Lakeland FHA Loans
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 251 lenders originated 9,333 FHA loans during 2021. The total origination value was $2,160,905,000, with an average FHA loan value of $231,534.
Lakeland FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Lakeland
averaged
5.9%
for the week of 2022-09-23, compared to the national average (all FHA variants) of
6.08% for the same period.
The average rate for the prior week (2022-09-16) was
5.81% and
one month ago for the week of 2022-08-19, the
average rate was 5.22%.
The average rate one year ago was 3.06%.
For refis of the same type during the week of 2022-09-23, the average rate
was 5.84%.
Lakeland FHA Loan Lenders by Rates & Fees
The below table looks at the average fees 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 CALIBER HOME LOANS, INC., with
506 FHA loans originated. Their average total fees are
$8,520, which is $2,309
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Lakeland FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,491), Mr. Cooper ( Nationstar Mortgage ) ($3,939), AmeriHome Mortgage Company, LLC ($4,413), LAKEVIEW LOAN SERVICING, LLC ($4,441) and Lakeview Community Capital, LLC ($4,567).
The lowest rate Lakeland FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (2.73%), AMERISAVE MORTGAGE CORPORATION (2.76%), HOME SOLUTION LENDERS INC. (2.77%), UNITED WHOLESALE MORTGAGE, LLC (2.78%) and South Pacific Financial Corporation (2.78%).
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 |
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 | $220,700 (9.5%) | $261,820 (7.5%) | 0.81 | 2,840 |
| 2018-02-01 | $223,949 (9.0%) | $262,817 (6.7%) | 0.81 | 2,846 |
| 2018-03-01 | $225,000 (8.7%) | $267,041 (7.9%) | 0.78 | 2,758 |
| 2018-04-01 | $229,450 (7.7%) | $276,694 (9.3%) | 0.77 | 2,680 |
| 2018-05-01 | $229,350 (6.5%) | $279,540 (9.1%) | 0.76 | 2,661 |
| 2018-06-01 | $229,900 (4.9%) | $279,359 (8.2%) | 0.77 | 2,671 |
| 2018-07-01 | $231,250 (5.2%) | $283,172 (8.8%) | 0.77 | 2,670 |
| 2018-08-01 | $230,445 (4.8%) | $280,819 (7.6%) | 0.77 | 2,797 |
| 2018-09-01 | $229,000 (4.1%) | $276,315 (5.3%) | 0.77 | 2,934 |
| 2018-10-01 | $226,695 (1.8%) | $275,515 (4.4%) | 0.76 | 3,032 |
| 2018-11-01 | $225,000 (0.0%) | $271,848 (2.1%) | 0.75 | 3,192 |
| 2018-12-01 | $225,900 (1.3%) | $271,297 (3.9%) | 0.77 | 3,189 |
| 2019-01-01 | $225,000 (2.0%) | $266,153 (1.7%) | 0.78 | 3,342 |
| 2019-02-01 | $225,767 (0.8%) | $264,176 (0.5%) | 0.76 | 3,474 |
| 2019-03-01 | $227,809 (1.3%) | $271,673 (1.7%) | 0.74 | 3,337 |
| 2019-04-01 | $228,950 (-0.2%) | $278,270 (0.6%) | 0.72 | 3,163 |
| 2019-05-01 | $232,310 (1.3%) | $283,105 (1.3%) | 0.72 | 3,019 |
