Key West FHA Loan Rates, Closing Costs & Stats

Key West, 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.

Key West's 23 lenders originated 77 FHA loans during 2024. The total origination value was $41,475,000, with an average FHA loan value of $538,636.

Key West FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Key West averaged 6.65% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

Key West's average FHA mortgage closing costs are $14,572.

The average rate for the prior week (2025-03-28) was 7.05% and one month ago for the week of 2025-02-28, the average rate was 7.03%.

The average rate one year ago was 6.95%.

For refis of the same type during the week of 2025-04-04, the average rate was 6.25%.

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

Key West 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 Key West level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 19 6.15% $26,557
First Horizon Bank 8 6.23% $20,066
QUICKEN LOANS, LLC 4 5.90% $19,265
PENNYMAC LOAN SERVICES, LLC 3 5.75% $13,628
Centennial Bank 3 7.04% $16,439
Century Mortgage Company DBA Century Lending Company 3 6.13% $26,287
HOME FINANCING CENTER, INC. 2 8.06% $25,096
South State Bank 2 5.75% $21,442
The Loan Store, Inc. 2 5.81% $21,492
UNION HOME MORTGAGE CORP. 2 5.68% $26,921
FREEDOM MORTGAGE CORPORATION 1 6.75% $10,718
AFFORDABLE MORTGAGE ADVISORS, LLC. 1 6.75% $18,333
LOANDEPOT.COM, LLC 1 6.38% $19,400
MASON MCDUFFIE MORTGAGE CORPORATION 1 7.63% $10,471
Paramount Residential Mortgage Group, Inc. 1 6.25% $34,786
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $8,444
PLAZA HOME MORTGAGE, INC. 1 7.13% $16,386
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.00% $24,136
AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $20,236
STOCKTON MORTGAGE CORPORATION 1 6.75% $25,117
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $20,581
FBC MORTGAGE, LLC 1 6.13% $22,384
Equity Prime Mortgage LLC 1 5.63% $26,654

The top Key West FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 19 FHA loans originated. Their average total fees are $26,557, which is $6,491 higher than the next largest lender, First Horizon Bank.

The lowest fee Key West FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($26,557), .

The lowest rate Key West FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.15%), .

Key West FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
KEY WEST, FL MONROE 2022 $710,700 $909,800 $1,099,750 $1,366,750
KEY WEST, FL MONROE 2023 $874,000 $1,118,900 $1,352,450 $1,680,800

