Lakeland FHA Loan Rates, Closing Costs & Stats

LAKELAND-WINTER HAVEN, 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.

    Lakeland's 240 lenders originated 6,855 FHA loans during 2023. The total origination value was $2,023,375,000, with an average FHA loan value of $295,168.

    Lakeland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lakeland averaged 5.93% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

    Lakeland's average FHA mortgage closing costs are $9,565.

    The average rate for the prior week (2024-10-18) was 5.82% and one month ago for the week of 2024-09-20, the average rate was 5.64%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-10-25, the average rate was 6.52%.

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

    Lakeland 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 Lakeland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 871 6.40% $13,316
    DHI MORTGAGE COMPANY, LTD. 744 5.45% $9,503
    EAGLE HOME MORTGAGE, LLC 303 5.49% $11,467
    QUICKEN LOANS, LLC 291 6.14% $12,587
    BROKER SOLUTIONS, INC. 223 6.40% $15,980
    HOME SOLUTION LENDERS INC. 215 5.71% $19,284
    LOANDEPOT.COM, LLC 208 6.31% $11,672
    VANDERBILT MORTGAGE AND FINANCE, INC. 166 5.56% $14,555
    NVR Mortgage Finance, Inc. 151 5.70% $10,215
    KBHS HOME LOANS, LLC 144 6.02% $14,060
    THE MORTGAGE FIRM, INC. 138 6.52% $11,436
    CROSSCOUNTRY MORTGAGE, LLC 135 6.65% $13,582
    NFM, INC. 131 6.08% $13,650
    FBC MORTGAGE, LLC 130 6.07% $12,243
    Plains Commerce Bank 107 6.45% $14,211
    FREEDOM MORTGAGE CORPORATION 104 6.60% $13,823
    MOVEMENT MORTGAGE, LLC 87 6.69% $12,067
    CARDINAL FINANCIAL 83 6.59% $13,631
    GARDNER FINANCIAL SERVICES, LTD. 77 7.17% $12,072
    STOCKTON MORTGAGE CORPORATION 71 6.63% $12,883
    NEWREZ LLC 71 6.33% $13,110
    Paramount Residential Mortgage Group, Inc. 69 6.70% $14,843
    EVERETT FINANCIAL, INC. 65 6.87% $12,924
    PENNYMAC LOAN SERVICES, LLC 61 6.14% $13,561
    HOMEAMERICAN MORTGAGE CORPORATION 56 5.47% $7,902
    AMERICAN FINANCIAL NETWORK, INC. 53 6.91% $14,059
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 53 6.64% $12,243
    GUARANTEED RATE, INC. 50 6.10% $13,550
    PARK SQUARE HOME MORTGAGE, LLC 48 4.76% $10,560
    PULTE MORTGAGE LLC 47 5.68% $8,175
    HOMEBRIDGE FINANCIAL SERVICES, INC. 46 5.45% $15,837
    CALIBER HOME LOANS, INC. 45 5.81% $13,479
    Waterstone Mortgage Corporation 41 6.45% $16,323
    CMG MORTGAGE, INC. 41 6.25% $17,724
    Equity Prime Mortgage LLC 40 6.80% $14,006
    JET HOMELOANS, LLC 36 6.00% $12,922
    MUTUAL OF OMAHA MORTGAGE, INC. 36 6.19% $14,759
    AMERICAN PACIFIC MORTGAGE CORPORATION 33 6.56% $12,730
    INSPIRE HOME LOANS INC. 32 5.40% $9,840
    Carrington Mortgage Services, LLC 28 6.41% $14,099
    South Pacific Financial Corporation 27 4.98% $10,739
    GENEVA FINANCIAL, LLC 27 6.69% $13,939
    AMERISAVE MORTGAGE CORPORATION 24 5.99% $14,135
    MY MORTGAGE, INC. 24 6.78% $14,809
    Mr. Cooper ( Nationstar Mortgage ) 24 5.96% $15,396
    Flagstar Bank, FSB 23 6.49% $14,701
    GUILD MORTGAGE COMPANY 22 6.44% $10,511
    First Heritage Mortgage, LLC 20 6.20% $20,458
    SUN WEST MORTGAGE COMPANY, INC. 20 6.21% $15,761
    PLANET HOME LENDING, LLC 19 6.27% $11,388
