Lakeland FHA Loan Rates, Closing Costs & Stats
LAKELAND-WINTER HAVEN, FL
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
6.43%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Lakeland's average FHA mortgage closing costs are $9,565.
The average rate for the prior week (2024-04-12) was
6.52% and
one month ago for the week of 2024-03-15, the
average rate was 6.59%.
The average rate one year ago was 6.32%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.92%.
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.
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lakeland (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 | $219,000 (9.6%) | $258,660 (8.0%) | 0.81 | 2,628 |
| 2018-02-01 | $219,900 (7.6%) | $259,706 (6.9%) | 0.80 | 2,648 |
| 2018-03-01 | $222,825 (8.8%) | $263,192 (7.6%) | 0.78 | 2,578 |
| 2018-04-01 | $224,950 (7.1%) | $273,636 (9.4%) | 0.76 | 2,502 |
| 2018-05-01 | $224,950 (4.7%) | $275,616 (9.4%) | 0.75 | 2,519 |
| 2018-06-01 | $225,000 (3.9%) | $275,270 (7.5%) | 0.75 | 2,535 |
| 2018-07-01 | $228,375 (4.8%) | $278,348 (7.9%) | 0.76 | 2,534 |
| 2018-08-01 | $227,425 (3.6%) | $276,628 (7.0%) | 0.76 | 2,663 |
| 2018-09-01 | $225,000 (2.5%) | $272,424 (5.3%) | 0.76 | 2,802 |
| 2018-10-01 | $224,900 (2.5%) | $271,559 (4.3%) | 0.76 | 2,886 |
| 2018-11-01 | $223,948 (1.6%) | $268,801 (2.6%) | 0.76 | 3,047 |
| 2018-12-01 | $224,000 (2.3%) | $266,583 (3.4%) | 0.77 | 3,040 |
| 2019-01-01 | $222,024 (1.4%) | $261,527 (1.1%) | 0.77 | 3,193 |
| 2019-02-01 | $224,450 (2.1%) | $260,067 (0.1%) | 0.76 | 3,320 |
| 2019-03-01 | $224,998 (1.0%) | $267,344 (1.6%) | 0.74 | 3,197 |
| 2019-04-01 | $225,000 (0.0%) | $273,390 (-0.1%) | 0.71 | 3,034 |
| 2019-05-01 | $229,450 (2.0%) | $276,876 (0.5%) | 0.72 | 2,877 |
| 2019-06-01 | $229,900 (2.2%) | $282,390 (2.6%) | 0.72 | 2,808 |
| 2019-07-01 | $229,553 (0.5%) | $286,851 (3.1%) | 0.72 | 2,810 |
| 2019-08-01 | $229,245 (0.8%) | $286,698 (3.6%) | 0.73 | 2,933 |
| 2019-09-01 | $229,614 (2.1%) | $280,595 (3.0%) | 0.73 | 3,018 |
| 2019-10-01 | $229,859 (2.2%) | $276,430 (1.8%) | 0.74 | 3,070 |
| 2019-11-01 | $229,000 (2.3%) | $273,715 (1.8%) | 0.75 | 3,035 |
| 2019-12-01 | $229,700 (2.5%) | $271,864 (2.0%) | 0.77 | 2,977 |
| 2020-01-01 | $230,056 (3.6%) | $273,843 (4.7%) | 0.77 | 2,916 |
| 2020-02-01 | $234,000 (4.3%) | $278,540 (7.1%) | 0.77 | 2,810 |
| 2020-03-01 | $234,900 (4.4%) | $281,285 (5.2%) | 0.74 | 2,692 |
| 2020-04-01 | $234,463 (4.2%) | $272,947 (-0.2%) | 0.73 | 2,874 |
| 2020-05-01 | $234,490 (2.2%) | $274,454 (-0.9%) | 0.71 | 2,723 |
| 2020-06-01 | $234,950 (2.2%) | $274,532 (-2.8%) | 0.69 | 2,453 |
| 2020-07-01 | $235,250 (2.5%) | $275,408 (-4.0%) | 0.68 | 2,319 |
| 2020-08-01 | $239,900 (4.7%) | $284,268 (-0.9%) | 0.69 | 2,078 |
| 2020-09-01 | $243,605 (6.1%) | $287,781 (2.6%) | 0.70 | 2,003 |
| 2020-10-01 | $245,000 (6.6%) | $286,107 (3.5%) | 0.70 | 2,020 |
| 2020-11-01 | $245,860 (7.4%) | $288,862 (5.5%) | 0.72 | 2,052 |
