Tallahassee FHA Loans

TALLAHASSEE, 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.

Tallahassee's 137 lenders originated 1,593 FHA loans during 2021. The total origination value was $307,025,000, with an average FHA loan value of $192,734.

Tallahassee FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Tallahassee averaged 5.4% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.21% and one month ago for the week of 2022-04-15, the average rate was 4.9%.

The average rate one year ago was 3.07%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.09%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNIVERSITY LENDING GROUP, LLC 205 2.99% $7,306
QUICKEN LOANS, LLC 194 2.78% $6,521
LOANDEPOT.COM, LLC 128 3.24% $9,100
MOVEMENT MORTGAGE, LLC 113 3.13% $7,434
Capital City Home Loans, LLC 56 2.90% $7,985
DELMAR FINANCIAL COMPANY 43 3.21% $8,716
Mr. Cooper ( Nationstar Mortgage ) 38 3.34% $3,461
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 36 3.25% $8,100
LAKEVIEW LOAN SERVICING, LLC 33 3.08% $4,482
AMERIFIRST FINANCIAL CORPORATION 32 3.92% $7,995
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 31 3.44% $8,263
UNITED WHOLESALE MORTGAGE, LLC 28 2.72% $7,572
GMFS LLC 28 2.78% $5,201
Ameris Bank 28 2.83% $7,034
Centennial Bank 27 3.14% $7,907
PENNYMAC LOAN SERVICES, LLC 23 3.19% $4,362
CALIBER HOME LOANS, INC. 23 2.90% $6,702
VAN DYK MORTGAGE CORPORATION 20 3.28% $7,838
GUARANTEED RATE, INC. 19 3.03% $8,079
Carrington Mortgage Services, LLC 15 3.83% $8,549
VILLAGE CAPITAL & INVESTMENT LLC 14 2.95% $3,129
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 3.02% $8,609
BAY CAPITAL MORTGAGE CORPORATION 12 2.73% $7,196
Lakeview Community Capital, LLC 11 3.08% $4,266
NEWREZ LLC 11 3.05% $6,951
U.S. Bank 10 2.99% $7,724
FREEDOM MORTGAGE CORPORATION 9 3.00% $6,779
OCEANSIDE MORTGAGE COMPANY 8 2.95% $2,086
AMERICAN FINANCIAL NETWORK, INC. 8 3.52% $11,862
CROSSCOUNTRY MORTGAGE, LLC 8 3.25% $8,521
Equity Prime Mortgage LLC 7 3.41% $11,155
PLAZA HOME MORTGAGE, INC. 7 2.91% $8,164
PREMIER LENDING, INC. 6 3.02% $8,425
Paramount Residential Mortgage Group, Inc. 6 3.56% $9,697
TOWNE MORTGAGE COMPANY 6 3.73% $6,194
AmeriHome Mortgage Company, LLC 5 2.90% $4,633
AMERICAN FINANCING CORPORATION 5 3.13% $8,376
AMERISAVE MORTGAGE CORPORATION 5 3.00% $9,007
BROKER SOLUTIONS, INC. 5 3.25% $8,517
VANDERBILT MORTGAGE AND FINANCE, INC. 5 3.35% $8,543
Synovus Bank 5 2.93% $7,775
THE MORTGAGE FIRM, INC. 5 3.20% $7,919
TruHome Solutions, LLC 4 2.84% $8,358
Nations Lending Corporation 4 3.13% $10,427
HOME POINT FINANCIAL CORPORATION 4 3.25% $9,343
Colonial Savings, F.A. 4 3.38% $6,559
Truist Bank 4 2.91% $6,957
SOUTHWEST STAGE FUNDING, LLC 4 3.16% $5,014
Flagstar Bank, FSB 4 2.70% $5,633
InterContinental Capital Group, Inc 4 2.63% $6,751
UNITED MORTGAGE CORP. 3 2.92% $12,599
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 4.29% $10,403
Blue Ridge Bank 3 2.83% $6,934
Hancock Whitney Bank 3 2.79% $7,628
AMERICAN FINANCIAL RESOURCES, INC. 3 2.83% $9,187
1ST SIGNATURE LENDING, LLC 2 3.00% $9,416
Hometown Lenders, Inc. 2 3.63% $12,189
Commerce Home Mortgage, Inc. 2 3.13% $6,808
Barrington Bank & Trust Company, N.A. 2 2.99% $13,492
LIBERTY HOME MORTGAGE CORPORATION 2 2.38% $6,060
DATA MORTGAGE, INC. 2 3.63% $12,559
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.88% $8,185
Mortgage Research Center, LLC 2 3.25% $6,941
ON Q FINANCIAL, INC. 2 2.75% $7,951
FBC MORTGAGE, LLC 2 3.25% $6,015
First Guaranty Mortgage Corporation 2 3.19% $6,712
