Punta Gorda FHA Loans

PUNTA GORDA, 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.

Punta Gorda's 143 lenders originated 1,340 FHA loans during 2021. The total origination value was $308,050,000, with an average FHA loan value of $229,888.

Punta Gorda FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Punta Gorda averaged 5.3% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.44% and one month ago for the week of 2022-07-01, the average rate was 5.63%.

The average rate one year ago was 3.24%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.79%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 170 2.70% $6,133
CALIBER HOME LOANS, INC. 66 2.92% $8,213
UNITED WHOLESALE MORTGAGE, LLC 56 2.75% $8,628
CROSSCOUNTRY MORTGAGE, LLC 54 3.18% $8,523
FBC MORTGAGE, LLC 41 3.12% $8,110
LOANDEPOT.COM, LLC 39 3.45% $8,710
FREEDOM MORTGAGE CORPORATION 37 2.86% $6,260
LAKEVIEW LOAN SERVICING, LLC 36 3.13% $4,166
PENNYMAC LOAN SERVICES, LLC 33 3.08% $5,272
NEWREZ LLC 22 3.06% $7,194
DHI MORTGAGE COMPANY, LTD. 22 2.92% $7,495
FINANCE OF AMERICA MORTGAGE LLC 19 3.22% $9,260
THE MORTGAGE FIRM, INC. 19 3.17% $8,236
GENEVA FINANCIAL, LLC 17 3.24% $7,941
Mr. Cooper ( Nationstar Mortgage ) 17 3.32% $3,870
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 17 3.10% $8,470
Carrington Mortgage Services, LLC 17 3.65% $7,181
GUARANTEED RATE, INC. 17 3.07% $9,154
Paramount Residential Mortgage Group, Inc. 15 3.57% $10,236
Hometown Lenders, Inc. 13 3.43% $8,852
AMERICAN FINANCIAL NETWORK, INC. 13 3.13% $13,590
LAND HOME FINANCIAL SERVICES, INC. 12 3.58% $10,986
VILLAGE CAPITAL & INVESTMENT LLC 12 2.90% $3,207
NTFN, INC. 11 3.19% $8,738
HOME POINT FINANCIAL CORPORATION 11 2.76% $8,047
PLANET HOME LENDING, LLC 11 2.80% $6,320
EAGLE HOME MORTGAGE, LLC 11 3.17% $9,887
MOVEMENT MORTGAGE, LLC 10 3.16% $9,067
Mortgage Lenders Investment Trading Corporation 10 3.81% $4,853
BROKER SOLUTIONS, INC. 9 3.36% $8,069
AmeriHome Mortgage Company, LLC 9 2.71% $4,929
INLANTA MORTGAGE, INC. 9 3.06% $8,682
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.44% $9,488
Equity Prime Mortgage LLC 8 3.13% $9,162
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 3.59% $10,418
SECURITYNATIONAL MORTGAGE COMPANY 8 3.34% $9,912
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 3.12% $8,940
HAMILTON HOME LOANS, INC. 7 3.11% $7,765
SUCCESS MORTGAGE PARTNERS, INC. 6 3.56% $9,804
BAY EQUITY LLC 6 2.87% $7,089
PULTE MORTGAGE LLC 6 3.19% $7,332
PLAZA HOME MORTGAGE, INC. 6 3.52% $8,329
Lakeview Community Capital, LLC 6 2.92% $4,657
OCMBC, INC. 5 3.05% $7,182
VAN DYK MORTGAGE CORPORATION 5 3.43% $7,396
Nations Lending Corporation 5 3.45% $7,509
SOUTHWEST FUNDING, LP 5 3.60% $12,387
LENDUS, LLC 5 3.45% $8,608
INSPIRE HOME LOANS INC. 5 3.45% $7,530
FAIRWAY FUNDING GROUP, INC. 5 3.20% $9,266
MUTUAL OF OMAHA MORTGAGE, INC. 4 2.69% $10,606
First Guaranty Mortgage Corporation 4 3.09% $6,725
Allied First Bank,sb 4 2.47% $8,995
NFM, INC. 4 3.38% $10,960
NATIONWIDE MORTGAGE BANKERS, INC. 4 3.38% $9,567
HOMESIDE FINANCIAL, LLC 4 3.25% $9,264
TJC Mortgage, Inc. 4 3.00% $7,768
TOP FLITE FINANCIAL, INC. 4 3.44% $12,403
UNION HOME MORTGAGE CORP. 4 2.59% $7,771
LOANPAL, LLC 4 2.88% $9,623
SUN WEST MORTGAGE COMPANY, INC. 4 3.12% $9,864
Hometown Equity Mortgage, LLC 3 3.58% $9,775