| 2020-12-01 | $249,695 (8.7%) | $290,439 (6.8%) | 0.74 | 1,928 |
| 2021-01-01 | $252,180 (9.6%) | $296,770 (8.4%) | 0.75 | 1,660 |
| 2021-02-01 | $252,265 (7.8%) | $301,684 (8.3%) | 0.73 | 1,359 |
| 2021-03-01 | $256,950 (9.4%) | $314,013 (11.6%) | 0.73 | 1,048 |
| 2021-04-01 | $264,950 (13.0%) | $326,804 (19.7%) | 0.72 | 884 |
| 2021-05-01 | $274,900 (17.2%) | $347,849 (26.7%) | 0.73 | 777 |
| 2021-06-01 | $283,960 (20.9%) | $363,544 (32.4%) | 0.75 | 808 |
| 2021-07-01 | $285,000 (21.2%) | $355,889 (29.2%) | 0.75 | 1,011 |
| 2021-08-01 | $296,617 (23.6%) | $357,204 (25.7%) | 0.79 | 1,083 |
| 2021-09-01 | $307,500 (26.2%) | $372,904 (29.6%) | 0.82 | 1,096 |
| 2021-10-01 | $319,900 (30.6%) | $379,838 (32.8%) | 0.85 | 1,127 |
| 2021-11-01 | $317,013 (28.9%) | $380,058 (31.6%) | 0.85 | 1,106 |
| 2021-12-01 | $327,450 (31.1%) | $394,418 (35.8%) | 0.89 | 1,044 |
| 2022-01-01 | $325,000 (28.9%) | $401,222 (35.2%) | 0.88 | 939 |
| 2022-02-01 | $331,033 (31.2%) | $410,887 (36.2%) | 0.86 | 859 |
| 2022-03-01 | $342,900 (33.5%) | $415,868 (32.4%) | 0.86 | 888 |
| 2022-04-01 | $350,000 (32.1%) | $430,510 (31.7%) | 0.83 | 933 |
| 2022-05-01 | $364,765 (32.7%) | $430,146 (23.7%) | 0.83 | 1,267 |
| 2022-06-01 | $370,030 (30.3%) | $429,737 (18.2%) | 0.82 | 1,594 |
| 2022-07-01 | $365,000 (28.1%) | $414,408 (16.4%) | 0.82 | 2,178 |
| 2022-08-01 | $364,000 (22.7%) | $414,283 (16.0%) | 0.84 | 2,565 |
| 2022-09-01 | $359,999 (17.1%) | $409,778 (9.9%) | 0.84 | 2,743 |
| 2022-10-01 | $359,900 (12.5%) | $408,043 (7.4%) | 0.85 | 2,816 |
| 2022-11-01 | $351,125 (10.8%) | $400,055 (5.3%) | 0.84 | 3,101 |
| 2022-12-01 | $349,900 (6.9%) | $397,010 (0.7%) | 0.86 | 3,071 |
| 2023-01-01 | $349,000 (7.4%) | $400,193 (-0.3%) | 0.86 | 2,994 |
| 2023-02-01 | $349,000 (5.4%) | $400,838 (-2.5%) | 0.84 | 2,897 |
| 2023-03-01 | $349,950 (2.1%) | $408,401 (-1.8%) | 0.83 | 2,725 |
| 2023-04-01 | $349,495 (-0.1%) | $403,789 (-6.2%) | 0.81 | 2,680 |
| 2023-05-01 | $350,000 (-4.1%) | $415,882 (-3.3%) | 0.79 | 2,633 |
| 2023-06-01 | $353,700 (-4.4%) | $420,839 (-2.1%) | 0.79 | 2,571 |
| 2023-07-01 | $358,000 (-1.9%) | $423,952 (2.3%) | 0.81 | 2,561 |
| 2023-08-01 | $359,495 (-1.2%) | $426,306 (2.9%) | 0.83 | 2,765 |
| 2023-09-01 | $358,793 (-0.3%) | $415,459 (1.4%) | 0.84 | 3,010 |
| 2023-10-01 | $355,000 (-1.4%) | $416,330 (2.0%) | 0.84 | 3,307 |
| 2023-11-01 | $355,000 (1.1%) | $421,488 (5.4%) | 0.85 | 3,481 |
| 2023-12-01 | $350,000 (0.0%) | $419,754 (5.7%) | 0.85 | 3,582 |
| 2024-01-01 | $350,000 (0.3%) | $418,243 (4.5%) | 0.85 | 3,554 |
| 2024-02-01 | $350,000 (0.3%) | $414,251 (3.4%) | 0.84 | 3,746 |
| 2024-03-01 | $349,950 (0.0%) | $409,691 (0.3%) | 0.82 | 3,922 |
Lakeland's median listing price comes in at 82% of the national average.
Lakeland's average listing price for 2024-03-01 was $409,691, a difference of $1,290 (0.3%) versus the prior year and $-4,560 versus the prior month.
For the 2024-03-01 period, Lakeland had 3,922 MLS listings, a difference of 176 listings (5%) versus the prior month and 1,197 listings (44%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lakeland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 68 days | 1,884 sqft |
| 2018-02-01 | 65 days | 1,880 sqft |
| 2018-03-01 | 58 days | 1,882 sqft |
| 2018-04-01 | 58 days | 1,918 sqft |
| 2018-05-01 | 58 days | 1,911 sqft |
| 2018-06-01 | 57 days | 1,911 sqft |
| 2018-07-01 | 58 days | 1,918 sqft |
| 2018-08-01 | 54 days | 1,919 sqft |
| 2018-09-01 | 55 days | 1,883 sqft |
| 2018-10-01 | 60 days | 1,862 sqft |
| 2018-11-01 | 59 days | 1,859 sqft |
| 2018-12-01 | 65 days | 1,855 sqft |
| 2019-01-01 | 68 days | 1,848 sqft |
| 2019-02-01 | 59 days | 1,836 sqft |
| 2019-03-01 | 56 days | 1,847 sqft |
| 2019-04-01 | 60 days | 1,847 sqft |
| 2019-05-01 | 63 days | 1,854 sqft |
| 2019-06-01 | 64 days | 1,877 sqft |
| 2019-07-01 | 61 days | 1,856 sqft |
| 2019-08-01 | 61 days | 1,845 sqft |
| 2019-09-01 | 62 days | 1,836 sqft |
| 2019-10-01 | 63 days | 1,829 sqft |
| 2019-11-01 | 60 days | 1,828 sqft |
| 2019-12-01 | 67 days | 1,828 sqft |
| 2020-01-01 | 69 days | 1,828 sqft |
| 2020-02-01 | 67 days | 1,831 sqft |
| 2020-03-01 | 57 days | 1,836 sqft |
| 2020-04-01 | 57 days | 1,828 sqft |
| 2020-05-01 | 68 days | 1,828 sqft |
| 2020-06-01 | 75 days | 1,828 sqft |
| 2020-07-01 | 64 days | 1,818 sqft |
| 2020-08-01 | 57 days | 1,821 sqft |
| 2020-09-01 | 53 days | 1,814 sqft |
| 2020-10-01 | 51 days | 1,787 sqft |
| 2020-11-01 | 49 days | 1,803 sqft |
| 2020-12-01 | 54 days | 1,816 sqft |
| 2021-01-01 | 61 days | 1,813 sqft |
| 2021-02-01 | 54 days | 1,776 sqft |
| 2021-03-01 | 44 days | 1,806 sqft |
| 2021-04-01 | 40 days | 1,806 sqft |
| 2021-05-01 | 38 days | 1,798 sqft |
| 2021-06-01 | 34 days | 1,807 sqft |
| 2021-07-01 | 33 days | 1,798 sqft |
| 2021-08-01 | 36 days | 1,810 sqft |
| 2021-09-01 | 37 days | 1,807 sqft |
| 2021-10-01 | 36 days | 1,825 sqft |
| 2021-11-01 | 38 days | 1,802 sqft |
| 2021-12-01 | 51 days | 1,819 sqft |
| 2022-01-01 | 43 days | 1,814 sqft |
| 2022-02-01 | 33 days | 1,800 sqft |
| 2022-03-01 | 32 days | 1,777 sqft |
| 2022-04-01 | 31 days | 1,798 sqft |
| 2022-05-01 | 28 days | 1,821 sqft |
| 2022-06-01 | 30 days | 1,826 sqft |
| 2022-07-01 | 33 days | 1,820 sqft |
| 2022-08-01 | 37 days | 1,823 sqft |
| 2022-09-01 | 44 days | 1,827 sqft |
| 2022-10-01 | 55 days | 1,828 sqft |
| 2022-11-01 | 61 days | 1,820 sqft |
| 2022-12-01 | 67 days | 1,824 sqft |
| 2023-01-01 | 71 days | 1,824 sqft |
| 2023-02-01 | 67 days | 1,828 sqft |
| 2023-03-01 | 56 days | 1,831 sqft |
| 2023-04-01 | 58 days | 1,819 sqft |
| 2023-05-01 | 54 days | 1,828 sqft |
| 2023-06-01 | 55 days | 1,838 sqft |
| 2023-07-01 | 54 days | 1,851 sqft |
| 2023-08-01 | 51 days | 1,851 sqft |
| 2023-09-01 | 53 days | 1,837 sqft |
| 2023-10-01 | 54 days | 1,834 sqft |
| 2023-11-01 | 57 days | 1,829 sqft |
| 2023-12-01 | 64 days | 1,820 sqft |
| 2024-01-01 | 73 days | 1,819 sqft |
| 2024-02-01 | 70 days | 1,823 sqft |
| 2024-03-01 | 59 days | 1,819 sqft |
Lakeland's median square footage for active listings during the 2024-03-01 period was 1,819 sqft. One year prior, the average listing was 1,831 sqft.