Homosassa Springs FHA Loans

HOMOSASSA SPRINGS, 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.

Homosassa Springs's 125 lenders originated 931 FHA loans during 2021. The total origination value was $160,525,000, with an average FHA loan value of $172,422.

Homosassa Springs FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Homosassa Springs averaged 5.51% 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 5.42% and one month ago for the week of 2022-04-15, the average rate was 5.31%.

The average rate one year ago was 3.18%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.26%.

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

Homosassa Springs 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 Homosassa Springs level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 152 2.76% $6,114
CALIBER HOME LOANS, INC. 43 2.99% $7,161
UNITED WHOLESALE MORTGAGE, LLC 38 2.92% $7,263
AMERIFIRST FINANCIAL CORPORATION 38 3.94% $7,689
Carrington Mortgage Services, LLC 30 3.77% $8,818
FREEDOM MORTGAGE CORPORATION 27 2.98% $4,991
Mr. Cooper ( Nationstar Mortgage ) 26 3.48% $3,656
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 3.39% $8,142
PENNYMAC LOAN SERVICES, LLC 19 3.21% $4,396
Paramount Residential Mortgage Group, Inc. 19 3.22% $8,310
PRIMARY RESIDENTIAL MORTGAGE, INC. 18 3.76% $7,865
LAKEVIEW LOAN SERVICING, LLC 16 3.21% $3,927
NATIONS RELIABLE LENDING, LLC 15 3.40% $7,912
VILLAGE CAPITAL & INVESTMENT LLC 15 3.10% $1,895
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 15 3.14% $7,721
OPEN MORTGAGE, LLC 13 2.97% $7,984
NEWREZ LLC 13 3.22% $4,424
BROKER SOLUTIONS, INC. 12 3.39% $8,349
HOME POINT FINANCIAL CORPORATION 10 2.95% $8,320
MOVEMENT MORTGAGE, LLC 10 3.61% $6,557
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 3.37% $7,924
AMERICAN FINANCIAL NETWORK, INC. 9 3.30% $13,110
Mortgage Lenders Investment Trading Corporation 8 3.81% $4,306
CROSSCOUNTRY MORTGAGE, LLC 8 3.31% $9,021
GUARANTEED RATE, INC. 8 3.33% $9,052
Nations Lending Corporation 8 3.31% $11,048
SUCCESS MORTGAGE PARTNERS, INC. 7 3.20% $7,889
FBC MORTGAGE, LLC 7 3.14% $9,417
GSF Mortgage Corporation 7 3.43% $9,669
LOANDEPOT.COM, LLC 7 3.37% $7,735
SUN WEST MORTGAGE COMPANY, INC. 7 2.99% $7,922
THE MORTGAGE FIRM, INC. 6 3.48% $7,967
Regions Bank 6 2.63% $6,244
Equity Prime Mortgage LLC 5 3.43% $5,647
HOMESPIRE MORTGAGE CORPORATION 5 3.73% $8,260
Bank of America 5 2.85% $5,431
CELEBRITY HOME LOANS, LLC 5 3.25% $6,291
PLANET HOME LENDING, LLC 5 2.95% $3,152
Hometown Lenders, Inc. 4 3.91% $12,633
AmeriHome Mortgage Company, LLC 4 2.88% $3,826
NATIONS DIRECT MORTGAGE, LLC 4 3.22% $5,753
AMERICAN FINANCIAL RESOURCES, INC. 4 3.09% $6,761
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.38% $7,158
Hometown Equity Mortgage, LLC 3 3.25% $13,259
UNION HOME MORTGAGE CORP. 3 3.21% $6,264
Flagstar Bank, FSB 3 2.46% $6,977
MORIA DEVELOPMENT, INC. 3 3.21% $7,019
AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.96% $9,408
Waterstone Mortgage Corporation 3 3.42% $10,348
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 3.19% $9,317
EQUITY RESOURCES, INC. 2 3.19% $7,412
ACADEMY MORTGAGE CORPORATION 2 3.50% $6,868
First Guaranty Mortgage Corporation 2 3.31% $5,673
First Home Bank 2 3.06% $14,353
GUILD MORTGAGE COMPANY 2 3.19% $8,227
HAMILTON HOME LOANS, INC. 2 3.62% $11,051
HOMESTAR FINANCIAL CORPORATION 2 2.88% $7,146
INSPIRE HOME LOANS INC. 2 3.00% $6,185
Ixonia Bank 2 2.63% $8,679
LEADERONE FINANCIAL CORPORATION 2 4.81% $11,686
LENDUS, LLC 2 3.31% $6,192
