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 261 lenders originated 6,460 FHA loans during 2022. The total origination value was $1,790,840,000, with an average FHA loan value of $277,220.

    Lakeland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lakeland averaged 6.42% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Lakeland's average FHA mortgage closing costs are $8,923.

    The average rate for the prior week (2023-11-24) was 6.63% and one month ago for the week of 2023-10-27, the average rate was 7.34%.

    The average rate one year ago was 5.95%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.57%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 515 4.88% $11,539
    DHI MORTGAGE COMPANY, LTD. 460 4.44% $10,395
    QUICKEN LOANS, LLC 327 4.37% $11,065
    CALIBER HOME LOANS, INC. 275 4.64% $11,751
    LOANDEPOT.COM, LLC 250 4.86% $11,128
    HOME SOLUTION LENDERS INC. 204 4.74% $12,451
    THE MORTGAGE FIRM, INC. 196 5.25% $11,164
    EAGLE HOME MORTGAGE, LLC 190 5.00% $12,204
    KBHS HOME LOANS, LLC 172 4.79% $15,712
    VANDERBILT MORTGAGE AND FINANCE, INC. 154 4.97% $13,061
    HOMEBRIDGE FINANCIAL SERVICES, INC. 149 4.53% $14,172
    FREEDOM MORTGAGE CORPORATION 148 4.65% $10,923
    CROSSCOUNTRY MORTGAGE, LLC 144 5.23% $12,419
    BROKER SOLUTIONS, INC. 120 5.27% $14,258
    PENNYMAC LOAN SERVICES, LLC 100 4.17% $11,379
    Plains Commerce Bank 97 4.77% $12,924
    NVR Mortgage Finance, Inc. 97 4.32% $12,610
    Paramount Residential Mortgage Group, Inc. 95 5.13% $14,429
    AMERIFIRST FINANCIAL CORPORATION 89 5.19% $12,039
    FBC MORTGAGE, LLC 76 4.86% $9,382
    MOVEMENT MORTGAGE, LLC 70 5.06% $10,567
    Hometown Lenders, Inc. 65 5.11% $16,684
    Flagstar Bank, FSB 64 4.77% $12,309
    CARDINAL FINANCIAL 64 4.62% $11,768
    Mortgage Lenders Investment Trading Corporation 62 4.57% $8,630
    Equity Prime Mortgage LLC 58 4.92% $12,969
    HOMEAMERICAN MORTGAGE CORPORATION 56 4.04% $8,451
    LAKEVIEW LOAN SERVICING, LLC 55 4.11% $7,511
    Carrington Mortgage Services, LLC 53 4.97% $12,547
    HOME POINT FINANCIAL CORPORATION 51 4.33% $10,781
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 51 5.24% $11,041
    NFM, INC. 49 5.69% $13,762
    Mr. Cooper ( Nationstar Mortgage ) 49 4.39% $11,873
    GUARANTEED RATE, INC. 46 4.90% $11,737
    PARK SQUARE HOME MORTGAGE, LLC 41 5.06% $10,000
    AMERISAVE MORTGAGE CORPORATION 38 4.61% $12,696
    EVERETT FINANCIAL, INC. 37 5.25% $8,409
    PLANET HOME LENDING, LLC 35 4.46% $11,786
    SUCCESS MORTGAGE PARTNERS, INC. 34 4.84% $11,569
    PRIMARY RESIDENTIAL MORTGAGE, INC. 34 5.07% $12,494
    STOCKTON MORTGAGE CORPORATION 34 5.43% $12,837
    Waterstone Mortgage Corporation 31 5.12% $14,141
    NEWREZ LLC 30 4.65% $9,656
    Lakeview Community Capital, LLC 28 3.87% $6,717
    PULTE MORTGAGE LLC 28 4.51% $7,928
    Nations Lending Corporation 27 4.74% $12,314
    MY MORTGAGE, INC. 25 5.26% $15,489
    GUILD MORTGAGE COMPANY 25 5.09% $11,616
    AMERICAN PACIFIC MORTGAGE CORPORATION 22 5.14% $13,004
    HOMESIDE FINANCIAL, LLC 21 5.37% $12,530
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 21 4.26% $10,962
    INSPIRE HOME LOANS INC. 19 4.76% $9,996
    LOANPAL, LLC 19 4.31% $12,890
    MUTUAL OF OMAHA MORTGAGE, INC. 19 4.86% $12,481
    EMBRACE HOME LOANS, INC. 18 5.10% $10,080
    TOP FLITE FINANCIAL, INC. 18 5.10% $16,115
