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 141 lenders originated 1,055 FHA loans during 2021. The total origination value was $223,165,000, with an average FHA loan value of $211,531.

Panama City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Panama City averaged 6.23% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Panama City's average FHA mortgage closing costs are $7,225.

The average rate for the prior week (2022-11-25) was 6.25% and one month ago for the week of 2022-10-28, the average rate was 6.99%.

The average rate one year ago was 3.62%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.15%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Trustmark National Bank 126 2.79% $7,388
QUICKEN LOANS, LLC 96 2.74% $7,003
CALIBER HOME LOANS, INC. 73 2.98% $7,497
DHI MORTGAGE COMPANY, LTD. 63 2.80% $8,093
BROKER SOLUTIONS, INC. 40 3.48% $8,584
LAKEVIEW LOAN SERVICING, LLC 31 3.08% $4,711
LOANDEPOT.COM, LLC 30 2.94% $9,016
UNITED WHOLESALE MORTGAGE, LLC 29 2.69% $7,705
Centennial Bank 29 3.05% $8,581
FREEDOM MORTGAGE CORPORATION 21 2.97% $5,041
PENNYMAC LOAN SERVICES, LLC 16 3.05% $4,995
Tyndall Federal Credit Union 15 2.84% $6,842
SUCCESS MORTGAGE PARTNERS, INC. 15 3.41% $8,975
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 14 2.77% $7,842
Regions Bank 14 2.67% $7,963
Carrington Mortgage Services, LLC 14 3.62% $9,676
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 2.80% $7,156
Mr. Cooper ( Nationstar Mortgage ) 13 3.11% $4,269
HANCOCK MORTGAGE PARTNERS, LLC 12 3.34% $8,070
Bank of England 11 3.19% $9,530
First Federal Bank 10 3.30% $6,458
SmartBank 10 2.50% $7,956
Waterstone Mortgage Corporation 8 2.91% $9,559
United Fidelity Funding Corp. 8 3.14% $10,849
MOVEMENT MORTGAGE, LLC 8 3.23% $7,649
Hometown Lenders, Inc. 7 3.32% $8,701
Nations Lending Corporation 6 3.40% $9,276
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 3.38% $8,975
Hancock Whitney Bank 5 2.45% $7,582
AMERICAN FINANCIAL NETWORK, INC. 5 3.70% $12,153
HOME POINT FINANCIAL CORPORATION 5 2.95% $9,630
Equity Prime Mortgage LLC 5 3.65% $10,364
CROSSCOUNTRY MORTGAGE, LLC 5 3.33% $9,595
CERTAINTY HOME LOANS, LLC 5 3.35% $7,602
AmeriHome Mortgage Company, LLC 4 3.25% $4,413
PLAZA HOME MORTGAGE, INC. 4 2.97% $10,480
Republic State Mortgage Co. 4 3.50% $7,073
PLANET HOME LENDING, LLC 4 3.19% $9,089
Paramount Residential Mortgage Group, Inc. 4 3.56% $9,619
HOMESTAR FINANCIAL CORPORATION 4 3.13% $6,580
SOUTHWEST STAGE FUNDING, LLC 4 3.53% $5,386
ACOPIA, LLC 4 2.56% $7,019
CMG MORTGAGE, INC. 4 3.84% $9,313
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.38% $7,725
TOP FLITE FINANCIAL, INC. 3 3.21% $12,154
Renasant Bank 3 3.12% $7,655
AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.25% $8,419
NEWREZ LLC 3 2.96% $5,000
NATIONS DIRECT MORTGAGE, LLC 3 3.54% $6,401
LOANPAL, LLC 3 2.58% $7,427
THE MORTGAGE FIRM, INC. 3 3.71% $7,781
The Federal Savings Bank 2 3.00% $8,127
MICHIGAN MUTUAL, INC. 2 3.25% $8,854
AMERIFIRST FINANCIAL CORPORATION 2 4.06% $8,310
MORTGAGE INVESTORS GROUP, INC. 2 2.88% $8,553
Mortgage Research Center, LLC 2 3.19% $5,223
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.88% $8,934
FBC MORTGAGE, LLC 2 2.87% $8,108
FBT Mortgage, L.L.C. 2 2.56% $7,341
OCMBC, INC. 2 2.94% $5,616
FIDELITY BANK 2 3.38% $11,669
First Guaranty Mortgage Corporation 2 2.63% $6,502
Progress Bank and Trust 2 2.94% $7,086
