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 54 lenders originated 210 FHA loans during 2024. The total origination value was $47,030,000, with an average FHA loan value of $223,952.

    Lake City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lake City averaged 0.2% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Lake City's average FHA mortgage closing costs are $8,236.

    The average rate for the prior week (2025-06-13) was 6.68% and one month ago for the week of 2025-05-16, the average rate was 6.94%.

    The average rate one year ago was 7.1%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.22%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 26 6.34% $11,577
    QUICKEN LOANS, LLC 19 6.34% $12,795
    MOVEMENT MORTGAGE, LLC 17 6.60% $11,933
    AMERICAN FINANCIAL NETWORK, INC. 12 6.61% $14,297
    GUARANTEED RATE, INC. 6 6.98% $10,237
    First Federal Bank 6 6.33% $9,572
    PENNYMAC LOAN SERVICES, LLC 5 6.05% $9,458
    BROKER SOLUTIONS, INC. 4 7.19% $11,830
    GUILD MORTGAGE COMPANY 4 6.53% $11,133
    Equity Prime Mortgage LLC 4 6.31% $11,018
    CROSSCOUNTRY MORTGAGE, LLC 4 7.00% $12,846
    AMERICAN FINANCIAL RESOURCES, INC. 4 7.13% $9,501
    FBC MORTGAGE, LLC 3 6.24% $9,350
    CARDINAL FINANCIAL 3 6.33% $11,143
    NEWREZ LLC 3 6.17% $9,801
    NFM, INC. 3 6.54% $11,025
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.67% $11,639
    FREEDOM MORTGAGE CORPORATION 3 6.96% $9,942
    Ameris Bank 3 6.75% $7,685
    Carrington Mortgage Services, LLC 2 5.88% $10,369
    ZILLOW HOME LOANS, LLC 2 6.19% $12,261
    CMG MORTGAGE, INC. 2 6.50% $9,677
    Nations Lending Corporation 2 6.25% $13,595
    VAN DYK MORTGAGE CORPORATION 2 6.75% $9,933
    AFFORDABLE MORTGAGE ADVISORS, LLC. 2 5.69% $10,563
    VILLAGE CAPITAL MORTGAGE 2 6.75% $5,363
    Paramount Residential Mortgage Group, Inc. 2 6.25% $15,751
    VYSTAR 2 7.38% $9,347
    EVERETT FINANCIAL, INC. 2 6.94% $6,352
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $10,511
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.75% $10,877
    Alcova Mortgage LLC 1 7.63% $6,844
    AMERITRUST MORTGAGE CORPORATION 1 6.75% $17,887
    COMMUNITY MORTGAGE CORPORATION 1 5.99% $17,154
    EMM LOANS LLC 1 6.63% $10,980
    Encompass Lending Group, LP 1 6.75% $8,350
    Equity Bank 1 6.00% $7,860
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.38% $14,560
    Flagstar Bank, FSB 1 6.61% $7,554
    INTELLILOAN, INC. 1 6.25% $5,296
    LOANDEPOT.COM, LLC 1 6.99% $7,015
    Mortgage Lenders Investment Trading Corporation 1 7.25% $12,146
    Mortgage Research Center, LLC 1 6.99% $11,132
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $9,121
    PLANET HOME LENDING, LLC 1 6.38% $8,828
    AMERICAN BANCSHARES MORTGAGE 1 6.50% $9,960
    ROYAL UNITED MORTGAGE LLC 1 6.63% $7,222
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.00% $7,588
    South State Bank 1 6.63% $10,116
    The Loan Store, Inc. 1 6.63% $17,217
    TOP FLITE FINANCIAL, INC. 1 7.38% $7,151
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $15,869
    VERITAS FUNDING, LLC 1 6.25% $14,057
    V.I.P. MORTGAGE, INC. 1 7.75% $9,989

    The top Lake City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 26 FHA loans originated. Their average total fees are $11,577, which is $1,218 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Lake City FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($11,577), MOVEMENT MORTGAGE, LLC ($11,933), QUICKEN LOANS, LLC ($12,795), AMERICAN FINANCIAL NETWORK, INC. ($14,297) and .

    The lowest rate Lake City FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.34%), QUICKEN LOANS, LLC (6.34%), MOVEMENT MORTGAGE, LLC (6.60%), AMERICAN FINANCIAL NETWORK, INC. (6.61%) and .

    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

    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).