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 104 lenders originated 748 FHA loans during 2023. The total origination value was $191,530,000, with an average FHA loan value of $256,056.

Panama City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Panama City averaged 6.53% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Panama City's average FHA mortgage closing costs are $8,223.

The average rate for the prior week (2024-05-17) was 6.53% and one month ago for the week of 2024-04-19, the average rate was 6.55%.

The average rate one year ago was 6.37%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.18%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 110 5.55% $8,788
UNITED WHOLESALE MORTGAGE, LLC 66 6.45% $12,284
QUICKEN LOANS, LLC 59 6.28% $12,227
CARDINAL FINANCIAL 44 6.86% $11,154
Trustmark National Bank 30 6.49% $9,611
BROKER SOLUTIONS, INC. 26 6.15% $11,553
Centennial Bank 20 6.66% $9,335
GUARANTEED RATE, INC. 18 6.51% $11,754
Regions Bank 18 5.80% $10,809
CROSSCOUNTRY MORTGAGE, LLC 16 6.55% $13,307
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.40% $11,435
LOANDEPOT.COM, LLC 13 6.37% $11,078
POINT Mortgage 12 6.83% $12,804
PRIMELENDING, A PLAINSCAPITAL COMPANY 11 6.34% $10,811
Equity Prime Mortgage LLC 11 6.68% $10,327
Tyndall Federal Credit Union 11 6.56% $9,140
NEWREZ LLC 10 6.69% $13,614
LAND HOME FINANCIAL SERVICES, INC. 10 6.38% $11,256
FREEDOM MORTGAGE CORPORATION 8 6.70% $13,994
MUTUAL OF OMAHA MORTGAGE, INC. 7 6.98% $9,754
First Federal Bank 7 6.59% $6,572
PLAZA HOME MORTGAGE, INC. 6 6.58% $8,605
PENNYMAC LOAN SERVICES, LLC 5 6.12% $13,207
Truist 5 6.05% $10,066
Carrington Mortgage Services, LLC 5 5.98% $14,789
Bank of England 5 6.65% $13,933
AMERICAN FINANCIAL NETWORK, INC. 5 7.08% $13,331
THE MORTGAGE FIRM, INC. 5 7.18% $13,144
OPEN MORTGAGE, LLC 5 6.10% $11,260
United Fidelity Funding Corp. 5 6.58% $10,758
Northpointe Bank 4 6.78% $10,040
EMM LOANS LLC 4 6.38% $13,602
Ameris Bank 4 6.28% $11,195
FBC MORTGAGE, LLC 4 7.16% $10,902
MICHIGAN MUTUAL, INC. 4 6.03% $14,334
MORTGAGE INVESTORS GROUP, INC. 4 6.72% $12,167
Mr. Cooper ( Nationstar Mortgage ) 4 5.75% $13,971
Mortgage Research Center, LLC 3 6.96% $10,003
MOVEMENT MORTGAGE, LLC 3 5.92% $10,132
Prosperity Home Mortgage, LLC 3 6.08% $15,973
Paramount Residential Mortgage Group, Inc. 3 6.79% $13,465
SUCCESS MORTGAGE PARTNERS, INC. 3 7.50% $14,792
Wells Fargo Bank 3 6.42% $9,848
United Community Bank 3 6.08% $12,402
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.83% $10,344
Plains Commerce Bank 3 6.96% $8,285
PLANET HOME LENDING, LLC 2 6.00% $12,934
NOVA FINANCIAL & INVESTMENT CORPORATION 2 6.00% $5,820
NFM, INC. 2 6.13% $10,291
DAS Acquisition Company, LLC 2 7.75% $11,808
Nations Lending Corporation 2 6.50% $10,176
Capital City Home Loans, LLC 2 6.88% $13,486
SWBC MORTGAGE CORPORATION 2 6.69% $5,659
GARDNER FINANCIAL SERVICES, LTD. 2 7.38% $11,094
SUN WEST MORTGAGE COMPANY, INC. 2 6.31% $12,985
Fifth Third Bank 2 6.00% $9,902
INSPIRE HOME LOANS INC. 2 5.25% $8,645
BancorpSouth 2 5.94% $9,814
Sierra Pacific Mortgage Company, Inc. 2 5.50% $18,929
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.44% $13,596
CMG MORTGAGE, INC. 2 7.19% $11,988
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.81% $15,760
ZILLOW HOME LOANS, LLC 1 5.50% $16,864
ACADEMY MORTGAGE CORPORATION 1 7.25% $9,284
AHL FUNDING 1 7.00% $13,441
AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $7,614
AMERICAN FINANCING CORPORATION 1 5.63% $10,350
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $19,253
ASPIRE FINANCIAL, INC. 1 5.75% $8,013
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $9,404
BankPlus 1 6.63% $4,670
CALCON MUTUAL MORTGAGE LLC 1 7.00% $15,859
Century Mortgage Company DBA Century Lending Company 1 7.25% $11,798
Community Bank of Mississippi 1 7.13% $10,927
COUNTRYPLACE MORTGAGE, LTD. 1 6.50% $22,508
ENDEAVOR CAPITAL, LLC. 1 5.75% $6,518
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 6.99% $16,038
GUARANTEED RATE AFFINITY, LLC 1 6.25% $9,481
GUILD MORTGAGE COMPANY 1 6.63% $11,428
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.25% $9,297
HOMESIDE FINANCIAL, LLC 1 7.63% $16,486
Lakeview Community Capital, LLC 1 5.63% $11,157
LOANLEADERS OF AMERICA, INC. 1 6.25% $14,217
Loan Simple, Inc. 1 5.50% $16,735
MID AMERICA MORTGAGE, INC. 1 7.38% $5,063
MORTGAGE ONE OF THE SOUTH, INC. 1 6.00% $7,524
NATIONS DIRECT MORTGAGE, LLC 1 6.75% $16,101
ON Q FINANCIAL, INC. 1 7.75% $16,995
POLARIS HOME FUNDING CORP. 1 6.63% $12,682
RELIANCE FIRST CAPITAL, LLC 1 7.00% $6,181
RESIDENTIAL BANCORP 1 7.50% $16,929
RESIDENTIAL HOME MORTGAGE CORPORATION 1 6.13% $12,019
ROYAL UNITED MORTGAGE LLC 1 6.88% $10,772
SECURITYNATIONAL MORTGAGE COMPANY 1 6.63% $8,718
SmartBank 1 6.25% $9,673
SOVEREIGN LENDING GROUP INCORPORATED 1 5.00% $9,931
STOCKTON MORTGAGE CORPORATION 1 5.63% $13,643
SUMMIT FUNDING, INC. 1 6.25% $19,041
Towne Bank 1 6.63% $11,448
TOWNE MORTGAGE COMPANY 1 6.75% $15,235
UNIVERSAL MORTGAGE & FINANCE, INC. 1 6.63% $23,525
University Bank 1 6.25% $10,132
Waterstone Mortgage Corporation 1 6.13% $11,304
1ST SIGNATURE LENDING, LLC 1 6.50% $15,694

