Pensacola FHA Loan Rates, Closing Costs & Stats

PENSACOLA-FERRY PASS-BRENT, 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.

    Pensacola's 162 lenders originated 1,765 FHA loans during 2023. The total origination value was $444,765,000, with an average FHA loan value of $251,992.

    Pensacola FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Pensacola averaged 6.11% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Pensacola's average FHA mortgage closing costs are $7,646.

    The average rate for the prior week (2024-07-12) was 6.16% and one month ago for the week of 2024-06-14, the average rate was 6.62%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.03%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Pensacola 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 Pensacola level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 185 5.36% $8,505
    QUICKEN LOANS, LLC 156 6.21% $11,521
    UNITED WHOLESALE MORTGAGE, LLC 136 6.27% $12,058
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 108 6.44% $11,509
    THE MORTGAGE FIRM, INC. 64 6.89% $10,874
    MOVEMENT MORTGAGE, LLC 60 6.71% $10,004
    SWBC MORTGAGE CORPORATION 51 6.66% $8,855
    EAGLE HOME MORTGAGE, LLC 39 5.23% $10,520
    BROKER SOLUTIONS, INC. 34 6.49% $10,753
    University Bank 32 6.47% $11,984
    CROSSCOUNTRY MORTGAGE, LLC 29 6.64% $9,636
    THRIVE MORTGAGE, LLC 28 6.70% $10,860
    Regions Bank 25 6.24% $9,687
    LOANDEPOT.COM, LLC 25 6.69% $11,161
    FIDELITY BANK 23 6.61% $10,226
    PENNYMAC LOAN SERVICES, LLC 18 6.30% $11,710
    UNION HOME MORTGAGE CORP. 18 7.07% $13,180
    PRIMARY RESIDENTIAL MORTGAGE, INC. 18 6.90% $11,113
    HOMESTAR FINANCIAL CORPORATION 17 6.35% $9,334
    HOMETRUST MORTGAGE COMPANY 15 6.66% $10,911
    CARDINAL FINANCIAL 15 5.87% $9,937
    Paramount Residential Mortgage Group, Inc. 13 6.32% $10,124
    NEWREZ LLC 13 6.67% $11,259
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 13 6.63% $12,528
    Mr. Cooper ( Nationstar Mortgage ) 13 6.14% $15,133
    Synovus Bank 13 6.67% $8,758
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 6.75% $9,741
    GUARANTEED RATE AFFINITY, LLC 12 6.50% $12,701
    FREEDOM MORTGAGE CORPORATION 11 6.77% $15,192
    MUTUAL OF OMAHA MORTGAGE, INC. 11 6.55% $13,095
    Ameris Bank 11 6.30% $9,499
    INSPIRE HOME LOANS INC. 11 5.74% $9,998
    AMERISAVE MORTGAGE CORPORATION 10 6.09% $16,585
    DSLD MORTGAGE, LLC 9 6.05% $9,104
    Equity Prime Mortgage LLC 9 6.53% $12,060
    CMG MORTGAGE, INC. 9 6.89% $10,950
    Waterstone Mortgage Corporation 9 6.76% $10,918
    LAKEVIEW LOAN SERVICING, LLC 8 5.98% $11,311
    ZILLOW HOME LOANS, LLC 8 6.52% $8,877
    MORTGAGE SOLUTIONS OF COLORADO, LLC 8 7.31% $10,897
    Mortgage Research Center, LLC 8 6.48% $7,185
    Century Mortgage Company DBA Century Lending Company 8 5.76% $13,161
    FBC MORTGAGE, LLC 8 6.11% $8,719
    Ixonia Bank 8 6.52% $9,845
    Carrington Mortgage Services, LLC 7 5.84% $14,091
    CANOPY MORTGAGE, LLC 7 6.89% $13,303
    M&T Bank 6 6.46% $8,483
    GUARANTEED RATE, INC. 6 6.52% $12,021
    MICHIGAN MUTUAL, INC. 6 5.69% $16,195
