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 6.92% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.82% and one month ago for the week of 2024-03-15, the average rate was 6.58%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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 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
    The Villages's median listing price for 2024-03-01 was $379,900, a difference of $-40,050 (-9.5%) versus the prior year and $-12,100 versus the prior month.

    The Villages's median listing price comes in at 89% of the national average.

    The Villages's average listing price for 2024-03-01 was $471,553, a difference of $-15,856 (-3.3%) versus the prior year and $-9,728 versus the prior month.

    For the 2024-03-01 period, The Villages had 455 MLS listings, a difference of -11 listings (-2%) versus the prior month and 56 listings (14%) 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
    The Villages's median listing age (time on market) for 2024-03-01 was 53 days. This is 16% longer than the same period one year ago.

    The Villages's median square footage for active listings during the 2024-03-01 period was 1,560 sqft. One year prior, the average listing was 1,646 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).