Punta Gorda FHA Loan Rates, Closing Costs & Stats

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 134 lenders originated 774 FHA loans during 2022. The total origination value was $197,480,000, with an average FHA loan value of $255,142.

Punta Gorda FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Punta Gorda averaged -0.35% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

Punta Gorda's average FHA mortgage closing costs are $7,959.

The average rate for the prior week (2023-05-26) was 6.18% and one month ago for the week of 2023-04-28, the average rate was 5.83%.

The average rate one year ago was 4.88%.

For refis of the same type during the week of 2023-06-02, the average rate was -1.73%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 72 4.25% $11,977
UNITED WHOLESALE MORTGAGE, LLC 52 4.93% $11,856
CALIBER HOME LOANS, INC. 39 4.47% $10,721
LOANDEPOT.COM, LLC 34 4.48% $11,137
GENEVA FINANCIAL, LLC 19 4.78% $11,741
FBC MORTGAGE, LLC 19 4.96% $8,182
HOME POINT FINANCIAL CORPORATION 17 4.41% $11,243
CROSSCOUNTRY MORTGAGE, LLC 17 5.19% $11,906
CARDINAL FINANCIAL 14 4.65% $11,853
THE MORTGAGE FIRM, INC. 14 5.09% $12,296
PENNYMAC LOAN SERVICES, LLC 14 4.25% $10,920
FREEDOM MORTGAGE CORPORATION 13 4.61% $10,306
DHI MORTGAGE COMPANY, LTD. 10 4.31% $11,099
Paramount Residential Mortgage Group, Inc. 9 4.83% $16,633
NEWREZ LLC 9 5.18% $10,440
FINANCE OF AMERICA MORTGAGE LLC 9 5.14% $12,394
INLANTA MORTGAGE, INC. 8 5.11% $9,529
Equity Prime Mortgage LLC 8 4.97% $9,881
Hometown Lenders, Inc. 7 4.61% $13,091
Mr. Cooper ( Nationstar Mortgage ) 7 4.88% $13,944
EAGLE HOME MORTGAGE, LLC 7 5.43% $13,295
AMERISAVE MORTGAGE CORPORATION 7 3.50% $11,789
Flagstar Bank, FSB 7 5.07% $11,195
LOANPAL, LLC 6 4.42% $13,057
EVERETT FINANCIAL, INC. 6 4.98% $6,493
BROKER SOLUTIONS, INC. 6 5.14% $13,463
Sierra Pacific Mortgage Company, Inc. 6 4.85% $13,307
SECURITYNATIONAL MORTGAGE COMPANY 6 5.00% $17,880
Bank of England 6 4.81% $11,071
LAKEVIEW LOAN SERVICING, LLC 6 3.27% $5,623
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 5.12% $11,382
MOVEMENT MORTGAGE, LLC 5 5.18% $12,421
NTFN, INC. 5 5.25% $10,105
GUARANTEED RATE, INC. 5 4.35% $11,793
SUN WEST MORTGAGE COMPANY, INC. 5 4.40% $13,278
Carrington Mortgage Services, LLC 5 5.58% $10,716
HOMESIDE FINANCIAL, LLC 5 4.85% $12,559
VILLAGE CAPITAL MORTGAGE 5 5.05% $9,977
Nations Lending Corporation 4 5.28% $10,769
Ixonia Bank 4 5.47% $13,442
HAMILTON HOME LOANS, INC. 4 4.37% $13,586
AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.44% $15,043
INSPIRE HOME LOANS INC. 4 4.84% $9,360
BAY EQUITY LLC 3 4.75% $9,374
TOP FLITE FINANCIAL, INC. 3 4.42% $17,942
AMERICAN FINANCIAL RESOURCES, INC. 3 4.58% $10,749
PLAZA HOME MORTGAGE, INC. 3 4.00% $11,721
TOTAL MORTGAGE SERVICES, LLC 3 4.88% $13,664
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.04% $9,617
MUTUAL OF OMAHA MORTGAGE, INC. 3 4.21% $8,748
UNION HOME MORTGAGE CORP. 3 5.13% $10,658
Waterstone Mortgage Corporation 2 5.00% $10,329
HOMESTEAD FUNDING CORP. 2 5.25% $5,869
NFM, INC. 2 5.44% $12,009
JPMorgan Chase Bank 2 4.69% $8,829
CHURCHILL MORTGAGE CORPORATION 2 4.75% $7,670
LAND HOME FINANCIAL SERVICES, INC. 2 5.63% $13,262
MY MORTGAGE, INC. 2 5.50% $14,050
RADIUS FINANCIAL GROUP INC. 2 6.25% $13,331
