Ocala FHA Loans
OCALA, 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.
Ocala's 215 lenders originated 2,817 FHA loans during 2021. The total origination value was $517,565,000, with an average FHA loan value of $183,729.
Ocala FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Ocala
averaged
5.29%
for the week of 2022-05-20, compared to the national average (all FHA variants) of
5.352% for the same period.
The average rate for the prior week (2022-05-13) was
5.5% and
one month ago for the week of 2022-04-15, the
average rate was 4.89%.
The average rate one year ago was 3.16%.
For refis of the same type during the week of 2022-05-20, the average rate
was 5.09%.
Ocala 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 Ocala level.
The top Ocala FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
246 FHA loans originated. Their average total fees are
$5,947, which is $6,726
lower than the next largest lender,
AMERICAN FINANCIAL NETWORK, INC..
The lowest fee Ocala FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,205), Mr. Cooper ( Nationstar Mortgage ) ($2,986), LAKEVIEW LOAN SERVICING, LLC ($4,071), Lakeview Community Capital, LLC ($4,108) and AmeriHome Mortgage Company, LLC ($4,111).
The lowest rate Ocala FHA lenders (with over 10 loans originated) are
HOME SOLUTION LENDERS INC. (2.74%), QUICKEN LOANS, LLC (2.78%), UNITED WHOLESALE MORTGAGE, LLC (2.80%), HOME POINT FINANCIAL CORPORATION (2.81%) and Ameris Bank (2.83%).
Ocala FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| OCALA, FL | MARION | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Ocala (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 | $189,900 (0.0%) | $266,167 (2.5%) | 0.70 | 2,383 |
| 2018-02-01 | $193,995 (2.4%) | $269,680 (5.3%) | 0.70 | 2,427 |
| 2018-03-01 | $198,900 (4.7%) | $269,784 (5.3%) | 0.69 | 2,445 |
| 2018-04-01 | $206,632 (6.6%) | $278,188 (6.9%) | 0.69 | 2,360 |
| 2018-05-01 | $209,945 (7.7%) | $281,159 (3.7%) | 0.70 | 2,279 |
| 2018-06-01 | $209,900 (7.4%) | $280,792 (2.3%) | 0.70 | 2,278 |
| 2018-07-01 | $209,945 (8.3%) | $282,419 (7.6%) | 0.70 | 2,327 |
| 2018-08-01 | $204,995 (5.6%) | $277,110 (6.6%) | 0.69 | 2,354 |
| 2018-09-01 | $202,490 (2.8%) | $273,218 (4.1%) | 0.68 | 2,347 |
| 2018-10-01 | $199,945 (5.6%) | $273,654 (7.8%) | 0.67 | 2,411 |
| 2018-11-01 | $200,318 (5.5%) | $271,684 (2.5%) | 0.67 | 2,489 |
| 2018-12-01 | $204,500 (7.6%) | $269,696 (0.3%) | 0.70 | 2,522 |
| 2019-01-01 | $199,950 (5.3%) | $266,759 (0.2%) | 0.69 | 2,504 |
| 2019-02-01 | $199,900 (3.0%) | $265,416 (-1.6%) | 0.67 | 2,634 |
| 2019-03-01 | $199,386 (0.2%) | $269,628 (-0.1%) | 0.65 | 2,623 |
| 2019-04-01 | $200,195 (-3.1%) | $274,877 (-1.2%) | 0.63 | 2,596 |
| 2019-05-01 | $209,900 (0.0%) | $278,287 (-1.0%) | 0.65 | 2,499 |
| 2019-06-01 | $209,900 (0.0%) | $286,224 (1.9%) | 0.65 | 2,456 |
| 2019-07-01 | $209,350 (-0.3%) | $287,346 (1.7%) | 0.65 | 2,377 |
| 2019-08-01 | $212,043 (3.4%) | $289,165 (4.4%) | 0.67 | 2,293 |
| 2019-09-01 | $214,543 (6.0%) | $290,100 (6.2%) | 0.68 | 2,246 |
| 2019-10-01 | $209,450 (4.8%) | $278,296 (1.7%) | 0.67 | 2,335 |
| 2019-11-01 | $209,000 (4.3%) | $275,370 (1.4%) | 0.67 | 2,322 |
| 2019-12-01 | $209,000 (2.2%) | $271,972 (0.8%) | 0.70 | 2,328 |
| 2020-01-01 | $205,000 (2.5%) | $271,842 (1.9%) | 0.68 | 2,247 |
| 2020-02-01 | $200,990 (0.6%) | $270,487 (1.9%) | 0.65 | 2,259 |
| 2020-03-01 | $202,250 (1.4%) | $274,022 (1.6%) | 0.63 | 1,948 |
| 2020-04-01 | $200,441 (0.1%) | $273,834 (-0.4%) | 0.62 | 1,920 |
| 2020-05-01 | $205,000 (-2.3%) | $276,493 (-0.6%) | 0.62 | 1,821 |
| 2020-06-01 | $213,300 (1.6%) | $290,998 (1.7%) | 0.62 | 1,565 |
| 2020-07-01 | $215,000 (2.7%) | $300,981 (4.8%) | 0.62 | 1,415 |
| 2020-08-01 | $223,900 (5.6%) | $313,099 (8.3%) | 0.64 | 1,240 |
| 2020-09-01 | $224,950 (4.9%) | $313,699 (8.1%) | 0.64 | 1,200 |
