Miami FHA Loan Rates, Closing Costs & Stats
Miami-Fort Lauderdale-Pompano Beach, 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.
Miami's 273 lenders originated 12,308 FHA loans during 2022. The total origination value was $4,248,810,000, with an average FHA loan value of $345,207.
Miami FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Miami
averaged
6.48%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Miami's average FHA mortgage closing costs are $10,647.
The average rate for the prior week (2023-05-19) was
6.15% and
one month ago for the week of 2023-04-21, the
average rate was 5.9%.
The average rate one year ago was 5.21%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5%.
Miami 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 Miami level.
The top Miami FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
1,790 FHA loans originated. Their average total fees are
$14,699, which is $2,291
lower than the next largest lender,
Paramount Residential Mortgage Group, Inc..
The lowest fee Miami FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($7,165), Lakeview Community Capital, LLC ($7,316), JPMorgan Chase Bank ($7,362), LAKEVIEW LOAN SERVICING, LLC ($8,082) and Bank of America ($9,042).
The lowest rate Miami FHA lenders (with over 10 loans originated) are
First Guaranty Mortgage Corporation (3.48%), VILLAGE CAPITAL MORTGAGE (3.57%), Lakeview Community Capital, LLC (3.63%), LAKEVIEW LOAN SERVICING, LLC (3.70%) and TD Bank (3.83%).
Miami FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| MIAMI-FORT LAUDERDALE-POMPANO BEACH, FL | BROWARD | 2022 | $460,000 | $588,850 | $711,800 | $884,600 |
| MIAMI-FORT LAUDERDALE-POMPANO BEACH, FL | MIAMI-DADE | 2022 | $460,000 | $588,850 | $711,800 | $884,600 |
| MIAMI-FORT LAUDERDALE-POMPANO BEACH, FL | PALM BEACH | 2022 | $460,000 | $588,850 | $711,800 | $884,600 |
| MIAMI-FORT LAUDERDALE-POMPANO BEACH, FL | BROWARD | 2023 | $557,750 | $714,000 | $863,100 | $1,072,600 |
| MIAMI-FORT LAUDERDALE-POMPANO BEACH, FL | MIAMI-DADE | 2023 | $557,750 | $714,000 | $863,100 | $1,072,600 |
| MIAMI-FORT LAUDERDALE-POMPANO BEACH, FL | PALM BEACH | 2023 | $557,750 | $714,000 | $863,100 | $1,072,600 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Miami (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 | $390,000 (4.0%) | $877,935 (3.0%) | 1.45 | 46,964 |
| 2018-02-01 | $389,950 (3.4%) | $876,129 (2.7%) | 1.42 | 48,000 |
| 2018-03-01 | $394,900 (3.3%) | $877,399 (2.1%) | 1.39 | 48,471 |
| 2018-04-01 | $397,250 (3.2%) | $878,632 (1.5%) | 1.35 | 48,104 |
| 2018-05-01 | $399,000 (2.7%) | $878,105 (0.5%) | 1.33 | 47,080 |
| 2018-06-01 | $399,000 (3.4%) | $877,009 (1.6%) | 1.33 | 46,266 |
| 2018-07-01 | $399,000 (2.3%) | $872,126 (1.4%) | 1.33 | 45,956 |
| 2018-08-01 | $398,750 (2.0%) | $864,515 (0.0%) | 1.34 | 45,634 |
| 2018-09-01 | $397,995 (1.5%) | $863,016 (-0.7%) | 1.34 | 46,079 |
| 2018-10-01 | $395,000 (1.4%) | $865,287 (0.5%) | 1.34 | 47,545 |
| 2018-11-01 | $395,000 (1.3%) | $870,100 (0.6%) | 1.34 | 49,390 |
| 2018-12-01 | $390,000 (0.0%) | $876,931 (0.9%) | 1.35 | 50,364 |
| 2019-01-01 | $390,000 (0.0%) | $877,285 (-0.1%) | 1.35 | 51,142 |
| 2019-02-01 | $390,000 (0.0%) | $880,128 (0.5%) | 1.32 | 52,901 |
| 2019-03-01 | $395,000 (-0.3%) | $882,865 (0.6%) | 1.32 | 52,237 |
| 2019-04-01 | $399,000 (0.4%) | $886,010 (0.8%) | 1.27 | 50,856 |
