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 120 lenders originated 1,149 FHA loans during 2024. The total origination value was $283,135,000, with an average FHA loan value of $246,419.

    Tallahassee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Tallahassee averaged -0.08% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Tallahassee's average FHA mortgage closing costs are $8,407.

    The average rate for the prior week (2025-06-13) was 6.5% and one month ago for the week of 2025-05-16, the average rate was 6.76%.

    The average rate one year ago was 6.81%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.24%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 96 6.30% $10,973
    University Bank 80 6.20% $10,616
    UNITED WHOLESALE MORTGAGE, LLC 79 6.02% $14,058
    DHI MORTGAGE COMPANY, LTD. 75 5.09% $9,461
    MOVEMENT MORTGAGE, LLC 67 6.53% $10,651
    LOANDEPOT.COM, LLC 56 6.72% $11,451
    DELMAR FINANCIAL COMPANY 34 6.47% $10,683
    Ameris Bank 19 6.56% $10,299
    FIRST COMMUNITY MORTGAGE, INC. 17 6.64% $10,130
    BAY CAPITAL MORTGAGE CORPORATION 16 6.34% $11,852
    Centennial Bank 16 6.34% $10,184
    ServisFirst Bank 16 6.23% $9,850
    STOCKTON MORTGAGE CORPORATION 16 6.61% $10,912
    FREEDOM MORTGAGE CORPORATION 14 6.28% $12,613
    GMFS LLC 13 6.27% $8,911
    UNION HOME MORTGAGE CORP. 13 6.45% $11,525
    Capital City Home Loans, LLC 12 6.42% $11,921
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.57% $10,309
    VAN DYK MORTGAGE CORPORATION 11 6.85% $6,243
    Carrington Mortgage Services, LLC 11 6.03% $12,393
    PENNYMAC LOAN SERVICES, LLC 11 5.92% $13,682
    PLAZA HOME MORTGAGE, INC. 9 6.81% $11,793
    Nations Lending Corporation 8 6.84% $12,545
    Regions Bank 8 6.17% $10,587
    Truist 8 6.09% $8,888
    CARDINAL FINANCIAL 8 6.20% $12,793
    Equity Prime Mortgage LLC 7 6.89% $13,422
    GUARANTEED RATE, INC. 7 6.39% $11,951
    TOWNE MORTGAGE COMPANY 6 6.08% $14,124
    ENVOY MORTGAGE, LTD 5 7.00% $10,110
    AMERICAN FINANCIAL NETWORK, INC. 5 7.40% $14,535
    CROSSCOUNTRY MORTGAGE, LLC 5 6.85% $11,343
    Plains Commerce Bank 5 6.15% $12,535
    EVERETT FINANCIAL, INC. 5 6.48% $11,501
    SUN WEST MORTGAGE COMPANY, INC. 5 5.82% $15,965
    BROKER SOLUTIONS, INC. 5 6.65% $10,680
    JPMorgan Chase Bank 5 6.33% $7,269
    Mr. Cooper ( Nationstar Mortgage ) 4 6.97% $17,937
    ZILLOW HOME LOANS, LLC 4 6.47% $10,968
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.59% $11,128
    Mortgage Research Center, LLC 4 6.56% $5,353
    Synovus Bank 4 6.66% $7,610
    AMERICAN FINANCING CORPORATION 4 6.00% $14,795
    VILLAGE CAPITAL MORTGAGE 4 6.72% $9,139
    MICHIGAN MUTUAL, INC. 3 6.42% $14,823
    MILEND, INC. 3 6.50% $15,182
    Prosperity Home Mortgage, LLC 3 5.46% $13,942
    Flagstar Bank, FSB 3 6.19% $7,573
    Ixonia Bank 3 6.75% $10,411
    AmeriHome Mortgage Company, LLC 3 6.63% $6,584
    Paramount Residential Mortgage Group, Inc. 3 6.25% $14,799
    Lakeview Community Capital, LLC 3 6.38% $8,989
    GUILD MORTGAGE COMPANY 3 6.71% $10,993
    LOANPAL, LLC 3 6.42% $10,758
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.56% $9,651
    First Federal Bank 2 6.06% $12,009
    BANKSOUTH MORTGAGE COMPANY, LLC 2 6.69% $14,026
    THE MORTGAGE FIRM, INC. 2 7.00% $10,204
    American Mortgage & Equity Consultants, Inc. 2 7.44% $10,728
    Bell Bank 2 6.75% $8,589
    VERITAS FUNDING, LLC 2 6.62% $20,396
    Waterstone Mortgage Corporation 2 6.19% $12,936
