Palm Bay FHA Loan Rates, Closing Costs & Stats

PALM BAY-MELBOURNE-TITUSVILLE, 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.

    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 5.95% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

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

    The average rate for the prior week (2024-10-18) was 5.73% and one month ago for the week of 2024-09-20, the average rate was 5.56%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-10-25, the average rate was 6.84%.

    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

    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).