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 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
6.18%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Lakeland's average FHA mortgage closing costs are $8,923.
The average rate for the prior week (2023-05-19) was
5.95% and
one month ago for the week of 2023-04-21, the
average rate was 5.89%.
The average rate one year ago was 5.01%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.93%.
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
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 |
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 (9.5%) | $258,826 (8.0%) | 0.81 | 2,625 |
| 2018-02-01 | $219,900 (7.6%) | $259,826 (6.9%) | 0.80 | 2,645 |
| 2018-03-01 | $222,900 (8.8%) | $263,409 (7.6%) | 0.78 | 2,576 |
| 2018-04-01 | $224,950 (7.1%) | $273,667 (9.4%) | 0.76 | 2,501 |
| 2018-05-01 | $224,950 (4.7%) | $275,646 (9.3%) | 0.75 | 2,518 |
| 2018-06-01 | $225,000 (3.7%) | $275,270 (7.5%) | 0.75 | 2,535 |
| 2018-07-01 | $228,375 (4.5%) | $278,348 (7.9%) | 0.76 | 2,534 |
| 2018-08-01 | $227,425 (3.6%) | $276,628 (6.9%) | 0.76 | 2,663 |
| 2018-09-01 | $225,000 (2.4%) | $272,410 (5.2%) | 0.76 | 2,803 |
| 2018-10-01 | $224,900 (2.5%) | $271,597 (4.3%) | 0.76 | 2,887 |
| 2018-11-01 | $223,950 (1.5%) | $268,839 (2.6%) | 0.76 | 3,048 |
| 2018-12-01 | $224,000 (2.3%) | $266,613 (3.3%) | 0.77 | 3,041 |
| 2019-01-01 | $222,037 (1.4%) | $261,550 (1.1%) | 0.77 | 3,193 |
| 2019-02-01 | $224,450 (2.1%) | $260,096 (0.1%) | 0.76 | 3,320 |
| 2019-03-01 | $224,900 (0.9%) | $263,100 (-0.1%) | 0.75 | 3,233 |
| 2019-04-01 | $225,000 (0.0%) | $273,465 (-0.1%) | 0.71 | 3,036 |
| 2019-05-01 | $229,450 (2.0%) | $276,747 (0.4%) | 0.72 | 2,875 |
| 2019-06-01 | $229,900 (2.2%) | $282,162 (2.5%) | 0.72 | 2,807 |
| 2019-07-01 | $229,397 (0.5%) | $286,624 (3.0%) | 0.72 | 2,809 |
| 2019-08-01 | $229,994 (1.1%) | $292,257 (5.7%) | 0.72 | 2,815 |
| 2019-09-01 | $230,413 (2.4%) | $290,442 (6.6%) | 0.73 | 2,759 |
| 2019-10-01 | $229,900 (2.2%) | $275,587 (1.5%) | 0.74 | 3,075 |
| 2019-11-01 | $228,900 (2.2%) | $273,506 (1.7%) | 0.75 | 3,033 |
| 2019-12-01 | $229,700 (2.5%) | $271,642 (1.9%) | 0.77 | 2,976 |
| 2020-01-01 | $229,950 (3.6%) | $273,618 (4.6%) | 0.77 | 2,915 |
| 2020-02-01 | $234,000 (4.3%) | $278,296 (7.0%) | 0.77 | 2,809 |
| 2020-03-01 | $234,900 (4.5%) | $281,322 (6.9%) | 0.74 | 2,691 |
| 2020-04-01 | $234,463 (4.2%) | $272,964 (-0.2%) | 0.73 | 2,873 |
| 2020-05-01 | $234,490 (2.2%) | $274,454 (-0.8%) | 0.71 | 2,723 |
