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Gainesville

Current Mortgage Rates in Gainesville, Florida

Compare mortgage rates and fees for leading lenders in Gainesville, FL. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Gainesville.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Gainesville. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Gainesville, FL as of September 28, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Gainesville, FL Mortgage Rates Compare?

September 28, 2020

The current average rate for a 30 year fixed rate mortgage in Gainesville is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Gainesville, FL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Gainesville, Florida?

Below we provide helpful information on the real estate market, home prices and housing affordability in Gainesville. Understand how much you need to earn to afford a home in Gainesville, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Gainesville fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Gainesville is right for you.

The median home value for Gainesville, FL (Alachua County) is $191,240

Based on current mortgage rates and a 10% down payment, you need to make $34,418 per year to buy the median priced home in Gainesville

With this income, you could qualify for a $172,116 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Gainesville is $797

The median household income for Gainesville, FL (Alachua County) is $47,963

Based on this income, you can afford a home valued at approximately $266,499

The home price you can afford to buy based on household income in Gainesville is 139% of the median home value which means housing prices are average. Gainesville (Alachua County) ranks 39 out of 67 counties in Florida and 2,676 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Gainesville, FL is average

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Loan Limits for Gainesville, Florida

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Gainesville (Alachua County) below.

Conforming loan limits for Gainesville, FL

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Gainesville, FL

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Gainesville, FL

1 unit: $510,400

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