Lake City FHA Loan Rates, Closing Costs & Stats

Lake City, 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.

    Lake City's 55 lenders originated 227 FHA loans during 2023. The total origination value was $49,075,000, with an average FHA loan value of $216,189.

    Lake City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lake City averaged 7.05% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Lake City's average FHA mortgage closing costs are $7,802.

    The average rate for the prior week (2024-04-12) was 6.54% and one month ago for the week of 2024-03-15, the average rate was 6.4%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Lake City 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 Lake City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 23 6.53% $10,111
    UNITED WHOLESALE MORTGAGE, LLC 22 6.36% $12,236
    AMERICAN FINANCIAL NETWORK, INC. 20 6.94% $11,883
    QUICKEN LOANS, LLC 16 5.94% $10,071
    First Federal Bank 15 6.18% $8,717
    GUARANTEED RATE, INC. 8 6.88% $11,098
    LOANDEPOT.COM, LLC 8 6.41% $11,718
    AMERICAN FINANCIAL RESOURCES, INC. 7 7.20% $6,983
    PENNYMAC LOAN SERVICES, LLC 6 6.08% $12,481
    CROSSCOUNTRY MORTGAGE, LLC 6 6.40% $10,675
    Equity Prime Mortgage LLC 4 7.13% $7,681
    FBC MORTGAGE, LLC 4 5.40% $8,838
    THE MORTGAGE FIRM, INC. 4 6.65% $11,534
    Ameris Bank 3 6.71% $8,924
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 7.29% $14,137
    Mortgage Research Center, LLC 2 7.00% $5,483
    BROKER SOLUTIONS, INC. 2 6.25% $10,541
    UNION HOME MORTGAGE CORP. 2 6.50% $13,356
    NEWREZ LLC 2 6.50% $10,705
    EVERETT FINANCIAL, INC. 2 7.13% $8,483
    CALIBER HOME LOANS, INC. 2 6.25% $8,189
    CARDINAL FINANCIAL 2 5.94% $9,176
    FREEDOM MORTGAGE CORPORATION 2 6.68% $13,065
    RANLIFE, INC. 2 5.75% $12,531
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.31% $12,341
    Truist 1 6.13% $6,848
    US MORTGAGE CORPORATION 1 6.75% $13,040
    VAN DYK MORTGAGE CORPORATION 1 6.50% $3,961
    VILLAGE CAPITAL MORTGAGE 1 7.13% $15,094
    ACADEMY MORTGAGE CORPORATION 1 7.75% $6,744
    VYSTAR 1 6.63% $12,841
    Acre Mortgage and Financial Inc 1 7.00% $18,591
    American Mortgage & Equity Consultants, Inc. 1 7.50% $16,402
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $18,404
    AMERISAVE MORTGAGE CORPORATION 1 5.13% $9,679
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.99% $16,258
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.38% $8,283
    GUILD MORTGAGE COMPANY 1 7.25% $9,246
    HOMESTAR FINANCIAL CORPORATION 1 7.25% $12,739
    INSPIRE HOME LOANS INC. 1 5.50% $8,879
    JET HOMELOANS, LLC 1 6.75% $25,377
    Loan Simple, Inc. 1 7.13% $15,108
    MID AMERICA MORTGAGE, INC. 1 7.75% $8,925
    MORTGAGE FINANCIAL GROUP, INC. 1 7.00% $9,026
    Mortgage Lenders Investment Trading Corporation 1 6.75% $16,204
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.63% $15,446
    Nations Lending Corporation 1 6.75% $8,938
    Paramount Residential Mortgage Group, Inc. 1 7.63% $16,688
    Plains Commerce Bank 1 5.75% $20,647
    PLANET HOME LENDING, LLC 1 6.50% $9,087
    Prosperity Home Mortgage, LLC 1 6.25% $6,470
    Regions Bank 1 5.13% $13,847
    Renasant Bank 1 7.13% $7,336
    Summit Mortgage Corporation 1 6.00% $10,386
    The Federal Savings Bank 1 6.50% $16,047

    The top Lake City FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 23 FHA loans originated. Their average total fees are $10,111, which is $2,124 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lake City FHA lenders (with over 10 loans originated) are First Federal Bank ($8,717), QUICKEN LOANS, LLC ($10,071), MOVEMENT MORTGAGE, LLC ($10,111), AMERICAN FINANCIAL NETWORK, INC. ($11,883) and UNITED WHOLESALE MORTGAGE, LLC ($12,236).

    The lowest rate Lake City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.94%), First Federal Bank (6.18%), UNITED WHOLESALE MORTGAGE, LLC (6.36%), MOVEMENT MORTGAGE, LLC (6.53%) and AMERICAN FINANCIAL NETWORK, INC. (6.94%).

    Lake City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LAKE CITY, FL COLUMBIA 2022 $420,680 $538,650 $651,050 $809,150
    LAKE CITY, FL COLUMBIA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lake City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $209,225 (16.7%) $245,276 (11.8%) 0.00 228
    2018-02-01 $199,923 (11.1%) $236,901 (8.7%) 0.00 225
    2018-03-01 $202,450 (9.5%) $241,887 (9.5%) 0.00 226
    2018-04-01 $205,300 (8.1%) $252,286 (12.8%) 0.00 205
    2018-05-01 $199,675 (1.0%) $257,380 (12.5%) 0.00 203
    2018-06-01 $202,750 (6.0%) $270,349 (21.0%) 0.00 200
    2018-07-01 $200,675 (5.7%) $271,372 (23.4%) 0.00 193
    2018-08-01 $208,850 (7.1%) $263,909 (20.1%) 0.00 199
    2018-09-01 $215,000 (10.3%) $248,783 (11.4%) 0.00 211
    2018-10-01 $212,450 (9.0%) $254,753 (12.3%) 0.00 200
    2018-11-01 $212,500 (6.8%) $253,211 (9.0%) 0.00 218
    2018-12-01 $209,700 (2.3%) $253,459 (6.7%) 0.00 218
    2019-01-01 $202,200 (-3.4%) $256,258 (4.5%) 0.00 211
    2019-02-01 $204,450 (2.3%) $259,270 (9.4%) 0.00 212
    2019-03-01 $211,857 (4.7%) $262,026 (8.3%) 0.00 202
    2019-04-01 $215,000 (4.7%) $260,758 (3.4%) 0.00 198
    2019-05-01 $220,450 (10.4%) $273,340 (6.2%) 0.00 196
    2019-06-01 $224,900 (10.9%) $282,721 (4.6%) 0.00 184
    2019-07-01 $228,200 (13.7%) $283,619 (4.5%) 0.00 176
    2019-08-01 $229,900 (10.1%) $281,001 (6.5%) 0.00 181
    2019-09-01 $227,650 (5.9%) $277,119 (11.4%) 0.00 186
    2019-10-01 $228,150 (7.4%) $275,673 (8.2%) 0.00 185
    2019-11-01 $227,400 (7.0%) $275,716 (8.9%) 0.00 158
    2019-12-01 $236,900 (13.0%) $271,584 (7.2%) 0.00 143
    2020-01-01 $227,400 (12.5%) $263,759 (2.9%) 0.00 137
    2020-02-01 $222,500 (8.8%) $264,759 (2.1%) 0.00 151
    2020-03-01 $219,450 (3.6%) $250,191 (-4.5%) 0.00 158
    2020-04-01 $228,975 (6.5%) $257,860 (-1.1%) 0.00 146
    2020-05-01 $239,650 (8.7%) $267,072 (-2.3%) 0.00 143
    2020-06-01 $244,300 (8.6%) $276,865 (-2.1%) 0.00 136
    2020-07-01 $246,250 (7.9%) $292,044 (3.0%) 0.00 122
    2020-08-01 $245,900 (7.0%) $296,504 (5.5%) 0.00 120
    2020-09-01 $242,475 (6.5%) $286,649 (3.4%) 0.00 106
    2020-10-01 $260,000 (14.0%) $304,659 (10.5%) 0.00 108
    2020-11-01 $254,925 (12.1%) $300,856 (9.1%) 0.00 104
    2020-12-01 $258,225 (9.0%) $308,880 (13.7%) 0.00 99
    2021-01-01 $255,000 (12.1%) $294,546 (11.7%) 0.00 91
    2021-02-01 $264,925 (19.1%) $288,321 (8.9%) 0.00 81
    2021-03-01 $272,450 (24.2%) $306,573 (22.5%) 0.00 75
    2021-04-01 $274,925 (20.1%) $324,552 (25.9%) 0.00 68
    2021-05-01 $299,900 (25.1%) $349,189 (30.8%) 0.00 83
    2021-06-01 $298,963 (22.4%) $340,251 (22.9%) 0.00 93
    2021-07-01 $281,500 (14.3%) $326,110 (11.7%) 0.00 108
    2021-08-01 $282,081 (14.7%) $310,957 (4.9%) 0.00 110
    2021-09-01 $287,000 (18.4%) $321,561 (12.2%) 0.00 114
    2021-10-01 $284,500 (9.4%) $366,534 (20.3%) 0.00 109
    2021-11-01 $274,950 (7.9%) $363,434 (20.8%) 0.00 118
    2021-12-01 $272,450 (5.5%) $378,754 (22.6%) 0.00 112
    2022-01-01 $267,000 (4.7%) $402,356 (36.6%) 0.00 94
    2022-02-01 $289,225 (9.2%) $364,310 (26.4%) 0.00 79
    2022-03-01 $299,900 (10.1%) $369,842 (20.6%) 0.00 87
    2022-04-01 $290,445 (5.7%) $363,788 (12.1%) 0.00 96
    2022-05-01 $298,868 (-0.3%) $370,219 (6.0%) 0.00 112
    2022-06-01 $299,945 (0.3%) $370,678 (8.9%) 0.00 126
    2022-07-01 $315,000 (11.9%) $383,066 (17.5%) 0.00 148
    2022-08-01 $323,625 (14.7%) $385,472 (24.0%) 0.00 146
    2022-09-01 $330,975 (15.3%) $394,581 (22.7%) 0.00 154
    2022-10-01 $339,450 (19.3%) $385,544 (5.2%) 0.00 164
    2022-11-01 $325,975 (18.6%) $368,858 (1.5%) 0.00 165
    2022-12-01 $329,000 (20.8%) $366,548 (-3.2%) 0.00 176
    2023-01-01 $315,000 (18.0%) $366,752 (-8.9%) 0.00 156
    2023-02-01 $330,875 (14.4%) $376,103 (3.2%) 0.00 142
    2023-03-01 $333,813 (11.3%) $372,500 (0.7%) 0.00 140
    2023-04-01 $333,225 (14.7%) $385,380 (5.9%) 0.00 147
    2023-05-01 $339,450 (13.6%) $392,789 (6.1%) 0.00 137
    2023-06-01 $339,700 (13.3%) $390,671 (5.4%) 0.00 156
    2023-07-01 $371,950 (18.1%) $411,073 (7.3%) 0.00 156
    2023-08-01 $371,350 (14.8%) $428,261 (11.1%) 0.00 165
    2023-09-01 $369,925 (11.8%) $427,465 (8.3%) 0.00 166
    2023-10-01 $362,000 (6.6%) $417,389 (8.3%) 0.00 177
    2023-11-01 $345,338 (5.9%) $407,571 (10.5%) 0.00 192
    2023-12-01 $349,900 (6.4%) $412,161 (12.4%) 0.00 172
    2024-01-01 $351,975 (11.7%) $405,680 (10.6%) 0.00 162
    2024-02-01 $352,000 (6.4%) $407,471 (8.3%) 0.00 164
    2024-03-01 $375,000 (12.3%) $418,821 (12.4%) 0.00 159
    Lake City's median listing price for 2024-03-01 was $375,000, a difference of $41,187 (12.3%) versus the prior year and $23,000 versus the prior month.

    Lake City's median listing price comes in at 0% of the national average.

    Lake City's average listing price for 2024-03-01 was $418,821, a difference of $46,321 (12.4%) versus the prior year and $11,350 versus the prior month.

