Miami FHA Loans

MIAMI-MIAMI BEACH-KENDALL, 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 210 lenders originated 8,752 FHA loans during 2021. The total origination value was $2,696,700,000, with an average FHA loan value of $308,124.

Miami FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Miami averaged 4.52% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.63% and one month ago for the week of 2022-02-18, the average rate was 4.46%.

The average rate one year ago was 3.3%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.26%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Miami FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Miami level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Paramount Residential Mortgage Group, Inc. 827 3.22% $12,927
CALIBER HOME LOANS, INC. 609 2.84% $11,356
UNITED WHOLESALE MORTGAGE, LLC 608 2.75% $11,659
QUICKEN LOANS, LLC 458 2.67% $7,584
EAGLE HOME MORTGAGE, LLC 448 3.18% $12,124
FREEDOM MORTGAGE CORPORATION 328 2.81% $8,186
Lakeview Community Capital, LLC 243 3.00% $5,889
COLUMBUS CAPITAL LENDING, LLC 237 3.16% $13,679
PENNYMAC LOAN SERVICES, LLC 235 3.07% $6,382
Mr. Cooper ( Nationstar Mortgage ) 168 3.18% $5,673
AMCAP MORTGAGE, LTD. 160 3.16% $13,906
PRIMARY RESIDENTIAL MORTGAGE, INC. 157 3.48% $14,661
LOANDEPOT.COM, LLC 155 2.97% $11,895
HOME POINT FINANCIAL CORPORATION 141 2.70% $11,753
DHI MORTGAGE COMPANY, LTD. 138 2.70% $9,687
HOME FINANCING CENTER, INC. 136 3.77% $13,493
CROSSCOUNTRY MORTGAGE, LLC 120 3.15% $13,070
NEWREZ LLC 117 2.89% $7,735
FIRST EQUITY MORTGAGE BANKERS, INC. 107 3.09% $12,699
LAKEVIEW LOAN SERVICING, LLC 98 3.01% $6,272
READY MORTGAGE LENDERS, LLC 89 3.09% $14,541
1ST FINANCIAL, INC. 89 3.11% $12,626
HAMILTON HOME LOANS, INC. 75 3.36% $12,163
Flagstar Bank, FSB 74 2.83% $10,632
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 73 3.08% $11,851
Carrington Mortgage Services, LLC 69 3.32% $12,189
PLANET HOME LENDING, LLC 61 2.73% $6,640
HOMEBRIDGE FINANCIAL SERVICES, INC. 57 2.95% $11,809
NP, Inc. 56 2.73% $11,924
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 55 2.93% $11,754
NVR Mortgage Finance, Inc. 53 3.18% $11,431
AmeriHome Mortgage Company, LLC 49 2.96% $6,163
BANKING MORTGAGE SERVICES, B.M.S. CORP. 44 3.05% $12,939
First Guaranty Mortgage Corporation 43 3.04% $12,031
CITY FIRST MORTGAGE SERVICES, L.L.C. 42 3.26% $10,941
AMERICAN FINANCIAL NETWORK, INC. 42 3.09% $18,649
GENEVA FINANCIAL, LLC 38 2.89% $13,648
VILLAGE CAPITAL & INVESTMENT LLC 38 2.98% $3,932
BROKER SOLUTIONS, INC. 35 2.86% $10,576
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 35 3.27% $11,821
InterContinental Capital Group, Inc 35 2.75% $8,462
Equity Prime Mortgage LLC 34 3.19% $11,175
CMG MORTGAGE, INC. 33 3.28% $12,472
PLAZA HOME MORTGAGE, INC. 26 2.80% $13,925
CROSSFIRE FINANCIAL NETWORK, INC. 23 3.01% $11,515
PANORAMA MORTGAGE GROUP, LLC 22 3.46% $12,644
Regions Bank 22 2.85% $10,318
CAPITAL PARTNERS MORTGAGE, LLC 20 3.23% $11,993
FINANCE OF AMERICA MORTGAGE LLC 20 2.71% $12,563
AMERISAVE MORTGAGE CORPORATION 20 2.96% $9,578
GUARANTEED RATE, INC. 19 2.80% $10,424
Hometown Equity Mortgage, LLC 19 3.32% $12,665
EVERETT FINANCIAL, INC. 18 3.72% $9,593
Commerce Home Mortgage, Inc. 17 3.08% $10,058
