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
-0.34%
for the week of 2023-06-02, compared to the national average (all FHA variants) of
0% for the same period.
Panama City's average FHA mortgage closing costs are $7,723.
The average rate for the prior week (2023-05-26) was
6.09% and
one month ago for the week of 2023-04-28, the
average rate was 6.04%.
The average rate one year ago was 4.9%.
For refis of the same type during the week of 2023-06-02, the average rate
was -1.42%.
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.
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Panama City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $270,500 (4.4%) | $349,728 (5.3%) | 1.00 | 1,635 |
2018-02-01 | $270,225 (5.0%) | $348,625 (4.8%) | 0.98 | 1,663 |
2018-03-01 | $275,000 (5.8%) | $352,232 (3.7%) | 0.96 | 1,693 |
2018-04-01 | $285,000 (5.6%) | $356,034 (2.2%) | 0.97 | 1,752 |
2018-05-01 | $280,810 (2.5%) | $364,561 (3.0%) | 0.94 | 1,783 |
2018-06-01 | $289,900 (5.4%) | $375,637 (4.9%) | 0.97 | 1,680 |
2018-07-01 | $289,000 (5.1%) | $381,471 (5.8%) | 0.97 | 1,683 |
2018-08-01 | $288,500 (4.9%) | $382,098 (4.7%) | 0.97 | 1,715 |
2018-09-01 | $285,000 (3.7%) | $368,168 (2.2%) | 0.96 | 1,773 |
2018-10-01 | $286,500 (6.1%) | $371,489 (4.6%) | 0.97 | 1,688 |
2018-11-01 | $296,000 (7.7%) | $385,855 (9.5%) | 1.00 | 1,461 |
2018-12-01 | $307,950 (12.1%) | $391,748 (8.9%) | 1.06 | 1,502 |
2019-01-01 | $309,700 (14.5%) | $392,157 (12.1%) | 1.07 | 1,460 |
2019-02-01 | $312,473 (15.6%) | $399,836 (14.7%) | 1.06 | 1,536 |
2019-03-01 | $321,000 (16.7%) | $407,877 (15.8%) | 1.05 | 1,536 |
2019-04-01 | $328,000 (15.1%) | $417,154 (17.2%) | 1.04 | 1,519 |
2019-05-01 | $321,463 (14.5%) | $417,728 (14.6%) | 1.00 | 1,592 |
2019-06-01 | $322,763 (11.3%) | $406,930 (8.3%) | 1.01 | 1,579 |
2019-07-01 | $322,450 (11.6%) | $411,171 (7.8%) | 1.01 | 1,602 |
2019-08-01 | $318,155 (10.3%) | $403,810 (5.7%) | 1.01 | 1,685 |
2019-09-01 | $307,886 (8.0%) | $392,396 (6.6%) | 0.99 | 1,787 |
2019-10-01 | $299,900 (4.7%) | $384,045 (3.4%) | 0.97 | 1,854 |
2019-11-01 | $299,000 (1.0%) | $377,281 (-2.2%) | 0.98 | 1,863 |
2019-12-01 | $295,813 (-3.9%) | $370,523 (-5.4%) | 0.99 | 1,931 |
2020-01-01 | $294,225 (-5.0%) | $376,556 (-4.0%) | 0.98 | 1,866 |
2020-02-01 | $289,500 (-7.4%) | $373,248 (-6.7%) | 0.95 | 1,894 |
2020-03-01 | $296,975 (-7.5%) | $381,099 (-6.6%) | 0.93 | 1,997 |
2020-04-01 | $297,175 (-9.4%) | $379,654 (-9.0%) | 0.93 | 2,209 |
2020-05-01 | $299,000 (-7.0%) | $383,193 (-8.3%) | 0.91 | 2,146 |
