Pensacola FHA Loans

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 187 lenders originated 2,506 FHA loans during 2021. The total origination value was $532,510,000, with an average FHA loan value of $212,494.

    Pensacola FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Pensacola averaged 5.45% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.18% and one month ago for the week of 2022-04-08, the average rate was 4.75%.

    The average rate one year ago was 3.15%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.73%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Pensacola level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 267 2.80% $6,339
    THE MORTGAGE FIRM, INC. 188 3.23% $6,942
    UNIVERSITY LENDING GROUP, LLC 133 3.02% $7,123
    AMERICAN MORTGAGE SERVICE COMPANY 96 3.17% $7,820
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 89 3.41% $6,896
    DHI MORTGAGE COMPANY, LTD. 68 2.74% $8,249
    PENNYMAC LOAN SERVICES, LLC 56 3.08% $5,389
    Mr. Cooper ( Nationstar Mortgage ) 54 3.37% $4,161
    UNITED WHOLESALE MORTGAGE, LLC 53 2.75% $7,749
    PRIMARY RESIDENTIAL MORTGAGE, INC. 51 3.52% $8,079
    FIDELITY BANK 50 3.34% $8,404
    LAKEVIEW LOAN SERVICING, LLC 50 3.09% $4,273
    FREEDOM MORTGAGE CORPORATION 48 2.99% $5,143
    LOANDEPOT.COM, LLC 45 3.33% $7,983
    INLANTA MORTGAGE, INC. 44 3.25% $7,281
    CALIBER HOME LOANS, INC. 41 2.97% $6,760
    FIRST COMMUNITY MORTGAGE, INC. 39 3.18% $6,746
    BROKER SOLUTIONS, INC. 38 3.21% $7,845
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 38 3.01% $8,294
    EVERETT FINANCIAL, INC. 36 3.66% $5,798
    PRIMELENDING, A PLAINSCAPITAL COMPANY 35 3.30% $7,778
    Hometown Lenders, Inc. 30 3.40% $8,635
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 29 3.15% $7,739
    Citizens Bank 24 2.75% $6,317
    Regions Bank 23 2.85% $7,367
    HOME POINT FINANCIAL CORPORATION 21 3.10% $7,726
    AMERISAVE MORTGAGE CORPORATION 19 3.01% $7,914
    HOMETRUST MORTGAGE COMPANY 18 2.90% $7,205
    VILLAGE CAPITAL & INVESTMENT LLC 18 3.01% $2,016
    Carrington Mortgage Services, LLC 17 3.44% $6,732
    FBC MORTGAGE, LLC 17 3.20% $9,234
    LOANPAL, LLC 15 2.73% $7,318
    Hometown Equity Mortgage, LLC 14 3.57% $9,877
    NEWREZ LLC 14 3.09% $5,952
    Synovus Bank 13 2.97% $7,423
    A Mortgage Boutique, LLC 13 2.76% $6,292
    AmeriHome Mortgage Company, LLC 12 2.91% $4,419
    DSLD MORTGAGE, LLC 12 2.45% $6,152
    Mortgage Research Center, LLC 11 3.03% $6,514
    CMG MORTGAGE, INC. 11 3.07% $7,655
    Equity Prime Mortgage LLC 11 3.72% $7,175
    Centennial Bank 11 2.72% $7,053
    CROSSCOUNTRY MORTGAGE, LLC 10 3.04% $8,954
    KELLER MORTGAGE, LLC 10 2.94% $6,362
    Renasant Bank 9 3.01% $7,007
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 3.19% $8,638
    GUILD MORTGAGE COMPANY 9 3.44% $9,234
    Ixonia Bank 9 3.47% $8,984
    Flagstar Bank, FSB 8 2.91% $8,103
    Lakeview Community Capital, LLC 8 2.89% $5,073
    CANOPY MORTGAGE, LLC 8 2.87% $8,234
    First Guaranty Mortgage Corporation 7 3.21% $10,425
    DAS Acquisition Company, LLC 7 3.24% $6,688
