Panama City FHA Loan Rates, Closing Costs & Stats
PANAMA CITY, 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.
Panama City's 123 lenders originated 766 FHA
loans during 2022. The total origination value was $204,650,000, with an average FHA loan value of
$267,167.
Panama City FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Panama City
averaged
6.61%
for the week of 2023-12-01, compared to the national average (all FHA variants) of
6.949% for the same period.
Panama City's average FHA mortgage closing costs are $7,723.
The average rate for the prior week (2023-11-24) was
6.72% and
one month ago for the week of 2023-10-27, the
average rate was 6.83%.
The average rate one year ago was 6.15%.
For refis of the same type during the week of 2023-12-01, the average rate
was 5.43%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Panama City 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 Panama City level.
Name |
# of Loans |
2022 Avg. 30yFix Rate |
2022 Avg. Closing Costs |
Trustmark National Bank
|
62
|
4.65%
|
$8,086
|
QUICKEN LOANS, LLC
|
60
|
4.53%
|
$11,741
|
CALIBER HOME LOANS, INC.
|
51
|
4.81%
|
$9,727
|
UNITED WHOLESALE MORTGAGE, LLC
|
45
|
4.75%
|
$9,730
|
DHI MORTGAGE COMPANY, LTD.
|
39
|
4.22%
|
$9,596
|
BROKER SOLUTIONS, INC.
|
38
|
5.13%
|
$10,602
|
Centennial Bank
|
35
|
4.89%
|
$9,501
|
MOVEMENT MORTGAGE, LLC
|
24
|
5.16%
|
$10,877
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
21
|
5.18%
|
$8,562
|
LOANDEPOT.COM, LLC
|
17
|
4.52%
|
$10,262
|
Tyndall Federal Credit Union
|
16
|
4.80%
|
$8,695
|
PENNYMAC LOAN SERVICES, LLC
|
14
|
3.90%
|
$9,750
|
Regions Bank
|
14
|
4.33%
|
$8,748
|
PLAZA HOME MORTGAGE, INC.
|
11
|
5.64%
|
$11,010
|
GUARANTEED RATE, INC.
|
11
|
5.35%
|
$10,150
|
HANCOCK MORTGAGE PARTNERS, LLC
|
10
|
4.79%
|
$13,441
|
THE MORTGAGE FIRM, INC.
|
10
|
5.30%
|
$8,631
|
CROSSCOUNTRY MORTGAGE, LLC
|
10
|
5.11%
|
$10,975
|
LAKEVIEW LOAN SERVICING, LLC
|
9
|
3.26%
|
$6,097
|
Carrington Mortgage Services, LLC
|
9
|
4.38%
|
$10,006
|
CARDINAL FINANCIAL
|
8
|
5.06%
|
$11,609
|
BancorpSouth
|
8
|
4.78%
|
$7,506
|
United Fidelity Funding Corp.
|
8
|
4.64%
|
$14,547
|
Equity Prime Mortgage LLC
|
8
|
5.59%
|
$9,361
|
Bank of England
|
6
|
4.65%
|
$12,602
|
First Federal Bank
|
6
|
5.63%
|
$9,679
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
6
|
4.54%
|
$10,046
|
AMERICAN FINANCIAL RESOURCES, INC.
|
6
|
4.58%
|
$9,179
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
5
|
5.80%
|
$10,666
|
SUCCESS MORTGAGE PARTNERS, INC.
|
5
|
3.93%
|
$11,989
|
FREEDOM MORTGAGE CORPORATION
|
5
|
5.50%
|
$10,803
|
Nations Lending Corporation
|
5
|
6.00%
|
$10,654
|
LAND HOME FINANCIAL SERVICES, INC.
