Gainesville FHA Loan Rates, Closing Costs & Stats
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 111 lenders originated 804 FHA loans during 2023. The total origination value was $211,880,000, with an average FHA loan value of $263,532.
Gainesville FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Gainesville
averaged
6%
for the week of 2024-10-04, compared to the national average (all FHA variants) of
5.885% for the same period.
Gainesville's average FHA mortgage closing costs are $8,535.
The average rate for the prior week (2024-09-27) was
5.8% and
one month ago for the week of 2024-08-30, the
average rate was 6.05%.
The average rate one year ago was 6.99%.
For refis of the same type during the week of 2024-10-04, the average rate
was 6.13%.
Gainesville 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 Gainesville level.
The top Gainesville FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
108 FHA loans originated. Their average total fees are
$11,766, which is $785
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Gainesville FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC ($9,383), DHI MORTGAGE COMPANY, LTD. ($9,890), FBC MORTGAGE, LLC ($10,305), EAGLE HOME MORTGAGE, LLC ($10,397) and Ameris Bank ($10,504).
The lowest rate Gainesville FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (4.65%), DHI MORTGAGE COMPANY, LTD. (5.33%), Advisors Mortgage Group, L.L.C. (6.10%), QUICKEN LOANS, LLC (6.12%) and FBC MORTGAGE, LLC (6.15%).
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 |
GAINESVILLE, FL | ALACHUA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
GAINESVILLE, FL | GILCHRIST | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
GAINESVILLE, FL | LEVY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Gainesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $239,900 (14.9%) | $307,693 (12.3%) | 0.89 | 1,053 |
2018-02-01 | $242,015 (13.1%) | $310,046 (12.4%) | 0.88 | 1,089 |
2018-03-01 | $245,000 (8.9%) | $304,465 (8.2%) | 0.86 | 1,142 |
2018-04-01 | $245,350 (9.0%) | $307,275 (8.0%) | 0.83 | 1,206 |
2018-05-01 | $249,700 (8.6%) | $310,001 (7.6%) | 0.83 | 1,201 |
2018-06-01 | $245,900 (7.0%) | $308,983 (8.8%) | 0.82 | 1,249 |
2018-07-01 | $246,450 (7.2%) | $306,579 (6.4%) | 0.82 | 1,293 |
2018-08-01 | $244,950 (6.9%) | $304,051 (5.7%) | 0.82 | 1,298 |
2018-09-01 | $244,900 (6.5%) | $304,582 (5.0%) | 0.82 | 1,258 |
