Cape Coral FHA Loan Rates, Closing Costs & Stats
CAPE CORAL-FORT MYERS, 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.
Cape Coral's 246 lenders originated 6,365 FHA loans during 2021. The total origination value was $1,541,975,000, with an average FHA loan value of $242,258.
Cape Coral FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Cape Coral
averaged
6.57%
for the week of 2022-12-02, compared to the national average (all FHA variants) of
6.466% for the same period.
Cape Coral's average FHA mortgage closing costs are $8,020.
The average rate for the prior week (2022-11-25) was
6.39% and
one month ago for the week of 2022-10-28, the
average rate was 6.83%.
The average rate one year ago was 3.66%.
For refis of the same type during the week of 2022-12-02, the average rate
was 6.12%.
Cape Coral 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 Cape Coral level.
The top Cape Coral FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
480 FHA loans originated. Their average total fees are
$6,520, which is $3,233
lower than the next largest lender,
CROSSCOUNTRY MORTGAGE, LLC.
The lowest fee Cape Coral FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($3,312), OCEANSIDE MORTGAGE COMPANY ($3,598), Lakeview Community Capital, LLC ($4,413), AmeriHome Mortgage Company, LLC ($4,501) and LAKEVIEW LOAN SERVICING, LLC ($4,676).
The lowest rate Cape Coral FHA lenders (with over 10 loans originated) are
Citizens Bank (2.64%), QUICKEN LOANS, LLC (2.71%), Summit Mortgage Corporation (2.73%), UNITED WHOLESALE MORTGAGE, LLC (2.74%) and HOME POINT FINANCIAL CORPORATION (2.75%).
Cape Coral FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| CAPE CORAL-FORT MYERS, FL | LEE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Cape Coral (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 | $299,900 (-3.2%) | $480,723 (0.2%) | 1.11 | 9,100 |
| 2018-02-01 | $299,900 (-3.1%) | $485,828 (1.7%) | 1.09 | 9,579 |
| 2018-03-01 | $299,900 (-0.9%) | $483,500 (1.9%) | 1.05 | 9,690 |
| 2018-04-01 | $299,900 (0.0%) | $483,597 (1.5%) | 1.02 | 9,401 |
| 2018-05-01 | $299,000 (-0.3%) | $480,406 (1.3%) | 1.00 | 9,063 |
| 2018-06-01 | $294,751 (-1.7%) | $475,315 (0.4%) | 0.98 | 8,528 |
| 2018-07-01 | $295,000 (-1.6%) | $469,544 (0.2%) | 0.98 | 8,138 |
| 2018-08-01 | $289,700 (-3.1%) | $461,943 (-1.3%) | 0.97 | 7,931 |
| 2018-09-01 | $289,000 (-3.0%) | $458,725 (-1.6%) | 0.97 | 8,005 |
| 2018-10-01 | $290,000 (-2.8%) | $463,489 (0.0%) | 0.98 | 8,504 |
| 2018-11-01 | $298,450 (-0.4%) | $471,540 (0.2%) | 1.01 | 9,148 |
| 2018-12-01 | $294,900 (-1.7%) | $471,086 (-1.3%) | 1.02 | 9,833 |
| 2019-01-01 | $294,450 (-1.8%) | $477,659 (-0.6%) | 1.02 | 10,451 |
| 2019-02-01 | $298,400 (-0.5%) | $478,050 (-1.6%) | 1.01 | 11,074 |
| 2019-03-01 | $298,786 (-0.4%) | $480,602 (-0.6%) | 0.98 | 10,789 |
| 2019-04-01 | $298,345 (-0.5%) | $478,561 (-1.0%) | 0.95 | 10,329 |
| 2019-05-01 | $295,000 (-1.3%) | $475,917 (-0.9%) | 0.92 | 9,633 |
