Okeechobee FHA Loan Rates, Closing Costs & Stats

Okeechobee, 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.

Okeechobee's 64 lenders originated 226 FHA loans during 2021. The total origination value was $41,650,000, with an average FHA loan value of $184,292.

Okeechobee FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Okeechobee averaged 6.59% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Okeechobee's average FHA mortgage closing costs are $7,249.

The average rate for the prior week (2022-11-25) was 6.51% and one month ago for the week of 2022-10-28, the average rate was 6.75%.

The average rate one year ago was 3.58%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.34%.

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

Okeechobee 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 Okeechobee level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
LOANDEPOT.COM, LLC 27 3.73% $8,975
QUICKEN LOANS, LLC 19 2.79% $6,256
CALIBER HOME LOANS, INC. 11 3.18% $6,130
CROSSCOUNTRY MORTGAGE, LLC 9 3.36% $7,576
South State Bank 7 2.96% $6,305
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.63% $7,754
HOME POINT FINANCIAL CORPORATION 5 2.78% $7,067
First Guaranty Mortgage Corporation 5 2.70% $5,490
UNITED WHOLESALE MORTGAGE, LLC 5 2.62% $10,030
FREEDOM MORTGAGE CORPORATION 5 3.13% $5,293
Carrington Mortgage Services, LLC 5 3.78% $8,538
Mr. Cooper ( Nationstar Mortgage ) 5 3.53% $2,756
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.94% $8,874
GENEVA FINANCIAL, LLC 3 3.54% $8,093
Flagstar Bank, FSB 3 2.99% $6,116
NEWREZ LLC 3 3.21% $5,409
PENNYMAC LOAN SERVICES, LLC 3 3.54% $3,049
AMERICAN FINANCIAL RESOURCES, INC. 3 2.75% $6,298
Equity Prime Mortgage LLC 3 3.29% $6,373
NTFN, INC. 3 3.00% $7,095
MID AMERICA MORTGAGE, INC. 2 3.31% $7,394
AMCAP MORTGAGE, LTD. 2 3.38% $10,850
AMERICAN FINANCIAL NETWORK, INC. 2 3.00% $10,836
AMERISAVE MORTGAGE CORPORATION 2 2.94% $6,858
ARC HOME LLC 2 3.50% $9,756
BROKER SOLUTIONS, INC. 2 3.30% $8,303
CELEBRITY HOME LOANS, LLC 2 3.19% $7,449
Century Mortgage Company DBA Century Lending Company 2 3.13% $7,845
COUNTRYPLACE MORTGAGE, LTD. 2 3.94% $11,540
EMM LOANS LLC 2 2.94% $9,002
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.12% $10,098
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.81% $8,581
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.75% $9,138
LAKEVIEW LOAN SERVICING, LLC 2 3.25% $4,194
ABSOLUTE HOME MORTGAGE CORPORATION 2 3.56% $10,566
MOVEMENT MORTGAGE, LLC 2 3.06% $10,736
Paramount Residential Mortgage Group, Inc. 2 3.88% $8,722
PLANET HOME LENDING, LLC 2 2.75% $6,945
LENDUS, LLC 1 3.00% $12,033
GUILD MORTGAGE COMPANY 1 2.88% $9,162
THE MORTGAGE FIRM, INC. 1 3.63% $13,111
MORIA DEVELOPMENT, INC. 1 3.63% $9,494
Mortgage Research Center, LLC 1 3.38% $4,696
ACADEMY MORTGAGE CORPORATION 1 3.38% $10,784
GUARANTEED RATE, INC. 1 3.13% $6,912
Nations Lending Corporation 1 3.38% $8,434
FIDELITY FUNDING MORTGAGE CORP. 1 3.25% $6,987
EMBRACE HOME LOANS, INC. 1 2.99% $4,897
OCEANSIDE MORTGAGE COMPANY 1 2.75% $2,681
OCMBC, INC. 1 4.25% $6,228
Valley National Bank 1 2.63% $5,886
Citizens Bank 1 3.25% $7,575
Wyndham Capital Mortgage, Inc. 1 2.75% $7,674
Barrington Bank & Trust Company, N.A. 1 3.88% $9,752
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.25% $8,487
AmRes Corporation 1 3.25% $8,914
RELIANCE FIRST CAPITAL, LLC 1 2.63% $11,280
AmeriHome Mortgage Company, LLC 1 3.13% $4,018
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $6,504
SPACE COAST Credit Union 1 3.00% $5,094
HAMILTON HOME LOANS, INC. 1 4.25% $9,679
HOMESIDE FINANCIAL, LLC 1 2.88% $7,537
SWBC MORTGAGE CORPORATION 1 3.25% $8,781
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $9,654

The top Okeechobee FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 27 FHA loans originated. Their average total fees are $8,975, which is $2,720 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Okeechobee FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($6,130), QUICKEN LOANS, LLC ($6,256), LOANDEPOT.COM, LLC ($8,975), .

