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 6.17% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.34% and one month ago for the week of 2024-11-08, the average rate was 6.6%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.48%.

    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 $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
    2024-11-01 $1,275,000 (-8.1%) $2,452,977 (1.0%) 0.00 1,269
    Key West's median listing price for 2024-11-01 was $1,275,000, a difference of $-112,500 (-8.1%) versus the prior year and $12,750 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 2024-11-01 was $2,452,977, a difference of $23,662 (1.0%) versus the prior year and $49,035 versus the prior month.

    For the 2024-11-01 period, Key West had 1,269 MLS listings, a difference of 120 listings (10%) versus the prior month and 278 listings (28%) 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 1,497 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
    2024-11-01 0 days 1,502 sqft
    Key West's median listing age (time on market) for 2024-11-01 was 0 days.

    Key West's median square footage for active listings during the 2024-11-01 period was 1,502 sqft. One year prior, the average listing was 1,549 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).