    UNION HOME MORTGAGE CORP. 18 6.64% $12,184
    HOMEOWNERS FINANCIAL GROUP USA, LLC 17 6.59% $13,575
    South State Bank 17 6.32% $12,002
    LOANPAL, LLC 17 5.71% $15,005
    OCMBC, INC. 15 7.36% $13,924
    Mortgage Lenders Investment Trading Corporation 15 7.12% $10,738
    PLAZA HOME MORTGAGE, INC. 15 6.56% $14,486
    Nations Lending Corporation 13 6.84% $10,892
    HOMESIDE FINANCIAL, LLC 13 6.82% $14,043
    Bank of England 13 6.24% $12,886
    Sierra Pacific Mortgage Company, Inc. 13 6.31% $13,030
    Century Mortgage Company DBA Century Lending Company 12 5.86% $14,862
    EMM LOANS LLC 12 6.44% $14,398
    TOWNE MORTGAGE COMPANY 12 6.35% $14,168
    OPEN MORTGAGE, LLC 12 6.59% $10,878
    PRIMELENDING, A PLAINSCAPITAL COMPANY 11 6.39% $12,215
    EMBRACE HOME LOANS, INC. 11 6.19% $13,160
    LAKEVIEW LOAN SERVICING, LLC 11 5.94% $11,161
    AMERICAN FINANCIAL RESOURCES, INC. 11 7.00% $12,417
    ACOPIA, LLC 10 6.37% $13,670
    MICHIGAN MUTUAL, INC. 10 5.91% $16,238
    MID AMERICA MORTGAGE, INC. 10 7.44% $9,841
    Ixonia Bank 10 6.79% $12,402
    ENDEAVOR CAPITAL, LLC. 10 6.01% $11,827
    CANOPY MORTGAGE, LLC 10 6.51% $14,425
    HOMESPIRE MORTGAGE CORPORATION 10 6.93% $12,005
    GUARANTEED RATE AFFINITY, LLC 10 6.58% $13,139
    GSF Mortgage Corporation 10 6.24% $15,489
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 10 6.90% $11,389
    Loan Simple, Inc. 9 7.04% $13,277
    JPMorgan Chase Bank 9 6.04% $8,064
    NORTHPOINT MORTGAGE, INC. 9 6.76% $11,016
    MORTGAGE EQUITY PARTNERS LLC 9 6.72% $14,780
    AMCAP MORTGAGE, LTD. 9 6.93% $13,112
    PREMIER MORTGAGE RESOURCES, L.L.C. 8 6.56% $14,941
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 6.75% $14,821
    Regions Bank 8 6.08% $11,554
    VELOCIO MORTGAGE L.L.C. 8 6.47% $17,079
    ZILLOW HOME LOANS, LLC 8 6.47% $12,184
    BAY EQUITY LLC 7 6.38% $15,466
    GERSHMAN INVESTMENT CORP. 7 6.91% $11,227
    Prosperity Home Mortgage, LLC 7 6.21% $13,624
    VAN DYK MORTGAGE CORPORATION 7 6.73% $7,164
    TOP FLITE FINANCIAL, INC. 7 6.52% $17,038
    Lakeview Community Capital, LLC 7 5.77% $14,695
    Keystone Funding, Inc. 6 6.19% $14,112
    ABSOLUTE HOME MORTGAGE CORPORATION 6 6.25% $15,120
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 6.69% $13,633
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 6 6.63% $11,111
    EQUITY RESOURCES, INC. 6 6.50% $8,675
    Hometown Equity Mortgage, LLC 6 6.69% $13,493
    NATIONS RELIABLE LENDING, LLC 6 6.38% $11,749
    NATIONS DIRECT MORTGAGE, LLC 6 6.64% $12,615
    DAS Acquisition Company, LLC 6 7.23% $12,753
    Hancock Whitney Bank 5 6.20% $9,275
    LEADERONE FINANCIAL CORPORATION 5 7.03% $12,340
    Cornerstone First Mortgage, Inc 5 7.15% $13,173
    READY MORTGAGE LENDERS, LLC 5 7.05% $18,289
    SOUTHPOINT FINANCIAL SERVICES, INC. 5 6.48% $9,733
    The Federal Savings Bank 5 6.20% $15,936
    PENTAGON FEDERAL CREDIT UNION 5 5.63% $10,706
    Barrington Bank & Trust Company, N.A. 5 6.50% $12,078
    Citizens Bank 5 6.38% $11,460
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 4 7.22% $9,916
    LAND HOME FINANCIAL SERVICES, INC. 4 6.84% $12,009
    M&T Bank 4 6.34% $9,863
    Bell Bank 4 5.88% $12,226
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.88% $13,491