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Key West (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 $704,750 (14.0%) $1,328,843 (25.9%) 0.00 1,487
2018-02-01 $699,475 (12.6%) $1,345,139 (27.5%) 0.00 1,533
2018-03-01 $699,000 (11.6%) $1,344,064 (27.0%) 0.00 1,616
2018-04-01 $699,475 (5.2%) $1,353,822 (12.5%) 0.00 1,631
2018-05-01 $699,000 (3.6%) $1,341,537 (11.7%) 0.00 1,595
2018-06-01 $699,000 (3.1%) $1,323,883 (8.2%) 0.00 1,588
2018-07-01 $699,000 (3.6%) $1,315,239 (5.9%) 0.00 1,611
2018-08-01 $699,000 (4.4%) $1,315,244 (5.7%) 0.00 1,581
2018-09-01 $699,000 (3.6%) $1,314,290 (4.7%) 0.00 1,547
2018-10-01 $699,000 (3.9%) $1,301,814 (0.8%) 0.00 1,589
2018-11-01 $729,250 (4.3%) $1,325,866 (1.0%) 0.00 1,717
2018-12-01 $729,000 (4.3%) $1,326,002 (1.2%) 0.00 1,824
2019-01-01 $728,625 (3.4%) $1,312,001 (-1.3%) 0.00 1,931
2019-02-01 $722,500 (3.3%) $1,294,392 (-3.8%) 0.00 2,016
2019-03-01 $735,286 (5.2%) $1,308,788 (-2.6%) 0.00 1,969
2019-04-01 $749,000 (7.1%) $1,326,716 (-2.0%) 0.00 1,889
2019-05-01 $768,000 (9.9%) $1,371,051 (2.2%) 0.00 1,797
2019-06-01 $750,000 (7.3%) $1,355,550 (2.4%) 0.00 1,735
2019-07-01 $759,750 (8.7%) $1,366,157 (3.9%) 0.00 1,693
2019-08-01 $780,236 (11.6%) $1,396,131 (6.2%) 0.00 1,609
2019-09-01 $788,541 (12.8%) $1,437,834 (9.4%) 0.00 1,509
2019-10-01 $795,000 (13.7%) $1,473,775 (13.2%) 0.00 1,433
2019-11-01 $799,000 (9.6%) $1,484,099 (11.9%) 0.00 1,504
2019-12-01 $799,000 (9.6%) $1,499,748 (13.1%) 0.00 1,617
2020-01-01 $802,350 (10.1%) $1,515,338 (15.5%) 0.00 1,650
2020-02-01 $799,000 (10.6%) $1,484,825 (14.7%) 0.00 1,748
2020-03-01 $799,475 (8.7%) $1,505,420 (15.0%) 0.00 1,755
2020-04-01 $799,000 (6.7%) $1,490,227 (12.3%) 0.00 1,678
2020-05-01 $799,000 (4.0%) $1,512,138 (10.3%) 0.00 1,610
2020-06-01 $799,225 (6.6%) $1,534,031 (13.2%) 0.00 1,496
2020-07-01 $822,500 (8.3%) $1,589,419 (16.3%) 0.00 1,385
2020-08-01 $849,000 (8.8%) $1,628,983 (16.7%) 0.00 1,233
2020-09-01 $867,000 (10.0%) $1,666,410 (15.9%) 0.00 1,186
2020-10-01 $849,250 (6.8%) $1,693,184 (14.9%) 0.00 1,150
2020-11-01 $875,000 (9.5%) $1,734,056 (16.8%) 0.00 1,099
2020-12-01 $857,000 (7.3%) $1,749,362 (16.6%) 0.00 1,043
2021-01-01 $864,000 (7.7%) $1,804,015 (19.1%) 0.00 977
2021-02-01 $860,000 (7.6%) $1,797,728 (21.1%) 0.00 812
2021-03-01 $878,750 (9.9%) $1,803,779 (19.8%) 0.00 699
2021-04-01 $890,625 (11.5%) $1,904,633 (27.8%) 0.00 594
2021-05-01 $995,000 (24.5%) $2,032,472 (34.4%) 0.00 512
2021-06-01 $1,050,000 (31.4%) $2,069,082 (34.9%) 0.00 512
2021-07-01 $1,100,000 (33.7%) $2,107,807 (32.6%) 0.00 517
2021-08-01 $1,116,382 (31.5%) $2,062,732 (26.6%) 0.00 530
2021-09-01 $1,161,000 (33.9%) $2,103,248 (26.2%) 0.00 545