| 2019-06-01 | $292,500 (-0.8%) | $473,196 (-0.5%) | 0.91 | 8,843 |
| 2019-07-01 | $291,475 (-1.2%) | $467,969 (-0.3%) | 0.91 | 8,291 |
| 2019-08-01 | $294,600 (1.7%) | $465,939 (0.9%) | 0.93 | 7,981 |
| 2019-09-01 | $297,075 (2.8%) | $464,999 (1.4%) | 0.95 | 7,832 |
| 2019-10-01 | $299,000 (3.1%) | $466,604 (0.7%) | 0.96 | 7,763 |
| 2019-11-01 | $299,900 (0.5%) | $483,589 (2.6%) | 0.98 | 8,016 |
| 2019-12-01 | $302,448 (2.6%) | $496,071 (5.3%) | 1.01 | 8,051 |
| 2020-01-01 | $306,995 (4.3%) | $505,619 (5.9%) | 1.03 | 8,227 |
| 2020-02-01 | $316,420 (6.0%) | $518,051 (8.4%) | 1.03 | 8,209 |
| 2020-03-01 | $319,973 (7.1%) | $520,929 (8.4%) | 1.00 | 7,993 |
| 2020-04-01 | $314,500 (5.4%) | $506,151 (5.8%) | 0.98 | 7,811 |
| 2020-05-01 | $319,000 (8.1%) | $514,076 (8.0%) | 0.97 | 7,208 |
| 2020-06-01 | $324,950 (11.1%) | $531,276 (12.3%) | 0.96 | 6,505 |
| 2020-07-01 | $325,000 (11.5%) | $547,534 (17.0%) | 0.94 | 5,919 |
| 2020-08-01 | $325,000 (10.3%) | $551,751 (18.4%) | 0.93 | 5,453 |
| 2020-09-01 | $322,500 (8.6%) | $558,948 (20.2%) | 0.92 | 5,102 |
| 2020-10-01 | $325,000 (8.7%) | $564,422 (21.0%) | 0.93 | 4,862 |
| 2020-11-01 | $324,900 (8.3%) | $572,850 (18.5%) | 0.95 | 4,603 |
| 2020-12-01 | $323,663 (7.0%) | $578,254 (16.6%) | 0.96 | 4,362 |
| 2021-01-01 | $319,900 (4.2%) | $588,208 (16.3%) | 0.95 | 3,817 |
| 2021-02-01 | $320,554 (1.3%) | $605,048 (16.8%) | 0.93 | 2,932 |
| 2021-03-01 | $332,950 (4.1%) | $632,248 (21.4%) | 0.94 | 2,144 |
| 2021-04-01 | $349,450 (11.1%) | $642,351 (26.9%) | 0.95 | 1,934 |
| 2021-05-01 | $362,000 (13.5%) | $665,968 (29.6%) | 0.96 | 1,673 |
| 2021-06-01 | $369,999 (13.9%) | $674,634 (27.0%) | 0.97 | 1,815 |
| 2021-07-01 | $375,000 (15.4%) | $652,682 (19.2%) | 0.99 | 1,888 |
| 2021-08-01 | $393,925 (21.2%) | $676,109 (22.5%) | 1.05 | 1,959 |
| 2021-09-01 | $399,000 (23.7%) | $679,257 (21.5%) | 1.06 | 1,984 |
| 2021-10-01 | $424,900 (30.7%) | $703,195 (24.6%) | 1.13 | 1,938 |
| 2021-11-01 | $429,100 (32.1%) | $736,482 (28.6%) | 1.15 | 1,864 |
| 2021-12-01 | $435,945 (34.7%) | $728,574 (26.0%) | 1.18 | 1,831 |
| 2022-01-01 | $429,950 (34.4%) | $740,979 (26.0%) | 1.16 | 1,646 |
| 2022-02-01 | $464,950 (45.1%) | $786,439 (30.0%) | 1.21 | 1,543 |
| 2022-03-01 | $487,000 (46.3%) | $784,996 (24.2%) | 1.22 | 1,691 |
| 2022-04-01 | $495,000 (41.7%) | $786,827 (22.5%) | 1.18 | 1,983 |
| 2022-05-01 | $499,000 (37.9%) | $780,855 (17.3%) | 1.14 | 2,534 |
| 2022-06-01 | $499,450 (35.0%) | $768,721 (14.0%) | 1.11 | 3,227 |
| 2022-07-01 | $485,000 (29.3%) | $746,699 (14.4%) | 1.10 | 3,930 |
| 2022-08-01 | $475,000 (20.6%) | $720,125 (6.5%) | 1.10 | 4,208 |
| 2022-09-01 | $464,850 (16.5%) | $711,320 (4.7%) | 1.09 | 4,239 |
| 2022-10-01 | $459,950 (8.3%) | $698,578 (-0.7%) | 1.08 | 3,860 |
| 2022-11-01 | $459,950 (7.2%) | $710,564 (-3.5%) | 1.11 | 3,969 |
Cape Coral's median listing price comes in at 111% of the national average.