    American Mortgage & Equity Consultants, Inc. 4 6.69% $11,810
    SUCCESS MORTGAGE PARTNERS, INC. 4 6.78% $14,812
    Summit Mortgage Corporation 4 6.47% $13,825
    TOTAL MORTGAGE SERVICES, LLC 4 6.31% $16,928
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 7.42% $12,978
    AmeriHome Mortgage Company, LLC 3 6.13% $10,493
    AXIA FINANCIAL, LLC 3 6.38% $16,700
    AHL FUNDING 3 7.33% $21,388
    United Fidelity Funding Corp. 3 7.04% $11,788
    BECKAM FUNDING CORP. 3 6.83% $18,556
    LOANLEADERS OF AMERICA, INC. 3 6.25% $16,874
    Mortgage Research Center, LLC 3 7.25% $9,596
    Synovus Bank 3 6.58% $9,963
    Ameris Bank 3 6.46% $9,932
    INTERCAP LENDING INC. 3 6.54% $14,100
    Wells Fargo Bank 3 6.29% $8,486
    HOMESTAR FINANCIAL CORPORATION 3 6.17% $6,761
    AMERICAN BANCSHARES MORTGAGE 3 6.58% $17,913
    VILLAGE CAPITAL MORTGAGE 3 5.92% $9,099
    LADERA LENDING, INC. 3 5.88% $16,401
    1ST FINANCIAL, INC. 3 6.54% $20,963
    Gateway First Bank 3 6.04% $7,866
    First Option Mortgage, LLC 3 6.50% $12,444
    U.S. Bank 2 6.56% $11,410
    BM Real Estate Services, Inc. 2 5.94% $15,746
    NJ LENDERS CORP. 2 6.62% $13,120
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.94% $20,120
    CORNERSTONE HOME LENDING, INC. 2 6.19% $12,090
    CHURCHILL MORTGAGE CORPORATION 2 6.81% $10,626
    Midwest Mortgage Associates Corporation 2 6.44% $17,406
    MILEND, INC. 2 6.19% $16,318
    RESIDENTIAL BANCORP 2 6.06% $15,170
    INTELLILOAN, INC. 2 6.69% $7,536
    MLD MORTGAGE INC. 2 5.94% $11,145
    CLIFFCO, INC. 2 6.99% $11,315
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.69% $11,467
    SECURITYNATIONAL MORTGAGE COMPANY 2 7.13% $12,485
    SHELTER HOME MORTGAGE, LLC 2 6.50% $12,350
    FAIRWAY FUNDING GROUP, INC. 2 6.69% $12,070
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.75% $21,127
    SOUTHWEST STAGE FUNDING, LLC 2 7.63% $6,745
    Strong Home Mortgage, LLC 2 6.69% $8,850
    NETWORK CAPITAL FUNDING CORPORATION 2 6.94% $12,061
    AMERICAN FINANCING CORPORATION 2 7.19% $12,034
    MORTGAGE INVESTORS GROUP, INC. 2 5.94% $8,188
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.50% $13,449
    First Federal Bank 2 5.81% $11,772
    PREFERRED LENDING SERVICES, LLC 2 6.75% $12,299
    Premium Mortgage Corporation 2 6.56% $16,918
    Town Square Mortgage & Investments, Inc. 2 6.75% $7,585
    Truist 2 6.50% $9,342
    Advisors Mortgage Group, L.L.C. 2 7.19% $16,102
    SOUTHERN TRUST MORTGAGE, LLC 1 6.13% $10,646
    FIRST EQUITY MORTGAGE BANKERS, INC. 1 6.75% $16,596
    First Savings Bank 1 7.25% $16,910
    GEO-CORP, INC. 1 7.13% $12,392
    SUMMIT MORTGAGE CORPORATION 1 7.38% $12,374
    SWBC MORTGAGE CORPORATION 1 7.25% $11,946
    T2 FINANCIAL LLC 1 7.25% $9,063
    TD Bank 1 6.00% $9,425
    The Loan Store, Inc. 1 6.75% $20,725
    TJC Mortgage, Inc. 1 6.25% $14,172
    First Horizon Bank 1 7.00% $11,082
    ALLIED MORTGAGE GROUP, INC. 1 5.75% $12,080
    US MORTGAGE CORPORATION 1 7.13% $12,910
    ACADEMY MORTGAGE CORPORATION 1 6.50% $12,119
    FIRST MORTGAGE COMPANY, INC. 1 6.99% $11,625
    WRIGHT-PATT CREDIT UNION, INC. 1 6.63% $12,330
    KELLER MORTGAGE, LLC 1 6.50% $7,456
    J. VIRGIL, INC. 1 6.75% $11,763
    Kwik Mortgage Corporation 1 7.75% $10,626
