Ocala FHA Loan Rates, Closing Costs & Stats
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 203 lenders originated 2,735 FHA loans during 2023. The total origination value was $691,885,000, with an average FHA loan value of $252,974.
Ocala FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Ocala
averaged
6.94%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Ocala's average FHA mortgage closing costs are $8,481.
The average rate for the prior week (2024-04-12) was
6.63% and
one month ago for the week of 2024-03-15, the
average rate was 6.5%.
The average rate one year ago was 6.23%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.24%.
Ocala 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 Ocala level.
The top Ocala FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
360 FHA loans originated. Their average total fees are
$12,141, which is $3,090
higher than the next largest lender,
DHI MORTGAGE COMPANY, LTD..
The lowest fee Ocala FHA lenders (with over 10 loans originated) are
First Federal Bank ($7,190), MID AMERICA MORTGAGE, INC. ($8,913), DHI MORTGAGE COMPANY, LTD. ($9,052), Bank of England ($9,637) and FBC MORTGAGE, LLC ($9,813).
The lowest rate Ocala FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (4.76%), DHI MORTGAGE COMPANY, LTD. (5.39%), LOANPAL, LLC (5.79%), AMERISAVE MORTGAGE CORPORATION (5.95%) and HOME SOLUTION LENDERS INC. (6.02%).
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 |
| OCALA, FL | MARION | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
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 (1.7%) | $269,136 (4.2%) | 0.70 | 2,146 |
| 2018-02-01 | $190,808 (2.5%) | $271,776 (5.8%) | 0.69 | 2,155 |
| 2018-03-01 | $195,000 (2.7%) | $272,008 (5.9%) | 0.68 | 2,170 |
| 2018-04-01 | $199,950 (4.1%) | $278,492 (7.7%) | 0.68 | 2,110 |
| 2018-05-01 | $205,950 (5.6%) | $283,177 (5.9%) | 0.69 | 2,053 |
| 2018-06-01 | $205,000 (4.7%) | $283,109 (3.9%) | 0.68 | 2,063 |
| 2018-07-01 | $205,000 (7.9%) | $284,474 (8.3%) | 0.68 | 2,106 |
| 2018-08-01 | $199,900 (5.3%) | $278,609 (7.1%) | 0.67 | 2,127 |
| 2018-09-01 | $199,900 (5.3%) | $276,310 (4.9%) | 0.67 | 2,147 |
| 2018-10-01 | $199,700 (7.5%) | $276,637 (8.5%) | 0.68 | 2,202 |
| 2018-11-01 | $199,900 (5.8%) | $273,996 (2.3%) | 0.68 | 2,274 |
| 2018-12-01 | $199,990 (5.3%) | $273,861 (0.6%) | 0.69 | 2,299 |
| 2019-01-01 | $199,900 (5.3%) | $271,900 (1.0%) | 0.69 | 2,272 |
| 2019-02-01 | $199,338 (4.5%) | $269,532 (-0.8%) | 0.67 | 2,386 |
| 2019-03-01 | $198,814 (2.0%) | $273,603 (0.6%) | 0.65 | 2,378 |
| 2019-04-01 | $199,900 (0.0%) | $278,911 (0.2%) | 0.63 | 2,356 |
| 2019-05-01 | $204,950 (-0.5%) | $280,130 (-1.1%) | 0.64 | 2,239 |
| 2019-06-01 | $205,000 (0.0%) | $287,694 (1.6%) | 0.64 | 2,198 |
| 2019-07-01 | $206,178 (0.6%) | $291,001 (2.3%) | 0.65 | 2,138 |
| 2019-08-01 | $209,270 (4.7%) | $290,850 (4.4%) | 0.66 | 2,108 |
| 2019-09-01 | $209,674 (4.9%) | $288,932 (4.6%) | 0.67 | 2,099 |
| 2019-10-01 | $209,251 (4.8%) | $285,747 (3.3%) | 0.68 | 2,105 |
| 2019-11-01 | $209,000 (4.6%) | $283,365 (3.4%) | 0.69 | 2,105 |
| 2019-12-01 | $208,241 (4.1%) | $279,704 (2.1%) | 0.69 | 2,106 |
| 2020-01-01 | $204,600 (2.4%) | $279,318 (2.7%) | 0.68 | 2,043 |
| 2020-02-01 | $207,490 (4.1%) | $280,293 (4.0%) | 0.68 | 2,042 |
| 2020-03-01 | $208,353 (4.8%) | $281,718 (3.0%) | 0.65 | 1,892 |
