Naples FHA Loan Rates, Closing Costs & Stats

NAPLES-MARCO ISLAND, FL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Naples's 107 lenders originated 883 FHA loans during 2022. The total origination value was $329,905,000, with an average FHA loan value of $373,618.

    Naples FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Naples averaged 6.09% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Naples's average FHA mortgage closing costs are $10,941.

    The average rate for the prior week (2023-05-19) was 5.67% and one month ago for the week of 2023-04-21, the average rate was 5.81%.

    The average rate one year ago was 4.93%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.75%.

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

    Naples 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 Naples level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 156 5.10% $17,313
    UNITED WHOLESALE MORTGAGE, LLC 64 4.32% $15,647
    CARDINAL FINANCIAL 60 4.89% $20,231
    BROKER SOLUTIONS, INC. 42 5.08% $16,833
    QUICKEN LOANS, LLC 42 4.03% $14,566
    CALIBER HOME LOANS, INC. 32 4.26% $15,708
    PANORAMA MORTGAGE GROUP, LLC 28 4.99% $20,697
    GENEVA FINANCIAL, LLC 26 5.09% $16,278
    PENNYMAC LOAN SERVICES, LLC 23 4.23% $14,826
    LOANDEPOT.COM, LLC 20 4.61% $14,413
    MOVEMENT MORTGAGE, LLC 19 5.09% $15,116
    DHI MORTGAGE COMPANY, LTD. 13 4.50% $12,591
    AMERICAN PACIFIC MORTGAGE CORPORATION 13 5.10% $20,333
    Paramount Residential Mortgage Group, Inc. 12 4.80% $25,345
    Lakeview Community Capital, LLC 10 3.57% $8,703
    PRIMARY RESIDENTIAL MORTGAGE, INC. 9 5.47% $22,287
    FREEDOM MORTGAGE CORPORATION 8 4.34% $13,234
    EAGLE HOME MORTGAGE, LLC 7 5.34% $15,638
    LAKEVIEW LOAN SERVICING, LLC 7 3.79% $9,353
    Summit Mortgage Corporation 6 4.98% $17,193
    Carrington Mortgage Services, LLC 6 5.15% $17,120
    Mr. Cooper ( Nationstar Mortgage ) 6 4.52% $15,739
    EVERETT FINANCIAL, INC. 6 5.02% $9,699
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 4.57% $11,883
    AMERICAN BANCSHARES MORTGAGE, LLC 5 4.58% $17,717
    AMERISAVE MORTGAGE CORPORATION 5 3.63% $15,226
    HOME POINT FINANCIAL CORPORATION 5 4.18% $14,803
    Citizens Bank 4 4.00% $13,912
    NEWREZ LLC 4 4.75% $14,352
    Equity Prime Mortgage LLC 4 5.28% $15,224
    NORWICH COMMERCIAL GROUP, INC. 3 5.67% $17,315
    Flagstar Bank, FSB 3 4.23% $14,713
    FINANCE OF AMERICA MORTGAGE LLC 3 4.00% $13,845
    BAY EQUITY LLC 3 5.50% $15,909
    GUARANTEED RATE, INC. 3 4.21% $11,904
    Northpointe Bank 3 4.75% $10,666
    VILLAGE CAPITAL MORTGAGE 3 4.13% $12,022
    NATIONS RELIABLE LENDING, LLC 3 5.33% $17,914
    MY MORTGAGE, INC. 3 5.25% $17,969
    MORTGAGE 1 INCORPORATED 2 4.44% $21,682
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.25% $21,648
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.87% $14,566
    TOTAL MORTGAGE SERVICES, LLC 2 4.75% $17,367
    OCMBC, INC. 2 2.75% $17,551
