Homosassa Springs FHA Loans

HOMOSASSA SPRINGS, 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.

    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).