Ponce FHA Loan Rates, Closing Costs & Stats
PONCE, PR
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.
Ponce's 18 lenders originated 316 FHA loans during 2023. The total origination value was $38,930,000, with an average FHA loan value of $123,196.
Ponce FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Ponce
averaged
6.15%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Ponce's average FHA mortgage closing costs are $6,317.
The average rate for the prior week (2024-10-04) was
5.67% and
one month ago for the week of 2024-09-06, the
average rate was 5.79%.
The average rate one year ago was 7.02%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.1%.
Ponce 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 Ponce level.
Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
---|---|---|---|
THE MONEY HOUSE INC. | 74 | 6.57% | $6,960 |
SUN WEST MORTGAGE COMPANY, INC. | 67 | 6.58% | $8,189 |
FIRST EQUITY MORTGAGE BANKERS, INC. | 48 | 6.36% | $8,004 |
Oriental Bank | 37 | 5.81% | $7,402 |
Banco Popular de Puerto Rico | 15 | 5.63% | $10,360 |
FIRSTBANK PUERTO RICO | 15 | 5.43% | $8,828 |
RM ACTUAL MORTGAGE, INC. | 13 | 6.88% | $8,769 |
VIG MORTGAGE CORPORATION | 7 | 6.89% | $6,945 |
METRO ISLAND MORTGAGE, INC. | 6 | 6.67% | $7,473 |
TRUST MORTGAGE, CORP | 5 | 6.60% | $7,617 |
PREFERRED MORTGAGE CORPORATION | 5 | 6.55% | $6,516 |
Senior Mortgage Bankers Inc | 4 | 6.75% | $11,187 |
HOME MORTGAGE BANKERS CORP. | 3 | 6.75% | $10,480 |
Rf Mortgage & Investment Corp | 3 | 6.83% | $8,193 |
HR MORTGAGE CORP. | 2 | 6.50% | $6,534 |
E.M.I. EQUITY MORTGAGE, INC. | 1 | 7.00% | $4,640 |
EVERETT FINANCIAL, INC. | 1 | 7.13% | $13,774 |
MULTIPLES MORTGAGE CORPORATION | 1 | 7.00% | $7,054 |
The top Ponce FHA lender as defined by loan originations is THE MONEY HOUSE INC., with
74 FHA loans originated. Their average total fees are
$6,960, which is $1,229
lower than the next largest lender,
SUN WEST MORTGAGE COMPANY, INC..
The lowest fee Ponce FHA lenders (with over 10 loans originated) are
THE MONEY HOUSE INC. ($6,960), Oriental Bank ($7,402), FIRST EQUITY MORTGAGE BANKERS, INC. ($8,004), SUN WEST MORTGAGE COMPANY, INC. ($8,189) and RM ACTUAL MORTGAGE, INC. ($8,769).
The lowest rate Ponce FHA lenders (with over 10 loans originated) are
FIRSTBANK PUERTO RICO (5.43%), Banco Popular de Puerto Rico (5.63%), Oriental Bank (5.81%), FIRST EQUITY MORTGAGE BANKERS, INC. (6.36%) and THE MONEY HOUSE INC. (6.57%).
Ponce FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
PONCE, PR | ADJUNTAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
PONCE, PR | JUANA DIAZ | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
PONCE, PR | PONCE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
PONCE, PR | VILLALBA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
PONCE, PR | ADJUNTAS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
PONCE, PR | JUANA DIAZ | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
PONCE, PR | PONCE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
PONCE, PR | VILLALBA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |