Key West FHA Loan Rates, Closing Costs & Stats

Key West, FL

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    • 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 6.81% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.62% and one month ago for the week of 2025-01-10, the average rate was 6.58%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.52%.

    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 $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
    Key West's median listing price for 2025-01-01 was $1,312,495, a difference of $-83,505 (-6.0%) versus the prior year and $13,495 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 2025-01-01 was $2,400,628, a difference of $183 (0.0%) versus the prior year and $-32,243 versus the prior month.

    For the 2025-01-01 period, Key West had 1,431 MLS listings, a difference of 65 listings (5%) versus the prior month and 278 listings (24%) 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
    Key West's median listing age (time on market) for 2025-01-01 was 0 days.

    Key West's median square footage for active listings during the 2025-01-01 period was 1,524 sqft. One year prior, the average listing was 1,582 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).