Fort Lauderdale FHA Loan Rates, Closing Costs & Stats

FORT LAUDERDALE-POMPANO BEACH-SUNRISE, 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.

Fort Lauderdale FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fort Lauderdale averaged 0% for the week of 2023-11-03, compared to the national average (all FHA variants) of 7.405% for the same period.

Fort Lauderdale's average FHA mortgage closing costs are $0.

The average rate for the prior week (2023-10-27) was 0% and one month ago for the week of 2023-09-29, the average rate was 0%.

The average rate one year ago was 0%.

For refis of the same type during the week of 2023-11-03, the average rate was 0%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Fort Lauderdale 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 Fort Lauderdale level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs

The lowest fee Fort Lauderdale FHA lenders (with over 10 loans originated) are .

The lowest rate Fort Lauderdale FHA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Fort Lauderdale (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 $390,000 (4.0%) $877,930 (3.0%) 1.45 46,964
2018-02-01 $389,950 (3.4%) $876,093 (2.7%) 1.42 48,000
2018-03-01 $394,900 (3.3%) $877,390 (2.1%) 1.39 48,471
2018-04-01 $397,250 (3.2%) $878,625 (1.5%) 1.35 48,104
2018-05-01 $399,000 (2.8%) $878,080 (0.5%) 1.33 47,080
2018-06-01 $399,000 (3.4%) $876,980 (1.6%) 1.33 46,266
2018-07-01 $399,000 (2.2%) $872,121 (1.4%) 1.33 45,956
2018-08-01 $398,750 (2.0%) $864,479 (0.0%) 1.34 45,634
2018-09-01 $397,500 (1.9%) $863,005 (-0.7%) 1.34 46,079
2018-10-01 $395,000 (1.4%) $865,294 (0.5%) 1.34 47,545
2018-11-01 $395,000 (1.3%) $870,080 (0.6%) 1.34 49,390
2018-12-01 $390,000 (0.0%) $876,932 (0.9%) 1.35 50,364
2019-01-01 $390,000 (0.0%) $877,272 (-0.1%) 1.35 51,142
2019-02-01 $390,000 (0.0%) $880,129 (0.5%) 1.32 52,901
2019-03-01 $393,857 (-0.3%) $880,775 (0.4%) 1.29 52,215
2019-04-01 $399,000 (0.4%) $885,985 (0.8%) 1.27 50,843
2019-05-01 $399,900 (0.2%) $894,498 (1.9%) 1.25 49,419
2019-06-01 $399,995 (0.3%) $888,830 (1.4%) 1.25 47,731
2019-07-01 $400,000 (0.3%) $887,381 (1.8%) 1.25 46,166
2019-08-01 $399,727 (0.3%) $881,450 (2.0%) 1.27 45,593
2019-09-01 $399,318 (0.5%) $884,164 (2.5%) 1.28 45,055
2019-10-01 $399,295 (1.1%) $890,679 (2.9%) 1.29 44,975
2019-11-01 $399,900 (1.2%) $914,790 (5.1%) 1.31 45,823
2019-12-01 $399,900 (2.5%) $928,914 (5.9%) 1.33 45,647
2020-01-01 $399,000 (2.3%) $936,926 (6.8%) 1.33 44,976
2020-02-01 $399,900 (2.5%) $942,000 (7.0%) 1.31 45,474
2020-03-01 $399,950 (1.6%) $943,061 (7.1%) 1.25 45,269
2020-04-01 $395,000 (-1.0%) $909,493 (2.7%) 1.24 44,432
