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).