Palm Bay FHA Loans
PALM BAY-MELBOURNE-TITUSVILLE, 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.
Palm Bay's 203 lenders originated 3,661 FHA loans during 2021. The total origination value was $821,805,000, with an average FHA loan value of $224,476.
Palm Bay FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Palm Bay
averaged
5.93%
for the week of 2022-09-23, compared to the national average (all FHA variants) of
6.08% for the same period.
The average rate for the prior week (2022-09-16) was
5.94% and
one month ago for the week of 2022-08-19, the
average rate was 5.35%.
The average rate one year ago was 3.3%.
For refis of the same type during the week of 2022-09-23, the average rate
was 5.76%.
Palm Bay 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 Palm Bay level.
The top Palm Bay FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
340 FHA loans originated. Their average total fees are
$6,679, which is $1,609
lower than the next largest lender,
THE MORTGAGE FIRM, INC..
The lowest fee Palm Bay FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,533), Mr. Cooper ( Nationstar Mortgage ) ($4,509), PENNYMAC LOAN SERVICES, LLC ($4,776), AmeriHome Mortgage Company, LLC ($4,798) and LAKEVIEW LOAN SERVICING, LLC ($4,961).
The lowest rate Palm Bay FHA lenders (with over 10 loans originated) are
Flagstar Bank, FSB (2.69%), GUARANTEED RATE AFFINITY, LLC (2.72%), QUICKEN LOANS, LLC (2.74%), UNITED WHOLESALE MORTGAGE, LLC (2.76%) and CHURCHILL MORTGAGE CORPORATION (2.80%).
Palm Bay FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| PALM BAY-MELBOURNE-TITUSVILLE, FL | BREVARD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Palm Bay (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 | $284,950 (6.9%) | $379,453 (1.2%) | 1.05 | 3,087 |
| 2018-02-01 | $286,950 (5.3%) | $383,145 (1.1%) | 1.04 | 3,125 |
| 2018-03-01 | $290,000 (3.6%) | $386,869 (-0.1%) | 1.00 | 3,139 |
| 2018-04-01 | $299,400 (3.6%) | $396,719 (0.8%) | 1.00 | 3,172 |
| 2018-05-01 | $297,980 (3.4%) | $395,264 (-0.3%) | 0.99 | 3,291 |
| 2018-06-01 | $297,000 (1.4%) | $394,332 (-1.6%) | 0.99 | 3,365 |
| 2018-07-01 | $295,495 (3.7%) | $396,502 (0.6%) | 0.99 | 3,404 |
| 2018-08-01 | $291,950 (1.2%) | $396,214 (0.8%) | 0.98 | 3,470 |
| 2018-09-01 | $287,000 (-0.7%) | $392,596 (0.9%) | 0.96 | 3,606 |
| 2018-10-01 | $285,000 (0.0%) | $390,947 (2.3%) | 0.95 | 3,668 |
| 2018-11-01 | $282,990 (-1.0%) | $390,308 (1.8%) | 0.95 | 3,854 |
| 2018-12-01 | $279,900 (-2.4%) | $386,562 (1.4%) | 0.96 | 3,929 |
| 2019-01-01 | $282,750 (-0.8%) | $383,248 (1.0%) | 0.98 | 3,941 |
| 2019-02-01 | $288,500 (0.5%) | $387,263 (1.1%) | 0.97 | 4,023 |
| 2019-03-01 | $291,529 (0.5%) | $391,965 (1.3%) | 0.95 | 3,849 |
| 2019-04-01 | $292,029 (-2.5%) | $395,093 (-0.4%) | 0.92 | 3,591 |