The lowest rate Okeechobee FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.79%), CALIBER HOME LOANS, INC. (3.18%), LOANDEPOT.COM, LLC (3.73%), .

Okeechobee FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
OKEECHOBEE, FL OKEECHOBEE 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Okeechobee (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 $143,425 (-3.8%) $217,367 (6.7%) 0.00 150
2018-02-01 $137,200 (-0.2%) $204,748 (5.6%) 0.00 153
2018-03-01 $133,950 (3.0%) $197,075 (3.3%) 0.00 139
2018-04-01 $123,675 (-15.9%) $193,826 (-2.5%) 0.00 140
2018-05-01 $121,175 (-15.7%) $210,650 (6.1%) 0.00 152
2018-06-01 $140,950 (-4.1%) $241,987 (20.7%) 0.00 151
2018-07-01 $152,225 (2.2%) $247,937 (28.4%) 0.00 154
2018-08-01 $142,000 (-4.8%) $222,153 (12.8%) 0.00 159
2018-09-01 $159,000 (6.0%) $218,319 (2.6%) 0.00 167
2018-10-01 $158,925 (-0.1%) $214,344 (-3.8%) 0.00 168
2018-11-01 $165,000 (14.6%) $215,938 (-1.3%) 0.00 181
2018-12-01 $169,500 (18.2%) $228,288 (6.0%) 0.00 181
2019-01-01 $175,625 (22.5%) $231,286 (6.4%) 0.00 189
2019-02-01 $184,225 (34.3%) $228,343 (11.5%) 0.00 184
2019-03-01 $173,429 (29.5%) $231,894 (17.7%) 0.00 196
2019-04-01 $179,000 (44.7%) $250,635 (29.3%) 0.00 196
2019-05-01 $218,500 (80.3%) $301,825 (43.3%) 0.00 147
2019-06-01 $204,000 (44.7%) $274,257 (13.3%) 0.00 158
2019-07-01 $199,900 (31.3%) $251,101 (1.3%) 0.00 156
2019-08-01 $199,777 (40.7%) $246,555 (11.0%) 0.00 155
2019-09-01 $199,593 (25.5%) $245,136 (12.3%) 0.00 160
2019-10-01 $199,225 (25.4%) $244,190 (13.9%) 0.00 163
2019-11-01 $214,500 (30.0%) $251,434 (16.4%) 0.00 174
2019-12-01 $216,000 (27.4%) $263,185 (15.3%) 0.00 173
2020-01-01 $218,725 (24.5%) $270,959 (17.2%) 0.00 169
2020-02-01 $225,000 (22.1%) $263,936 (15.6%) 0.00 165
2020-03-01 $224,000 (29.2%) $263,055 (13.4%) 0.00 150
2020-04-01 $221,000 (23.5%) $249,387 (-0.5%) 0.00 154
2020-05-01 $225,000 (3.0%) $437,990 (45.1%) 0.00 135
2020-06-01 $221,500 (8.6%) $449,267 (63.8%) 0.00 125
2020-07-01 $224,000 (12.1%) $479,089 (90.8%) 0.00 114
2020-08-01 $208,000 (4.1%) $494,757 (100.7%) 0.00 102
2020-09-01 $202,000 (1.2%) $516,477 (110.7%) 0.00 99
2020-10-01 $215,000 (7.9%) $532,366 (118.0%) 0.00 98
2020-11-01 $216,000 (0.7%) $523,995 (108.4%) 0.00 105
2020-12-01 $226,975 (5.1%) $527,679 (100.5%) 0.00 110
2021-01-01 $220,000 (0.6%) $561,540 (107.2%) 0.00 98
2021-02-01 $229,225 (1.9%) $577,657 (118.9%) 0.00 95
2021-03-01 $246,225 (9.9%) $345,091 (31.2%) 0.00 87
2021-04-01 $244,475 (10.6%) $341,269 (36.8%) 0.00 67
2021-05-01 $227,450 (1.1%) $342,746 (-21.8%) 0.00 71
2021-06-01 $225,400 (1.8%) $541,305 (20.5%) 0.00 74
2021-07-01 $239,000 (6.7%) $538,335 (12.4%) 0.00 76
2021-08-01 $271,500 (30.5%) $545,369 (10.2%) 0.00 85
2021-09-01 $275,000 (36.1%) $541,725 (4.9%) 0.00 98
2021-10-01 $310,000 (44.2%) $586,814 (10.2%) 0.00 83
2021-11-01 $339,748 (57.3%) $646,078 (23.3%) 0.00 73
2021-12-01 $350,000 (54.2%) $632,769 (19.9%) 0.00 77
2022-01-01 $349,000 (58.6%) $699,569 (24.6%) 0.00 69
2022-02-01 $349,250 (52.4%) $731,162 (26.6%) 0.00 59
2022-03-01 $356,995 (45.0%) $804,140 (133.0%) 0.00 50
2022-04-01 $354,485 (45.0%) $777,977 (128.0%) 0.00 48
2022-05-01 $369,000 (62.2%) $717,195 (109.3%) 0.00 61
2022-06-01 $338,625 (50.2%) $640,111 (18.3%) 0.00 75
2022-07-01 $339,000 (41.8%) $589,886 (9.6%) 0.00 102
2022-08-01 $353,450 (30.2%) $568,504 (4.2%) 0.00 108
2022-09-01 $344,500 (25.3%) $557,770 (3.0%) 0.00 116
2022-10-01 $350,000 (12.9%) $585,037 (-0.3%) 0.00 123
2022-11-01 $331,100 (-2.6%) $553,009 (-14.4%) 0.00 130
Okeechobee's median listing price for 2022-11-01 was $331,100, a difference of $-8,648 (-2.6%) versus the prior year and $-18,900 versus the prior month.

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

Okeechobee's average listing price for 2022-11-01 was $553,009, a difference of $-93,069 (-14.4%) versus the prior year and $-32,028 versus the prior month.

For the 2022-11-01 period, Okeechobee had 130 MLS listings, a difference of 7 listings (6%) versus the prior month and 57 listings (78%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Okeechobee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,287 sqft
2018-02-01 0 days 1,215 sqft
2018-03-01 0 days 1,200 sqft
2018-04-01 0 days 1,199 sqft
2018-05-01 0 days 1,244 sqft
2018-06-01 0 days 1,356 sqft
2018-07-01 0 days 1,502 sqft
2018-08-01 0 days 1,471 sqft
2018-09-01 0 days 1,505 sqft
2018-10-01 0 days 1,503 sqft
2018-11-01 0 days 1,511 sqft
2018-12-01 0 days 1,530 sqft
2019-01-01 0 days 1,522 sqft
2019-02-01 0 days 1,481 sqft
2019-03-01 0 days 1,493 sqft
2019-04-01 0 days 1,530 sqft
2019-05-01 0 days 1,708 sqft
2019-06-01 0 days 1,678 sqft
2019-07-01 0 days 1,632 sqft
2019-08-01 0 days 1,628 sqft
2019-09-01 0 days 1,649 sqft
2019-10-01 0 days 1,664 sqft
2019-11-01 0 days 1,648 sqft
2019-12-01 0 days 1,648 sqft
2020-01-01 0 days 1,664 sqft
2020-02-01 0 days 1,666 sqft
2020-03-01 0 days 1,666 sqft
2020-04-01 0 days 1,611 sqft
2020-05-01 0 days 1,575 sqft
2020-06-01 0 days 1,555 sqft
2020-07-01 0 days 1,511 sqft
2020-08-01 0 days 1,485 sqft
2020-09-01 0 days 1,485 sqft
2020-10-01 0 days 1,582 sqft
2020-11-01 0 days 1,609 sqft
2020-12-01 0 days 1,693 sqft
2021-01-01 0 days 1,650 sqft
2021-02-01 0 days 1,773 sqft
2021-03-01 0 days 1,791 sqft
2021-04-01 0 days 1,731 sqft
2021-05-01 0 days 1,535 sqft
2021-06-01 0 days 1,511 sqft
2021-07-01 0 days 1,548 sqft
2021-08-01 0 days 1,666 sqft
2021-09-01 0 days 1,695 sqft
2021-10-01 0 days 1,702 sqft
2021-11-01 0 days 1,819 sqft
2021-12-01 0 days 1,792 sqft
2022-01-01 0 days 1,741 sqft
2022-02-01 0 days 1,776 sqft
2022-03-01 0 days 1,727 sqft
2022-04-01 0 days 1,718 sqft
2022-05-01 0 days 1,649 sqft
2022-06-01 0 days 1,602 sqft
2022-07-01 0 days 1,562 sqft
2022-08-01 0 days 1,665 sqft
2022-09-01 0 days 1,661 sqft
2022-10-01 0 days 1,566 sqft
2022-11-01 0 days 1,510 sqft
Okeechobee's median listing age (time on market) for 2022-11-01 was 0 days.

Okeechobee's median square footage for active listings during the 2022-11-01 period was 1,510 sqft. One year prior, the average listing was 1,819 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).