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 25 lenders originated 76 FHA loans during 2023. The total origination value was $38,160,000, with an average FHA loan value of $502,105.

Key West FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Key West averaged 6.73% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Key West's average FHA mortgage closing costs are $13,989.

The average rate for the prior week (2024-04-05) was 6.56% and one month ago for the week of 2024-03-08, the average rate was 6.9%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.74%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
First Horizon Bank 14 6.10% $17,312
UNITED WHOLESALE MORTGAGE, LLC 12 6.48% $21,804
QUICKEN LOANS, LLC 7 6.23% $16,676
CROSSCOUNTRY MORTGAGE, LLC 3 7.71% $29,302
Flagstar Bank, FSB 3 6.53% $30,092
AMERICAN FINANCIAL NETWORK, INC. 2 6.56% $15,529
PLAZA HOME MORTGAGE, INC. 2 6.00% $15,332
UNION HOME MORTGAGE CORP. 2 6.69% $24,099
CARDINAL FINANCIAL 1 6.75% $19,058
BELEM SERVICING LLC 1 6.99% $42,022
AXIA FINANCIAL, LLC 1 6.99% $16,463
FREEDOM MORTGAGE CORPORATION 1 7.25% $21,075
LOANDEPOT.COM, LLC 1 7.38% $28,789
MASON MCDUFFIE MORTGAGE CORPORATION 1 6.63% $25,303
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.13% $34,470
Paramount Residential Mortgage Group, Inc. 1 6.63% $34,313
PLANET HOME LENDING, LLC 1 4.75% $14,446
AMERICAN FINANCIAL RESOURCES, INC. 1 6.00% $20,740
POINT Mortgage 1 7.50% $39,204
Ameris Bank 1 6.13% $19,314
Sierra Pacific Mortgage Company, Inc. 1 7.13% $20,647
South State Bank 1 7.13% $16,724
The Loan Store, Inc. 1 6.99% $21,410
CHURCHILL MORTGAGE CORPORATION 1 5.63% $24,925
CMG MORTGAGE, INC. 1 6.25% $14,679

The top Key West FHA lender as defined by loan originations is First Horizon Bank, with 14 FHA loans originated. Their average total fees are $17,312, which is $4,492 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Key West FHA lenders (with over 10 loans originated) are First Horizon Bank ($17,312), UNITED WHOLESALE MORTGAGE, LLC ($21,804), .

The lowest rate Key West FHA lenders (with over 10 loans originated) are First Horizon Bank (6.10%), UNITED WHOLESALE MORTGAGE, LLC (6.48%), .

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%) $1,328,775 (25.9%) 0.00 1,488
2018-02-01 $699,625 (12.6%) $1,345,032 (27.5%) 0.00 1,534
2018-03-01 $699,000 (11.5%) $1,343,933 (27.0%) 0.00 1,617
2018-04-01 $699,500 (4.9%) $1,353,684 (12.4%) 0.00 1,632
2018-05-01 $699,000 (3.4%) $1,341,406 (11.7%) 0.00 1,596
2018-06-01 $699,000 (3.0%) $1,324,245 (8.2%) 0.00 1,589
2018-07-01 $699,000 (3.6%) $1,315,106 (5.9%) 0.00 1,612
2018-08-01 $699,000 (4.2%) $1,315,088 (5.7%) 0.00 1,582
2018-09-01 $699,000 (3.6%) $1,314,124 (4.7%) 0.00 1,548
2018-10-01 $699,000 (3.9%) $1,301,660 (0.8%) 0.00 1,590
2018-11-01 $731,750 (4.7%) $1,325,710 (1.0%) 0.00 1,718
2018-12-01 $729,000 (4.3%) $1,325,853 (1.2%) 0.00 1,825
2019-01-01 $730,000 (3.4%) $1,311,868 (-1.3%) 0.00 1,932
2019-02-01 $724,500 (3.6%) $1,294,243 (-3.8%) 0.00 2,018
2019-03-01 $737,571 (5.5%) $1,308,627 (-2.6%) 0.00 1,971
2019-04-01 $749,000 (7.1%) $1,326,895 (-2.0%) 0.00 1,890
2019-05-01 $769,000 (10.0%) $1,371,088 (2.2%) 0.00 1,799
2019-06-01 $750,000 (7.3%) $1,356,150 (2.4%) 0.00 1,736
2019-07-01 $760,000 (8.7%) $1,366,733 (3.9%) 0.00 1,694
2019-08-01 $780,755 (11.7%) $1,396,722 (6.2%) 0.00 1,610
2019-09-01 $789,611 (13.0%) $1,438,436 (9.5%) 0.00 1,510
2019-10-01 $795,000 (13.7%) $1,474,577 (13.3%) 0.00 1,433
2019-11-01 $799,000 (9.2%) $1,485,026 (12.0%) 0.00 1,504
2019-12-01 $799,125 (9.6%) $1,500,949 (13.2%) 0.00 1,616
2020-01-01 $803,750 (10.1%) $1,516,232 (15.6%) 0.00 1,648
2020-02-01 $799,000 (10.3%) $1,485,200 (14.8%) 0.00 1,746
2020-03-01 $799,500 (8.4%) $1,505,811 (15.1%) 0.00 1,754
2020-04-01 $799,000 (6.7%) $1,490,622 (12.3%) 0.00 1,677
2020-05-01 $799,000 (3.9%) $1,512,569 (10.3%) 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 (8.4%) $1,589,979 (16.3%) 0.00 1,384
2020-08-01 $849,000 (8.7%) $1,629,623 (16.7%) 0.00 1,232
2020-09-01 $867,000 (9.8%) $1,666,754 (15.9%) 0.00 1,185
2020-10-01 $849,250 (6.8%) $1,693,184 (14.8%) 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 (7.2%) $1,749,362 (16.6%) 0.00 1,043
2021-01-01 $864,000 (7.5%) $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%) $2,383,808 (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%) 0.00 828
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
Key West's median listing price for 2024-03-01 was $1,350,000, a difference of $-139,750 (-9.4%) versus the prior year and $-34,085 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 2024-03-01 was $2,470,933, a difference of $-87,037 (-3.4%) versus the prior year and $65,761 versus the prior month.