RESIDENTIAL BANCORP. 2 3.19% $7,184
AMERISAVE MORTGAGE CORPORATION 2 3.00% $9,116
Ameris Bank 2 2.81% $6,079
Lakeview Community Capital, LLC 2 3.19% $4,645
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.94% $9,245
TOTAL MORTGAGE SERVICES, LLC 2 3.69% $8,949
BancorpSouth Bank 2 2.94% $5,969
Wells Fargo Bank 2 3.19% $5,885
HOMESIDE FINANCIAL, LLC 2 3.25% $7,930
Hometown Equity Mortgage, LLC 2 2.69% $8,965
INLANTA MORTGAGE, INC. 2 2.88% $6,454
INTERLINC MORTGAGE SERVICES, LLC 2 3.44% $5,603
BETTER MORTGAGE CORPORATION 2 2.69% $7,752
KELLER MORTGAGE, LLC 2 2.63% $9,748
ZILLOW HOME LOANS, LLC 1 2.63% $10,780
1ST SIGNATURE LENDING, LLC 1 3.50% $7,784
AMCAP MORTGAGE, LTD. 1 3.00% $8,603
AMERICAN FINANCING CORPORATION 1 2.25% $6,584
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 2.88% $9,823
Bank of America 1 3.25% $9,469
BAYSHORE MORTGAGE FUNDING, LLC 1 3.38% $9,649
Beach Community Mortgage Services, Inc. 1 2.75% $7,225
CANOPY MORTGAGE, LLC 1 4.25% $10,179
CELEBRITY HOME LOANS, LLC 1 2.50% $8,576
CHAMPIONS MORTGAGE LLC 1 2.75% $8,424
CHURCHILL MORTGAGE CORPORATION 1 2.38% $8,281
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.25% $6,943
CityWorth Mortgage LLC 1 2.88% $6,796
COLUMBUS CAPITAL LENDING, LLC 1 2.75% $7,279
COMPASS MORTGAGE, INC. 1 2.88% $10,463
CORNERSTONE HOME LENDING, INC. 1 3.25% $13,325
COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $10,847
DAS Acquisition Company, LLC 1 2.13% $9,599
DATA MORTGAGE, INC. 1 3.75% $8,061
DRAPER AND KRAMER MORTGAGE CORP. 1 3.75% $8,616
EMBRACE HOME LOANS, INC. 1 3.75% $6,733
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $13,734
FIRST HOME MORTGAGE CORPORATION 1 3.00% $11,684
Fortress Bank 1 3.00% $6,728
Gateway First Bank 1 3.88% $5,415
GENEVA FINANCIAL, LLC 1 2.63% $15,808
George Mason Mortgage, LLC 1 3.49% $10,725
Goldwater Bank, N.A. 1 2.88% $12,386
GUARANTEED RATE AFFINITY, LLC 1 3.00% $7,553
GUARANTEED RATE, INC. 1 3.00% $6,044
GUILD MORTGAGE COMPANY 1 3.75% $6,283
HALLMARK HOME MORTGAGE, LLC 1 3.13% $7,532
HAMILTON HOME LOANS, INC. 1 3.50% $14,933
HARBORONE MORTGAGE, LLC 1 3.25% $7,770
Home Mortgage Alliance Corp 1 3.25% $10,788
InterContinental Capital Group, Inc 1 2.75% $7,477
JPMorgan Chase Bank 1 2.75% $7,508
LEADERONE FINANCIAL CORPORATION 1 3.63% $5,663
Low VA Rates, LLC 1 3.25% $3,236
Magnolia Bank 1 3.13% $11,148
MID AMERICA MORTGAGE, INC. 1 4.25% $9,148
MORTGAGE FINANCIAL GROUP, INC. 1 3.38% $16,451
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $13,156
NATIONS RELIABLE LENDING, LLC 1 3.25% $6,925
OCEANSIDE MORTGAGE COMPANY 1 2.75% $3,058
OPEN MORTGAGE, LLC 1 3.13% $9,412
PANORAMA MORTGAGE GROUP, LLC 1 3.88% $9,622
PHH Mortgage Corporation 1 3.63% $2,334
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.50% $6,391
RANLIFE, INC. 1 2.25% $12,943
RAPID MORTGAGE COMPANY 1 3.25% $8,558
READY MORTGAGE LENDERS, LLC 1 2.88% $22,012
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 2.88% $9,432
SOVEREIGN LENDING GROUP INCORPORATED 1 3.88% $9,156
Strong Home Mortgage, LLC 1 2.50% $5,338
SUN WEST MORTGAGE COMPANY, INC. 1 3.00% $9,535
THOMPSON KANE & COMPANY, LLC 1 3.63% $13,597
UNITED MORTGAGE CORP. 1 2.38% $8,529
UNIVERSITY LENDING GROUP, LLC 1 2.63% $9,597
US MORTGAGE CORPORATION 1 3.13% $7,224
VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.75% $7,605
VILLAGE CAPITAL MORTGAGE 1 3.25% $1,131
1st Constitution Bank 1 3.25% $5,306