    VILLAGE CAPITAL MORTGAGE 18 3.94% $7,987
    CMG MORTGAGE, INC. 17 5.25% $14,751
    LAND HOME FINANCIAL SERVICES, INC. 17 4.79% $12,435
    Citizens Bank 15 4.39% $9,955
    ACOPIA, LLC 15 4.70% $12,050
    ABSOLUTE HOME MORTGAGE CORPORATION 15 5.63% $14,429
    GENEVA FINANCIAL, LLC 14 5.23% $13,632
    DAS Acquisition Company, LLC 14 5.09% $10,324
    South State Bank 13 4.86% $10,978
    JET HOMELOANS, LLC 13 5.50% $11,124
    PRIMELENDING, A PLAINSCAPITAL COMPANY 13 5.01% $13,470
    HOMEOWNERS FINANCIAL GROUP USA, LLC 12 5.40% $12,582
    UNION HOME MORTGAGE CORP. 12 4.61% $9,879
    GSF Mortgage Corporation 12 5.30% $12,538
    GUARANTEED RATE AFFINITY, LLC 12 4.60% $11,113
    Ixonia Bank 12 5.54% $11,824
    PLAZA HOME MORTGAGE, INC. 11 5.40% $13,324
    South Pacific Financial Corporation 11 5.01% $13,165
    AMERICAN FINANCIAL RESOURCES, INC. 11 5.03% $9,462
    Bank of England 11 4.84% $12,632
    HOMESPIRE MORTGAGE CORPORATION 11 4.27% $11,882
    SUN WEST MORTGAGE COMPANY, INC. 11 5.47% $11,543
    AMERICAN FINANCING CORPORATION 11 4.24% $11,063
    Sierra Pacific Mortgage Company, Inc. 11 4.43% $12,002
    GERSHMAN INVESTMENT CORP. 10 5.41% $10,199
    AmeriHome Mortgage Company, LLC 9 4.35% $9,626
    RELIANCE FIRST CAPITAL, LLC 9 4.72% $12,136
    VELOCIO MORTGAGE L.L.C. 9 4.07% $13,265
    Summit Mortgage Corporation 9 4.67% $11,202
    NATIONS DIRECT MORTGAGE, LLC 9 4.10% $12,319
    OPEN MORTGAGE, LLC 8 5.11% $11,788
    Town Square Mortgage & Investments, Inc. 8 5.34% $11,248
    Regions Bank 8 4.58% $9,239
    SHELTER MORTGAGE COMPANY, L.L.C. 8 3.72% $8,639
    Hometown Equity Mortgage, LLC 8 5.09% $13,490
    OCMBC, INC. 8 5.39% $13,027
    MORTGAGE EQUITY PARTNERS LLC 7 5.27% $17,158
    Mortgage Research Center, LLC 7 4.53% $6,351
    MID AMERICA MORTGAGE, INC. 7 5.21% $3,833
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 6 5.38% $11,417
    MICHIGAN MUTUAL, INC. 6 4.58% $11,482
    First Guaranty Mortgage Corporation 6 3.73% $9,198
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 4.65% $11,189
    Century Mortgage Company DBA Century Lending Company 6 5.89% $12,376
    FINANCE OF AMERICA MORTGAGE LLC 6 4.58% $11,548
    NETWORK CAPITAL FUNDING CORPORATION 5 4.48% $8,357
    COLUMBUS CAPITAL LENDING, LLC 5 5.68% $13,956
    SECURITYNATIONAL MORTGAGE COMPANY 5 4.68% $10,195
    SOUTHPOINT FINANCIAL SERVICES, INC. 5 4.83% $12,937
    EMM LOANS LLC 5 4.63% $16,637
    AMERICAN BANCSHARES MORTGAGE 5 4.58% $10,103
    First Federal Bank 5 4.58% $7,729
    First Heritage Mortgage, LLC 5 6.03% $12,590
    Synovus Bank 5 4.55% $10,629
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 5.50% $13,399
    BECKAM FUNDING CORP. 5 5.20% $16,231
    TOWNE MORTGAGE COMPANY 5 4.52% $12,745
    Wyndham Capital Mortgage, Inc. 5 4.70% $8,471
    NJ LENDERS CORP. 5 5.67% $11,883
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 4.25% $15,211
    LEADERONE FINANCIAL CORPORATION 5 5.53% $11,107
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 4.91% $16,124
    JPMorgan Chase Bank 4 5.72% $8,419
    ALLIED MORTGAGE GROUP, INC. 4 4.31% $11,711
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 5.28% $10,710
    NATIONS RELIABLE LENDING, LLC 4 5.69% $16,420
    ROYAL UNITED MORTGAGE LLC 4 5.19% $15,712
    AMCAP MORTGAGE, LTD. 4 5.78% $13,448
    Loan Simple, Inc. 4 6.13% $12,784
    PREMIER MORTGAGE RESOURCES, L.L.C. 4 6.31% $13,303