For the 2024-03-01 period, Key West had 1,306 MLS listings, a difference of 65 listings (5%) versus the prior month and 458 listings (54%) 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 1,497 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 1,490 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 1,491 sqft
2018-10-01 0 days 1,480 sqft
2018-11-01 0 days 1,498 sqft
2018-12-01 0 days 1,482 sqft
2019-01-01 0 days 1,493 sqft
2019-02-01 0 days 1,509 sqft
2019-03-01 0 days 1,525 sqft
2019-04-01 0 days 1,550 sqft
2019-05-01 0 days 1,564 sqft
2019-06-01 0 days 1,531 sqft
2019-07-01 0 days 1,526 sqft
2019-08-01 0 days 1,539 sqft
2019-09-01 0 days 1,555 sqft
2019-10-01 0 days 1,571 sqft
2019-11-01 0 days 1,579 sqft
2019-12-01 0 days 1,574 sqft
2020-01-01 0 days 1,579 sqft
2020-02-01 0 days 1,570 sqft
2020-03-01 0 days 1,574 sqft
2020-04-01 0 days 1,567 sqft
2020-05-01 0 days 1,552 sqft
2020-06-01 0 days 1,555 sqft
2020-07-01 0 days 1,547 sqft
2020-08-01 0 days 1,553 sqft
2020-09-01 0 days 1,554 sqft
2020-10-01 0 days 1,526 sqft
2020-11-01 0 days 1,520 sqft
2020-12-01 0 days 1,497 sqft
2021-01-01 0 days 1,515 sqft
2021-02-01 0 days 1,480 sqft
2021-03-01 0 days 1,483 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 1,611 sqft
2021-08-01 0 days 1,594 sqft
2021-09-01 0 days 1,589 sqft
2021-10-01 0 days 1,565 sqft
2021-11-01 0 days 1,569 sqft
2021-12-01 0 days 1,560 sqft
2022-01-01 0 days 1,558 sqft
2022-02-01 0 days 1,649 sqft
2022-03-01 0 days 1,599 sqft
2022-04-01 0 days 1,596 sqft
2022-05-01 0 days 1,622 sqft
2022-06-01 0 days 1,593 sqft
2022-07-01 0 days 1,536 sqft
2022-08-01 0 days 1,544 sqft
2022-09-01 0 days 1,533 sqft
2022-10-01 0 days 1,532 sqft
2022-11-01 0 days 1,525 sqft
2022-12-01 0 days 1,534 sqft
2023-01-01 0 days 1,540 sqft
2023-02-01 0 days 1,559 sqft
2023-03-01 0 days 1,605 sqft
2023-04-01 0 days 1,624 sqft
2023-05-01 0 days 1,600 sqft
2023-06-01 0 days 1,579 sqft
2023-07-01 0 days 1,576 sqft
2023-08-01 0 days 1,598 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 1,570 sqft
2024-01-01 0 days 1,582 sqft
2024-02-01 0 days 1,569 sqft
2024-03-01 0 days 1,549 sqft
Key West's median listing age (time on market) for 2024-03-01 was 0 days.

Key West's median square footage for active listings during the 2024-03-01 period was 1,549 sqft. One year prior, the average listing was 1,605 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).