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 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 6.86% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.95% and one month ago for the week of 2024-05-03, the average rate was 7.05%.

The average rate one year ago was 6.51%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.69%.

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

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 $262,423 (5.4%) $342,731 (8.8%) 0.97 340
2018-02-01 $259,925 (4.0%) $350,017 (12.5%) 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 $276,438 (10.6%) $381,832 (17.9%) 0.92 375
2018-06-01 $274,950 (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 (17.5%) 0.90 342
2018-09-01 $259,800 (-3.0%) $366,910 (8.8%) 0.87 349
2018-10-01 $258,350 (-5.1%) $373,714 (8.8%) 0.88 354
2018-11-01 $263,000 (-2.6%) $366,705 (5.8%) 0.89 371
2018-12-01 $274,500 (5.6%) $375,728 (12.4%) 0.95 404
2019-01-01 $267,624 (2.0%) $359,391 (4.9%) 0.92 406
2019-02-01 $260,574 (0.3%) $351,510 (0.4%) 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 (-9.2%) 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 $299,700 (15.0%) $348,589 (-0.8%) 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 $289,900 (6.4%) $345,464 (7.2%) 0.84 458
2020-08-01 $299,900 (8.0%) $361,028 (12.0%) 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 $299,900 (0.1%) $356,323 (2.2%) 0.87 301
2021-03-01 $307,950 (2.7%) $373,571 (6.4%) 0.87 254
2021-04-01 $314,675 (6.0%) $376,834 (7.3%) 0.85 205
2021-05-01 $335,000 (13.6%) $410,343 (18.6%) 0.89 161
2021-06-01 $339,450 (14.3%) $460,848 (32.5%) 0.89 126
2021-07-01 $360,000 (24.2%) $449,490 (30.1%) 0.95 142
2021-08-01 $362,475 (20.9%) $469,082 (29.9%) 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%) $504,945 (44.7%) 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 (42.0%) 1.07 141
2022-03-01 $429,975 (39.6%) $541,056 (44.8%) 1.08 165
2022-04-01 $429,900 (36.6%) $547,594 (45.3%) 1.02 174
2022-05-01 $419,950 (25.4%) $532,557 (29.8%) 0.96 209
2022-06-01 $424,925 (25.2%) $509,924 (10.7%) 0.95 271
2022-07-01 $424,900 (18.0%) $507,957 (13.0%) 0.96 318
2022-08-01 $416,950 (15.0%) $503,175 (7.3%) 0.96 320
2022-09-01 $419,450 (16.1%) $506,342 (3.6%) 0.98 336
2022-10-01 $405,000 (12.5%) $490,075 (2.4%) 0.95 377
2022-11-01 $405,100 (11.2%) $488,305 (-2.6%) 0.97 395
2022-12-01 $410,000 (6.9%) $488,736 (-3.2%) 1.01 409
2023-01-01 $421,000 (6.6%) $492,003 (-1.9%) 1.04 385
2023-02-01 $419,950 (2.4%) $485,598 (-4.0%) 1.01 398
2023-03-01 $419,950 (-2.3%) $487,409 (-9.9%) 0.99 399
2023-04-01 $399,900 (-7.0%) $467,900 (-14.6%) 0.93 416
2023-05-01 $399,375 (-4.9%) $468,402 (-12.1%) 0.91 414
2023-06-01 $397,450 (-6.5%) $470,274 (-7.8%) 0.89 427
2023-07-01 $399,900 (-5.9%) $470,940 (-7.3%) 0.91 402
2023-08-01 $401,192 (-3.8%) $484,568 (-3.7%) 0.92 384
2023-09-01 $398,950 (-4.9%) $487,086 (-3.8%) 0.93 367
2023-10-01 $399,900 (-1.3%) $491,546 (0.3%) 0.94 393
2023-11-01 $396,163 (-2.2%) $478,541 (-2.0%) 0.94 429
2023-12-01 $390,000 (-4.9%) $480,981 (-1.6%) 0.95 436
2024-01-01 $393,125 (-6.6%) $480,204 (-2.4%) 0.96 481
2024-02-01 $392,000 (-6.7%) $481,281 (-0.9%) 0.94 466
2024-03-01 $379,900 (-9.5%) $471,553 (-3.3%) 0.89 455
2024-04-01 $385,800 (-3.5%) $464,394 (-0.8%) 0.90 484
2024-05-01 $382,000 (-4.4%) $462,835 (-1.2%) 0.86 541
The Villages's median listing price for 2024-05-01 was $382,000, a difference of $-17,375 (-4.4%) versus the prior year and $-3,800 versus the prior month.

