Punta Gorda FHA Loan Rates, Closing Costs & Stats

PUNTA GORDA, 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.

    Punta Gorda's 140 lenders originated 924 FHA loans during 2023. The total origination value was $274,140,000, with an average FHA loan value of $296,688.

    Punta Gorda FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Punta Gorda averaged 6.45% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Punta Gorda's average FHA mortgage closing costs are $8,764.

    The average rate for the prior week (2024-11-01) was 6.42% and one month ago for the week of 2024-10-04, the average rate was 5.64%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.92%.

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

    Punta Gorda 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 Punta Gorda level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 121 6.42% $13,510
    QUICKEN LOANS, LLC 60 6.32% $13,155
    DHI MORTGAGE COMPANY, LTD. 50 5.68% $9,743
    LOANDEPOT.COM, LLC 36 6.56% $12,796
    EAGLE HOME MORTGAGE, LLC 34 5.85% $13,160
    CROSSCOUNTRY MORTGAGE, LLC 26 6.63% $13,688
    NEWREZ LLC 24 6.70% $13,365
    CARDINAL FINANCIAL 21 6.27% $14,049
    INSPIRE HOME LOANS INC. 19 6.18% $11,067
    NVR Mortgage Finance, Inc. 16 5.53% $11,832
    FBC MORTGAGE, LLC 16 6.30% $11,255
    FREEDOM MORTGAGE CORPORATION 15 6.73% $14,823
    GUARANTEED RATE, INC. 15 6.35% $14,786
    PENNYMAC LOAN SERVICES, LLC 14 5.94% $16,188
    Sierra Pacific Mortgage Company, Inc. 13 6.17% $15,300
    BROKER SOLUTIONS, INC. 12 6.96% $14,978
    Paramount Residential Mortgage Group, Inc. 12 6.56% $14,253
    Ixonia Bank 12 6.93% $13,433
    HOMESIDE FINANCIAL, LLC 10 6.76% $12,265
    M/I FINANCIAL, LLC 9 5.69% $17,821
    THE MORTGAGE FIRM, INC. 9 6.83% $13,202
    NFM, INC. 9 6.56% $13,542
    Bank of England 8 6.67% $12,471
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 6.75% $13,679
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.16% $11,135
    EMBRACE HOME LOANS, INC. 8 6.41% $15,338
    Carrington Mortgage Services, LLC 8 6.39% $16,536
    MOVEMENT MORTGAGE, LLC 8 6.55% $16,144
    GENEVA FINANCIAL, LLC 7 6.36% $13,828
    PULTE MORTGAGE LLC 7 6.48% $10,075
    UNION HOME MORTGAGE CORP. 5 7.23% $13,232
    Plains Commerce Bank 5 6.65% $15,181
    SECURITYNATIONAL MORTGAGE COMPANY 5 6.95% $17,881
    Equity Prime Mortgage LLC 4 6.53% $17,105
    CALIBER HOME LOANS, INC. 4 6.19% $10,362
    Century Mortgage Company DBA Century Lending Company 4 6.59% $14,656
    LOANPAL, LLC 4 5.59% $15,951
    VAN DYK MORTGAGE CORPORATION 4 6.69% $13,585
    EVERETT FINANCIAL, INC. 4 6.75% $17,012
    BAY EQUITY LLC 3 6.12% $10,252
    AMCAP MORTGAGE, LTD. 3 7.25% $15,046
    American Mortgage & Equity Consultants, Inc. 3 6.50% $12,172
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 7.04% $18,329
    CMG MORTGAGE, INC. 3 6.33% $21,241
    GUILD MORTGAGE COMPANY 3 6.67% $10,310
    Hometown Equity Mortgage, LLC 3 6.38% $18,807
    LAKEVIEW LOAN SERVICING, LLC 3 6.08% $16,750
    Mortgage Research Center, LLC 3 6.46% $9,912
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.71% $15,363
    Nations Lending Corporation 3 6.75% $9,166
    Northpointe Bank 3 5.88% $12,669
    OCMBC, INC. 3 7.33% $12,727
    POLARIS HOME FUNDING CORP. 3 7.00% $9,265
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.42% $12,194
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 7.00% $12,900
    STOCKTON MORTGAGE CORPORATION 3 7.08% $9,121
    TJC Mortgage, Inc. 3 6.83% $10,557
    Wells Fargo Bank 3 6.42% $14,062
    LIBERTY HOME MORTGAGE CORPORATION 2 6.75% $8,943
    MY MORTGAGE, INC. 2 6.75% $10,819
    CONTOUR MORTGAGE CORPORATION 2 6.81% $16,121
    AMERICAN FINANCIAL NETWORK, INC. 2 6.19% $16,382
    MORTGAGE 1 INCORPORATED 2 7.31% $12,185
    Mortgage Lenders Investment Trading Corporation 2 7.00% $8,223
    BECKAM FUNDING CORP. 2 7.38% $17,632
    ZILLOW HOME LOANS, LLC 2 6.69% $12,009
    U.S. Bank 2 6.25% $15,658
    T2 FINANCIAL LLC 2 6.63% $16,030
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.06% $12,143
    FIRST COMMUNITY MORTGAGE, INC. 2 7.00% $12,481