2020-06-01 | $313,450 (-2.9%) | $388,504 (-4.5%) | 0.92 | 1,901 |
2020-07-01 | $313,450 (-2.8%) | $389,871 (-5.2%) | 0.91 | 1,721 |
2020-08-01 | $314,900 (-1.0%) | $392,791 (-2.7%) | 0.90 | 1,604 |
2020-09-01 | $310,000 (0.7%) | $400,596 (2.1%) | 0.89 | 1,423 |
2020-10-01 | $312,013 (4.0%) | $417,351 (8.7%) | 0.89 | 1,346 |
2020-11-01 | $310,325 (3.8%) | $430,510 (14.1%) | 0.91 | 1,322 |
2020-12-01 | $296,775 (0.3%) | $417,316 (12.6%) | 0.88 | 1,411 |
2021-01-01 | $290,000 (-1.4%) | $405,073 (7.6%) | 0.87 | 1,412 |
2021-02-01 | $290,887 (0.5%) | $423,138 (13.4%) | 0.85 | 997 |
2021-03-01 | $298,123 (0.4%) | $449,453 (17.9%) | 0.85 | 807 |
2021-04-01 | $317,548 (6.9%) | $499,363 (31.5%) | 0.86 | 673 |
2021-05-01 | $339,500 (13.6%) | $540,289 (41.0%) | 0.90 | 637 |
2021-06-01 | $363,675 (16.0%) | $572,507 (47.4%) | 0.96 | 651 |
2021-07-01 | $389,000 (24.1%) | $555,937 (42.6%) | 1.03 | 836 |
2021-08-01 | $404,900 (28.6%) | $559,618 (42.5%) | 1.08 | 998 |
2021-09-01 | $410,625 (32.5%) | $565,515 (41.2%) | 1.10 | 1,042 |
2021-10-01 | $410,000 (31.4%) | $560,813 (34.4%) | 1.09 | 1,018 |
2021-11-01 | $394,750 (27.2%) | $558,436 (29.7%) | 1.06 | 910 |
2021-12-01 | $375,000 (26.4%) | $557,189 (33.5%) | 1.02 | 829 |
2022-01-01 | $379,000 (30.7%) | $592,486 (46.3%) | 1.02 | 696 |
2022-02-01 | $419,950 (44.4%) | $628,968 (48.6%) | 1.09 | 569 |
2022-03-01 | $434,500 (45.8%) | $686,372 (52.7%) | 1.09 | 604 |
2022-04-01 | $475,000 (49.6%) | $720,132 (44.2%) | 1.13 | 769 |
2022-05-01 | $491,950 (44.9%) | $747,671 (38.4%) | 1.12 | 960 |
2022-06-01 | $499,900 (37.5%) | $732,309 (27.9%) | 1.11 | 1,187 |
2022-07-01 | $495,000 (27.3%) | $687,028 (23.6%) | 1.12 | 1,473 |
2022-08-01 | $487,325 (20.4%) | $665,986 (19.0%) | 1.13 | 1,616 |
2022-09-01 | $457,579 (11.4%) | $634,746 (12.2%) | 1.07 | 1,672 |
2022-10-01 | $449,000 (9.5%) | $614,798 (9.6%) | 1.06 | 1,739 |
2022-11-01 | $443,500 (12.4%) | $595,905 (6.7%) | 1.07 | 1,778 |
2022-12-01 | $439,900 (17.3%) | $597,994 (7.3%) | 1.09 | 1,691 |
2023-01-01 | $442,450 (16.7%) | $601,230 (1.5%) | 1.10 | 1,572 |
2023-02-01 | $439,950 (4.8%) | $598,484 (-4.9%) | 1.06 | 1,493 |
2023-03-01 | $439,250 (1.1%) | $614,041 (-10.5%) | 1.04 | 1,486 |
2023-04-01 | $459,250 (-3.3%) | $638,810 (-11.3%) | 1.07 | 1,488 |
2023-05-01 | $452,450 (-8.0%) | $634,147 (-15.2%) | 1.02 | 1,631 |
Panama City's median listing price comes in at 102% of the national average.
Panama City's average listing price for 2023-05-01 was $634,147, a difference of $-113,524 (-15.2%) versus the prior year and $-4,663 versus the prior month.
