Miami FHA Loan Rates, Closing Costs & Stats

Miami, OK

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 25 lenders originated 67 FHA loans during 2023. The total origination value was $9,025,000, with an average FHA loan value of $134,701.

Miami FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Miami averaged 6.86% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Miami's average FHA mortgage closing costs are $5,982.

The average rate for the prior week (2024-03-15) was 6.98% and one month ago for the week of 2024-02-16, the average rate was 7.01%.

The average rate one year ago was 6.49%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.7%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Miami level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Arvest Bank 12 6.76% $5,355
FLAT BRANCH MORTGAGE, INC. 12 7.08% $6,545
QUICKEN LOANS, LLC 7 6.26% $8,372
United Fidelity Funding Corp. 4 6.94% $5,992
PENNYMAC LOAN SERVICES, LLC 3 6.25% $9,759
Chickasaw Community Bank 3 6.96% $4,510
TOWNE MORTGAGE COMPANY 3 6.50% $9,463
UNITED WHOLESALE MORTGAGE, LLC 2 6.44% $10,573
AMERICAN FINANCIAL NETWORK, INC. 2 7.50% $11,037
MID AMERICA MORTGAGE, INC. 1 7.63% $4,209
Mortgage Investment Services Corporation 1 7.25% $6,501
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $12,078
NEWREZ LLC 1 7.25% $11,623
Pinnacle Bank 1 7.63% $6,051
POLARIS HOME FUNDING CORP. 1 6.50% $17,193
TIB The Independent Bankersbank 1 7.75% $7,745
US MORTGAGE CORPORATION 1 6.75% $9,230
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.25% $6,154
BancFirst 1 6.88% $11,954
BROKER SOLUTIONS, INC. 1 7.63% $9,807
EVERETT FINANCIAL, INC. 1 7.63% $6,438
FIDELITY BANK 1 6.50% $4,963
LOANDEPOT.COM, LLC 1 7.50% $7,959
LOANPAL, LLC 1 6.13% $10,009
MICHIGAN MUTUAL, INC. 1 7.63% $11,861

The top Miami FHA lender as defined by loan originations is Arvest Bank, with 12 FHA loans originated. Their average total fees are $5,355, which is $1,190 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

The lowest fee Miami FHA lenders (with over 10 loans originated) are Arvest Bank ($5,355), FLAT BRANCH MORTGAGE, INC. ($6,545), .

The lowest rate Miami FHA lenders (with over 10 loans originated) are Arvest Bank (6.76%), FLAT BRANCH MORTGAGE, INC. (7.08%), .

Miami FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MIAMI, OK OTTAWA 2022 $420,680 $538,650 $651,050 $809,150
MIAMI, OK OTTAWA 2023 $472,030 $604,400 $730,525 $907,900