    Nations Lending Corporation 7 3.23% $8,551
    Bank of England 7 3.36% $11,229
    Truist Bank 7 2.95% $8,539
    MORTGAGE ONE OF THE SOUTH, INC. 6 2.40% $5,064
    Waterstone Mortgage Corporation 6 3.58% $8,582
    Beach Community Mortgage Services, Inc. 5 2.75% $9,362
    Ameris Bank 5 2.78% $7,528
    Bank of America 5 2.85% $3,772
    Barrington Bank & Trust Company, N.A. 5 3.38% $8,058
    EMBRACE HOME LOANS, INC. 5 3.15% $8,378
    GUARANTEED RATE AFFINITY, LLC 5 3.08% $9,365
    HOMESIDE FINANCIAL, LLC 5 3.15% $9,799
    Trustmark National Bank 5 2.60% $6,934
    LEADERONE FINANCIAL CORPORATION 4 3.13% $10,151
    INTERLINC MORTGAGE SERVICES, LLC 4 2.97% $5,818
    GMFS LLC 4 3.00% $7,065
    GUARANTEED RATE, INC. 4 3.16% $7,977
    MORIA DEVELOPMENT, INC. 4 3.94% $9,262
    Hancock Whitney Bank 4 2.72% $6,289
    CERTAINTY HOME LOANS, LLC 4 3.25% $6,214
    SUN WEST MORTGAGE COMPANY, INC. 4 3.44% $8,748
    PLANET HOME LENDING, LLC 3 3.08% $7,671
    Paramount Residential Mortgage Group, Inc. 3 3.50% $7,859
    OCEANSIDE MORTGAGE COMPANY 3 2.79% $3,113
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.17% $7,698
    MUTUAL OF OMAHA MORTGAGE, INC. 3 3.08% $5,580
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.08% $7,736
    Manufacturers and Traders Trust Company 3 2.79% $9,329
    LOANLEADERS OF AMERICA, INC. 3 3.13% $11,726
    HAMILTON HOME LOANS, INC. 3 3.21% $9,287
    LAND HOME FINANCIAL SERVICES, INC. 3 3.67% $8,150
    INLAND BANK & TRUST 3 3.63% $10,253
    Colonial Savings, F.A. 3 3.25% $8,504
    FirstBank 3 2.88% $7,416
    STEARNS LENDING, LLC 3 3.29% $6,082
    South State Bank 3 2.96% $8,492
    LIBERTY HOME MORTGAGE CORPORATION 3 3.46% $8,873
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 3.19% $7,166
    HANCOCK MORTGAGE PARTNERS, LLC 2 3.25% $8,135
    ENVOY MORTGAGE, LTD 2 3.31% $6,173
    HOMESTAR FINANCIAL CORPORATION 2 2.56% $6,924
    DELMAR FINANCIAL COMPANY 2 3.13% $8,642
    InterContinental Capital Group, Inc 2 2.44% $8,704
    Colten Mortgage, LLC 2 3.88% $10,155
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 4.06% $10,569
    CHURCHILL MORTGAGE CORPORATION 2 3.00% $7,251
    MICHIGAN MUTUAL, INC. 2 3.00% $7,921
    CBM Mortgage, Inc. 2 2.88% $6,940
    MOVEMENT MORTGAGE, LLC 2 3.31% $7,715
    MSA MORTGAGE, LLC 2 3.06% $8,255
    Bell Bank 2 2.88% $8,064
    OCMBC, INC. 2 3.25% $9,633
    OPEN MORTGAGE, LLC 2 3.19% $7,485
    POLARIS HOME FUNDING CORP. 2 3.13% $11,405
    Progress Bank and Trust 2 2.56% $7,893
    RESIDENTIAL BANCORP. 2 3.06% $5,895
    RUOFF MORTGAGE COMPANY, INC. 2 3.38% $6,741
    SUCCESS MORTGAGE PARTNERS, INC. 2 3.19% $8,060
    TOWNE MORTGAGE COMPANY 2 3.06% $5,452
    AMERICAN FINANCING CORPORATION 2 3.06% $9,366
    AMERICAN FINANCIAL NETWORK, INC. 2 3.13% $10,893
    U.S. Bank 2 2.69% $6,680
    FIRST EQUITY MORTGAGE BANKERS, INC. 2 3.56% $5,609
    MILEND, INC. 1 2.88% $8,966
    EQUITY RESOURCES, INC. 1 2.75% $10,684
    MORTGAGE FINANCIAL SERVICES, LLC 1 2.50% $9,209
    TOP FLITE FINANCIAL, INC. 1 3.25% $14,174
    BOKF 1 3.50% $6,391