The top Panama City FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 110 FHA loans originated. Their average total fees are $8,788, which is $3,497 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Panama City FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,788), Tyndall Federal Credit Union ($9,140), Centennial Bank ($9,335), Trustmark National Bank ($9,611) and Equity Prime Mortgage LLC ($10,327).

The lowest rate Panama City FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.55%), Regions Bank (5.80%), BROKER SOLUTIONS, INC. (6.15%), QUICKEN LOANS, LLC (6.28%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (6.34%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Panama City (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 $269,500 (4.1%) $347,027 (6.4%) 1.00 1,619
2018-02-01 $270,000 (5.2%) $346,524 (5.9%) 0.98 1,648
2018-03-01 $275,000 (5.8%) $351,065 (4.9%) 0.96 1,679
2018-04-01 $284,950 (5.6%) $353,949 (2.7%) 0.97 1,740
2018-05-01 $280,000 (2.4%) $357,514 (2.2%) 0.94 1,772
2018-06-01 $289,900 (5.4%) $368,241 (4.2%) 0.97 1,673
2018-07-01 $289,000 (5.1%) $374,542 (5.2%) 0.97 1,675
2018-08-01 $285,675 (4.4%) $375,124 (3.8%) 0.96 1,707
2018-09-01 $285,000 (4.0%) $368,025 (3.0%) 0.96 1,767
2018-10-01 $285,000 (5.6%) $371,545 (5.1%) 0.97 1,683
2018-11-01 $295,450 (7.5%) $384,845 (9.6%) 1.00 1,455
2018-12-01 $307,000 (12.0%) $390,661 (9.0%) 1.06 1,496
2019-01-01 $309,250 (14.8%) $391,198 (12.7%) 1.07 1,452
2019-02-01 $312,350 (15.7%) $398,621 (15.0%) 1.06 1,530
2019-03-01 $320,514 (16.6%) $405,163 (15.4%) 1.05 1,528
2019-04-01 $327,064 (14.8%) $412,571 (16.6%) 1.04 1,511
2019-05-01 $319,950 (14.3%) $413,684 (15.7%) 1.00 1,584
2019-06-01 $319,900 (10.4%) $402,662 (9.4%) 1.00 1,572
2019-07-01 $322,450 (11.6%) $405,862 (8.4%) 1.01 1,590
2019-08-01 $317,970 (11.3%) $398,138 (6.1%) 1.01 1,671
2019-09-01 $307,426 (7.9%) $386,830 (5.1%) 0.98 1,770
2019-10-01 $299,550 (5.1%) $378,823 (2.0%) 0.97 1,835
2019-11-01 $299,000 (1.2%) $375,545 (-2.4%) 0.98 1,848
2019-12-01 $295,000 (-3.9%) $367,317 (-6.0%) 0.98 1,914
2020-01-01 $293,631 (-5.1%) $373,579 (-4.5%) 0.98 1,852
2020-02-01 $289,000 (-7.5%) $370,127 (-7.2%) 0.95 1,878
2020-03-01 $295,668 (-7.8%) $378,018 (-6.7%) 0.93 1,981
2020-04-01 $295,000 (-9.8%) $376,533 (-8.7%) 0.92 2,187
2020-05-01 $299,000 (-6.6%) $379,824 (-8.2%) 0.91 2,125
2020-06-01 $309,963 (-3.1%) $385,941 (-4.2%) 0.91 1,883
2020-07-01 $310,963 (-3.6%) $388,274 (-4.3%) 0.90 1,708
2020-08-01 $312,025 (-1.9%) $391,937 (-1.6%) 0.89 1,593