The top Panama City FHA lender as defined by loan originations is Trustmark National Bank, with 126 FHA loans originated. Their average total fees are $7,388, which is $385 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Panama City FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,269), LAKEVIEW LOAN SERVICING, LLC ($4,711), PENNYMAC LOAN SERVICES, LLC ($4,995), FREEDOM MORTGAGE CORPORATION ($5,041) and First Federal Bank ($6,458).

The lowest rate Panama City FHA lenders (with over 10 loans originated) are SmartBank (2.50%), Regions Bank (2.67%), UNITED WHOLESALE MORTGAGE, LLC (2.69%), QUICKEN LOANS, LLC (2.74%) and CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP (2.77%).

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

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 $270,625 (4.5%) $349,779 (5.0%) 1.00 1,630
2018-02-01 $270,000 (4.9%) $348,602 (4.6%) 0.98 1,658
2018-03-01 $275,000 (5.8%) $352,283 (3.7%) 0.96 1,688
2018-04-01 $284,950 (5.6%) $356,074 (2.2%) 0.97 1,747
2018-05-01 $280,344 (2.3%) $364,775 (3.0%) 0.94 1,777
2018-06-01 $289,900 (5.4%) $375,850 (4.9%) 0.97 1,679
2018-07-01 $289,000 (5.1%) $381,967 (5.9%) 0.96 1,684
2018-08-01 $288,500 (4.9%) $382,500 (4.8%) 0.97 1,716
2018-09-01 $285,000 (3.7%) $368,573 (2.3%) 0.96 1,774
2018-10-01 $287,000 (6.3%) $371,824 (4.7%) 0.97 1,688
2018-11-01 $296,375 (7.8%) $386,260 (9.6%) 1.00 1,463
2018-12-01 $308,000 (12.1%) $392,139 (9.0%) 1.06 1,504
2019-01-01 $309,725 (14.5%) $392,400 (12.2%) 1.07 1,461
2019-02-01 $312,495 (15.7%) $400,050 (14.8%) 1.06 1,537
2019-03-01 $321,000 (16.7%) $408,021 (15.8%) 1.05 1,538
2019-04-01 $328,000 (15.1%) $417,208 (17.2%) 1.04 1,522
2019-05-01 $320,163 (14.2%) $417,096 (14.3%) 1.00 1,598
2019-06-01 $319,900 (10.4%) $406,316 (8.1%) 1.00 1,585
2019-07-01 $322,450 (11.6%) $410,543 (7.5%) 1.01 1,608
2019-08-01 $318,155 (10.3%) $403,431 (5.5%) 1.01 1,691
2019-09-01 $307,886 (8.0%) $392,382 (6.5%) 0.99 1,792
2019-10-01 $299,900 (4.5%) $384,304 (3.4%) 0.97 1,859
2019-11-01 $299,000 (0.9%) $378,648 (-2.0%) 0.98 1,868
2019-12-01 $297,125 (-3.5%) $373,615 (-4.7%) 0.99 1,941
