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 73 lenders originated 271 FHA loans during 2023. The total origination value was $53,215,000, with an average FHA loan value of $196,365.

    Palatka FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Palatka averaged 6.33% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Palatka's average FHA mortgage closing costs are $7,758.

    The average rate for the prior week (2024-11-01) was 6.4% and one month ago for the week of 2024-10-04, the average rate was 6.22%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 24 6.51% $9,839
    QUICKEN LOANS, LLC 19 6.23% $10,795
    LOANDEPOT.COM, LLC 10 6.21% $12,515
    CROSSCOUNTRY MORTGAGE, LLC 9 6.99% $13,189
    South State Bank 9 6.75% $10,067
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 6.57% $12,607
    INSPIRE HOME LOANS INC. 8 5.75% $8,335
    Equity Prime Mortgage LLC 7 6.77% $8,223
    AMERICAN FINANCIAL RESOURCES, INC. 5 6.78% $12,294
    CARDINAL FINANCIAL 5 6.75% $10,153
    BROKER SOLUTIONS, INC. 5 6.80% $11,824
    HOMESTAR FINANCIAL CORPORATION 4 7.13% $9,068
    PLAZA HOME MORTGAGE, INC. 4 6.91% $13,719
    NEWREZ LLC 4 6.44% $9,078
    Ameris Bank 4 6.69% $8,947
    Bank of England 4 5.75% $10,681
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.94% $9,435
    FREEDOM MORTGAGE CORPORATION 3 6.42% $10,958
    AMERICAN FINANCIAL NETWORK, INC. 3 7.08% $10,386
    Carrington Mortgage Services, LLC 3 6.50% $9,578
    Paramount Residential Mortgage Group, Inc. 3 7.00% $12,180
    UNION HOME MORTGAGE CORP. 3 7.13% $9,448
    Mortgage Lenders Investment Trading Corporation 2 7.25% $12,990
    AMERISAVE MORTGAGE CORPORATION 2 6.19% $10,106
    BAY EQUITY LLC 2 6.50% $9,122
    PENNYMAC LOAN SERVICES, LLC 2 6.56% $11,757
    ACADEMY MORTGAGE CORPORATION 2 7.13% $8,427
    Plains Commerce Bank 2 6.75% $8,904
    MOVEMENT MORTGAGE, LLC 2 6.88% $10,993
    Flagstar Bank, FSB 2 6.38% $7,390
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $14,565
    NATIONS DIRECT MORTGAGE, LLC 2 7.25% $6,321
    ABSOLUTE HOME MORTGAGE CORPORATION 2 6.56% $6,656
    VILLAGE CAPITAL MORTGAGE 2 5.69% $10,201
    VYSTAR 2 7.38% $12,045
    Nations Lending Corporation 2 6.25% $9,644
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $9,981
    MID AMERICA MORTGAGE, INC. 1 6.75% $8,770
    Midwest Mortgage Associates Corporation 1 7.63% $2,702
    Mortgage Research Center, LLC 1 7.25% $12,832
    Mr. Cooper ( Nationstar Mortgage ) 1 6.50% $11,226
    Network Funding, L.P. 1 7.25% $14,619
    Waterstone Mortgage Corporation 1 6.63% $25,339
    Acre Mortgage and Financial Inc 1 6.75% $16,212
    POLARIS HOME FUNDING CORP. 1 6.75% $9,608
    Preston Home Loans Inc 1 7.13% $15,604
    Prosperity Home Mortgage, LLC 1 7.50% $6,718
    ACOPIA, LLC 1 6.00% $10,019
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $14,493
    ROYAL UNITED MORTGAGE LLC 1 7.00% $8,377
    Sierra Pacific Mortgage Company, Inc. 1 5.25% $9,967
    SIRVA MORTGAGE, INC. 1 6.25% $11,985
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $10,713
    SUN WEST MORTGAGE COMPANY, INC. 1 7.00% $14,700
    SWBC MORTGAGE CORPORATION 1 6.75% $8,439
    FBC MORTGAGE, LLC 1 7.75% $8,673
    WATSON MORTGAGE CORP. 1 6.63% $10,535
    EVERETT FINANCIAL, INC. 1 6.88% $11,442
    THE MORTGAGE FIRM, INC. 1 6.13% $9,311
    First Federal Bank, A FSB 1 6.13% $9,372
    First Horizon Bank 1 6.25% $8,985
    FIRST MORTGAGE COMPANY, INC. 1 5.99% $16,457
    1ST SIGNATURE LENDING, LLC 1 6.50% $17,150
    GENEVA FINANCIAL, LLC 1 7.50% $12,583
    CIS Financial Services, Inc. 1 7.50% $7,503
    HOMESIDE FINANCIAL, LLC 1 7.25% $10,777
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $13,867
    Hometown Equity Mortgage, LLC 1 7.00% $8,821
    Ixonia Bank 1 7.25% $9,447
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $7,912
    Barrington Bank & Trust Company, N.A. 1 6.25% $8,165
    LOANPAL, LLC 1 6.00% $9,248
    Loan Simple, Inc. 1 7.25% $4,941

    The top Palatka FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 24 FHA loans originated. Their average total fees are $9,839, which is $956 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Palatka FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($9,839), QUICKEN LOANS, LLC ($10,795), LOANDEPOT.COM, LLC ($12,515), .

    The lowest rate Palatka FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.21%), QUICKEN LOANS, LLC (6.23%), UNITED WHOLESALE MORTGAGE, LLC (6.51%), .

    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).