| 2020-06-01 | $234,950 (2.2%) | $274,532 (-2.7%) | 0.69 | 2,453 |
| 2020-07-01 | $235,250 (2.6%) | $275,408 (-3.9%) | 0.68 | 2,319 |
| 2020-08-01 | $239,900 (4.3%) | $284,259 (-2.7%) | 0.69 | 2,078 |
| 2020-09-01 | $243,775 (5.8%) | $287,766 (-0.9%) | 0.70 | 2,003 |
| 2020-10-01 | $245,000 (6.6%) | $286,092 (3.8%) | 0.70 | 2,021 |
| 2020-11-01 | $245,860 (7.4%) | $288,854 (5.6%) | 0.72 | 2,053 |
| 2020-12-01 | $249,695 (8.7%) | $290,439 (6.9%) | 0.74 | 1,928 |
| 2021-01-01 | $252,090 (9.6%) | $296,952 (8.5%) | 0.75 | 1,659 |
| 2021-02-01 | $252,438 (7.9%) | $301,749 (8.4%) | 0.73 | 1,358 |
| 2021-03-01 | $256,950 (9.4%) | $314,077 (11.6%) | 0.73 | 1,047 |
| 2021-04-01 | $264,975 (13.0%) | $326,960 (19.8%) | 0.72 | 883 |
| 2021-05-01 | $274,900 (17.2%) | $347,960 (26.8%) | 0.73 | 777 |
| 2021-06-01 | $284,470 (21.1%) | $363,563 (32.4%) | 0.75 | 809 |
| 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 (26.1%) | $372,955 (29.6%) | 0.82 | 1,096 |
| 2021-10-01 | $319,900 (30.6%) | $379,800 (32.8%) | 0.85 | 1,128 |
| 2021-11-01 | $317,026 (29.0%) | $380,078 (31.6%) | 0.85 | 1,106 |
| 2021-12-01 | $327,450 (31.1%) | $394,502 (35.8%) | 0.89 | 1,044 |
| 2022-01-01 | $325,000 (28.9%) | $401,532 (35.2%) | 0.88 | 938 |
| 2022-02-01 | $330,923 (31.1%) | $411,132 (36.3%) | 0.86 | 859 |
| 2022-03-01 | $342,200 (33.2%) | $416,344 (32.6%) | 0.86 | 888 |
| 2022-04-01 | $350,000 (32.1%) | $430,698 (31.7%) | 0.83 | 933 |
| 2022-05-01 | $364,975 (32.8%) | $430,150 (23.6%) | 0.83 | 1,268 |
| 2022-06-01 | $370,582 (30.3%) | $430,618 (18.4%) | 0.83 | 1,592 |
| 2022-07-01 | $365,000 (28.1%) | $414,832 (16.6%) | 0.82 | 2,180 |
| 2022-08-01 | $364,500 (22.9%) | $414,981 (16.2%) | 0.84 | 2,568 |
| 2022-09-01 | $359,999 (17.1%) | $410,259 (10.0%) | 0.84 | 2,747 |
| 2022-10-01 | $359,900 (12.5%) | $408,514 (7.6%) | 0.85 | 2,820 |
| 2022-11-01 | $351,500 (10.9%) | $400,392 (5.3%) | 0.84 | 3,103 |
| 2022-12-01 | $349,900 (6.9%) | $397,417 (0.7%) | 0.86 | 3,073 |
| 2023-01-01 | $349,000 (7.4%) | $400,464 (-0.3%) | 0.86 | 2,996 |
| 2023-02-01 | $349,000 (5.5%) | $400,954 (-2.5%) | 0.84 | 2,897 |
| 2023-03-01 | $349,950 (2.3%) | $408,486 (-1.9%) | 0.82 | 2,725 |
| 2023-04-01 | $349,500 (-0.1%) | $403,927 (-6.2%) | 0.81 | 2,680 |
Lakeland's median listing price comes in at 81% of the national average.
Lakeland's average listing price for 2023-04-01 was $403,927, a difference of $-26,771 (-6.2%) versus the prior year and $-4,559 versus the prior month.