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.63% $12,418
    AMERICAN FINANCING CORPORATION 2 4.88% $15,551
    VAN DYK MORTGAGE CORPORATION 2 6.63% $9,626
    First Horizon Bank 2 3.44% $10,592
    ACADEMY MORTGAGE CORPORATION 2 6.44% $15,518
    Peoples Bank 2 4.31% $14,030
    Regions Bank 2 4.63% $10,508
    PLAZA HOME MORTGAGE, INC. 2 4.56% $14,112
    LOANPAL, LLC 2 2.75% $15,647
    GUARANTEED RATE AFFINITY, LLC 2 4.73% $14,386
    SUCCESS MORTGAGE PARTNERS, INC. 2 4.81% $20,827
    MATTAMY HOME FUNDING, LLC 2 3.75% $12,847
    SUN WEST MORTGAGE COMPANY, INC. 2 4.31% $15,631
    TBI MORTGAGE COMPANY 2 4.00% $16,676
    Waterstone Mortgage Corporation 1 5.13% $21,660
    ALLIED MORTGAGE GROUP, INC. 1 6.13% $12,003
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.13% $21,734
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.13% $12,729
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.50% $9,832
    Barrington Bank & Trust Company, N.A. 1 7.25% $16,440
    CALCON MUTUAL MORTGAGE LLC 1 6.25% $25,796
    Centennial Bank 1 5.00% $16,337
    CERTAINTY HOME LOANS, LLC 1 6.25% $16,372
    CHERRY CREEK MORTGAGE, LLC 1 5.25% $6,506
    CHURCHILL MORTGAGE CORPORATION 1 5.50% $15,779
    CMG MORTGAGE, INC. 1 5.38% $26,391
    COLUMBUS CAPITAL LENDING, LLC 1 4.00% $11,275
    DRAPER AND KRAMER MORTGAGE CORP. 1 4.38% $11,551
    EMBRACE HOME LOANS, INC. 1 5.99% $18,837
    EMM LOANS LLC 1 3.38% $20,126
    FIDELITY DIRECT MORTGAGE, LLC 1 6.75% $23,225
    First Guaranty Mortgage Corporation 1 5.13% $6,832
    FOUNDATION MORTGAGE CORPORATION 1 4.75% $17,208
    GERSHMAN INVESTMENT CORP. 1 5.50% $22,138
    GSF Mortgage Corporation 1 6.50% $21,200
    HAMILTON HOME LOANS, INC. 1 4.99% $10,491
    HOMESIDE FINANCIAL, LLC 1 2.99% $12,624
    HOMESPIRE MORTGAGE CORPORATION 1 4.50% $15,153
    INTELLILOAN, INC. 1 2.50% $10,705
    JPMorgan Chase Bank 1 4.13% $20,821
    LADERA LENDING, INC. 1 5.63% $17,697
    Loan Simple, Inc. 1 6.25% $20,354
    MICHIGAN MUTUAL, INC. 1 4.99% $11,060
    Mortgage Lenders Investment Trading Corporation 1 5.75% $9,865
    Nations Lending Corporation 1 6.75% $29,937
    Neighborhood Loans, Inc. 1 5.88% $13,106
    NFM, INC. 1 3.88% $10,866
    PLANET HOME LENDING, LLC 1 4.99% $9,783
    PNC Bank 1 5.63% $11,375
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.99% $15,440
    PULTE MORTGAGE LLC 1 5.75% $17,080
    Residential Mortgage Solutions, Inc. 1 5.75% $16,790
    S1L, Inc. 1 5.13% $12,809
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.00% $22,989
    South Pacific Financial Corporation 1 4.75% $14,594
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 4.88% $30,998
    South State Bank 1 6.50% $17,923
    SPACE COAST Credit Union 1 5.13% $10,688
    The Federal Savings Bank 1 5.38% $11,133
    THE MORTGAGE FIRM, INC. 1 5.13% $14,221
    TOP FLITE FINANCIAL, INC. 1 4.50% $17,201
    UNITED MORTGAGE CORP. 1 2.75% $17,136
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 4.75% $24,822

