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 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 6.32% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Tallahassee's average FHA mortgage closing costs are $6,958.

    The average rate for the prior week (2022-11-25) was 6.64% and one month ago for the week of 2022-10-28, the average rate was 6.98%.

    The average rate one year ago was 3.21%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.31%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 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 MORTGAGE ($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 $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%) $303,272 (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 (6.6%) 0.78 1,376
    2018-08-01 $229,500 (9.3%) $298,105 (5.2%) 0.77 1,433
    2018-09-01 $224,000 (5.8%) $294,076 (2.0%) 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%) $288,160 (-2.0%) 0.77 1,285
    2019-01-01 $225,000 (2.3%) $292,644 (-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%) $287,226 (-4.5%) 0.77 1,472
    2019-04-01 $234,975 (4.9%) $282,640 (-5.9%) 0.75 1,854
    2019-05-01 $232,600 (2.8%) $284,484 (-6.2%) 0.73 1,896
    2019-06-01 $238,360 (1.9%) $291,482 (-4.7%) 0.74 1,873
    2019-07-01 $239,800 (2.0%) $291,962 (-3.3%) 0.75 1,895
    2019-08-01 $239,900 (4.5%) $288,260 (-3.3%) 0.76 1,866
    2019-09-01 $239,900 (7.1%) $286,260 (-2.7%) 0.77 1,789
    2019-10-01 $239,675 (7.6%) $284,512 (-1.5%) 0.77 1,722
    2019-11-01 $235,000 (4.8%) $282,305 (-2.5%) 0.77 1,618
    2019-12-01 $229,675 (2.6%) $278,167 (-3.5%) 0.77 1,463
    2020-01-01 $232,590 (3.4%) $279,526 (-4.5%) 0.78 1,432
    2020-02-01 $235,400 (1.9%) $282,700 (-3.1%) 0.77 1,575
    2020-03-01 $240,000 (2.1%) $287,800 (0.2%) 0.75 1,660
    2020-04-01 $240,000 (2.1%) $287,968 (1.9%) 0.75 1,667
    2020-05-01 $241,000 (3.6%) $293,761 (3.3%) 0.73 1,663
    2020-06-01 $240,875 (1.1%) $290,290 (-0.4%) 0.71 1,704
    2020-07-01 $245,500 (2.4%) $290,777 (-0.4%) 0.71 1,673
    2020-08-01 $248,200 (3.5%) $295,329 (2.5%) 0.71 1,592
    2020-09-01 $249,900 (4.2%) $300,333 (4.9%) 0.72 1,559
    2020-10-01 $249,900 (4.3%) $301,140 (5.8%) 0.72 1,495
    2020-11-01 $242,250 (3.1%) $299,789 (6.2%) 0.71 1,442
    2020-12-01 $237,000 (3.2%) $299,970 (7.8%) 0.70 1,316
    2021-01-01 $239,900 (3.1%) $295,747 (5.8%) 0.72 1,229
    2021-02-01 $249,450 (6.0%) $299,191 (5.8%) 0.73 1,271
    2021-03-01 $250,000 (4.2%) $301,200 (4.7%) 0.71 1,335
    2021-04-01 $252,750 (5.3%) $301,094 (4.6%) 0.68 1,385
    2021-05-01 $259,900 (7.8%) $303,417 (3.3%) 0.69 1,427
    2021-06-01 $260,500 (8.2%) $307,775 (6.0%) 0.69 1,446
    2021-07-01 $260,000 (5.9%) $306,671 (5.5%) 0.68 1,458
    2021-08-01 $265,000 (6.8%) $309,962 (5.0%) 0.71 1,465
    2021-09-01 $268,975 (7.6%) $312,073 (3.9%) 0.72 1,486
    2021-10-01 $269,900 (8.0%) $316,172 (5.0%) 0.72 1,448
    2021-11-01 $273,750 (13.0%) $320,378 (6.9%) 0.73 1,362
    2021-12-01 $277,450 (17.1%) $323,406 (7.8%) 0.75 1,216
    2022-01-01 $289,000 (20.5%) $334,111 (13.0%) 0.78 1,009
    2022-02-01 $294,975 (18.3%) $340,144 (13.7%) 0.77 1,078
    2022-03-01 $289,900 (16.0%) $344,945 (14.5%) 0.73 1,065
    2022-04-01 $287,500 (13.8%) $344,527 (14.4%) 0.69 1,129
    2022-05-01 $293,339 (12.9%) $351,868 (16.0%) 0.67 1,240
    2022-06-01 $299,450 (15.0%) $363,965 (18.3%) 0.67 1,280
    2022-07-01 $310,000 (19.2%) $375,135 (22.3%) 0.70 1,297
    2022-08-01 $300,000 (13.2%) $372,790 (20.3%) 0.69 1,267
    2022-09-01 $307,950 (14.5%) $372,100 (19.2%) 0.72 1,169
    2022-10-01 $318,000 (17.8%) $379,980 (20.2%) 0.75 1,156
    2022-11-01 $319,950 (16.9%) $383,608 (19.7%) 0.77 1,158
    Tallahassee's median listing price for 2022-11-01 was $319,950, a difference of $46,200 (16.9%) versus the prior year and $1,950 versus the prior month.

