The Villages FHA Loan Rates, Closing Costs & Stats

THE VILLAGES, 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.

The Villages's 92 lenders originated 407 FHA loans during 2021. The total origination value was $80,615,000, with an average FHA loan value of $198,071.

The Villages FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in The Villages averaged 6.38% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

The Villages's average FHA mortgage closing costs are $7,383.

The average rate for the prior week (2022-11-25) was 6.3% and one month ago for the week of 2022-10-28, the average rate was 6.64%.

The average rate one year ago was 3.37%.

For refis of the same type during the week of 2022-12-02, the average rate was 5.86%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

The Villages 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 The Villages level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 41 2.69% $7,520
DHI MORTGAGE COMPANY, LTD. 33 2.98% $7,247
SUCCESS MORTGAGE PARTNERS, INC. 11 3.07% $9,130
UNITED WHOLESALE MORTGAGE, LLC 9 2.67% $8,567
Nations Lending Corporation 8 3.31% $9,000
FREEDOM MORTGAGE CORPORATION 8 2.92% $5,683
NEWREZ LLC 7 2.95% $5,720
FBC MORTGAGE, LLC 7 3.21% $8,179
BROKER SOLUTIONS, INC. 6 3.41% $8,374
HUNT MORTGAGE CORPORATION 6 2.83% $8,088
Carrington Mortgage Services, LLC 5 3.28% $6,907
CALIBER HOME LOANS, INC. 5 3.10% $8,084
Mr. Cooper ( Nationstar Mortgage ) 5 3.20% $2,112
AMERICAN FINANCIAL NETWORK, INC. 5 3.83% $11,089
HOME POINT FINANCIAL CORPORATION 4 2.75% $6,594
Mortgage Lenders Investment Trading Corporation 4 3.44% $9,524
THE MORTGAGE FIRM, INC. 4 3.13% $7,905
PENNYMAC LOAN SERVICES, LLC 4 3.40% $3,969
LAKEVIEW LOAN SERVICING, LLC 4 2.97% $4,736
Summit Mortgage Corporation 4 3.63% $7,392
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 3.19% $7,622
Flagstar Bank, FSB 3 2.88% $7,498
NATIONS RELIABLE LENDING, LLC 3 3.67% $7,700
LOANDEPOT.COM, LLC 3 3.96% $8,044
Ameris Bank 3 2.63% $7,722
VILLAGE CAPITAL MORTGAGE 3 2.92% $2,668
Goldwater Bank, N.A. 3 3.42% $8,314
MORTGAGE FINANCIAL GROUP, INC. 3 3.00% $8,919
GSF Mortgage Corporation 3 3.54% $10,631
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.08% $7,410
CROSSCOUNTRY MORTGAGE, LLC 3 3.17% $11,555
Paramount Residential Mortgage Group, Inc. 3 2.75% $7,803
NATIONS DIRECT MORTGAGE, LLC 2 3.50% $7,305
PLANET HOME LENDING, LLC 2 3.00% $3,618
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.56% $8,864
GUARANTEED RATE, INC. 2 3.19% $10,894
AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 3.19% $7,242
South State Bank 2 2.75% $8,194
AMERIFIRST FINANCIAL CORPORATION 2 3.00% $10,523
Waterstone Mortgage Corporation 2 2.94% $8,501
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.44% $8,615
AmeriHome Mortgage Company, LLC 2 2.88% $3,947
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.94% $11,060
ACADEMY MORTGAGE CORPORATION 1 3.25% $8,518
TOP FLITE FINANCIAL, INC. 1 2.88% $12,536
Towne Bank 1 3.38% $7,032
Truist 1 2.38% $8,058
U.S. Bank 1 3.25% $4,081
VAN DYK MORTGAGE CORPORATION 1 3.63% $3,006
STOCKTON MORTGAGE CORPORATION 1 3.50% $8,869
Alcova Mortgage LLC 1 3.25% $10,482
AMERICAN FINANCIAL RESOURCES, INC. 1 3.00% $6,831
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $8,527
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.63% $5,962
AMERISAVE MORTGAGE CORPORATION 1 3.25% $8,086
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $9,354
Bank of America 1 3.00% $3,293
BOND STREET MORTGAGE, LLC 1 3.00% $5,595
CMG MORTGAGE, INC. 1 2.75% $6,035
Colten Mortgage, LLC 1 2.88% $6,513
COUNTRYPLACE MORTGAGE, LTD. 1 4.25% $12,833
Equity Prime Mortgage LLC 1 3.38% $5,747
FIDELITY FUNDING MORTGAGE CORP. 1 2.75% $4,296
FINANCE OF AMERICA MORTGAGE LLC 1 3.13% $5,279
FIRST EQUITY MORTGAGE BANKERS, INC. 1 3.25% $6,856
First Guaranty Mortgage Corporation 1 2.50% $8,756
First Option Mortgage, LLC 1 3.13% $9,083
GERSHMAN INVESTMENT CORP. 1 3.63% $8,617
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.25% $16,549
GUILD MORTGAGE COMPANY 1 3.13% $10,435
HAMILTON HOME LOANS, INC. 1 3.13% $7,357
HOMESPIRE MORTGAGE CORPORATION 1 3.25% $7,993
Hometown Equity Mortgage, LLC 1 4.38% $8,973
INTELLILOAN, INC. 1 3.63% $7,402
KELLER MORTGAGE, LLC 1 2.50% $6,689
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $9,731
LEGEND LENDING CORPORATION 1 3.50% $9,964
LOANPAL, LLC 1 2.38% $12,354
Mortgage Research Center, LLC 1 3.13% $4,040
MOVEMENT MORTGAGE, LLC 1 3.63% $5,811
NETWORK CAPITAL FUNDING CORPORATION 1 3.25% $9,479
PANORAMA MORTGAGE GROUP, LLC 1 4.38% $10,236
Plains Commerce Bank 1 3.25% $8,300
Platinum Home Mortgage Corporation 1 3.75% $10,002
PNC Bank 1 3.00% $6,247
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $8,257
Prosperity Home Mortgage, LLC 1 2.88% $9,218
Regions Bank 1 3.50% $6,359
RESIDENTIAL BANCORP. 1 3.49% $12,442
SIGNATURE MORTGAGE CORPORATION 1 3.25% $6,007
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.75% $13,478
SOUTHWEST STAGE FUNDING, LLC 1 3.25% $7,987

