Homosassa Springs FHA Loan Rates, Closing Costs & Stats

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 119 lenders originated 783 FHA loans during 2023. The total origination value was $175,675,000, with an average FHA loan value of $224,361.

    Homosassa Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Homosassa Springs averaged 6.41% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Homosassa Springs's average FHA mortgage closing costs are $8,023.

    The average rate for the prior week (2024-11-01) was 6.18% and one month ago for the week of 2024-10-04, the average rate was 6.1%.

    The average rate one year ago was 7.45%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.76%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Homosassa Springs level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 98 6.38% $11,604
    QUICKEN LOANS, LLC 68 6.13% $10,589
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 6.45% $11,586
    CROSSCOUNTRY MORTGAGE, LLC 35 6.81% $10,378
    EVERETT FINANCIAL, INC. 21 6.89% $11,042
    PENNYMAC LOAN SERVICES, LLC 20 6.39% $9,985
    CARDINAL FINANCIAL 20 6.67% $11,175
    HOMEBRIDGE FINANCIAL SERVICES, INC. 14 5.71% $11,944
    LOANDEPOT.COM, LLC 14 6.52% $12,377
    NEWREZ LLC 14 6.67% $12,786
    BROKER SOLUTIONS, INC. 13 6.51% $11,371
    INSPIRE HOME LOANS INC. 13 6.25% $9,437
    OPEN MORTGAGE, LLC 11 6.81% $11,160
    CMG MORTGAGE, INC. 11 6.56% $12,673
    FREEDOM MORTGAGE CORPORATION 10 6.60% $12,847
    MOVEMENT MORTGAGE, LLC 10 6.75% $10,984
    UNION HOME MORTGAGE CORP. 8 6.73% $11,822
    DHI MORTGAGE COMPANY, LTD. 8 5.09% $7,772
    Equity Prime Mortgage LLC 8 6.70% $11,953
    THE MORTGAGE FIRM, INC. 7 7.02% $9,873
    TOWNE MORTGAGE COMPANY 7 6.61% $12,269
    Mr. Cooper ( Nationstar Mortgage ) 7 6.09% $11,802
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 6.98% $6,216
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.79% $10,905
    AMERICAN FINANCIAL NETWORK, INC. 6 7.02% $14,371
    GSF Mortgage Corporation 6 6.79% $14,582
    Century Mortgage Company DBA Century Lending Company 6 6.60% $12,388
    FBC MORTGAGE, LLC 6 6.18% $8,051
    Paramount Residential Mortgage Group, Inc. 5 6.60% $9,779
    GENEVA FINANCIAL, LLC 5 7.00% $12,567
    SUN WEST MORTGAGE COMPANY, INC. 5 6.20% $14,269
    GUARANTEED RATE, INC. 5 6.58% $14,049
    PLANET HOME LENDING, LLC 5 6.15% $8,401
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.93% $12,872
    Prosperity Home Mortgage, LLC 5 6.75% $9,080
    Flagstar Bank, FSB 5 6.23% $13,035
    SUCCESS MORTGAGE PARTNERS, INC. 5 6.18% $13,466
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.59% $8,889
    Carrington Mortgage Services, LLC 4 6.75% $11,279
    Regions Bank 4 6.53% $8,994
    LOANPAL, LLC 4 5.75% $11,905
    ZILLOW HOME LOANS, LLC 3 6.17% $9,994
    Acre Mortgage and Financial Inc 3 7.13% $16,309
    AMERISAVE MORTGAGE CORPORATION 3 6.46% $10,969
    CHURCHILL MORTGAGE CORPORATION 3 7.17% $11,947
    GARDNER FINANCIAL SERVICES, LTD. 3 7.00% $11,902
    GUILD MORTGAGE COMPANY 3 6.88% $9,903
    MORTGAGE FINANCIAL GROUP, INC. 3 6.33% $14,468
    Mortgage Research Center, LLC 3 7.17% $6,758
    Nations Lending Corporation 3 6.75% $11,210
    Plains Commerce Bank 3 6.96% $11,352
    South State Bank 3 6.17% $9,358
    VAN DYK MORTGAGE CORPORATION 3 6.75% $10,189
    ABSOLUTE HOME MORTGAGE CORPORATION 3 6.88% $15,481
    Wells Fargo Bank 2 6.38% $10,568
    Citizens Bank 2 6.50% $10,291
    Sierra Pacific Mortgage Company, Inc. 2 5.88% $10,908
    Waterstone Mortgage Corporation 2 5.88% $17,103
    NATIONS RELIABLE LENDING, LLC 2 6.38% $13,105
    MORTGAGE EQUITY PARTNERS LLC 2 7.06% $15,337