For the 2023-05-01 period, Panama City had 1,631 MLS listings, a difference of 143 listings (10%) versus the prior month and 671 listings (70%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Panama City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 91 days | 1,602 sqft |
2018-02-01 | 78 days | 1,613 sqft |
2018-03-01 | 59 days | 1,620 sqft |
2018-04-01 | 59 days | 1,628 sqft |
2018-05-01 | 59 days | 1,629 sqft |
2018-06-01 | 70 days | 1,656 sqft |
2018-07-01 | 71 days | 1,679 sqft |
2018-08-01 | 72 days | 1,650 sqft |
2018-09-01 | 71 days | 1,634 sqft |
2018-10-01 | 85 days | 1,624 sqft |
2018-11-01 | 100 days | 1,605 sqft |
2018-12-01 | 101 days | 1,542 sqft |
2019-01-01 | 88 days | 1,542 sqft |
2019-02-01 | 75 days | 1,521 sqft |
2019-03-01 | 74 days | 1,515 sqft |
2019-04-01 | 65 days | 1,506 sqft |
2019-05-01 | 59 days | 1,517 sqft |
2019-06-01 | 58 days | 1,542 sqft |
2019-07-01 | 60 days | 1,562 sqft |
2019-08-01 | 61 days | 1,550 sqft |
2019-09-01 | 62 days | 1,531 sqft |
2019-10-01 | 63 days | 1,523 sqft |
2019-11-01 | 70 days | 1,542 sqft |
2019-12-01 | 77 days | 1,542 sqft |
2020-01-01 | 79 days | 1,542 sqft |
2020-02-01 | 71 days | 1,535 sqft |
2020-03-01 | 65 days | 1,542 sqft |
2020-04-01 | 67 days | 1,542 sqft |
2020-05-01 | 76 days | 1,533 sqft |
2020-06-01 | 86 days | 1,542 sqft |
2020-07-01 | 73 days | 1,561 sqft |
2020-08-01 | 63 days | 1,561 sqft |
2020-09-01 | 61 days | 1,542 sqft |
2020-10-01 | 55 days | 1,560 sqft |
2020-11-01 | 47 days | 1,600 sqft |
2020-12-01 | 51 days | 1,626 sqft |
2021-01-01 | 60 days | 1,600 sqft |
2021-02-01 | 61 days | 1,573 sqft |
2021-03-01 | 43 days | 1,608 sqft |
2021-04-01 | 40 days | 1,640 sqft |
2021-05-01 | 27 days | 1,672 sqft |
2021-06-01 | 31 days | 1,588 sqft |
2021-07-01 | 29 days | 1,540 sqft |
2021-08-01 | 34 days | 1,533 sqft |
2021-09-01 | 42 days | 1,554 sqft |
2021-10-01 | 52 days | 1,593 sqft |
2021-11-01 | 51 days | 1,638 sqft |
2021-12-01 | 51 days | 1,648 sqft |
2022-01-01 | 53 days | 1,700 sqft |
2022-02-01 | 33 days | 1,692 sqft |
2022-03-01 | 31 days | 1,696 sqft |
2022-04-01 | 32 days | 1,594 sqft |
2022-05-01 | 37 days | 1,573 sqft |
2022-06-01 | 41 days | 1,573 sqft |
2022-07-01 | 45 days | 1,558 sqft |
2022-08-01 | 54 days | 1,557 sqft |
2022-09-01 | 61 days | 1,562 sqft |
2022-10-01 | 64 days | 1,561 sqft |
2022-11-01 | 73 days | 1,565 sqft |
2022-12-01 | 82 days | 1,568 sqft |
2023-01-01 | 87 days | 1,589 sqft |
2023-02-01 | 83 days | 1,553 sqft |
2023-03-01 | 68 days | 1,531 sqft |
2023-04-01 | 61 days | 1,477 sqft |
2023-05-01 | 57 days | 1,485 sqft |
Panama City's median square footage for active listings during the 2023-05-01 period was 1,485 sqft. One year prior, the average listing was 1,573 sqft.