Palm Bay FHA Loan Rates, Closing Costs & Stats

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 184 lenders originated 2,502 FHA loans during 2023. The total origination value was $718,240,000, with an average FHA loan value of $287,066.

Palm Bay FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Palm Bay averaged 6.48% for the week of 2024-05-10, compared to the national average (all FHA variants) of 6.786% for the same period.

Palm Bay's average FHA mortgage closing costs are $8,611.

The average rate for the prior week (2024-05-03) was 6.47% and one month ago for the week of 2024-04-05, the average rate was 6.46%.

The average rate one year ago was 6.27%.

For refis of the same type during the week of 2024-05-10, the average rate was 7.37%.

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

Palm Bay 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 Palm Bay level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 310 6.38% $12,318
QUICKEN LOANS, LLC 234 6.12% $12,768
DHI MORTGAGE COMPANY, LTD. 217 5.17% $9,570
THE MORTGAGE FIRM, INC. 112 6.91% $11,886
CROSSCOUNTRY MORTGAGE, LLC 112 6.64% $12,871
LOANDEPOT.COM, LLC 72 6.55% $11,590
FBC MORTGAGE, LLC 63 6.12% $10,814
FREEDOM MORTGAGE CORPORATION 57 6.63% $13,895
Plains Commerce Bank 53 6.48% $13,374
EAGLE HOME MORTGAGE, LLC 48 5.61% $12,723
CARDINAL FINANCIAL 39 6.39% $12,994
EMBRACE HOME LOANS, INC. 33 6.60% $13,374
NFM, INC. 33 6.23% $13,982
DIRECT MORTGAGE LOANS, LLC 27 6.56% $14,307
Flagstar Bank, FSB 27 6.59% $12,531
BROKER SOLUTIONS, INC. 26 6.79% $12,088
EVERETT FINANCIAL, INC. 25 6.76% $13,133
PENNYMAC LOAN SERVICES, LLC 21 6.10% $16,231
Paramount Residential Mortgage Group, Inc. 20 6.66% $14,743
U.S. Bank 19 6.70% $11,248
MOVEMENT MORTGAGE, LLC 18 6.63% $13,414
Bank of England 18 6.38% $12,902
Regions Bank 17 6.29% $10,300
LOANPAL, LLC 17 6.05% $13,781
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 16 6.96% $13,500
NEWREZ LLC 16 6.45% $13,627
SWBC MORTGAGE CORPORATION 15 6.50% $9,168
Carrington Mortgage Services, LLC 15 6.33% $15,587
AMERISAVE MORTGAGE CORPORATION 13 6.01% $14,294
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.68% $12,992
AMERICAN FINANCIAL NETWORK, INC. 13 6.75% $14,232
MUTUAL OF OMAHA MORTGAGE, INC. 12 6.72% $15,954
Mr. Cooper ( Nationstar Mortgage ) 11 5.99% $17,471
Waterstone Mortgage Corporation 11 6.56% $13,182
First Heritage Mortgage, LLC 10 6.34% $18,215
Equity Prime Mortgage LLC 10 6.64% $16,328
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 6.30% $14,137
ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 6.36% $15,001
Mortgage Lenders Investment Trading Corporation 9 6.97% $12,959
INSPIRE HOME LOANS INC. 9 6.29% $10,674
CALIBER HOME LOANS, INC. 9 6.32% $12,592
TOWNE MORTGAGE COMPANY 9 6.68% $12,167
LAKEVIEW LOAN SERVICING, LLC 9 6.15% $14,629
SPACE COAST Credit Union 9 6.58% $7,950
GUARANTEED RATE, INC. 9 6.39% $13,825
CMG MORTGAGE, INC. 9 6.90% $12,088
PLANET HOME LENDING, LLC 8 6.14% $8,401
ABSOLUTE HOME MORTGAGE CORPORATION 8 7.06% $12,964
Ixonia Bank 8 6.67% $13,926
NEW FED MORTGAGE, CORP. 7 6.70% $12,021
HOMESIDE FINANCIAL, LLC 7 6.52% $15,461
JPMorgan Chase Bank 7 6.96% $6,406
Loan Simple, Inc. 7 7.27% $12,602
PLAZA HOME MORTGAGE, INC. 7 6.82% $15,818
AMERICAN PACIFIC MORTGAGE CORPORATION 6 7.13% $14,890
COMMUNITY CREDIT UNION OF FLORIDA 6 6.21% $9,963
GUARANTEED RATE AFFINITY, LLC 6 6.48% $10,900
BAYSHORE MORTGAGE FUNDING, LLC 6 6.64% $11,736
GUILD MORTGAGE COMPANY 6 6.42% $13,825
Mortgage Research Center, LLC 6 6.98% $11,804
ZILLOW HOME LOANS, LLC 5 6.55% $10,611
Bank of America 5 6.18% $8,931
Century Mortgage Company DBA Century Lending Company 5 5.77% $14,260
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 7.10% $11,405
GSF Mortgage Corporation 5 6.23% $15,969
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.60% $15,231
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.05% $13,265
SOUTHPOINT FINANCIAL SERVICES, INC. 5 6.33% $8,190
CHURCHILL MORTGAGE CORPORATION 4 6.47% $10,820
EMM LOANS LLC 4 6.88% $13,238
MILEND, INC. 4 5.97% $13,720
MY MORTGAGE, INC. 4 7.25% $16,699
BECKAM FUNDING CORP. 4 7.31% $14,992
TOP FLITE FINANCIAL, INC. 4 6.72% $13,931
OPEN MORTGAGE, LLC 4 6.78% $10,066
OCMBC, INC. 4 6.84% $12,324
GENEVA FINANCIAL, LLC 4 6.47% $14,210
NORTHPOINT MORTGAGE, INC. 3 6.17% $11,949
RESIDENTIAL BANCORP 3 6.83% $16,988
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.92% $12,290
KBHS HOME LOANS, LLC 3 6.00% $19,409
NBKC BANK 3 6.25% $8,105
LEADERONE FINANCIAL CORPORATION 3 6.83% $12,108
Nations Lending Corporation 3 6.58% $11,995
City National Bank of Florida 3 6.67% $8,016
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 3 7.38% $14,855
Fifth Third Bank 3 6.13% $10,187
AMERICAN BANCSHARES MORTGAGE 3 6.75% $10,644
AMERICAN FINANCING CORPORATION 3 6.54% $11,597
Prosperity Home Mortgage, LLC 3 7.08% $11,960
VILLAGE CAPITAL MORTGAGE 3 5.92% $11,817
SHELTER MORTGAGE COMPANY, L.L.C. 3 6.58% $12,214
CONTOUR MORTGAGE CORPORATION 2 6.69% $10,721
Gateway First Bank 2 6.19% $10,895
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 5.94% $13,417
HOMESPIRE MORTGAGE CORPORATION 2 6.50% $13,480
Hometown Equity Mortgage, LLC 2 6.75% $10,745
INTELLILOAN, INC. 2 5.75% $9,940
DRAPER AND KRAMER MORTGAGE CORP. 2 6.63% $11,003
MICHIGAN MUTUAL, INC. 2 5.63% $15,831
MID AMERICA MORTGAGE, INC. 2 6.94% $18,420
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.63% $16,747
NETWORK CAPITAL FUNDING CORPORATION 2 6.56% $13,146
BAY EQUITY LLC 2 6.19% $10,447
NORWICH COMMERCIAL GROUP, INC. 2 5.81% $20,370
Ameris Bank 2 6.81% $12,248
AmeriHome Mortgage Company, LLC 2 5.94% $11,679
PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.38% $15,815
PULTE MORTGAGE LLC 2 6.63% $8,917
RELIANCE FIRST CAPITAL, LLC 2 6.94% $13,101
SECURITYNATIONAL MORTGAGE COMPANY 2 6.94% $12,365
Sierra Pacific Mortgage Company, Inc. 2 6.13% $12,555
ACADEMY MORTGAGE CORPORATION 2 6.25% $13,850
ALLIED MORTGAGE GROUP, INC. 2 6.63% $18,723
SUCCESS MORTGAGE PARTNERS, INC. 2 6.38% $10,191
T2 FINANCIAL LLC 2 6.69% $15,776
The Federal Savings Bank 2 5.75% $31,459
TJC Mortgage, Inc. 2 6.00% $15,662
TOTAL MORTGAGE SERVICES, LLC 2 6.88% $9,993
UNION HOME MORTGAGE CORP. 2 6.88% $11,222
Acre Mortgage and Financial Inc 2 6.88% $16,845
VERITAS FUNDING, LLC 2 7.13% $14,479
First Savings Bank 2 5.69% $17,118
FLAT BRANCH MORTGAGE, INC. 2 6.50% $15,194
ON Q FINANCIAL, INC. 1 6.99% $15,232
ENVOY MORTGAGE, LTD 1 6.25% $11,690
AmRes Corporation 1 6.25% $12,703
Advance Financial Group, LLC 1 6.63% $13,284
PENTAGON FEDERAL CREDIT UNION 1 5.38% $11,523
Town Square Mortgage & Investments, Inc. 1 7.13% $17,556
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.25% $12,403
American Mortgage & Equity Consultants, Inc. 1 7.13% $18,795
PNC Bank 1 6.63% $6,365
TruHome Solutions, LLC 1 6.63% $9,904
Premium Mortgage Corporation 1 7.00% $15,548
Wells Fargo Bank 1 6.50% $9,283
Wyndham Capital Mortgage, Inc. 1 5.00% $14,187
Princeton Mortgage Corporation 1 6.63% $10,716
EVANSVILLE TEACHERS 1 6.75% $8,072
Truist 1 6.40% $11,623
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.50% $12,459
Fidelity Bank 1 6.38% $10,643
First PREMIER Bank 1 5.25% $7,926
First Federal Bank 1 5.50% $18,497
United Fidelity Funding Corp. 1 6.75% $12,053
ACOPIA, LLC 1 7.13% $12,042
Shore United Bank 1 5.63% $22,701
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 5.13% $29,896
SOUTHERN TRUST MORTGAGE, LLC 1 7.00% $5,785
A&D Mortgage LLC 1 7.50% $15,403
South State Bank 1 6.75% $9,859
SOUTHWEST STAGE FUNDING, LLC 1 6.75% $10,361
UNIVERSAL LENDING CORPORATION 1 7.13% $6,536
Strong Home Mortgage, LLC 1 6.13% $15,140
Florida Capital Bank 1 6.75% $8,863
SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $16,432
ALAMEDA MORTGAGE CORPORATION 1 6.75% $13,305
Valley National Bank 1 7.25% $8,674
TD Bank 1 7.00% $8,000
VAN DYK MORTGAGE CORPORATION 1 7.13% $9,213
AFFORDABLE MORTGAGE ADVISORS, LLC. 1 7.13% $8,604
First Horizon Bank 1 5.75% $14,842
MORTGAGE ACCESS CORP. 1 6.75% $11,222
MORTGAGE EQUITY PARTNERS LLC 1 7.50% $13,089
Citizens Bank 1 6.13% $10,986
LOANLEADERS OF AMERICA, INC. 1 6.50% $17,814
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $25,303
CALCON MUTUAL MORTGAGE LLC 1 8.25% $13,663
BNC National Bank 1 5.88% $11,924
Cornerstone First Mortgage, Inc 1 7.63% $15,406
LEGEND LENDING CORPORATION 1 6.75% $16,512
NATIONS DIRECT MORTGAGE, LLC 1 7.25% $15,179
CRESCENT MORTGAGE COMPANY 1 6.63% $9,872
Vellum Mortgage, Inc. 1 6.75% $14,530
Keystone Funding, Inc. 1 7.25% $13,726
GARDNER FINANCIAL SERVICES, LTD. 1 6.75% $12,665
First Option Mortgage, LLC 1 6.75% $13,280
BancorpSouth 1 6.00% $9,349
DATA MORTGAGE, INC. 1 6.88% $12,246
INTERCOASTAL MORTGAGE COMPANY 1 7.00% $16,021
Towne Bank 1 6.25% $8,270
NP, Inc. 1 5.50% $24,095
OCEANSIDE MORTGAGE COMPANY 1 7.25% $7,033
HOME SOLUTION LENDERS INC. 1 7.25% $11,595

The top Palm Bay FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 310 FHA loans originated. Their average total fees are $12,318, which is $450 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Palm Bay FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($9,168), DHI MORTGAGE COMPANY, LTD. ($9,570), Regions Bank ($10,300), FBC MORTGAGE, LLC ($10,814) and U.S. Bank ($11,248).

The lowest rate Palm Bay FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.17%), EAGLE HOME MORTGAGE, LLC (5.61%), Mr. Cooper ( Nationstar Mortgage ) (5.99%), AMERISAVE MORTGAGE CORPORATION (6.01%) and LOANPAL, LLC (6.05%).

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
PALM BAY-MELBOURNE-TITUSVILLE, FL BREVARD 2023 $472,030 $604,400 $730,525 $907,900

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 $279,450 (7.5%) $365,951 (1.9%) 1.04 2,906
2018-02-01 $279,950 (4.9%) $369,003 (1.0%) 1.02 2,960
2018-03-01 $286,333 (4.1%) $373,740 (-0.5%) 1.00 2,974
2018-04-01 $294,975 (5.4%) $381,906 (0.7%) 1.00 2,995
2018-05-01 $293,076 (4.7%) $382,452 (0.3%) 0.98 3,099
2018-06-01 $290,000 (0.4%) $381,884 (-1.3%) 0.97 3,187
2018-07-01 $291,654 (4.2%) $383,541 (0.5%) 0.97 3,217
2018-08-01 $289,450 (2.5%) $381,761 (0.1%) 0.97 3,275
2018-09-01 $280,458 (0.2%) $376,802 (0.0%) 0.94 3,379
2018-10-01 $280,128 (0.1%) $375,245 (1.2%) 0.95 3,444
2018-11-01 $279,850 (0.0%) $373,829 (1.0%) 0.95 3,618
2018-12-01 $275,000 (-1.4%) $372,331 (1.5%) 0.95 3,709
2019-01-01 $279,450 (0.0%) $371,159 (1.4%) 0.97 3,749
2019-02-01 $280,715 (0.3%) $374,352 (1.5%) 0.95 3,822
2019-03-01 $287,043 (0.3%) $379,852 (1.6%) 0.94 3,662
2019-04-01 $289,093 (-2.0%) $383,363 (0.4%) 0.92 3,436
2019-05-01 $289,150 (-1.3%) $386,537 (1.1%) 0.90 3,249
2019-06-01 $294,950 (1.7%) $389,831 (2.1%) 0.92 3,156
2019-07-01 $295,000 (1.2%) $389,082 (1.4%) 0.92 3,100
2019-08-01 $293,671 (1.5%) $392,285 (2.8%) 0.93 3,010
2019-09-01 $297,175 (6.0%) $396,229 (5.2%) 0.95 2,972
2019-10-01 $299,900 (7.1%) $398,858 (6.3%) 0.97 2,929
2019-11-01 $299,900 (7.2%) $393,470 (5.3%) 0.98 2,903
2019-12-01 $295,395 (7.4%) $393,488 (5.7%) 0.99 2,875
2020-01-01 $297,056 (6.3%) $404,977 (9.1%) 0.99 2,836
2020-02-01 $294,371 (4.9%) $402,409 (7.5%) 0.96 2,800
2020-03-01 $299,100 (4.2%) $406,709 (7.1%) 0.94 2,837
2020-04-01 $294,907 (2.0%) $397,396 (3.7%) 0.92 3,013
2020-05-01 $296,511 (2.6%) $398,457 (3.1%) 0.90 2,844
2020-06-01 $298,926 (1.4%) $405,791 (4.1%) 0.88 2,394
2020-07-01 $302,500 (2.5%) $412,085 (5.9%) 0.88 2,125
2020-08-01 $310,000 (5.6%) $417,803 (6.5%) 0.89 2,004
2020-09-01 $315,943 (6.3%) $421,636 (6.4%) 0.91 1,775
2020-10-01 $315,612 (5.2%) $422,563 (5.9%) 0.90 1,734
2020-11-01 $307,070 (2.4%) $416,452 (5.8%) 0.90 1,756
2020-12-01 $299,950 (1.5%) $409,597 (4.1%) 0.89 1,677
2021-01-01 $299,900 (1.0%) $416,782 (2.9%) 0.90 1,468
2021-02-01 $299,950 (1.9%) $424,264 (5.4%) 0.87 1,235
2021-03-01 $311,996 (4.3%) $443,071 (8.9%) 0.89 969
2021-04-01 $326,950 (10.9%) $455,747 (14.7%) 0.89 874
2021-05-01 $339,917 (14.6%) $473,249 (18.8%) 0.90 861
2021-06-01 $349,900 (17.1%) $498,739 (22.9%) 0.92 946
2021-07-01 $350,000 (15.7%) $499,714 (21.3%) 0.92 1,150
2021-08-01 $357,175 (15.2%) $490,485 (17.4%) 0.95 1,255
2021-09-01 $359,350 (13.7%) $493,697 (17.1%) 0.96 1,293
2021-10-01 $369,500 (17.1%) $510,270 (20.8%) 0.99 1,191
2021-11-01 $369,900 (20.5%) $521,744 (25.3%) 0.99 1,179
2021-12-01 $365,250 (21.8%) $509,257 (24.3%) 0.99 1,089
2022-01-01 $369,250 (23.1%) $534,763 (28.3%) 1.00 904
2022-02-01 $373,361 (24.5%) $554,890 (30.8%) 0.97 802
2022-03-01 $373,126 (19.6%) $562,284 (26.9%) 0.93 765
2022-04-01 $391,450 (19.7%) $567,574 (24.5%) 0.93 799
2022-05-01 $402,470 (18.4%) $574,065 (21.3%) 0.92 1,064
2022-06-01 $417,000 (19.2%) $569,554 (14.2%) 0.93 1,284
2022-07-01 $399,900 (14.3%) $538,750 (7.8%) 0.90 1,759
2022-08-01 $390,000 (9.2%) $524,538 (6.9%) 0.90 2,027
2022-09-01 $380,000 (5.8%) $516,482 (4.6%) 0.89 2,042
2022-10-01 $379,900 (2.8%) $513,196 (0.6%) 0.89 2,234
2022-11-01 $376,400 (1.8%) $504,857 (-3.2%) 0.90 2,380
2022-12-01 $375,000 (2.7%) $500,953 (-1.6%) 0.93 2,370
2023-01-01 $375,000 (1.6%) $501,696 (-6.2%) 0.93 2,364
2023-02-01 $374,950 (0.4%) $509,149 (-8.2%) 0.90 2,217
2023-03-01 $376,500 (0.9%) $506,208 (-10.0%) 0.89 2,146
2023-04-01 $376,000 (-4.0%) $513,479 (-9.5%) 0.87 2,041
2023-05-01 $382,815 (-4.9%) $519,302 (-9.5%) 0.87 2,050
2023-06-01 $385,950 (-7.5%) $521,684 (-8.4%) 0.87 2,101
2023-07-01 $389,000 (-2.7%) $517,903 (-3.9%) 0.88 2,138
2023-08-01 $395,000 (1.3%) $523,931 (-0.1%) 0.91 2,280
2023-09-01 $390,000 (2.6%) $520,219 (0.7%) 0.91 2,516
2023-10-01 $389,900 (2.6%) $522,630 (1.8%) 0.92 2,834
2023-11-01 $386,250 (2.6%) $516,599 (2.3%) 0.92 3,066
2023-12-01 $380,000 (1.3%) $510,454 (1.9%) 0.93 3,073
2024-01-01 $387,950 (3.5%) $515,361 (2.7%) 0.95 3,195
2024-02-01 $389,950 (4.0%) $525,634 (3.2%) 0.94 3,252
2024-03-01 $388,283 (3.1%) $514,169 (1.6%) 0.91 3,409
2024-04-01 $395,000 (5.1%) $518,994 (1.1%) 0.92 3,568
Palm Bay's median listing price for 2024-04-01 was $395,000, a difference of $19,000 (5.1%) versus the prior year and $6,717 versus the prior month.

Palm Bay's median listing price comes in at 92% of the national average.

Palm Bay's average listing price for 2024-04-01 was $518,994, a difference of $5,515 (1.1%) versus the prior year and $4,825 versus the prior month.

For the 2024-04-01 period, Palm Bay had 3,568 MLS listings, a difference of 159 listings (5%) versus the prior month and 1,527 listings (75%) 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 63 days 1,875 sqft
2018-02-01 52 days 1,870 sqft
2018-03-01 50 days 1,876 sqft
2018-04-01 51 days 1,903 sqft
2018-05-01 50 days 1,893 sqft
2018-06-01 51 days 1,898 sqft
2018-07-01 56 days 1,908 sqft
2018-08-01 57 days 1,877 sqft
2018-09-01 57 days 1,854 sqft
2018-10-01 58 days 1,850 sqft
2018-11-01 59 days 1,834 sqft
2018-12-01 63 days 1,824 sqft
2019-01-01 68 days 1,823 sqft
2019-02-01 62 days 1,828 sqft
2019-03-01 59 days 1,840 sqft
2019-04-01 60 days 1,854 sqft
2019-05-01 61 days 1,868 sqft
2019-06-01 63 days 1,885 sqft
2019-07-01 59 days 1,872 sqft
2019-08-01 60 days 1,868 sqft
2019-09-01 63 days 1,874 sqft
2019-10-01 64 days 1,877 sqft
2019-11-01 61 days 1,850 sqft
2019-12-01 67 days 1,850 sqft
2020-01-01 67 days 1,855 sqft
2020-02-01 60 days 1,841 sqft
2020-03-01 54 days 1,858 sqft
2020-04-01 58 days 1,847 sqft
2020-05-01 71 days 1,852 sqft
2020-06-01 75 days 1,841 sqft
2020-07-01 64 days 1,845 sqft
2020-08-01 61 days 1,841 sqft
2020-09-01 61 days 1,844 sqft
2020-10-01 64 days 1,847 sqft
2020-11-01 54 days 1,816 sqft
2020-12-01 54 days 1,776 sqft
2021-01-01 58 days 1,777 sqft
2021-02-01 47 days 1,799 sqft
2021-03-01 55 days 1,808 sqft
2021-04-01 53 days 1,815 sqft
2021-05-01 47 days 1,796 sqft
2021-06-01 41 days 1,775 sqft
2021-07-01 34 days 1,767 sqft
2021-08-01 35 days 1,770 sqft
2021-09-01 40 days 1,785 sqft
2021-10-01 51 days 1,806 sqft
2021-11-01 52 days 1,789 sqft
2021-12-01 59 days 1,785 sqft
2022-01-01 66 days 1,775 sqft
2022-02-01 47 days 1,796 sqft
2022-03-01 33 days 1,752 sqft
2022-04-01 30 days 1,750 sqft
2022-05-01 29 days 1,781 sqft
2022-06-01 30 days 1,795 sqft
2022-07-01 32 days 1,800 sqft
2022-08-01 38 days 1,772 sqft
2022-09-01 45 days 1,754 sqft
2022-10-01 50 days 1,764 sqft
2022-11-01 53 days 1,755 sqft
2022-12-01 59 days 1,756 sqft
2023-01-01 60 days 1,754 sqft
2023-02-01 57 days 1,749 sqft
2023-03-01 52 days 1,753 sqft
2023-04-01 50 days 1,755 sqft
2023-05-01 47 days 1,768 sqft
2023-06-01 47 days 1,767 sqft
2023-07-01 52 days 1,757 sqft
2023-08-01 48 days 1,743 sqft
2023-09-01 47 days 1,736 sqft
2023-10-01 50 days 1,755 sqft
2023-11-01 53 days 1,745 sqft
2023-12-01 60 days 1,731 sqft
2024-01-01 66 days 1,751 sqft
2024-02-01 60 days 1,777 sqft
2024-03-01 54 days 1,773 sqft
2024-04-01 52 days 1,784 sqft
Palm Bay's median listing age (time on market) for 2024-04-01 was 52 days. This is 3% longer than the same period one year ago.

Palm Bay's median square footage for active listings during the 2024-04-01 period was 1,784 sqft. One year prior, the average listing was 1,755 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).