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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.