2021-10-01 $1,162,500 (36.9%) $2,046,936 (20.9%) 0.00 543
2021-11-01 $1,212,500 (38.6%) $2,129,689 (22.8%) 0.00 525
2021-12-01 $1,200,000 (40.0%) $2,112,171 (20.7%) 0.00 499
2022-01-01 $1,214,500 (40.6%) $2,098,812 (16.3%) 0.00 487
2022-02-01 $1,311,000 (52.4%) $2,130,723 (18.5%) 0.00 456
2022-03-01 $1,275,000 (45.1%) $2,138,833 (18.6%) 0.00 445
2022-04-01 $1,295,000 (45.4%) $2,108,246 (10.7%) 0.00 436
2022-05-01 $1,362,500 (36.9%) $2,514,157 (23.7%) 0.00 501
2022-06-01 $1,325,000 (26.2%) $2,549,680 (23.2%) 0.00 545
2022-07-01 $1,299,000 (18.1%) $2,470,506 (17.2%) 0.00 622
2022-08-01 $1,289,250 (15.5%) $2,383,808 (15.6%) 0.00 656
2022-09-01 $1,262,500 (8.7%) $2,396,227 (13.9%) 0.00 660
2022-10-01 $1,299,000 (11.7%) $2,425,642 (18.5%) 0.00 662
2022-11-01 $1,350,000 (11.3%) $2,425,276 (13.9%) 0.00 722
2022-12-01 $1,350,000 (12.5%) $2,407,096 (14.0%) 0.00 773
2023-01-01 $1,416,225 (16.6%) $2,454,050 (16.9%) 0.00 818
2023-02-01 $1,472,500 (12.3%) $2,509,966 (17.8%) 0.00 839
2023-03-01 $1,489,750 (16.8%) $2,557,970 (19.6%) 0.00 848
2023-04-01 $1,499,000 (15.8%) $2,571,736 (22.0%) 0.00 828
2023-05-01 $1,496,250 (9.8%) $2,373,267 (-5.6%) 0.00 800
2023-06-01 $1,477,500 (11.5%) $2,388,998 (-6.3%) 0.00 795
2023-07-01 $1,400,000 (7.8%) $2,436,653 (-1.4%) 0.00 804
2023-08-01 $1,425,000 (10.5%) $2,419,602 (1.5%) 0.00 827
2023-09-01 $1,395,000 (10.5%) $2,388,591 (-0.3%) 0.00 814
2023-10-01 $1,362,500 (4.9%) $2,407,417 (-0.8%) 0.00 868
2023-11-01 $1,387,500 (2.8%) $2,429,315 (0.2%) 0.00 991
2023-12-01 $1,392,500 (3.2%) $2,403,316 (-0.2%) 0.00 1,091
2024-01-01 $1,396,000 (-1.4%) $2,400,445 (-2.2%) 0.00 1,153
2024-02-01 $1,384,085 (-6.0%) $2,405,172 (-4.2%) 0.00 1,241
2024-03-01 $1,350,000 (-9.4%) $2,470,933 (-3.4%) 0.00 1,306
2024-04-01 $1,300,000 (-13.3%) $2,410,666 (-6.3%) 0.00 1,306
2024-05-01 $1,350,000 (-9.8%) $2,416,307 (1.8%) 0.00 1,254
2024-06-01 $1,300,000 (-12.0%) $2,355,220 (-1.4%) 0.00 1,257
2024-07-01 $1,283,700 (-8.3%) $2,377,342 (-2.4%) 0.00 1,220
2024-08-01 $1,275,000 (-10.5%) $2,354,881 (-2.7%) 0.00 1,170
2024-09-01 $1,250,000 (-10.4%) $2,349,199 (-1.7%) 0.00 1,135
2024-10-01 $1,262,250 (-7.4%) $2,403,942 (-0.1%) 0.00 1,149
2024-11-01 $1,275,000 (-8.1%) $2,452,977 (1.0%) 0.00 1,269
2024-12-01 $1,299,000 (-6.7%) $2,432,871 (1.2%) 0.00 1,366
2025-01-01 $1,312,495 (-6.0%) $2,400,628 (0.0%) 0.00 1,431
2025-02-01 $1,299,000 (-6.2%) $2,400,266 (-0.2%) 0.00 1,530
2025-03-01 $1,295,000 (-4.1%) $2,336,404 (-5.4%) 0.00 1,590
Key West's median listing price for 2025-03-01 was $1,295,000, a difference of $-55,000 (-4.1%) versus the prior year and $-4,000 versus the prior month.

