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 202 lenders originated 2,521 FHA loans during 2022. The total origination value was $671,905,000, with an average FHA loan value of $266,523.

    Palm Bay FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Palm Bay averaged 6.41% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Palm Bay's average FHA mortgage closing costs are $7,950.

    The average rate for the prior week (2023-05-19) was 6.28% and one month ago for the week of 2023-04-21, the average rate was 6.12%.

    The average rate one year ago was 4.84%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.16%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 226 4.87% $10,533
    QUICKEN LOANS, LLC 192 4.32% $10,624
    THE MORTGAGE FIRM, INC. 139 5.11% $10,652
    DHI MORTGAGE COMPANY, LTD. 138 4.34% $10,444
    LOANDEPOT.COM, LLC 85 4.78% $10,591
    CROSSCOUNTRY MORTGAGE, LLC 76 5.07% $11,662
    CALIBER HOME LOANS, INC. 71 5.02% $10,704
    FREEDOM MORTGAGE CORPORATION 63 4.80% $11,401
    FBC MORTGAGE, LLC 56 5.08% $9,909
    EMBRACE HOME LOANS, INC. 42 5.03% $10,425
    Plains Commerce Bank 39 4.84% $10,940
    PENNYMAC LOAN SERVICES, LLC 34 4.16% $11,289
    Flagstar Bank, FSB 34 4.81% $10,073
    Mortgage Lenders Investment Trading Corporation 33 4.90% $8,816
    EVERETT FINANCIAL, INC. 28 5.13% $7,421
    Carrington Mortgage Services, LLC 28 4.91% $11,951
    Mr. Cooper ( Nationstar Mortgage ) 27 4.60% $13,195
    CARDINAL FINANCIAL 26 5.21% $10,012
    Equity Prime Mortgage LLC 25 5.32% $12,641
    NFM, INC. 23 5.62% $13,197
    LAKEVIEW LOAN SERVICING, LLC 22 4.09% $8,885
    SHELTER MORTGAGE COMPANY, L.L.C. 21 4.36% $10,585
    Paramount Residential Mortgage Group, Inc. 21 5.09% $13,812
    BROKER SOLUTIONS, INC. 20 5.25% $12,250
    MOVEMENT MORTGAGE, LLC 20 4.58% $12,453
    Christensen Financial, Inc. 19 4.47% $10,266
    DIRECT MORTGAGE LOANS, LLC 19 5.49% $13,391
    PRIMELENDING, A PLAINSCAPITAL COMPANY 19 4.89% $12,042
    HOME POINT FINANCIAL CORPORATION 19 4.38% $11,014
    AMERISAVE MORTGAGE CORPORATION 19 4.57% $13,224
    TOP FLITE FINANCIAL, INC. 17 5.21% $16,464
    Nations Lending Corporation 16 4.68% $12,702
    Bank of England 15 5.28% $11,981
    HAMILTON HOME LOANS, INC. 15 4.76% $12,062
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 5.38% $10,627
    HOMEBRIDGE FINANCIAL SERVICES, INC. 14 4.19% $16,532
    NEWREZ LLC 13 4.81% $7,453
    U.S. Bank 13 5.23% $9,683
    CMG MORTGAGE, INC. 12 4.95% $11,520
    OCMBC, INC. 12 4.52% $12,339
    GUARANTEED RATE, INC. 11 4.75% $11,255
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 5.01% $14,580
    HOMESIDE FINANCIAL, LLC 11 4.92% $11,941
    SWBC MORTGAGE CORPORATION 10 4.84% $9,636
    FINANCE OF AMERICA MORTGAGE LLC 10 4.99% $14,519
    EAGLE HOME MORTGAGE, LLC 10 4.86% $11,458
    Regions Bank 10 4.84% $9,325
    UNION HOME MORTGAGE CORP. 9 4.58% $10,104
    BAY EQUITY LLC 8 4.61% $11,085
    GUARANTEED RATE AFFINITY, LLC 8 4.61% $8,533
    GENEVA FINANCIAL, LLC 8 5.02% $12,236
    LOANPAL, LLC 8 4.39% $14,558
    LEADERONE FINANCIAL CORPORATION 8 5.14% $15,008
    SPACE COAST Credit Union 7 4.27% $8,036
    KBHS HOME LOANS, LLC 7 4.45% $17,235
    Waterstone Mortgage Corporation 7 5.38% $11,718
    AMERICAN FINANCING CORPORATION 6 4.50% $12,160