    Fifth Third Bank 2 6.25% $14,525
    GENEVA FINANCIAL, LLC 2 6.63% $14,137
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.62% $9,927
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.88% $7,056
    CMG MORTGAGE, INC. 2 6.13% $11,177
    AMERISAVE MORTGAGE CORPORATION 2 6.38% $10,724
    CANOPY MORTGAGE, LLC 2 6.69% $13,992
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.38% $9,813
    PHH Mortgage Corporation 2 6.56% $11,660
    Century Mortgage Company DBA Century Lending Company 2 5.62% $13,213
    NEWREZ LLC 2 7.00% $10,158
    CORNERSTONE HOME LENDING, INC. 2 6.88% $12,628
    TJC Mortgage, Inc. 1 7.13% $11,536
    Bank of America 1 6.50% $2,533
    Bank of England 1 6.75% $13,825
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.50% $9,622
    BETTER MORTGAGE CORPORATION 1 5.75% $11,477
    Blue Ridge Bank 1 6.25% $8,356
    CALCON MUTUAL MORTGAGE LLC 1 7.00% $8,984
    Citibank 1 6.75% $9,098
    City National Bank of Florida 1 5.99% $12,629
    Colony Bank 1 6.25% $10,566
    FBC MORTGAGE, LLC 1 6.75% $9,373
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.75% $20,953
    FIRST COLONY MORTGAGE CORPORATION 1 6.13% $11,374
    First Federal Bank, A FSB 1 6.25% $12,683
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.25% $17,477
    GSF Mortgage Corporation 1 7.13% $16,108
    GUARANTEED RATE AFFINITY, LLC 1 6.99% $11,906
    HARTFORD FUNDING, LTD. 1 5.75% $16,456
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.49% $13,773
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $9,487
    Hometown Equity Mortgage, LLC 1 7.13% $14,123
    JMAC LENDING, INC. 1 6.00% $18,485
    Keystone Funding, Inc. 1 6.50% $8,752
    LADERA LENDING, INC. 1 6.25% $7,551
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $7,556
    LIBERTY HOME MORTGAGE CORPORATION 1 7.38% $15,352
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $10,847
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.13% $9,774
    NBKC BANK 1 6.63% $7,179
    NEW DAY FINANCIAL, LLC 1 7.50% $5,631
    NFM, INC. 1 6.75% $14,173
    OCEANSIDE MORTGAGE COMPANY 1 6.13% $6,368
    OCMBC, INC. 1 6.63% $15,239
    ON Q FINANCIAL, INC. 1 7.25% $5,631
    POINT Mortgage 1 6.50% $12,965
    ROSS MORTGAGE CORPORATION 1 6.63% $13,161
    RUOFF MORTGAGE COMPANY, INC. 1 6.88% $8,830
    South State Bank 1 7.00% $10,823
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $13,388
    The Federal Savings Bank 1 6.75% $15,697
    AMERICAN BANCSHARES MORTGAGE 1 5.13% $8,194
    TruHome Solutions, LLC 1 6.63% $8,476
    Tyndall Federal Credit Union 1 6.13% $9,598
    U.S. Bank 1 6.50% $6,627
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.75% $3,658
    Wells Fargo Bank 1 7.13% $8,786

    The top Tallahassee FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 96 FHA loans originated. Their average total fees are $10,973, which is $357 higher than the next largest lender, University Bank.

    The lowest fee Tallahassee FHA lenders (with over 10 loans originated) are VAN DYK MORTGAGE CORPORATION ($6,243), GMFS LLC ($8,911), DHI MORTGAGE COMPANY, LTD. ($9,461), ServisFirst Bank ($9,850) and FIRST COMMUNITY MORTGAGE, INC. ($10,130).

    The lowest rate Tallahassee FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.09%), PENNYMAC LOAN SERVICES, LLC (5.92%), UNITED WHOLESALE MORTGAGE, LLC (6.02%), Carrington Mortgage Services, LLC (6.03%) and University Bank (6.20%).

    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).