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 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).