| 2020-04-01 | $204,948 (2.5%) | $280,570 (0.6%) | 0.64 | 1,886 |
| 2020-05-01 | $209,900 (2.4%) | $283,699 (1.3%) | 0.64 | 1,778 |
| 2020-06-01 | $214,973 (4.9%) | $298,684 (3.8%) | 0.63 | 1,559 |
| 2020-07-01 | $215,675 (4.6%) | $308,879 (6.1%) | 0.63 | 1,419 |
| 2020-08-01 | $224,900 (7.5%) | $320,065 (10.0%) | 0.64 | 1,254 |
| 2020-09-01 | $226,960 (8.2%) | $322,070 (11.5%) | 0.65 | 1,221 |
| 2020-10-01 | $230,000 (9.9%) | $338,020 (18.3%) | 0.66 | 1,201 |
| 2020-11-01 | $229,938 (10.0%) | $332,515 (17.3%) | 0.67 | 1,231 |
| 2020-12-01 | $230,000 (10.5%) | $331,145 (18.4%) | 0.68 | 1,211 |
| 2021-01-01 | $237,000 (15.8%) | $338,054 (21.0%) | 0.71 | 1,050 |
| 2021-02-01 | $239,950 (15.6%) | $345,463 (23.3%) | 0.70 | 906 |
| 2021-03-01 | $243,923 (17.1%) | $365,179 (29.6%) | 0.69 | 696 |
| 2021-04-01 | $258,900 (26.3%) | $393,165 (40.1%) | 0.70 | 622 |
| 2021-05-01 | $265,450 (26.5%) | $415,465 (46.5%) | 0.71 | 602 |
| 2021-06-01 | $267,450 (24.4%) | $446,420 (49.5%) | 0.70 | 554 |
| 2021-07-01 | $274,900 (27.5%) | $443,385 (43.6%) | 0.73 | 712 |
| 2021-08-01 | $272,500 (21.2%) | $414,859 (29.6%) | 0.73 | 789 |
| 2021-09-01 | $274,325 (20.9%) | $391,001 (21.4%) | 0.73 | 783 |
| 2021-10-01 | $275,000 (19.6%) | $386,738 (14.4%) | 0.73 | 795 |
| 2021-11-01 | $283,500 (23.3%) | $407,844 (22.7%) | 0.76 | 786 |
| 2021-12-01 | $289,669 (25.9%) | $407,581 (23.1%) | 0.78 | 750 |
| 2022-01-01 | $299,900 (26.5%) | $428,209 (26.7%) | 0.81 | 684 |
| 2022-02-01 | $299,000 (24.6%) | $431,853 (25.0%) | 0.78 | 617 |
| 2022-03-01 | $299,950 (23.0%) | $448,773 (22.9%) | 0.75 | 646 |
| 2022-04-01 | $314,900 (21.6%) | $450,229 (14.5%) | 0.75 | 676 |
| 2022-05-01 | $326,450 (23.0%) | $452,461 (8.9%) | 0.75 | 806 |
| 2022-06-01 | $331,800 (24.1%) | $459,691 (3.0%) | 0.74 | 1,019 |
| 2022-07-01 | $325,000 (18.2%) | $446,875 (0.8%) | 0.73 | 1,329 |
| 2022-08-01 | $316,850 (16.3%) | $424,123 (2.2%) | 0.73 | 1,541 |
| 2022-09-01 | $314,385 (14.6%) | $414,759 (6.1%) | 0.74 | 1,716 |
| 2022-10-01 | $318,800 (15.9%) | $410,161 (6.1%) | 0.75 | 1,870 |
| 2022-11-01 | $314,875 (11.1%) | $407,250 (-0.2%) | 0.76 | 2,026 |
| 2022-12-01 | $313,363 (8.2%) | $413,101 (1.4%) | 0.77 | 2,008 |
| 2023-01-01 | $311,998 (4.0%) | $409,017 (-4.5%) | 0.77 | 2,046 |
| 2023-02-01 | $307,000 (2.7%) | $406,168 (-6.0%) | 0.74 | 2,086 |
| 2023-03-01 | $307,000 (2.4%) | $410,378 (-8.6%) | 0.72 | 2,030 |
| 2023-04-01 | $305,000 (-3.1%) | $402,517 (-10.6%) | 0.71 | 2,065 |
| 2023-05-01 | $318,450 (-2.5%) | $419,930 (-7.2%) | 0.72 | 1,895 |
| 2023-06-01 | $314,950 (-5.1%) | $422,557 (-8.1%) | 0.71 | 1,874 |
| 2023-07-01 | $314,250 (-3.3%) | $419,119 (-6.2%) | 0.71 | 1,872 |
| 2023-08-01 | $315,000 (-0.6%) | $417,201 (-1.6%) | 0.72 | 1,863 |
| 2023-09-01 | $314,900 (0.2%) | $409,270 (-1.3%) | 0.73 | 2,030 |
| 2023-10-01 | $311,375 (-2.3%) | $402,173 (-2.0%) | 0.73 | 2,228 |
| 2023-11-01 | $309,450 (-1.7%) | $398,635 (-2.1%) | 0.74 | 2,443 |
| 2023-12-01 | $309,000 (-1.4%) | $397,324 (-3.8%) | 0.75 | 2,486 |
| 2024-01-01 | $309,050 (-0.9%) | $448,024 (9.5%) | 0.75 | 2,615 |
| 2024-02-01 | $307,000 (0.0%) | $401,903 (-1.1%) | 0.74 | 2,772 |
| 2024-03-01 | $305,000 (-0.7%) | $396,723 (-3.3%) | 0.72 | 2,801 |
Ocala's median listing price comes in at 72% of the national average.
