Tallahassee FHA Loan Rates, Closing Costs & Stats
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 134 lenders originated 1,243 FHA loans during 2022. The total origination value was $263,975,000, with an average FHA loan value of $212,369.
Tallahassee FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Tallahassee
averaged
6.7%
for the week of 2023-12-01, compared to the national average (all FHA variants) of
6.949% for the same period.
Tallahassee's average FHA mortgage closing costs are $7,525.
The average rate for the prior week (2023-11-24) was
6.71% and
one month ago for the week of 2023-10-27, the
average rate was 6.92%.
The average rate one year ago was 5.94%.
For refis of the same type during the week of 2023-12-01, the average rate
was 5.74%.
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.
The top Tallahassee FHA lender as defined by loan originations is UNIVERSITY LENDING GROUP, LLC, with
133 FHA loans originated. Their average total fees are
$9,059, which is $1,303
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 ($7,366), GMFS LLC ($7,370), PENNYMAC LOAN SERVICES, LLC ($8,160), Equity Prime Mortgage LLC ($8,543) and Capital City Home Loans, LLC ($8,895).
The lowest rate Tallahassee FHA lenders (with over 10 loans originated) are
GMFS LLC (4.11%), PENNYMAC LOAN SERVICES, LLC (4.23%), Flagstar Bank, FSB (4.38%), QUICKEN LOANS, LLC (4.44%) and CALIBER HOME LOANS, INC. (4.65%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Tallahassee (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $219,900 (15.8%) | $295,037 (9.1%) | 0.82 | 1,136 |
2018-02-01 | $220,000 (12.9%) | $296,648 (11.4%) | 0.80 | 1,150 |
2018-03-01 | $224,950 (12.5%) | $300,808 (11.8%) | 0.79 | 1,207 |
2018-04-01 | $224,075 (12.0%) | $300,255 (9.9%) | 0.76 | 1,285 |
2018-05-01 | $226,200 (11.7%) | $303,198 (8.7%) | 0.76 | 1,326 |
2018-06-01 | $233,900 (13.1%) | $305,864 (8.4%) | 0.78 | 1,347 |
2018-07-01 | $235,000 (11.9%) | $301,841 (6.7%) | 0.78 | 1,376 |
2018-08-01 | $229,500 (9.3%) | $298,145 (5.2%) | 0.77 | 1,433 |
2018-09-01 | $223,950 (5.7%) | $294,164 (2.1%) | 0.75 | 1,414 |
2018-10-01 | $222,780 (0.5%) | $288,905 (-1.2%) | 0.75 | 1,364 |
2018-11-01 | $224,340 (2.0%) | $289,397 (-2.1%) | 0.76 | 1,331 |
2018-12-01 | $223,780 (1.8%) | $288,355 (-1.9%) | 0.77 | 1,285 |
2019-01-01 | $225,000 (2.3%) | $292,722 (-0.8%) | 0.78 | 1,195 |
2019-02-01 | $231,125 (5.1%) | $291,860 (-1.6%) | 0.78 | 1,197 |
2019-03-01 | $235,000 (4.5%) | $287,225 (-4.5%) | 0.77 | 1,472 |
2019-04-01 | $234,950 (4.9%) | $282,594 (-5.9%) | 0.75 | 1,854 |
2019-05-01 | $232,600 (2.8%) | $284,541 (-6.2%) | 0.73 | 1,894 |
2019-06-01 | $238,360 (1.9%) | $291,539 (-4.7%) | 0.74 | 1,871 |
2019-07-01 | $239,800 (2.0%) | $292,071 (-3.2%) | 0.75 | 1,893 |
2019-08-01 | $239,900 (4.5%) | $288,628 (-3.2%) | 0.76 | 1,865 |
2019-09-01 | $239,900 (7.1%) | $286,413 (-2.6%) | 0.77 | 1,788 |
2019-10-01 | $239,900 (7.7%) | $284,521 (-1.5%) | 0.77 | 1,721 |
2019-11-01 | $235,000 (4.8%) | $282,195 (-2.5%) | 0.77 | 1,615 |
2019-12-01 | $229,450 (2.5%) | $278,043 (-3.6%) | 0.77 | 1,460 |
