North Port FHA Loan Rates, Closing Costs & Stats

North Port-Sarasota-Bradenton, 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.

    North Port's 195 lenders originated 2,571 FHA loans during 2023. The total origination value was $868,985,000, with an average FHA loan value of $337,995.

    North Port FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in North Port averaged 6.07% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    North Port's average FHA mortgage closing costs are $9,500.

    The average rate for the prior week (2024-11-01) was 6.05% and one month ago for the week of 2024-10-04, the average rate was 5.97%.

    The average rate one year ago was 7.31%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.71%.

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

    North Port 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 North Port level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 261 6.23% $15,743
    DHI MORTGAGE COMPANY, LTD. 221 5.39% $10,907
    QUICKEN LOANS, LLC 156 6.12% $14,528
    LOANDEPOT.COM, LLC 100 6.15% $12,525
    CROSSCOUNTRY MORTGAGE, LLC 66 6.66% $13,851
    South Pacific Financial Corporation 63 5.45% $10,294
    EAGLE HOME MORTGAGE, LLC 61 5.85% $13,371
    CARDINAL FINANCIAL 57 6.25% $16,612
    FBC MORTGAGE, LLC 48 6.23% $12,126
    CMG MORTGAGE, INC. 46 5.98% $21,408
    NVR Mortgage Finance, Inc. 46 6.07% $14,449
    FREEDOM MORTGAGE CORPORATION 44 6.76% $15,606
    NEWREZ LLC 41 6.53% $13,900
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 6.56% $14,403
    PENNYMAC LOAN SERVICES, LLC 40 6.38% $17,058
    Flagstar Bank, FSB 39 6.08% $11,947
    Paramount Residential Mortgage Group, Inc. 37 6.58% $17,079
    GUARANTEED RATE, INC. 36 6.26% $15,297
    KBHS HOME LOANS, LLC 32 5.96% $16,912
    NFM, INC. 29 6.42% $17,474
    NEAL COMMUNITIES FUNDING, LLC 29 6.06% $11,627
    BROKER SOLUTIONS, INC. 27 6.68% $15,629
    CALIBER HOME LOANS, INC. 26 6.11% $13,733
    HOMEBRIDGE FINANCIAL SERVICES, INC. 24 5.75% $19,149
    Bank of England 23 6.91% $13,594
    Ixonia Bank 23 6.61% $15,138
    Plains Commerce Bank 23 6.47% $14,135
    M/I FINANCIAL, LLC 22 6.03% $16,768
    PANORAMA MORTGAGE GROUP, LLC 21 6.83% $15,146
    Carrington Mortgage Services, LLC 21 6.21% $15,515
    MOVEMENT MORTGAGE, LLC 21 6.71% $14,622
    FAIRWAY FUNDING GROUP, INC. 20 6.66% $14,331
    VANDERBILT MORTGAGE AND FINANCE, INC. 16 5.66% $19,547
    Equity Prime Mortgage LLC 15 6.87% $14,894
    EVERETT FINANCIAL, INC. 14 6.71% $14,728
    PARK SQUARE HOME MORTGAGE, LLC 13 5.23% $14,290
    PULTE MORTGAGE LLC 12 5.76% $10,645
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 7.02% $13,682
    LOANPAL, LLC 12 5.80% $14,140
    Regions Bank 12 5.86% $13,749
    GUARANTEED RATE AFFINITY, LLC 11 6.32% $13,222
    THE MORTGAGE FIRM, INC. 11 6.91% $13,160
    VILLAGE CAPITAL MORTGAGE 10 6.28% $12,939
    AMERISAVE MORTGAGE CORPORATION 10 6.19% $14,987
    Sierra Pacific Mortgage Company, Inc. 10 6.14% $14,734
    LAKEVIEW LOAN SERVICING, LLC 9 5.90% $15,974
    HOMESTEAD FUNDING CORP. 9 6.07% $8,205
    VAN DYK MORTGAGE CORPORATION 9 6.74% $10,886
    EMM LOANS LLC 9 6.36% $18,841
    The Federal Savings Bank 8 6.17% $15,667
    HOME SOLUTION LENDERS INC. 8 6.59% $17,148
    SUN WEST MORTGAGE COMPANY, INC. 8 6.06% $18,974
    AMERICAN FINANCIAL NETWORK, INC. 8 6.58% $12,988
    Mr. Cooper ( Nationstar Mortgage ) 8 6.44% $20,502
    South State Bank 8 6.16% $15,009
    PLAZA HOME MORTGAGE, INC. 7 6.69% $16,127
    INSPIRE HOME LOANS INC. 7 5.79% $9,254
    HOMESIDE FINANCIAL, LLC 7 6.50% $14,943
    Century Mortgage Company DBA Century Lending Company 6 6.29% $15,572
    MATTAMY HOME FUNDING, LLC 6 5.74% $15,718
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.52% $19,008
    SUCCESS MORTGAGE PARTNERS, INC. 6 6.10% $13,209
    GENEVA FINANCIAL, LLC 6 6.77% $16,115
    ZILLOW HOME LOANS, LLC 6 6.04% $14,542
    LAND HOME FINANCIAL SERVICES, INC. 5 6.58% $12,929
    MICHIGAN MUTUAL, INC. 5 5.95% $17,458
    Mortgage Research Center, LLC 5 6.67% $13,212
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.45% $18,535
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.50% $13,474
    ALLIED MORTGAGE GROUP, INC. 5 6.00% $14,870
    EMBRACE HOME LOANS, INC. 5 6.07% $16,881
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 6.85% $12,507
    HOMEOWNERS FINANCIAL GROUP USA, LLC 5 6.63% $15,392
    AMCAP MORTGAGE, LTD. 5 7.15% $15,564
    DRAPER AND KRAMER MORTGAGE CORP. 4 6.25% $10,666
    Hancock Whitney Bank 4 5.84% $17,023
    VERITAS FUNDING, LLC 4 6.00% $19,323
    U.S. Bank 4 7.03% $13,409
    TJC Mortgage, Inc. 4 6.34% $17,708
    Fifth Third Bank 4 6.38% $9,102
    Nations Lending Corporation 4 6.41% $21,163
    Keystone Funding, Inc. 4 6.88% $13,243
    Loan Simple, Inc. 4 7.16% $15,849
    UNION HOME MORTGAGE CORP. 3 6.71% $12,909
    Truist 3 6.78% $10,237
    PLANET HOME LENDING, LLC 3 6.67% $17,716
    Integrity Home Mortgage Corp 3 6.67% $14,138
    GLENDENNING MORTGAGE CORPORATION 3 6.88% $13,796
    Citizens Bank 3 6.21% $15,727
    STOCKTON MORTGAGE CORPORATION 3 5.88% $12,395
    ABSOLUTE HOME MORTGAGE CORPORATION 3 5.88% $21,888
    Prosperity Home Mortgage, LLC 3 6.46% $14,068
    Ameris Bank 3 6.38% $14,032
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 7.21% $11,591
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.71% $17,574
    ROYAL UNITED MORTGAGE LLC 3 7.04% $13,757
    ACADEMY MORTGAGE CORPORATION 3 6.79% $14,905
    MORTGAGE EQUITY PARTNERS LLC 3 7.13% $17,625
    HOMESPIRE MORTGAGE CORPORATION 3 6.17% $15,510
    Home State Bank 3 6.54% $11,837
    Mortgage Lenders Investment Trading Corporation 2 7.25% $17,553
    OCMBC, INC. 2 7.31% $10,510
    PENTAGON FEDERAL CREDIT UNION 2 5.75% $13,508
    PHH Mortgage Corporation 2 6.56% $13,987
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.75% $14,201
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.31% $10,774
    RADIUS FINANCIAL GROUP INC. 2 6.81% $14,655
    RESIDENTIAL BANCORP 2 6.00% $10,908
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.38% $13,666
    T2 FINANCIAL LLC 2 6.88% $18,184
    FIDELITY DIRECT MORTGAGE, LLC 2 6.69% $11,168
    First Bank 2 6.31% $12,407
    TOWNE MORTGAGE COMPANY 2 6.44% $18,713
    First Federal Bank 2 6.75% $16,514
    Bank of America 2 6.56% $13,072
    Waterstone Mortgage Corporation 2 6.38% $19,603
    Wells Fargo Bank 2 6.63% $10,736
    American Mortgage & Equity Consultants, Inc. 2 6.94% $12,528
    BECKAM FUNDING CORP. 2 6.25% $24,595
    BETTER MORTGAGE CORPORATION 2 6.06% $13,743
    GUILD MORTGAGE COMPANY 2 7.00% $16,865
    INTERCOASTAL MORTGAGE COMPANY 2 6.56% $12,399
    JPMorgan Chase Bank 2 6.69% $10,424
    LADERA LENDING, INC. 2 7.06% $12,329
    Advisors Mortgage Group, L.L.C. 2 6.25% $12,889
    LEADERONE FINANCIAL CORPORATION 2 6.06% $8,885
    LOANLEADERS OF AMERICA, INC. 2 6.13% $16,025
    AmeriHome Mortgage Company, LLC 2 5.94% $14,886
    MASON MCDUFFIE MORTGAGE CORPORATION 2 7.37% $11,178
    MILEND, INC. 2 6.81% $20,145
    NP, Inc. 2 7.31% $17,851
    NATIONS RELIABLE LENDING, LLC 2 6.44% $12,592
    NETWORK CAPITAL FUNDING CORPORATION 2 6.31% $18,898
    M&T Bank 1 7.25% $10,098
    AHL FUNDING 1 6.75% $22,623
    AMERICAN FINANCING CORPORATION 1 6.99% $12,252
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 7.50% $8,807
    Armed Forces Bank 1 5.75% $10,998
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.75% $16,507
    Atlantic Coast Mortgage, LLC 1 6.63% $12,493
    Atlantic Union Bank 1 6.13% $10,644
    BancorpSouth 1 6.38% $10,994
    Barrington Bank & Trust Company, N.A. 1 6.75% $9,681
    BM Real Estate Services, Inc. 1 6.88% $27,368
    Capital City Home Loans, LLC 1 6.13% $19,072
    Centennial Bank 1 6.75% $10,734
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $15,446
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $16,679
    COMMUNITY MORTGAGE, LLC 1 7.13% $13,699
    COMPASS MORTGAGE, INC. 1 5.63% $21,347
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 5.99% $18,357
    DIRECT MORTGAGE LOANS, LLC 1 6.75% $9,509
    ENVOY MORTGAGE, LTD 1 6.75% $16,117
    EQUITY RESOURCES, INC. 1 6.99% $17,408
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.75% $10,449
    FIRST HOME MORTGAGE CORPORATION 1 5.13% $21,029
    Florida Capital Bank 1 6.50% $14,526
    Franklin Loan Corporation 1 5.63% $25,300
    Genesee Regional Bank 1 6.75% $15,671
    GERSHMAN INVESTMENT CORP. 1 5.63% $12,063
    GoPrime Mortgage, Inc. 1 6.50% $14,163
    Hometown Equity Mortgage, LLC 1 6.38% $19,467
    ISERVE RESIDENTIAL LENDING, LLC 1 7.25% $17,968
    JLB CORPORATION 1 5.75% $17,789
    JMJ FINANCIAL GROUP 1 7.38% $10,864
    KELLER MORTGAGE, LLC 1 5.13% $12,951
    Lakeview Community Capital, LLC 1 5.75% $13,187
    LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $22,654
    Magnolia Bank 1 6.50% $14,639
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 7.25% $17,917
    MID AMERICA MORTGAGE, INC. 1 7.63% $4,538
    MLB RESIDENTIAL LENDING, LLC 1 7.88% $18,603
    1ST FINANCIAL, INC. 1 6.75% $23,152
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $14,175
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $17,095
    Northpointe Bank 1 6.75% $15,623
    NORTHPOINT MORTGAGE, INC. 1 7.25% $9,106
    OPEN MORTGAGE, LLC 1 6.25% $19,852
    PREFERRED LENDING SERVICES, LLC 1 6.50% $16,272
    Premium Mortgage Corporation 1 8.00% $20,089
    Princeton Mortgage Corporation 1 6.00% $13,999
    RAPID MORTGAGE COMPANY 1 6.63% $20,026
    Residential Mortgage Solutions, Inc. 1 6.63% $10,334
    RUOFF MORTGAGE COMPANY, INC. 1 6.00% $22,417
    Semper Home Loans, Inc. 1 5.63% $13,904
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.00% $8,755
    SPACE COAST Credit Union 1 6.38% $10,798
    Strong Home Mortgage, LLC 1 6.75% $12,767
    Synovus Bank 1 5.63% $12,715
    The Loan Store, Inc. 1 6.38% $23,640
    THRIVE MORTGAGE, LLC 1 5.75% $17,364
    TOTAL MORTGAGE SERVICES, LLC 1 5.75% $19,017
    US MORTGAGE CORPORATION 1 5.63% $16,010
    Victorian Finance, LLC 1 6.88% $10,110
    WALL STREET MORTGAGE BANKERS, LTD. 1 7.13% $8,639