Synovus Bank 3 2.92% $7,947
The Federal Savings Bank 3 2.79% $10,086
CMG MORTGAGE, INC. 3 2.88% $10,427
RESIDENTIAL MORTGAGE SERVICES, INC. 3 2.67% $8,935
OPEN MORTGAGE, LLC 3 2.96% $9,313
AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.96% $9,886
RUOFF MORTGAGE COMPANY, INC. 3 3.42% $5,977
ACADEMY MORTGAGE CORPORATION 3 3.17% $9,802
COLUMBUS CAPITAL LENDING, LLC 3 3.25% $8,932
Bank of England 3 3.08% $10,386
Waterstone Mortgage Corporation 2 3.00% $8,288
AMERICAN FINANCING CORPORATION 2 2.87% $7,585
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.00% $13,025
AMERIFIRST FINANCIAL CORPORATION 2 3.38% $8,994
AMERISAVE MORTGAGE CORPORATION 2 3.13% $6,950
Ameris Bank 2 2.75% $6,557
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.81% $7,515
Bank of America 2 3.06% $8,480
Centennial Bank 2 2.75% $7,655
Citizens Bank 2 2.50% $10,287
DRAPER AND KRAMER MORTGAGE CORP. 2 2.88% $7,239
EVERETT FINANCIAL, INC. 2 3.13% $7,092
First Federal Bank 2 3.25% $8,533
Flagstar Bank, FSB 2 3.56% $9,642
GERSHMAN INVESTMENT CORP. 2 3.25% $7,963
KELLER MORTGAGE, LLC 2 2.69% $7,459
LAKE MICHIGAN CREDIT UNION 2 2.75% $5,420
MICHIGAN MUTUAL, INC. 2 2.63% $10,081
Mid-Continent Funding, Inc. 2 3.00% $5,478
MORTGAGE EQUITY PARTNERS LLC 2 3.13% $10,104
Mortgage Research Center, LLC 2 3.44% $4,943
PANORAMA MORTGAGE GROUP, LLC 2 3.44% $9,271
Plains Commerce Bank 2 2.56% $6,180
PNC Bank 2 2.94% $4,028
STEARNS LENDING, LLC 2 2.93% $8,577
T2 FINANCIAL LLC 2 3.25% $8,669
Valley National Bank 2 3.00% $8,140
M/I FINANCIAL, LLC 1 3.00% $9,919
PARKSIDE LENDING, LLC 1 2.75% $6,305
Magnolia Bank 1 2.75% $10,804
Peoples Bank 1 3.50% $10,215
PIKE CREEK MORTGAGE SERVICES, INC. 1 4.13% $10,969
1st Constitution Bank 1 3.00% $9,510
JPMorgan Chase Bank 1 2.75% $0
InterContinental Capital Group, Inc 1 2.88% $7,491
VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.25% $5,404
INTELLILOAN, INC. 1 2.88% $5,738
HOMESTEAD FUNDING CORP. 1 3.50% $7,565
HOMESTAR FINANCIAL CORPORATION 1 2.50% $8,619
Regions Bank 1 2.63% $8,533
RELIANCE FIRST CAPITAL, LLC 1 2.25% $11,365
RESIDENTIAL HOME MORTGAGE CORPORATION 1 3.63% $5,102
GUILD MORTGAGE COMPANY 1 2.63% $8,588
George Mason Mortgage, LLC 1 2.88% $11,098
FLAT BRANCH MORTGAGE, INC. 1 3.38% $7,856
SIGNATURE MORTGAGE CORPORATION 1 3.25% $6,494
SIRVA MORTGAGE, INC. 1 3.13% $7,363
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.88% $7,886
South State Bank 1 2.25% $6,724
First Savings Bank 1 3.25% $5,029
SOVEREIGN LENDING GROUP INCORPORATED 1 3.75% $10,632
AMERICAN FINANCIAL RESOURCES, INC. 1 4.25% $5,707
First Home Bank 1 3.25% $8,345
Summit Mortgage Corporation 1 3.25% $10,015
EQUITY RESOURCES, INC. 1 2.63% $5,607
SWBC MORTGAGE CORPORATION 1 3.50% $7,728
EMBRACE HOME LOANS, INC. 1 2.99% $5,871
ACOPIA, LLC 1 2.88% $6,930
CHURCHILL MORTGAGE CORPORATION 1 2.63% $7,731
THE MONEY HOUSE INC. 1 2.25% $7,473
Christensen Financial, Inc. 1 3.75% $6,704
BEST CAPITAL FUNDING 1 2.75% $7,908
BECKAM FUNDING CORP. 1 3.25% $14,194
BAYSHORE MORTGAGE FUNDING, LLC 1 3.50% $10,205
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 3.13% $7,699
Northpointe Bank 1 3.00% $7,479
NORWICH COMMERCIAL GROUP, INC. 1 3.50% $10,598
NATION ONE MORTGAGE CORPORATION 1 5.25% $8,840
MORTGAGE 1 INCORPORATED 1 2.88% $5,956
MILEND, INC. 1 2.38% $9,583
U.S. Bank 1 2.99% $6,467