2020-01-01 | $232,590 (3.4%) | $279,560 (-4.5%) | 0.78 | 1,429 |
2020-02-01 | $235,000 (1.7%) | $282,720 (-3.1%) | 0.77 | 1,572 |
2020-03-01 | $240,000 (2.1%) | $287,678 (0.2%) | 0.75 | 1,656 |
2020-04-01 | $240,000 (2.2%) | $287,848 (1.9%) | 0.75 | 1,663 |
2020-05-01 | $241,000 (3.6%) | $293,654 (3.2%) | 0.73 | 1,659 |
2020-06-01 | $240,750 (1.0%) | $290,319 (-0.4%) | 0.71 | 1,701 |
2020-07-01 | $245,475 (2.4%) | $290,808 (-0.4%) | 0.71 | 1,670 |
2020-08-01 | $248,200 (3.5%) | $295,220 (2.3%) | 0.71 | 1,588 |
2020-09-01 | $249,900 (4.2%) | $300,235 (4.8%) | 0.72 | 1,555 |
2020-10-01 | $249,900 (4.2%) | $301,043 (5.8%) | 0.72 | 1,491 |
2020-11-01 | $241,550 (2.8%) | $299,680 (6.2%) | 0.71 | 1,438 |
2020-12-01 | $237,000 (3.3%) | $299,850 (7.8%) | 0.71 | 1,312 |
2021-01-01 | $239,900 (3.1%) | $295,607 (5.7%) | 0.72 | 1,225 |
2021-02-01 | $249,450 (6.2%) | $299,066 (5.8%) | 0.73 | 1,267 |
2021-03-01 | $250,000 (4.2%) | $301,086 (4.7%) | 0.71 | 1,331 |
2021-04-01 | $252,200 (5.1%) | $300,986 (4.6%) | 0.68 | 1,381 |
2021-05-01 | $259,900 (7.8%) | $303,321 (3.3%) | 0.69 | 1,424 |
2021-06-01 | $260,500 (8.2%) | $307,341 (5.9%) | 0.69 | 1,445 |
2021-07-01 | $260,000 (5.9%) | $306,270 (5.3%) | 0.69 | 1,458 |
2021-08-01 | $265,000 (6.8%) | $309,583 (4.9%) | 0.71 | 1,465 |
2021-09-01 | $268,850 (7.6%) | $311,672 (3.8%) | 0.72 | 1,486 |
2021-10-01 | $269,900 (8.0%) | $316,156 (5.0%) | 0.72 | 1,453 |
2021-11-01 | $273,000 (13.0%) | $320,321 (6.9%) | 0.73 | 1,365 |
2021-12-01 | $277,450 (17.1%) | $323,338 (7.8%) | 0.75 | 1,219 |
2022-01-01 | $289,000 (20.5%) | $334,249 (13.1%) | 0.78 | 1,011 |
2022-02-01 | $294,950 (18.2%) | $340,203 (13.8%) | 0.77 | 1,079 |
2022-03-01 | $289,900 (16.0%) | $345,020 (14.6%) | 0.73 | 1,066 |
2022-04-01 | $287,500 (14.0%) | $344,550 (14.5%) | 0.69 | 1,129 |
2022-05-01 | $292,917 (12.7%) | $351,672 (15.9%) | 0.67 | 1,240 |
2022-06-01 | $299,450 (15.0%) | $363,700 (18.3%) | 0.67 | 1,281 |
2022-07-01 | $310,000 (19.2%) | $374,874 (22.4%) | 0.70 | 1,298 |
2022-08-01 | $300,000 (13.2%) | $372,617 (20.4%) | 0.69 | 1,265 |
2022-09-01 | $307,475 (14.4%) | $372,109 (19.4%) | 0.72 | 1,166 |
2022-10-01 | $316,500 (17.3%) | $380,008 (20.2%) | 0.74 | 1,153 |
2022-11-01 | $319,925 (17.2%) | $383,646 (19.8%) | 0.77 | 1,155 |
2022-12-01 | $319,000 (15.0%) | $383,927 (18.7%) | 0.79 | 1,042 |
2023-01-01 | $310,500 (7.4%) | $375,319 (12.3%) | 0.77 | 975 |
2023-02-01 | $316,250 (7.2%) | $376,072 (10.5%) | 0.76 | 1,036 |
2023-03-01 | $325,250 (12.2%) | $387,614 (12.4%) | 0.77 | 1,065 |
2023-04-01 | $330,000 (14.8%) | $392,010 (13.8%) | 0.77 | 1,091 |
2023-05-01 | $329,500 (12.5%) | $391,806 (11.4%) | 0.75 | 1,090 |
2023-06-01 | $335,000 (11.9%) | $395,136 (8.6%) | 0.75 | 1,105 |
2023-07-01 | $339,900 (9.7%) | $398,051 (6.2%) | 0.77 | 1,105 |
2023-08-01 | $339,225 (13.1%) | $397,887 (6.8%) | 0.78 | 1,148 |
2023-09-01 | $329,900 (7.3%) | $394,013 (5.9%) | 0.77 | 1,150 |
2023-10-01 | $315,000 (-0.5%) | $384,191 (1.1%) | 0.74 | 1,202 |
2023-11-01 | $317,225 (-0.8%) | $383,928 (0.1%) | 0.76 | 1,239 |
Tallahassee's median listing price comes in at 76% of the national average.
Tallahassee's average listing price for 2023-11-01 was $383,928, a difference of $282 (0.1%) versus the prior year and $-263 versus the prior month.
For the 2023-11-01 period, Tallahassee had 1,239 MLS listings, a difference of 37 listings (3%) versus the prior month and 84 listings (7%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Tallahassee (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 74 days | 1,700 sqft |
2018-02-01 | 67 days | 1,694 sqft |
2018-03-01 | 54 days | 1,714 sqft |
2018-04-01 | 51 days | 1,709 sqft |
2018-05-01 | 50 days | 1,700 sqft |
2018-06-01 | 56 days | 1,731 sqft |
2018-07-01 | 58 days | 1,744 sqft |
2018-08-01 | 55 days | 1,717 sqft |
2018-09-01 | 60 days | 1,707 sqft |
2018-10-01 | 69 days | 1,692 sqft |
2018-11-01 | 73 days | 1,682 sqft |
2018-12-01 | 79 days | 1,660 sqft |
2019-01-01 | 79 days | 1,670 sqft |
2019-02-01 | 70 days | 1,712 sqft |
2019-03-01 | 58 days | 1,705 sqft |
2019-04-01 | 48 days | 1,696 sqft |
2019-05-01 | 48 days | 1,695 sqft |
2019-06-01 | 51 days | 1,713 sqft |
2019-07-01 | 51 days | 1,728 sqft |
2019-08-01 | 53 days | 1,729 sqft |
2019-09-01 | 56 days | 1,720 sqft |
2019-10-01 | 59 days | 1,711 sqft |
2019-11-01 | 63 days | 1,682 sqft |
2019-12-01 | 71 days | 1,670 sqft |
2020-01-01 | 72 days | 1,657 sqft |
2020-02-01 | 46 days | 1,664 sqft |
2020-03-01 | 45 days | 1,685 sqft |
2020-04-01 | 52 days | 1,687 sqft |
2020-05-01 | 57 days | 1,677 sqft |
2020-06-01 | 48 days | 1,655 sqft |
2020-07-01 | 48 days | 1,655 sqft |
2020-08-01 | 46 days | 1,672 sqft |
2020-09-01 | 47 days | 1,672 sqft |
2020-10-01 | 49 days | 1,662 sqft |
2020-11-01 | 51 days | 1,640 sqft |
2020-12-01 | 54 days | 1,610 sqft |
2021-01-01 | 58 days | 1,614 sqft |
2021-02-01 | 44 days | 1,634 sqft |
2021-03-01 | 40 days | 1,645 sqft |
2021-04-01 | 39 days | 1,651 sqft |
2021-05-01 | 37 days | 1,631 sqft |
2021-06-01 | 36 days | 1,606 sqft |
2021-07-01 | 38 days | 1,592 sqft |
2021-08-01 | 38 days | 1,595 sqft |
2021-09-01 | 41 days | 1,594 sqft |
2021-10-01 | 46 days | 1,606 sqft |
2021-11-01 | 50 days | 1,625 sqft |
2021-12-01 | 57 days | 1,648 sqft |
2022-01-01 | 60 days | 1,670 sqft |
2022-02-01 | 38 days | 1,652 sqft |
2022-03-01 | 36 days | 1,622 sqft |
2022-04-01 | 31 days | 1,600 sqft |
2022-05-01 | 32 days | 1,617 sqft |
2022-06-01 | 34 days | 1,661 sqft |
2022-07-01 | 35 days | 1,690 sqft |
2022-08-01 | 38 days | 1,668 sqft |
2022-09-01 | 45 days | 1,665 sqft |
2022-10-01 | 44 days | 1,688 sqft |
2022-11-01 | 44 days | 1,697 sqft |
2022-12-01 | 55 days | 1,698 sqft |
2023-01-01 | 60 days | 1,655 sqft |
2023-02-01 | 45 days | 1,657 sqft |
2023-03-01 | 41 days | 1,695 sqft |
2023-04-01 | 39 days | 1,702 sqft |
2023-05-01 | 39 days | 1,685 sqft |
2023-06-01 | 37 days | 1,698 sqft |
2023-07-01 | 38 days | 1,689 sqft |
2023-08-01 | 36 days | 1,660 sqft |
2023-09-01 | 42 days | 1,640 sqft |
2023-10-01 | 43 days | 1,612 sqft |
2023-11-01 | 45 days | 1,616 sqft |
Tallahassee's median square footage for active listings during the 2023-11-01 period was 1,616 sqft. One year prior, the average listing was 1,697 sqft.