    The top Naples FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 156 FHA loans originated. Their average total fees are $17,313, which is $1,666 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Naples FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC ($8,703), DHI MORTGAGE COMPANY, LTD. ($12,591), LOANDEPOT.COM, LLC ($14,413), QUICKEN LOANS, LLC ($14,566) and PENNYMAC LOAN SERVICES, LLC ($14,826).

    The lowest rate Naples FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC (3.57%), QUICKEN LOANS, LLC (4.03%), PENNYMAC LOAN SERVICES, LLC (4.23%), CALIBER HOME LOANS, INC. (4.26%) and UNITED WHOLESALE MORTGAGE, LLC (4.32%).

    Naples FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NAPLES-MARCO ISLAND, FL COLLIER 2022 $552,000 $706,650 $854,200 $1,061,550
    NAPLES-MARCO ISLAND, FL COLLIER 2023 $672,750 $861,250 $1,041,050 $1,293,750

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Naples (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 $468,900 (-6.0%) $955,497 (-6.6%) 1.74 6,385
    2018-02-01 $469,000 (-5.7%) $938,749 (-7.2%) 1.71 6,867
    2018-03-01 $460,000 (-6.0%) $930,658 (-7.1%) 1.61 7,090
    2018-04-01 $456,100 (-6.7%) $911,095 (-7.9%) 1.55 6,898
    2018-05-01 $449,900 (-5.3%) $893,558 (-8.7%) 1.50 6,574
    2018-06-01 $449,900 (-5.7%) $883,640 (-9.3%) 1.50 6,206
    2018-07-01 $449,700 (-5.3%) $886,938 (-7.1%) 1.50 5,894
    2018-08-01 $445,473 (-5.2%) $883,042 (-8.0%) 1.49 5,719
    2018-09-01 $439,950 (-6.4%) $882,337 (-9.6%) 1.48 5,649
    2018-10-01 $445,000 (-5.1%) $910,227 (-5.9%) 1.51 6,080
    2018-11-01 $449,000 (-4.3%) $920,712 (-3.8%) 1.52 6,595
    2018-12-01 $449,000 (-2.4%) $915,696 (-3.8%) 1.55 6,957
    2019-01-01 $449,450 (-4.2%) $924,565 (-3.2%) 1.55 7,385
    2019-02-01 $454,862 (-3.0%) $923,294 (-1.7%) 1.54 7,863
    2019-03-01 $459,000 (-0.2%) $928,358 (-0.3%) 1.53 7,920
    2019-04-01 $459,000 (0.6%) $931,058 (2.2%) 1.46 7,662
    2019-05-01 $450,000 (0.0%) $927,471 (3.8%) 1.41 7,113
    2019-06-01 $450,000 (0.0%) $938,387 (6.2%) 1.41 6,567
    2019-07-01 $449,450 (-0.1%) $919,014 (3.6%) 1.41 6,108
    2019-08-01 $449,000 (0.8%) $920,426 (4.2%) 1.41 5,900
    2019-09-01 $449,950 (2.3%) $914,834 (3.7%) 1.42 5,471
    2019-10-01 $450,000 (1.1%) $923,300 (1.4%) 1.45 5,841
    2019-11-01 $459,000 (2.2%) $950,477 (3.2%) 1.50 6,017
    2019-12-01 $465,000 (3.6%) $960,423 (4.9%) 1.55 6,125
    2020-01-01 $475,000 (5.7%) $997,643 (7.9%) 1.59 6,087
    2020-02-01 $475,000 (4.4%) $991,163 (7.4%) 1.56 6,203
    2020-03-01 $475,000 (3.5%) $1,008,669 (8.7%) 1.49 6,160
    2020-04-01 $469,160 (2.2%) $978,840 (5.1%) 1.47 5,994
    2020-05-01 $473,345 (5.2%) $1,008,953 (8.8%) 1.44 5,683
    2020-06-01 $475,000 (5.6%) $1,025,949 (9.3%) 1.40 5,341
    2020-07-01 $474,000 (5.5%) $1,031,953 (12.3%) 1.37 4,927
    2020-08-01 $475,000 (5.8%) $1,051,742 (14.3%) 1.36 4,621
    2020-09-01 $478,579 (6.4%) $1,064,008 (16.3%) 1.37 4,314
    2020-10-01 $475,000 (5.6%) $1,068,283 (15.7%) 1.36 4,156
    2020-11-01 $479,000 (4.4%) $1,085,815 (14.2%) 1.40 3,915
    2020-12-01 $478,303 (2.9%) $1,105,719 (15.1%) 1.42 3,638
    2021-01-01 $479,000 (0.8%) $1,144,020 (14.7%) 1.43 3,192
    2021-02-01 $497,000 (4.6%) $1,169,300 (18.0%) 1.45 2,416
    2021-03-01 $549,500 (15.7%) $1,276,801 (26.6%) 1.56 1,796
    2021-04-01 $582,500 (24.2%) $1,363,855 (39.3%) 1.58 1,491
    2021-05-01 $600,000 (26.8%) $1,461,823 (44.9%) 1.59 1,263
    2021-06-01 $640,000 (34.7%) $1,523,262 (48.5%) 1.68 1,232
    2021-07-01 $649,900 (37.1%) $1,577,046 (52.8%) 1.71 1,281
    2021-08-01 $659,500 (38.8%) $1,557,881 (48.1%) 1.76 1,290
    2021-09-01 $668,475 (39.7%) $1,616,479 (51.9%) 1.78 1,259
    2021-10-01 $699,950 (47.4%) $1,687,676 (58.0%) 1.87 1,264
    2021-11-01 $728,499 (52.1%) $1,787,211 (64.6%) 1.95 1,192
    2021-12-01 $742,450 (55.2%) $1,844,149 (66.8%) 2.01 1,166
    2022-01-01 $769,450 (60.6%) $1,928,505 (68.6%) 2.08 1,068
    2022-02-01 $798,350 (60.6%) $1,969,890 (68.5%) 2.08 1,024
    2022-03-01 $799,500 (45.5%) $1,863,799 (46.0%) 2.00 1,211
    2022-04-01 $849,900 (45.9%) $1,839,091 (34.9%) 2.03 1,509
    2022-05-01 $825,000 (37.5%) $1,746,261 (19.5%) 1.89 1,903
    2022-06-01 $799,950 (25.0%) $1,692,527 (11.1%) 1.78 2,269
    2022-07-01 $791,078 (21.7%) $1,677,531 (6.4%) 1.79 2,517
    2022-08-01 $768,625 (16.6%) $1,611,204 (3.4%) 1.78 2,467
    2022-09-01 $779,450 (16.6%) $1,626,372 (0.6%) 1.82 2,347
    2022-10-01 $795,000 (13.6%) $1,673,851 (-0.8%) 1.87 2,379
    2022-11-01 $799,000 (9.7%) $1,767,009 (-1.1%) 1.92 2,655
    2022-12-01 $811,139 (9.3%) $1,827,719 (-0.9%) 2.00 2,765
    2023-01-01 $854,450 (11.1%) $1,908,793 (-1.0%) 2.11 2,985
    2023-02-01 $881,250 (10.4%) $2,055,108 (4.3%) 2.13 3,141
    2023-03-01 $892,000 (11.6%) $2,246,431 (20.5%) 2.10 3,218
    2023-04-01 $899,000 (5.8%) $2,281,525 (24.1%) 2.09 3,217
    Naples's median listing price for 2023-04-01 was $899,000, a difference of $49,100 (5.8%) versus the prior year and $7,000 versus the prior month.