    Financial Freedom Mortgage, LLC 1 3.88% $10,534
    BETTER MORTGAGE CORPORATION 1 2.25% $10,315
    VAN DYK MORTGAGE CORPORATION 1 3.63% $7,808
    GUARANTY HOME MORTGAGE CORPORATION 1 3.63% $6,410
    NATIONS DIRECT MORTGAGE, LLC 1 3.75% $6,647
    Wells Fargo Bank 1 4.13% $4,487
    NATIONS RELIABLE LENDING, LLC 1 4.25% $11,166
    1ST SIGNATURE LENDING, LLC 1 3.25% $9,856
    AMCAP MORTGAGE, LTD. 1 4.38% $8,316
    Tyndall Federal Credit Union 1 2.75% $6,941
    UNION HOME MORTGAGE CORP. 1 3.25% $10,074
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 3.75% $9,142
    PANORAMA MORTGAGE GROUP, LLC 1 3.25% $11,950
    GREAT WESTERN FINANCIAL SERVICES, INC. 1 3.00% $9,124
    BAY EQUITY LLC 1 2.88% $5,475
    Peoples Bank 1 3.00% $9,085
    PILGRIM MORTGAGE LLC 1 3.13% $7,077
    PINNACLE LENDING GROUP, INC. 1 3.88% $7,261
    Goldwater Bank, N.A. 1 3.38% $7,108
    PLAZA HOME MORTGAGE, INC. 1 2.63% $6,529
    United Fidelity Funding Corp. 1 3.88% $7,530
    PREFERRED LENDING SERVICES, LLC 1 3.63% $5,441
    BancorpSouth Bank 1 3.13% $6,660
    Austin Capital Bank SSB 1 3.13% $9,771
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,184
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.50% $4,367
    ANGEL OAK HOME LOANS LLC 1 3.00% $10,233
    AMERIFIRST FINANCIAL CORPORATION 1 3.75% $6,866
    UNIVERSAL LENDING CORPORATION 1 4.13% $11,644
    Residential Mortgage Solutions, Inc. 1 2.99% $12,113
    ROYAL UNITED MORTGAGE LLC 1 3.25% $5,423
    First Community Bank 1 2.75% $13,969
    Sierra Pacific Mortgage Company, Inc. 1 2.88% $11,929
    SIGNATURE MORTGAGE CORPORATION 1 3.88% $5,184
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 2.88% $8,568
    First Federal Bank 1 2.88% $4,814
    George Mason Mortgage, LLC 1 3.25% $8,221
    SOUTHWEST FUNDING, LP 1 3.75% $7,410
    SOUTHWEST STAGE FUNDING, LLC 1 3.25% $7,599
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $10,064
    GENEVA FINANCIAL, LLC 1 3.13% $8,832
    STOCKTON MORTGAGE CORPORATION 1 3.00% $6,312
    First Federal Bank, A FSB 1 2.88% $7,269
    Sunflower Bank 1 2.99% $6,215
    EVANSVILLE TEACHERS 1 2.63% $9,301
    Fifth Third Bank 1 2.75% $9,192
    INTELLILOAN, INC. 1 2.25% $9,183
    INTERSTATE HOME LOAN CENTER, INC. 1 2.75% $10,266
    The Central Trust Bank 1 2.88% $7,229
    JPMorgan Chase Bank 1 3.75% $0
    COMPASS MORTGAGE, INC. 1 3.13% $6,407
    The Federal Savings Bank 1 2.88% $10,106
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.00% $15,395
    Consumer First Mortgage, Inc. 1 2.50% $8,861
    CONTOUR MORTGAGE CORPORATION 1 3.00% $5,955
    LENDING 3, INC. 1 2.75% $9,731
    Lend Smart Mortgage, LLC 1 3.13% $6,465
    LENDUS, LLC 1 3.63% $11,177
    Alcova Mortgage LLC 1 2.88% $3,590
    DIRECT LENDERS, LLC 1 3.00% $8,485
    HALLMARK HOME MORTGAGE, LLC 1 3.25% $5,461
    Century Mortgage Company DBA Century Lending Company 1 3.25% $10,576
    Gulf Winds Credit Union 1 3.00% $4,431
    TJC Mortgage, Inc. 1 2.88% $9,461
    MID AMERICA MORTGAGE, INC. 1 3.13% $8,590
    Midwest Mortgage Associates Corporation 1 2.75% $6,284

