Arecibo FHA Loan Rates, Closing Costs & Stats
Arecibo, PR
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.
Arecibo's 20 lenders originated 195 FHA loans during 2023. The total origination value was $25,425,000, with an average FHA loan value of $130,385.
Arecibo FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Arecibo
averaged
-0.39%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Arecibo's average FHA mortgage closing costs are $7,163.
The average rate for the prior week (2024-11-22) was
6.3% and
one month ago for the week of 2024-10-25, the
average rate was 5.78%.
The average rate one year ago was 6.67%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.1%.
Arecibo 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 Arecibo level.
Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
---|---|---|---|
METRO ISLAND MORTGAGE, INC. | 29 | 6.40% | $10,221 |
FIRSTBANK PUERTO RICO | 22 | 5.52% | $8,749 |
THE MONEY HOUSE INC. | 22 | 6.75% | $7,944 |
SUN WEST MORTGAGE COMPANY, INC. | 19 | 6.66% | $8,799 |
Oriental Bank | 17 | 5.91% | $8,566 |
PREFERRED MORTGAGE CORPORATION | 12 | 6.42% | $8,637 |
HOME MORTGAGE BANKERS CORP. | 12 | 6.81% | $10,598 |
Banco Popular de Puerto Rico | 9 | 5.72% | $9,787 |
RM ACTUAL MORTGAGE, INC. | 7 | 7.21% | $7,481 |
TRUST MORTGAGE, CORP | 5 | 6.05% | $11,605 |
VIG MORTGAGE CORPORATION | 4 | 6.94% | $7,461 |
E.M.I. EQUITY MORTGAGE, INC. | 4 | 6.81% | $8,050 |
Senior Mortgage Bankers Inc | 4 | 6.44% | $7,444 |
COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA | 3 | 6.92% | $9,456 |
FIRST EQUITY MORTGAGE BANKERS, INC. | 2 | 6.50% | $9,213 |
Rf Mortgage & Investment Corp | 2 | 6.50% | $15,336 |
MULTIPLES MORTGAGE CORPORATION | 2 | 6.63% | $7,652 |
CROSSCOUNTRY MORTGAGE, LLC | 1 | 7.25% | $11,610 |
Capital Mortgage Services Corp. | 1 | 7.50% | $6,987 |
HR MORTGAGE CORP. | 1 | 6.75% | $6,137 |
The top Arecibo FHA lender as defined by loan originations is METRO ISLAND MORTGAGE, INC., with
29 FHA loans originated. Their average total fees are
$10,221, which is $1,472
higher than the next largest lender,
FIRSTBANK PUERTO RICO.
The lowest fee Arecibo FHA lenders (with over 10 loans originated) are
THE MONEY HOUSE INC. ($7,944), Oriental Bank ($8,566), PREFERRED MORTGAGE CORPORATION ($8,637), FIRSTBANK PUERTO RICO ($8,749) and SUN WEST MORTGAGE COMPANY, INC. ($8,799).
The lowest rate Arecibo FHA lenders (with over 10 loans originated) are
FIRSTBANK PUERTO RICO (5.52%), Oriental Bank (5.91%), METRO ISLAND MORTGAGE, INC. (6.40%), PREFERRED MORTGAGE CORPORATION (6.42%) and SUN WEST MORTGAGE COMPANY, INC. (6.66%).
Arecibo FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
ARECIBO, PR | ARECIBO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ARECIBO, PR | CAMUY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ARECIBO, PR | HATILLO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ARECIBO, PR | QUEBRADILLAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ARECIBO, PR | ARECIBO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
ARECIBO, PR | CAMUY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
ARECIBO, PR | HATILLO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
ARECIBO, PR | QUEBRADILLAS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |