Palatka FHA Loan Rates, Closing Costs & Stats

Palatka, 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.

    Palatka's 68 lenders originated 302 FHA loans during 2024. The total origination value was $60,790,000, with an average FHA loan value of $201,291.

    Palatka FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Palatka averaged 6.36% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Palatka's average FHA mortgage closing costs are $8,166.

    The average rate for the prior week (2025-03-28) was 6.75% and one month ago for the week of 2025-02-28, the average rate was 6.44%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2025-04-04, the average rate was 5.99%.

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

    Palatka 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 Palatka level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 36 6.20% $10,705
    QUICKEN LOANS, LLC 26 6.33% $9,752
    Equity Prime Mortgage LLC 22 6.69% $10,585
    CROSSCOUNTRY MORTGAGE, LLC 15 6.39% $10,403
    INSPIRE HOME LOANS INC. 10 5.88% $10,446
    Ameris Bank 8 6.77% $7,520
    South State Bank 8 6.38% $9,203
    AMERICAN FINANCIAL RESOURCES, INC. 6 6.65% $13,113
    LOANDEPOT.COM, LLC 6 6.90% $10,351
    PENNYMAC LOAN SERVICES, LLC 5 6.33% $10,830
    Plains Commerce Bank 5 6.78% $8,392
    BROKER SOLUTIONS, INC. 5 6.63% $11,932
    GUILD MORTGAGE COMPANY 5 6.45% $10,252
    Paramount Residential Mortgage Group, Inc. 4 6.88% $11,598
    Carrington Mortgage Services, LLC 3 6.38% $13,721
    CARDINAL FINANCIAL 3 6.54% $12,980
    PLAZA HOME MORTGAGE, INC. 3 6.83% $9,972
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.83% $14,462
    EVERETT FINANCIAL, INC. 3 7.04% $9,185
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $10,162
    FBC MORTGAGE, LLC 3 6.75% $9,886
    TOWNE MORTGAGE COMPANY 3 6.12% $12,279
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.17% $4,336
    FREEDOM MORTGAGE CORPORATION 2 6.37% $13,633
    THE MORTGAGE FIRM, INC. 2 6.62% $8,748
    AMERICAN FINANCIAL NETWORK, INC. 2 7.25% $13,813
    DIRECT MORTGAGE LOANS, LLC 2 6.63% $9,191
    COUNTRYPLACE MORTGAGE, LTD. 2 4.75% $11,301
    CMG MORTGAGE, INC. 2 6.88% $8,197
    VYSTAR 2 7.88% $5,336
    Waterstone Mortgage Corporation 2 7.06% $9,677
    EMM LOANS LLC 2 6.63% $13,287
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.75% $13,938
    NEWREZ LLC 2 6.25% $10,575
    Century Mortgage Company DBA Century Lending Company 2 6.56% $9,291
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 5.81% $10,845
    ZILLOW HOME LOANS, LLC 1 6.13% $8,496
    Acre Mortgage and Financial Inc 1 6.75% $16,026
    AFFORDABLE MORTGAGE ADVISORS, LLC. 1 6.25% $8,911
    ALKAN MORTGAGE CORPORATION 1 6.88% $9,689
    AMERICAN FINANCING CORPORATION 1 7.38% $20,768
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $14,055
    Bank of America 1 5.38% $6,903
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.99% $9,133
    Capital City Home Loans, LLC 1 6.25% $11,900
    Gateway First Bank 1 6.25% $7,250
    GENEVA FINANCIAL, LLC 1 7.13% $10,553
    Hancock Whitney Bank 1 6.00% $12,447
    HOMESIDE FINANCIAL, LLC 1 6.75% $10,374
    JMAC LENDING, INC. 1 5.88% $14,963
    JPMorgan Chase Bank 1 6.63% $3,185
    MICHIGAN MUTUAL, INC. 1 6.25% $7,244
    MLD MORTGAGE INC. 1 5.50% $18,428
    Mortgage Research Center, LLC 1 7.25% $7,361
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $9,790
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $9,144
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $11,317
    Nations Lending Corporation 1 6.75% $4,898
    Network Funding, L.P. 1 7.25% $9,652
    PHH Mortgage Corporation 1 5.99% $12,450
    Prosperity Home Mortgage, LLC 1 6.75% $6,030
    SOUTHERN TRUST MORTGAGE, LLC 1 6.25% $12,159
    SOUTHWEST STAGE FUNDING, LLC 1 7.75% $12,086
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $12,258
    The Federal Savings Bank 1 7.00% $8,170
    UNION HOME MORTGAGE CORP. 1 7.00% $7,753
    VILLAGE CAPITAL MORTGAGE 1 5.50% $13,009
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.50% $7,292

    The top Palatka FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 36 FHA loans originated. Their average total fees are $10,705, which is $953 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Palatka FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,752), CROSSCOUNTRY MORTGAGE, LLC ($10,403), INSPIRE HOME LOANS INC. ($10,446), Equity Prime Mortgage LLC ($10,585) and UNITED WHOLESALE MORTGAGE, LLC ($10,705).

