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 6.36% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Tallahassee's average FHA mortgage closing costs are $7,525.

The average rate for the prior week (2023-05-19) was 6.24% and one month ago for the week of 2023-04-21, the average rate was 5.88%.

The average rate one year ago was 5.1%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.41%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNIVERSITY LENDING GROUP, LLC 133 4.72% $9,059
LOANDEPOT.COM, LLC 123 4.98% $10,362
QUICKEN LOANS, LLC 91 4.44% $9,676
MOVEMENT MORTGAGE, LLC 78 4.89% $8,941
DELMAR FINANCIAL COMPANY 51 4.80% $10,414
UNITED WHOLESALE MORTGAGE, LLC 46 5.08% $10,416
University Bank 37 6.17% $9,607
CARDINAL FINANCIAL 31 5.20% $11,602
Ameris Bank 28 5.10% $9,165
AMERIFIRST FINANCIAL CORPORATION 27 4.87% $9,163
Capital City Home Loans, LLC 23 4.85% $8,895
Centennial Bank 23 5.14% $9,275
CALIBER HOME LOANS, INC. 20 4.65% $9,228
VAN DYK MORTGAGE CORPORATION 20 4.79% $7,366
BAY CAPITAL MORTGAGE CORPORATION 19 5.08% $9,753
Flagstar Bank, FSB 13 4.38% $9,523
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 13 5.01% $9,509
PENNYMAC LOAN SERVICES, LLC 13 4.23% $8,160
Carrington Mortgage Services, LLC 13 4.94% $11,327
CROSSCOUNTRY MORTGAGE, LLC 12 4.92% $10,155
GMFS LLC 12 4.11% $7,370
Mr. Cooper ( Nationstar Mortgage ) 12 5.00% $11,795
PLAZA HOME MORTGAGE, INC. 11 4.97% $10,435
Equity Prime Mortgage LLC 10 5.45% $8,543
FREEDOM MORTGAGE CORPORATION 9 5.25% $8,961
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 4.36% $10,385
AMERICAN FINANCING CORPORATION 8 4.37% $10,043
Synovus Bank 8 4.19% $8,581
HOME POINT FINANCIAL CORPORATION 7 3.88% $13,490
BROKER SOLUTIONS, INC. 7 4.75% $14,179
Paramount Residential Mortgage Group, Inc. 6 5.08% $10,968
AMERICAN PACIFIC MORTGAGE CORPORATION 6 5.38% $10,678
MICHIGAN MUTUAL, INC. 5 5.30% $11,984
HOMESIDE FINANCIAL, LLC 5 4.83% $9,373
MUTUAL OF OMAHA MORTGAGE, INC. 5 5.35% $10,593
Nations Lending Corporation 5 5.53% $8,097
TruHome Solutions, LLC 5 4.88% $10,877
AMERISAVE MORTGAGE CORPORATION 5 4.73% $9,866
LAKEVIEW LOAN SERVICING, LLC 5 4.30% $7,283
Bell Bank 5 4.95% $6,547
TOWNE MORTGAGE COMPANY 4 4.84% $7,591
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 4.38% $11,735
1ST SIGNATURE LENDING, LLC 4 5.00% $11,380
Bank of England 4 5.47% $7,957
Truist 4 4.91% $8,384
NEWREZ LLC 4 4.63% $6,954
FBC MORTGAGE, LLC 3 5.16% $7,538
ALLIED MORTGAGE GROUP, INC. 3 4.63% $15,342
Blue Ridge Bank 3 4.92% $9,482
DHI MORTGAGE COMPANY, LTD. 3 4.00% $11,221
Bank of America 3 4.17% $3,760
Regions Bank 3 4.96% $9,023
JPMorgan Chase Bank 3 3.70% $9,336
Lakeview Community Capital, LLC 3 4.96% $7,284
SUN WEST MORTGAGE COMPANY, INC. 3 3.92% $13,053
THE MORTGAGE FIRM, INC. 3 5.96% $9,875
GUARANTEED RATE, INC. 3 4.70% $13,511
Mortgage Research Center, LLC 3 4.79% $4,924
Wells Fargo Bank 3 4.83% $8,980
AMCAP MORTGAGE, LTD. 3 6.66% $14,456
ZILLOW HOME LOANS, LLC 2 4.88% $8,174
Barrington Bank & Trust Company, N.A. 2 5.50% $7,879