The top Punta Gorda FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 170 FHA loans originated. Their average total fees are $6,133, which is $2,081 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Punta Gorda FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,207), Mr. Cooper ( Nationstar Mortgage ) ($3,870), LAKEVIEW LOAN SERVICING, LLC ($4,166), Mortgage Lenders Investment Trading Corporation ($4,853) and PENNYMAC LOAN SERVICES, LLC ($5,272).

The lowest rate Punta Gorda FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.70%), UNITED WHOLESALE MORTGAGE, LLC (2.75%), HOME POINT FINANCIAL CORPORATION (2.76%), PLANET HOME LENDING, LLC (2.80%) and FREEDOM MORTGAGE CORPORATION (2.86%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Punta Gorda (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 $270,000 (0.2%) $342,949 (-0.2%) 0.99 2,269
2018-02-01 $273,700 (2.5%) $340,281 (0.1%) 0.99 2,323
2018-03-01 $272,095 (2.7%) $340,328 (0.5%) 0.94 2,333
2018-04-01 $269,900 (1.9%) $340,738 (0.2%) 0.91 2,248
2018-05-01 $269,950 (3.8%) $344,777 (1.4%) 0.90 2,137
2018-06-01 $274,900 (5.7%) $351,148 (3.7%) 0.92 1,969
2018-07-01 $274,700 (4.1%) $349,578 (3.4%) 0.92 1,922
2018-08-01 $271,000 (3.5%) $346,239 (1.8%) 0.91 1,879
2018-09-01 $269,900 (1.9%) $341,999 (1.3%) 0.90 1,851
2018-10-01 $276,950 (3.9%) $348,263 (3.2%) 0.93 1,973
2018-11-01 $279,500 (3.6%) $349,488 (2.7%) 0.94 2,208
2018-12-01 $279,900 (3.7%) $351,194 (3.3%) 0.96 2,399
2019-01-01 $279,900 (3.7%) $355,169 (3.6%) 0.97 2,508
2019-02-01 $279,900 (2.3%) $359,378 (5.6%) 0.94 2,657
2019-03-01 $277,800 (2.1%) $354,472 (4.2%) 0.91 2,621
2019-04-01 $275,000 (1.9%) $348,734 (2.4%) 0.87 2,527
2019-05-01 $275,000 (1.9%) $348,230 (1.0%) 0.85 2,345
2019-06-01 $274,900 (0.0%) $347,117 (-1.2%) 0.85 2,150
2019-07-01 $274,995 (0.1%) $350,650 (0.3%) 0.85 1,976
2019-08-01 $275,000 (1.5%) $354,059 (2.3%) 0.87 1,887
2019-09-01 $275,000 (1.9%) $354,862 (3.8%) 0.87 1,844
2019-10-01 $279,450 (0.9%) $355,164 (2.0%) 0.89 1,955
2019-11-01 $280,000 (0.2%) $355,701 (1.8%) 0.90 2,047
2019-12-01 $289,700 (3.5%) $362,613 (3.3%) 0.97 2,083
2020-01-01 $289,000 (3.3%) $359,954 (1.4%) 0.96 2,063
2020-02-01 $287,835 (2.8%) $359,551 (0.1%) 0.93 2,042
2020-03-01 $281,250 (1.2%) $355,908 (0.4%) 0.88 2,075
2020-04-01 $278,864 (1.4%) $349,148 (0.1%) 0.87 2,129
2020-05-01 $279,090 (1.5%) $352,969 (1.4%) 0.85 2,020
2020-06-01 $279,700 (1.8%) $359,719 (3.6%) 0.82 1,800
2020-07-01 $279,000 (1.5%) $358,770 (2.3%) 0.80 1,595
2020-08-01 $279,900 (1.8%) $362,644 (2.4%) 0.80 1,502
2020-09-01 $275,240 (0.1%) $363,208 (2.4%) 0.79 1,424
2020-10-01 $275,000 (-1.6%) $365,531 (2.9%) 0.79 1,351
2020-11-01 $274,509 (-2.0%) $373,960 (5.1%) 0.79 1,313
2020-12-01 $287,250 (-0.9%) $384,559 (6.1%) 0.84 1,224
2021-01-01 $289,600 (0.2%) $403,366 (12.1%) 0.85 1,032
2021-02-01 $294,134 (2.2%) $412,606 (14.8%) 0.85 813
2021-03-01 $300,948 (7.0%) $424,604 (19.3%) 0.84 626
2021-04-01 $317,900 (14.0%) $456,821 (30.8%) 0.85 523
2021-05-01 $324,900 (16.4%) $457,995 (29.8%) 0.86 541
2021-06-01 $341,950 (22.3%) $471,129 (31.0%) 0.89 542
2021-07-01 $357,900 (28.3%) $478,337 (33.3%) 0.93 588
2021-08-01 $385,452 (37.7%) $520,617 (43.6%) 1.01 644
2021-09-01 $384,450 (39.7%) $523,693 (44.2%) 1.01 672
2021-10-01 $386,703 (40.6%) $529,949 (45.0%) 1.02 665
2021-11-01 $399,999 (45.7%) $568,939 (52.1%) 1.05 640
2021-12-01 $399,498 (39.1%) $576,704 (50.0%) 1.07 655
2022-01-01 $399,500 (38.0%) $556,237 (37.9%) 1.07 546
2022-02-01 $422,498 (43.6%) $564,259 (36.8%) 1.08 521
2022-03-01 $430,000 (42.9%) $573,831 (35.1%) 1.06 551
2022-04-01 $439,900 (38.4%) $574,449 (25.8%) 1.04 674
2022-05-01 $464,672 (43.0%) $596,893 (30.3%) 1.04 891
2022-06-01 $462,500 (35.3%) $591,738 (25.6%) 1.03 1,079
Punta Gorda's median listing price for 2022-06-01 was $462,500, a difference of $120,550 (35.3%) versus the prior year and $-2,172 versus the prior month.

