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 368 FHA loans during 2022. The total origination value was $83,830,000, with an average FHA loan value of $227,799.

    The Villages FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in The Villages averaged 6.38% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    The Villages's average FHA mortgage closing costs are $8,219.

    The average rate for the prior week (2023-05-19) was 6.16% and one month ago for the week of 2023-04-21, the average rate was 6.1%.

    The average rate one year ago was 4.81%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.02%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 29 4.56% $10,088
    QUICKEN LOANS, LLC 22 4.42% $11,945
    UNITED WHOLESALE MORTGAGE, LLC 20 5.28% $11,454
    Carrington Mortgage Services, LLC 9 4.96% $10,285
    INSPIRE HOME LOANS INC. 9 5.40% $9,082
    AMERIFIRST FINANCIAL CORPORATION 8 4.98% $10,158
    HOME POINT FINANCIAL CORPORATION 7 5.07% $10,024
    Nations Lending Corporation 7 5.25% $12,709
    SUCCESS MORTGAGE PARTNERS, INC. 7 4.80% $14,216
    Flagstar Bank, FSB 7 5.06% $12,107
    CROSSCOUNTRY MORTGAGE, LLC 6 5.33% $10,825
    LOANDEPOT.COM, LLC 6 4.33% $10,801
    CALIBER HOME LOANS, INC. 4 4.77% $11,312
    AMERICAN FINANCIAL RESOURCES, INC. 4 5.84% $10,947
    Equity Prime Mortgage LLC 4 5.84% $13,975
    Mr. Cooper ( Nationstar Mortgage ) 3 4.29% $13,160
    CARDINAL FINANCIAL 3 4.88% $14,664
    BROKER SOLUTIONS, INC. 3 5.12% $10,286
    MOVEMENT MORTGAGE, LLC 3 5.63% $8,126
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.83% $11,610
    Paramount Residential Mortgage Group, Inc. 3 6.21% $12,534
    PENNYMAC LOAN SERVICES, LLC 3 4.83% $10,999
    NATIONS RELIABLE LENDING, LLC 2 5.06% $10,817
    HUNT MORTGAGE CORPORATION 2 5.06% $7,047
    AMERICAN FINANCING CORPORATION 2 4.62% $11,359
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.12% $13,648
    MORTGAGE FINANCIAL GROUP, INC. 2 6.56% $10,215
    CONTOUR MORTGAGE CORPORATION 2 4.25% $9,823
    1ST SIGNATURE LENDING, LLC 2 4.63% $8,874
    PLANET HOME LENDING, LLC 2 5.13% $11,496
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.50% $9,382
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.69% $12,505
    FBC MORTGAGE, LLC 2 5.69% $10,452
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.25% $8,400
    EVERETT FINANCIAL, INC. 2 5.31% $5,625
    The Home Loan Expert LLC 1 5.00% $12,421
    THE MORTGAGE FIRM, INC. 1 3.75% $12,754
    United Fidelity Funding Corp. 1 5.50% $16,451
    VYSTAR 1 5.63% $7,153
    Wells Fargo Bank 1 4.50% $6,503
    ZILLOW HOME LOANS, LLC 1 2.38% $11,613
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.25% $11,257
    Alcova Mortgage LLC 1 5.50% $11,575
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 3.00% $5,471
    AMERISAVE MORTGAGE CORPORATION 1 4.25% $18,603
    Ameris Bank 1 4.00% $12,141
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.50% $10,122
    Bank of America 1 3.75% $6,182
    Christensen Financial, Inc. 1 4.25% $12,202
    Colonial Savings, F.A. 1 5.38% $14,992
    EMM LOANS LLC 1 5.63% $16,277
    FREEDOM MORTGAGE CORPORATION 1 4.25% $11,369
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.25% $11,715
    GUILD MORTGAGE COMPANY 1 5.50% $11,627
    HOMESIDE FINANCIAL, LLC 1 3.63% $5,165
    Hometown Lenders, Inc. 1 4.13% $6,955
    Ixonia Bank 1 6.13% $14,502
    LAND HOME FINANCIAL SERVICES, INC. 1 5.75% $12,335
    MICHIGAN MUTUAL, INC. 1 4.50% $9,622
    MID AMERICA MORTGAGE, INC. 1 6.38% $11,376
    Mortgage Lenders Investment Trading Corporation 1 3.75% $6,048
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $13,484
    NEW DAY FINANCIAL, LLC 1 5.75% $4,898
    NEWREZ LLC 1 3.75% $6,751
    NFM, INC. 1 4.13% $8,992
    NORWICH COMMERCIAL GROUP, INC. 1 5.75% $8,907
    OCEANSIDE MORTGAGE COMPANY 1 4.38% $4,666
    OCMBC, INC. 1 4.63% $21,548
    PHH Mortgage Corporation 1 3.88% $8,904
    Plains Commerce Bank 1 5.25% $10,262
    PLAZA HOME MORTGAGE, INC. 1 4.75% $7,822
    Prosperity Home Mortgage, LLC 1 5.13% $7,452
    Sierra Pacific Mortgage Company, Inc. 1 5.25% $10,675
    South State Bank 1 6.63% $8,772
    T2 FINANCIAL LLC 1 6.63% $19,615