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 $84,250 (6.0%) $109,558 (-9.8%) 0.00 168
2018-02-01 $83,750 (4.8%) $110,865 (-8.0%) 0.00 171
2018-03-01 $88,750 (11.0%) $113,289 (-2.9%) 0.00 171
2018-04-01 $86,875 (8.6%) $109,927 (-7.2%) 0.00 179
2018-05-01 $85,850 (7.5%) $111,399 (-8.2%) 0.00 185
2018-06-01 $80,450 (-2.5%) $108,179 (-13.5%) 0.00 188
2018-07-01 $81,700 (-1.6%) $112,716 (-10.4%) 0.00 179
2018-08-01 $82,675 (-7.1%) $113,175 (-12.7%) 0.00 166
2018-09-01 $80,000 (-5.6%) $116,587 (-5.3%) 0.00 170
2018-10-01 $82,900 (-0.1%) $114,493 (-5.9%) 0.00 172
2018-11-01 $84,550 (-2.0%) $114,805 (2.2%) 0.00 169
2018-12-01 $84,900 (-0.1%) $113,983 (3.2%) 0.00 160
2019-01-01 $82,475 (-2.1%) $114,172 (4.2%) 0.00 141
2019-02-01 $84,900 (1.4%) $114,907 (3.7%) 0.00 134
2019-03-01 $86,421 (-2.6%) $116,888 (3.2%) 0.00 126
2019-04-01 $88,725 (2.1%) $118,681 (8.0%) 0.00 117
2019-05-01 $88,300 (2.9%) $130,139 (16.8%) 0.00 116
2019-06-01 $87,900 (9.3%) $126,243 (16.7%) 0.00 114
2019-07-01 $89,800 (9.9%) $130,043 (15.4%) 0.00 117
2019-08-01 $88,673 (7.3%) $126,234 (11.5%) 0.00 125
2019-09-01 $86,832 (8.5%) $121,229 (4.0%) 0.00 130
2019-10-01 $85,755 (3.4%) $118,593 (3.6%) 0.00 134
2019-11-01 $83,500 (-1.2%) $114,666 (-0.1%) 0.00 126
2019-12-01 $79,950 (-5.8%) $114,448 (0.4%) 0.00 122
2020-01-01 $79,900 (-3.1%) $117,721 (3.1%) 0.00 116
2020-02-01 $79,700 (-6.1%) $110,485 (-3.9%) 0.00 116
2020-03-01 $72,363 (-16.3%) $108,304 (-7.3%) 0.00 113
2020-04-01 $74,875 (-15.6%) $111,503 (-6.1%) 0.00 106
2020-05-01 $75,000 (-15.1%) $117,583 (-9.7%) 0.00 107
2020-06-01 $77,550 (-11.8%) $129,465 (2.6%) 0.00 95
2020-07-01 $82,850 (-7.7%) $119,626 (-8.0%) 0.00 86
2020-08-01 $87,339 (-1.5%) $121,112 (-4.1%) 0.00 95
2020-09-01 $105,000 (20.9%) $132,880 (9.6%) 0.00 85
2020-10-01 $102,500 (19.5%) $136,355 (15.0%) 0.00 73
2020-11-01 $104,875 (25.6%) $132,942 (15.9%) 0.00 76
2020-12-01 $107,500 (34.5%) $137,489 (20.1%) 0.00 62
2021-01-01 $99,950 (25.1%) $135,378 (15.0%) 0.00 59
2021-02-01 $84,950 (6.6%) $125,946 (14.0%) 0.00 57
2021-03-01 $84,700 (17.1%) $132,968 (22.8%) 0.00 56
2021-04-01 $81,350 (8.7%) $154,044 (38.2%) 0.00 60
2021-05-01 $84,750 (13.0%) $129,717 (10.3%) 0.00 59
2021-06-01 $79,600 (2.6%) $130,550 (0.8%) 0.00 67
2021-07-01 $82,450 (-0.5%) $137,103 (14.6%) 0.00 67
2021-08-01 $92,000 (5.3%) $145,555 (20.2%) 0.00 64
2021-09-01 $83,475 (-20.5%) $143,555 (8.0%) 0.00 67
2021-10-01 $84,900 (-17.2%) $151,787 (11.3%) 0.00 64
2021-11-01 $88,725 (-15.4%) $166,114 (25.0%) 0.00 66
2021-12-01 $79,225 (-26.3%) $146,196 (6.3%) 0.00 72
2022-01-01 $89,000 (-11.0%) $153,578 (13.4%) 0.00 72
2022-02-01 $85,925 (1.2%) $162,036 (28.7%) 0.00 54
2022-03-01 $79,900 (-5.7%) $149,586 (12.5%) 0.00 61
2022-04-01 $79,900 (-1.8%) $132,404 (-14.1%) 0.00 60
2022-05-01 $86,250 (1.8%) $122,167 (-5.8%) 0.00 59
2022-06-01 $109,925 (38.1%) $196,275 (50.3%) 0.00 53
2022-07-01 $119,900 (45.4%) $212,087 (54.7%) 0.00 57
2022-08-01 $119,950 (30.4%) $205,857 (41.4%) 0.00 58
2022-09-01 $129,950 (55.7%) $195,988 (36.5%) 0.00 63
2022-10-01 $141,200 (66.3%) $200,323 (32.0%) 0.00 59
2022-11-01 $131,500 (48.2%) $194,113 (16.9%) 0.00 54
2022-12-01 $126,450 (59.6%) $195,048 (33.4%) 0.00 53
2023-01-01 $130,900 (47.1%) $179,462 (16.9%) 0.00 54
2023-02-01 $126,200 (46.9%) $177,787 (9.7%) 0.00 50
2023-03-01 $146,675 (83.6%) $201,159 (34.5%) 0.00 46
2023-04-01 $147,000 (84.0%) $215,531 (62.8%) 0.00 48
2023-05-01 $131,150 (52.1%) $192,266 (57.4%) 0.00 58
2023-06-01 $124,725 (13.5%) $159,296 (-18.8%) 0.00 62
2023-07-01 $121,450 (1.3%) $161,587 (-23.8%) 0.00 53
2023-08-01 $136,500 (13.8%) $160,755 (-21.9%) 0.00 44
2023-09-01 $135,000 (3.9%) $174,733 (-10.8%) 0.00 54
2023-10-01 $150,725 (6.8%) $277,164 (38.4%) 0.00 67
2023-11-01 $152,000 (15.6%) $277,285 (42.9%) 0.00 62
2023-12-01 $145,000 (14.7%) $278,889 (43.0%) 0.00 63
2024-01-01 $149,825 (14.5%) $272,698 (52.0%) 0.00 61
2024-02-01 $154,175 (22.2%) $301,369 (69.5%) 0.00 58
Miami's median listing price for 2024-02-01 was $154,175, a difference of $27,975 (22.2%) versus the prior year and $4,350 versus the prior month.