Punta Gorda's median listing price comes in at 103% of the national average.

Punta Gorda's average listing price for 2022-06-01 was $591,738, a difference of $120,609 (25.6%) versus the prior year and $-5,155 versus the prior month.

For the 2022-06-01 period, Punta Gorda had 1,079 MLS listings, a difference of 188 listings (21%) versus the prior month and 537 listings (99%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Punta Gorda (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,818 sqft
2018-02-01 74 days 1,809 sqft
2018-03-01 71 days 1,804 sqft
2018-04-01 75 days 1,798 sqft
2018-05-01 79 days 1,778 sqft
2018-06-01 93 days 1,788 sqft
2018-07-01 96 days 1,800 sqft
2018-08-01 95 days 1,777 sqft
2018-09-01 93 days 1,776 sqft
2018-10-01 91 days 1,792 sqft
2018-11-01 73 days 1,797 sqft
2018-12-01 74 days 1,795 sqft
2019-01-01 80 days 1,800 sqft
2019-02-01 78 days 1,792 sqft
2019-03-01 74 days 1,775 sqft
2019-04-01 78 days 1,761 sqft
2019-05-01 84 days 1,757 sqft
2019-06-01 91 days 1,759 sqft
2019-07-01 98 days 1,763 sqft
2019-08-01 103 days 1,767 sqft
2019-09-01 97 days 1,764 sqft
2019-10-01 87 days 1,770 sqft
2019-11-01 75 days 1,791 sqft
2019-12-01 78 days 1,805 sqft
2020-01-01 83 days 1,804 sqft
2020-02-01 80 days 1,800 sqft
2020-03-01 71 days 1,783 sqft
2020-04-01 72 days 1,754 sqft
2020-05-01 83 days 1,744 sqft
2020-06-01 94 days 1,714 sqft
2020-07-01 96 days 1,705 sqft
2020-08-01 81 days 1,714 sqft
2020-09-01 78 days 1,732 sqft
2020-10-01 67 days 1,698 sqft
2020-11-01 68 days 1,708 sqft
2020-12-01 72 days 1,712 sqft
2021-01-01 76 days 1,705 sqft
2021-02-01 69 days 1,686 sqft
2021-03-01 51 days 1,667 sqft
2021-04-01 48 days 1,677 sqft
2021-05-01 44 days 1,686 sqft
2021-06-01 44 days 1,694 sqft
2021-07-01 42 days 1,698 sqft
2021-08-01 43 days 1,733 sqft
2021-09-01 46 days 1,718 sqft
2021-10-01 50 days 1,736 sqft
2021-11-01 45 days 1,777 sqft
2021-12-01 44 days 1,776 sqft
2022-01-01 52 days 1,737 sqft
2022-02-01 45 days 1,788 sqft
2022-03-01 40 days 1,749 sqft
2022-04-01 34 days 1,725 sqft
2022-05-01 35 days 1,786 sqft
2022-06-01 39 days 1,751 sqft
Punta Gorda's median listing age (time on market) for 2022-06-01 was 39 days. This is -13% shorter than the same period one year ago.

Punta Gorda's median square footage for active listings during the 2022-06-01 period was 1,751 sqft. One year prior, the average listing was 1,694 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).