    The lowest rate Palatka FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.88%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), QUICKEN LOANS, LLC (6.33%), CROSSCOUNTRY MORTGAGE, LLC (6.39%) and Equity Prime Mortgage LLC (6.69%).

    Palatka FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PALATKA, FL PUTNAM 2022 $420,680 $538,650 $651,050 $809,150
    PALATKA, FL PUTNAM 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Palatka (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 $214,725 (44.4%) $279,510 (35.4%) 0.00 292
    2018-02-01 $223,550 (52.2%) $279,572 (32.3%) 0.00 287
    2018-03-01 $220,000 (44.6%) $269,552 (24.6%) 0.00 303
    2018-04-01 $220,000 (38.4%) $276,384 (26.1%) 0.00 306
    2018-05-01 $228,700 (35.7%) $282,505 (24.9%) 0.00 286
    2018-06-01 $225,000 (31.7%) $281,082 (22.0%) 0.00 280
    2018-07-01 $225,975 (25.7%) $277,224 (14.0%) 0.00 269
    2018-08-01 $224,975 (20.0%) $272,648 (10.1%) 0.00 259
    2018-09-01 $209,950 (5.4%) $260,927 (3.5%) 0.00 270
    2018-10-01 $201,188 (1.1%) $253,804 (1.0%) 0.00 280
    2018-11-01 $199,448 (-0.9%) $246,883 (-4.8%) 0.00 287
    2018-12-01 $199,000 (-0.5%) $248,231 (-4.7%) 0.00 280
    2019-01-01 $197,975 (-7.8%) $267,397 (-4.3%) 0.00 270
    2019-02-01 $212,400 (-5.0%) $272,861 (-2.4%) 0.00 272
    2019-03-01 $219,593 (-0.2%) $279,495 (3.7%) 0.00 272
    2019-04-01 $223,843 (1.8%) $287,216 (3.9%) 0.00 271
    2019-05-01 $227,500 (-0.5%) $297,831 (5.4%) 0.00 261
    2019-06-01 $224,900 (0.0%) $268,670 (-4.4%) 0.00 255
    2019-07-01 $220,000 (-2.6%) $265,526 (-4.2%) 0.00 277
    2019-08-01 $214,532 (-4.6%) $262,337 (-3.8%) 0.00 283
    2019-09-01 $206,329 (-1.7%) $257,358 (-1.4%) 0.00 287
    2019-10-01 $199,950 (-0.6%) $254,326 (0.2%) 0.00 287
    2019-11-01 $200,000 (0.3%) $256,357 (3.8%) 0.00 263
    2019-12-01 $219,725 (10.4%) $259,659 (4.6%) 0.00 269
    2020-01-01 $219,825 (11.0%) $289,774 (8.4%) 0.00 275
    2020-02-01 $214,950 (1.2%) $298,673 (9.5%) 0.00 283
    2020-03-01 $211,000 (-3.9%) $304,228 (8.9%) 0.00 251
    2020-04-01 $222,250 (-0.7%) $312,179 (8.7%) 0.00 230
    2020-05-01 $224,000 (-1.5%) $334,249 (12.2%) 0.00 199
    2020-06-01 $218,450 (-2.9%) $346,092 (28.8%) 0.00 178
    2020-07-01 $229,000 (4.1%) $327,489 (23.3%) 0.00 192
    2020-08-01 $227,000 (5.8%) $310,979 (18.5%) 0.00 185
    2020-09-01 $229,000 (11.0%) $297,285 (15.5%) 0.00 169
    2020-10-01 $219,000 (9.5%) $268,006 (5.4%) 0.00 176
    2020-11-01 $229,000 (14.5%) $305,142 (19.0%) 0.00 154
    2020-12-01 $229,000 (4.2%) $306,434 (18.0%) 0.00 155
    2021-01-01 $219,900 (0.0%) $300,733 (3.8%) 0.00 141
    2021-02-01 $228,000 (6.1%) $303,054 (1.5%) 0.00 141
    2021-03-01 $229,000 (8.5%) $320,336 (5.3%) 0.00 138
    2021-04-01 $225,750 (1.6%) $347,575 (11.3%) 0.00 106
    2021-05-01 $236,998 (5.8%) $333,087 (-0.4%) 0.00 107
    2021-06-01 $216,248 (-1.0%) $328,552 (-5.1%) 0.00 130
    2021-07-01 $215,995 (-5.7%) $322,850 (-1.4%) 0.00 147