BETTER MORTGAGE CORPORATION 2 5.81% $11,826
CMG MORTGAGE, INC. 2 6.25% $12,647
EMM LOANS LLC 2 5.19% $12,747
EVERETT FINANCIAL, INC. 2 5.94% $7,481
LIBERTY HOME MORTGAGE CORPORATION 2 4.25% $6,141
MY MORTGAGE, INC. 2 4.94% $13,657
NATIONS DIRECT MORTGAGE, LLC 2 5.12% $10,908
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.75% $11,106
OCEANSIDE MORTGAGE COMPANY 2 3.94% $6,770
Plains Commerce Bank 2 5.56% $8,803
PREMIER LENDING, INC. 2 5.00% $10,382
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.75% $8,934
RELIANCE FIRST CAPITAL, LLC 2 4.19% $8,327
TOP FLITE FINANCIAL, INC. 2 4.50% $17,034
UNITED MORTGAGE CORP. 2 5.19% $8,169
VILLAGE CAPITAL MORTGAGE 2 4.75% $6,982
MORTGAGE EQUITY PARTNERS LLC 1 6.63% $11,019
Mortgage Lenders Investment Trading Corporation 1 6.75% $6,897
GUILD MORTGAGE COMPANY 1 5.13% $11,161
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $14,508
GUARANTEED RATE AFFINITY, LLC 1 4.75% $15,155
First Option Mortgage, LLC 1 6.63% $13,872
First Guaranty Mortgage Corporation 1 3.63% $16,008
AmeriHome Mortgage Company, LLC 1 5.13% $8,279
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 4.00% $10,890
First Federal Bank 1 4.63% $9,655
AMERICAN FINANCIAL RESOURCES, INC. 1 4.13% $12,367
NETWORK CAPITAL FUNDING CORPORATION 1 6.13% $5,478
NEW DAY FINANCIAL, LLC 1 3.88% $4,570
Financial Freedom Mortgage, LLC 1 6.75% $10,625
NEXERA HOLDING LLC 1 4.13% $9,246
NFM, INC. 1 4.75% $11,395
North American Savings Bank, F.S.B. 1 3.63% $7,200
U.S. Bank 1 5.50% $9,909
FINANCE OF AMERICA MORTGAGE LLC 1 4.50% $5,484
EMBRACE HOME LOANS, INC. 1 5.25% $15,142
US MORTGAGE CORPORATION 1 4.00% $14,091
PLANET HOME LENDING, LLC 1 5.50% $12,155
CORNERSTONE HOME LENDING, INC. 1 3.25% $9,859
AHL FUNDING 1 6.75% $15,752
ABSOLUTE HOME MORTGAGE CORPORATION 1 5.25% $8,560
COLUMBUS CAPITAL LENDING, LLC 1 4.75% $10,688
Colonial Savings, F.A. 1 5.38% $14,045
VYSTAR 1 4.38% $6,569
RUOFF MORTGAGE COMPANY, INC. 1 3.50% $5,458
Semper Home Loans, Inc. 1 5.63% $10,462
SIRVA MORTGAGE, INC. 1 4.00% $12,270
SOUTHPOINT FINANCIAL SERVICES, INC. 1 4.25% $25,709
South State Bank 1 4.88% $7,208
SOUTHWEST STAGE FUNDING, LLC 1 7.25% $10,614
STEARNS LENDING, LLC 1 2.75% $4,574
Strong Home Mortgage, LLC 1 2.88% $6,368
Citizens Bank 1 4.75% $11,305
CHAMPIONS MORTGAGE LLC 1 4.75% $7,971
Texana Bank 1 5.50% $8,774
Century Mortgage Company DBA Century Lending Company 1 3.13% $7,652
Waterstone Mortgage Corporation 1 4.88% $7,729
CALCON MUTUAL MORTGAGE LLC 1 8.38% $13,000
ASPIRE FINANCIAL, INC. 1 6.00% $8,831
Arvest Bank 1 4.88% $10,283
Ixonia Bank 1 5.75% $12,349
INLANTA MORTGAGE, INC. 1 3.63% $7,195
Hometown Lenders, Inc. 1 7.63% $5,790
Hometown Equity Mortgage, LLC 1 6.25% $17,825
LEADERONE FINANCIAL CORPORATION 1 3.75% $11,587
ACADEMY MORTGAGE CORPORATION 1 5.50% $10,678
HOMESPIRE MORTGAGE CORPORATION 1 5.63% $8,356
LOANPAL, LLC 1 4.63% $19,605
Loan Simple, Inc. 1 4.50% $12,180
Hancock Whitney Bank 1 5.63% $8,889
MILEND, INC. 1 6.13% $11,851
MLD MORTGAGE INC. 1 5.50% $13,663