2018-10-01 | $244,900 (7.5%) | $306,860 (7.2%) | 0.83 | 1,230 |
2018-11-01 | $239,895 (4.6%) | $303,104 (2.8%) | 0.81 | 1,207 |
2018-12-01 | $239,900 (1.5%) | $301,904 (1.2%) | 0.83 | 1,158 |
2019-01-01 | $244,950 (2.1%) | $307,179 (-0.2%) | 0.85 | 1,150 |
2019-02-01 | $249,900 (3.3%) | $313,668 (1.2%) | 0.84 | 1,173 |
2019-03-01 | $251,571 (2.7%) | $312,477 (2.6%) | 0.82 | 1,198 |
2019-04-01 | $257,000 (4.8%) | $403,697 (31.4%) | 0.82 | 1,219 |
2019-05-01 | $264,630 (6.0%) | $496,961 (60.3%) | 0.83 | 1,216 |
2019-06-01 | $264,998 (7.8%) | $329,202 (6.5%) | 0.83 | 1,196 |
2019-07-01 | $267,948 (8.7%) | $330,363 (7.8%) | 0.84 | 1,155 |
2019-08-01 | $265,791 (8.5%) | $327,812 (7.8%) | 0.84 | 1,161 |
2019-09-01 | $262,477 (7.2%) | $322,792 (6.0%) | 0.84 | 1,167 |
2019-10-01 | $264,068 (7.8%) | $319,445 (4.1%) | 0.85 | 1,149 |
2019-11-01 | $269,000 (12.1%) | $320,150 (5.6%) | 0.88 | 1,054 |
2019-12-01 | $265,000 (10.5%) | $317,436 (5.1%) | 0.88 | 1,040 |
2020-01-01 | $270,950 (10.6%) | $322,753 (5.1%) | 0.91 | 984 |
2020-02-01 | $274,300 (9.8%) | $326,401 (4.1%) | 0.90 | 1,017 |
2020-03-01 | $280,000 (11.3%) | $329,391 (5.4%) | 0.88 | 1,091 |
2020-04-01 | $279,950 (8.9%) | $328,536 (-18.6%) | 0.88 | 1,109 |
2020-05-01 | $288,500 (9.0%) | $348,313 (-29.9%) | 0.88 | 1,021 |
2020-06-01 | $289,975 (9.4%) | $356,819 (8.4%) | 0.85 | 904 |
2020-07-01 | $287,745 (7.4%) | $354,532 (7.3%) | 0.83 | 910 |
2020-08-01 | $279,900 (5.3%) | $348,268 (6.2%) | 0.80 | 882 |
2020-09-01 | $279,495 (6.5%) | $350,448 (8.6%) | 0.80 | 856 |
2020-10-01 | $277,950 (5.3%) | $348,168 (9.0%) | 0.80 | 827 |
2020-11-01 | $262,450 (-2.4%) | $347,288 (8.5%) | 0.77 | 821 |
2020-12-01 | $254,250 (-4.1%) | $345,872 (9.0%) | 0.76 | 769 |
2021-01-01 | $259,900 (-4.1%) | $345,890 (7.2%) | 0.78 | 696 |
2021-02-01 | $262,798 (-4.2%) | $346,582 (6.2%) | 0.77 | 593 |
2021-03-01 | $265,000 (-5.4%) | $362,585 (10.1%) | 0.75 | 516 |
2021-04-01 | $289,900 (3.6%) | $398,757 (21.4%) | 0.78 | 483 |
2021-05-01 | $290,000 (0.5%) | $390,063 (12.0%) | 0.77 | 495 |
2021-06-01 | $290,850 (0.3%) | $391,409 (9.7%) | 0.77 | 528 |
2021-07-01 | $280,000 (-2.7%) | $390,835 (10.2%) | 0.74 | 594 |
2021-08-01 | $286,995 (2.5%) | $393,981 (13.1%) | 0.77 | 664 |
2021-09-01 | $284,945 (2.0%) | $400,910 (14.4%) | 0.76 | 679 |
2021-10-01 | $299,000 (7.6%) | $415,372 (19.3%) | 0.80 | 617 |
2021-11-01 | $301,995 (15.1%) | $414,590 (19.4%) | 0.81 | 557 |