The Villages's median listing price comes in at 86% of the national average.

The Villages's average listing price for 2024-05-01 was $462,835, a difference of $-5,567 (-1.2%) versus the prior year and $-1,559 versus the prior month.

For the 2024-05-01 period, The Villages had 541 MLS listings, a difference of 57 listings (12%) versus the prior month and 127 listings (31%) 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 69 days 1,712 sqft
2018-02-01 63 days 1,756 sqft
2018-03-01 52 days 1,857 sqft
2018-04-01 56 days 1,826 sqft
2018-05-01 52 days 1,846 sqft
2018-06-01 58 days 1,806 sqft
2018-07-01 67 days 1,775 sqft
2018-08-01 66 days 1,768 sqft
2018-09-01 60 days 1,672 sqft
2018-10-01 59 days 1,672 sqft
2018-11-01 67 days 1,726 sqft
2018-12-01 65 days 1,795 sqft
2019-01-01 68 days 1,795 sqft
2019-02-01 66 days 1,740 sqft
2019-03-01 59 days 1,762 sqft
2019-04-01 62 days 1,684 sqft
2019-05-01 67 days 1,653 sqft
2019-06-01 65 days 1,648 sqft
2019-07-01 57 days 1,624 sqft
2019-08-01 58 days 1,645 sqft
2019-09-01 61 days 1,677 sqft
2019-10-01 64 days 1,698 sqft
2019-11-01 53 days 1,657 sqft
2019-12-01 57 days 1,652 sqft
2020-01-01 55 days 1,673 sqft
2020-02-01 49 days 1,656 sqft
2020-03-01 47 days 1,728 sqft
2020-04-01 53 days 1,725 sqft
2020-05-01 60 days 1,685 sqft
2020-06-01 67 days 1,673 sqft
2020-07-01 57 days 1,673 sqft
2020-08-01 53 days 1,736 sqft
2020-09-01 52 days 1,757 sqft
2020-10-01 53 days 1,715 sqft
2020-11-01 48 days 1,673 sqft
2020-12-01 53 days 1,661 sqft
2021-01-01 63 days 1,673 sqft
2021-02-01 51 days 1,673 sqft
2021-03-01 44 days 1,649 sqft
2021-04-01 42 days 1,641 sqft
2021-05-01 36 days 1,673 sqft
2021-06-01 36 days 1,718 sqft
2021-07-01 41 days 1,760 sqft
2021-08-01 40 days 1,739 sqft
2021-09-01 41 days 1,742 sqft
2021-10-01 39 days 1,742 sqft
2021-11-01 40 days 1,751 sqft
2021-12-01 57 days 1,746 sqft
2022-01-01 50 days 1,736 sqft
2022-02-01 35 days 1,780 sqft
2022-03-01 33 days 1,748 sqft
2022-04-01 33 days 1,692 sqft
2022-05-01 30 days 1,690 sqft
2022-06-01 30 days 1,670 sqft
2022-07-01 37 days 1,628 sqft
2022-08-01 41 days 1,613 sqft
2022-09-01 49 days 1,656 sqft
2022-10-01 52 days 1,624 sqft
2022-11-01 56 days 1,670 sqft
2022-12-01 60 days 1,639 sqft
2023-01-01 66 days 1,642 sqft
2023-02-01 64 days 1,608 sqft
2023-03-01 46 days 1,646 sqft
2023-04-01 45 days 1,626 sqft
2023-05-01 43 days 1,606 sqft
2023-06-01 44 days 1,618 sqft
2023-07-01 54 days 1,641 sqft
2023-08-01 62 days 1,644 sqft
2023-09-01 61 days 1,641 sqft
2023-10-01 56 days 1,610 sqft
2023-11-01 49 days 1,559 sqft
2023-12-01 56 days 1,559 sqft
2024-01-01 60 days 1,582 sqft
2024-02-01 55 days 1,607 sqft
2024-03-01 53 days 1,560 sqft
2024-04-01 50 days 1,576 sqft
2024-05-01 43 days 1,540 sqft
The Villages's median listing age (time on market) for 2024-05-01 was 43 days. This is -1% shorter than the same period one year ago.

The Villages's median square footage for active listings during the 2024-05-01 period was 1,540 sqft. One year prior, the average listing was 1,606 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).