    DG PINNACLE FUNDING LLC 1 7.50% $7,656
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 6.63% $13,858
    Leader Bank 1 6.75% $12,431
    VERITAS FUNDING, LLC 1 7.13% $15,406
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.75% $11,738
    LEGEND LENDING CORPORATION 1 7.25% $20,516
    CONTOUR MORTGAGE CORPORATION 1 6.75% $20,304
    Civista Bank 1 6.13% $9,945
    MANN FINANCIAL INC. 1 6.75% $9,608
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.75% $20,687
    MEMBER FIRST MORTGAGE, LLC 1 7.25% $19,077
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.75% $14,186
    ML Mortgage Corp. 1 6.63% $18,456
    Citibank 1 5.50% $7,431
    CIBM Bank 1 5.63% $13,010
    Chickasaw Community Bank 1 6.50% $11,966
    CHERRY CREEK MORTGAGE, LLC 1 6.25% $5,656
    CBM Mortgage, Inc. 1 6.13% $14,309
    Byline Bank 1 6.13% $11,597
    Neighborhood Loans, Inc. 1 7.50% $10,550
    Network Funding, L.P. 1 6.75% $12,700
    NEW FED MORTGAGE, CORP. 1 6.25% $14,491
    BOND STREET MORTGAGE, LLC 1 7.62% $13,880
    NORTHERN MORTGAGE SERVICES, LLC 1 6.13% $12,135
    Northpointe Bank 1 7.50% $6,525
    Blue Ridge Bank 1 6.75% $11,140
    NTFN, INC. 1 7.13% $13,592
    BETTER MORTGAGE CORPORATION 1 5.63% $20,555
    GTE Federal Credit Union 1 5.88% $7,447
    BELEM SERVICING LLC 1 6.62% $16,821
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.63% $14,535
    PANORAMA MORTGAGE GROUP, LLC 1 7.25% $13,091
    Fifth Third Bank 1 6.63% $10,842
    Performance Financial, Inc. 1 6.13% $16,797
    PHH Mortgage Corporation 1 5.88% $15,328
    Atlantic Coast Mortgage, LLC 1 6.25% $12,799
    POLARIS HOME FUNDING CORP. 1 5.75% $11,485
    WATSON MORTGAGE CORP. 1 6.63% $8,054
    HOME FINANCING CENTER, INC. 1 7.63% $23,799
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 6.25% $23,469
    ARC HOME LLC 1 6.13% $16,389
    AmRes Corporation 1 7.00% $23,080
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $20,642
    Wolfe Financial, Inc 1 6.88% $15,719
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $13,322
    RESIDENTIAL HOME MORTGAGE CORPORATION 1 5.50% $13,957
    RESOURCE FINANCIAL SERVICES, INC. 1 6.13% $8,645
    ROYAL UNITED MORTGAGE LLC 1 6.88% $8,797
    RUOFF MORTGAGE COMPANY, INC. 1 6.50% $5,817
    SeaTrust Mortgage Company 1 6.38% $9,673
    Shamrock Home Loans, Inc. 1 6.50% $15,922

    The top Lakeland FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 871 FHA loans originated. Their average total fees are $13,316, which is $3,813 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Lakeland FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION ($7,902), PULTE MORTGAGE LLC ($8,175), DHI MORTGAGE COMPANY, LTD. ($9,503), INSPIRE HOME LOANS INC. ($9,840) and MID AMERICA MORTGAGE, INC. ($9,841).

    The lowest rate Lakeland FHA lenders (with over 10 loans originated) are PARK SQUARE HOME MORTGAGE, LLC (4.76%), South Pacific Financial Corporation (4.98%), INSPIRE HOME LOANS INC. (5.40%), HOMEBRIDGE FINANCIAL SERVICES, INC. (5.45%) and DHI MORTGAGE COMPANY, LTD. (5.45%).

    Lakeland FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LAKELAND-WINTER HAVEN, FL POLK 2022 $420,680 $538,650 $651,050 $809,150
    LAKELAND-WINTER HAVEN, FL POLK 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).