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 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 -0.71% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Key West's average FHA mortgage closing costs are $13,378.

    The average rate for the prior week (2023-11-17) was 6.38% and one month ago for the week of 2023-10-20, the average rate was 6.79%.

    The average rate one year ago was 6.01%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.43%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 16 4.36% $18,678
    First Horizon Bank 10 5.14% $21,591
    CALIBER HOME LOANS, INC. 4 4.34% $23,319
    CARDINAL FINANCIAL 3 4.66% $25,012
    QUICKEN LOANS, LLC 3 4.37% $17,446
    Flagstar Bank, FSB 2 3.69% $25,817
    FREEDOM MORTGAGE CORPORATION 2 5.50% $7,510
    FINANCE OF AMERICA MORTGAGE LLC 1 5.13% $17,132
    HOME POINT FINANCIAL CORPORATION 1 3.25% $17,139
    AMERISAVE MORTGAGE CORPORATION 1 3.25% $14,131
    HOMESTEAD FUNDING CORP. 1 5.75% $20,535
    LAKEVIEW LOAN SERVICING, LLC 1 4.63% $7,148
    MY MORTGAGE, INC. 1 5.63% $20,262
    NATIONWIDE MORTGAGE BANKERS, INC. 1 4.75% $34,998
    NETWORK CAPITAL FUNDING CORPORATION 1 4.63% $17,042
    PANORAMA MORTGAGE GROUP, LLC 1 7.25% $11,722
    Paramount Residential Mortgage Group, Inc. 1 5.75% $30,411
    PLAZA HOME MORTGAGE, INC. 1 5.13% $6,798
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.25% $20,774
    RELIANCE FIRST CAPITAL, LLC 1 5.13% $10,076
    Strong Home Mortgage, LLC 1 3.50% $12,869
    SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $15,922
    HOMESIDE FINANCIAL, LLC 1 6.13% $30,679
    BANKING MORTGAGE SERVICES, B.M.S. CORP. 1 4.50% $14,266
    Bank of America 1 2.88% $12,070
    BECKAM FUNDING CORP. 1 3.88% $6,030
    Carrington Mortgage Services, LLC 1 6.13% $18,639
    Centennial Bank 1 3.88% $15,934
    Equity Prime Mortgage LLC 1 3.88% $17,560

    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. 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 (12.4%) 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%) $1,326,140 (-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%) $1,366,483 (3.9%) 0.00 1,692
    2019-08-01 $778,527 (11.4%) $1,396,497 (6.2%) 0.00 1,608
    2019-09-01 $787,793 (12.7%) $1,438,250 (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 (9.1%) $1,629,623 (16.7%) 0.00 1,232
    2020-09-01 $867,000 (10.1%) $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 $1,116,382 (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 (45.0%) $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 (15.5%) $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%) 0.00 826
    2023-05-01 $1,496,250 (9.8%) $2,374,664 (-5.6%) 0.00 798
    2023-06-01 $1,475,000 (11.3%) $2,389,299 (-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
    Key West's median listing price for 2023-10-01 was $1,362,500, a difference of $63,500 (4.9%) versus the prior year and $-32,500 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 2023-10-01 was $2,407,417, a difference of $-18,225 (-0.8%) versus the prior year and $18,826 versus the prior month.

    For the 2023-10-01 period, Key West had 868 MLS listings, a difference of 54 listings (7%) versus the prior month and 206 listings (31%) 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 1,500 sqft
    2018-05-01 0 days 1,489 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 1,484 sqft
    2019-01-01 0 days 1,493 sqft
    2019-02-01 0 days 1,508 sqft
    2019-03-01 0 days 1,525 sqft
    2019-04-01 0 days 1,550 sqft
    2019-05-01 0 days 1,563 sqft
    2019-06-01 0 days 1,530 sqft
    2019-07-01 0 days 1,526 sqft
    2019-08-01 0 days 1,539 sqft
    2019-09-01 0 days 1,556 sqft
    2019-10-01 0 days 1,571 sqft
    2019-11-01 0 days 1,580 sqft
    2019-12-01 0 days 1,575 sqft
    2020-01-01 0 days 1,582 sqft
    2020-02-01 0 days 1,570 sqft
    2020-03-01 0 days 1,574 sqft
    2020-04-01 0 days 1,569 sqft
    2020-05-01 0 days 1,553 sqft
    2020-06-01 0 days 1,555 sqft
    2020-07-01 0 days 1,548 sqft
    2020-08-01 0 days 1,555 sqft
    2020-09-01 0 days 1,552 sqft
    2020-10-01 0 days 1,525 sqft
    2020-11-01 0 days 1,517 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 1,592 sqft
    2021-09-01 0 days 1,589 sqft
    2021-10-01 0 days 1,564 sqft
    2021-11-01 0 days 1,567 sqft
    2021-12-01 0 days 1,560 sqft
    2022-01-01 0 days 1,558 sqft
    2022-02-01 0 days 1,642 sqft
    2022-03-01 0 days 1,599 sqft
    2022-04-01 0 days 1,595 sqft
    2022-05-01 0 days 1,622 sqft
    2022-06-01 0 days 1,593 sqft
    2022-07-01 0 days 1,540 sqft
    2022-08-01 0 days 1,545 sqft
    2022-09-01 0 days 1,532 sqft
    2022-10-01 0 days 1,530 sqft
    2022-11-01 0 days 1,524 sqft
    2022-12-01 0 days 1,533 sqft
    2023-01-01 0 days 1,538 sqft
    2023-02-01 0 days 1,559 sqft
    2023-03-01 0 days 1,605 sqft
    2023-04-01 0 days 1,626 sqft
    2023-05-01 0 days 1,600 sqft
    2023-06-01 0 days 1,579 sqft
    2023-07-01 0 days 1,575 sqft
    2023-08-01 0 days 1,599 sqft
    2023-09-01 0 days 1,571 sqft
    2023-10-01 0 days 1,548 sqft
    Key West's median listing age (time on market) for 2023-10-01 was 0 days.

    Key West's median square footage for active listings during the 2023-10-01 period was 1,548 sqft. One year prior, the average listing was 1,530 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).