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. 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 $220,450 (-2.0%) $274,410 (-8.8%) 0.73 1,721
2019-04-01 $232,450 (3.7%) $281,753 (-6.2%) 0.74 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%) $292,021 (-3.3%) 0.75 1,893
2019-08-01 $239,900 (4.5%) $290,368 (-2.6%) 0.75 1,989
2019-09-01 $234,975 (4.9%) $280,174 (-4.7%) 0.74 2,049
2019-10-01 $239,450 (7.5%) $284,184 (-1.6%) 0.77 1,716
2019-11-01 $235,000 (4.8%) $282,195 (-2.5%) 0.77 1,615
2019-12-01 $229,450 (2.5%) $278,043 (-3.5%) 0.77 1,460
2020-01-01 $232,520 (3.3%) $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 (8.9%) $287,678 (4.8%) 0.75 1,656
2020-04-01 $240,000 (3.3%) $287,848 (2.2%) 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 (1.7%) 0.71 1,588
2020-09-01 $249,900 (6.4%) $300,235 (7.2%) 0.72 1,555
2020-10-01 $249,900 (4.4%) $301,043 (5.9%) 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%) 0.70 1,312
2021-01-01 $239,900 (3.2%) $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%) $309,548 (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%) $344,968 (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%) $363,755 (18.4%) 0.67 1,281
2022-07-01 $310,000 (19.2%) $374,947 (22.4%) 0.70 1,299
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%) $383,667 (19.8%) 0.77 1,155
2022-12-01 $319,000 (15.0%) $384,212 (18.8%) 0.79 1,042
2023-01-01 $311,000 (7.6%) $375,319 (12.3%) 0.77 975
2023-02-01 $316,350 (7.3%) $376,234 (10.6%) 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
Tallahassee's median listing price for 2023-04-01 was $330,000, a difference of $42,500 (14.8%) versus the prior year and $4,750 versus the prior month.

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

Tallahassee's average listing price for 2023-04-01 was $392,010, a difference of $47,460 (13.8%) versus the prior year and $4,396 versus the prior month.

For the 2023-04-01 period, Tallahassee had 1,091 MLS listings, a difference of 26 listings (2%) versus the prior month and -38 listings (-3%) 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 53 days 1,665 sqft
2019-04-01 51 days 1,693 sqft
2019-05-01 51 days 1,695 sqft
2019-06-01 54 days 1,713 sqft
2019-07-01 54 days 1,728 sqft
2019-08-01 64 days 1,727 sqft
2019-09-01 74 days 1,703 sqft
2019-10-01 64 days 1,710 sqft
2019-11-01 65 days 1,682 sqft
2019-12-01 73 days 1,670 sqft
2020-01-01 75 days 1,657 sqft
2020-02-01 54 days 1,664 sqft
2020-03-01 47 days 1,685 sqft
2020-04-01 54 days 1,687 sqft
2020-05-01 59 days 1,677 sqft
2020-06-01 51 days 1,655 sqft
2020-07-01 51 days 1,655 sqft
2020-08-01 50 days 1,672 sqft
2020-09-01 49 days 1,672 sqft
2020-10-01 51 days 1,662 sqft
2020-11-01 53 days 1,640 sqft
2020-12-01 58 days 1,610 sqft
2021-01-01 60 days 1,614 sqft
2021-02-01 47 days 1,634 sqft
2021-03-01 43 days 1,645 sqft
2021-04-01 41 days 1,651 sqft
2021-05-01 38 days 1,631 sqft
2021-06-01 37 days 1,606 sqft
2021-07-01 38 days 1,592 sqft
2021-08-01 38 days 1,595 sqft
2021-09-01 42 days 1,594 sqft
2021-10-01 47 days 1,606 sqft
2021-11-01 51 days 1,625 sqft
2021-12-01 58 days 1,648 sqft
2022-01-01 62 days 1,670 sqft
2022-02-01 39 days 1,652 sqft
2022-03-01 37 days 1,622 sqft
2022-04-01 31 days 1,600 sqft
2022-05-01 33 days 1,617 sqft
2022-06-01 35 days 1,661 sqft
2022-07-01 36 days 1,691 sqft
2022-08-01 39 days 1,668 sqft
2022-09-01 46 days 1,665 sqft
2022-10-01 45 days 1,688 sqft
2022-11-01 45 days 1,700 sqft
2022-12-01 56 days 1,698 sqft
2023-01-01 62 days 1,655 sqft
2023-02-01 48 days 1,657 sqft
2023-03-01 43 days 1,695 sqft
2023-04-01 40 days 1,703 sqft
Tallahassee's median listing age (time on market) for 2023-04-01 was 40 days. This is 29% longer than the same period one year ago.

Tallahassee's median square footage for active listings during the 2023-04-01 period was 1,703 sqft. One year prior, the average listing was 1,600 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).