Ixonia Bank 15 3.33% $13,048
Nations Lending Corporation 15 3.14% $9,968
ARC HOME LLC 15 2.87% $12,991
A&D Mortgage LLC 13 2.75% $16,542
SUN WEST MORTGAGE COMPANY, INC. 13 3.01% $11,866
OCMBC, INC. 12 2.82% $12,945
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 12 3.10% $10,354
OCEANSIDE MORTGAGE COMPANY 12 2.76% $4,228
The Federal Savings Bank 11 2.93% $10,596
AmRes Corporation 11 3.05% $11,511
VAN DYK MORTGAGE CORPORATION 10 2.90% $8,864
FIRSTBANK PUERTO RICO 10 2.88% $11,402
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 3.03% $11,225
Financial Freedom Mortgage, LLC 9 3.35% $11,860
ABSOLUTE HOME MORTGAGE CORPORATION 9 3.14% $11,593
HOMESIDE FINANCIAL, LLC 9 3.10% $10,999
ACADEMY MORTGAGE CORPORATION 9 3.22% $13,086
Bank of America 8 2.77% $10,266
MICHIGAN MUTUAL, INC. 8 2.89% $12,221
SUCCESS MORTGAGE PARTNERS, INC. 8 3.27% $14,195
SWBC MORTGAGE CORPORATION 8 3.13% $10,625
US MORTGAGE CORPORATION 7 3.29% $12,638
ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 2.82% $9,864
UNION HOME MORTGAGE CORP. 7 2.73% $12,837
MOVEMENT MORTGAGE, LLC 6 3.21% $13,235
ROUNDPOINT MORTGAGE SERVICING CORPORATION 6 3.23% $11,211
LENDUS, LLC 5 2.50% $10,630
Trust Mortgage Lending 5 2.98% $13,675
Prosperity Home Mortgage, LLC 5 3.25% $13,718
TD Bank 5 2.93% $7,296
NATIONS DIRECT MORTGAGE, LLC 5 3.58% $14,362
Atlantic Home Loans, Inc. 4 2.93% $10,055
U.S. Bank 4 2.72% $10,005
ALLIED MORTGAGE GROUP, INC. 4 2.91% $11,693
BAY EQUITY LLC 4 3.00% $14,900
RESIDENTIAL HOME FUNDING CORP. 4 2.72% $11,138
AMERICAN FINANCING CORPORATION 4 2.56% $8,888
STEARNS LENDING, LLC 4 2.72% $14,858
SOVEREIGN LENDING GROUP INCORPORATED 4 2.56% $10,713
SECURITYNATIONAL MORTGAGE COMPANY 4 2.63% $10,963
South State Bank 4 2.75% $10,872
JPMorgan Chase Bank 4 2.81% $8,056
NATIONWIDE MORTGAGE BANKERS, INC. 4 3.16% $14,747
Fifth Third Bank 4 2.94% $11,358
Bank of England 4 3.34% $16,556
PARKSIDE LENDING, LLC 4 2.66% $11,428
TOP FLITE FINANCIAL, INC. 4 3.06% $14,780
THE MORTGAGE FIRM, INC. 4 2.62% $10,790
BECKAM FUNDING CORP. 3 3.25% $15,106
AMERICAN FINANCIAL RESOURCES, INC. 3 3.04% $11,622
BANKERS MORTGAGE LENDING, INC. 3 2.71% $10,496
BEST FINANCE CAPITAL, INC. 3 3.67% $11,287
Century Mortgage Company DBA Century Lending Company 3 3.17% $14,527
Colten Mortgage, LLC 3 3.29% $5,690
CONTOUR MORTGAGE CORPORATION 3 3.33% $12,440
Evolve Bank & Trust 3 2.75% $9,138
First Horizon Bank 3 3.00% $10,867
First Savings Bank 3 2.83% $9,889
Home Mortgage Alliance Corp 3 3.08% $10,024
LAND HOME FINANCIAL SERVICES, INC. 3 3.58% $15,207
LENDING 3, INC. 3 2.92% $8,756
LOANLEADERS OF AMERICA, INC. 3 3.08% $15,276
MEGA CAPITAL FUNDING, INC. 3 2.92% $14,550
Mortgage Lenders Investment Trading Corporation 3 3.58% $5,283
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 3.00% $12,033
Northpointe Bank 3 3.00% $8,806
Princeton Mortgage Corporation 3 2.67% $10,206
Strong Home Mortgage, LLC 3 2.71% $7,191
Valley National Bank 3 2.96% $9,943
Wells Fargo Bank 2 3.06% $10,975
NETWORK CAPITAL FUNDING CORPORATION 2 3.06% $12,718
OPEN MORTGAGE, LLC 2 2.88% $9,683
Quontic Bank 2 3.25% $11,578
FIRST ALLIANCE HOME MORTGAGE, LLC 2 3.38% $10,485
CIS Financial Services, Inc. 2 2.88% $8,367
GUARANTEED RATE AFFINITY, LLC 2 2.63% $10,518
KS StateBank 2 2.88% $9,814