AmRes Corporation 2 5.06% $15,873
BRIDGEVIEW MORTGAGE CORP. 2 5.94% $12,631
PULTE MORTGAGE LLC 2 4.56% $10,709
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.88% $13,164
GUILD MORTGAGE COMPANY 2 5.38% $10,060
T2 FINANCIAL LLC 2 4.81% $11,109
PLANET HOME LENDING, LLC 2 3.56% $13,476
TOWNE MORTGAGE COMPANY 2 5.75% $11,294
AMERICAN FINANCING CORPORATION 2 3.88% $9,091
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.06% $16,778
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.87% $13,735
FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.19% $20,396
MICHIGAN MUTUAL, INC. 2 4.88% $11,948
NVR Mortgage Finance, Inc. 2 5.69% $13,167
DRAPER AND KRAMER MORTGAGE CORP. 2 5.31% $10,078
Mortgage Research Center, LLC 2 4.81% $6,343
Synovus Bank 1 3.63% $7,003
ACADEMY MORTGAGE CORPORATION 1 3.75% $12,988
A&D Mortgage LLC 1 5.25% $21,439
Advisors Mortgage Group, L.L.C. 1 5.63% $9,237
ALLIED MORTGAGE GROUP, INC. 1 3.25% $20,653
Amerifirst Financial, Inc. 1 5.13% $9,290
AmeriHome Mortgage Company, LLC 1 2.75% $14,449
Axos Bank 1 6.00% $13,163
Bank of America 1 3.00% $5,513
Barrington Bank & Trust Company, N.A. 1 5.25% $10,505
BECKAM FUNDING CORP. 1 6.75% $19,314
BETTER MORTGAGE CORPORATION 1 4.88% $10,007
EMBRACE HOME LOANS, INC. 1 5.75% $12,081
FAIRWAY FUNDING GROUP, INC. 1 5.25% $8,792
FIDELITY FUNDING MORTGAGE CORP. 1 5.25% $18,480
Fifth Third Bank 1 5.00% $7,213
FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.63% $12,416
First Federal Bank 1 4.25% $6,001
First PREMIER Bank 1 4.50% $10,628
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.99% $6,519
GREAT WESTERN FINANCIAL SERVICES, INC. 1 5.63% $10,375
GUARANTEED RATE AFFINITY, LLC 1 4.75% $8,806
HARBORONE MORTGAGE, LLC 1 5.38% $13,077
Heritage Bank 1 5.00% $13,672
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 4.50% $9,261
LADERA LENDING, INC. 1 5.63% $9,620
Lakeview Community Capital, LLC 1 3.38% $5,143
Meridian Bank Corporation 1 6.13% $13,817
M/I FINANCIAL, LLC 1 5.00% $12,877
MILEND, INC. 1 4.25% $12,507
MLB RESIDENTIAL LENDING, LLC 1 2.25% $19,401
Mortgage Lenders Investment Trading Corporation 1 5.25% $12,151
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $6,192
M&T Bank 1 6.88% $18,160
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $17,352
NATIONS RELIABLE LENDING, LLC 1 4.13% $14,022
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.25% $22,128
NEXERA HOLDING LLC 1 4.50% $8,731
OCMBC, INC. 1 4.63% $13,408
OPEN MORTGAGE, LLC 1 5.63% $15,046
Peoples Bank 1 4.99% $21,777
Plains Commerce Bank 1 5.63% $17,822
POLARIS HOME FUNDING CORP. 1 2.63% $9,155
Preston Home Loans Inc 1 5.25% $9,082
Regions Bank 1 4.50% $6,370
RESIDENTIAL HOME FUNDING CORP. 1 3.75% $8,917
RESIDENTIAL HOME MORTGAGE CORPORATION 1 5.13% $10,682
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 5.25% $8,247
South State Bank 1 6.50% $12,757
SOUTHWEST FUNDING, LP 1 5.75% $15,273
SUCCESS MORTGAGE PARTNERS, INC. 1 4.00% $11,900
ABSOLUTE HOME MORTGAGE CORPORATION 1 4.75% $10,472
TJC Mortgage, Inc. 1 5.25% $10,957
Town Square Mortgage & Investments, Inc. 1 5.75% $14,697
Trustmark National Bank 1 7.50% $11,868
Union Savings Bank 1 3.25% $9,150
VAN DYK MORTGAGE CORPORATION 1 5.63% $15,349
VERITAS FUNDING, LLC 1 3.99% $24,619
Victorian Finance, LLC 1 5.75% $14,499

