Okeechobee FHA Loan Rates, Closing Costs & Stats

Okeechobee, FL

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    • 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 6.79% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.76% and one month ago for the week of 2024-10-04, the average rate was 6.28%.

    The average rate one year ago was 7.43%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

    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

    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).