    ZILLOW HOME LOANS, LLC 4 5.03% $11,995
    CHERRY CREEK MORTGAGE, LLC 4 5.84% $3,643
    BAY EQUITY LLC 4 5.56% $13,582
    First Option Mortgage, LLC 4 4.91% $12,451
    HAMILTON HOME LOANS, INC. 3 4.50% $11,969
    Bell Bank 3 4.83% $8,425
    MILEND, INC. 3 5.67% $16,786
    The Federal Savings Bank 3 5.67% $14,209
    Cornerstone First Mortgage, Inc 3 5.83% $14,362
    AmRes Corporation 3 4.63% $14,379
    Wells Fargo Bank 3 5.54% $8,628
    VAN DYK MORTGAGE CORPORATION 3 4.63% $8,340
    READY MORTGAGE LENDERS, LLC 3 6.38% $20,411
    NORTHPOINT MORTGAGE, INC. 3 4.79% $12,748
    KELLER MORTGAGE, LLC 3 5.75% $10,163
    LADERA LENDING, INC. 3 3.96% $11,581
    ENVOY MORTGAGE, LTD 3 4.79% $11,376
    MORIA DEVELOPMENT, INC. 3 4.67% $10,008
    COMPASS MORTGAGE, INC. 3 4.54% $11,495
    Barrington Bank & Trust Company, N.A. 2 3.38% $11,682
    AMERICAN ADVISORS GROUP 2 3.38% $15,114
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 5.00% $8,969
    APEX HOME LOANS, INC. 2 4.44% $11,998
    AXIA FINANCIAL, LLC 2 4.06% $12,364
    CALCON MUTUAL MORTGAGE LLC 2 6.38% $10,081
    CASTLE & COOKE MORTGAGE, LLC 2 4.25% $13,218
    CERTAINTY HOME LOANS, LLC 2 6.19% $11,135
    Christensen Financial, Inc. 2 3.81% $10,997
    CHURCHILL MORTGAGE CORPORATION 2 3.88% $9,579
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 5.38% $11,671
    EQUITY RESOURCES, INC. 2 5.19% $9,602
    FAIRWAY FUNDING GROUP, INC. 2 4.00% $9,836
    Fifth Third Bank 2 4.94% $10,842
    Financial Freedom Mortgage, LLC 2 5.19% $12,846
    First Home Bank 2 4.38% $10,130
    Gateway First Bank 2 6.50% $10,714
    GREAT WESTERN FINANCIAL SERVICES, INC. 2 4.50% $11,040
    GTE Federal Credit Union 2 4.81% $9,427
    HALLMARK HOME MORTGAGE, LLC 2 5.49% $15,359
    LIBERTY HOME MORTGAGE CORPORATION 2 4.75% $18,240
    MLB RESIDENTIAL LENDING, LLC 2 5.19% $13,512
    M&T Bank 2 4.19% $10,278
    NATIONWIDE MORTGAGE BANKERS, INC. 2 4.44% $16,421
    Northpointe Bank 2 5.44% $10,933
    NP, Inc. 2 5.13% $12,936
    NTFN, INC. 2 4.44% $10,592
    PANORAMA MORTGAGE GROUP, LLC 2 5.25% $13,432
    PHH Mortgage Corporation 2 5.38% $12,582
    PREFERRED LENDING SERVICES, LLC 2 6.13% $9,515
    RADIUS FINANCIAL GROUP INC. 2 5.56% $10,601
    RESIDENTIAL BANCORP 2 5.06% $14,923
    SHELTER HOME MORTGAGE, LLC 2 5.75% $12,970
    SOUTHWEST STAGE FUNDING, LLC 2 5.44% $8,923
    THRIVE MORTGAGE, LLC 2 4.19% $9,588
    United Fidelity Funding Corp. 2 6.38% $12,132
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 5.50% $17,702
    UNITED SECURITY FINANCIAL CORP 2 4.18% $11,313
    WATSON MORTGAGE CORP. 2 4.94% $14,328
    Paramount Bank 1 5.75% $9,119
    INLANTA MORTGAGE, INC. 1 3.25% $10,667
    HUNT MORTGAGE CORPORATION 1 6.25% $12,755
    HOMETRUST MORTGAGE COMPANY 1 3.50% $10,659
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 3.75% $11,912
    GREENTREE MORTGAGE COMPANY, L.P. 1 5.50% $13,329
    GMFS LLC 1 3.13% $7,754
    FOUNDATION MORTGAGE CORPORATION 1 5.25% $21,237
    PNC Bank 1 3.88% $8,590
    Alcova Mortgage LLC 1 3.00% $11,203
    PREMIER LENDING, INC. 1 3.75% $6,582
    Florida Capital Bank 1 2.88% $11,444
    FLAT BRANCH MORTGAGE, INC. 1 4.63% $10,797
    First Savings Bank 1 3.50% $8,990
    Princeton Mortgage Corporation 1 4.25% $8,939
    FIRST MORTGAGE COMPANY, INC. 1 4.75% $14,568
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.63% $19,941