2020-05-01 $390,000 (-2.5%) $914,355 (2.2%) 1.19 43,838
2020-06-01 $399,000 (-0.3%) $928,936 (4.5%) 1.18 42,716
2020-07-01 $399,450 (-0.1%) $951,326 (7.2%) 1.16 40,288
2020-08-01 $399,900 (0.0%) $962,157 (9.2%) 1.15 39,108
2020-09-01 $400,000 (0.2%) $977,449 (10.6%) 1.15 38,036
2020-10-01 $405,000 (1.4%) $988,892 (11.0%) 1.16 37,486
2020-11-01 $400,000 (0.0%) $988,801 (8.1%) 1.17 37,078
2020-12-01 $399,999 (0.0%) $994,308 (7.0%) 1.19 35,995
2021-01-01 $399,000 (0.0%) $985,980 (5.2%) 1.19 33,468
2021-02-01 $396,000 (-1.0%) $1,001,301 (6.3%) 1.15 30,512
2021-03-01 $398,750 (-0.3%) $1,025,276 (8.7%) 1.13 26,860
2021-04-01 $412,000 (4.3%) $1,061,309 (16.7%) 1.12 24,099
2021-05-01 $429,000 (10.0%) $1,116,370 (22.1%) 1.14 21,800
2021-06-01 $449,000 (12.5%) $1,163,849 (25.3%) 1.18 20,633
2021-07-01 $455,500 (14.0%) $1,159,295 (21.9%) 1.20 20,962
2021-08-01 $459,500 (14.9%) $1,176,863 (22.3%) 1.23 20,831
2021-09-01 $467,450 (16.9%) $1,207,975 (23.6%) 1.25 20,298
2021-10-01 $479,850 (18.5%) $1,260,576 (27.5%) 1.28 19,457
2021-11-01 $482,500 (20.6%) $1,304,727 (32.0%) 1.29 18,303
2021-12-01 $492,000 (23.0%) $1,343,447 (35.1%) 1.33 17,026
2022-01-01 $495,000 (24.1%) $1,399,438 (41.9%) 1.34 15,400
2022-02-01 $522,450 (31.9%) $1,501,661 (50.0%) 1.36 13,562
2022-03-01 $544,500 (36.6%) $1,566,457 (52.8%) 1.36 13,063
2022-04-01 $577,000 (40.1%) $1,616,168 (52.3%) 1.38 12,824
2022-05-01 $622,000 (45.0%) $1,623,239 (45.4%) 1.42 14,723
2022-06-01 $625,000 (39.2%) $1,531,062 (31.6%) 1.39 17,323
2022-07-01 $620,000 (36.1%) $1,432,579 (23.6%) 1.40 21,070
2022-08-01 $604,250 (31.5%) $1,406,956 (19.6%) 1.40 22,465
2022-09-01 $599,000 (28.1%) $1,394,037 (15.4%) 1.40 22,563
2022-10-01 $599,000 (24.8%) $1,407,503 (11.7%) 1.41 23,837
2022-11-01 $599,000 (24.2%) $1,431,457 (9.7%) 1.44 25,520
2022-12-01 $595,000 (20.9%) $1,461,505 (8.8%) 1.47 25,915
2023-01-01 $595,000 (20.2%) $1,471,482 (5.2%) 1.48 25,923
2023-02-01 $599,000 (14.7%) $1,504,246 (0.2%) 1.45 25,465
2023-03-01 $599,444 (10.1%) $1,521,538 (-2.9%) 1.41 24,539
2023-04-01 $605,000 (4.9%) $1,570,063 (-2.9%) 1.41 23,341
2023-05-01 $607,945 (-2.3%) $1,580,256 (-2.7%) 1.38 22,853
2023-06-01 $604,924 (-3.2%) $1,548,264 (1.1%) 1.36 22,582
2023-07-01 $601,990 (-2.9%) $1,497,098 (4.5%) 1.37 22,403
2023-08-01 $600,000 (-0.7%) $1,468,712 (4.4%) 1.38 22,488
2023-09-01 $599,000 (0.0%) $1,445,209 (3.7%) 1.39 24,077
Fort Lauderdale's median listing price for 2023-09-01 was $599,000, a difference of $0 (0.0%) versus the prior year and $-1,000 versus the prior month.

Fort Lauderdale's median listing price comes in at 139% of the national average.