Cape Coral's average listing price for 2022-11-01 was $710,564, a difference of $-25,918 (-3.5%) versus the prior year and $11,986 versus the prior month.
For the 2022-11-01 period, Cape Coral had 3,969 MLS listings, a difference of 109 listings (3%) versus the prior month and 2,105 listings (113%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Cape Coral (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 71 days | 1,785 sqft |
| 2018-02-01 | 70 days | 1,789 sqft |
| 2018-03-01 | 67 days | 1,789 sqft |
| 2018-04-01 | 76 days | 1,795 sqft |
| 2018-05-01 | 81 days | 1,787 sqft |
| 2018-06-01 | 87 days | 1,784 sqft |
| 2018-07-01 | 91 days | 1,785 sqft |
| 2018-08-01 | 93 days | 1,775 sqft |
| 2018-09-01 | 92 days | 1,772 sqft |
| 2018-10-01 | 84 days | 1,769 sqft |
| 2018-11-01 | 78 days | 1,767 sqft |
| 2018-12-01 | 75 days | 1,755 sqft |
| 2019-01-01 | 80 days | 1,756 sqft |
| 2019-02-01 | 80 days | 1,759 sqft |
| 2019-03-01 | 82 days | 1,761 sqft |
| 2019-04-01 | 85 days | 1,757 sqft |
| 2019-05-01 | 92 days | 1,753 sqft |
| 2019-06-01 | 96 days | 1,755 sqft |
| 2019-07-01 | 99 days | 1,756 sqft |
| 2019-08-01 | 95 days | 1,755 sqft |
| 2019-09-01 | 90 days | 1,755 sqft |
| 2019-10-01 | 85 days | 1,757 sqft |
| 2019-11-01 | 75 days | 1,763 sqft |
| 2019-12-01 | 77 days | 1,777 sqft |
| 2020-01-01 | 80 days | 1,778 sqft |
| 2020-02-01 | 79 days | 1,788 sqft |
| 2020-03-01 | 73 days | 1,793 sqft |
| 2020-04-01 | 83 days | 1,772 sqft |
| 2020-05-01 | 92 days | 1,796 sqft |
| 2020-06-01 | 101 days | 1,788 sqft |
| 2020-07-01 | 105 days | 1,773 sqft |
| 2020-08-01 | 85 days | 1,758 sqft |
| 2020-09-01 | 83 days | 1,752 sqft |
| 2020-10-01 | 73 days | 1,756 sqft |
| 2020-11-01 | 67 days | 1,738 sqft |
| 2020-12-01 | 68 days | 1,734 sqft |
| 2021-01-01 | 67 days | 1,722 sqft |
| 2021-02-01 | 56 days | 1,694 sqft |
| 2021-03-01 | 51 days | 1,696 sqft |
| 2021-04-01 | 44 days | 1,707 sqft |
| 2021-05-01 | 41 days | 1,722 sqft |
| 2021-06-01 | 39 days | 1,745 sqft |
| 2021-07-01 | 42 days | 1,747 sqft |
| 2021-08-01 | 50 days | 1,764 sqft |
| 2021-09-01 | 52 days | 1,765 sqft |
| 2021-10-01 | 50 days | 1,781 sqft |
| 2021-11-01 | 50 days | 1,777 sqft |
| 2021-12-01 | 51 days | 1,758 sqft |
| 2022-01-01 | 52 days | 1,753 sqft |
| 2022-02-01 | 34 days | 1,762 sqft |
| 2022-03-01 | 30 days | 1,759 sqft |
| 2022-04-01 | 31 days | 1,770 sqft |
| 2022-05-01 | 32 days | 1,756 sqft |
| 2022-06-01 | 36 days | 1,758 sqft |
| 2022-07-01 | 41 days | 1,756 sqft |
| 2022-08-01 | 49 days | 1,752 sqft |
| 2022-09-01 | 56 days | 1,757 sqft |
| 2022-10-01 | 67 days | 1,769 sqft |
| 2022-11-01 | 75 days | 1,765 sqft |
Cape Coral's median square footage for active listings during the 2022-11-01 period was 1,765 sqft. One year prior, the average listing was 1,777 sqft.