2020-09-01 $309,438 (0.7%) $398,944 (3.1%) 0.89 1,414
2020-10-01 $310,500 (3.7%) $404,115 (6.7%) 0.89 1,339
2020-11-01 $309,500 (3.5%) $416,889 (11.0%) 0.91 1,316
2020-12-01 $296,344 (0.5%) $410,702 (11.8%) 0.88 1,407
2021-01-01 $289,998 (-1.2%) $396,567 (6.2%) 0.87 1,407
2021-02-01 $290,531 (0.5%) $413,220 (11.6%) 0.85 994
2021-03-01 $297,919 (0.8%) $440,105 (16.4%) 0.85 803
2021-04-01 $315,923 (7.1%) $484,398 (28.7%) 0.86 670
2021-05-01 $337,724 (13.0%) $512,575 (35.0%) 0.90 632
2021-06-01 $359,900 (16.1%) $537,509 (39.3%) 0.95 641
2021-07-01 $384,000 (23.5%) $533,949 (37.5%) 1.01 827
2021-08-01 $399,950 (28.2%) $551,069 (40.6%) 1.07 985
2021-09-01 $404,750 (30.8%) $556,127 (39.4%) 1.08 1,034
2021-10-01 $406,247 (30.8%) $557,206 (37.9%) 1.08 1,012
2021-11-01 $389,950 (26.0%) $557,849 (33.8%) 1.04 904
2021-12-01 $370,750 (25.1%) $556,633 (35.5%) 1.00 824
2022-01-01 $376,700 (29.9%) $588,365 (48.4%) 1.02 692
2022-02-01 $419,950 (44.6%) $627,367 (51.8%) 1.09 567
2022-03-01 $434,325 (45.8%) $686,081 (55.9%) 1.09 602
2022-04-01 $475,000 (50.4%) $717,041 (48.0%) 1.13 765
2022-05-01 $489,500 (44.9%) $747,289 (45.8%) 1.12 954
2022-06-01 $499,700 (38.8%) $731,071 (36.0%) 1.11 1,180
2022-07-01 $495,000 (28.9%) $686,244 (28.5%) 1.12 1,468
2022-08-01 $484,925 (21.3%) $662,483 (20.2%) 1.12 1,612
2022-09-01 $457,075 (12.9%) $630,773 (13.4%) 1.07 1,665
2022-10-01 $449,000 (10.5%) $610,451 (9.6%) 1.06 1,732
2022-11-01 $439,900 (12.8%) $593,532 (6.4%) 1.06 1,770
2022-12-01 $439,700 (18.6%) $595,897 (7.1%) 1.09 1,688
2023-01-01 $442,400 (17.4%) $599,035 (1.8%) 1.10 1,569
2023-02-01 $439,950 (4.8%) $594,983 (-5.2%) 1.06 1,488
2023-03-01 $439,000 (1.1%) $603,560 (-12.0%) 1.04 1,484
2023-04-01 $459,000 (-3.4%) $635,978 (-11.3%) 1.07 1,488
2023-05-01 $452,200 (-7.6%) $633,731 (-15.2%) 1.03 1,631
2023-06-01 $459,565 (-8.0%) $645,800 (-11.7%) 1.03 1,666
2023-07-01 $464,450 (-6.2%) $654,536 (-4.6%) 1.06 1,687
2023-08-01 $454,900 (-6.2%) $643,127 (-2.9%) 1.04 1,805
2023-09-01 $459,000 (0.4%) $640,843 (1.6%) 1.07 1,863
2023-10-01 $457,000 (1.8%) $640,087 (4.9%) 1.08 1,972
2023-11-01 $449,988 (2.3%) $624,714 (5.3%) 1.07 2,118
2023-12-01 $449,900 (2.3%) $617,508 (3.6%) 1.10 2,149
2024-01-01 $447,375 (1.1%) $608,943 (1.7%) 1.09 2,127
2024-02-01 $440,350 (0.1%) $609,520 (2.4%) 1.06 2,216
2024-03-01 $449,000 (2.3%) $610,974 (1.2%) 1.06 2,362
2024-04-01 $449,948 (-2.0%) $616,735 (-3.0%) 1.05 2,480
Panama City's median listing price for 2024-04-01 was $449,948, a difference of $-9,052 (-2.0%) versus the prior year and $948 versus the prior month.