The top Punta Gorda FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 72 FHA loans originated. Their average total fees are $11,977, which is $121 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Punta Gorda FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC ($8,182), FREEDOM MORTGAGE CORPORATION ($10,306), CALIBER HOME LOANS, INC. ($10,721), PENNYMAC LOAN SERVICES, LLC ($10,920) and DHI MORTGAGE COMPANY, LTD. ($11,099).

The lowest rate Punta Gorda FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.25%), PENNYMAC LOAN SERVICES, LLC (4.25%), DHI MORTGAGE COMPANY, LTD. (4.31%), HOME POINT FINANCIAL CORPORATION (4.41%) and CALIBER HOME LOANS, INC. (4.47%).

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

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 $274,900 (1.8%) $364,771 (-2.4%) 1.02 2,207
2018-02-01 $274,950 (2.1%) $366,572 (-0.4%) 1.00 2,254
2018-03-01 $275,000 (3.6%) $366,069 (0.2%) 0.96 2,256
2018-04-01 $269,950 (1.5%) $366,584 (0.5%) 0.92 2,186
2018-05-01 $269,950 (2.8%) $365,442 (0.9%) 0.90 2,074
2018-06-01 $274,900 (4.1%) $373,399 (4.4%) 0.92 1,937
2018-07-01 $271,790 (2.6%) $368,957 (3.8%) 0.91 1,859
2018-08-01 $269,949 (1.8%) $361,520 (2.0%) 0.90 1,811
2018-09-01 $269,000 (1.6%) $354,561 (1.0%) 0.90 1,788
2018-10-01 $274,925 (3.0%) $363,862 (4.7%) 0.93 1,880
2018-11-01 $279,250 (2.9%) $367,202 (3.2%) 0.95 2,114
2018-12-01 $279,900 (3.7%) $373,128 (2.6%) 0.97 2,309
2019-01-01 $280,000 (1.9%) $375,992 (3.1%) 0.97 2,441
2019-02-01 $279,950 (1.8%) $374,308 (2.1%) 0.95 2,606
2019-03-01 $277,857 (1.0%) $369,467 (0.9%) 0.91 2,572
2019-04-01 $275,000 (1.9%) $365,206 (-0.4%) 0.87 2,483
2019-05-01 $275,000 (1.9%) $363,870 (-0.4%) 0.86 2,290
2019-06-01 $274,900 (0.0%) $364,090 (-2.5%) 0.86 2,092
2019-07-01 $275,000 (1.2%) $366,548 (-0.7%) 0.86 1,927
2019-08-01 $276,091 (2.3%) $368,175 (1.8%) 0.87 1,891
2019-09-01 $277,727 (3.2%) $369,744 (4.3%) 0.89 1,883
2019-10-01 $279,000 (1.5%) $371,357 (2.1%) 0.90 1,893
2019-11-01 $279,900 (0.2%) $375,462 (2.3%) 0.92 1,989
2019-12-01 $290,000 (3.6%) $389,098 (4.3%) 0.97 2,011
2020-01-01 $290,000 (3.6%) $389,001 (3.5%) 0.97 2,020
2020-02-01 $289,900 (3.6%) $390,172 (4.2%) 0.95 2,017
2020-03-01 $286,125 (3.0%) $388,578 (5.2%) 0.90 2,008