    FIRST HOME MORTGAGE CORPORATION 2 6.50% $12,373
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.88% $12,731
    Flagstar Bank, FSB 2 7.19% $14,450
    Keystone Funding, Inc. 2 6.44% $10,141
    MICHIGAN MUTUAL, INC. 2 5.75% $11,914
    AMERISAVE MORTGAGE CORPORATION 2 7.00% $16,271
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.19% $8,958
    GUARANTEED RATE AFFINITY, LLC 2 7.25% $17,562
    EMM LOANS LLC 2 7.56% $15,216
    AmeriHome Mortgage Company, LLC 2 5.81% $14,851
    READY MORTGAGE LENDERS, LLC 2 7.13% $16,322
    Regions Bank 2 5.69% $11,495
    TOWNE MORTGAGE COMPANY 1 7.25% $15,365
    NATIONS RELIABLE LENDING, LLC 1 7.00% $15,263
    BELEM SERVICING LLC 1 6.63% $16,106
    North American Savings Bank, F.S.B. 1 5.25% $12,629
    ALLIED MORTGAGE GROUP, INC. 1 6.50% $15,672
    NP, Inc. 1 6.88% $24,374
    NTFN, INC. 1 7.63% $15,257
    Acre Mortgage and Financial Inc 1 6.99% $11,684
    Allied First Bank,sb 1 7.25% $14,213
    Barrington Bank & Trust Company, N.A. 1 6.75% $13,194
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $22,429
    Performance Financial, Inc. 1 7.25% $16,853
    ARC HOME LLC 1 5.63% $24,298
    PLANET HOME LENDING, LLC 1 6.75% $5,496
    PLAZA HOME MORTGAGE, INC. 1 7.13% $19,288
    PREFERRED LENDING SERVICES, LLC 1 6.00% $9,820
    Advisors Mortgage Group, L.L.C. 1 7.25% $14,714
    VILLAGE CAPITAL MORTGAGE 1 5.88% $10,430
    RESIDENTIAL BANCORP 1 7.13% $21,525
    RESIDENTIAL HOME FUNDING CORP. 1 7.00% $8,055
    ROYAL UNITED MORTGAGE LLC 1 6.38% $9,493
    AMERICAN FINANCING CORPORATION 1 7.63% $9,573
    Shamrock Home Loans, Inc. 1 7.25% $12,879
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $12,096
    Wallick & Volk, Inc. 1 6.25% $23,089
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $10,622
    Synovus Bank 1 7.63% $10,113
    FIRST MORTGAGE COMPANY, INC. 1 6.25% $14,521
    FAIRWAY FUNDING GROUP, INC. 1 6.00% $11,307
    Evolve Bank & Trust 1 6.63% $11,751
    GLENDENNING MORTGAGE CORPORATION 1 6.50% $17,197
    The Federal Savings Bank 1 7.00% $7,710
    Hancock Whitney Bank 1 6.25% $19,153
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.00% $10,167
    HARBORONE MORTGAGE, LLC 1 7.00% $8,796
    East Coast Capital Corp. 1 6.50% $16,560
    HOMESPIRE MORTGAGE CORPORATION 1 6.13% $12,412
    The Loan Store, Inc. 1 6.25% $17,001
    HOMEXPRESS MORTGAGE CORP. 1 5.38% $14,097
    Eagle Bank and Trust Company 1 5.63% $14,225
    INTELLILOAN, INC. 1 6.75% $7,414
    ISERVE RESIDENTIAL LENDING, LLC 1 6.25% $15,063
    DG PINNACLE FUNDING LLC 1 6.13% $21,711
    JPMorgan Chase Bank 1 5.38% $13,155
    KeyBank 1 7.00% $8,119
    LAND HOME FINANCIAL SERVICES, INC. 1 7.00% $7,993
    LEADERONE FINANCIAL CORPORATION 1 5.99% $17,854
    Citizens Bank 1 7.63% $7,492
    Loan Simple, Inc. 1 7.25% $13,706
    MASON MCDUFFIE MORTGAGE CORPORATION 1 5.75% $13,819
    MID AMERICA MORTGAGE, INC. 1 6.75% $6,077
    CALCON MUTUAL MORTGAGE LLC 1 7.13% $21,035
    MLB RESIDENTIAL LENDING, LLC 1 5.13% $9,097
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $7,800
    BNC National Bank 1 5.63% $9,809
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $13,644
    TOP FLITE FINANCIAL, INC. 1 6.75% $13,811
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $10,956

    The top Punta Gorda FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 121 FHA loans originated. Their average total fees are $13,510, which is $355 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Punta Gorda FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($9,743), INSPIRE HOME LOANS INC. ($11,067), FBC MORTGAGE, LLC ($11,255), NVR Mortgage Finance, Inc. ($11,832) and HOMESIDE FINANCIAL, LLC ($12,265).

    The lowest rate Punta Gorda FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.53%), DHI MORTGAGE COMPANY, LTD. (5.68%), EAGLE HOME MORTGAGE, LLC (5.85%), PENNYMAC LOAN SERVICES, LLC (5.94%) and Sierra Pacific Mortgage Company, Inc. (6.17%).

    Punta Gorda FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    PUNTA GORDA, FL CHARLOTTE 2022 $420,680 $538,650 $651,050 $809,150
    PUNTA GORDA, FL CHARLOTTE 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).