|
4
|
5.06%
|
$10,110
|
NEWREZ LLC
|
4
|
5.19%
|
$9,987
|
GENEVA FINANCIAL, LLC
|
4
|
4.63%
|
$12,249
|
SmartBank
|
4
|
4.66%
|
$10,066
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
4
|
4.59%
|
$10,516
|
HOME POINT FINANCIAL CORPORATION
|
4
|
3.94%
|
$8,328
|
Ameris Bank
|
4
|
4.25%
|
$9,005
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
3
|
5.63%
|
$13,077
|
Plains Commerce Bank
|
3
|
5.62%
|
$13,046
|
PLANET HOME LENDING, LLC
|
3
|
5.04%
|
$16,838
|
Waterstone Mortgage Corporation
|
3
|
5.83%
|
$13,228
|
HOMESIDE FINANCIAL, LLC
|
3
|
5.13%
|
$13,940
|
Wells Fargo Bank
|
3
|
4.83%
|
$8,608
|
Mr. Cooper ( Nationstar Mortgage )
|
3
|
4.08%
|
$6,386
|
UNIVERSITY LENDING GROUP, LLC
|
3
|
3.83%
|
$7,681
|
CERTAINTY HOME LOANS, LLC
|
3
|
4.96%
|
$9,467
|
Barrington Bank & Trust Company, N.A.
|
2
|
4.75%
|
$8,508
|
AMERISAVE MORTGAGE CORPORATION
|
2
|
4.94%
|
$16,942
|
Renasant Bank
|
2
|
4.75%
|
$9,145
|
NEW DAY FINANCIAL, LLC
|
2
|
4.81%
|
$5,956
|
ServisFirst Bank
|
2
|
4.63%
|
$9,410
|
FLAT BRANCH MORTGAGE, INC.
|
2
|
4.81%
|
$9,845
|
Paramount Residential Mortgage Group, Inc.
|
2
|
4.13%
|
$11,246
|
Capital City Home Loans, LLC
|
2
|
5.31%
|
$11,236
|
Flagstar Bank, FSB
|
2
|
5.37%
|
$9,684
|
MLB RESIDENTIAL LENDING, LLC
|
2
|
4.38%
|
$8,921
|
ENVOY MORTGAGE, LTD
|
2
|
4.38%
|
$9,939
|
EVERETT FINANCIAL, INC.
|
2
|
4.50%
|
$8,134
|
OPEN MORTGAGE, LLC
|
2
|
5.06%
|
$8,539
|
MORTGAGE INVESTORS GROUP, INC.
|
2
|
4.94%
|
$14,512
|
HOMESTAR FINANCIAL CORPORATION
|
2
|
5.75%
|
$5,122
|
ZILLOW HOME LOANS, LLC
|
1
|
4.38%
|
$13,466
|
ABSOLUTE HOME MORTGAGE CORPORATION
|
1
|
5.63%
|
$11,250
|
AMERICAN FINANCING CORPORATION
|
1
|
3.25%
|
$4,116
|
AMERIFIRST FINANCIAL CORPORATION
|
1
|
3.25%
|
$9,584
|
AXIA FINANCIAL, LLC
|
1
|
4.00%
|
$14,850
|
Bank of America
|
1
|
2.63%
|
$10,512
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
6.75%
|
$9,632
|
BECKAM FUNDING CORP.
|
1
|
5.13%
|
$16,609
|
Century Mortgage Company DBA Century Lending Company
|
1
|
3.38%
|
$10,357
|
Christensen Financial, Inc.
|
1
|
4.63%
|
$7,705
|
CMG MORTGAGE, INC.
|
1
|
7.25%
|
$9,635
|
Colonial Savings, F.A.
|
1
|
4.13%
|
$3,985
|
CONTOUR MORTGAGE CORPORATION
|
1
|
4.00%
|
$8,299
|
CORNERSTONE HOME LENDING, INC.
|
1
|
6.25%
|
$12,865
|
CRESCENT MORTGAGE COMPANY
|
1
|
6.00%
|
$10,962
|
DAS Acquisition Company, LLC
|
1
|
5.00%
|
$12,867
|
EMBRACE HOME LOANS, INC.
|
1
|
5.75%
|
$11,710
|
FBC MORTGAGE, LLC
|
1
|
4.25%
|
$11,458
|
FIDELITY BANK
|
1
|
3.88%
|
$8,681
|
FIDELITY FUNDING MORTGAGE CORP.
|
1
|
6.63%
|
$7,091
|
FIRST COMMUNITY MORTGAGE, INC.
|
1
|
5.13%
|
$7,293
|
First Guaranty Mortgage Corporation
|
1
|
3.50%
|
$6,580
|
First Horizon Bank
|
1
|
2.88%
|
$7,444
|
GUARANTY HOME MORTGAGE CORPORATION
|
1
|
5.50%
|
$6,296
|
Hancock Whitney Bank
|
1
|
5.75%
|
$6,012
|
HOME FINANCING CENTER, INC.
|
1
|
3.88%
|
$16,365
|
Hometown Equity Mortgage, LLC
|
1
|
6.13%
|
$23,162
|
INLANTA MORTGAGE, INC.
|
1
|
4.38%
|
$9,429
|
Integrity Home Mortgage Corp
|
1
|
5.00%
|
$10,588
|
JAMES B. NUTTER & COMPANY
|
1
|
4.00%
|
$1,772
|
JPMorgan Chase Bank
|
1
|
5.25%
|
$9,339
|
LOANPAL, LLC
|
1
|
3.50%
|
$9,711
|
MID AMERICA MORTGAGE, INC.
|
1
|
6.75%
|
$8,824
|
MILEND, INC.
|
1
|
6.63%
|
$18,348
|
MORTGAGE ONE OF THE SOUTH, INC.
|
1
|
4.75%
|
$8,624
|
Mortgage Research Center, LLC
|
1
|
7.25%
|
$9,999
|
NFM, INC.
|
1
|
6.13%
|
$11,129
|
NP, Inc.
|
1
|
5.63%
|
$20,273
|
OCEANSIDE MORTGAGE COMPANY
|
1
|
2.88%
|
$2,363
|
PHH Mortgage Corporation
|
1
|
6.63%
|
$14,722
|
POLARIS HOME FUNDING CORP.
|
1
|
4.25%
|
$14,272
|
PREMIER LENDING, INC.
|
1
|
4.50%
|
$10,232
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
1
|
5.25%
|
$6,183
|
Progress Bank and Trust
|
1
|
5.63%
|
$9,620
|
Prosperity Home Mortgage, LLC
|
1
|
5.63%
|
$9,926
|
RELIANCE FIRST CAPITAL, LLC
|
1
|
4.13%
|
$11,108
|
Republic State Mortgage Co.
|
1
|
4.50%
|
$7,957
|
ROYAL UNITED MORTGAGE LLC
|
1
|
4.50%
|
$10,199
|
S1L, Inc.
|
1
|
6.63%
|
$8,561
|
SOUTHPOINT FINANCIAL SERVICES, INC.
|
1
|
4.13%
|
$7,864
|
SOUTHWEST STAGE FUNDING, LLC
|
1
|
6.25%
|
$8,158
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
4.13%
|
$4,339
|
TOP FLITE FINANCIAL, INC.
|
1
|
5.75%
|
$9,777
|
TOWNE MORTGAGE COMPANY
|
1
|
4.75%
|
$10,994
|
Truist
|
1
|
6.38%
|
$11,118
|
UNITED MORTGAGE CORP
|
1
|
5.25%
|
$15,178
|
Univest Bank and Trust Co.
|
1
|
4.63%
|
$7,594
|
U.S. Bank
|
1
|
7.25%
|
$9,381
|
Victorian Finance, LLC
|
1
|
6.13%
|
$9,742
|
1ST SIGNATURE LENDING, LLC
|
1
|
5.50%
|
$14,512
|
The top Panama City FHA lender as defined by loan originations is Trustmark National Bank, with
62 FHA loans originated. Their average total fees are
$8,086, which is $3,655
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Panama City FHA lenders (with over 10 loans originated) are
Trustmark National Bank ($8,086), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,562), THE MORTGAGE FIRM, INC. ($8,631), Tyndall Federal Credit Union ($8,695) and Regions Bank ($8,748).
The lowest rate Panama City FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.90%), DHI MORTGAGE COMPANY, LTD. (4.22%), Regions Bank (4.33%), LOANDEPOT.COM, LLC (4.52%) and QUICKEN LOANS, LLC (4.53%).
Panama City FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
PANAMA CITY, FL |
BAY |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
PANAMA CITY, FL |
BAY |
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).