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.13% $12,689
    POLARIS HOME FUNDING CORP. 2 7.06% $16,252
    GERSHMAN INVESTMENT CORP. 2 7.00% $9,443
    CALIBER HOME LOANS, INC. 2 5.88% $12,479
    MILEND, INC. 2 6.19% $16,009
    LIBERTY HOME MORTGAGE CORPORATION 2 7.38% $8,897
    NJ LENDERS CORP. 2 6.06% $11,427
    AMERICAN BANCSHARES MORTGAGE 2 7.56% $9,616
    Truist 2 6.66% $9,086
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.69% $6,363
    EMBRACE HOME LOANS, INC. 2 6.94% $10,343
    HOMESIDE FINANCIAL, LLC 2 6.75% $14,692
    HOMESTAR FINANCIAL CORPORATION 2 6.75% $11,842
    MICHIGAN MUTUAL, INC. 2 6.88% $11,145
    COMPASS MORTGAGE, INC. 2 6.75% $12,569
    LEADERONE FINANCIAL CORPORATION 2 6.31% $7,318
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.13% $11,996
    BAY EQUITY LLC 1 6.25% $9,231
    Bank of England 1 6.25% $8,036
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $9,016
    RELIANCE FIRST CAPITAL, LLC 1 6.13% $24,090
    ROSS MORTGAGE CORPORATION 1 8.25% $13,871
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $16,599
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $14,623
    SHELTER HOME MORTGAGE, LLC 1 6.63% $12,558
    STOCKTON MORTGAGE CORPORATION 1 6.75% $10,872
    AmeriHome Mortgage Company, LLC 1 5.13% $13,339
    T2 FINANCIAL LLC 1 6.63% $10,703
    The Federal Savings Bank 1 5.75% $18,909
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $10,388
    TJC Mortgage, Inc. 1 7.13% $13,368
    TOP FLITE FINANCIAL, INC. 1 7.63% $15,093
    TOTAL MORTGAGE SERVICES, LLC 1 7.63% $10,589
    Hancock Whitney Bank 1 6.63% $6,644
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.13% $11,203
    Hometown Equity Mortgage, LLC 1 5.63% $9,692
    GVC MORTGAGE, INC. 1 7.13% $10,274
    Keystone Funding, Inc. 1 6.75% $17,219
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $10,815
    LOANFLIGHT LENDING, LLC 1 6.25% $9,146
    Goldwater Bank, N.A. 1 6.00% $7,457
    Loan Simple, Inc. 1 5.75% $15,218
    MJW Financial LLC 1 7.13% $7,368
    MLD MORTGAGE INC. 1 7.63% $7,621
    ALLIED MORTGAGE GROUP, INC. 1 6.00% $12,021
    Mortgage Lenders Investment Trading Corporation 1 7.75% $8,713
    Alcova Mortgage LLC 1 6.13% $7,088
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $16,072
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $13,752
    EQUITY RESOURCES, INC. 1 6.99% $9,187
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $12,290
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $10,790
    NBKC BANK 1 6.63% $9,422
    NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $12,693
    EMM LOANS LLC 1 7.50% $16,032
    Cornerstone First Mortgage, Inc 1 7.00% $13,704
    VILLAGE CAPITAL MORTGAGE 1 6.25% $11,362
    PLAZA HOME MORTGAGE, INC. 1 7.13% $11,347
    PNC Bank 1 7.50% $5,276

    The top Homosassa Springs FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 98 FHA loans originated. Their average total fees are $11,604, which is $1,015 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Homosassa Springs FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. ($9,437), PENNYMAC LOAN SERVICES, LLC ($9,985), CROSSCOUNTRY MORTGAGE, LLC ($10,378), QUICKEN LOANS, LLC ($10,589) and MOVEMENT MORTGAGE, LLC ($10,984).

    The lowest rate Homosassa Springs FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (5.71%), QUICKEN LOANS, LLC (6.13%), INSPIRE HOME LOANS INC. (6.25%), UNITED WHOLESALE MORTGAGE, LLC (6.38%) and PENNYMAC LOAN SERVICES, LLC (6.39%).

    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
    HOMOSASSA SPRINGS, FL CITRUS 2023 $472,030 $604,400 $730,525 $907,900

    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).