORTGAGE GROUP, LLC 1 3.75% $6,585
    COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $13,029
    POLARIS HOME FUNDING CORP. 1 3.25% $9,517
    PREFERRED LENDING SERVICES, LLC 1 4.25% $8,170
    WESTERN EXPRESS LENDING 1 2.63% $5,698
    CMG MORTGAGE, INC. 1 3.63% $10,345
    Renasant Bank 1 2.99% $7,575
    RESIDENTIAL BANCORP. 1 2.49% $7,227
    Shamrock Home Loans, Inc. 1 3.75% $7,550
    STEARNS LENDING, LLC 1 3.25% $5,489
    Centennial Bank 1 3.00% $6,633
    T2 FINANCIAL LLC 1 3.00% $9,920
    The Federal Savings Bank 1 2.88% $15,115
    TOP FLITE FINANCIAL, INC. 1 2.88% $11,209
    Trustmark National Bank 1 2.38% $7,968
    Axos Bank 1 3.00% $10,857
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.25% $8,534
    AMERICAN FINANCING CORPORATION 1 2.75% $6,241
    WATSON MORTGAGE CORP. 1 3.75% $5,480
    HOMESTAR FINANCIAL CORPORATION 1 3.00% $7,599
    HOMESIDE FINANCIAL, LLC 1 3.13% $11,948
    Wells Fargo Bank 1 3.38% $5,946
    InterContinental Capital Group, Inc 1 2.75% $8,262
    JPMorgan Chase Bank 1 2.88% $5,535
    KELLER MORTGAGE, LLC 1 3.13% $7,418
    Gulf Coast Bank and Trust Company 1 2.63% $9,089
    GTE Federal Credit Union 1 3.00% $6,712
    LENDUS, LLC 1 3.00% $10,683
    GSF Mortgage Corporation 1 3.13% $5,945
    LOANLEADERS OF AMERICA, INC. 1 3.25% $16,272
    GROUP ONE MORTGAGE, INC. 1 2.75% $12,915
    MORTGAGE ACCESS CORP. 1 3.75% $12,628
    Mortgage Unlimited, L.L.C. 1 3.75% $7,133
    Flagstar Bank, FSB 1 2.25% $9,207
    FINANCE OF AMERICA MORTGAGE LLC 1 2.63% $8,956
    EMM LOANS LLC 1 2.75% $5,459
    NATIONS RELIABLE LENDING, LLC 1 2.88% $9,600
    NETWORK CAPITAL FUNDING CORPORATION 1 2.88% $7,220
    EAGLE HOME MORTGAGE, LLC 1 2.88% $7,495
    NORTHERN MORTGAGE SERVICES, LLC 1 3.50% $8,438

    The top Gainesville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 91 FHA loans originated. Their average total fees are $6,254, which is $2,500 lower than the next largest lender, AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC.

    The lowest fee Gainesville FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,742), LAKEVIEW LOAN SERVICING, LLC ($4,488), PENNYMAC LOAN SERVICES, LLC ($4,874), PLANET HOME LENDING, LLC ($5,813) and NEWREZ LLC ($6,052).

    The lowest rate Gainesville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.76%), First Federal Bank (2.85%), CALIBER HOME LOANS, INC. (2.86%), Advisors Mortgage Group, L.L.C. (2.86%) and FREEDOM MORTGAGE CORPORATION (2.87%).

    Gainesville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GAINESVILLE, FL ALACHUA 2022 $420,680 $538,650 $651,050 $809,150
    GAINESVILLE, FL GILCHRIST 2022 $420,680 $538,650 $651,050 $809,150
    GAINESVILLE, FL LEVY 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).