    VERITAS FUNDING, LLC 1 4.13% $16,728
    Evolve Bank & Trust 1 5.25% $12,277
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 5.63% $8,734
    ENDEAVOR CAPITAL, LLC. 1 6.63% $12,155
    Republic Bank & Trust Company 1 4.25% $10,794
    AHL FUNDING 1 6.63% $14,688
    RESIDENTIAL HOME FUNDING CORP. 1 5.75% $16,729
    East Coast Capital Corp. 1 3.25% $10,249
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $11,927
    SeaTrust Mortgage Company 1 4.63% $8,527
    DIRECT LENDERS, LLC 1 5.63% $6,062
    VYSTAR 1 4.38% $7,072
    DELMAR FINANCIAL COMPANY 1 3.50% $7,895
    DATA MORTGAGE, INC. 1 5.00% $10,260
    SOUTHERN TRUST MORTGAGE, LLC 1 4.50% $10,808
    Commerce Home Mortgage, Inc. 1 4.38% $8,488
    Colten Mortgage, LLC 1 3.75% $9,757
    CityWorth Mortgage LLC 1 4.88% $10,882
    SOUTHWEST FUNDING, LP 1 5.75% $20,434
    Advisors Mortgage Group, L.L.C. 1 4.62% $19,455
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.13% $27,089
    CITYWIDE HOME LOANS, LLC 1 6.13% $9,191
    Strong Home Mortgage, LLC 1 5.63% $6,586
    Chickasaw Community Bank 1 4.38% $5,345
    Centennial Bank 1 6.00% $11,050
    BOND STREET MORTGAGE, LLC 1 3.87% $10,913
    BOKF 1 3.00% $8,107
    T2 FINANCIAL LLC 1 3.25% $14,408
    TD Bank 1 3.13% $7,666
    Texana Bank 1 5.00% $19,056
    Bethpage Federal Credit Union 1 3.38% $4,681
    The Home Loan Expert LLC 1 5.25% $8,008
    BEST FINANCE CAPITAL, INC. 1 4.75% $13,733
    ACADEMY MORTGAGE CORPORATION 1 3.88% $8,361
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.13% $12,364
    Total Media Management, LLC 1 4.75% $12,081
    TOTAL MORTGAGE SERVICES, LLC 1 5.50% $15,171
    1ST FINANCIAL, INC. 1 7.25% $18,519
    BANKERS MORTGAGE LENDING, INC. 1 5.25% $9,466
    Truist 1 5.25% $9,999
    Austin Capital Bank SSB 1 3.25% $5,805
    United Community Bank 1 4.62% $10,798
    A&D Mortgage LLC 1 6.00% $15,681
    Wolfe Financial, Inc 1 4.63% $18,876
    Acre Mortgage and Financial Inc 1 5.63% $11,385
    North American Savings Bank, F.S.B. 1 4.63% $8,640
    Atlantic Coast Mortgage, LLC 1 6.13% $20,404
    MCLEAN MORTGAGE CORPORATION 1 2.88% $9,654
    NORWICH COMMERCIAL GROUP, INC. 1 5.25% $17,781
    U.S. Bank 1 5.25% $17,562
    US MORTGAGE CORPORATION 1 6.13% $13,905
    LENDING CAPITAL GROUP Inc 1 4.13% $17,777
    OAKTREE FUNDING CORP. 1 4.75% $22,402
    OCEANSIDE MORTGAGE COMPANY 1 2.88% $7,799
    JMAC LENDING, INC. 1 4.75% $11,375
    ON Q FINANCIAL, INC. 1 5.75% $19,159
    JAMES B. NUTTER & COMPANY 1 6.00% $12,726
    OVM FINANCIAL, INC. 1 5.00% $13,904
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.00% $8,429
    Amerifirst Financial, Inc. 1 5.63% $17,373

    The top Lakeland FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 515 FHA loans originated. Their average total fees are $11,539, which is $1,144 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Lakeland FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC ($6,717), LAKEVIEW LOAN SERVICING, LLC ($7,511), PULTE MORTGAGE LLC ($7,928), VILLAGE CAPITAL MORTGAGE ($7,987) and EVERETT FINANCIAL, INC. ($8,409).

    The lowest rate Lakeland FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC (3.87%), VILLAGE CAPITAL MORTGAGE (3.94%), HOMEAMERICAN MORTGAGE CORPORATION (4.04%), LAKEVIEW LOAN SERVICING, LLC (4.11%) and PENNYMAC LOAN SERVICES, LLC (4.17%).

    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).