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 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
6.75%
for the week of 2023-12-01, compared to the national average (all FHA variants) of
6.949% for the same period.
Palm Bay's average FHA mortgage closing costs are $7,950.
The average rate for the prior week (2023-11-24) was
6.76% and
one month ago for the week of 2023-10-27, the
average rate was 6.87%.
The average rate one year ago was 6.08%.
For refis of the same type during the week of 2023-12-01, the average rate
was 5.69%.
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.
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 | $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%) | $383,338 (0.4%) | 0.92 | 3,437 |
| 2019-05-01 | $288,950 (-1.4%) | $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 | $293,671 (1.5%) | $392,226 (2.7%) | 0.93 | 3,011 |
| 2019-09-01 | $297,175 (6.0%) | $396,167 (5.1%) | 0.95 | 2,973 |
| 2019-10-01 | $299,900 (7.1%) | $398,794 (6.3%) | 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%) | 0.97 | 2,801 |
| 2020-03-01 | $299,000 (4.2%) | $406,596 (7.0%) | 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 (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 (6.0%) | 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%) | $424,264 (5.5%) | 0.87 | 1,235 |
| 2021-03-01 | $311,996 (4.4%) | $443,071 (9.0%) | 0.89 | 969 |
| 2021-04-01 | $326,950 (10.9%) | $455,747 (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 (30.8%) | 0.97 | 802 |
| 2022-03-01 | $373,126 (19.6%) | $562,191 (26.9%) | 0.93 | 765 |
| 2022-04-01 | $390,000 (19.3%) | $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 | 1,285 |
| 2022-07-01 | $399,900 (14.3%) | $538,750 (7.8%) | 0.90 | 1,759 |
| 2022-08-01 | $389,997 (9.2%) | $524,505 (6.9%) | 0.90 | 2,028 |
| 2022-09-01 | $380,000 (5.8%) | $516,418 (4.6%) | 0.89 | 2,043 |
| 2022-10-01 | $379,900 (2.8%) | $513,136 (0.6%) | 0.89 | 2,235 |
| 2022-11-01 | $376,200 (1.7%) | $504,802 (-3.3%) | 0.90 | 2,381 |
| 2022-12-01 | $375,000 (2.7%) | $500,896 (-1.6%) | 0.93 | 2,371 |
| 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%) | 0.91 | 2,217 |
| 2023-03-01 | $376,500 (0.9%) | $506,208 (-10.0%) | 0.89 | 2,146 |
| 2023-04-01 | $375,950 (-3.6%) | $513,489 (-9.5%) | 0.87 | 2,040 |
| 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 (1.9%) | 0.92 | 2,834 |
| 2023-11-01 | $386,250 (2.7%) | $516,599 (2.3%) | 0.92 | 3,066 |
Palm Bay's median listing price comes in at 92% of the national average.
Palm Bay's average listing price for 2023-11-01 was $516,599, a difference of $11,797 (2.3%) versus the prior year and $-6,031 versus the prior month.
For the 2023-11-01 period, Palm Bay had 3,066 MLS listings, a difference of 232 listings (8%) versus the prior month and 685 listings (29%) 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 | 1,836 sqft |
| 2018-12-01 | 63 days | 1,825 sqft |
| 2019-01-01 | 68 days | 1,824 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 | 1,884 sqft |
| 2019-07-01 | 59 days | 1,872 sqft |
| 2019-08-01 | 60 days | 1,868 sqft |
| 2019-09-01 | 62 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 | 1,854 sqft |
| 2020-02-01 | 60 days | 1,841 sqft |
| 2020-03-01 | 54 days | 1,857 sqft |
| 2020-04-01 | 58 days | 1,846 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 | 1,814 sqft |
| 2021-05-01 | 47 days | 1,794 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 | 1,784 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 | 1,750 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 | 1,759 sqft |
| 2023-08-01 | 48 days | 1,744 sqft |
| 2023-09-01 | 47 days | 1,741 sqft |
| 2023-10-01 | 50 days | 1,755 sqft |
| 2023-11-01 | 53 days | 1,746 sqft |
Palm Bay's median square footage for active listings during the 2023-11-01 period was 1,746 sqft. One year prior, the average listing was 1,755 sqft.