For the 2023-04-01 period, Lakeland had 2,680 MLS listings, a difference of -45 listings (-2%) versus the prior month and 1,747 listings (187%) 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 | 72 days | 1,884 sqft |
| 2018-02-01 | 70 days | 1,879 sqft |
| 2018-03-01 | 62 days | 1,883 sqft |
| 2018-04-01 | 60 days | 1,918 sqft |
| 2018-05-01 | 62 days | 1,912 sqft |
| 2018-06-01 | 61 days | 1,912 sqft |
| 2018-07-01 | 62 days | 1,918 sqft |
| 2018-08-01 | 58 days | 1,919 sqft |
| 2018-09-01 | 59 days | 1,884 sqft |
| 2018-10-01 | 62 days | 1,864 sqft |
| 2018-11-01 | 62 days | 1,859 sqft |
| 2018-12-01 | 67 days | 1,856 sqft |
| 2019-01-01 | 72 days | 1,848 sqft |
| 2019-02-01 | 63 days | 1,837 sqft |
| 2019-03-01 | 59 days | 1,834 sqft |
| 2019-04-01 | 65 days | 1,847 sqft |
| 2019-05-01 | 67 days | 1,854 sqft |
| 2019-06-01 | 67 days | 1,877 sqft |
| 2019-07-01 | 65 days | 1,856 sqft |
| 2019-08-01 | 71 days | 1,857 sqft |
| 2019-09-01 | 75 days | 1,859 sqft |
| 2019-10-01 | 68 days | 1,828 sqft |
| 2019-11-01 | 65 days | 1,828 sqft |
| 2019-12-01 | 71 days | 1,828 sqft |
| 2020-01-01 | 73 days | 1,828 sqft |
| 2020-02-01 | 73 days | 1,831 sqft |
| 2020-03-01 | 60 days | 1,837 sqft |
| 2020-04-01 | 61 days | 1,828 sqft |
| 2020-05-01 | 71 days | 1,828 sqft |
| 2020-06-01 | 79 days | 1,828 sqft |
| 2020-07-01 | 70 days | 1,818 sqft |
| 2020-08-01 | 61 days | 1,821 sqft |
| 2020-09-01 | 57 days | 1,814 sqft |
| 2020-10-01 | 53 days | 1,787 sqft |
| 2020-11-01 | 51 days | 1,803 sqft |
| 2020-12-01 | 58 days | 1,816 sqft |
| 2021-01-01 | 65 days | 1,815 sqft |
| 2021-02-01 | 59 days | 1,781 sqft |
| 2021-03-01 | 47 days | 1,806 sqft |
| 2021-04-01 | 43 days | 1,807 sqft |
| 2021-05-01 | 41 days | 1,799 sqft |
| 2021-06-01 | 36 days | 1,809 sqft |
| 2021-07-01 | 35 days | 1,798 sqft |
| 2021-08-01 | 37 days | 1,810 sqft |
| 2021-09-01 | 37 days | 1,807 sqft |
| 2021-10-01 | 37 days | 1,824 sqft |
| 2021-11-01 | 40 days | 1,801 sqft |
| 2021-12-01 | 52 days | 1,818 sqft |
| 2022-01-01 | 43 days | 1,815 sqft |
| 2022-02-01 | 34 days | 1,804 sqft |
| 2022-03-01 | 33 days | 1,779 sqft |
| 2022-04-01 | 31 days | 1,798 sqft |
| 2022-05-01 | 29 days | 1,823 sqft |
| 2022-06-01 | 31 days | 1,826 sqft |
| 2022-07-01 | 34 days | 1,820 sqft |
| 2022-08-01 | 38 days | 1,823 sqft |
| 2022-09-01 | 45 days | 1,827 sqft |
| 2022-10-01 | 56 days | 1,828 sqft |
| 2022-11-01 | 62 days | 1,820 sqft |
| 2022-12-01 | 69 days | 1,824 sqft |
| 2023-01-01 | 72 days | 1,824 sqft |
| 2023-02-01 | 69 days | 1,828 sqft |
| 2023-03-01 | 58 days | 1,831 sqft |
| 2023-04-01 | 59 days | 1,819 sqft |
Lakeland's median square footage for active listings during the 2023-04-01 period was 1,819 sqft. One year prior, the average listing was 1,798 sqft.