RESIDENTIAL BANCORP. 2 2.75% $14,205
NATIONS RELIABLE LENDING, LLC 2 3.25% $13,350
FOUNDATION MORTGAGE CORPORATION 2 2.56% $16,954
TOWNE MORTGAGE COMPANY 2 3.18% $12,407
Mortgage Research Center, LLC 2 3.31% $12,743
Truist Bank 2 3.60% $8,063
Waterstone Mortgage Corporation 2 3.69% $11,870
BEST CAPITAL FUNDING 2 2.88% $16,995
Plains Commerce Bank 2 2.75% $11,746
Hometown Lenders, Inc. 2 2.94% $13,063
MORIA DEVELOPMENT, INC. 2 3.75% $11,641
EMM LOANS LLC 2 2.88% $11,716
Ameris Bank 2 2.88% $12,696
FIRST HOME MORTGAGE CORPORATION 2 3.50% $10,570
PREFERRED LENDING SERVICES, LLC 2 3.31% $8,609
MCLEAN MORTGAGE CORPORATION 2 3.13% $7,947
EMBRACE HOME LOANS, INC. 2 2.94% $9,202
HOMESPIRE MORTGAGE CORPORATION 2 3.38% $10,641
JMAC LENDING, INC. 2 2.81% $11,071
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.31% $12,455
MLD MORTGAGE INC. 2 2.75% $10,629
FAMILY FIRST FUNDING LLC 1 2.00% $9,596
ROYAL UNITED MORTGAGE LLC 1 2.25% $13,177
S1L, Inc. 1 3.38% $17,713
Shamrock Home Loans, Inc. 1 2.50% $9,718
Sierra Pacific Mortgage Company, Inc. 1 3.00% $13,472
DG PINNACLE FUNDING LLC 1 3.50% $9,113
SPACE COAST Credit Union 1 3.13% $12,082
Credence Funding Corporation 1 2.75% $5,761
Wyndham Capital Mortgage, Inc. 1 2.38% $8,698
CORNERSTONE HOME LENDING, INC. 1 3.25% $9,201
CLEARPATH LENDING 1 2.75% $8,306
Citizens Bank 1 3.00% $11,105
Synovus Bank 1 2.88% $13,065
THE EQUITABLE MORTGAGE CORPORATION 1 2.75% $10,366
CHURCHILL MORTGAGE CORPORATION 1 2.75% $10,819
CELEBRITY HOME LOANS, LLC 1 3.00% $10,371
Capital City Home Loans, LLC 1 3.13% $11,034
TOTAL MORTGAGE SERVICES, LLC 1 3.63% $9,953
Town Square Mortgage & Investments, Inc. 1 3.00% $17,868
CALCULATED RISK ANALYTICS LLC 1 3.50% $18,716
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 3.13% $11,451
UNITED SECURITY FINANCIAL CORP 1 3.88% $13,458
ANGEL OAK HOME LOANS LLC 1 2.50% $9,399
ZILLOW HOME LOANS, LLC 1 2.38% $11,562
Manufacturers and Traders Trust Company 1 2.75% $2,479
AHL FUNDING 1 3.25% $20,236
Magnolia Bank 1 2.63% $11,085
MID AMERICA MORTGAGE, INC. 1 3.50% $7,263
MILEND, INC. 1 2.75% $7,930
ASPIRE FINANCIAL, INC. 1 2.25% $8,810
MORTGAGE 1 INCORPORATED 1 3.13% $13,037
MORTGAGE INVESTORS GROUP, INC. 1 2.63% $10,006
Victorian Finance, LLC 1 3.13% $10,399
Advisors Mortgage Group, L.L.C. 1 3.25% $11,795
LOANFLIGHT LENDING, LLC 1 2.38% $7,290
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $7,176
JAMES B. NUTTER & COMPANY 1 3.13% $5,238
INTERCOASTAL MORTGAGE COMPANY 1 2.75% $11,976
Neighborhood Loans, Inc. 1 2.38% $12,186
Network Funding, L.P. 1 2.63% $8,506
INTELLILOAN, INC. 1 2.75% $5,889
NFM, INC. 1 3.13% $11,287
HOME FUNDING CORPORATION 1 3.00% $12,033
HighTechLending Inc 1 2.50% $13,013
GMFS LLC 1 2.50% $15,018
George Mason Mortgage, LLC 1 2.25% $12,888
Peoples Bank 1 3.25% $5,569
PHH Mortgage Corporation 1 3.13% $2,513
First Option Mortgage, LLC 1 3.63% $15,245
First Home Bank 1 2.50% $14,456
Prime Choice Funding Inc. 1 3.25% $7,572
First Federal Bank 1 2.75% $15,560
FirstBank 1 3.88% $8,761
FBC MORTGAGE, LLC 1 3.38% $11,770
RELIANCE FIRST CAPITAL, LLC 1 2.63% $16,802
FAY SERVICING, LLC 1 3.50% $8,170
Residential Mortgage Solutions, Inc. 1 2.63% $7,746
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 2.63% $12,448