    The top The Villages FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 29 FHA loans originated. Their average total fees are $10,088, which is $1,857 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee The Villages FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($10,088), UNITED WHOLESALE MORTGAGE, LLC ($11,454), QUICKEN LOANS, LLC ($11,945), .

    The lowest rate The Villages FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.42%), DHI MORTGAGE COMPANY, LTD. (4.56%), UNITED WHOLESALE MORTGAGE, LLC (5.28%), .

    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

    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 (5.2%) $342,427 (8.7%) 0.97 341
    2018-02-01 $259,900 (4.0%) $349,828 (12.3%) 0.95 351
    2018-03-01 $274,950 (10.2%) $367,858 (18.5%) 0.96 346
    2018-04-01 $269,724 (7.9%) $381,518 (21.2%) 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%) 0.88 354
    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 $259,900 (-5.5%) $340,171 (-7.5%) 0.87 407
    2019-04-01 $259,670 (-3.7%) $346,444 (-9.2%) 0.82 398
    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 $277,000 (3.0%) $328,293 (-16.1%) 0.87 329
    2019-09-01 $279,950 (7.8%) $333,883 (-9.0%) 0.88 270
    2019-10-01 $292,200 (13.1%) $336,320 (-10.0%) 0.94 296
    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 (15.4%) $351,248 (3.3%) 0.94 384
    2020-04-01 $297,000 (14.4%) $351,218 (1.4%) 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 (8.3%) $361,265 (10.0%) 0.86 456
    2020-09-01 $304,175 (8.7%) $366,516 (9.8%) 0.87 448
    2020-10-01 $299,124 (2.4%) $364,276 (8.3%) 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%) 0.97 155
    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%) 1.02 174
    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 $418,225 (15.8%) $506,829 (3.7%) 0.98 337
    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
    2022-12-01 $419,000 (9.2%) $489,009 (-3.4%) 1.03 408
    2023-01-01 $421,725 (6.8%) $492,131 (-1.9%) 1.04 385
    2023-02-01 $420,000 (2.4%) $486,230 (-3.9%) 1.01 398
    2023-03-01 $419,950 (-2.9%) $487,791 (-10.0%) 0.99 399
    2023-04-01 $399,900 (-7.0%) $468,690 (-14.4%) 0.93 416
    The Villages's median listing price for 2023-04-01 was $399,900, a difference of $-30,000 (-7.0%) versus the prior year and $-20,050 versus the prior month.

    The Villages's median listing price comes in at 93% of the national average.

    The Villages's average listing price for 2023-04-01 was $468,690, a difference of $-78,904 (-14.4%) versus the prior year and $-19,101 versus the prior month.

    For the 2023-04-01 period, The Villages had 416 MLS listings, a difference of 17 listings (4%) versus the prior month and 242 listings (139%) 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 1,775 sqft
    2018-08-01 71 days 1,768 sqft
    2018-09-01 66 days 1,672 sqft
    2018-10-01 64 days 1,672 sqft
    2018-11-01 72 days 1,726 sqft
    2018-12-01 73 days 1,795 sqft
    2019-01-01 73 days 1,795 sqft
    2019-02-01 69 days 1,740 sqft
    2019-03-01 63 days 1,710 sqft
    2019-04-01 68 days 1,684 sqft
    2019-05-01 70 days 1,648 sqft
    2019-06-01 68 days 1,648 sqft
    2019-07-01 58 days 1,624 sqft
    2019-08-01 65 days 1,672 sqft
    2019-09-01 74 days 1,685 sqft
    2019-10-01 67 days 1,688 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 1,738 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 1,617 sqft
    2022-08-01 43 days 1,612 sqft
    2022-09-01 50 days 1,650 sqft
    2022-10-01 54 days 1,629 sqft
    2022-11-01 58 days 1,672 sqft
    2022-12-01 61 days 1,639 sqft
    2023-01-01 70 days 1,640 sqft
    2023-02-01 65 days 1,604 sqft
    2023-03-01 47 days 1,648 sqft
    2023-04-01 47 days 1,626 sqft
    The Villages's median listing age (time on market) for 2023-04-01 was 47 days. This is 39% longer than the same period one year ago.

    The Villages's median square footage for active listings during the 2023-04-01 period was 1,626 sqft. One year prior, the average listing was 1,692 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).