2021-12-01 | $308,444 (21.3%) | $434,848 (25.7%) | 0.84 | 474 |
2022-01-01 | $315,000 (21.2%) | $427,092 (23.5%) | 0.85 | 398 |
2022-02-01 | $335,000 (27.5%) | $435,894 (25.8%) | 0.87 | 376 |
2022-03-01 | $338,663 (27.8%) | $441,243 (21.7%) | 0.85 | 382 |
2022-04-01 | $353,995 (22.1%) | $480,656 (20.5%) | 0.84 | 377 |
2022-05-01 | $374,500 (29.1%) | $484,005 (24.1%) | 0.86 | 445 |
2022-06-01 | $377,000 (29.6%) | $474,173 (21.2%) | 0.84 | 591 |
2022-07-01 | $365,000 (30.4%) | $460,839 (17.9%) | 0.82 | 714 |
2022-08-01 | $357,300 (24.5%) | $458,129 (16.3%) | 0.83 | 742 |
2022-09-01 | $354,675 (24.5%) | $449,750 (12.2%) | 0.83 | 775 |
2022-10-01 | $348,250 (16.5%) | $437,048 (5.2%) | 0.82 | 798 |
2022-11-01 | $344,950 (14.2%) | $434,773 (4.9%) | 0.83 | 785 |
2022-12-01 | $349,900 (13.4%) | $445,534 (2.5%) | 0.86 | 744 |
2023-01-01 | $354,500 (12.5%) | $452,678 (6.0%) | 0.88 | 657 |
2023-02-01 | $372,450 (11.2%) | $456,990 (4.8%) | 0.90 | 637 |
2023-03-01 | $371,250 (9.6%) | $466,100 (5.6%) | 0.88 | 633 |
2023-04-01 | $370,000 (4.5%) | $476,416 (-0.9%) | 0.86 | 663 |
2023-05-01 | $396,000 (5.7%) | $500,615 (3.4%) | 0.90 | 615 |
2023-06-01 | $389,950 (3.4%) | $494,195 (4.2%) | 0.88 | 645 |
2023-07-01 | $380,000 (4.1%) | $484,321 (5.1%) | 0.86 | 678 |
2023-08-01 | $369,999 (3.6%) | $472,125 (3.1%) | 0.85 | 716 |
2023-09-01 | $368,950 (4.0%) | $458,518 (2.0%) | 0.86 | 761 |
2023-10-01 | $349,500 (0.4%) | $444,332 (1.7%) | 0.82 | 858 |
2023-11-01 | $349,950 (1.5%) | $441,530 (1.6%) | 0.83 | 895 |
2023-12-01 | $349,900 (0.0%) | $435,032 (-2.4%) | 0.85 | 930 |
2024-01-01 | $349,950 (-1.3%) | $436,851 (-3.5%) | 0.85 | 924 |
2024-02-01 | $350,000 (-6.0%) | $440,685 (-3.6%) | 0.84 | 962 |
2024-03-01 | $349,000 (-6.0%) | $433,924 (-6.9%) | 0.82 | 1,054 |
2024-04-01 | $349,500 (-5.5%) | $431,875 (-9.4%) | 0.81 | 1,103 |
2024-05-01 | $362,300 (-8.5%) | $444,474 (-11.2%) | 0.82 | 1,106 |
2024-06-01 | $365,000 (-6.4%) | $438,687 (-11.2%) | 0.82 | 1,189 |
2024-07-01 | $362,300 (-4.7%) | $434,181 (-10.4%) | 0.83 | 1,198 |
2024-08-01 | $358,900 (-3.0%) | $435,731 (-7.7%) | 0.83 | 1,178 |
2024-09-01 | $349,950 (-5.2%) | $436,325 (-4.8%) | 0.00 | 1,221 |
Gainesville's median listing price comes in at 0% of the national average.
Gainesville's average listing price for 2024-09-01 was $436,325, a difference of $-22,193 (-4.8%) versus the prior year and $594 versus the prior month.