    2021-08-01 $217,673 (-4.1%) $323,951 (4.2%) 0.00 151
    2021-09-01 $226,218 (-1.2%) $313,230 (5.4%) 0.00 149
    2021-10-01 $245,000 (11.9%) $381,067 (42.2%) 0.00 153
    2021-11-01 $265,000 (15.7%) $407,070 (33.4%) 0.00 161
    2021-12-01 $274,500 (19.9%) $410,352 (33.9%) 0.00 156
    2022-01-01 $265,000 (20.5%) $423,101 (40.7%) 0.00 136
    2022-02-01 $282,400 (23.9%) $503,126 (66.0%) 0.00 114
    2022-03-01 $285,925 (24.9%) $517,720 (61.6%) 0.00 109
    2022-04-01 $275,000 (21.8%) $512,636 (47.5%) 0.00 124
    2022-05-01 $271,200 (14.4%) $485,898 (45.9%) 0.00 141
    2022-06-01 $319,900 (47.9%) $560,823 (70.7%) 0.00 156
    2022-07-01 $299,700 (38.8%) $454,466 (40.8%) 0.00 181
    2022-08-01 $300,975 (38.3%) $442,804 (36.7%) 0.00 195
    2022-09-01 $299,500 (32.4%) $452,546 (44.5%) 0.00 206
    2022-10-01 $300,990 (22.9%) $483,630 (26.9%) 0.00 211
    2022-11-01 $317,500 (19.8%) $501,669 (23.2%) 0.00 214
    2022-12-01 $294,900 (7.4%) $428,442 (4.4%) 0.00 228
    2023-01-01 $294,900 (11.3%) $423,424 (0.1%) 0.00 221
    2023-02-01 $294,900 (4.4%) $420,455 (-16.4%) 0.00 205
    2023-03-01 $294,900 (3.1%) $413,827 (-20.1%) 0.00 192
    2023-04-01 $298,500 (8.6%) $416,355 (-18.8%) 0.00 213
    2023-05-01 $310,775 (14.6%) $417,306 (-14.1%) 0.00 174
    2023-06-01 $303,750 (-5.1%) $412,255 (-26.5%) 0.00 179
    2023-07-01 $299,900 (0.1%) $453,229 (-0.3%) 0.00 192
    2023-08-01 $298,050 (-1.0%) $426,981 (-3.6%) 0.00 205
    2023-09-01 $299,900 (0.1%) $443,858 (-1.9%) 0.00 209
    2023-10-01 $309,900 (3.0%) $452,080 (-6.5%) 0.00 204
    2023-11-01 $299,975 (-5.5%) $446,654 (-11.0%) 0.00 213
    2023-12-01 $299,950 (1.7%) $411,176 (-4.0%) 0.00 230
    2024-01-01 $316,700 (7.4%) $430,026 (1.6%) 0.00 229
    2024-02-01 $317,475 (7.7%) $441,189 (4.9%) 0.00 222
    2024-03-01 $309,950 (5.1%) $445,585 (7.7%) 0.00 229
    2024-04-01 $299,950 (0.5%) $441,201 (6.0%) 0.00 251
    2024-05-01 $299,950 (-3.5%) $426,437 (2.2%) 0.00 253
    2024-06-01 $299,900 (-1.3%) $420,388 (2.0%) 0.00 270
    2024-07-01 $300,000 (0.0%) $427,904 (-5.6%) 0.00 278
    2024-08-01 $320,000 (7.4%) $422,666 (-1.0%) 0.00 297
    2024-09-01 $324,500 (8.2%) $428,853 (-3.4%) 0.00 311
    2024-10-01 $325,000 (4.9%) $426,329 (-5.7%) 0.00 316
    2024-11-01 $319,250 (6.4%) $421,221 (-5.7%) 0.00 334
    2024-12-01 $319,750 (6.6%) $416,050 (1.2%) 0.00 348
    2025-01-01 $313,750 (-0.9%) $417,789 (-2.9%) 0.00 340
    2025-02-01 $315,000 (-0.8%) $416,483 (-5.6%) 0.00 341
    2025-03-01 $326,400 (5.3%) $418,051 (-6.2%) 0.00 328
    Palatka's median listing price for 2025-03-01 was $326,400, a difference of $16,450 (5.3%) versus the prior year and $11,400 versus the prior month.

    Palatka's median listing price comes in at 0% of the national average.

    Palatka's average listing price for 2025-03-01 was $418,051, a difference of $-27,534 (-6.2%) versus the prior year and $1,568 versus the prior month.

