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
0.29%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Key West's average FHA mortgage closing costs are $13,989.
The average rate for the prior week (2024-11-22) was
6.68% and
one month ago for the week of 2024-10-25, the
average rate was 6.16%.
The average rate one year ago was 7.35%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.1%.
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.
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. LouisDate | 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 |
2024-04-01 | $1,300,000 (-13.3%) | $2,410,666 (-6.3%) | 0.00 | 1,306 |
2024-05-01 | $1,357,000 (-9.3%) | $2,428,778 (2.3%) | 0.00 | 1,254 |
2024-06-01 | $1,325,000 (-10.3%) | $2,369,188 (-0.8%) | 0.00 | 1,254 |
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 |
Key West's median listing price comes in at 0% of the national average.
Key West's average listing price for 2024-10-01 was $2,403,942, a difference of $-3,475 (-0.1%) versus the prior year and $54,743 versus the prior month.
For the 2024-10-01 period, Key West had 1,149 MLS listings, a difference of 14 listings (1%) versus the prior month and 281 listings (32%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Key West (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 | 1,566 sqft |
2024-03-01 | 0 days | 1,549 sqft |
2024-04-01 | 0 days | 1,538 sqft |
2024-05-01 | 0 days | 1,545 sqft |
2024-06-01 | 0 days | 1,536 sqft |
2024-07-01 | 0 days | 1,506 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 |
Key West's median square footage for active listings during the 2024-10-01 period was 1,512 sqft. One year prior, the average listing was 1,546 sqft.