2020-01-01 $294,725 (-4.8%) $378,901 (-3.4%) 0.98 1,876
2020-02-01 $289,500 (-7.4%) $375,593 (-6.1%) 0.95 1,903
2020-03-01 $297,450 (-7.3%) $383,250 (-6.1%) 0.93 2,006
2020-04-01 $297,350 (-9.3%) $381,660 (-8.5%) 0.93 2,220
2020-05-01 $299,000 (-6.6%) $385,193 (-7.7%) 0.91 2,159
2020-06-01 $313,575 (-2.0%) $389,780 (-4.1%) 0.92 1,912
2020-07-01 $313,456 (-2.8%) $391,507 (-4.6%) 0.91 1,734
2020-08-01 $314,900 (-1.0%) $394,381 (-2.2%) 0.90 1,616
2020-09-01 $309,975 (0.7%) $401,484 (2.3%) 0.89 1,433
2020-10-01 $312,000 (4.0%) $417,703 (8.7%) 0.89 1,356
2020-11-01 $309,900 (3.7%) $432,027 (14.1%) 0.90 1,332
2020-12-01 $296,594 (-0.2%) $418,595 (12.0%) 0.88 1,421
2021-01-01 $290,000 (-1.6%) $406,139 (7.2%) 0.87 1,421
2021-02-01 $291,594 (0.7%) $422,639 (12.5%) 0.85 1,006
2021-03-01 $297,998 (0.2%) $448,470 (17.0%) 0.85 815
2021-04-01 $315,645 (6.2%) $496,767 (30.2%) 0.85 680
2021-05-01 $337,948 (13.0%) $537,065 (39.4%) 0.89 645
2021-06-01 $359,900 (14.8%) $564,142 (44.7%) 0.95 657
2021-07-01 $384,000 (22.5%) $551,426 (40.9%) 1.01 841
2021-08-01 $399,800 (27.0%) $557,789 (41.4%) 1.07 1,002
2021-09-01 $404,500 (30.5%) $564,264 (40.5%) 1.08 1,047
2021-10-01 $406,247 (30.2%) $558,509 (33.7%) 1.08 1,025
2021-11-01 $389,900 (25.8%) $556,150 (28.7%) 1.04 917
2021-12-01 $372,000 (25.4%) $555,265 (32.7%) 1.01 837
2022-01-01 $375,000 (29.3%) $587,886 (44.8%) 1.01 703
2022-02-01 $412,497 (41.5%) $625,236 (47.9%) 1.07 576
2022-03-01 $433,825 (45.6%) $683,138 (52.3%) 1.09 610
2022-04-01 $472,500 (49.7%) $715,785 (44.1%) 1.13 775
2022-05-01 $489,000 (44.7%) $747,285 (39.1%) 1.12 965
2022-06-01 $499,450 (38.8%) $730,758 (29.5%) 1.11 1,191
2022-07-01 $495,000 (28.9%) $684,384 (24.1%) 1.12 1,477
2022-08-01 $484,900 (21.3%) $660,522 (18.4%) 1.12 1,620
2022-09-01 $454,500 (12.4%) $629,312 (11.5%) 1.06 1,673
2022-10-01 $448,000 (10.3%) $611,341 (9.5%) 1.05 1,740
2022-11-01 $439,900 (12.8%) $593,238 (6.7%) 1.06 1,779
Panama City's median listing price for 2022-11-01 was $439,900, a difference of $50,000 (12.8%) versus the prior year and $-8,100 versus the prior month.

Panama City's median listing price comes in at 106% of the national average.

Panama City's average listing price for 2022-11-01 was $593,238, a difference of $37,088 (6.7%) versus the prior year and $-18,103 versus the prior month.

For the 2022-11-01 period, Panama City had 1,779 MLS listings, a difference of 39 listings (2%) versus the prior month and 862 listings (94%) 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
2018-01-01 100 days 1,604 sqft
2018-02-01 92 days 1,612 sqft
2018-03-01 67 days 1,620 sqft
2018-04-01 67 days 1,629 sqft
2018-05-01 65 days 1,630 sqft
2018-06-01 76 days 1,657 sqft
2018-07-01 79 days 1,679 sqft
2018-08-01 80 days 1,651 sqft
2018-09-01 78 days 1,635 sqft
2018-10-01 93 days 1,625 sqft
2018-11-01 108 days 1,605 sqft
2018-12-01 109 days 1,542 sqft
2019-01-01 107 days 1,542 sqft
2019-02-01 83 days 1,518 sqft
2019-03-01 81 days 1,515 sqft
2019-04-01 76 days 1,506 sqft
2019-05-01 68 days 1,517 sqft
2019-06-01 66 days 1,542 sqft
2019-07-01 69 days 1,561 sqft
2019-08-01 69 days 1,548 sqft
2019-09-01 69 days 1,529 sqft
2019-10-01 69 days 1,522 sqft
2019-11-01 75 days 1,541 sqft
2019-12-01 87 days 1,542 sqft
2020-01-01 90 days 1,542 sqft
2020-02-01 85 days 1,540 sqft
2020-03-01 75 days 1,542 sqft
2020-04-01 76 days 1,542 sqft
2020-05-01 85 days 1,533 sqft
2020-06-01 98 days 1,542 sqft
2020-07-01 94 days 1,562 sqft
2020-08-01 79 days 1,562 sqft
2020-09-01 76 days 1,542 sqft
2020-10-01 68 days 1,560 sqft
2020-11-01 57 days 1,600 sqft
2020-12-01 55 days 1,624 sqft
2021-01-01 64 days 1,600 sqft
2021-02-01 65 days 1,573 sqft
2021-03-01 47 days 1,607 sqft
2021-04-01 44 days 1,636 sqft
2021-05-01 29 days 1,670 sqft
2021-06-01 32 days 1,582 sqft
2021-07-01 29 days 1,536 sqft
2021-08-01 35 days 1,527 sqft
2021-09-01 42 days 1,549 sqft
2021-10-01 53 days 1,593 sqft
2021-11-01 52 days 1,635 sqft
2021-12-01 53 days 1,648 sqft
2022-01-01 54 days 1,693 sqft
2022-02-01 34 days 1,684 sqft
2022-03-01 32 days 1,692 sqft
2022-04-01 32 days 1,593 sqft
2022-05-01 38 days 1,571 sqft
2022-06-01 43 days 1,572 sqft
2022-07-01 45 days 1,555 sqft
2022-08-01 55 days 1,553 sqft
2022-09-01 62 days 1,560 sqft
2022-10-01 65 days 1,560 sqft
2022-11-01 74 days 1,563 sqft
Panama City's median listing age (time on market) for 2022-11-01 was 74 days. This is 42% longer than the same period one year ago.

Panama City's median square footage for active listings during the 2022-11-01 period was 1,563 sqft. One year prior, the average listing was 1,635 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).