    For the 2024-03-01 period, Lake City had 159 MLS listings, a difference of -5 listings (-3%) versus the prior month and 19 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lake City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,919 sqft
    2018-02-01 0 days 1,899 sqft
    2018-03-01 0 days 1,931 sqft
    2018-04-01 0 days 1,913 sqft
    2018-05-01 0 days 1,885 sqft
    2018-06-01 0 days 1,918 sqft
    2018-07-01 0 days 1,899 sqft
    2018-08-01 0 days 1,993 sqft
    2018-09-01 0 days 1,863 sqft
    2018-10-01 0 days 1,871 sqft
    2018-11-01 0 days 1,909 sqft
    2018-12-01 0 days 1,902 sqft
    2019-01-01 0 days 1,899 sqft
    2019-02-01 0 days 1,896 sqft
    2019-03-01 0 days 1,907 sqft
    2019-04-01 0 days 1,946 sqft
    2019-05-01 0 days 2,053 sqft
    2019-06-01 0 days 2,080 sqft
    2019-07-01 0 days 2,110 sqft
    2019-08-01 0 days 2,077 sqft
    2019-09-01 0 days 2,007 sqft
    2019-10-01 0 days 1,960 sqft
    2019-11-01 0 days 1,956 sqft
    2019-12-01 0 days 2,002 sqft
    2020-01-01 0 days 1,880 sqft
    2020-02-01 0 days 1,894 sqft
    2020-03-01 0 days 1,852 sqft
    2020-04-01 0 days 1,875 sqft
    2020-05-01 0 days 1,862 sqft
    2020-06-01 0 days 1,899 sqft
    2020-07-01 0 days 1,906 sqft
    2020-08-01 0 days 1,931 sqft
    2020-09-01 0 days 1,911 sqft
    2020-10-01 0 days 1,914 sqft
    2020-11-01 0 days 1,907 sqft
    2020-12-01 0 days 1,920 sqft
    2021-01-01 0 days 1,832 sqft
    2021-02-01 0 days 1,799 sqft
    2021-03-01 0 days 1,810 sqft
    2021-04-01 0 days 1,787 sqft
    2021-05-01 0 days 2,048 sqft
    2021-06-01 0 days 1,949 sqft
    2021-07-01 0 days 1,812 sqft
    2021-08-01 0 days 1,805 sqft
    2021-09-01 0 days 1,804 sqft
    2021-10-01 0 days 1,784 sqft
    2021-11-01 0 days 1,801 sqft
    2021-12-01 0 days 1,854 sqft
    2022-01-01 0 days 1,806 sqft
    2022-02-01 0 days 1,848 sqft
    2022-03-01 0 days 1,869 sqft
    2022-04-01 0 days 1,807 sqft
    2022-05-01 0 days 1,776 sqft
    2022-06-01 0 days 1,798 sqft
    2022-07-01 0 days 1,818 sqft
    2022-08-01 0 days 1,842 sqft
    2022-09-01 0 days 1,897 sqft
    2022-10-01 0 days 1,825 sqft
    2022-11-01 0 days 1,760 sqft
    2022-12-01 0 days 1,820 sqft
    2023-01-01 0 days 1,755 sqft
    2023-02-01 0 days 1,810 sqft
    2023-03-01 0 days 1,778 sqft
    2023-04-01 0 days 1,776 sqft
    2023-05-01 0 days 1,776 sqft
    2023-06-01 0 days 1,774 sqft
    2023-07-01 0 days 1,830 sqft
    2023-08-01 0 days 1,823 sqft
    2023-09-01 0 days 1,819 sqft
    2023-10-01 0 days 1,838 sqft
    2023-11-01 0 days 1,816 sqft
    2023-12-01 0 days 1,802 sqft
    2024-01-01 0 days 1,918 sqft
    2024-02-01 0 days 1,822 sqft
    2024-03-01 0 days 1,843 sqft
    Lake City's median listing age (time on market) for 2024-03-01 was 0 days.

    Lake City's median square footage for active listings during the 2024-03-01 period was 1,843 sqft. One year prior, the average listing was 1,778 sqft.

    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).