The top The Villages FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 41 FHA loans originated. Their average total fees are $7,520, which is $272 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee The Villages FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,247), QUICKEN LOANS, LLC ($7,520), SUCCESS MORTGAGE PARTNERS, INC. ($9,130), .

The lowest rate The Villages FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.69%), DHI MORTGAGE COMPANY, LTD. (2.98%), SUCCESS MORTGAGE PARTNERS, INC. (3.07%), .

The Villages FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
THE VILLAGES, FL SUMTER 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - The Villages (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 $262,049 (5.3%) $342,427 (8.7%) 0.97 341
2018-02-01 $259,900 (4.0%) $349,828 (12.4%) 0.94 351
2018-03-01 $274,950 (10.2%) $367,858 (18.5%) 0.96 346
2018-04-01 $269,724 (7.9%) $381,518 (21.3%) 0.91 335
2018-05-01 $276,375 (10.6%) $381,578 (17.8%) 0.92 375
2018-06-01 $274,900 (10.3%) $380,131 (18.9%) 0.92 352
2018-07-01 $267,000 (6.8%) $373,582 (14.1%) 0.89 344
2018-08-01 $269,000 (2.1%) $391,037 (17.6%) 0.90 342
2018-09-01 $259,800 (-2.3%) $366,910 (8.8%) 0.87 349
2018-10-01 $258,350 (-4.5%) $373,714 (8.9%) 0.87 354
2018-11-01 $263,000 (-2.6%) $366,705 (5.9%) 0.89 371
2018-12-01 $274,500 (5.6%) $375,728 (12.5%) 0.95 404
2019-01-01 $267,624 (2.1%) $359,391 (5.0%) 0.92 406
2019-02-01 $260,574 (0.3%) $351,510 (0.5%) 0.88 405
2019-03-01 $260,708 (-5.2%) $349,358 (-5.0%) 0.85 395
2019-04-01 $260,080 (-3.6%) $347,421 (-8.9%) 0.83 398
2019-05-01 $269,575 (-2.5%) $346,906 (-9.1%) 0.84 375
2019-06-01 $270,000 (-1.8%) $350,355 (-7.8%) 0.84 352
2019-07-01 $272,450 (2.0%) $322,387 (-13.7%) 0.85 322
2019-08-01 $277,609 (3.2%) $322,227 (-17.6%) 0.88 321
2019-09-01 $284,523 (9.5%) $328,185 (-10.6%) 0.91 306
2019-10-01 $289,132 (11.9%) $332,987 (-10.9%) 0.93 298
2019-11-01 $289,900 (10.2%) $348,575 (-4.9%) 0.95 307
2019-12-01 $289,900 (5.6%) $336,898 (-10.3%) 0.97 307
2020-01-01 $293,125 (9.5%) $344,111 (-4.3%) 0.98 344
2020-02-01 $299,900 (15.1%) $349,115 (-0.7%) 0.98 369
2020-03-01 $299,950 (15.1%) $351,248 (0.5%) 0.94 384
2020-04-01 $297,000 (14.2%) $351,218 (1.1%) 0.93 428
2020-05-01 $295,000 (9.4%) $345,938 (-0.3%) 0.90 434
2020-06-01 $296,950 (10.0%) $347,885 (-0.7%) 0.87 440
2020-07-01 $289,800 (6.4%) $345,464 (7.2%) 0.84 459
2020-08-01 $299,900 (8.0%) $361,265 (12.1%) 0.86 456
2020-09-01 $304,175 (6.9%) $366,516 (11.7%) 0.87 448
2020-10-01 $299,124 (3.5%) $364,276 (9.4%) 0.86 473
2020-11-01 $294,900 (1.7%) $358,737 (2.9%) 0.86 464
2020-12-01 $289,410 (-0.2%) $348,952 (3.6%) 0.86 437
2021-01-01 $298,900 (2.0%) $352,201 (2.4%) 0.89 382
2021-02-01 $299,925 (0.0%) $356,846 (2.2%) 0.87 301
2021-03-01 $307,950 (2.7%) $373,571 (6.4%) 0.87 254
2021-04-01 $315,725 (6.3%) $377,177 (7.4%) 0.85 205
2021-05-01 $335,000 (13.6%) $410,343 (18.6%) 0.89 161
2021-06-01 $342,450 (15.3%) $460,848 (32.5%) 0.90 126
2021-07-01 $360,000 (24.2%) $449,490 (30.1%) 0.95 142
2021-08-01 $362,475 (20.9%) $469,527 (30.0%) 0.97 154
2021-09-01 $361,225 (18.8%) $488,773 (33.4%) 0.96 165
2021-10-01 $359,900 (20.3%) $478,679 (31.4%) 0.96 177
2021-11-01 $364,413 (23.6%) $501,242 (39.7%) 0.97 152
2021-12-01 $383,725 (32.6%) $506,228 (45.1%) 1.04 154
2022-01-01 $395,000 (32.2%) $501,757 (42.5%) 1.07 140
2022-02-01 $410,000 (36.7%) $505,831 (41.8%) 1.07 141
2022-03-01 $432,438 (40.4%) $541,865 (45.1%) 1.08 165
2022-04-01 $429,900 (36.2%) $547,594 (45.2%) 1.03 174
2022-05-01 $422,473 (26.1%) $536,871 (30.8%) 0.97 209
2022-06-01 $426,000 (24.4%) $512,167 (11.1%) 0.95 271
2022-07-01 $425,000 (18.1%) $510,721 (13.6%) 0.96 318
2022-08-01 $417,475 (15.2%) $503,737 (7.3%) 0.96 320
2022-09-01 $419,225 (16.1%) $507,391 (3.8%) 0.98 336
2022-10-01 $409,000 (13.6%) $489,682 (2.3%) 0.96 377
2022-11-01 $405,125 (11.2%) $489,445 (-2.4%) 0.97 395
The Villages's median listing price for 2022-11-01 was $405,125, a difference of $40,712 (11.2%) versus the prior year and $-3,875 versus the prior month.