Key West's median listing price comes in at 0% of the national average.

Key West's average listing price for 2025-03-01 was $2,336,404, a difference of $-134,529 (-5.4%) versus the prior year and $-63,862 versus the prior month.

For the 2025-03-01 period, Key West had 1,590 MLS listings, a difference of 60 listings (4%) versus the prior month and 284 listings (22%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Key West (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,498 sqft
2018-02-01 0 days 1,500 sqft
2018-03-01 0 days 1,500 sqft
2018-04-01 0 days 1,501 sqft
2018-05-01 0 days 1,491 sqft
2018-06-01 0 days 1,494 sqft
2018-07-01 0 days 1,495 sqft
2018-08-01 0 days 1,493 sqft
2018-09-01 0 days 1,490 sqft
2018-10-01 0 days 1,480 sqft
2018-11-01 0 days 1,498 sqft
2018-12-01 0 days 1,480 sqft
2019-01-01 0 days 1,492 sqft
2019-02-01 0 days 1,507 sqft
2019-03-01 0 days 1,522 sqft
2019-04-01 0 days 1,546 sqft
2019-05-01 0 days 1,563 sqft
2019-06-01 0 days 1,530 sqft
2019-07-01 0 days 1,521 sqft
2019-08-01 0 days 1,535 sqft
2019-09-01 0 days 1,552 sqft
2019-10-01 0 days 1,568 sqft
2019-11-01 0 days 1,578 sqft
2019-12-01 0 days 1,573 sqft
2020-01-01 0 days 1,580 sqft
2020-02-01 0 days 1,570 sqft
2020-03-01 0 days 1,572 sqft
2020-04-01 0 days 1,563 sqft
2020-05-01 0 days 1,552 sqft
2020-06-01 0 days 1,553 sqft
2020-07-01 0 days 1,544 sqft
2020-08-01 0 days 1,550 sqft
2020-09-01 0 days 1,550 sqft
2020-10-01 0 days 1,524 sqft
2020-11-01 0 days 1,519 sqft
2020-12-01 0 days 1,496 sqft
2021-01-01 0 days 1,515 sqft
2021-02-01 0 days 1,480 sqft
2021-03-01 0 days 1,487 sqft
2021-04-01 0 days 1,537 sqft
2021-05-01 0 days 1,650 sqft
2021-06-01 0 days 1,671 sqft
2021-07-01 0 days 1,601 sqft
2021-08-01 0 days 1,592 sqft
2021-09-01 0 days 1,589 sqft
2021-10-01 0 days 1,565 sqft
2021-11-01 0 days 1,567 sqft
2021-12-01 0 days 1,557 sqft
2022-01-01 0 days 1,550 sqft
2022-02-01 0 days 1,650 sqft
2022-03-01 0 days 1,604 sqft
2022-04-01 0 days 1,596 sqft
2022-05-01 0 days 1,625 sqft
2022-06-01 0 days 1,593 sqft
2022-07-01 0 days 1,540 sqft
2022-08-01 0 days 1,547 sqft
2022-09-01 0 days 1,535 sqft
2022-10-01 0 days 1,532 sqft
2022-11-01 0 days 1,528 sqft
2022-12-01 0 days 1,535 sqft
2023-01-01 0 days 1,543 sqft
2023-02-01 0 days 1,568 sqft
2023-03-01 0 days 1,612 sqft
2023-04-01 0 days 1,628 sqft
2023-05-01 0 days 1,600 sqft
2023-06-01 0 days 1,581 sqft
2023-07-01 0 days 1,576 sqft
2023-08-01 0 days 1,599 sqft
2023-09-01 0 days 1,570 sqft
2023-10-01 0 days 1,546 sqft
2023-11-01 0 days 1,549 sqft
2023-12-01 0 days 1,572 sqft
2024-01-01 0 days 1,582 sqft
2024-02-01 0 days 1,568 sqft
2024-03-01 0 days 1,549 sqft
2024-04-01 0 days 1,538 sqft
2024-05-01 0 days 1,546 sqft
2024-06-01 0 days 1,536 sqft
2024-07-01 0 days 1,509 sqft
2024-08-01 0 days 1,507 sqft
2024-09-01 0 days 1,512 sqft
2024-10-01 0 days 1,512 sqft
2024-11-01 0 days 1,502 sqft
2024-12-01 0 days 1,509 sqft
2025-01-01 0 days 1,524 sqft
2025-02-01 0 days 1,517 sqft
2025-03-01 0 days 1,521 sqft
Key West's median listing age (time on market) for 2025-03-01 was 0 days.

Key West's median square footage for active listings during the 2025-03-01 period was 1,521 sqft. One year prior, the average listing was 1,549 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).