    For the 2025-03-01 period, Palatka had 328 MLS listings, a difference of -13 listings (-4%) versus the prior month and 99 listings (43%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Palatka (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,621 sqft
    2018-02-01 0 days 1,674 sqft
    2018-03-01 0 days 1,752 sqft
    2018-04-01 0 days 1,754 sqft
    2018-05-01 0 days 1,802 sqft
    2018-06-01 0 days 1,801 sqft
    2018-07-01 0 days 1,800 sqft
    2018-08-01 0 days 1,801 sqft
    2018-09-01 0 days 1,792 sqft
    2018-10-01 0 days 1,768 sqft
    2018-11-01 0 days 1,723 sqft
    2018-12-01 0 days 1,699 sqft
    2019-01-01 0 days 1,686 sqft
    2019-02-01 0 days 1,720 sqft
    2019-03-01 0 days 1,766 sqft
    2019-04-01 0 days 1,797 sqft
    2019-05-01 0 days 1,801 sqft
    2019-06-01 0 days 1,744 sqft
    2019-07-01 0 days 1,741 sqft
    2019-08-01 0 days 1,719 sqft
    2019-09-01 0 days 1,696 sqft
    2019-10-01 0 days 1,675 sqft
    2019-11-01 0 days 1,676 sqft
    2019-12-01 0 days 1,695 sqft
    2020-01-01 0 days 1,713 sqft
    2020-02-01 0 days 1,728 sqft
    2020-03-01 0 days 1,695 sqft
    2020-04-01 0 days 1,727 sqft
    2020-05-01 0 days 1,674 sqft
    2020-06-01 0 days 1,668 sqft
    2020-07-01 0 days 1,858 sqft
    2020-08-01 0 days 1,767 sqft
    2020-09-01 0 days 1,800 sqft
    2020-10-01 0 days 1,721 sqft
    2020-11-01 0 days 1,677 sqft
    2020-12-01 0 days 1,789 sqft
    2021-01-01 0 days 1,721 sqft
    2021-02-01 0 days 1,794 sqft
    2021-03-01 0 days 1,759 sqft
    2021-04-01 0 days 1,648 sqft
    2021-05-01 0 days 1,600 sqft
    2021-06-01 0 days 1,470 sqft
    2021-07-01 0 days 1,434 sqft
    2021-08-01 0 days 1,498 sqft
    2021-09-01 0 days 1,512 sqft
    2021-10-01 0 days 1,568 sqft
    2021-11-01 0 days 1,576 sqft
    2021-12-01 0 days 1,625 sqft
    2022-01-01 0 days 1,722 sqft
    2022-02-01 0 days 1,701 sqft
    2022-03-01 0 days 1,731 sqft
    2022-04-01 0 days 1,547 sqft
    2022-05-01 0 days 1,531 sqft
    2022-06-01 0 days 1,688 sqft
    2022-07-01 0 days 1,650 sqft
    2022-08-01 0 days 1,662 sqft
    2022-09-01 0 days 1,619 sqft
    2022-10-01 0 days 1,650 sqft
    2022-11-01 0 days 1,621 sqft
    2022-12-01 0 days 1,545 sqft
    2023-01-01 0 days 1,545 sqft
    2023-02-01 0 days 1,545 sqft
    2023-03-01 0 days 1,545 sqft
    2023-04-01 0 days 1,545 sqft
    2023-05-01 0 days 1,543 sqft
    2023-06-01 0 days 1,515 sqft
    2023-07-01 0 days 1,539 sqft
    2023-08-01 0 days 1,500 sqft
    2023-09-01 0 days 1,512 sqft
    2023-10-01 0 days 1,495 sqft
    2023-11-01 0 days 1,527 sqft
    2023-12-01 0 days 1,536 sqft
    2024-01-01 0 days 1,603 sqft
    2024-02-01 0 days 1,561 sqft
    2024-03-01 0 days 1,564 sqft
    2024-04-01 0 days 1,550 sqft
    2024-05-01 0 days 1,525 sqft
    2024-06-01 0 days 1,520 sqft
    2024-07-01 0 days 1,600 sqft
    2024-08-01 0 days 1,568 sqft
    2024-09-01 0 days 1,610 sqft
    2024-10-01 0 days 1,630 sqft
    2024-11-01 0 days 1,612 sqft
    2024-12-01 0 days 1,612 sqft
    2025-01-01 0 days 1,577 sqft
    2025-02-01 0 days 1,620 sqft
    2025-03-01 0 days 1,622 sqft
    Palatka's median listing age (time on market) for 2025-03-01 was 0 days.

    Palatka's median square footage for active listings during the 2025-03-01 period was 1,622 sqft. One year prior, the average listing was 1,564 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).