MORTGAGE EQUITY PARTNERS LLC 2 3.31% $9,651
Mortgage Research Center, LLC 2 3.50% $3,339
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.00% $9,870
AMERISAVE MORTGAGE CORPORATION 2 3.06% $8,768
PANORAMA MORTGAGE GROUP, LLC 2 3.06% $8,719
AMERICAN FINANCING CORPORATION 2 3.44% $10,066
Prosperity Home Mortgage, LLC 2 4.25% $9,551
SECURITYNATIONAL MORTGAGE COMPANY 2 4.06% $10,595
The Home Loan Expert LLC 2 3.06% $7,067
UNITED MORTGAGE CORP. 2 2.56% $4,544
VAN DYK MORTGAGE CORPORATION 2 3.56% $6,390
EMBRACE HOME LOANS, INC. 2 3.25% $7,580
EMM LOANS LLC 2 3.06% $10,092
TD Bank 1 2.88% $4,505
BancorpSouth Bank 1 2.75% $6,259
Commerce Home Mortgage, Inc. 1 3.13% $6,269
Atlantic Home Loans, Inc. 1 3.25% $6,302
ARC HOME LLC 1 2.75% $6,699
CITYWIDE HOME LOANS, LLC 1 3.50% $6,187
MYCUMORTGAGE, LLC 1 2.88% $10,808
NATION ONE MORTGAGE CORPORATION 1 4.38% $13,461
Centennial Bank 1 3.00% $6,008
EVERETT FINANCIAL, INC. 1 3.75% $6,897
GTE Federal Credit Union 1 2.88% $4,728
NETWORK CAPITAL FUNDING CORPORATION 1 3.50% $7,910
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.88% $9,248
NJ LENDERS CORP. 1 3.63% $7,953
OCEANSIDE MORTGAGE COMPANY 1 2.25% $2,815
GREAT WESTERN FINANCIAL SERVICES, INC. 1 3.13% $5,939
OVM FINANCIAL, INC. 1 2.88% $7,587
COMPASS MORTGAGE, INC. 1 3.13% $10,282
Paramount Bank 1 2.88% $7,631
Advance Financial Group, LLC 1 3.00% $7,968
Goldwater Bank, N.A. 1 3.50% $8,427
GERSHMAN INVESTMENT CORP. 1 2.88% $10,211
PLAZA HOME MORTGAGE, INC. 1 3.88% $7,618
POLARIS HOME FUNDING CORP. 1 2.38% $8,389
PREFERRED LENDING SERVICES, LLC 1 3.75% $7,391
ALLIED MORTGAGE GROUP, INC. 1 2.38% $13,830
CHAMPIONS MORTGAGE LLC 1 3.25% $8,650
U.S. Bank 1 2.63% $6,898
Alcova Mortgage LLC 1 3.13% $9,169
First Federal Bank 1 2.88% $8,465
VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.88% $5,556
SIGNATURE MORTGAGE CORPORATION 1 3.13% $7,905
SIRVA MORTGAGE, INC. 1 3.50% $7,999
SOUTHWEST STAGE FUNDING, LLC 1 3.38% $4,146
HOMESIDE FINANCIAL, LLC 1 3.75% $8,495
BAY EQUITY LLC 1 2.99% $6,165
STOCKTON MORTGAGE CORPORATION 1 2.50% $7,028
INTELLILOAN, INC. 1 2.38% $8,581
InterContinental Capital Group, Inc 1 3.25% $8,195
1ST SIGNATURE LENDING, LLC 1 3.38% $8,181
JET HOMELOANS, LLC 1 2.25% $7,165
JPMorgan Chase Bank 1 2.75% $4,981
Lakeview Community Capital, LLC 1 3.13% $3,814
HANCOCK MORTGAGE PARTNERS, LLC 1 3.50% $6,054
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $8,385
Summit Mortgage Corporation 1 3.00% $12,544
Wyndham Capital Mortgage, Inc. 1 2.63% $9,869
Wells Fargo Bank 1 4.00% $1,745
Manufacturers and Traders Trust Company 1 3.25% $5,478
MICHIGAN MUTUAL, INC. 1 4.13% $9,435
GVC MORTGAGE, INC. 1 3.63% $8,547

The top Homosassa Springs FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 152 FHA loans originated. Their average total fees are $6,114, which is $1,046 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Homosassa Springs FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($1,895), Mr. Cooper ( Nationstar Mortgage ) ($3,656), LAKEVIEW LOAN SERVICING, LLC ($3,927), PENNYMAC LOAN SERVICES, LLC ($4,396) and NEWREZ LLC ($4,424).

The lowest rate Homosassa Springs FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.76%), UNITED WHOLESALE MORTGAGE, LLC (2.92%), HOME POINT FINANCIAL CORPORATION (2.95%), OPEN MORTGAGE, LLC (2.97%) and FREEDOM MORTGAGE CORPORATION (2.98%).

Homosassa Springs FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HOMOSASSA SPRINGS, FL CITRUS 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).