The Villages's median listing price comes in at 97% of the national average.

The Villages's average listing price for 2022-11-01 was $489,445, a difference of $-11,797 (-2.4%) versus the prior year and $-237 versus the prior month.

For the 2022-11-01 period, The Villages had 395 MLS listings, a difference of 18 listings (5%) versus the prior month and 243 listings (160%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - The Villages (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,709 sqft
2018-02-01 72 days 1,755 sqft
2018-03-01 57 days 1,857 sqft
2018-04-01 59 days 1,826 sqft
2018-05-01 56 days 1,846 sqft
2018-06-01 60 days 1,806 sqft
2018-07-01 72 days 1,772 sqft
2018-08-01 71 days 1,762 sqft
2018-09-01 66 days 1,672 sqft
2018-10-01 64 days 1,671 sqft
2018-11-01 72 days 1,723 sqft
2018-12-01 73 days 1,793 sqft
2019-01-01 73 days 1,790 sqft
2019-02-01 69 days 1,739 sqft
2019-03-01 66 days 1,761 sqft
2019-04-01 67 days 1,683 sqft
2019-05-01 70 days 1,646 sqft
2019-06-01 68 days 1,646 sqft
2019-07-01 58 days 1,624 sqft
2019-08-01 60 days 1,645 sqft
2019-09-01 63 days 1,677 sqft
2019-10-01 67 days 1,698 sqft
2019-11-01 54 days 1,657 sqft
2019-12-01 59 days 1,652 sqft
2020-01-01 56 days 1,673 sqft
2020-02-01 50 days 1,656 sqft
2020-03-01 50 days 1,728 sqft
2020-04-01 56 days 1,725 sqft
2020-05-01 62 days 1,685 sqft
2020-06-01 71 days 1,673 sqft
2020-07-01 62 days 1,673 sqft
2020-08-01 59 days 1,736 sqft
2020-09-01 56 days 1,757 sqft
2020-10-01 57 days 1,715 sqft
2020-11-01 50 days 1,673 sqft
2020-12-01 57 days 1,661 sqft
2021-01-01 65 days 1,673 sqft
2021-02-01 55 days 1,673 sqft
2021-03-01 48 days 1,649 sqft
2021-04-01 46 days 1,640 sqft
2021-05-01 39 days 1,673 sqft
2021-06-01 40 days 1,713 sqft
2021-07-01 42 days 1,760 sqft
2021-08-01 41 days 1,739 sqft
2021-09-01 42 days 1,742 sqft
2021-10-01 41 days 1,742 sqft
2021-11-01 42 days 1,751 sqft
2021-12-01 59 days 1,747 sqft
2022-01-01 51 days 1,736 sqft
2022-02-01 39 days 1,780 sqft
2022-03-01 34 days 1,753 sqft
2022-04-01 34 days 1,692 sqft
2022-05-01 31 days 1,690 sqft
2022-06-01 31 days 1,660 sqft
2022-07-01 39 days 1,619 sqft
2022-08-01 43 days 1,613 sqft
2022-09-01 50 days 1,656 sqft
2022-10-01 54 days 1,629 sqft
2022-11-01 58 days 1,672 sqft
The Villages's median listing age (time on market) for 2022-11-01 was 58 days. This is 38% longer than the same period one year ago.

The Villages's median square footage for active listings during the 2022-11-01 period was 1,672 sqft. One year prior, the average listing was 1,751 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).