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 6.76% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

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

    The average rate for the prior week (2025-03-28) was 6.46% and one month ago for the week of 2025-02-28, the average rate was 6.74%.

    The average rate one year ago was 6.76%.

    For refis of the same type during the week of 2025-04-04, the average rate was 5.94%.

    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

    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 $213,000 (7.1%) $253,361 (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 $202,200 (1.1%) $259,001 (9.3%) 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 $219,950 (10.2%) $273,032 (6.1%) 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 (6.8%) $275,716 (8.8%) 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 (10.0%) $264,759 (2.2%) 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 (9.0%) $267,072 (-2.2%) 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
    2024-04-01 $357,800 (7.4%) $436,544 (13.3%) 0.00 174
    2024-05-01 $366,950 (8.1%) $444,925 (13.3%) 0.00 172
    2024-06-01 $352,500 (3.8%) $428,135 (9.6%) 0.00 187
    2024-07-01 $332,500 (-10.6%) $420,185 (2.2%) 0.00 194
    2024-08-01 $350,000 (-5.8%) $428,896 (0.2%) 0.00 193
    2024-09-01 $349,950 (-5.4%) $416,419 (-2.6%) 0.00 189
    2024-10-01 $335,500 (-7.3%) $399,757 (-4.2%) 0.00 187
    2024-11-01 $341,000 (-1.3%) $392,778 (-3.6%) 0.00 202
    2024-12-01 $345,900 (-1.1%) $396,621 (-3.8%) 0.00 205
    2025-01-01 $344,225 (-2.2%) $453,927 (11.9%) 0.00 209
    2025-02-01 $353,475 (0.4%) $450,017 (10.4%) 0.00 220
    2025-03-01 $374,900 (0.0%) $464,524 (10.9%) 0.00 216
    Lake City's median listing price for 2025-03-01 was $374,900, a difference of $-100 (0.0%) versus the prior year and $21,425 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 2025-03-01 was $464,524, a difference of $45,703 (10.9%) versus the prior year and $14,507 versus the prior month.

    For the 2025-03-01 period, Lake City had 216 MLS listings, a difference of -4 listings (-2%) versus the prior month and 57 listings (36%) 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 2,056 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 1,859 sqft
    2022-04-01 0 days 1,792 sqft
    2022-05-01 0 days 1,776 sqft
    2022-06-01 0 days 1,793 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 1,755 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 1,776 sqft
    2023-07-01 0 days 1,837 sqft
    2023-08-01 0 days 1,826 sqft
    2023-09-01 0 days 1,825 sqft
    2023-10-01 0 days 1,838 sqft
    2023-11-01 0 days 1,816 sqft
    2023-12-01 0 days 1,803 sqft
    2024-01-01 0 days 1,927 sqft
    2024-02-01 0 days 1,823 sqft
    2024-03-01 0 days 1,869 sqft
    2024-04-01 0 days 1,857 sqft
    2024-05-01 0 days 1,867 sqft
    2024-06-01 0 days 1,842 sqft
    2024-07-01 0 days 1,799 sqft
    2024-08-01 0 days 1,804 sqft
    2024-09-01 0 days 1,778 sqft
    2024-10-01 0 days 1,790 sqft
    2024-11-01 0 days 1,841 sqft
    2024-12-01 0 days 1,843 sqft
    2025-01-01 0 days 1,857 sqft
    2025-02-01 0 days 1,851 sqft
    2025-03-01 0 days 1,805 sqft
    Lake City's median listing age (time on market) for 2025-03-01 was 0 days.

    Lake City's median square footage for active listings during the 2025-03-01 period was 1,805 sqft. One year prior, the average listing was 1,869 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).