2020-04-01 $282,898 (2.9%) $380,811 (4.3%) 0.89 2,030
2020-05-01 $285,000 (3.6%) $384,758 (5.7%) 0.87 1,934
2020-06-01 $284,500 (3.5%) $391,484 (7.5%) 0.84 1,717
2020-07-01 $281,660 (2.4%) $392,060 (7.0%) 0.82 1,516
2020-08-01 $284,000 (2.9%) $392,012 (6.5%) 0.81 1,411
2020-09-01 $279,600 (0.7%) $395,644 (7.0%) 0.80 1,345
2020-10-01 $276,035 (-1.1%) $401,581 (8.1%) 0.79 1,300
2020-11-01 $278,938 (-0.3%) $412,817 (10.0%) 0.82 1,254
2020-12-01 $289,675 (-0.1%) $422,575 (8.6%) 0.86 1,165
2021-01-01 $294,900 (1.7%) $451,789 (16.1%) 0.88 1,003
2021-02-01 $297,948 (2.8%) $459,840 (17.9%) 0.87 798
2021-03-01 $300,000 (4.9%) $462,255 (19.0%) 0.85 615
2021-04-01 $322,450 (14.0%) $490,006 (28.7%) 0.87 522
2021-05-01 $324,900 (14.0%) $476,577 (23.9%) 0.86 537
2021-06-01 $337,500 (18.6%) $488,708 (24.8%) 0.89 535
2021-07-01 $355,900 (26.4%) $509,041 (29.8%) 0.94 583
2021-08-01 $370,000 (30.3%) $523,803 (33.6%) 0.99 623
2021-09-01 $374,950 (34.1%) $528,588 (33.6%) 1.00 641
2021-10-01 $379,900 (37.6%) $545,744 (35.9%) 1.01 649
2021-11-01 $399,225 (43.1%) $599,207 (45.2%) 1.07 609
2021-12-01 $395,463 (36.5%) $595,410 (40.9%) 1.07 639
2022-01-01 $391,527 (32.8%) $587,603 (30.1%) 1.06 534
2022-02-01 $422,500 (41.8%) $623,182 (35.5%) 1.10 530
2022-03-01 $430,227 (43.4%) $630,148 (36.3%) 1.08 555
2022-04-01 $435,699 (35.1%) $627,310 (28.0%) 1.04 659
2022-05-01 $454,475 (39.9%) $625,715 (31.3%) 1.04 849
2022-06-01 $457,750 (35.6%) $621,104 (27.1%) 1.02 1,020
2022-07-01 $449,900 (26.4%) $603,564 (18.6%) 1.01 1,165
2022-08-01 $448,068 (21.1%) $565,749 (8.0%) 1.04 1,264
2022-09-01 $449,444 (19.9%) $565,672 (7.0%) 1.05 1,290
2022-10-01 $449,900 (18.4%) $571,322 (4.7%) 1.06 1,158
2022-11-01 $440,875 (10.4%) $560,372 (-6.5%) 1.06 1,170
2022-12-01 $425,000 (7.5%) $556,570 (-6.5%) 1.05 1,188
2023-01-01 $429,000 (9.6%) $561,564 (-4.4%) 1.06 1,290
2023-02-01 $437,450 (3.5%) $583,778 (-6.3%) 1.06 1,397
2023-03-01 $438,850 (2.0%) $575,524 (-8.7%) 1.04 1,583
2023-04-01 $430,410 (-1.2%) $569,089 (-9.3%) 1.00 1,767
2023-05-01 $432,450 (-4.9%) $573,213 (-8.4%) 0.98 1,811
Punta Gorda's median listing price for 2023-05-01 was $432,450, a difference of $-22,025 (-4.9%) versus the prior year and $2,040 versus the prior month.