Panama City's median listing price comes in at 105% of the national average.

Panama City's average listing price for 2024-04-01 was $616,735, a difference of $-19,243 (-3.0%) versus the prior year and $5,761 versus the prior month.

For the 2024-04-01 period, Panama City had 2,480 MLS listings, a difference of 118 listings (5%) versus the prior month and 992 listings (67%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Panama City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 91 days 1,601 sqft
2018-02-01 77 days 1,613 sqft
2018-03-01 59 days 1,620 sqft
2018-04-01 59 days 1,629 sqft
2018-05-01 58 days 1,629 sqft
2018-06-01 70 days 1,655 sqft
2018-07-01 71 days 1,677 sqft
2018-08-01 71 days 1,648 sqft
2018-09-01 71 days 1,632 sqft
2018-10-01 85 days 1,621 sqft
2018-11-01 100 days 1,604 sqft
2018-12-01 101 days 1,542 sqft
2019-01-01 89 days 1,542 sqft
2019-02-01 75 days 1,516 sqft
2019-03-01 74 days 1,514 sqft
2019-04-01 66 days 1,506 sqft
2019-05-01 59 days 1,517 sqft
2019-06-01 57 days 1,542 sqft
2019-07-01 60 days 1,561 sqft
2019-08-01 61 days 1,547 sqft
2019-09-01 61 days 1,527 sqft
2019-10-01 63 days 1,518 sqft
2019-11-01 70 days 1,535 sqft
2019-12-01 77 days 1,538 sqft
2020-01-01 79 days 1,542 sqft
2020-02-01 70 days 1,532 sqft
2020-03-01 65 days 1,542 sqft
2020-04-01 67 days 1,542 sqft
2020-05-01 75 days 1,525 sqft
2020-06-01 85 days 1,542 sqft
2020-07-01 73 days 1,552 sqft
2020-08-01 63 days 1,559 sqft
2020-09-01 61 days 1,542 sqft
2020-10-01 56 days 1,558 sqft
2020-11-01 47 days 1,599 sqft
2020-12-01 51 days 1,624 sqft
2021-01-01 60 days 1,600 sqft
2021-02-01 61 days 1,573 sqft
2021-03-01 43 days 1,605 sqft
2021-04-01 40 days 1,636 sqft
2021-05-01 27 days 1,670 sqft
2021-06-01 31 days 1,582 sqft
2021-07-01 29 days 1,530 sqft
2021-08-01 34 days 1,532 sqft
2021-09-01 41 days 1,549 sqft
2021-10-01 52 days 1,593 sqft
2021-11-01 50 days 1,638 sqft
2021-12-01 51 days 1,648 sqft
2022-01-01 53 days 1,697 sqft
2022-02-01 32 days 1,690 sqft
2022-03-01 31 days 1,699 sqft
2022-04-01 32 days 1,594 sqft
2022-05-01 37 days 1,572 sqft
2022-06-01 41 days 1,573 sqft
2022-07-01 45 days 1,557 sqft
2022-08-01 54 days 1,556 sqft
2022-09-01 61 days 1,561 sqft
2022-10-01 64 days 1,560 sqft
2022-11-01 73 days 1,564 sqft
2022-12-01 82 days 1,565 sqft
2023-01-01 87 days 1,587 sqft
2023-02-01 83 days 1,549 sqft
2023-03-01 68 days 1,530 sqft
2023-04-01 61 days 1,477 sqft
2023-05-01 57 days 1,482 sqft
2023-06-01 60 days 1,493 sqft
2023-07-01 66 days 1,466 sqft
2023-08-01 68 days 1,454 sqft
2023-09-01 65 days 1,457 sqft
2023-10-01 67 days 1,450 sqft
2023-11-01 71 days 1,441 sqft
2023-12-01 79 days 1,417 sqft
2024-01-01 87 days 1,404 sqft
2024-02-01 89 days 1,403 sqft
2024-03-01 75 days 1,404 sqft
2024-04-01 74 days 1,400 sqft
Panama City's median listing age (time on market) for 2024-04-01 was 74 days. This is 20% longer than the same period one year ago.

Panama City's median square footage for active listings during the 2024-04-01 period was 1,400 sqft. One year prior, the average listing was 1,477 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).