    The top Pensacola FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 267 FHA loans originated. Their average total fees are $6,339, which is $603 lower than the next largest lender, THE MORTGAGE FIRM, INC..

    The lowest fee Pensacola FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,016), Mr. Cooper ( Nationstar Mortgage ) ($4,161), LAKEVIEW LOAN SERVICING, LLC ($4,273), AmeriHome Mortgage Company, LLC ($4,419) and FREEDOM MORTGAGE CORPORATION ($5,143).

    The lowest rate Pensacola FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC (2.45%), Centennial Bank (2.72%), LOANPAL, LLC (2.73%), DHI MORTGAGE COMPANY, LTD. (2.74%) and Citizens Bank (2.75%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Pensacola (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 $259,450 (12.8%) $355,173 (11.5%) 0.96 2,690
    2018-02-01 $259,900 (11.4%) $354,120 (9.7%) 0.94 2,738
    2018-03-01 $265,000 (11.3%) $362,017 (9.0%) 0.92 2,763
    2018-04-01 $269,900 (10.8%) $371,142 (8.9%) 0.91 2,778
    2018-05-01 $271,250 (8.9%) $370,186 (6.8%) 0.90 2,940
    2018-06-01 $269,900 (8.2%) $362,603 (5.8%) 0.90 2,944
    2018-07-01 $268,388 (7.4%) $361,398 (7.0%) 0.89 3,069
    2018-08-01 $263,509 (5.4%) $354,721 (4.0%) 0.88 3,045
    2018-09-01 $264,900 (3.9%) $358,439 (3.1%) 0.89 2,975
    2018-10-01 $263,375 (4.5%) $362,013 (4.9%) 0.88 2,916
    2018-11-01 $265,000 (6.0%) $361,158 (4.2%) 0.89 2,858
    2018-12-01 $261,750 (0.7%) $359,998 (1.3%) 0.90 2,790
    2019-01-01 $260,018 (0.2%) $357,140 (0.6%) 0.90 2,622
    2019-02-01 $260,000 (0.0%) $361,639 (2.1%) 0.87 2,570
    2019-03-01 $273,000 (3.0%) $381,064 (5.3%) 0.89 2,518
    2019-04-01 $280,500 (3.9%) $395,788 (6.6%) 0.88 2,624
    2019-05-01 $286,158 (5.5%) $399,775 (8.0%) 0.88 2,658
    2019-06-01 $289,000 (7.1%) $406,045 (12.0%) 0.89 2,653
    2019-07-01 $289,058 (7.7%) $410,677 (13.6%) 0.90 2,643
    2019-08-01 $289,514 (9.9%) $410,746 (15.8%) 0.91 2,577
    2019-09-01 $287,224 (8.4%) $411,422 (14.8%) 0.91 2,515
    2019-10-01 $285,000 (8.2%) $409,629 (13.2%) 0.91 2,557
    2019-11-01 $284,900 (7.5%) $410,702 (13.7%) 0.92 2,485
    2019-12-01 $279,950 (7.0%) $412,667 (14.6%) 0.93 2,387
    2020-01-01 $279,900 (7.7%) $416,571 (16.6%) 0.93 2,298
    2020-02-01 $283,234 (8.9%) $411,824 (13.9%) 0.91 2,242
    2020-03-01 $292,500 (7.1%) $418,634 (9.9%) 0.91 2,170
    2020-04-01 $289,900 (3.4%) $406,273 (2.7%) 0.90 2,241
    2020-05-01 $295,000 (3.1%) $418,172 (4.6%) 0.89 2,104
    2020-06-01 $301,185 (4.2%) $440,215 (8.4%) 0.88 1,696
    2020-07-01 $299,945 (3.8%) $441,955 (7.6%) 0.86 1,598
    2020-08-01 $299,000 (3.3%) $462,093 (12.5%) 0.85 1,492
    2020-09-01 $299,748 (4.4%) $457,858 (11.3%) 0.86 1,368
    2020-10-01 $296,535 (4.1%) $464,198 (13.3%) 0.85 1,261
    2020-11-01 $293,450 (3.0%) $470,542 (14.6%) 0.84 1,201
    2020-12-01 $298,075 (6.5%) $465,963 (12.9%) 0.87 1,174
    2021-01-01 $312,500 (11.7%) $462,123 (10.9%) 0.92 1,068
    2021-02-01 $329,575 (16.4%) $503,233 (22.2%) 0.95 825
    2021-03-01 $345,450 (18.1%) $523,367 (25.0%) 0.97 756
    2021-04-01 $347,192 (19.8%) $533,425 (31.3%) 0.93 793
    2021-05-01 $346,900 (17.6%) $532,073 (27.2%) 0.91 860
    2021-06-01 $352,500 (17.0%) $529,036 (20.2%) 0.92 969
    2021-07-01 $349,950 (16.7%) $526,968 (19.2%) 0.91 1,092
    2021-08-01 $359,950 (20.4%) $533,681 (15.5%) 0.95 1,244
    2021-09-01 $359,950 (20.1%) $541,598 (18.3%) 0.95 1,306
    2021-10-01 $364,000 (22.8%) $546,017 (17.6%) 0.96 1,326
    2021-11-01 $369,000 (25.8%) $542,922 (15.4%) 0.97 1,274
    2021-12-01 $374,900 (25.8%) $549,975 (18.0%) 1.00 1,189
    2022-01-01 $379,990 (21.6%) $539,080 (16.7%) 1.01 979
    2022-02-01 $382,500 (16.1%) $581,557 (15.6%) 0.97 808
    2022-03-01 $387,597 (12.2%) $577,897 (10.4%) 0.96 775
    2022-04-01 $389,900 (12.3%) $584,300 (9.5%) 0.92 847
    Pensacola's median listing price for 2022-04-01 was $389,900, a difference of $42,708 (12.3%) versus the prior year and $2,303 versus the prior month.