Fort Lauderdale's average listing price for 2023-09-01 was $1,445,209, a difference of $51,172 (3.7%) versus the prior year and $-23,503 versus the prior month.

For the 2023-09-01 period, Fort Lauderdale had 24,077 MLS listings, a difference of 1,589 listings (7%) versus the prior month and 1,514 listings (7%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Fort Lauderdale (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 1,498 sqft
2018-02-01 78 days 1,500 sqft
2018-03-01 72 days 1,500 sqft
2018-04-01 74 days 1,502 sqft
2018-05-01 76 days 1,507 sqft
2018-06-01 79 days 1,515 sqft
2018-07-01 80 days 1,517 sqft
2018-08-01 81 days 1,513 sqft
2018-09-01 81 days 1,510 sqft
2018-10-01 78 days 1,507 sqft
2018-11-01 75 days 1,510 sqft
2018-12-01 79 days 1,507 sqft
2019-01-01 83 days 1,505 sqft
2019-02-01 81 days 1,507 sqft
2019-03-01 79 days 1,512 sqft
2019-04-01 78 days 1,520 sqft
2019-05-01 81 days 1,526 sqft
2019-06-01 85 days 1,527 sqft
2019-07-01 86 days 1,530 sqft
2019-08-01 86 days 1,524 sqft
2019-09-01 86 days 1,515 sqft
2019-10-01 85 days 1,508 sqft
2019-11-01 81 days 1,506 sqft
2019-12-01 84 days 1,500 sqft
2020-01-01 87 days 1,499 sqft
2020-02-01 82 days 1,488 sqft
2020-03-01 74 days 1,485 sqft
2020-04-01 82 days 1,461 sqft
2020-05-01 94 days 1,450 sqft
2020-06-01 103 days 1,436 sqft
2020-07-01 96 days 1,405 sqft
2020-08-01 82 days 1,389 sqft
2020-09-01 81 days 1,380 sqft
2020-10-01 81 days 1,375 sqft
2020-11-01 79 days 1,366 sqft
2020-12-01 81 days 1,357 sqft
2021-01-01 83 days 1,333 sqft
2021-02-01 75 days 1,302 sqft
2021-03-01 64 days 1,291 sqft
2021-04-01 60 days 1,296 sqft
2021-05-01 56 days 1,311 sqft
2021-06-01 53 days 1,341 sqft
2021-07-01 52 days 1,361 sqft
2021-08-01 53 days 1,365 sqft
2021-09-01 54 days 1,369 sqft
2021-10-01 55 days 1,376 sqft
2021-11-01 56 days 1,376 sqft
2021-12-01 58 days 1,366 sqft
2022-01-01 61 days 1,356 sqft
2022-02-01 48 days 1,363 sqft
2022-03-01 40 days 1,387 sqft
2022-04-01 40 days 1,434 sqft
2022-05-01 36 days 1,487 sqft
2022-06-01 37 days 1,500 sqft
2022-07-01 40 days 1,512 sqft
2022-08-01 49 days 1,513 sqft
2022-09-01 57 days 1,513 sqft
2022-10-01 60 days 1,518 sqft
2022-11-01 61 days 1,515 sqft
2022-12-01 66 days 1,500 sqft
2023-01-01 72 days 1,488 sqft
2023-02-01 67 days 1,472 sqft
2023-03-01 60 days 1,460 sqft
2023-04-01 63 days 1,452 sqft
2023-05-01 63 days 1,441 sqft
2023-06-01 62 days 1,441 sqft
2023-07-01 64 days 1,434 sqft
2023-08-01 62 days 1,425 sqft
2023-09-01 58 days 1,416 sqft
Fort Lauderdale's median listing age (time on market) for 2023-09-01 was 58 days. This is 2% longer than the same period one year ago.

Fort Lauderdale's median square footage for active listings during the 2023-09-01 period was 1,416 sqft. One year prior, the average listing was 1,513 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).