    FIRST COMMUNITY MORTGAGE, INC. 6 6.92% $10,206
    Plains Commerce Bank 6 6.17% $13,181
    AMERICAN FINANCIAL NETWORK, INC. 5 7.00% $16,006
    Flagstar Bank, FSB 5 6.63% $13,652
    Bank of America 5 6.33% $6,015
    PLANET HOME LENDING, LLC 5 6.33% $11,966
    EVERETT FINANCIAL, INC. 5 7.05% $9,134
    LOANPAL, LLC 5 5.73% $11,384
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 6.88% $10,081
    Citizens Bank 5 6.40% $6,810
    DRAPER AND KRAMER MORTGAGE CORP. 4 6.56% $10,152
    DAS Acquisition Company, LLC 4 7.28% $13,707
    STOCKTON MORTGAGE CORPORATION 4 7.09% $10,641
    SOUTHPOINT FINANCIAL SERVICES, INC. 4 7.06% $7,108
    Prosperity Home Mortgage, LLC 4 6.72% $10,248
    SUN WEST MORTGAGE COMPANY, INC. 4 5.97% $15,184
    Truist 3 6.33% $10,644
    TOWNE MORTGAGE COMPANY 3 6.54% $14,378
    Towne Bank 3 5.88% $12,499
    ACADEMY MORTGAGE CORPORATION 3 6.83% $13,531
    AMERICAN FINANCING CORPORATION 3 6.33% $14,420
    TOP FLITE FINANCIAL, INC. 3 7.08% $17,019
    OPEN MORTGAGE, LLC 3 6.00% $11,605
    United Fidelity Funding Corp. 3 6.50% $11,252
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.79% $10,181
    Centennial Bank 3 6.96% $9,665
    CONTOUR MORTGAGE CORPORATION 3 6.25% $13,346
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 5.92% $12,741
    NETWORK CAPITAL FUNDING CORPORATION 3 6.13% $11,708
    KELLER MORTGAGE, LLC 3 5.58% $9,729
    Nations Lending Corporation 3 7.00% $7,868
    EMBRACE HOME LOANS, INC. 3 6.58% $10,403
    Bank of England 3 6.33% $12,567
    1ST SIGNATURE LENDING, LLC 2 7.00% $8,437
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.50% $6,760
    AmeriHome Mortgage Company, LLC 2 5.63% $12,424
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 2 6.44% $10,630
    Evolve Bank & Trust 2 6.69% $10,904
    GUILD MORTGAGE COMPANY 2 6.63% $12,942
    Hancock Whitney Bank 2 5.69% $13,206
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.19% $20,108
    LEADERONE FINANCIAL CORPORATION 2 6.56% $11,815
    LIBERTY HOME MORTGAGE CORPORATION 2 6.88% $12,735
    MILEND, INC. 2 6.88% $12,920
    MORTGAGE ONE OF THE SOUTH, INC. 2 5.75% $8,799
    NFM, INC. 2 7.88% $9,462
    Pen Air Federal Credit Union 2 6.75% $6,384
    PENTAGON FEDERAL CREDIT UNION 2 5.56% $9,126
    PHH Mortgage Corporation 2 6.56% $14,902
    Princeton Mortgage Corporation 2 7.56% $9,002
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $13,298
    ROYAL UNITED MORTGAGE LLC 2 6.38% $11,790
    RUOFF MORTGAGE COMPANY, INC. 2 7.25% $9,056
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.63% $12,485
    The Federal Savings Bank 2 5.63% $15,162
    Hometown Equity Mortgage, LLC 1 7.75% $14,971
    Assurance Financial Group, L.L.C. 1 5.63% $14,216
    Northpointe Bank 1 6.75% $10,507
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 7.25% $6,940
    OAKTREE FUNDING CORP. 1 5.63% $21,012
    OCMBC, INC. 1 6.00% $13,484
    HOMESPIRE MORTGAGE CORPORATION 1 6.75% $12,050
    HOMESIDE FINANCIAL, LLC 1 6.25% $6,543
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.50% $12,928
    GSF Mortgage Corporation 1 5.63% $9,946