Miami's median listing price comes in at 0% of the national average.

Miami's average listing price for 2024-02-01 was $301,369, a difference of $123,582 (69.5%) versus the prior year and $28,671 versus the prior month.

For the 2024-02-01 period, Miami had 58 MLS listings, a difference of -3 listings (-5%) versus the prior month and 8 listings (16%) 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 0 days 1,421 sqft
2018-02-01 0 days 1,416 sqft
2018-03-01 0 days 1,434 sqft
2018-04-01 0 days 1,404 sqft
2018-05-01 0 days 1,426 sqft
2018-06-01 0 days 1,450 sqft
2018-07-01 0 days 1,475 sqft
2018-08-01 0 days 1,479 sqft
2018-09-01 0 days 1,492 sqft
2018-10-01 0 days 1,477 sqft
2018-11-01 0 days 1,484 sqft
2018-12-01 0 days 1,468 sqft
2019-01-01 0 days 1,443 sqft
2019-02-01 0 days 1,484 sqft
2019-03-01 0 days 1,561 sqft
2019-04-01 0 days 1,544 sqft
2019-05-01 0 days 1,599 sqft
2019-06-01 0 days 1,600 sqft
2019-07-01 0 days 1,600 sqft
2019-08-01 0 days 1,565 sqft
2019-09-01 0 days 1,513 sqft
2019-10-01 0 days 1,478 sqft
2019-11-01 0 days 1,465 sqft
2019-12-01 0 days 1,459 sqft
2020-01-01 0 days 1,433 sqft
2020-02-01 0 days 1,381 sqft
2020-03-01 0 days 1,366 sqft
2020-04-01 0 days 1,398 sqft
2020-05-01 0 days 1,422 sqft
2020-06-01 0 days 1,437 sqft
2020-07-01 0 days 1,410 sqft
2020-08-01 0 days 1,521 sqft
2020-09-01 0 days 1,588 sqft
2020-10-01 0 days 1,498 sqft
2020-11-01 0 days 1,598 sqft
2020-12-01 0 days 1,595 sqft
2021-01-01 0 days 1,483 sqft
2021-02-01 0 days 1,413 sqft
2021-03-01 0 days 1,448 sqft
2021-04-01 0 days 1,390 sqft
2021-05-01 0 days 1,299 sqft
2021-06-01 0 days 1,232 sqft
2021-07-01 0 days 1,344 sqft
2021-08-01 0 days 1,423 sqft
2021-09-01 0 days 1,349 sqft
2021-10-01 0 days 1,350 sqft
2021-11-01 0 days 1,435 sqft
2021-12-01 0 days 1,389 sqft
2022-01-01 0 days 1,430 sqft
2022-02-01 0 days 1,440 sqft
2022-03-01 0 days 1,350 sqft
2022-04-01 0 days 1,346 sqft
2022-05-01 0 days 1,344 sqft
2022-06-01 0 days 1,544 sqft
2022-07-01 0 days 1,620 sqft
2022-08-01 0 days 1,623 sqft
2022-09-01 0 days 1,606 sqft
2022-10-01 0 days 1,682 sqft
2022-11-01 0 days 1,627 sqft
2022-12-01 0 days 1,591 sqft
2023-01-01 0 days 1,583 sqft
2023-02-01 0 days 1,573 sqft
2023-03-01 0 days 1,558 sqft
2023-04-01 0 days 1,422 sqft
2023-05-01 0 days 1,355 sqft
2023-06-01 0 days 1,308 sqft
2023-07-01 0 days 1,338 sqft
2023-08-01 0 days 1,389 sqft
2023-09-01 0 days 1,402 sqft
2023-10-01 0 days 1,476 sqft
2023-11-01 0 days 1,495 sqft
2023-12-01 0 days 1,510 sqft
2024-01-01 0 days 1,511 sqft
2024-02-01 0 days 1,497 sqft
Miami's median listing age (time on market) for 2024-02-01 was 0 days.

Miami's median square footage for active listings during the 2024-02-01 period was 1,497 sqft. One year prior, the average listing was 1,573 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).