    Naples's median listing price comes in at 209% of the national average.

    Naples's average listing price for 2023-04-01 was $2,281,525, a difference of $442,434 (24.1%) versus the prior year and $35,094 versus the prior month.

    For the 2023-04-01 period, Naples had 3,217 MLS listings, a difference of -1 listings (0%) versus the prior month and 1,708 listings (113%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Naples (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 91 days 1,943 sqft
    2018-02-01 88 days 1,925 sqft
    2018-03-01 84 days 1,910 sqft
    2018-04-01 91 days 1,889 sqft
    2018-05-01 97 days 1,876 sqft
    2018-06-01 106 days 1,883 sqft
    2018-07-01 114 days 1,889 sqft
    2018-08-01 119 days 1,890 sqft
    2018-09-01 120 days 1,884 sqft
    2018-10-01 113 days 1,882 sqft
    2018-11-01 102 days 1,880 sqft
    2018-12-01 97 days 1,869 sqft
    2019-01-01 96 days 1,866 sqft
    2019-02-01 94 days 1,866 sqft
    2019-03-01 96 days 1,863 sqft
    2019-04-01 95 days 1,862 sqft
    2019-05-01 105 days 1,861 sqft
    2019-06-01 112 days 1,868 sqft
    2019-07-01 119 days 1,866 sqft
    2019-08-01 129 days 1,867 sqft
    2019-09-01 131 days 1,877 sqft
    2019-10-01 115 days 1,882 sqft
    2019-11-01 100 days 1,883 sqft
    2019-12-01 96 days 1,880 sqft
    2020-01-01 98 days 1,895 sqft
    2020-02-01 97 days 1,900 sqft
    2020-03-01 95 days 1,900 sqft
    2020-04-01 99 days 1,883 sqft
    2020-05-01 108 days 1,884 sqft
    2020-06-01 116 days 1,881 sqft
    2020-07-01 121 days 1,870 sqft
    2020-08-01 108 days 1,832 sqft
    2020-09-01 106 days 1,833 sqft
    2020-10-01 99 days 1,819 sqft
    2020-11-01 87 days 1,824 sqft
    2020-12-01 83 days 1,803 sqft
    2021-01-01 80 days 1,778 sqft
    2021-02-01 71 days 1,786 sqft
    2021-03-01 53 days 1,833 sqft
    2021-04-01 46 days 1,854 sqft
    2021-05-01 45 days 1,869 sqft
    2021-06-01 45 days 1,922 sqft
    2021-07-01 46 days 1,901 sqft
    2021-08-01 55 days 1,889 sqft
    2021-09-01 59 days 1,925 sqft
    2021-10-01 60 days 1,945 sqft
    2021-11-01 61 days 2,000 sqft
    2021-12-01 51 days 1,989 sqft
    2022-01-01 55 days 1,971 sqft
    2022-02-01 37 days 1,936 sqft
    2022-03-01 31 days 1,915 sqft
    2022-04-01 32 days 1,904 sqft
    2022-05-01 36 days 1,884 sqft
    2022-06-01 41 days 1,880 sqft
    2022-07-01 52 days 1,868 sqft
    2022-08-01 62 days 1,867 sqft
    2022-09-01 71 days 1,881 sqft
    2022-10-01 75 days 1,890 sqft
    2022-11-01 70 days 1,884 sqft
    2022-12-01 67 days 1,899 sqft
    2023-01-01 68 days 1,925 sqft
    2023-02-01 62 days 1,915 sqft
    2023-03-01 57 days 1,921 sqft
    2023-04-01 60 days 1,908 sqft
    Naples's median listing age (time on market) for 2023-04-01 was 60 days. This is 88% longer than the same period one year ago.

    Naples's median square footage for active listings during the 2023-04-01 period was 1,908 sqft. One year prior, the average listing was 1,904 sqft.

    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).