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 0.2% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2025-06-13) was 6.88% and one month ago for the week of 2025-05-16, the average rate was 7.04%.

    The average rate one year ago was 7.2%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.27%.

    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

    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).