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%.

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).