| 2019-05-01 | $292,400 (-1.9%) | $396,362 (0.3%) | 0.90 | 3,405 |
| 2019-06-01 | $297,500 (0.2%) | $401,740 (1.9%) | 0.92 | 3,303 |
| 2019-07-01 | $297,000 (0.5%) | $393,967 (-0.6%) | 0.92 | 3,234 |
| 2019-08-01 | $296,657 (1.6%) | $396,060 (0.0%) | 0.93 | 3,128 |
| 2019-09-01 | $299,000 (4.2%) | $397,675 (1.3%) | 0.95 | 3,080 |
| 2019-10-01 | $304,950 (7.0%) | $409,483 (4.7%) | 0.97 | 3,079 |
| 2019-11-01 | $304,000 (7.4%) | $409,000 (4.8%) | 0.98 | 3,050 |
| 2019-12-01 | $299,900 (7.2%) | $411,180 (6.4%) | 1.00 | 3,037 |
| 2020-01-01 | $299,700 (6.0%) | $416,913 (8.8%) | 1.00 | 2,978 |
| 2020-02-01 | $299,900 (4.0%) | $417,776 (7.9%) | 0.97 | 2,919 |
| 2020-03-01 | $299,925 (2.9%) | $421,468 (7.5%) | 0.94 | 2,961 |
| 2020-04-01 | $295,000 (1.0%) | $407,427 (3.1%) | 0.92 | 3,174 |
| 2020-05-01 | $299,000 (2.3%) | $411,421 (3.8%) | 0.91 | 3,007 |
| 2020-06-01 | $299,250 (0.6%) | $416,113 (3.6%) | 0.87 | 2,511 |
| 2020-07-01 | $307,042 (3.4%) | $421,385 (7.0%) | 0.88 | 2,227 |
| 2020-08-01 | $315,000 (6.2%) | $430,304 (8.7%) | 0.90 | 2,083 |
| 2020-09-01 | $329,948 (10.4%) | $445,219 (12.0%) | 0.94 | 1,846 |
| 2020-10-01 | $329,900 (8.2%) | $446,155 (9.0%) | 0.94 | 1,792 |
| 2020-11-01 | $316,800 (4.2%) | $436,573 (6.7%) | 0.91 | 1,822 |
| 2020-12-01 | $309,450 (3.2%) | $422,416 (2.7%) | 0.91 | 1,743 |
| 2021-01-01 | $304,140 (1.5%) | $425,298 (2.0%) | 0.89 | 1,527 |
| 2021-02-01 | $305,948 (2.0%) | $434,710 (4.1%) | 0.88 | 1,264 |
| 2021-03-01 | $314,500 (4.9%) | $455,315 (8.0%) | 0.88 | 1,005 |
| 2021-04-01 | $328,450 (11.3%) | $465,337 (14.2%) | 0.88 | 897 |
| 2021-05-01 | $345,000 (15.4%) | $479,372 (16.5%) | 0.91 | 878 |
| 2021-06-01 | $349,900 (16.9%) | $501,351 (20.5%) | 0.91 | 967 |
| 2021-07-01 | $350,495 (14.2%) | $501,920 (19.1%) | 0.91 | 1,166 |
| 2021-08-01 | $362,000 (14.9%) | $497,729 (15.7%) | 0.95 | 1,304 |
| 2021-09-01 | $360,000 (9.1%) | $499,910 (12.3%) | 0.95 | 1,348 |
| 2021-10-01 | $369,900 (12.1%) | $518,844 (16.3%) | 0.97 | 1,243 |
| 2021-11-01 | $369,950 (16.8%) | $525,441 (20.4%) | 0.98 | 1,248 |
| 2021-12-01 | $369,000 (19.2%) | $511,804 (21.2%) | 0.98 | 1,171 |
| 2022-01-01 | $369,900 (21.6%) | $532,239 (25.1%) | 0.99 | 968 |
| 2022-02-01 | $374,900 (22.5%) | $557,443 (28.2%) | 0.96 | 846 |
| 2022-03-01 | $377,500 (20.0%) | $567,653 (24.7%) | 0.93 | 787 |
| 2022-04-01 | $390,000 (18.7%) | $571,675 (22.9%) | 0.92 | 861 |
| 2022-05-01 | $402,450 (16.7%) | $578,322 (20.6%) | 0.90 | 1,122 |
| 2022-06-01 | $422,450 (20.7%) | $582,797 (16.3%) | 0.94 | 1,342 |
| 2022-07-01 | $400,000 (14.1%) | $553,221 (10.2%) | 0.89 | 1,896 |
| 2022-08-01 | $394,450 (9.0%) | $539,371 (8.4%) | 0.91 | 2,227 |
Palm Bay's median listing price comes in at 91% of the national average.
Palm Bay's average listing price for 2022-08-01 was $539,371, a difference of $41,642 (8.4%) versus the prior year and $-13,850 versus the prior month.
For the 2022-08-01 period, Palm Bay had 2,227 MLS listings, a difference of 331 listings (17%) versus the prior month and 923 listings (71%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Palm Bay (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 66 days | 1,891 sqft |
| 2018-02-01 | 57 days | 1,889 sqft |
| 2018-03-01 | 52 days | 1,890 sqft |
| 2018-04-01 | 54 days | 1,914 sqft |
| 2018-05-01 | 52 days | 1,911 sqft |
| 2018-06-01 | 55 days | 1,911 sqft |
| 2018-07-01 | 58 days | 1,917 sqft |
| 2018-08-01 | 60 days | 1,895 sqft |
| 2018-09-01 | 60 days | 1,866 sqft |
| 2018-10-01 | 61 days | 1,861 sqft |
| 2018-11-01 | 63 days | 1,851 sqft |
| 2018-12-01 | 65 days | 1,832 sqft |
| 2019-01-01 | 71 days | 1,828 sqft |
| 2019-02-01 | 66 days | 1,843 sqft |
| 2019-03-01 | 59 days | 1,857 sqft |
| 2019-04-01 | 62 days | 1,867 sqft |
| 2019-05-01 | 63 days | 1,883 sqft |
| 2019-06-01 | 60 days | 1,903 sqft |
| 2019-07-01 | 59 days | 1,883 sqft |
| 2019-08-01 | 60 days | 1,872 sqft |
| 2019-09-01 | 64 days | 1,872 sqft |
| 2019-10-01 | 64 days | 1,904 sqft |
| 2019-11-01 | 59 days | 1,873 sqft |
| 2019-12-01 | 63 days | 1,866 sqft |
| 2020-01-01 | 65 days | 1,866 sqft |
| 2020-02-01 | 58 days | 1,861 sqft |
| 2020-03-01 | 52 days | 1,865 sqft |
| 2020-04-01 | 55 days | 1,851 sqft |
| 2020-05-01 | 66 days | 1,860 sqft |
| 2020-06-01 | 76 days | 1,842 sqft |
| 2020-07-01 | 65 days | 1,848 sqft |
| 2020-08-01 | 57 days | 1,851 sqft |
| 2020-09-01 | 53 days | 1,864 sqft |
| 2020-10-01 | 55 days | 1,863 sqft |
| 2020-11-01 | 49 days | 1,828 sqft |
| 2020-12-01 | 52 days | 1,786 sqft |
| 2021-01-01 | 59 days | 1,780 sqft |
| 2021-02-01 | 50 days | 1,812 sqft |
| 2021-03-01 | 47 days | 1,823 sqft |
| 2021-04-01 | 43 days | 1,825 sqft |
| 2021-05-01 | 39 days | 1,800 sqft |
| 2021-06-01 | 37 days | 1,775 sqft |
| 2021-07-01 | 35 days | 1,774 sqft |
| 2021-08-01 | 36 days | 1,777 sqft |
| 2021-09-01 | 39 days | 1,788 sqft |
| 2021-10-01 | 44 days | 1,806 sqft |
| 2021-11-01 | 42 days | 1,789 sqft |
| 2021-12-01 | 46 days | 1,794 sqft |
| 2022-01-01 | 52 days | 1,764 sqft |
| 2022-02-01 | 39 days | 1,791 sqft |
| 2022-03-01 | 37 days | 1,756 sqft |
| 2022-04-01 | 32 days | 1,754 sqft |
| 2022-05-01 | 31 days | 1,779 sqft |
| 2022-06-01 | 31 days | 1,809 sqft |
| 2022-07-01 | 31 days | 1,800 sqft |
| 2022-08-01 | 35 days | 1,782 sqft |
Palm Bay's median square footage for active listings during the 2022-08-01 period was 1,782 sqft. One year prior, the average listing was 1,777 sqft.