| 2020-10-01 | $229,900 (9.8%) | $329,946 (18.6%) | 0.66 | 1,166 |
| 2020-11-01 | $227,700 (9.0%) | $325,875 (18.3%) | 0.65 | 1,203 |
| 2020-12-01 | $229,950 (10.0%) | $324,550 (19.3%) | 0.67 | 1,203 |
| 2021-01-01 | $235,900 (15.1%) | $336,959 (24.0%) | 0.69 | 1,049 |
| 2021-02-01 | $239,900 (19.4%) | $344,626 (27.4%) | 0.69 | 861 |
| 2021-03-01 | $240,000 (18.7%) | $365,183 (33.3%) | 0.67 | 674 |
| 2021-04-01 | $258,500 (29.0%) | $399,396 (45.9%) | 0.69 | 614 |
| 2021-05-01 | $265,000 (29.3%) | $422,526 (52.8%) | 0.70 | 583 |
| 2021-06-01 | $264,950 (24.2%) | $445,069 (53.0%) | 0.69 | 548 |
| 2021-07-01 | $267,500 (24.4%) | $431,940 (43.5%) | 0.69 | 691 |
| 2021-08-01 | $271,125 (21.1%) | $408,254 (30.4%) | 0.71 | 793 |
| 2021-09-01 | $269,950 (20.0%) | $385,693 (23.0%) | 0.71 | 792 |
| 2021-10-01 | $275,000 (19.6%) | $386,987 (17.3%) | 0.72 | 796 |
| 2021-11-01 | $282,445 (24.0%) | $402,696 (23.6%) | 0.74 | 801 |
| 2021-12-01 | $289,250 (25.8%) | $408,852 (26.0%) | 0.77 | 772 |
| 2022-01-01 | $299,900 (27.1%) | $434,893 (29.1%) | 0.80 | 691 |
| 2022-02-01 | $298,250 (24.3%) | $438,047 (27.1%) | 0.76 | 614 |
| 2022-03-01 | $299,700 (24.9%) | $456,263 (24.9%) | 0.74 | 635 |
| 2022-04-01 | $314,900 (21.8%) | $453,551 (13.6%) | 0.74 | 661 |
Ocala's median listing price comes in at 74% of the national average.
Ocala's average listing price for 2022-04-01 was $453,551, a difference of $54,155 (13.6%) versus the prior year and $-2,712 versus the prior month.
For the 2022-04-01 period, Ocala had 661 MLS listings, a difference of 26 listings (4%) versus the prior month and 47 listings (8%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Ocala (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 77 days | 1,789 sqft |
| 2018-02-01 | 77 days | 1,799 sqft |
| 2018-03-01 | 61 days | 1,816 sqft |
| 2018-04-01 | 66 days | 1,835 sqft |
| 2018-05-01 | 65 days | 1,841 sqft |
| 2018-06-01 | 65 days | 1,862 sqft |
| 2018-07-01 | 65 days | 1,857 sqft |
| 2018-08-01 | 65 days | 1,830 sqft |
| 2018-09-01 | 68 days | 1,830 sqft |
| 2018-10-01 | 67 days | 1,820 sqft |
| 2018-11-01 | 63 days | 1,820 sqft |
| 2018-12-01 | 69 days | 1,832 sqft |
| 2019-01-01 | 73 days | 1,800 sqft |
| 2019-02-01 | 67 days | 1,790 sqft |
| 2019-03-01 | 60 days | 1,782 sqft |
| 2019-04-01 | 65 days | 1,798 sqft |
| 2019-05-01 | 65 days | 1,804 sqft |
| 2019-06-01 | 65 days | 1,802 sqft |
| 2019-07-01 | 68 days | 1,795 sqft |
| 2019-08-01 | 70 days | 1,808 sqft |
| 2019-09-01 | 66 days | 1,814 sqft |
| 2019-10-01 | 65 days | 1,799 sqft |
| 2019-11-01 | 59 days | 1,773 sqft |
| 2019-12-01 | 65 days | 1,755 sqft |
| 2020-01-01 | 72 days | 1,754 sqft |
| 2020-02-01 | 15 days | 1,747 sqft |
| 2020-03-01 | 33 days | 1,751 sqft |
| 2020-04-01 | 60 days | 1,749 sqft |
| 2020-05-01 | 79 days | 1,731 sqft |
| 2020-06-01 | 85 days | 1,746 sqft |
| 2020-07-01 | 72 days | 1,748 sqft |
| 2020-08-01 | 65 days | 1,767 sqft |
| 2020-09-01 | 57 days | 1,763 sqft |
| 2020-10-01 | 55 days | 1,770 sqft |
| 2020-11-01 | 52 days | 1,747 sqft |
| 2020-12-01 | 57 days | 1,747 sqft |
| 2021-01-01 | 60 days | 1,757 sqft |
| 2021-02-01 | 56 days | 1,776 sqft |
| 2021-03-01 | 49 days | 1,767 sqft |
| 2021-04-01 | 42 days | 1,836 sqft |
| 2021-05-01 | 41 days | 1,829 sqft |
| 2021-06-01 | 40 days | 1,773 sqft |
| 2021-07-01 | 39 days | 1,780 sqft |
| 2021-08-01 | 36 days | 1,754 sqft |
| 2021-09-01 | 42 days | 1,750 sqft |
| 2021-10-01 | 42 days | 1,728 sqft |
| 2021-11-01 | 44 days | 1,750 sqft |
| 2021-12-01 | 49 days | 1,755 sqft |
| 2022-01-01 | 51 days | 1,806 sqft |
| 2022-02-01 | 43 days | 1,717 sqft |
| 2022-03-01 | 38 days | 1,715 sqft |
| 2022-04-01 | 37 days | 1,747 sqft |
Ocala's median square footage for active listings during the 2022-04-01 period was 1,747 sqft. One year prior, the average listing was 1,836 sqft.
