Gainesville FHA Loans

GAINESVILLE, 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.

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).