| 2019-06-01 | $234,900 (2.2%) | $286,508 (2.6%) | 0.72 | 2,950 |
| 2019-07-01 | $232,375 (0.5%) | $290,384 (2.6%) | 0.72 | 2,939 |
| 2019-08-01 | $229,999 (-0.2%) | $293,235 (4.4%) | 0.72 | 3,028 |
| 2019-09-01 | $230,105 (0.5%) | $286,257 (3.6%) | 0.73 | 3,069 |
| 2019-10-01 | $234,900 (3.6%) | $281,805 (2.3%) | 0.75 | 3,209 |
| 2019-11-01 | $230,000 (2.2%) | $279,134 (2.7%) | 0.74 | 3,194 |
| 2019-12-01 | $231,250 (2.4%) | $277,064 (2.1%) | 0.77 | 3,137 |
| 2020-01-01 | $233,556 (3.8%) | $278,767 (4.7%) | 0.78 | 3,059 |
| 2020-02-01 | $235,000 (4.1%) | $284,051 (7.5%) | 0.76 | 2,954 |
| 2020-03-01 | $235,175 (3.2%) | $286,164 (5.3%) | 0.73 | 2,858 |
| 2020-04-01 | $235,000 (2.6%) | $278,036 (-0.1%) | 0.73 | 3,052 |
| 2020-05-01 | $235,990 (1.6%) | $280,065 (-1.1%) | 0.72 | 2,917 |
| 2020-06-01 | $237,400 (1.1%) | $280,348 (-2.2%) | 0.69 | 2,661 |
| 2020-07-01 | $239,500 (3.1%) | $282,238 (-2.8%) | 0.69 | 2,523 |
| 2020-08-01 | $245,000 (6.5%) | $291,632 (-0.6%) | 0.70 | 2,315 |
| 2020-09-01 | $249,000 (8.2%) | $296,584 (3.6%) | 0.71 | 2,242 |
| 2020-10-01 | $249,900 (6.4%) | $294,490 (4.5%) | 0.71 | 2,240 |
| 2020-11-01 | $250,313 (8.8%) | $297,207 (6.5%) | 0.72 | 2,278 |
| 2020-12-01 | $253,850 (9.8%) | $297,943 (7.5%) | 0.74 | 2,150 |
| 2021-01-01 | $258,000 (10.5%) | $304,666 (9.3%) | 0.76 | 1,900 |
| 2021-02-01 | $257,450 (9.6%) | $307,938 (8.4%) | 0.74 | 1,522 |
| 2021-03-01 | $263,690 (12.1%) | $320,010 (11.8%) | 0.74 | 1,152 |
| 2021-04-01 | $268,503 (14.3%) | $331,142 (19.1%) | 0.72 | 932 |
| 2021-05-01 | $275,000 (16.5%) | $351,230 (25.4%) | 0.72 | 806 |
| 2021-06-01 | $287,058 (20.9%) | $367,134 (31.0%) | 0.75 | 821 |
| 2021-07-01 | $287,450 (20.0%) | $359,494 (27.4%) | 0.75 | 1,014 |
| 2021-08-01 | $299,450 (22.2%) | $361,669 (24.0%) | 0.79 | 1,105 |
| 2021-09-01 | $314,495 (26.3%) | $377,021 (27.1%) | 0.83 | 1,134 |
| 2021-10-01 | $320,500 (28.3%) | $384,616 (30.6%) | 0.84 | 1,151 |
| 2021-11-01 | $322,445 (28.8%) | $384,986 (29.5%) | 0.85 | 1,116 |
| 2021-12-01 | $329,323 (29.7%) | $399,664 (34.1%) | 0.88 | 1,042 |
| 2022-01-01 | $329,900 (27.9%) | $406,328 (33.4%) | 0.88 | 948 |
| 2022-02-01 | $333,900 (29.7%) | $417,952 (35.7%) | 0.85 | 866 |
| 2022-03-01 | $344,823 (30.8%) | $421,535 (31.7%) | 0.85 | 885 |
| 2022-04-01 | $354,900 (32.2%) | $439,510 (32.7%) | 0.84 | 934 |
| 2022-05-01 | $371,995 (35.3%) | $439,030 (25.0%) | 0.83 | 1,304 |
| 2022-06-01 | $374,973 (30.6%) | $439,745 (19.8%) | 0.83 | 1,642 |
| 2022-07-01 | $370,000 (28.7%) | $426,298 (18.6%) | 0.82 | 2,280 |
| 2022-08-01 | $368,723 (23.1%) | $425,373 (17.6%) | 0.85 | 2,676 |
Lakeland's median listing price comes in at 85% of the national average.