The top Miami FHA lender as defined by loan originations is Paramount Residential Mortgage Group, Inc., with 827 FHA loans originated. Their average total fees are $12,927, which is $1,571 higher than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Miami FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,932), OCEANSIDE MORTGAGE COMPANY ($4,228), Mr. Cooper ( Nationstar Mortgage ) ($5,673), Lakeview Community Capital, LLC ($5,889) and AmeriHome Mortgage Company, LLC ($6,163).

The lowest rate Miami FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.67%), HOME POINT FINANCIAL CORPORATION (2.70%), DHI MORTGAGE COMPANY, LTD. (2.70%), FINANCE OF AMERICA MORTGAGE LLC (2.71%) and NP, Inc. (2.73%).


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 $396,156 (4.3%) $918,614 (2.8%) 1.46 47,888
2018-02-01 $395,000 (3.4%) $918,452 (2.8%) 1.42 48,934
2018-03-01 $398,000 (2.3%) $919,255 (2.2%) 1.38 49,490
2018-04-01 $399,000 (2.3%) $919,912 (0.6%) 1.34 49,075
2018-05-01 $399,700 (1.2%) $916,176 (-0.2%) 1.33 48,034
2018-06-01 $399,999 (2.6%) $911,815 (0.5%) 1.33 47,153
2018-07-01 $399,900 (0.2%) $905,816 (0.6%) 1.33 46,869
2018-08-01 $399,250 (0.6%) $898,559 (0.0%) 1.33 46,483
2018-09-01 $399,000 (0.5%) $896,427 (-0.8%) 1.33 46,852
2018-10-01 $399,000 (1.0%) $903,016 (0.3%) 1.33 48,425
2018-11-01 $398,000 (0.3%) $908,836 (0.4%) 1.33 50,373
2018-12-01 $395,000 (0.0%) $917,567 (0.5%) 1.35 51,461
2019-01-01 $395,000 (-0.3%) $919,360 (0.1%) 1.36 52,278
2019-02-01 $395,000 (0.0%) $923,299 (0.5%) 1.32 54,082
2019-03-01 $398,285 (0.1%) $930,975 (1.3%) 1.30 53,304
2019-04-01 $400,000 (0.3%) $942,457 (2.5%) 1.26 51,880
2019-05-01 $409,500 (2.5%) $946,388 (3.3%) 1.26 50,393
2019-06-01 $410,000 (2.5%) $940,863 (3.2%) 1.26 48,676
2019-07-01 $410,000 (2.5%) $927,931 (2.4%) 1.27 47,062
2019-08-01 $406,996 (1.9%) $927,093 (3.2%) 1.28 45,954
2019-09-01 $402,199 (0.8%) $932,917 (4.1%) 1.28 45,034
2019-10-01 $409,950 (2.7%) $950,708 (5.3%) 1.31 45,856
2019-11-01 $411,648 (3.4%) $976,683 (7.5%) 1.33 46,837
2019-12-01 $411,328 (4.1%) $1,000,574 (9.1%) 1.37 46,952
2020-01-01 $411,000 (4.1%) $1,011,537 (10.0%) 1.37 45,959
2020-02-01 $415,000 (5.1%) $1,015,586 (10.0%) 1.34 46,345
2020-03-01 $417,420 (4.8%) $1,019,233 (9.5%) 1.30 46,202
2020-04-01 $399,450 (-0.1%) $971,050 (3.0%) 1.24 45,487
2020-05-01 $399,000 (-2.6%) $969,464 (2.4%) 1.21 44,864
2020-06-01 $402,500 (-1.8%) $987,712 (5.0%) 1.18 43,617
2020-07-01 $410,000 (0.0%) $1,007,234 (8.6%) 1.17 41,127
2020-08-01 $410,000 (0.7%) $1,012,514 (9.2%) 1.17 39,893
2020-09-01 $419,000 (4.2%) $1,041,235 (11.6%) 1.20 38,783
2020-10-01 $419,900 (2.4%) $1,053,210 (10.8%) 1.20 38,193
2020-11-01 $415,000 (0.8%) $1,047,388 (7.2%) 1.19 37,904
2020-12-01 $415,000 (0.9%) $1,058,106 (5.8%) 1.22 36,745
2021-01-01 $400,000 (-2.7%) $1,048,760 (3.7%) 1.18 34,030
2021-02-01 $399,000 (-3.9%) $1,063,442 (4.7%) 1.15 30,964
2021-03-01 $399,750 (-4.2%) $1,089,053 (6.9%) 1.12 27,219
2021-04-01 $417,450 (4.5%) $1,103,545 (13.6%) 1.12 24,319
2021-05-01 $430,000 (7.8%) $1,158,702 (19.5%) 1.13 21,962
2021-06-01 $449,750 (11.7%) $1,207,559 (22.3%) 1.17 20,816
2021-07-01 $458,950 (11.9%) $1,201,378 (19.3%) 1.19 21,067
2021-08-01 $462,450 (12.8%) $1,216,657 (20.2%) 1.22 20,996
2021-09-01 $472,400 (12.7%) $1,250,256 (20.1%) 1.24 20,451
2021-10-01 $480,000 (14.3%) $1,301,294 (23.6%) 1.26 19,637
2021-11-01 $487,000 (17.4%) $1,364,494 (30.3%) 1.28 18,469
2021-12-01 $495,000 (19.3%) $1,400,791 (32.4%) 1.32 17,232
2022-01-01 $499,000 (24.8%) $1,460,755 (39.3%) 1.33 15,526
Miami's median listing price for 2022-01-01 was $499,000, a difference of $99,000 (24.8%) versus the prior year and $4,000 versus the prior month.

