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 55 lenders originated 182 FHA loans during 2023. The total origination value was $42,120,000, with an average FHA loan value of $231,429.

Okeechobee FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Okeechobee averaged 6.71% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Okeechobee's average FHA mortgage closing costs are $8,631.

The average rate for the prior week (2024-05-10) was 7.05% and one month ago for the week of 2024-04-12, the average rate was 7.01%.

The average rate one year ago was 6.77%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.84%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 34 6.46% $10,837
QUICKEN LOANS, LLC 12 6.38% $10,320
LOANDEPOT.COM, LLC 11 6.94% $12,908
GENEVA FINANCIAL, LLC 10 7.18% $12,605
FREEDOM MORTGAGE CORPORATION 8 6.48% $11,451
MID AMERICA MORTGAGE, INC. 7 7.34% $4,381
AMERICAN FINANCIAL RESOURCES, INC. 4 6.28% $11,220
Waterstone Mortgage Corporation 4 6.66% $10,499
CROSSCOUNTRY MORTGAGE, LLC 4 6.47% $10,818
SUN WEST MORTGAGE COMPANY, INC. 4 6.59% $9,959
South State Bank 4 7.09% $9,768
NFM, INC. 4 7.19% $10,997
EMM LOANS LLC 3 6.21% $13,751
EVERETT FINANCIAL, INC. 3 6.58% $11,334
ACOPIA, LLC 3 6.42% $13,074
CARDINAL FINANCIAL 3 5.96% $11,829
Flagstar Bank, FSB 2 8.00% $9,819
AMERICAN FINANCIAL NETWORK, INC. 2 7.13% $12,638
BROKER SOLUTIONS, INC. 2 6.38% $10,860
Carrington Mortgage Services, LLC 2 7.06% $16,641
Century Mortgage Company DBA Century Lending Company 2 6.69% $13,166
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.00% $12,147
ABSOLUTE HOME MORTGAGE CORPORATION 2 6.75% $13,601
GUARANTEED RATE AFFINITY, LLC 2 6.44% $12,705
LAKEVIEW LOAN SERVICING, LLC 2 6.00% $13,337
LEADERONE FINANCIAL CORPORATION 2 6.50% $9,662
MICHIGAN MUTUAL, INC. 2 7.06% $15,858
Paramount Residential Mortgage Group, Inc. 2 6.81% $18,167
PENNYMAC LOAN SERVICES, LLC 2 6.38% $11,626
Regions Bank 2 6.75% $9,530
UNION HOME MORTGAGE CORP. 1 5.75% $11,040
ENVOY MORTGAGE, LTD 1 5.63% $12,968
Mortgage Research Center, LLC 1 6.99% $6,831
MOVEMENT MORTGAGE, LLC 1 6.25% $11,365
Mr. Cooper ( Nationstar Mortgage ) 1 6.50% $17,020
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $12,345
Nations Lending Corporation 1 6.25% $9,952
NEWREZ LLC 1 6.63% $11,485
Bell Bank 1 7.63% $8,324
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $17,460
VILLAGE CAPITAL MORTGAGE 1 6.63% $20,190
PNC Bank 1 6.75% $5,892
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $12,420
BAY EQUITY LLC 1 7.25% $7,894
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 7.25% $11,071
Seacoast National Bank 1 6.75% $10,224
Barrington Bank & Trust Company, N.A. 1 5.71% $14,574
STOCKTON MORTGAGE CORPORATION 1 5.75% $8,556
Fifth Third Bank 1 6.13% $10,740
GSF Mortgage Corporation 1 6.13% $17,586
Bank of America 1 6.63% $14,082
SWBC MORTGAGE CORPORATION 1 6.75% $9,003
TOP FLITE FINANCIAL, INC. 1 6.75% $16,001
Lend Smart Mortgage, LLC 1 6.50% $9,346
FBC MORTGAGE, LLC 1 6.75% $10,834

The top Okeechobee FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 34 FHA loans originated. Their average total fees are $10,837, which is $516 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Okeechobee FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,320), UNITED WHOLESALE MORTGAGE, LLC ($10,837), GENEVA FINANCIAL, LLC ($12,605), LOANDEPOT.COM, LLC ($12,908) and .

The lowest rate Okeechobee FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.38%), UNITED WHOLESALE MORTGAGE, LLC (6.46%), LOANDEPOT.COM, LLC (6.94%), GENEVA FINANCIAL, LLC (7.18%) and .

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
OKEECHOBEE, FL OKEECHOBEE 2023 $472,030 $604,400 $730,525 $907,900

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 $145,425 (-2.5%) $217,753 (6.9%) 0.00 152
2018-02-01 $139,900 (1.8%) $205,282 (5.8%) 0.00 155
2018-03-01 $137,450 (5.7%) $197,767 (3.6%) 0.00 141
2018-04-01 $125,450 (-14.7%) $194,533 (-2.2%) 0.00 142
2018-05-01 $123,975 (-13.7%) $211,522 (6.5%) 0.00 154
2018-06-01 $143,000 (-2.7%) $242,029 (20.7%) 0.00 153
2018-07-01 $156,725 (5.2%) $247,902 (28.4%) 0.00 156
2018-08-01 $146,225 (-2.2%) $222,431 (13.0%) 0.00 161
2018-09-01 $164,500 (9.7%) $219,207 (3.1%) 0.00 167
2018-10-01 $162,125 (-0.6%) $215,821 (-3.3%) 0.00 168
2018-11-01 $168,125 (14.6%) $217,288 (-0.8%) 0.00 181
2018-12-01 $169,500 (16.1%) $229,653 (6.4%) 0.00 181
2019-01-01 $178,350 (22.6%) $232,594 (6.8%) 0.00 189
2019-02-01 $184,700 (32.0%) $229,327 (11.7%) 0.00 183
2019-03-01 $175,464 (27.7%) $232,845 (17.7%) 0.00 195
2019-04-01 $180,625 (44.0%) $251,817 (29.5%) 0.00 195
2019-05-01 $219,225 (76.8%) $302,921 (43.2%) 0.00 145
2019-06-01 $204,000 (42.7%) $275,489 (13.8%) 0.00 156
2019-07-01 $199,900 (27.6%) $252,036 (1.7%) 0.00 154
2019-08-01 $199,655 (36.5%) $247,318 (11.2%) 0.00 153
2019-09-01 $199,286 (21.2%) $245,680 (12.1%) 0.00 159
2019-10-01 $199,000 (22.7%) $244,588 (13.3%) 0.00 162
2019-11-01 $214,500 (27.6%) $252,092 (16.0%) 0.00 173
2019-12-01 $217,000 (28.0%) $264,108 (15.0%) 0.00 171
2020-01-01 $222,000 (24.5%) $272,003 (16.9%) 0.00 167
2020-02-01 $225,000 (21.8%) $264,917 (15.5%) 0.00 163
2020-03-01 $226,000 (28.8%) $264,111 (13.4%) 0.00 148
2020-04-01 $225,000 (24.6%) $250,242 (-0.6%) 0.00 152
2020-05-01 $229,000 (4.5%) $441,832 (45.9%) 0.00 133
2020-06-01 $222,500 (9.1%) $453,427 (64.6%) 0.00 123
2020-07-01 $225,000 (12.6%) $484,275 (92.1%) 0.00 112
2020-08-01 $208,000 (4.2%) $500,649 (102.4%) 0.00 100
2020-09-01 $202,000 (1.4%) $523,363 (113.0%) 0.00 97
2020-10-01 $218,000 (9.6%) $539,732 (120.7%) 0.00 96
2020-11-01 $218,500 (1.9%) $530,567 (110.5%) 0.00 103
2020-12-01 $229,475 (5.8%) $533,929 (102.2%) 0.00 108
2021-01-01 $221,000 (-0.5%) $569,276 (109.3%) 0.00 96
2021-02-01 $232,425 (3.3%) $585,937 (121.2%) 0.00 93
2021-03-01 $250,725 (10.9%) $348,936 (32.1%) 0.00 85
2021-04-01 $250,975 (11.5%) $345,787 (38.2%) 0.00 65
2021-05-01 $239,950 (4.8%) $346,803 (-21.5%) 0.00 69
2021-06-01 $228,500 (2.7%) $550,388 (21.4%) 0.00 72
2021-07-01 $249,900 (11.1%) $547,824 (13.1%) 0.00 74
2021-08-01 $275,000 (32.2%) $554,358 (10.7%) 0.00 83
2021-09-01 $275,000 (36.1%) $549,057 (4.9%) 0.00 96
2021-10-01 $320,000 (46.8%) $596,327 (10.5%) 0.00 81
2021-11-01 $345,750 (58.2%) $658,440 (24.1%) 0.00 71
2021-12-01 $357,000 (55.6%) $644,397 (20.7%) 0.00 75
2022-01-01 $349,500 (58.1%) $714,777 (25.6%) 0.00 67
2022-02-01 $351,998 (51.5%) $749,767 (28.0%) 0.00 57
2022-03-01 $366,490 (46.2%) $829,285 (137.7%) 0.00 48
2022-04-01 $358,985 (43.0%) $802,283 (132.0%) 0.00 46
2022-05-01 $377,988 (57.5%) $726,851 (109.6%) 0.00 59
2022-06-01 $359,000 (57.1%) $649,574 (18.0%) 0.00 73
2022-07-01 $349,000 (39.7%) $598,463 (9.2%) 0.00 100
2022-08-01 $354,000 (28.7%) $575,398 (3.8%) 0.00 106
2022-09-01 $349,475 (27.1%) $563,206 (2.6%) 0.00 114
2022-10-01 $352,000 (10.0%) $591,636 (-0.8%) 0.00 121
2022-11-01 $334,050 (-3.4%) $558,402 (-15.2%) 0.00 128
2022-12-01 $329,500 (-7.7%) $427,490 (-33.7%) 0.00 118
2023-01-01 $324,200 (-7.2%) $474,698 (-33.6%) 0.00 122
2023-02-01 $325,000 (-7.7%) $544,272 (-27.4%) 0.00 124
2023-03-01 $326,250 (-11.0%) $565,669 (-31.8%) 0.00 111
2023-04-01 $299,900 (-16.5%) $534,046 (-33.4%) 0.00 111
2023-05-01 $345,500 (-8.6%) $579,944 (-20.2%) 0.00 106
2023-06-01 $329,975 (-8.1%) $571,771 (-12.0%) 0.00 109
2023-07-01 $339,500 (-2.7%) $557,420 (-6.9%) 0.00 119
2023-08-01 $340,500 (-3.8%) $506,889 (-11.9%) 0.00 122
2023-09-01 $320,000 (-8.4%) $551,919 (-2.0%) 0.00 134
2023-10-01 $330,500 (-6.1%) $720,529 (21.8%) 0.00 124
2023-11-01 $327,000 (-2.1%) $745,974 (33.6%) 0.00 125
2023-12-01 $329,000 (-0.2%) $759,252 (77.6%) 0.00 135
2024-01-01 $343,725 (6.0%) $747,640 (57.5%) 0.00 143
2024-02-01 $349,000 (7.4%) $761,105 (39.8%) 0.00 135
2024-03-01 $349,450 (7.1%) $742,519 (31.3%) 0.00 136
2024-04-01 $341,950 (14.0%) $734,810 (37.6%) 0.00 135
Okeechobee's median listing price for 2024-04-01 was $341,950, a difference of $42,050 (14.0%) versus the prior year and $-7,500 versus the prior month.

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

Okeechobee's average listing price for 2024-04-01 was $734,810, a difference of $200,764 (37.6%) versus the prior year and $-7,709 versus the prior month.

For the 2024-04-01 period, Okeechobee had 135 MLS listings, a difference of -1 listings (-1%) versus the prior month and 24 listings (22%) 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 1,310 sqft
2018-02-01 0 days 1,237 sqft
2018-03-01 0 days 1,280 sqft
2018-04-01 0 days 1,213 sqft
2018-05-01 0 days 1,307 sqft
2018-06-01 0 days 1,368 sqft
2018-07-01 0 days 1,506 sqft
2018-08-01 0 days 1,487 sqft
2018-09-01 0 days 1,505 sqft
2018-10-01 0 days 1,517 sqft
2018-11-01 0 days 1,525 sqft
2018-12-01 0 days 1,530 sqft
2019-01-01 0 days 1,530 sqft
2019-02-01 0 days 1,494 sqft
2019-03-01 0 days 1,505 sqft
2019-04-01 0 days 1,533 sqft
2019-05-01 0 days 1,694 sqft
2019-06-01 0 days 1,667 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 1,635 sqft
2019-12-01 0 days 1,637 sqft
2020-01-01 0 days 1,660 sqft
2020-02-01 0 days 1,656 sqft
2020-03-01 0 days 1,657 sqft
2020-04-01 0 days 1,582 sqft
2020-05-01 0 days 1,568 sqft
2020-06-01 0 days 1,548 sqft
2020-07-01 0 days 1,507 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 1,605 sqft
2020-12-01 0 days 1,688 sqft
2021-01-01 0 days 1,638 sqft
2021-02-01 0 days 1,762 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 1,503 sqft
2021-07-01 0 days 1,548 sqft
2021-08-01 0 days 1,680 sqft
2021-09-01 0 days 1,699 sqft
2021-10-01 0 days 1,721 sqft
2021-11-01 0 days 1,820 sqft
2021-12-01 0 days 1,818 sqft
2022-01-01 0 days 1,741 sqft
2022-02-01 0 days 1,698 sqft
2022-03-01 0 days 1,683 sqft
2022-04-01 0 days 1,715 sqft
2022-05-01 0 days 1,639 sqft
2022-06-01 0 days 1,590 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 1,506 sqft
2022-12-01 0 days 1,524 sqft
2023-01-01 0 days 1,526 sqft
2023-02-01 0 days 1,553 sqft
2023-03-01 0 days 1,593 sqft
2023-04-01 0 days 1,569 sqft
2023-05-01 0 days 1,646 sqft
2023-06-01 0 days 1,647 sqft
2023-07-01 0 days 1,641 sqft
2023-08-01 0 days 1,693 sqft
2023-09-01 0 days 1,565 sqft
2023-10-01 0 days 1,567 sqft
2023-11-01 0 days 1,553 sqft
2023-12-01 0 days 1,525 sqft
2024-01-01 0 days 1,519 sqft
2024-02-01 0 days 1,573 sqft
2024-03-01 0 days 1,547 sqft
2024-04-01 0 days 1,505 sqft
Okeechobee's median listing age (time on market) for 2024-04-01 was 0 days.

Okeechobee's median square footage for active listings during the 2024-04-01 period was 1,505 sqft. One year prior, the average listing was 1,569 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).