Lakeland's average listing price for 2022-08-01 was $425,373, a difference of $63,704 (17.6%) versus the prior year and $-925 versus the prior month.
For the 2022-08-01 period, Lakeland had 2,676 MLS listings, a difference of 396 listings (17%) versus the prior month and 1,571 listings (142%) 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 | 74 days | 1,885 sqft |
| 2018-02-01 | 72 days | 1,880 sqft |
| 2018-03-01 | 64 days | 1,897 sqft |
| 2018-04-01 | 63 days | 1,925 sqft |
| 2018-05-01 | 64 days | 1,929 sqft |
| 2018-06-01 | 64 days | 1,922 sqft |
| 2018-07-01 | 65 days | 1,932 sqft |
| 2018-08-01 | 59 days | 1,932 sqft |
| 2018-09-01 | 60 days | 1,896 sqft |
| 2018-10-01 | 63 days | 1,887 sqft |
| 2018-11-01 | 64 days | 1,870 sqft |
| 2018-12-01 | 67 days | 1,862 sqft |
| 2019-01-01 | 72 days | 1,862 sqft |
| 2019-02-01 | 65 days | 1,853 sqft |
| 2019-03-01 | 61 days | 1,857 sqft |
| 2019-04-01 | 63 days | 1,860 sqft |
| 2019-05-01 | 64 days | 1,878 sqft |
| 2019-06-01 | 65 days | 1,897 sqft |
| 2019-07-01 | 66 days | 1,877 sqft |
| 2019-08-01 | 65 days | 1,861 sqft |
| 2019-09-01 | 66 days | 1,856 sqft |
| 2019-10-01 | 64 days | 1,855 sqft |
| 2019-11-01 | 64 days | 1,839 sqft |
| 2019-12-01 | 70 days | 1,842 sqft |
| 2020-01-01 | 73 days | 1,844 sqft |
| 2020-02-01 | 73 days | 1,854 sqft |
| 2020-03-01 | 60 days | 1,859 sqft |
| 2020-04-01 | 61 days | 1,849 sqft |
| 2020-05-01 | 71 days | 1,853 sqft |
| 2020-06-01 | 79 days | 1,850 sqft |
| 2020-07-01 | 72 days | 1,828 sqft |
| 2020-08-01 | 63 days | 1,840 sqft |
| 2020-09-01 | 59 days | 1,840 sqft |
| 2020-10-01 | 58 days | 1,828 sqft |
| 2020-11-01 | 56 days | 1,831 sqft |
| 2020-12-01 | 62 days | 1,835 sqft |
| 2021-01-01 | 69 days | 1,840 sqft |
| 2021-02-01 | 65 days | 1,827 sqft |
| 2021-03-01 | 52 days | 1,828 sqft |
| 2021-04-01 | 47 days | 1,830 sqft |
| 2021-05-01 | 44 days | 1,820 sqft |
| 2021-06-01 | 38 days | 1,821 sqft |
| 2021-07-01 | 36 days | 1,809 sqft |
| 2021-08-01 | 38 days | 1,822 sqft |
| 2021-09-01 | 38 days | 1,825 sqft |
| 2021-10-01 | 38 days | 1,840 sqft |
| 2021-11-01 | 39 days | 1,822 sqft |
| 2021-12-01 | 44 days | 1,827 sqft |
| 2022-01-01 | 45 days | 1,828 sqft |
| 2022-02-01 | 36 days | 1,828 sqft |
| 2022-03-01 | 35 days | 1,792 sqft |
| 2022-04-01 | 32 days | 1,811 sqft |
| 2022-05-01 | 29 days | 1,832 sqft |
| 2022-06-01 | 31 days | 1,834 sqft |
| 2022-07-01 | 34 days | 1,828 sqft |
| 2022-08-01 | 38 days | 1,828 sqft |
Lakeland's median square footage for active listings during the 2022-08-01 period was 1,828 sqft. One year prior, the average listing was 1,822 sqft.