    The top North Port FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 261 FHA loans originated. Their average total fees are $15,743, which is $4,836 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee North Port FHA lenders (with over 10 loans originated) are South Pacific Financial Corporation ($10,294), PULTE MORTGAGE LLC ($10,645), DHI MORTGAGE COMPANY, LTD. ($10,907), NEAL COMMUNITIES FUNDING, LLC ($11,627) and Flagstar Bank, FSB ($11,947).

    The lowest rate North Port FHA lenders (with over 10 loans originated) are PARK SQUARE HOME MORTGAGE, LLC (5.23%), DHI MORTGAGE COMPANY, LTD. (5.39%), South Pacific Financial Corporation (5.45%), VANDERBILT MORTGAGE AND FINANCE, INC. (5.66%) and HOMEBRIDGE FINANCIAL SERVICES, INC. (5.75%).

    North Port FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NORTH PORT-SARASOTA-BRADENTON, FL MANATEE 2022 $420,680 $538,650 $651,050 $809,150
    NORTH PORT-SARASOTA-BRADENTON, FL SARASOTA 2022 $420,680 $538,650 $651,050 $809,150
    NORTH PORT-SARASOTA-BRADENTON, FL MANATEE 2023 $506,000 $647,750 $783,000 $973,100
    NORTH PORT-SARASOTA-BRADENTON, FL SARASOTA 2023 $506,000 $647,750 $783,000 $973,100

    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).