| 2019-05-01 | $399,900 (0.2%) | $894,498 (1.9%) | 1.25 | 49,419 |
| 2019-06-01 | $399,995 (0.3%) | $888,844 (1.4%) | 1.25 | 47,731 |
| 2019-07-01 | $400,000 (0.3%) | $886,975 (1.7%) | 1.25 | 46,166 |
| 2019-08-01 | $409,000 (0.3%) | $891,730 (3.2%) | 1.28 | 45,635 |
| 2019-09-01 | $410,000 (0.3%) | $910,930 (5.6%) | 1.29 | 42,570 |
| 2019-10-01 | $399,250 (1.1%) | $890,672 (2.9%) | 1.29 | 44,968 |
| 2019-11-01 | $399,900 (1.2%) | $914,790 (5.1%) | 1.31 | 45,823 |
| 2019-12-01 | $399,900 (2.5%) | $928,914 (5.9%) | 1.33 | 45,647 |
| 2020-01-01 | $399,000 (2.3%) | $936,951 (6.8%) | 1.33 | 44,976 |
| 2020-02-01 | $399,900 (2.5%) | $942,000 (7.0%) | 1.31 | 45,474 |
| 2020-03-01 | $399,950 (1.6%) | $943,081 (6.8%) | 1.25 | 45,269 |
| 2020-04-01 | $395,000 (-1.0%) | $909,506 (2.7%) | 1.24 | 44,432 |
| 2020-05-01 | $390,000 (-2.5%) | $914,355 (2.2%) | 1.19 | 43,838 |
| 2020-06-01 | $399,000 (-0.3%) | $928,950 (4.5%) | 1.18 | 42,716 |
| 2020-07-01 | $399,450 (-0.1%) | $951,359 (7.3%) | 1.16 | 40,288 |
| 2020-08-01 | $399,900 (0.0%) | $962,157 (7.9%) | 1.15 | 39,108 |
| 2020-09-01 | $400,000 (0.2%) | $977,447 (7.3%) | 1.15 | 38,036 |
| 2020-10-01 | $405,000 (1.4%) | $988,906 (11.0%) | 1.16 | 37,486 |
| 2020-11-01 | $400,000 (0.0%) | $988,807 (8.1%) | 1.17 | 37,078 |
| 2020-12-01 | $399,999 (0.0%) | $994,308 (7.0%) | 1.19 | 35,995 |
| 2021-01-01 | $399,000 (0.0%) | $986,032 (5.2%) | 1.19 | 33,468 |
| 2021-02-01 | $396,000 (-1.0%) | $1,001,374 (6.3%) | 1.15 | 30,512 |
| 2021-03-01 | $398,870 (-0.3%) | $1,025,109 (8.7%) | 1.13 | 26,860 |
| 2021-04-01 | $412,000 (4.3%) | $1,061,354 (16.7%) | 1.12 | 24,099 |
| 2021-05-01 | $429,000 (10.0%) | $1,116,370 (22.1%) | 1.14 | 21,800 |
| 2021-06-01 | $449,000 (12.5%) | $1,163,701 (25.3%) | 1.18 | 20,633 |
| 2021-07-01 | $455,500 (14.0%) | $1,159,352 (21.9%) | 1.20 | 20,962 |
| 2021-08-01 | $459,500 (14.9%) | $1,176,698 (22.3%) | 1.23 | 20,831 |
| 2021-09-01 | $467,450 (16.9%) | $1,207,975 (23.6%) | 1.25 | 20,298 |
| 2021-10-01 | $479,850 (18.5%) | $1,260,576 (27.5%) | 1.28 | 19,457 |
| 2021-11-01 | $482,500 (20.6%) | $1,304,411 (31.9%) | 1.29 | 18,303 |
| 2021-12-01 | $492,500 (23.1%) | $1,343,472 (35.1%) | 1.33 | 17,026 |
| 2022-01-01 | $495,000 (24.1%) | $1,399,438 (41.9%) | 1.34 | 15,400 |
| 2022-02-01 | $522,450 (31.9%) | $1,501,702 (50.0%) | 1.36 | 13,562 |
| 2022-03-01 | $544,500 (36.5%) | $1,566,647 (52.8%) | 1.36 | 13,063 |
| 2022-04-01 | $577,500 (40.2%) | $1,616,240 (52.3%) | 1.38 | 12,824 |
| 2022-05-01 | $622,000 (45.0%) | $1,623,798 (45.5%) | 1.42 | 14,723 |
| 2022-06-01 | $625,000 (39.2%) | $1,531,062 (31.6%) | 1.39 | 17,323 |
| 2022-07-01 | $620,000 (36.1%) | $1,432,776 (23.6%) | 1.40 | 21,070 |
| 2022-08-01 | $604,500 (31.6%) | $1,406,961 (19.6%) | 1.40 | 22,465 |
| 2022-09-01 | $599,000 (28.1%) | $1,393,974 (15.4%) | 1.40 | 22,562 |
| 2022-10-01 | $599,000 (24.8%) | $1,407,207 (11.6%) | 1.41 | 23,835 |
| 2022-11-01 | $599,000 (24.2%) | $1,431,276 (9.7%) | 1.44 | 25,518 |
| 2022-12-01 | $595,000 (20.8%) | $1,461,211 (8.8%) | 1.47 | 25,913 |
| 2023-01-01 | $595,000 (20.2%) | $1,471,057 (5.1%) | 1.47 | 25,921 |
| 2023-02-01 | $599,000 (14.7%) | $1,503,856 (0.1%) | 1.45 | 25,463 |
| 2023-03-01 | $599,410 (10.1%) | $1,521,375 (-2.9%) | 1.41 | 24,537 |
| 2023-04-01 | $605,000 (0.0%) | $1,570,044 (-2.9%) | 1.41 | 23,341 |
Miami's median listing price comes in at 141% of the national average.
