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%.
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.
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 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 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.