For the 2024-09-01 period, Gainesville had 1,221 MLS listings, a difference of 43 listings (4%) versus the prior month and 460 listings (60%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Gainesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 94 days | 1,775 sqft |
2018-02-01 | 80 days | 1,779 sqft |
2018-03-01 | 54 days | 1,792 sqft |
2018-04-01 | 52 days | 1,805 sqft |
2018-05-01 | 53 days | 1,821 sqft |
2018-06-01 | 56 days | 1,798 sqft |
2018-07-01 | 62 days | 1,790 sqft |
2018-08-01 | 68 days | 1,790 sqft |
2018-09-01 | 79 days | 1,782 sqft |
2018-10-01 | 80 days | 1,785 sqft |
2018-11-01 | 83 days | 1,745 sqft |
2018-12-01 | 85 days | 1,759 sqft |
2019-01-01 | 85 days | 1,765 sqft |
2019-02-01 | 77 days | 1,798 sqft |
2019-03-01 | 65 days | 1,775 sqft |
2019-04-01 | 54 days | 1,790 sqft |
2019-05-01 | 55 days | 1,819 sqft |
2019-06-01 | 61 days | 1,840 sqft |
2019-07-01 | 70 days | 1,856 sqft |
2019-08-01 | 72 days | 1,837 sqft |
2019-09-01 | 73 days | 1,817 sqft |
2019-10-01 | 74 days | 1,824 sqft |
2019-11-01 | 82 days | 1,825 sqft |
2019-12-01 | 86 days | 1,798 sqft |
2020-01-01 | 85 days | 1,804 sqft |
2020-02-01 | 68 days | 1,790 sqft |
2020-03-01 | 51 days | 1,803 sqft |
2020-04-01 | 58 days | 1,813 sqft |
2020-05-01 | 72 days | 1,835 sqft |
2020-06-01 | 87 days | 1,827 sqft |
2020-07-01 | 60 days | 1,779 sqft |
2020-08-01 | 65 days | 1,712 sqft |
2020-09-01 | 75 days | 1,700 sqft |
2020-10-01 | 78 days | 1,700 sqft |
2020-11-01 | 69 days | 1,669 sqft |
2020-12-01 | 74 days | 1,640 sqft |
2021-01-01 | 78 days | 1,663 sqft |
2021-02-01 | 67 days | 1,620 sqft |
2021-03-01 | 45 days | 1,624 sqft |
2021-04-01 | 40 days | 1,685 sqft |
2021-05-01 | 36 days | 1,685 sqft |
2021-06-01 | 38 days | 1,653 sqft |
2021-07-01 | 42 days | 1,658 sqft |
2021-08-01 | 43 days | 1,663 sqft |
2021-09-01 | 46 days | 1,631 sqft |
2021-10-01 | 55 days | 1,662 sqft |
2021-11-01 | 59 days | 1,657 sqft |
2021-12-01 | 72 days | 1,611 sqft |
2022-01-01 | 65 days | 1,608 sqft |
2022-02-01 | 38 days | 1,602 sqft |
2022-03-01 | 38 days | 1,657 sqft |
2022-04-01 | 38 days | 1,734 sqft |
2022-05-01 | 33 days | 1,771 sqft |
2022-06-01 | 35 days | 1,803 sqft |
2022-07-01 | 39 days | 1,773 sqft |
2022-08-01 | 51 days | 1,736 sqft |
2022-09-01 | 54 days | 1,744 sqft |
2022-10-01 | 59 days | 1,711 sqft |
2022-11-01 | 66 days | 1,702 sqft |
2022-12-01 | 71 days | 1,707 sqft |
2023-01-01 | 71 days | 1,708 sqft |
2023-02-01 | 65 days | 1,730 sqft |
2023-03-01 | 49 days | 1,722 sqft |
2023-04-01 | 45 days | 1,750 sqft |
2023-05-01 | 48 days | 1,774 sqft |
2023-06-01 | 45 days | 1,776 sqft |
2023-07-01 | 48 days | 1,774 sqft |
2023-08-01 | 50 days | 1,758 sqft |
2023-09-01 | 52 days | 1,759 sqft |
2023-10-01 | 55 days | 1,700 sqft |
2023-11-01 | 58 days | 1,664 sqft |
2023-12-01 | 66 days | 1,664 sqft |
2024-01-01 | 75 days | 1,657 sqft |
2024-02-01 | 69 days | 1,664 sqft |
2024-03-01 | 60 days | 1,647 sqft |
2024-04-01 | 57 days | 1,626 sqft |
2024-05-01 | 58 days | 1,665 sqft |
2024-06-01 | 58 days | 1,677 sqft |
2024-07-01 | 62 days | 1,647 sqft |
2024-08-01 | 72 days | 1,635 sqft |
2024-09-01 | 0 days | 1,626 sqft |
Gainesville's median square footage for active listings during the 2024-09-01 period was 1,626 sqft. One year prior, the average listing was 1,759 sqft.