    AMCAP MORTGAGE, LTD. 1 7.13% $9,413
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.88% $9,774
    Goldwater Bank, N.A. 1 7.13% $14,834
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.00% $13,945
    PLAZA HOME MORTGAGE, INC. 1 7.25% $18,006
    PNC Bank 1 7.38% $9,152
    Preston Home Loans Inc 1 6.75% $10,158
    GENEVA FINANCIAL, LLC 1 6.13% $5,988
    GARDNER FINANCIAL SERVICES, LTD. 1 6.75% $9,048
    VILLAGE CAPITAL MORTGAGE 1 6.50% $6,847
    First Federal Bank 1 5.63% $10,282
    FIRST EQUITY MORTGAGE BANKERS, INC. 1 7.13% $10,152
    FIRST COLONY MORTGAGE CORPORATION 1 8.25% $10,942
    Wallick & Volk, Inc. 1 7.50% $14,618
    RESIDENTIAL BANCORP 1 6.38% $9,432
    ALLIED MORTGAGE GROUP, INC. 1 6.38% $10,670
    WATSON MORTGAGE CORP. 1 7.00% $7,522
    SeaTrust Mortgage Company 1 7.25% $9,535
    ServisFirst Bank 1 6.25% $9,554
    SmartBank 1 7.63% $7,905
    FirstBank 1 6.63% $15,868
    Fifth Third Bank 1 7.13% $10,244
    South State Bank 1 6.50% $6,981
    Fidelity Bank 1 7.13% $11,208
    Wells Fargo Bank 1 6.63% $6,084
    Encompass Lending Group, LP 1 7.25% $14,445
    EMM LOANS LLC 1 5.88% $14,353
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $9,986
    AHL FUNDING 1 7.63% $14,861
    The Freedom Bank of Virginia 1 6.00% $11,702
    CBM Mortgage, Inc. 1 6.50% $15,574
    Capital Bank 1 7.13% $9,001
    BNC National Bank 1 5.63% $9,225
    Blue Ridge Bank 1 6.25% $5,490
    Bell Bank 1 7.25% $11,064
    BAY EQUITY LLC 1 5.75% $8,298
    Trustmark National Bank 1 5.75% $9,131
    MORTGAGE INVESTORS GROUP, INC. 1 5.75% $9,329
    BancorpSouth 1 6.75% $8,695
    Mortgage Assurance Inc. 1 5.63% $16,004
    MORIA DEVELOPMENT, INC. 1 6.50% $15,749
    Magnolia Bank 1 7.00% $12,562
    LENDING CAPITAL GROUP Inc 1 6.63% $17,296
    Legends Bank 1 7.00% $11,479
    Lakeview Community Capital, LLC 1 6.75% $6,619
    NATIONS DIRECT MORTGAGE, LLC 1 7.75% $10,897
    LADERA LENDING, INC. 1 6.13% $14,087
    JPMorgan Chase Bank 1 6.75% $5,566

    The top Pensacola FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 185 FHA loans originated. Their average total fees are $8,505, which is $3,016 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Pensacola FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,505), Synovus Bank ($8,758), SWBC MORTGAGE CORPORATION ($8,855), HOMESTAR FINANCIAL CORPORATION ($9,334) and Ameris Bank ($9,499).

    The lowest rate Pensacola FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.23%), DHI MORTGAGE COMPANY, LTD. (5.36%), INSPIRE HOME LOANS INC. (5.74%), CARDINAL FINANCIAL (5.87%) and AMERISAVE MORTGAGE CORPORATION (6.09%).

    Pensacola FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PENSACOLA-FERRY PASS-BRENT, FL ESCAMBIA 2022 $420,680 $538,650 $651,050 $809,150
    PENSACOLA-FERRY PASS-BRENT, FL SANTA ROSA 2022 $420,680 $538,650 $651,050 $809,150
    PENSACOLA-FERRY PASS-BRENT, FL ESCAMBIA 2023 $472,030 $604,400 $730,525 $907,900
    PENSACOLA-FERRY PASS-BRENT, FL SANTA ROSA 2023 $472,030 $604,400 $730,525 $907,900

    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).