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 29 lenders originated 78 FHA loans during 2022. The total origination value was $38,310,000, with an average FHA loan value of $491,154.

Key West FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Key West averaged 6% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Key West's average FHA mortgage closing costs are $13,378.

The average rate for the prior week (2023-05-19) was 5.97% and one month ago for the week of 2023-04-21, the average rate was 6.02%.

The average rate one year ago was 4.93%.

For refis of the same type during the week of 2023-05-26, the average rate was 4.78%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 16 4.36% $18,678
First Horizon Bank 10 5.14% $21,591
CALIBER HOME LOANS, INC. 4 4.34% $23,319
CARDINAL FINANCIAL 3 4.66% $25,012
QUICKEN LOANS, LLC 3 4.37% $17,446
Flagstar Bank, FSB 2 3.69% $25,817
FREEDOM MORTGAGE CORPORATION 2 5.50% $7,510
FINANCE OF AMERICA MORTGAGE LLC 1 5.13% $17,132
HOME POINT FINANCIAL CORPORATION 1 3.25% $17,139
AMERISAVE MORTGAGE CORPORATION 1 3.25% $14,131
HOMESTEAD FUNDING CORP. 1 5.75% $20,535
LAKEVIEW LOAN SERVICING, LLC 1 4.63% $7,148
MY MORTGAGE, INC. 1 5.63% $20,262
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.75% $34,998
NETWORK CAPITAL FUNDING CORPORATION 1 4.63% $17,042
PANORAMA MORTGAGE GROUP, LLC 1 7.25% $11,722
Paramount Residential Mortgage Group, Inc. 1 5.75% $30,411
PLAZA HOME MORTGAGE, INC. 1 5.13% $6,798
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.25% $20,774
RELIANCE FIRST CAPITAL, LLC 1 5.13% $10,076
Strong Home Mortgage, LLC 1 3.50% $12,869
SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $15,922
HOMESIDE FINANCIAL, LLC 1 6.13% $30,679
BANKING MORTGAGE SERVICES, B.M.S. CORP. 1 4.50% $14,266
Bank of America 1 2.88% $12,070
BECKAM FUNDING CORP. 1 3.88% $6,030
Carrington Mortgage Services, LLC 1 6.13% $18,639
Centennial Bank 1 3.88% $15,934
Equity Prime Mortgage LLC 1 3.88% $17,560

The top Key West FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 16 FHA loans originated. Their average total fees are $18,678, which is $2,913 lower 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 ($18,678), First Horizon Bank ($21,591), .

The lowest rate Key West FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.36%), First Horizon Bank (5.14%), .

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 $706,250 (14.3%) $1,328,463 (25.9%) 0.00 1,488
2018-02-01 $699,625 (12.6%) $1,344,763 (27.4%) 0.00 1,534
2018-03-01 $699,000 (11.6%) $1,343,708 (27.0%) 0.00 1,617
2018-04-01 $699,500 (5.2%) $1,353,459 (12.8%) 0.00 1,632
2018-05-01 $699,000 (3.6%) $1,341,179 (11.7%) 0.00 1,596
2018-06-01 $699,000 (3.0%) $1,323,516 (8.1%) 0.00 1,589
2018-07-01 $699,000 (3.6%) $1,314,883 (5.9%) 0.00 1,612
2018-08-01 $699,000 (4.2%) $1,315,302 (5.7%) 0.00 1,583
2018-09-01 $699,000 (3.6%) $1,314,027 (4.7%) 0.00 1,549
2018-10-01 $699,000 (3.9%) $1,301,581 (0.8%) 0.00 1,592
2018-11-01 $732,000 (4.7%) $1,325,607 (1.0%) 0.00 1,720
2018-12-01 $729,000 (4.3%) $1,325,739 (1.2%) 0.00 1,826
2019-01-01 $728,625 (3.2%) $1,311,733 (-1.3%) 0.00 1,933
2019-02-01 $722,500 (3.3%) $1,293,865 (-3.8%) 0.00 2,018
2019-03-01 $739,000 (5.7%) $1,296,615 (-3.5%) 0.00 2,009
2019-04-01 $749,000 (7.1%) $1,326,639 (-2.0%) 0.00 1,892
2019-05-01 $769,000 (10.0%) $1,370,566 (2.2%) 0.00 1,799
2019-06-01 $750,000 (7.3%) $1,355,862 (2.4%) 0.00 1,734
2019-07-01 $759,500 (8.7%) $1,366,479 (3.9%) 0.00 1,692
2019-08-01 $775,000 (10.9%) $1,358,709 (3.3%) 0.00 1,590
2019-09-01 $799,000 (14.3%) $1,494,965 (13.8%) 0.00 1,417
2019-10-01 $795,000 (13.7%) $1,474,232 (13.3%) 0.00 1,431
2019-11-01 $799,000 (9.2%) $1,484,531 (12.0%) 0.00 1,503
2019-12-01 $799,000 (9.6%) $1,500,169 (13.2%) 0.00 1,616
2020-01-01 $802,450 (10.1%) $1,515,756 (15.6%) 0.00 1,649
2020-02-01 $799,000 (10.6%) $1,485,200 (14.8%) 0.00 1,747
2020-03-01 $799,500 (8.2%) $1,505,811 (16.1%) 0.00 1,754
2020-04-01 $799,000 (6.7%) $1,490,622 (12.4%) 0.00 1,677
2020-05-01 $799,000 (3.9%) $1,512,569 (10.4%) 0.00 1,609
2020-06-01 $799,450 (6.6%) $1,534,510 (13.2%) 0.00 1,495
2020-07-01 $823,750 (8.5%) $1,589,979 (16.4%) 0.00 1,384
2020-08-01 $849,000 (9.6%) $1,629,623 (19.9%) 0.00 1,232
2020-09-01 $867,000 (8.5%) $1,666,754 (11.5%) 0.00 1,185
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 (19.0%) 0.00 977
2021-02-01 $860,000 (7.6%) $1,797,728 (21.0%) 0.00 812
2021-03-01 $878,750 (9.9%) $1,803,779 (19.8%) 0.00 699
2021-04-01 $893,125 (11.8%) $1,905,451 (27.8%) 0.00 594
2021-05-01 $995,000 (24.5%) $2,032,472 (34.4%) 0.00 512
2021-06-01 $1,051,250 (31.5%) $2,070,126 (34.9%) 0.00 512
2021-07-01 $1,100,000 (33.5%) $2,107,807 (32.6%) 0.00 517
2021-08-01 $1,113,257 (31.1%) $2,061,570 (26.5%) 0.00 530
2021-09-01 $1,161,000 (33.9%) $2,102,077 (26.1%) 0.00 545
2021-10-01 $1,162,500 (36.9%) $2,046,936 (20.9%) 0.00 543
2021-11-01 $1,206,250 (37.9%) $2,128,440 (22.7%) 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 (45.0%) $2,108,246 (10.6%) 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 (26.0%) $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 (15.8%) $2,383,664 (15.6%) 0.00 656
2022-09-01 $1,262,500 (8.7%) $2,396,227 (14.0%) 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 (11.9%) $2,425,276 (14.0%) 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%) 0.00 826
Key West's median listing price for 2023-04-01 was $1,499,000, a difference of $204,000 (15.8%) versus the prior year and $9,250 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 2023-04-01 was $2,571,736, a difference of $463,490 (22.0%) versus the prior year and $13,766 versus the prior month.

For the 2023-04-01 period, Key West had 826 MLS listings, a difference of -22 listings (-3%) versus the prior month and 390 listings (89%) 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 1,500 sqft
2018-02-01 0 days 1,501 sqft
2018-03-01 0 days 1,500 sqft
2018-04-01 0 days 1,500 sqft
2018-05-01 0 days 1,490 sqft
2018-06-01 0 days 1,494 sqft
2018-07-01 0 days 1,495 sqft
2018-08-01 0 days 1,492 sqft
2018-09-01 0 days 1,489 sqft
2018-10-01 0 days 1,480 sqft
2018-11-01 0 days 1,497 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 1,528 sqft
2019-04-01 0 days 1,544 sqft
2019-05-01 0 days 1,562 sqft
2019-06-01 0 days 1,530 sqft
2019-07-01 0 days 1,524 sqft
2019-08-01 0 days 1,529 sqft
2019-09-01 0 days 1,580 sqft
2019-10-01 0 days 1,571 sqft
2019-11-01 0 days 1,579 sqft
2019-12-01 0 days 1,573 sqft
2020-01-01 0 days 1,582 sqft
2020-02-01 0 days 1,570 sqft
2020-03-01 0 days 1,573 sqft
2020-04-01 0 days 1,568 sqft
2020-05-01 0 days 1,552 sqft
2020-06-01 0 days 1,556 sqft
2020-07-01 0 days 1,549 sqft
2020-08-01 0 days 1,555 sqft
2020-09-01 0 days 1,550 sqft
2020-10-01 0 days 1,524 sqft
2020-11-01 0 days 1,516 sqft
2020-12-01 0 days 1,494 sqft
2021-01-01 0 days 1,504 sqft
2021-02-01 0 days 1,475 sqft
2021-03-01 0 days 1,479 sqft
2021-04-01 0 days 1,534 sqft
2021-05-01 0 days 1,650 sqft
2021-06-01 0 days 1,671 sqft
2021-07-01 0 days 1,610 sqft
2021-08-01 0 days 1,594 sqft
2021-09-01 0 days 1,589 sqft
2021-10-01 0 days 1,563 sqft
2021-11-01 0 days 1,566 sqft
2021-12-01 0 days 1,557 sqft
2022-01-01 0 days 1,554 sqft
2022-02-01 0 days 1,650 sqft
2022-03-01 0 days 1,604 sqft
2022-04-01 0 days 1,598 sqft
2022-05-01 0 days 1,621 sqft
2022-06-01 0 days 1,584 sqft
2022-07-01 0 days 1,536 sqft
2022-08-01 0 days 1,543 sqft
2022-09-01 0 days 1,528 sqft
2022-10-01 0 days 1,521 sqft
2022-11-01 0 days 1,521 sqft
2022-12-01 0 days 1,532 sqft
2023-01-01 0 days 1,535 sqft
2023-02-01 0 days 1,552 sqft
2023-03-01 0 days 1,605 sqft
2023-04-01 0 days 1,626 sqft
Key West's median listing age (time on market) for 2023-04-01 was 0 days.

Key West's median square footage for active listings during the 2023-04-01 period was 1,626 sqft. One year prior, the average listing was 1,598 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).