The Villages FHA Loan Rates, Closing Costs & Stats

THE VILLAGES, 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.

    The Villages's 75 lenders originated 317 FHA loans during 2023. The total origination value was $76,605,000, with an average FHA loan value of $241,656.

    The Villages FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in The Villages averaged 6.56% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    The Villages's average FHA mortgage closing costs are $8,798.

    The average rate for the prior week (2024-07-12) was 6.81% and one month ago for the week of 2024-06-14, the average rate was 6.77%.

    The average rate one year ago was 6.76%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.79%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 35 5.29% $9,013
    INSPIRE HOME LOANS INC. 34 6.15% $9,681
    UNITED WHOLESALE MORTGAGE, LLC 30 6.58% $11,411
    QUICKEN LOANS, LLC 18 6.30% $11,155
    BROKER SOLUTIONS, INC. 9 6.58% $11,768
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.91% $10,847
    LOANDEPOT.COM, LLC 6 6.66% $14,078
    NEWREZ LLC 5 6.05% $10,823
    CARDINAL FINANCIAL 5 6.58% $9,962
    MOVEMENT MORTGAGE, LLC 5 6.63% $12,096
    EVERETT FINANCIAL, INC. 4 7.19% $11,264
    PENNYMAC LOAN SERVICES, LLC 4 6.84% $10,034
    MORTGAGE FINANCIAL GROUP, INC. 4 7.16% $10,689
    UNION HOME MORTGAGE CORP. 4 6.88% $9,601
    Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $21,189
    FIRST COMMUNITY MORTGAGE, INC. 3 6.54% $10,236
    THE MORTGAGE FIRM, INC. 3 6.75% $9,088
    FBC MORTGAGE, LLC 3 6.79% $12,114
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.31% $15,840
    CROSSCOUNTRY MORTGAGE, LLC 2 6.94% $11,203
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.88% $12,338
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.19% $13,670
    SUN WEST MORTGAGE COMPANY, INC. 2 7.42% $6,931
    Paramount Residential Mortgage Group, Inc. 2 6.25% $21,687
    The Federal Savings Bank 2 7.38% $9,314
    Nations Lending Corporation 2 7.13% $11,525
    Truist 2 6.70% $7,218
    MICHIGAN MUTUAL, INC. 1 6.13% $12,880
    MID AMERICA MORTGAGE, INC. 1 7.50% $7,704
    MORTGAGE EQUITY PARTNERS LLC 1 5.75% $15,956
    Network Funding, L.P. 1 6.13% $10,004
    NexBank 1 7.00% $9,182
    PLAZA HOME MORTGAGE, INC. 1 5.25% $12,674
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $15,341
    Prosperity Home Mortgage, LLC 1 5.25% $15,216
    Republic Bank 1 5.75% $14,337
    Sierra Pacific Mortgage Company, Inc. 1 6.75% $14,181
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.63% $6,056
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $14,579
    SWBC MORTGAGE CORPORATION 1 7.25% $5,888
    Synovus Bank 1 6.25% $27,775
    TOWNE MORTGAGE COMPANY 1 5.75% $12,371
    TruHome Solutions, LLC 1 5.88% $8,983
    Trustmark National Bank 1 6.25% $8,493
    UNIVERSAL LENDING CORPORATION 1 7.25% $19,331
    VAN DYK MORTGAGE CORPORATION 1 6.38% $9,071
    VERITAS FUNDING, LLC 1 7.25% $15,492
    AMERICAN BANCSHARES MORTGAGE 1 6.63% $9,985
    Waterstone Mortgage Corporation 1 7.50% $8,983
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $10,076
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.63% $9,808
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $8,902
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $17,683
    Bank of England 1 7.63% $7,736
    Bell Bank 1 7.25% $10,574
    CALIBER HOME LOANS, INC. 1 6.25% $9,534
    Carrington Mortgage Services, LLC 1 5.63% $19,587
    Century Mortgage Company DBA Century Lending Company 1 5.63% $9,304
    ENVOY MORTGAGE, LTD 1 7.50% $9,412
    Equity Prime Mortgage LLC 1 5.88% $15,576
    FIRST MORTGAGE COMPANY, INC. 1 6.25% $12,841
    Flagstar Bank, FSB 1 7.25% $14,097
    Franklin Loan Corporation 1 5.75% $15,135
    GENEVA FINANCIAL, LLC 1 7.13% $8,011
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.63% $11,147
    Goldwater Bank, N.A. 1 6.13% $10,056
    GSF Mortgage Corporation 1 6.63% $19,601
    GTE Federal Credit Union 1 6.25% $14,885
    GUARANTEED RATE, INC. 1 7.25% $9,701
    GUILD MORTGAGE COMPANY 1 6.75% $11,324
    HOME SOLUTION LENDERS INC. 1 7.00% $9,049
    HUNT MORTGAGE CORPORATION 1 6.75% $14,126
    INTELLILOAN, INC. 1 5.88% $13,059
    INTERSTATE HOME LOAN CENTER, INC. 1 6.63% $17,360
    Ixonia Bank 1 5.63% $8,920

    The top The Villages FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 35 FHA loans originated. Their average total fees are $9,013, which is $668 lower than the next largest lender, INSPIRE HOME LOANS INC..

    The lowest fee The Villages FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($9,013), INSPIRE HOME LOANS INC. ($9,681), QUICKEN LOANS, LLC ($11,155), UNITED WHOLESALE MORTGAGE, LLC ($11,411) and .

    The lowest rate The Villages FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.29%), INSPIRE HOME LOANS INC. (6.15%), QUICKEN LOANS, LLC (6.30%), UNITED WHOLESALE MORTGAGE, LLC (6.58%) and .

    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
    THE VILLAGES, FL SUMTER 2023 $472,030 $604,400 $730,525 $907,900

    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).