First Option Mortgage, LLC 2 3.19% $11,928
GUARANTEED RATE AFFINITY, LLC 2 2.75% $8,294
TOP FLITE FINANCIAL, INC. 2 3.63% $16,636
Tyndall Federal Credit Union 2 2.56% $5,891
GUILD MORTGAGE COMPANY 2 3.06% $9,450
CityWorth Mortgage LLC 2 3.31% $7,454
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.88% $4,683
Wells Fargo Bank 1 3.63% $2,977
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.25% $8,755
ACADEMY MORTGAGE CORPORATION 1 3.88% $13,253
AMERICAN ADVISORS GROUP 1 2.38% $7,192
BancorpSouth Bank 1 3.00% $6,497
Bank of America 1 2.88% $5,066
Bank of England 1 3.63% $9,239
BAY EQUITY LLC 1 2.99% $12,062
Beach Community Mortgage Services, Inc. 1 2.50% $5,714
BETTER MORTGAGE CORPORATION 1 3.75% $4,550
CELEBRITY HOME LOANS, LLC 1 3.75% $11,294
CERTAINTY HOME LOANS, LLC 1 3.13% $7,412
CHAMPIONS MORTGAGE LLC 1 2.38% $10,219
CHURCHILL MORTGAGE CORPORATION 1 2.38% $10,495
CIS Financial Services, Inc. 1 3.13% $9,666
Citizens Bank 1 3.25% $7,002
Colten Mortgage, LLC 1 3.25% $9,116
COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $16,472
DAS Acquisition Company, LLC 1 2.88% $11,061
DHI MORTGAGE COMPANY, LTD. 1 3.38% $10,755
EMM LOANS LLC 1 2.50% $8,559
FINANCE OF AMERICA MORTGAGE LLC 1 2.25% $14,155
FIRST COMMUNITY MORTGAGE, INC. 1 3.63% $5,999
First Federal Bank 1 2.88% $7,781
First National Bank Texas 1 3.75% $12,109
FLAT BRANCH MORTGAGE, INC. 1 3.25% $7,994
FOUNDATION MORTGAGE CORPORATION 1 3.25% $10,475
GREAT WESTERN FINANCIAL SERVICES, INC. 1 2.50% $6,792
HAMILTON HOME LOANS, INC. 1 3.25% $6,996
HANCOCK MORTGAGE PARTNERS, LLC 1 3.25% $8,385
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $12,180
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.13% $9,690
HOMESIDE FINANCIAL, LLC 1 3.25% $8,864
HOME SOLUTION LENDERS INC. 1 3.25% $9,746
HOMESTAR FINANCIAL CORPORATION 1 2.75% $2,718
Hometown Equity Mortgage, LLC 1 4.75% $8,280
INTELLILOAN, INC. 1 2.75% $17,758
INTERSTATE HOME LOAN CENTER, INC. 1 2.75% $10,164
LEADERONE FINANCIAL CORPORATION 1 3.88% $10,932
LENDUS, LLC 1 2.50% $6,275
LOANLEADERS OF AMERICA, INC. 1 3.25% $6,659
Magnolia Bank 1 3.13% $11,391
MID AMERICA MORTGAGE, INC. 1 2.99% $5,584
MORIA DEVELOPMENT, INC. 1 3.38% $6,602
MORTGAGE ACCESS CORP. 1 2.88% $8,805
Mortgage Lenders Investment Trading Corporation 1 3.75% $2,965
OPEN MORTGAGE, LLC 1 2.50% $7,372
OVM FINANCIAL, INC. 1 3.25% $8,814
PARKSIDE LENDING, LLC 1 2.50% $7,382
PREMIA MORTGAGE, LLC 1 2.63% $5,060
READY MORTGAGE LENDERS, LLC 1 3.00% $13,362
Regions Bank 1 2.75% $7,146
RELIANCE FIRST CAPITAL, LLC 1 3.25% $9,947
SIGNATURE MORTGAGE CORPORATION 1 3.25% $7,922
SmartBank 1 2.63% $9,095
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $6,373
Strong Home Mortgage, LLC 1 2.75% $7,981
Summit Mortgage Corporation 1 2.38% $9,689
SUN WEST MORTGAGE COMPANY, INC. 1 3.13% $5,027
SWBC MORTGAGE CORPORATION 1 3.50% $7,236
T2 FINANCIAL LLC 1 3.13% $8,555
The Huntington National Bank 1 3.00% $8,021
TJC Mortgage, Inc. 1 3.25% $8,447
United Fidelity Funding Corp. 1 3.25% $6,860

The top Tallahassee FHA lender as defined by loan originations is UNIVERSITY LENDING GROUP, LLC, with 205 FHA loans originated. Their average total fees are $7,306, which is $786 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Tallahassee FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,129), Mr. Cooper ( Nationstar Mortgage ) ($3,461), Lakeview Community Capital, LLC ($4,266), PENNYMAC LOAN SERVICES, LLC ($4,362) and LAKEVIEW LOAN SERVICING, LLC ($4,482).

The lowest rate Tallahassee FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.72%), BAY CAPITAL MORTGAGE CORPORATION (2.73%), GMFS LLC (2.78%), QUICKEN LOANS, LLC (2.78%) and Ameris Bank (2.83%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Tallahassee (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 $221,750 (14.2%) $296,209 (8.3%) 0.82 1,156
2018-02-01 $224,900 (14.3%) $297,344 (10.1%) 0.81 1,165
2018-03-01 $229,000 (13.7%) $303,329 (11.4%) 0.79 1,218
2018-04-01 $225,000 (9.8%) $302,913 (9.8%) 0.76 1,305
2018-05-01 $229,450 (10.6%) $304,693 (7.5%) 0.77 1,341
2018-06-01 $236,000 (12.4%) $307,137 (8.0%) 0.79 1,364
2018-07-01 $239,450 (11.4%) $303,497 (6.1%) 0.80 1,407
2018-08-01 $232,450 (9.5%) $300,086 (4.6%) 0.78 1,451
2018-09-01 $224,900 (4.6%) $295,939 (1.5%) 0.75 1,416
2018-10-01 $222,700 (-1.0%) $288,458 (-2.1%) 0.74 1,371
2018-11-01 $226,000 (1.6%) $289,476 (-2.0%) 0.76 1,340
2018-12-01 $225,000 (0.7%) $288,497 (-1.8%) 0.77 1,287
2019-01-01 $227,450 (2.6%) $293,360 (-1.0%) 0.78 1,196
2019-02-01 $235,000 (4.5%) $293,694 (-1.2%) 0.79 1,196
2019-03-01 $237,800 (3.8%) $289,646 (-4.5%) 0.77 1,480
2019-04-01 $235,000 (4.4%) $285,204 (-5.9%) 0.74 1,880
2019-05-01 $235,000 (2.4%) $288,520 (-5.3%) 0.72 1,919
2019-06-01 $240,000 (1.7%) $298,135 (-2.9%) 0.74 1,904
2019-07-01 $242,000 (1.1%) $299,376 (-1.4%) 0.75 1,934
2019-08-01 $238,429 (2.6%) $288,948 (-3.7%) 0.75 2,080
2019-09-01 $235,429 (4.7%) $282,640 (-4.5%) 0.75 2,178
2019-10-01 $240,000 (7.8%) $291,163 (0.9%) 0.77 1,754
2019-11-01 $238,900 (5.7%) $286,433 (-1.1%) 0.77 1,657
2019-12-01 $234,900 (4.4%) $282,343 (-2.1%) 0.78 1,505
2020-01-01 $239,000 (5.1%) $285,826 (-2.6%) 0.80 1,459
2020-02-01 $239,900 (2.1%) $288,621 (-1.7%) 0.77 1,606
2020-03-01 $245,000 (3.0%) $292,569 (1.0%) 0.77 1,687
2020-04-01 $245,000 (4.3%) $292,840 (2.7%) 0.76 1,696
2020-05-01 $245,000 (4.3%) $298,860 (3.6%) 0.74 1,679
2020-06-01 $245,950 (2.5%) $295,993 (-0.7%) 0.72 1,724
2020-07-01 $249,900 (3.3%) $296,926 (-0.8%) 0.72 1,695
2020-08-01 $250,000 (4.9%) $300,755 (4.1%) 0.71 1,618
2020-09-01 $250,000 (6.2%) $302,330 (7.0%) 0.71 1,576
2020-10-01 $250,000 (4.2%) $303,677 (4.3%) 0.71 1,515
2020-11-01 $245,000 (2.6%) $300,844 (5.0%) 0.70 1,460
2020-12-01 $238,275 (1.4%) $302,248 (7.1%) 0.70 1,332
2021-01-01 $239,900 (0.4%) $296,594 (3.8%) 0.71 1,233
2021-02-01 $249,900 (4.2%) $300,810 (4.2%) 0.72 1,286
2021-03-01 $253,600 (3.5%) $302,856 (3.5%) 0.71 1,352
2021-04-01 $259,900 (6.1%) $304,097 (3.8%) 0.70 1,418
2021-05-01 $262,000 (6.9%) $305,999 (2.4%) 0.69 1,447
2021-06-01 $264,450 (7.5%) $310,447 (4.9%) 0.69 1,458
2021-07-01 $262,500 (5.0%) $310,256 (4.5%) 0.68 1,452
2021-08-01 $268,450 (7.4%) $313,344 (4.2%) 0.71 1,485
2021-09-01 $270,900 (8.4%) $315,018 (4.2%) 0.71 1,507
2021-10-01 $274,900 (10.0%) $318,896 (5.0%) 0.72 1,476
2021-11-01 $277,900 (13.4%) $324,996 (8.0%) 0.73 1,390
2021-12-01 $280,000 (17.5%) $327,299 (8.3%) 0.75 1,239
2022-01-01 $290,000 (20.9%) $336,155 (13.3%) 0.77 1,032
2022-02-01 $297,500 (19.1%) $343,002 (14.0%) 0.76 1,096
2022-03-01 $292,000 (15.1%) $348,261 (15.0%) 0.72 1,079
2022-04-01 $291,000 (12.0%) $347,089 (14.1%) 0.68 1,147
Tallahassee's median listing price for 2022-04-01 was $291,000, a difference of $31,100 (12.0%) versus the prior year and $-1,000 versus the prior month.

Tallahassee's median listing price comes in at 68% of the national average.

Tallahassee's average listing price for 2022-04-01 was $347,089, a difference of $42,992 (14.1%) versus the prior year and $-1,172 versus the prior month.

For the 2022-04-01 period, Tallahassee had 1,147 MLS listings, a difference of 68 listings (6%) versus the prior month and -271 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Tallahassee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 1,713 sqft
2018-02-01 74 days 1,710 sqft
2018-03-01 58 days 1,723 sqft
2018-04-01 54 days 1,717 sqft
2018-05-01 54 days 1,710 sqft
2018-06-01 59 days 1,744 sqft
2018-07-01 61 days 1,762 sqft
2018-08-01 59 days 1,725 sqft
2018-09-01 65 days 1,712 sqft
2018-10-01 73 days 1,695 sqft
2018-11-01 76 days 1,695 sqft
2018-12-01 84 days 1,678 sqft
2019-01-01 85 days 1,678 sqft
2019-02-01 79 days 1,725 sqft
2019-03-01 52 days 1,723 sqft
2019-04-01 51 days 1,713 sqft
2019-05-01 50 days 1,709 sqft
2019-06-01 53 days 1,730 sqft
2019-07-01 52 days 1,746 sqft
2019-08-01 58 days 1,729 sqft
2019-09-01 66 days 1,709 sqft
2019-10-01 63 days 1,732 sqft
2019-11-01 65 days 1,700 sqft
2019-12-01 72 days 1,688 sqft
2020-01-01 75 days 1,673 sqft
2020-02-01 53 days 1,680 sqft
2020-03-01 47 days 1,708 sqft
2020-04-01 52 days 1,701 sqft
2020-05-01 58 days 1,700 sqft
2020-06-01 49 days 1,672 sqft
2020-07-01 49 days 1,679 sqft
2020-08-01 49 days 1,700 sqft
2020-09-01 48 days 1,690 sqft
2020-10-01 49 days 1,679 sqft
2020-11-01 52 days 1,648 sqft
2020-12-01 57 days 1,617 sqft
2021-01-01 59 days 1,616 sqft
2021-02-01 46 days 1,640 sqft
2021-03-01 43 days 1,650 sqft
2021-04-01 40 days 1,658 sqft
2021-05-01 38 days 1,652 sqft
2021-06-01 37 days 1,619 sqft
2021-07-01 38 days 1,600 sqft
2021-08-01 38 days 1,608 sqft
2021-09-01 42 days 1,606 sqft
2021-10-01 46 days 1,625 sqft
2021-11-01 50 days 1,649 sqft
2021-12-01 57 days 1,660 sqft
2022-01-01 62 days 1,670 sqft
2022-02-01 40 days 1,659 sqft
2022-03-01 37 days 1,651 sqft
2022-04-01 31 days 1,616 sqft
Tallahassee's median listing age (time on market) for 2022-04-01 was 31 days. This is -22% shorter than the same period one year ago.

Tallahassee's median square footage for active listings during the 2022-04-01 period was 1,616 sqft. One year prior, the average listing was 1,658 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).