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 51 lenders originated 179 FHA loans during 2021. The total origination value was $77,495,000, with an average FHA loan value of $432,933.

Key West FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Key West averaged 6.22% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Key West's average FHA mortgage closing costs are $12,874.

The average rate for the prior week (2022-11-25) was 6.54% and one month ago for the week of 2022-10-28, the average rate was 6.68%.

The average rate one year ago was 3.41%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.37%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 18 2.62% $16,279
First Horizon Bank 13 2.81% $13,973
QUICKEN LOANS, LLC 11 2.56% $10,157
FREEDOM MORTGAGE CORPORATION 8 2.69% $8,927
CALIBER HOME LOANS, INC. 8 2.61% $15,054
UNION HOME MORTGAGE CORP. 6 3.02% $24,802
PENNYMAC LOAN SERVICES, LLC 5 2.98% $8,057
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.41% $17,361
LAKEVIEW LOAN SERVICING, LLC 4 2.84% $8,426
HOME POINT FINANCIAL CORPORATION 4 3.12% $14,621
Flagstar Bank, FSB 3 2.72% $13,916
AMERICAN FINANCIAL NETWORK, INC. 3 2.66% $20,086
First Guaranty Mortgage Corporation 3 2.79% $13,449
Mr. Cooper ( Nationstar Mortgage ) 3 3.08% $7,246
MICHIGAN MUTUAL, INC. 3 2.96% $13,587
Lakeview Community Capital, LLC 2 3.00% $6,850
AXIA FINANCIAL, LLC 2 2.63% $15,728
EMM LOANS LLC 2 3.44% $13,061
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.06% $11,635
HOMESTEAD FUNDING CORP. 2 2.88% $9,333
NEWREZ LLC 2 2.81% $18,444
Paramount Residential Mortgage Group, Inc. 2 3.43% $13,842
PLAZA HOME MORTGAGE, INC. 2 2.88% $17,165
TOWNE MORTGAGE COMPANY 2 2.69% $17,267
InterContinental Capital Group, Inc 1 2.63% $10,359
DRAPER AND KRAMER MORTGAGE CORP. 1 2.88% $18,854
CROSSCOUNTRY MORTGAGE, LLC 1 2.63% $16,564
LOANDEPOT.COM, LLC 1 2.75% $17,850
Magnolia Bank 1 2.63% $15,628
COLUMBUS CAPITAL LENDING, LLC 1 3.25% $12,857
MORIA DEVELOPMENT, INC. 1 4.13% $9,767
MORTGAGE 1 INCORPORATED 1 2.75% $11,810
MORTGAGE FINANCIAL GROUP, INC. 1 2.63% $22,017
Carrington Mortgage Services, LLC 1 3.13% $15,477
Nations Lending Corporation 1 2.75% $25,500
Truist 1 3.13% $11,080
NP, Inc. 1 2.88% $9,201
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.38% $9,272
PARKSIDE LENDING, LLC 1 3.13% $23,489
Barrington Bank & Trust Company, N.A. 1 2.99% $18,317
PLANET HOME LENDING, LLC 1 2.63% $9,427
AmeriHome Mortgage Company, LLC 1 2.63% $12,100
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $15,384
Bank of America 1 2.88% $13,625
South State Bank 1 2.75% $15,012
First Internet Bank of Indiana 1 2.50% $8,308
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.75% $17,506
GUARANTEED RATE, INC. 1 3.00% $15,588
THE MORTGAGE FIRM, INC. 1 3.25% $13,675
Equity Prime Mortgage LLC 1 2.50% $20,833
VILLAGE CAPITAL MORTGAGE 1 4.13% $2,699

The top Key West FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 18 FHA loans originated. Their average total fees are $16,279, which is $2,306 higher than the next largest lender, First Horizon Bank.

The lowest fee Key West FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,157), First Horizon Bank ($13,973), UNITED WHOLESALE MORTGAGE, LLC ($16,279), .

The lowest rate Key West FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.56%), UNITED WHOLESALE MORTGAGE, LLC (2.62%), First Horizon Bank (2.81%), .

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

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 $735,286 (5.2%) $1,308,246 (-2.6%) 0.00 1,971
2019-04-01 $749,000 (7.1%) $1,326,791 (-2.0%) 0.00 1,891
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 $780,345 (11.6%) $1,397,279 (6.2%) 0.00 1,608
2019-09-01 $788,589 (12.8%) $1,438,593 (9.5%) 0.00 1,508
2019-10-01 $794,750 (13.7%) $1,474,232 (13.3%) 0.00 1,432
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 (8.7%) $1,505,811 (15.1%) 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 (8.8%) $1,629,623 (16.6%) 0.00 1,232
2020-09-01 $867,000 (9.9%) $1,666,754 (15.9%) 0.00 1,185
2020-10-01 $849,250 (6.9%) $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 $1,229,000 (42.3%) $2,102,233 (16.5%) 0.00 486
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%) 0.00 500
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
Key West's median listing price for 2022-11-01 was $1,350,000, a difference of $143,750 (11.9%) versus the prior year and $51,000 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 2022-11-01 was $2,425,276, a difference of $296,836 (14.0%) versus the prior year and $-366 versus the prior month.

For the 2022-11-01 period, Key West had 722 MLS listings, a difference of 60 listings (9%) versus the prior month and 197 listings (38%) 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 1,500 sqft
2018-03-01 0 days 1,500 sqft
2018-04-01 0 days 1,501 sqft
2018-05-01 0 days 1,492 sqft
2018-06-01 0 days 1,494 sqft
2018-07-01 0 days 1,495 sqft
2018-08-01 0 days 1,494 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 1,484 sqft
2019-01-01 0 days 1,493 sqft
2019-02-01 0 days 1,510 sqft
2019-03-01 0 days 1,526 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 1,580 sqft
2019-12-01 0 days 1,574 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 1,565 sqft
2020-05-01 0 days 1,552 sqft
2020-06-01 0 days 1,553 sqft
2020-07-01 0 days 1,545 sqft
2020-08-01 0 days 1,551 sqft
2020-09-01 0 days 1,550 sqft
2020-10-01 0 days 1,522 sqft
2020-11-01 0 days 1,515 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 1,533 sqft
2021-05-01 0 days 1,650 sqft
2021-06-01 0 days 1,667 sqft
2021-07-01 0 days 1,600 sqft
2021-08-01 0 days 1,589 sqft
2021-09-01 0 days 1,587 sqft
2021-10-01 0 days 1,562 sqft
2021-11-01 0 days 1,565 sqft
2021-12-01 0 days 1,555 sqft
2022-01-01 0 days 1,550 sqft
2022-02-01 0 days 1,643 sqft
2022-03-01 0 days 1,599 sqft
2022-04-01 0 days 1,595 sqft
2022-05-01 0 days 1,621 sqft
2022-06-01 0 days 1,585 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 1,528 sqft
2022-11-01 0 days 1,524 sqft
Key West's median listing age (time on market) for 2022-11-01 was 0 days.

Key West's median square footage for active listings during the 2022-11-01 period was 1,524 sqft. One year prior, the average listing was 1,565 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).