Ocala's average listing price for 2024-03-01 was $396,723, a difference of $-13,655 (-3.3%) versus the prior year and $-5,180 versus the prior month.
For the 2024-03-01 period, Ocala had 2,801 MLS listings, a difference of 29 listings (1%) versus the prior month and 771 listings (38%) 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 | 74 days | 1,772 sqft |
| 2018-02-01 | 73 days | 1,780 sqft |
| 2018-03-01 | 60 days | 1,799 sqft |
| 2018-04-01 | 63 days | 1,809 sqft |
| 2018-05-01 | 61 days | 1,817 sqft |
| 2018-06-01 | 60 days | 1,828 sqft |
| 2018-07-01 | 61 days | 1,824 sqft |
| 2018-08-01 | 61 days | 1,797 sqft |
| 2018-09-01 | 66 days | 1,804 sqft |
| 2018-10-01 | 63 days | 1,800 sqft |
| 2018-11-01 | 61 days | 1,803 sqft |
| 2018-12-01 | 68 days | 1,820 sqft |
| 2019-01-01 | 73 days | 1,790 sqft |
| 2019-02-01 | 65 days | 1,772 sqft |
| 2019-03-01 | 62 days | 1,762 sqft |
| 2019-04-01 | 61 days | 1,763 sqft |
| 2019-05-01 | 63 days | 1,763 sqft |
| 2019-06-01 | 64 days | 1,761 sqft |
| 2019-07-01 | 66 days | 1,760 sqft |
| 2019-08-01 | 66 days | 1,772 sqft |
| 2019-09-01 | 65 days | 1,784 sqft |
| 2019-10-01 | 65 days | 1,786 sqft |
| 2019-11-01 | 59 days | 1,768 sqft |
| 2019-12-01 | 63 days | 1,752 sqft |
| 2020-01-01 | 71 days | 1,751 sqft |
| 2020-02-01 | 65 days | 1,747 sqft |
| 2020-03-01 | 59 days | 1,752 sqft |
| 2020-04-01 | 63 days | 1,747 sqft |
| 2020-05-01 | 74 days | 1,728 sqft |
| 2020-06-01 | 80 days | 1,736 sqft |
| 2020-07-01 | 67 days | 1,743 sqft |
| 2020-08-01 | 61 days | 1,765 sqft |
| 2020-09-01 | 54 days | 1,763 sqft |
| 2020-10-01 | 53 days | 1,782 sqft |
| 2020-11-01 | 51 days | 1,747 sqft |
| 2020-12-01 | 57 days | 1,754 sqft |
| 2021-01-01 | 59 days | 1,760 sqft |
| 2021-02-01 | 50 days | 1,769 sqft |
| 2021-03-01 | 44 days | 1,749 sqft |
| 2021-04-01 | 39 days | 1,818 sqft |
| 2021-05-01 | 38 days | 1,817 sqft |
| 2021-06-01 | 39 days | 1,762 sqft |
| 2021-07-01 | 37 days | 1,779 sqft |
| 2021-08-01 | 35 days | 1,754 sqft |
| 2021-09-01 | 40 days | 1,752 sqft |
| 2021-10-01 | 40 days | 1,728 sqft |
| 2021-11-01 | 44 days | 1,754 sqft |
| 2021-12-01 | 57 days | 1,748 sqft |
| 2022-01-01 | 47 days | 1,764 sqft |
| 2022-02-01 | 39 days | 1,706 sqft |
| 2022-03-01 | 35 days | 1,693 sqft |
| 2022-04-01 | 34 days | 1,725 sqft |
| 2022-05-01 | 30 days | 1,740 sqft |
| 2022-06-01 | 30 days | 1,733 sqft |
| 2022-07-01 | 33 days | 1,712 sqft |
| 2022-08-01 | 42 days | 1,673 sqft |
| 2022-09-01 | 45 days | 1,679 sqft |
| 2022-10-01 | 51 days | 1,701 sqft |
| 2022-11-01 | 59 days | 1,700 sqft |
| 2022-12-01 | 65 days | 1,705 sqft |
| 2023-01-01 | 73 days | 1,708 sqft |
| 2023-02-01 | 67 days | 1,695 sqft |
| 2023-03-01 | 57 days | 1,699 sqft |
| 2023-04-01 | 57 days | 1,667 sqft |
| 2023-05-01 | 55 days | 1,693 sqft |
| 2023-06-01 | 55 days | 1,678 sqft |
| 2023-07-01 | 57 days | 1,664 sqft |
| 2023-08-01 | 58 days | 1,671 sqft |
| 2023-09-01 | 54 days | 1,662 sqft |
| 2023-10-01 | 51 days | 1,656 sqft |
| 2023-11-01 | 53 days | 1,655 sqft |
| 2023-12-01 | 63 days | 1,646 sqft |
| 2024-01-01 | 70 days | 1,643 sqft |
| 2024-02-01 | 65 days | 1,642 sqft |
| 2024-03-01 | 57 days | 1,641 sqft |
Ocala's median square footage for active listings during the 2024-03-01 period was 1,641 sqft. One year prior, the average listing was 1,699 sqft.