Miami's median listing price comes in at 133% of the national average.

Miami's average listing price for 2022-01-01 was $1,460,755, a difference of $411,995 (39.3%) versus the prior year and $59,964 versus the prior month.

For the 2022-01-01 period, Miami had 15,526 MLS listings, a difference of -1,706 listings (-10%) versus the prior month and -18,504 listings (-54%) 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 90 days 1,508 sqft
2018-02-01 88 days 1,510 sqft
2018-03-01 82 days 1,511 sqft
2018-04-01 83 days 1,520 sqft
2018-05-01 86 days 1,521 sqft
2018-06-01 89 days 1,529 sqft
2018-07-01 92 days 1,529 sqft
2018-08-01 93 days 1,526 sqft
2018-09-01 93 days 1,522 sqft
2018-10-01 89 days 1,520 sqft
2018-11-01 87 days 1,524 sqft
2018-12-01 88 days 1,522 sqft
2019-01-01 93 days 1,520 sqft
2019-02-01 92 days 1,523 sqft
2019-03-01 87 days 1,531 sqft
2019-04-01 85 days 1,543 sqft
2019-05-01 90 days 1,549 sqft
2019-06-01 93 days 1,550 sqft
2019-07-01 96 days 1,548 sqft
2019-08-01 98 days 1,541 sqft
2019-09-01 99 days 1,532 sqft
2019-10-01 94 days 1,530 sqft
2019-11-01 91 days 1,530 sqft
2019-12-01 88 days 1,522 sqft
2020-01-01 92 days 1,520 sqft
2020-02-01 89 days 1,508 sqft
2020-03-01 84 days 1,504 sqft
2020-04-01 90 days 1,485 sqft
2020-05-01 103 days 1,477 sqft
2020-06-01 113 days 1,457 sqft
2020-07-01 118 days 1,426 sqft
2020-08-01 92 days 1,409 sqft
2020-09-01 92 days 1,389 sqft
2020-10-01 91 days 1,385 sqft
2020-11-01 91 days 1,380 sqft
2020-12-01 91 days 1,368 sqft
2021-01-01 94 days 1,345 sqft
2021-02-01 88 days 1,306 sqft
2021-03-01 76 days 1,296 sqft
2021-04-01 71 days 1,304 sqft
2021-05-01 65 days 1,318 sqft
2021-06-01 60 days 1,348 sqft
2021-07-01 58 days 1,369 sqft
2021-08-01 58 days 1,373 sqft
2021-09-01 59 days 1,377 sqft
2021-10-01 59 days 1,383 sqft
2021-11-01 59 days 1,383 sqft
2021-12-01 60 days 1,376 sqft
2022-01-01 65 days 1,366 sqft
Miami's median listing age (time on market) for 2022-01-01 was 65 days. This is -31% shorter than the same period one year ago.

Miami's median square footage for active listings during the 2022-01-01 period was 1,366 sqft. One year prior, the average listing was 1,345 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).