    Tallahassee's median listing price comes in at 77% of the national average.

    Tallahassee's average listing price for 2022-11-01 was $383,608, a difference of $63,230 (19.7%) versus the prior year and $3,628 versus the prior month.

    For the 2022-11-01 period, Tallahassee had 1,158 MLS listings, a difference of 2 listings (0%) versus the prior month and -204 listings (-15%) 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 82 days 1,700 sqft
    2018-02-01 74 days 1,694 sqft
    2018-03-01 58 days 1,714 sqft
    2018-04-01 54 days 1,709 sqft
    2018-05-01 54 days 1,700 sqft
    2018-06-01 60 days 1,731 sqft
    2018-07-01 64 days 1,745 sqft
    2018-08-01 59 days 1,717 sqft
    2018-09-01 64 days 1,707 sqft
    2018-10-01 73 days 1,692 sqft
    2018-11-01 77 days 1,682 sqft
    2018-12-01 85 days 1,660 sqft
    2019-01-01 86 days 1,671 sqft
    2019-02-01 79 days 1,712 sqft
    2019-03-01 66 days 1,705 sqft
    2019-04-01 51 days 1,696 sqft
    2019-05-01 51 days 1,696 sqft
    2019-06-01 54 days 1,714 sqft
    2019-07-01 54 days 1,729 sqft
    2019-08-01 56 days 1,731 sqft
    2019-09-01 59 days 1,722 sqft
    2019-10-01 62 days 1,713 sqft
    2019-11-01 65 days 1,683 sqft
    2019-12-01 74 days 1,672 sqft
    2020-01-01 75 days 1,657 sqft
    2020-02-01 54 days 1,664 sqft
    2020-03-01 47 days 1,687 sqft
    2020-04-01 54 days 1,689 sqft
    2020-05-01 59 days 1,678 sqft
    2020-06-01 51 days 1,656 sqft
    2020-07-01 51 days 1,655 sqft
    2020-08-01 50 days 1,677 sqft
    2020-09-01 50 days 1,674 sqft
    2020-10-01 51 days 1,663 sqft
    2020-11-01 53 days 1,643 sqft
    2020-12-01 58 days 1,612 sqft
    2021-01-01 60 days 1,618 sqft
    2021-02-01 47 days 1,638 sqft
    2021-03-01 43 days 1,649 sqft
    2021-04-01 41 days 1,652 sqft
    2021-05-01 38 days 1,636 sqft
    2021-06-01 37 days 1,613 sqft
    2021-07-01 39 days 1,592 sqft
    2021-08-01 38 days 1,599 sqft
    2021-09-01 42 days 1,597 sqft
    2021-10-01 47 days 1,606 sqft
    2021-11-01 51 days 1,628 sqft
    2021-12-01 58 days 1,652 sqft
    2022-01-01 61 days 1,671 sqft
    2022-02-01 39 days 1,655 sqft
    2022-03-01 37 days 1,630 sqft
    2022-04-01 32 days 1,606 sqft
    2022-05-01 33 days 1,622 sqft
    2022-06-01 35 days 1,669 sqft
    2022-07-01 36 days 1,692 sqft
    2022-08-01 39 days 1,672 sqft
    2022-09-01 46 days 1,671 sqft
    2022-10-01 45 days 1,690 sqft
    2022-11-01 45 days 1,706 sqft
    Tallahassee's median listing age (time on market) for 2022-11-01 was 45 days. This is -11% shorter than the same period one year ago.

    Tallahassee's median square footage for active listings during the 2022-11-01 period was 1,706 sqft. One year prior, the average listing was 1,628 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).