    Pensacola's median listing price comes in at 92% of the national average.

    Pensacola's average listing price for 2022-04-01 was $584,300, a difference of $50,875 (9.5%) versus the prior year and $6,403 versus the prior month.

    For the 2022-04-01 period, Pensacola had 847 MLS listings, a difference of 72 listings (9%) versus the prior month and 54 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Pensacola (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 2,000 sqft
    2018-02-01 89 days 1,987 sqft
    2018-03-01 72 days 2,004 sqft
    2018-04-01 67 days 2,010 sqft
    2018-05-01 66 days 2,017 sqft
    2018-06-01 66 days 2,000 sqft
    2018-07-01 72 days 2,000 sqft
    2018-08-01 75 days 1,984 sqft
    2018-09-01 82 days 1,986 sqft
    2018-10-01 85 days 1,988 sqft
    2018-11-01 89 days 2,000 sqft
    2018-12-01 94 days 1,996 sqft
    2019-01-01 96 days 1,981 sqft
    2019-02-01 91 days 1,948 sqft
    2019-03-01 78 days 1,978 sqft
    2019-04-01 59 days 2,018 sqft
    2019-05-01 53 days 2,034 sqft
    2019-06-01 61 days 2,034 sqft
    2019-07-01 65 days 2,028 sqft
    2019-08-01 66 days 2,025 sqft
    2019-09-01 64 days 2,026 sqft
    2019-10-01 63 days 2,029 sqft
    2019-11-01 66 days 2,025 sqft
    2019-12-01 77 days 2,003 sqft
    2020-01-01 79 days 2,004 sqft
    2020-02-01 64 days 2,010 sqft
    2020-03-01 58 days 2,039 sqft
    2020-04-01 60 days 2,010 sqft
    2020-05-01 65 days 2,008 sqft
    2020-06-01 59 days 2,017 sqft
    2020-07-01 50 days 2,003 sqft
    2020-08-01 49 days 1,955 sqft
    2020-09-01 49 days 1,956 sqft
    2020-10-01 51 days 1,937 sqft
    2020-11-01 48 days 1,869 sqft
    2020-12-01 45 days 1,879 sqft
    2021-01-01 46 days 1,882 sqft
    2021-02-01 43 days 1,904 sqft
    2021-03-01 24 days 2,004 sqft
    2021-04-01 21 days 1,907 sqft
    2021-05-01 18 days 1,880 sqft
    2021-06-01 21 days 1,871 sqft
    2021-07-01 24 days 1,851 sqft
    2021-08-01 27 days 1,884 sqft
    2021-09-01 30 days 1,882 sqft
    2021-10-01 34 days 1,874 sqft
    2021-11-01 38 days 1,872 sqft
    2021-12-01 46 days 1,917 sqft
    2022-01-01 48 days 1,923 sqft
    2022-02-01 28 days 1,946 sqft
    2022-03-01 24 days 1,928 sqft
    2022-04-01 21 days 1,903 sqft
    Pensacola's median listing age (time on market) for 2022-04-01 was 21 days. This is 0% longer than the same period one year ago.

    Pensacola's median square footage for active listings during the 2022-04-01 period was 1,903 sqft. One year prior, the average listing was 1,907 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).