Panama City FHA Loan Rates, Closing Costs & Stats

PANAMA CITY, 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.

    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%.

    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 Bank 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

    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 $270,500 (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 for 2023-05-01 was $452,450, a difference of $-39,500 (-8.0%) versus the prior year and $-6,800 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2023-05-01 was 57 days. This is 56% longer than the same period one year ago.

    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.

    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).