    ABSOLUTE HOME MORTGAGE CORPORATION 6 6.35% $10,548
    ANGEL OAK HOME LOANS LLC 6 4.56% $9,042
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 5.13% $10,541
    Loan Simple, Inc. 5 6.25% $11,774
    Lakeview Community Capital, LLC 5 3.80% $5,622
    Citizens Bank 5 3.55% $9,564
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 5.65% $15,120
    Bank of America 4 5.06% $6,781
    Truist 4 5.36% $11,384
    ALLIED MORTGAGE GROUP, INC. 4 4.28% $11,014
    CALCON MUTUAL MORTGAGE LLC 4 5.34% $17,198
    EMM LOANS LLC 4 4.88% $12,788
    VILLAGE CAPITAL MORTGAGE 4 3.16% $3,680
    JPMorgan Chase Bank 4 5.84% $9,285
    AMERIFIRST FINANCIAL CORPORATION 4 5.56% $12,759
    Ixonia Bank 3 5.13% $9,317
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 4.17% $10,031
    LADERA LENDING, INC. 3 5.42% $12,436
    South State Bank 3 4.88% $10,955
    INSPIRE HOME LOANS INC. 3 5.17% $12,652
    GUILD MORTGAGE COMPANY 3 4.79% $10,898
    Acre Mortgage and Financial Inc 3 4.50% $14,060
    CHURCHILL MORTGAGE CORPORATION 3 5.08% $13,293
    Wells Fargo Bank 3 5.08% $6,776
    MICHIGAN MUTUAL, INC. 3 3.91% $10,373
    LIBERTY HOME MORTGAGE CORPORATION 3 6.46% $8,470
    PLAZA HOME MORTGAGE, INC. 3 5.67% $11,026
    SUCCESS MORTGAGE PARTNERS, INC. 3 5.58% $10,005
    CityWorth Mortgage LLC 3 4.29% $10,324
    ZILLOW HOME LOANS, LLC 3 4.83% $10,031
    1ST FINANCIAL, INC. 2 6.38% $14,720
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.50% $7,670
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.38% $9,432
    AmeriHome Mortgage Company, LLC 2 5.56% $10,239
    BAYSHORE MORTGAGE FUNDING, LLC 2 5.13% $9,433
    COUNTRYPLACE MORTGAGE, LTD. 2 4.63% $15,607
    ENVOY MORTGAGE, LTD 2 5.63% $10,482
    Financial Freedom Mortgage, LLC 2 4.62% $10,230
    FIRST COMMUNITY MORTGAGE, INC. 2 4.38% $12,681
    First Option Mortgage, LLC 2 5.88% $13,402
    Gateway First Bank 2 4.31% $7,261
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 5.94% $13,845
    HOMESPIRE MORTGAGE CORPORATION 2 5.63% $15,349
    Hometown Equity Mortgage, LLC 2 6.38% $16,923
    Hometown Lenders, Inc. 2 5.31% $16,898
    LOANLEADERS OF AMERICA, INC. 2 4.50% $18,213
    MID AMERICA MORTGAGE, INC. 2 6.38% $8,711
    MORIA DEVELOPMENT, INC. 2 4.69% $14,066
    MORTGAGE EQUITY PARTNERS LLC 2 6.44% $9,671
    NETWORK CAPITAL FUNDING CORPORATION 2 4.63% $10,024
    NEW DAY FINANCIAL, LLC 2 5.00% $7,703
    NORTHPOINT MORTGAGE, INC. 2 6.13% $16,431
    OPEN MORTGAGE, LLC 2 4.06% $7,993
    PLANET HOME LENDING, LLC 2 5.19% $11,151
    PNC Bank 2 4.94% $7,934
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.00% $11,135
    Prosperity Home Mortgage, LLC 2 5.44% $12,990
    RADIUS FINANCIAL GROUP INC. 2 5.19% $6,544
    RELIANCE FIRST CAPITAL, LLC 2 4.69% $9,999
    RESIDENTIAL HOME FUNDING CORP. 2 4.06% $15,861
    RUOFF MORTGAGE COMPANY, INC. 2 4.94% $8,565
    SECURITYNATIONAL MORTGAGE COMPANY 2 5.25% $13,745
    Synovus Bank 2 6.13% $9,445
    TD Bank 2 4.25% $8,219
    GSF Mortgage Corporation 1 6.50% $14,904
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $15,400
    NBKC BANK 1 4.75% $9,248
    Armed Forces Bank 1 4.75% $11,681
    ARC HOME LLC 1 5.63% $13,727
    FLAT BRANCH MORTGAGE, INC. 1 4.63% $9,126
    First Savings Bank 1 4.38% $9,031
    NJ LENDERS CORP. 1 3.88% $7,150
    North American Savings Bank, F.S.B. 1 4.88% $10,637
    NORTHERN MORTGAGE SERVICES, LLC 1 5.00% $11,880
    Northpointe Bank 1 5.63% $11,892
    APEX HOME LOANS, INC. 1 4.63% $7,551
    NORWICH COMMERCIAL GROUP, INC. 1 4.25% $9,015
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 3.63% $3,760
    NP, Inc. 1 5.25% $12,042
    OAKTREE FUNDING CORP. 1 4.38% $17,996
    First Horizon Bank 1 6.25% $8,141
    AmRes Corporation 1 5.00% $6,324
    OVM FINANCIAL, INC. 1 5.75% $10,085
    Pacific Lending LLC 1 6.75% $16,938
    PANORAMA MORTGAGE GROUP, LLC 1 5.25% $16,193
    Paramount Bank 1 4.63% $11,853
    First Heritage Mortgage, LLC 1 4.38% $7,469
    FIRST EQUITY MORTGAGE BANKERS, INC. 1 3.75% $9,236
    PENTAGON FEDERAL CREDIT UNION 1 3.50% $6,433
    Peoples Bank 1 5.49% $14,264
    FirstBank 1 2.75% $8,390
    US MORTGAGE CORPORATION 1 5.63% $16,445
    FIDELITY FUNDING MORTGAGE CORP. 1 4.00% $7,174
    VAN DYK MORTGAGE CORPORATION 1 4.13% $7,227
    PREMIA MORTGAGE, LLC 1 4.75% $7,746
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.50% $12,411
    Preston Home Loans Inc 1 5.63% $11,730
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 5.63% $7,710
    Envision Bank 1 5.63% $7,458
    V.I.P. MORTGAGE, INC. 1 3.99% $11,855
    ENDEAVOR CAPITAL, LLC. 1 5.62% $9,561
    Watermark Capital, Inc. 1 7.00% $6,584
    DATA MORTGAGE, INC. 1 4.63% $15,694
    AMERICAN MORTGAGE SERVICE COMPANY 1 5.13% $11,256
    Renasant Bank 1 5.25% $10,823
    WATSON MORTGAGE CORP. 1 4.13% $6,991
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.25% $5,096
    ROYAL UNITED MORTGAGE LLC 1 3.75% $7,381
    Alcova Mortgage LLC 1 5.25% $8,427
    S1L, Inc. 1 5.75% $9,794
    Seacoast National Bank 1 2.63% $6,445
    Wolfe Financial, Inc 1 5.25% $11,043
    COLUMBUS CAPITAL LENDING, LLC 1 6.13% $12,680
    Sierra Pacific Mortgage Company, Inc. 1 5.88% $18,331
    SOUTHERN TRUST MORTGAGE, LLC 1 6.63% $9,348
    CERTAINTY HOME LOANS, LLC 1 5.00% $12,104
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.13% $13,342
    Century Mortgage Company DBA Century Lending Company 1 7.50% $6,329
    STOCKTON MORTGAGE CORPORATION 1 6.75% $8,498
    Strong Home Mortgage, LLC 1 4.25% $9,847
    CAPITAL PARTNERS MORTGAGE, LLC 1 3.75% $10,237
    SUN WEST MORTGAGE COMPANY, INC. 1 3.50% $8,508
    BECKAM FUNDING CORP. 1 4.88% $23,236
    Wyndham Capital Mortgage, Inc. 1 5.38% $8,365
    ACOPIA, LLC 1 5.63% $13,777
    The Home Loan Expert LLC 1 4.50% $11,622
    BAY CAPITAL MORTGAGE CORPORATION 1 7.13% $15,503
    LAND HOME FINANCIAL SERVICES, INC. 1 3.88% $10,322
    KeyBank 1 4.88% $9,581
    Magnolia Bank 1 3.25% $8,076
    J. VIRGIL, INC. 1 5.25% $12,946
    TJC Mortgage, Inc. 1 6.13% $10,676
    Barrington Bank & Trust Company, N.A. 1 4.75% $7,702
    TOWNE MORTGAGE COMPANY 1 4.49% $16,954
    JLB CORPORATION 1 4.75% $7,095
    Mortgage Research Center, LLC 1 4.75% $14,635
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.13% $10,805
    INTELLILOAN, INC. 1 4.88% $13,298
    HANCOCK MORTGAGE PARTNERS, LLC 1 4.63% $12,342
    M&T Bank 1 4.50% $6,763
    Mutual Federal Bank 1 5.13% $16,029
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $10,094
    MYCUMORTGAGE, LLC 1 5.38% $7,765
    MY MORTGAGE, INC. 1 5.63% $14,559
    NATION ONE MORTGAGE CORPORATION 1 6.25% $15,520

    The top Palm Bay FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 226 FHA loans originated. Their average total fees are $10,533, which is $91 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Palm Bay FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($7,421), NEWREZ LLC ($7,453), Mortgage Lenders Investment Trading Corporation ($8,816), LAKEVIEW LOAN SERVICING, LLC ($8,885) and Regions Bank ($9,325).

    The lowest rate Palm Bay FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (4.09%), PENNYMAC LOAN SERVICES, LLC (4.16%), HOMEBRIDGE FINANCIAL SERVICES, INC. (4.19%), QUICKEN LOANS, LLC (4.32%) and DHI MORTGAGE COMPANY, LTD. (4.34%).

    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 $292,500 (4.5%) $382,404 (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 $289,000 (0.9%) $377,830 (1.1%) 0.96 3,672
    2019-04-01 $289,125 (-2.0%) $383,503 (0.4%) 0.92 3,438
    2019-05-01 $288,950 (-1.2%) $386,484 (1.1%) 0.90 3,250
    2019-06-01 $294,900 (1.7%) $389,776 (2.1%) 0.92 3,157
    2019-07-01 $295,000 (1.2%) $389,025 (1.4%) 0.92 3,101
    2019-08-01 $299,999 (3.6%) $398,399 (4.4%) 0.94 3,015
    2019-09-01 $309,664 (10.4%) $409,536 (8.7%) 0.98 2,738
    2019-10-01 $299,900 (7.1%) $398,020 (6.1%) 0.97 2,930
    2019-11-01 $299,900 (7.2%) $393,409 (5.2%) 0.98 2,904
    2019-12-01 $295,339 (7.4%) $393,427 (5.7%) 0.98 2,876
    2020-01-01 $296,993 (6.3%) $404,908 (9.1%) 0.99 2,837
    2020-02-01 $294,333 (4.9%) $402,342 (7.5%) 0.96 2,801
    2020-03-01 $299,000 (3.5%) $406,596 (7.6%) 0.94 2,838
    2020-04-01 $294,900 (2.0%) $397,245 (3.6%) 0.92 3,013
    2020-05-01 $296,136 (2.5%) $398,357 (3.1%) 0.90 2,843
    2020-06-01 $298,713 (1.3%) $405,682 (4.1%) 0.88 2,393
    2020-07-01 $302,500 (2.5%) $411,970 (5.9%) 0.88 2,125
    2020-08-01 $310,000 (3.3%) $417,803 (4.9%) 0.89 2,004
    2020-09-01 $315,943 (2.0%) $421,636 (3.0%) 0.91 1,775
    2020-10-01 $315,612 (5.2%) $422,563 (6.2%) 0.90 1,734
    2020-11-01 $307,070 (2.4%) $416,452 (5.9%) 0.90 1,756
    2020-12-01 $299,950 (1.6%) $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%) $424,424 (5.5%) 0.87 1,235
    2021-03-01 $311,750 (4.3%) $443,257 (9.0%) 0.88 969
    2021-04-01 $326,950 (10.9%) $455,696 (14.7%) 0.89 874
    2021-05-01 $339,917 (14.8%) $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 (30.7%) 0.97 802
    2022-03-01 $373,126 (19.7%) $562,191 (26.8%) 0.93 765
    2022-04-01 $391,450 (19.7%) $567,574 (24.6%) 0.93 799
    2022-05-01 $402,470 (18.4%) $574,065 (21.3%) 0.92 1,064
    2022-06-01 $417,450 (19.3%) $570,241 (14.3%) 0.93 1,285
    2022-07-01 $399,900 (14.3%) $539,054 (7.9%) 0.90 1,759
    2022-08-01 $390,000 (9.2%) $524,742 (7.0%) 0.90 2,028
    2022-09-01 $380,000 (5.8%) $516,499 (4.6%) 0.89 2,043
    2022-10-01 $379,900 (2.8%) $513,136 (0.6%) 0.89 2,235
    2022-11-01 $376,600 (1.8%) $505,009 (-3.2%) 0.90 2,381
    2022-12-01 $375,000 (2.7%) $502,142 (-1.4%) 0.93 2,371
    2023-01-01 $375,000 (1.6%) $501,696 (-6.2%) 0.93 2,364
    2023-02-01 $374,850 (0.4%) $509,281 (-8.2%) 0.90 2,217
    2023-03-01 $376,725 (1.0%) $506,506 (-9.9%) 0.89 2,146
    2023-04-01 $376,000 (-4.0%) $513,560 (-9.5%) 0.87 2,040
    Palm Bay's median listing price for 2023-04-01 was $376,000, a difference of $-15,450 (-4.0%) versus the prior year and $-725 versus the prior month.

    Palm Bay's median listing price comes in at 87% of the national average.

    Palm Bay's average listing price for 2023-04-01 was $513,560, a difference of $-54,014 (-9.5%) versus the prior year and $7,054 versus the prior month.

    For the 2023-04-01 period, Palm Bay had 2,040 MLS listings, a difference of -106 listings (-5%) versus the prior month and 1,241 listings (155%) 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 1,875 sqft
    2018-02-01 56 days 1,870 sqft
    2018-03-01 52 days 1,875 sqft
    2018-04-01 54 days 1,903 sqft
    2018-05-01 52 days 1,893 sqft
    2018-06-01 53 days 1,898 sqft
    2018-07-01 58 days 1,907 sqft
    2018-08-01 59 days 1,877 sqft
    2018-09-01 60 days 1,854 sqft
    2018-10-01 61 days 1,850 sqft
    2018-11-01 62 days 1,836 sqft
    2018-12-01 65 days 1,825 sqft
    2019-01-01 71 days 1,824 sqft
    2019-02-01 66 days 1,828 sqft
    2019-03-01 59 days 1,842 sqft
    2019-04-01 64 days 1,855 sqft
    2019-05-01 65 days 1,868 sqft
    2019-06-01 66 days 1,884 sqft
    2019-07-01 61 days 1,872 sqft
    2019-08-01 68 days 1,892 sqft
    2019-09-01 73 days 1,906 sqft
    2019-10-01 67 days 1,875 sqft
    2019-11-01 66 days 1,850 sqft
    2019-12-01 71 days 1,850 sqft
    2020-01-01 70 days 1,854 sqft
    2020-02-01 63 days 1,841 sqft
    2020-03-01 57 days 1,857 sqft
    2020-04-01 60 days 1,846 sqft
    2020-05-01 72 days 1,852 sqft
    2020-06-01 79 days 1,841 sqft
    2020-07-01 68 days 1,844 sqft
    2020-08-01 67 days 1,841 sqft
    2020-09-01 67 days 1,844 sqft
    2020-10-01 70 days 1,847 sqft
    2020-11-01 58 days 1,817 sqft
    2020-12-01 57 days 1,777 sqft
    2021-01-01 60 days 1,777 sqft
    2021-02-01 52 days 1,800 sqft
    2021-03-01 58 days 1,809 sqft
    2021-04-01 60 days 1,815 sqft
    2021-05-01 53 days 1,796 sqft
    2021-06-01 44 days 1,775 sqft
    2021-07-01 36 days 1,768 sqft
    2021-08-01 37 days 1,770 sqft
    2021-09-01 42 days 1,785 sqft
    2021-10-01 52 days 1,806 sqft
    2021-11-01 54 days 1,790 sqft
    2021-12-01 62 days 1,786 sqft
    2022-01-01 67 days 1,775 sqft
    2022-02-01 52 days 1,797 sqft
    2022-03-01 35 days 1,752 sqft
    2022-04-01 32 days 1,750 sqft
    2022-05-01 31 days 1,781 sqft
    2022-06-01 31 days 1,795 sqft
    2022-07-01 34 days 1,800 sqft
    2022-08-01 38 days 1,771 sqft
    2022-09-01 45 days 1,754 sqft
    2022-10-01 51 days 1,764 sqft
    2022-11-01 54 days 1,755 sqft
    2022-12-01 60 days 1,756 sqft
    2023-01-01 62 days 1,754 sqft
    2023-02-01 58 days 1,749 sqft
    2023-03-01 53 days 1,752 sqft
    2023-04-01 51 days 1,755 sqft
    Palm Bay's median listing age (time on market) for 2023-04-01 was 51 days. This is 59% longer than the same period one year ago.

    Palm Bay's median square footage for active listings during the 2023-04-01 period was 1,755 sqft. One year prior, the average listing was 1,750 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).