Punta Gorda's median listing price comes in at 98% of the national average.

Punta Gorda's average listing price for 2023-05-01 was $573,213, a difference of $-52,502 (-8.4%) versus the prior year and $4,124 versus the prior month.

For the 2023-05-01 period, Punta Gorda had 1,811 MLS listings, a difference of 44 listings (2%) versus the prior month and 962 listings (113%) 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 69 days 1,800 sqft
2018-02-01 68 days 1,790 sqft
2018-03-01 66 days 1,787 sqft
2018-04-01 71 days 1,777 sqft
2018-05-01 74 days 1,759 sqft
2018-06-01 85 days 1,768 sqft
2018-07-01 87 days 1,782 sqft
2018-08-01 86 days 1,758 sqft
2018-09-01 86 days 1,756 sqft
2018-10-01 84 days 1,764 sqft
2018-11-01 65 days 1,760 sqft
2018-12-01 66 days 1,767 sqft
2019-01-01 73 days 1,771 sqft
2019-02-01 72 days 1,756 sqft
2019-03-01 72 days 1,745 sqft
2019-04-01 74 days 1,729 sqft
2019-05-01 81 days 1,723 sqft
2019-06-01 89 days 1,723 sqft
2019-07-01 93 days 1,731 sqft
2019-08-01 92 days 1,754 sqft
2019-09-01 89 days 1,754 sqft
2019-10-01 86 days 1,754 sqft
2019-11-01 71 days 1,768 sqft
2019-12-01 73 days 1,789 sqft
2020-01-01 78 days 1,780 sqft
2020-02-01 73 days 1,770 sqft
2020-03-01 66 days 1,760 sqft
2020-04-01 70 days 1,743 sqft
2020-05-01 78 days 1,732 sqft
2020-06-01 90 days 1,696 sqft
2020-07-01 89 days 1,700 sqft
2020-08-01 74 days 1,696 sqft
2020-09-01 72 days 1,716 sqft
2020-10-01 62 days 1,686 sqft
2020-11-01 61 days 1,692 sqft
2020-12-01 66 days 1,692 sqft
2021-01-01 70 days 1,693 sqft
2021-02-01 59 days 1,686 sqft
2021-03-01 44 days 1,667 sqft
2021-04-01 43 days 1,678 sqft
2021-05-01 38 days 1,684 sqft
2021-06-01 38 days 1,686 sqft
2021-07-01 37 days 1,683 sqft
2021-08-01 41 days 1,708 sqft
2021-09-01 43 days 1,690 sqft
2021-10-01 46 days 1,710 sqft
2021-11-01 46 days 1,737 sqft
2021-12-01 54 days 1,732 sqft
2022-01-01 49 days 1,715 sqft
2022-02-01 37 days 1,757 sqft
2022-03-01 37 days 1,730 sqft
2022-04-01 34 days 1,697 sqft
2022-05-01 35 days 1,742 sqft
2022-06-01 39 days 1,718 sqft
2022-07-01 43 days 1,729 sqft
2022-08-01 48 days 1,738 sqft
2022-09-01 53 days 1,753 sqft
2022-10-01 73 days 1,776 sqft
2022-11-01 75 days 1,784 sqft
2022-12-01 79 days 1,745 sqft
2023-01-01 68 days 1,738 sqft
2023-02-01 49 days 1,748 sqft
2023-03-01 45 days 1,729 sqft
2023-04-01 47 days 1,726 sqft
2023-05-01 57 days 1,727 sqft
Punta Gorda's median listing age (time on market) for 2023-05-01 was 57 days. This is 64% longer than the same period one year ago.

Punta Gorda's median square footage for active listings during the 2023-05-01 period was 1,727 sqft. One year prior, the average listing was 1,742 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).