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%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Palm Bay level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 340 2.74% $6,679
THE MORTGAGE FIRM, INC. 223 3.08% $8,288
UNITED WHOLESALE MORTGAGE, LLC 136 2.76% $7,539
DHI MORTGAGE COMPANY, LTD. 129 2.87% $7,772
FREEDOM MORTGAGE CORPORATION 123 2.92% $6,486
LAKEVIEW LOAN SERVICING, LLC 119 3.12% $4,961
CROSSCOUNTRY MORTGAGE, LLC 116 3.17% $8,607
FBC MORTGAGE, LLC 111 3.11% $7,927
CALIBER HOME LOANS, INC. 111 3.01% $6,966
PENNYMAC LOAN SERVICES, LLC 85 3.21% $4,776
Mr. Cooper ( Nationstar Mortgage ) 79 3.32% $4,509
LOANDEPOT.COM, LLC 73 3.18% $8,513
SHELTER MORTGAGE COMPANY, L.L.C. 70 3.21% $8,382
PRIMELENDING, A PLAINSCAPITAL COMPANY 64 3.37% $8,539
HAMILTON HOME LOANS, INC. 62 3.25% $8,782
Plains Commerce Bank 61 2.95% $7,760
EMBRACE HOME LOANS, INC. 59 3.16% $8,002
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 47 3.02% $8,092
NEWREZ LLC 45 2.90% $5,624
Mortgage Lenders Investment Trading Corporation 43 3.49% $7,097
Carrington Mortgage Services, LLC 40 3.43% $8,804
Equity Prime Mortgage LLC 39 3.34% $8,332
Flagstar Bank, FSB 31 2.69% $7,802
PRIMARY RESIDENTIAL MORTGAGE, INC. 31 3.67% $8,803
Christensen Financial, Inc. 31 3.24% $9,082
HOME POINT FINANCIAL CORPORATION 29 2.99% $8,430
GUARANTEED RATE, INC. 29 3.04% $8,994
FINANCE OF AMERICA MORTGAGE LLC 29 3.41% $9,847
VILLAGE CAPITAL MORTGAGE 28 3.05% $2,533
AMERICAN FINANCIAL NETWORK, INC. 26 3.24% $13,628
AmeriHome Mortgage Company, LLC 24 2.97% $4,798
HOMEBRIDGE FINANCIAL SERVICES, INC. 23 3.05% $9,384
Lakeview Community Capital, LLC 22 3.09% $5,217
Nations Lending Corporation 20 3.18% $9,122
ANGEL OAK HOME LOANS LLC 20 3.01% $8,051
Paramount Residential Mortgage Group, Inc. 20 3.49% $9,397
DIRECT MORTGAGE LOANS, LLC 20 3.39% $9,150
U.S. Bank 20 3.05% $8,304
BAY EQUITY LLC 19 3.14% $8,346
Hometown Equity Mortgage, LLC 17 3.93% $11,219
AMERISAVE MORTGAGE CORPORATION 16 3.09% $7,942
SWBC MORTGAGE CORPORATION 16 3.16% $6,764
MOVEMENT MORTGAGE, LLC 16 3.26% $9,994
BROKER SOLUTIONS, INC. 16 3.15% $8,891
EVERETT FINANCIAL, INC. 16 3.23% $6,546
GUARANTEED RATE AFFINITY, LLC 15 2.72% $7,467
CHURCHILL MORTGAGE CORPORATION 14 2.80% $8,446
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 3.45% $8,648
AMERICAN PACIFIC MORTGAGE CORPORATION 12 3.17% $7,457
MICHIGAN MUTUAL, INC. 12 3.34% $7,264
Regions Bank 12 2.90% $8,808
Waterstone Mortgage Corporation 11 3.47% $9,979
MORTGAGE EQUITY PARTNERS LLC 11 3.42% $10,857
SPACE COAST Credit Union 10 3.00% $7,272
CMG MORTGAGE, INC. 10 3.50% $10,395
OCMBC, INC. 9 2.99% $8,055
EMM LOANS LLC 9 3.43% $8,502
Bank of England 9 3.71% $9,255
CALCON MUTUAL MORTGAGE LLC 8 4.16% $7,247
KBHS HOME LOANS, LLC 7 3.73% $10,741
MUTUAL OF OMAHA MORTGAGE, INC. 7 3.09% $8,176
SOUTHPOINT FINANCIAL SERVICES, INC. 7 2.91% $5,813
Truist 6 2.96% $7,385
GUILD MORTGAGE COMPANY 6 3.29% $9,437
Bank of America 6 2.75% $5,141
PLANET HOME LENDING, LLC 6 2.79% $5,580
AMERIFIRST FINANCIAL CORPORATION 6 3.56% $10,578
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 3.33% $9,928
AMERICAN FINANCIAL RESOURCES, INC. 6 3.35% $8,058
TOWNE MORTGAGE COMPANY 5 3.05% $14,571
AMERICAN FINANCING CORPORATION 5 3.08% $7,434
LENDUS, LLC 5 3.15% $9,439
OPEN MORTGAGE, LLC 5 2.83% $8,075
PANORAMA MORTGAGE GROUP, LLC 5 3.31% $10,551
First Guaranty Mortgage Corporation 5 2.85% $6,439
PNC Bank 5 2.83% $5,724
The Federal Savings Bank 4 2.94% $8,322
Commerce Home Mortgage, Inc. 4 3.41% $7,042
Citizens Bank 4 2.94% $8,023
CHAMPIONS MORTGAGE LLC 4 2.66% $7,698
ABSOLUTE HOME MORTGAGE CORPORATION 4 3.16% $7,810
BAYSHORE MORTGAGE FUNDING, LLC 4 2.84% $8,573
Peoples Bank 4 3.38% $8,284
Barrington Bank & Trust Company, N.A. 4 3.50% $6,204
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 2.81% $6,791
HOMESPIRE MORTGAGE CORPORATION 4 3.44% $11,963
LOANPAL, LLC 4 2.63% $7,570
INSPIRE HOME LOANS INC. 4 3.41% $8,966
InterContinental Capital Group, Inc 4 2.97% $10,283
INTERLINC MORTGAGE SERVICES, LLC 4 3.44% $5,782
LEADERONE FINANCIAL CORPORATION 4 3.84% $9,046
South State Bank 3 2.96% $8,394
MORIA DEVELOPMENT, INC. 3 3.54% $8,682
Mortgage Research Center, LLC 3 3.21% $7,924
CELEBRITY HOME LOANS, LLC 3 3.29% $10,152
HOMESIDE FINANCIAL, LLC 3 2.96% $7,524
RADIUS FINANCIAL GROUP INC. 3 2.87% $7,222
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 2.96% $11,786
SUN WEST MORTGAGE COMPANY, INC. 3 3.67% $7,399
TD Bank 3 3.04% $4,374
JPMorgan Chase Bank 3 3.41% $5,554
EAGLE HOME MORTGAGE, LLC 3 3.29% $10,176
Wells Fargo Bank 3 2.96% $8,169
GENEVA FINANCIAL, LLC 3 3.88% $8,582
FLAT BRANCH MORTGAGE, INC. 3 3.08% $8,793
RELIANCE FIRST CAPITAL, LLC 3 3.38% $8,707
First Midwest Bank 3 3.21% $6,782
PLAZA HOME MORTGAGE, INC. 3 3.17% $7,467
Financial Freedom Mortgage, LLC 3 2.88% $11,999
ZILLOW HOME LOANS, LLC 2 2.88% $6,630
ACOPIA, LLC 2 3.38% $11,015
ALLIED MORTGAGE GROUP, INC. 2 2.81% $7,455
AMCAP MORTGAGE, LTD. 2 3.00% $12,892
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 2 3.31% $8,120
Austin Capital Bank SSB 2 2.69% $7,517
BETTER MORTGAGE CORPORATION 2 2.69% $6,947
Colten Mortgage, LLC 2 2.88% $5,049
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 3.50% $11,706
GROUP ONE MORTGAGE, INC. 2 2.94% $8,991
HALLMARK HOME MORTGAGE, LLC 2 4.00% $18,176
KELLER MORTGAGE, LLC 2 3.13% $8,167
LAND HOME FINANCIAL SERVICES, INC. 2 4.25% $11,065
Northpointe Bank 2 2.75% $8,803
NP, Inc. 2 3.44% $8,426
OCEANSIDE MORTGAGE COMPANY 2 3.25% $3,897
POLARIS HOME FUNDING CORP. 2 2.88% $10,462
PREMIA MORTGAGE, LLC 2 2.75% $6,271
RESIDENTIAL HOME FUNDING CORP. 2 3.06% $10,073
SECURITYNATIONAL MORTGAGE COMPANY 2 3.13% $9,201
UNION HOME MORTGAGE CORP. 2 2.88% $8,081
United Fidelity Funding Corp. 2 3.69% $8,929
UNITED MORTGAGE CORP. 2 3.06% $8,402
NETWORK CAPITAL FUNDING CORPORATION 1 2.88% $15,198
Hometown Lenders, Inc. 1 3.25% $7,555
NFM, INC. 1 2.75% $8,385
North American Savings Bank, F.S.B. 1 2.88% $8,479
Ameris Bank 1 2.63% $6,323
NORTHPOINT MORTGAGE, INC. 1 3.13% $8,290
Valley National Bank 1 2.63% $5,767
VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.00% $9,212
HomePromise Corporation 1 3.13% $16,486
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.50% $11,922
OVM FINANCIAL, INC. 1 2.75% $7,919
HARBORONE MORTGAGE, LLC 1 2.75% $7,700
HANCOCK MORTGAGE PARTNERS, LLC 1 2.75% $5,818
GSF Mortgage Corporation 1 2.63% $6,661
FIRST WORLD MORTGAGE CORPORATION 1 2.88% $7,905
PHH Mortgage Corporation 1 2.88% $10,028
First Savings Bank 1 3.38% $7,538
First Option Mortgage, LLC 1 3.00% $7,419
First Horizon Bank 1 2.88% $6,959
First Home Bank 1 2.38% $7,948
VAN DYK MORTGAGE CORPORATION 1 3.38% $8,324
Victorian Finance, LLC 1 4.50% $9,861
FIRST ALLIANCE HOME MORTGAGE, LLC 1 3.25% $6,532
FIDELITY FUNDING MORTGAGE CORP. 1 2.75% $5,007
Prosperity Home Mortgage, LLC 1 4.25% $10,420
Evolve Bank & Trust 1 2.50% $5,627
Quontic Bank 1 3.38% $8,821
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 2.75% $13,514
READY MORTGAGE LENDERS, LLC 1 2.88% $15,161
ENVOY MORTGAGE, LTD 1 3.63% $8,965
Eagle Bank and Trust Company 1 2.50% $9,724
AMERICAN MORTGAGE SERVICE COMPANY 1 2.50% $9,680
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.00% $9,149
ROYAL UNITED MORTGAGE LLC 1 2.63% $10,932
Advisors Mortgage Group, L.L.C. 1 3.75% $8,868
DEVELOPER'S MORTGAGE COMPANY 1 3.75% $4,370
Sierra Pacific Mortgage Company, Inc. 1 2.75% $4,819
CORNERSTONE HOME LENDING, INC. 1 3.25% $12,345
CONTOUR MORTGAGE CORPORATION 1 3.00% $8,321
SOUTHWEST STAGE FUNDING, LLC 1 3.88% $2,665
COMMUNITY CREDIT UNION OF FLORIDA 1 2.88% $7,824
STEARNS LENDING, LLC 1 2.88% $5,473
STOCKTON MORTGAGE CORPORATION 1 3.13% $9,513
SUCCESS MORTGAGE PARTNERS, INC. 1 3.50% $9,339
Summit Mortgage Corporation 1 3.13% $9,914
COLUMBUS CAPITAL LENDING, LLC 1 4.13% $22,832
CityWorth Mortgage LLC 1 2.25% $11,203
Centennial Bank 1 3.25% $5,962
Capital City Home Loans, LLC 1 2.50% $9,316
BEST CAPITAL FUNDING 1 3.50% $11,856
THRIVE MORTGAGE, LLC 1 3.25% $6,029
TJC Mortgage, Inc. 1 3.38% $10,096
TOP FLITE FINANCIAL, INC. 1 3.25% $11,495
Towne Bank 1 3.00% $5,024
BAY CAPITAL MORTGAGE CORPORATION 1 3.38% $7,402
TruHome Solutions, LLC 1 3.75% $7,778
Atlantic Home Loans, Inc. 1 3.38% $8,080
ACADEMY MORTGAGE CORPORATION 1 3.38% $8,246
Wolfe Financial, Inc 1 3.13% $9,133
1ST SIGNATURE LENDING, LLC 1 3.63% $9,769
AmRes Corporation 1 3.50% $9,077
MID AMERICA MORTGAGE, INC. 1 2.25% $2,769
Manufacturers and Traders Trust Company 1 3.00% $9,412
Mortgage Unlimited, L.L.C. 1 2.88% $10,186
LOANLEADERS OF AMERICA, INC. 1 2.38% $10,266
JET HOMELOANS, LLC 1 3.13% $9,843
JAMES B. NUTTER & COMPANY 1 2.75% $3,456
NATIONS DIRECT MORTGAGE, LLC 1 3.63% $9,185
HUNT MORTGAGE CORPORATION 1 3.88% $7,373
NATIONS RELIABLE LENDING, LLC 1 3.75% $7,469
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $7,777

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 for 2022-08-01 was $394,450, a difference of $32,450 (9.0%) versus the prior year and $-5,550 versus the prior month.

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 listing age (time on market) for 2022-08-01 was 35 days. This is -1% shorter than the same period one year ago.

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.

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).