Miami's average listing price for 2023-04-01 was $1,570,044, a difference of $-46,196 (-2.9%) versus the prior year and $48,669 versus the prior month.
For the 2023-04-01 period, Miami had 23,341 MLS listings, a difference of -1,196 listings (-5%) versus the prior month and 10,517 listings (82%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Miami (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 89 days | 1,498 sqft |
| 2018-02-01 | 88 days | 1,500 sqft |
| 2018-03-01 | 81 days | 1,500 sqft |
| 2018-04-01 | 83 days | 1,502 sqft |
| 2018-05-01 | 87 days | 1,507 sqft |
| 2018-06-01 | 89 days | 1,515 sqft |
| 2018-07-01 | 92 days | 1,518 sqft |
| 2018-08-01 | 93 days | 1,514 sqft |
| 2018-09-01 | 93 days | 1,510 sqft |
| 2018-10-01 | 88 days | 1,507 sqft |
| 2018-11-01 | 87 days | 1,510 sqft |
| 2018-12-01 | 89 days | 1,508 sqft |
| 2019-01-01 | 93 days | 1,506 sqft |
| 2019-02-01 | 92 days | 1,508 sqft |
| 2019-03-01 | 88 days | 1,513 sqft |
| 2019-04-01 | 87 days | 1,520 sqft |
| 2019-05-01 | 93 days | 1,526 sqft |
| 2019-06-01 | 95 days | 1,527 sqft |
| 2019-07-01 | 97 days | 1,530 sqft |
| 2019-08-01 | 103 days | 1,529 sqft |
| 2019-09-01 | 107 days | 1,521 sqft |
| 2019-10-01 | 101 days | 1,509 sqft |
| 2019-11-01 | 96 days | 1,507 sqft |
| 2019-12-01 | 98 days | 1,500 sqft |
| 2020-01-01 | 100 days | 1,499 sqft |
| 2020-02-01 | 97 days | 1,488 sqft |
| 2020-03-01 | 94 days | 1,485 sqft |
| 2020-04-01 | 94 days | 1,461 sqft |
| 2020-05-01 | 106 days | 1,450 sqft |
| 2020-06-01 | 116 days | 1,437 sqft |
| 2020-07-01 | 122 days | 1,405 sqft |
| 2020-08-01 | 101 days | 1,389 sqft |
| 2020-09-01 | 99 days | 1,381 sqft |
| 2020-10-01 | 99 days | 1,377 sqft |
| 2020-11-01 | 96 days | 1,367 sqft |
| 2020-12-01 | 99 days | 1,358 sqft |
| 2021-01-01 | 100 days | 1,335 sqft |
| 2021-02-01 | 95 days | 1,303 sqft |
| 2021-03-01 | 84 days | 1,293 sqft |
| 2021-04-01 | 72 days | 1,296 sqft |
| 2021-05-01 | 65 days | 1,312 sqft |
| 2021-06-01 | 60 days | 1,341 sqft |
| 2021-07-01 | 58 days | 1,361 sqft |
| 2021-08-01 | 59 days | 1,365 sqft |
| 2021-09-01 | 60 days | 1,369 sqft |
| 2021-10-01 | 60 days | 1,376 sqft |
| 2021-11-01 | 61 days | 1,376 sqft |
| 2021-12-01 | 62 days | 1,365 sqft |
| 2022-01-01 | 66 days | 1,356 sqft |
| 2022-02-01 | 54 days | 1,364 sqft |
| 2022-03-01 | 43 days | 1,387 sqft |
| 2022-04-01 | 43 days | 1,434 sqft |
| 2022-05-01 | 38 days | 1,487 sqft |
| 2022-06-01 | 39 days | 1,500 sqft |
| 2022-07-01 | 42 days | 1,512 sqft |
| 2022-08-01 | 51 days | 1,512 sqft |
| 2022-09-01 | 58 days | 1,513 sqft |
| 2022-10-01 | 61 days | 1,518 sqft |
| 2022-11-01 | 64 days | 1,515 sqft |
| 2022-12-01 | 68 days | 1,500 sqft |
| 2023-01-01 | 73 days | 1,488 sqft |
| 2023-02-01 | 69 days | 1,471 sqft |
| 2023-03-01 | 63 days | 1,459 sqft |
| 2023-04-01 | 66 days | 1,452 sqft |
Miami's median square footage for active listings during the 2023-04-01 period was 1,452 sqft. One year prior, the average listing was 1,434 sqft.