San GermÁn FHA Loan Rates, Closing Costs & Stats
SAN GERMÁN, 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.
San GermÁn's 17 lenders originated 106 FHA loans during 2023. The total origination value was $15,310,000, with an average FHA loan value of $144,434.
San GermÁn FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in San GermÁn
averaged
5.86%
for the week of 2024-12-13, compared to the national average (all FHA variants) of
6.277% for the same period.
San GermÁn's average FHA mortgage closing costs are $7,115.
The average rate for the prior week (2024-12-06) was
6.03% and
one month ago for the week of 2024-11-08, the
average rate was 5.79%.
The average rate one year ago was 6.5%.
For refis of the same type during the week of 2024-12-13, the average rate
was 6.38%.
San GermÁn 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 San GermÁn level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| THE MONEY HOUSE INC. | 23 | 6.59% | $7,426 |
| Banco Popular de Puerto Rico | 23 | 5.44% | $10,597 |
| Oriental Bank | 14 | 5.70% | $7,679 |
| FIRSTBANK PUERTO RICO | 8 | 5.66% | $11,088 |
| SUN WEST MORTGAGE COMPANY, INC. | 8 | 6.66% | $7,610 |
| METRO ISLAND MORTGAGE, INC. | 6 | 6.29% | $10,924 |
| FIRST EQUITY MORTGAGE BANKERS, INC. | 5 | 6.40% | $7,913 |
| E.M.I. EQUITY MORTGAGE, INC. | 3 | 6.92% | $5,832 |
| PREFERRED MORTGAGE CORPORATION | 2 | 6.88% | $7,512 |
| Capital Mortgage Services Corp. | 2 | 7.50% | $10,124 |
| TRUST MORTGAGE, CORP | 2 | 6.25% | $10,624 |
| HOME MORTGAGE BANKERS CORP. | 1 | 7.00% | $8,461 |
| Rf Mortgage & Investment Corp | 1 | 6.75% | $11,877 |
| COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA | 1 | 6.75% | $8,697 |
| VIG MORTGAGE CORPORATION | 1 | 6.50% | $6,388 |
| MULTIPLES MORTGAGE CORPORATION | 1 | 6.75% | $8,115 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 5.49% | $25,579 |
The top San GermÁn FHA lender as defined by loan originations is THE MONEY HOUSE INC., with
23 FHA loans originated. Their average total fees are
$7,426, which is $3,171
lower than the next largest lender,
Banco Popular de Puerto Rico.
The lowest fee San GermÁn FHA lenders (with over 10 loans originated) are
THE MONEY HOUSE INC. ($7,426), Oriental Bank ($7,679), Banco Popular de Puerto Rico ($10,597), .
The lowest rate San GermÁn FHA lenders (with over 10 loans originated) are
Banco Popular de Puerto Rico (5.44%), Oriental Bank (5.70%), THE MONEY HOUSE INC. (6.59%), .
San GermÁn FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| SAN GERMAN, PR | CABO ROJO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SAN GERMAN, PR | LAJAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SAN GERMAN, PR | SABANA GRANDE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SAN GERMAN, PR | SAN GERMAN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SAN GERMAN, PR | CABO ROJO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SAN GERMAN, PR | LAJAS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SAN GERMAN, PR | SABANA GRANDE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SAN GERMAN, PR | SAN GERMAN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |