Tallahassee FHA Loan Rates, Closing Costs & Stats

TALLAHASSEE, 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.

    Tallahassee's 114 lenders originated 1,105 FHA loans during 2023. The total origination value was $254,605,000, with an average FHA loan value of $230,412.

    Tallahassee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Tallahassee averaged 6.34% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Tallahassee's average FHA mortgage closing costs are $8,001.

    The average rate for the prior week (2024-07-12) was 6.59% and one month ago for the week of 2024-06-14, the average rate was 6.75%.

    The average rate one year ago was 6.64%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.05%.

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

    Tallahassee 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 Tallahassee level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 101 6.29% $10,832
    LOANDEPOT.COM, LLC 78 6.52% $11,325
    MOVEMENT MORTGAGE, LLC 77 6.58% $10,344
    University Bank 72 6.29% $10,935
    UNITED WHOLESALE MORTGAGE, LLC 64 6.41% $13,071
    DELMAR FINANCIAL COMPANY 43 6.64% $10,188
    Ameris Bank 38 6.58% $9,230
    Capital City Home Loans, LLC 33 6.73% $10,104
    DHI MORTGAGE COMPANY, LTD. 29 5.55% $8,868
    UNION HOME MORTGAGE CORP. 17 6.94% $10,800
    Centennial Bank 17 6.49% $10,656
    BAY CAPITAL MORTGAGE CORPORATION 15 6.21% $11,960
    AMERICAN FINANCIAL NETWORK, INC. 14 6.81% $10,072
    ServisFirst Bank 13 6.52% $9,614
    Carrington Mortgage Services, LLC 13 6.17% $12,390
    Mr. Cooper ( Nationstar Mortgage ) 11 6.31% $12,569
    VAN DYK MORTGAGE CORPORATION 10 6.75% $7,865
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 7.39% $10,885
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 10 6.25% $11,294
    CARDINAL FINANCIAL 10 6.20% $13,752
    FIRST COMMUNITY MORTGAGE, INC. 9 7.06% $10,547
    PENNYMAC LOAN SERVICES, LLC 9 6.08% $12,582
    BROKER SOLUTIONS, INC. 9 6.51% $9,920
    CROSSCOUNTRY MORTGAGE, LLC 8 6.33% $11,557
    FREEDOM MORTGAGE CORPORATION 8 6.86% $13,318
    Equity Prime Mortgage LLC 7 7.05% $11,986
    AMERISAVE MORTGAGE CORPORATION 7 6.07% $12,465
    Regions Bank 7 6.48% $8,290
    TruHome Solutions, LLC 6 6.60% $9,855
    Paramount Residential Mortgage Group, Inc. 6 7.33% $11,139
    GMFS LLC 6 6.56% $9,180
    Waterstone Mortgage Corporation 6 7.35% $10,862
    Truist 5 6.35% $9,181
    Flagstar Bank, FSB 5 6.45% $10,054
    Hancock Whitney Bank 5 6.05% $9,673
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.31% $11,408
    Blue Ridge Bank 4 6.59% $8,403
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.75% $8,031
    PLANET HOME LENDING, LLC 3 6.79% $12,874
    TOWNE MORTGAGE COMPANY 3 6.96% $10,579
    Bell Bank 3 6.83% $10,941
    VYSTAR 3 6.96% $6,540
    Prosperity Home Mortgage, LLC 3 6.42% $10,798
    MILEND, INC. 3 6.29% $13,684
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.79% $16,051
    NEWREZ LLC 3 7.04% $8,164
    ZILLOW HOME LOANS, LLC 2 6.81% $9,072
    AMERICAN FINANCING CORPORATION 2 6.37% $9,143
    Bank of England 2 6.69% $9,155
    EVERETT FINANCIAL, INC. 2 7.31% $15,750
    GUARANTEED RATE AFFINITY, LLC 2 7.44% $11,257
    GUARANTEED RATE, INC. 2 5.95% $10,440
    Lakeview Community Capital, LLC 2 5.50% $9,258
    LOANLEADERS OF AMERICA, INC. 2 5.13% $12,508
    MICHIGAN MUTUAL, INC. 2 7.13% $11,351
    Mortgage Research Center, LLC 2 6.12% $6,400
    Nations Lending Corporation 2 7.38% $12,591
    NBKC BANK 2 5.56% $8,851
    NETWORK CAPITAL FUNDING CORPORATION 2 6.63% $9,012
    NEW DAY FINANCIAL, LLC 2 7.50% $8,683
    NFM, INC. 2 5.88% $12,025
    Plains Commerce Bank 2 5.94% $10,530
    PLAZA HOME MORTGAGE, INC. 2 6.88% $9,997
    Synovus Bank 2 6.69% $8,170
    TOP FLITE FINANCIAL, INC. 2 7.13% $26,228
    Mortgage Lenders Investment Trading Corporation 1 7.75% $22,834
    CALIBER HOME LOANS, INC. 1 6.75% $8,546
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.63% $8,970
    Gulf Coast Bank and Trust Company 1 6.13% $7,247
    GUILD MORTGAGE COMPANY 1 6.63% $12,802
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $11,881
    Barrington Bank & Trust Company, N.A. 1 5.75% $7,672
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $30,167
    BANKSOUTH MORTGAGE COMPANY, LLC 1 7.13% $10,929
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $17,250
    American Mortgage & Equity Consultants, Inc. 1 7.25% $12,449
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.00% $0
    VILLAGE CAPITAL MORTGAGE 1 7.13% $23,704
    ON Q FINANCIAL, INC. 1 6.75% $11,211
    Origin Bank 1 5.63% $7,529
    EMBRACE HOME LOANS, INC. 1 7.63% $10,375
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.75% $11,554
    ALLIED MORTGAGE GROUP, INC. 1 6.00% $17,674
    Colonial Savings, F.A. 1 5.63% $10,677
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.50% $9,215
    PREMIA MORTGAGE, LLC 1 6.25% $5,235
    Premium Mortgage Corporation 1 5.75% $8,599
    CMG MORTGAGE, INC. 1 6.63% $9,667
    CIS Financial Services, Inc. 1 7.50% $10,494
    RADIUS FINANCIAL GROUP INC. 1 7.63% $12,959
    RANLIFE, INC. 1 7.75% $6,294
    CIBM Bank 1 5.75% $17,097
    RELIANCE FIRST CAPITAL, LLC 1 6.38% $12,816
    ROYAL UNITED MORTGAGE LLC 1 7.00% $11,186
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.63% $8,400
    Semper Home Loans, Inc. 1 7.25% $14,419
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $15,610
    STOCKTON MORTGAGE CORPORATION 1 7.25% $13,655
    SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $8,022
    Wells Fargo Bank 1 6.63% $9,255
    The Federal Savings Bank 1 6.88% $12,849
    KEESLER 1 5.63% $7,737
    LADERA LENDING, INC. 1 7.25% $9,394
    1ST SIGNATURE LENDING, LLC 1 6.63% $9,236
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $11,180
    LIBERTY HOME MORTGAGE CORPORATION 1 8.13% $9,241
    Ixonia Bank 1 6.75% $13,583
    Century Mortgage Company DBA Century Lending Company 1 5.75% $25,220
    LOANPAL, LLC 1 5.75% $13,667
    Loan Simple, Inc. 1 7.25% $14,689
    MANN FINANCIAL INC. 1 7.13% $7,493
    CANOPY MORTGAGE, LLC 1 7.13% $10,725
    Hometown Equity Mortgage, LLC 1 6.88% $8,588
    MLB RESIDENTIAL LENDING, LLC 1 6.88% $10,110

    The top Tallahassee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 101 FHA loans originated. Their average total fees are $10,832, which is $493 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Tallahassee FHA lenders (with over 10 loans originated) are VAN DYK MORTGAGE CORPORATION ($7,865), DHI MORTGAGE COMPANY, LTD. ($8,868), Ameris Bank ($9,230), ServisFirst Bank ($9,614) and AMERICAN FINANCIAL NETWORK, INC. ($10,072).

    The lowest rate Tallahassee FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.55%), Carrington Mortgage Services, LLC (6.17%), CARDINAL FINANCIAL (6.20%), BAY CAPITAL MORTGAGE CORPORATION (6.21%) and AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC (6.25%).

    Tallahassee FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TALLAHASSEE, FL GADSDEN 2022 $420,680 $538,650 $651,050 $809,150
    TALLAHASSEE, FL JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    TALLAHASSEE, FL LEON 2022 $420,680 $538,650 $651,050 $809,150
    TALLAHASSEE, FL WAKULLA 2022 $420,680 $538,650 $651,050 $809,150
    TALLAHASSEE, FL GADSDEN 2023 $472,030 $604,400 $730,525 $907,900
    TALLAHASSEE, FL JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    TALLAHASSEE, FL LEON 2023 $472,030 $604,400 $730,525 $907,900
    TALLAHASSEE, FL WAKULLA 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).