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%.
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 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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $706,250 (14.3%) | $1,328,463 (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 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. LouisDate | 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 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.